---

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

                   A S I A   P A C I F I C

          Wednesday, August 1, 2001, Vol. 4, No. 149


                         Headlines

A U S T R A L I A

131 SHOP.COM: Extends Closing Date For Capital Increase
AUSTRALIAN PLANTATION: Appoints Voluntary Administrator
AUSTRALIAN PLANTATION: Timbercorp Will Remain Unaffected
AUSTRALIAN PLANTATION: Securities Trading Suspended
HIH INSURANCE: Bendigo Bank To Pursue Claim
JOYCE CORPORATION: Sells Davison Industries To Nufarm
MTM ENTERTAINMENT: Babcock & Brown Lowers Stake
MTM ENTERTAINMENT: Expects A$2.7M In Operating Losses
MTM ENTERTAINMENT: Undertaking Non-Renounceable Rights Issue
NORMANS WINES: Seeks Appointment Of Receiver
STRAITS RESOURCES: Retains Price Of Convertible Notes
STREAMLINK HOLDINGS: Enters Voluntary Administration


C H I N A   &   H O N G  K O N G

EUROWAY DEVELOPMENTS: Hearing of Winding Up Petition Set
GUANGDONG KELON: Finalizing Financial Reports
HUNG FUNG GROUP: Posts Net Loss Of HK$279.335M
INTERNATIONAL FRIENDSHIP: Winding Up Petition Set For Hearing
LEARNING CONCEPTS: Postpones Announcement Of Audited Results
LOYAL VIEW: Facing Winding Up Petition
NOBLE KNIGHT: Faces Winding Up Petition
NORTHERN INTL: Sees No Reason For Share Price Increases
SINOPEC CORP: A Shares Issue Subject To Lock-Up Periods
UNION AWARDS: Faces Winding Up Petition


I N D O N E S I A

INDAH KIAT: Exchange Suspends Trading
TJIWI KIMIA: Trading Suspended


J A P A N

FUJITSU LIMITED: Posts Q1 Operating Losses Of Y42.3B
L KAKUEI: Court OKs Rehab Plan
OJI PAPER: Intends Cardboard Units' Liquidation
SHINSEI BANK: DIC Rebuffs Life Co Offer To Buy LTCB Loans


K O R E A

HYNIX SEMICON: Suspends Production For A Week
HYUNDAI DEVELOPMENT: Gets Financing Deal From Dai-Ichi Kangyo
HYUNDAI PETROCHEM: Samil, McKinsey To Conduct Due Diligence
HYUNDAI SECURITIES: Group Quotes Sale Price


M A L A Y S I A

ABRAR CORP: Reports No Change In Payment Status
AUTOWAYS HOLDINGS: Denies Winding Up Petitions
BERJAYA LAND: Completes Sale Of Stake In New Pantai
KELANAMAS INDUSTRIES: Seeking Approval For Workout
KUALA LUMPUR INDUSTRIES: Idris Unit Bids On PICM Shares
KUALA LUMPUR INDUSTRIES: Closes Tender Sale For PICMB Shares
PROMET BERHAD: Fine-Tuning Terms Of Workout Scheme
UNITED ENGINEERS: Enters Conditional SPA with Remedi


P H I L I P P I N E S

NATIONAL POWER: Earns P445.8M From One-Day Power Sales Scheme


S I N G A P O R E

ACMA LIMITED: EGM OKs Proposed Capital Increase
ASIA FOOD: Explains Loss Before Share Results
GOLDEN AGRI: Confirms Audit Firms For Affiliates


T H A I L A N D

BANCHANG: Bankruptcy Court Rejects Bt3.39-B Rehab Plan
NATIONAL FERTILIZER: Shareholders Approve Loan Agreement

     -  -  -  -  -  -  -  -

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


131 SHOP.COM: Extends Closing Date For Capital Increase
-------------------------------------------------------
Focus Technologies Limited (formerly 131 Shop.com.au Limited
[ASX:OTO]) says that the closing date for the capital raising
has been extended, and that the prospectus will now be open
until 5:00PM EST, Friday 17 August, 2001.


AUSTRALIAN PLANTATION: Appoints Voluntary Administrator
-------------------------------------------------------
Australian Plantation Timber Limited Monday appointed Mervyn
Kitay of Grant Thornton as Voluntary Administrator to the
Company. This decision was made following the refusal of CBA to
extend the Company's Multi-Option Facility to meet its working
capital requirements.

Australian Plantation Timber Limited (APT) expected its
2000/2001 revenue would be around $80 million and, pending
normal year-end review, the net profit after tax would be more
than $20 million.

The below-forecast 2000/2001 result was due to the negative
publicity following the ATO "tax scheme" crackdown.

The publicity consistently failed to properly identify schemes
under ATO scrutiny with the result that there was a general loss
of public confidence, even toward projects with sound commercial
prospects and ATO Product Rulings, such as those offered by APT
Projects.

Since 1992, APT provided forestry investment projects to more
than 6000 Growers who subscribed over $250 million. To the best
of the Company's knowledge, there are no ATO disputes regarding
any APT Projects deductions and, very importantly, APT Growers
may continue to look forward to sound returns based on
reasonable projections and expert management within a globally-
recognized mainstream industry.

APT's balance sheet remained strong. APT's audited 31 December
2000 accounts confirmed net assets of around $200 million. APT
holds substantial freehold land, much of which is under
plantations on behalf of APT Projects' Growers.

The Company also holds 7,000 hectares of surplus freehold land
available for future MIS timberlot sales; this surplus
represents the shortfall in anticipated 2000/2001 sales at land
cost of around $30 million. APT also holds a loan book balance
of $32 million as well as other profitable and vertically
integrated plantation forestry-related businesses.

At 30 June 2001, APT's $50 million CBA Multi Option Facility was
drawn to $40 million and APT expected to receive over $8 million
from the CBA's subsidiary, CB-CLA during July/August through
securitized loan arrangements in place over the Company's loan
book.

APT pursued appropriate discussions with the CBA and other
parties with a view to re-settling future working capital
requirements given the Company's unexpectedly large land bank
not leased to Projects Growers at the conclusion of the
2000/2001 financial year.

Discussions with other parties progressed as well as could be
expected over the past month and several promising options were
identified. There was no doubt of the continuing appeal of both
APT's assets and its businesses. In each case, however, further
time was required to assess and develop the individual
structures and strategies.

Discussions with the CBA also appeared to progress well. In the
normal course of our relationship with the Bank, there were a
series of meetings with the CBA during the months of April and
May 2001 to discuss future financing requirements depending on a
variety of sales outcomes.

Then, with the 6 June Sales announcement, APT applied for
appropriate facilities to meet short-term requirements, noting
the expiry of the Company's primary CBA facilities on 30 June,
by requesting an extension of the $50 million Multi Option
Facility to the end of November 2001. Senior CBA officers
dealing with the Company indicated strong support for the
Company's application.

At 7:17 EST on Friday 29 June, however, the CBA advised that
further time was required to consider the Company's application
and that, in the meantime, the Company's Multi Option Facility
would remain at its then-current $40 million level until 31
July.

The Company carefully reviewed its cashflow position and was
satisfied that it was able to meet its debts as and when they
arose during July.

APT also believed and still believes there was and is an
excellent case for both the ongoing viability of the Company's
businesses and the approval of the Company's application with
the Bank. Throughout July the Company worked hard to provide the
Bank whatever information the Bank requested, maintaining
contact at multiple levels within the Company and the Bank and
its agents.

On Friday, 27 July, the CBA advised that a further information-
gathering period to at least the end of August would be required
and that, in the meantime, no further working capital would be
provided either through the Company's Multi Option Facility or,
as otherwise expected, through the Company's CB-CLA securitized
loan book.

As a result of the Bank's complete denial of working capital and
in spite of the Company's considerable efforts to advance
appropriate other funding, the APT Board concluded on 28 July
that the Company would soon reach the position where there may
be no reasonable basis to believe that the Company could meet
its debts as and when they fell due.

Accordingly the Board sought directions from the Bank regarding
the continued conduct of the business and, as a result of that
correspondence, Mervyn Kitay of Grant Thornton was Monday
appointed as Voluntary Administrator to the Company. APT also
applied for an ASX trading halt on the Company's shares.

A number of interesting proposals identified by Company
executives during the past few weeks will now be pursued by the
Administrator in conjunction with the Directors and management.

Again on behalf of shareholders and the community interests
associated with forestry, now including also APT's employees and
contractors in rural communities around the country, the APT
Board can only continue to express its disappointment at the
inability of some others in the community to recognize the sound
commercial, social and environmental values supported by APT's
forestry activities.


For more information contact:

Rinze Brandsma              Dan Church
MANAGING DIRECTOR           CHAIRMAN
Telephone:                  Telephone:
08 9226 2622                02 9235 2878
0419 042 319


AUSTRALIAN PLANTATION: Timbercorp Will Remain Unaffected
--------------------------------------------------------
Australia's largest agribusiness investment manager, Timbercorp
Limited, July 31 said the decision by Australian Plantation
Timber Limited to enter voluntary administration should have no
adverse implications for Timbercorp's business.

Chief Executive Officer, Robert Hance, said Timbercorp is a very
different company than APT.

"Timbercorp's business model generates strong operating annual
cashflows resulting from a recurrent income stream," Mr Hance
said.

Hance said the strength in Timbercorp's balance sheet places the
company in a position to assist APT's investors and growers.

"Timbercorp will today contact both the voluntary administrator
of APT and the Australian Securities and Investments Commission
to discuss how we may offer our management services," he said.

Timbercorp announced July 2, 2001 the company's estimated profit
for the 12 months ended 30 June will be the second highest in
the company's history.

Subject to the final audit, the after tax profit is expected to
be in excess of $25 million following revenue of $93 million in
the 12 months to June 30, 2001.

For further information, contact

Robert Hance, CHIEF EXECUTIVE OFFICER
Sol Rabinowicz, EXECUTIVE DIRECTOR
Telephone: 03 8615 1200


AUSTRALIAN PLANTATION: Securities Trading Suspended
---------------------------------------------------
The securities of Australian Plantation Timber Limited (the
Company) was suspended from quotation immediately, following the
appointment of a Voluntary Administrator to the Company.

Security Code: APL


HIH INSURANCE: Bendigo Bank To Pursue Claim
-------------------------------------------
Bendigo Bank issued the following statement in response to the
reasons for judgment delivered by Justice Gray in the Federal
Court 17 July 2001 in the Fried case. Judgment will be entered
against the bank for $4.3 million plus interest after
submissions on costs of the case have been made to the Court 29
August 2001.

HIH Insurance Limited was the Bank's Indemnity insurer in this
matter and conducted the case. The Bank intends to:

   a) Eliminate uncertainty by reducing the financial year 01
profit statement by way of a $5 million provision;

   b) Pursue a claim against the Provisional Liquidator of HIH
as a creditor of the company;

   c) Appeal the judgment following analysis and strong legal
advice on the likely success of an appeal.

The June F01 result will be announced 6 August 2001. Any
recoveries achieved from the above actions will be brought to
account in future trading years.


JOYCE CORPORATION: Sells Davison Industries To Nufarm
-----------------------------------------------------
Joyce Corporation Limited said the Receivers and Managers of the
Company had entered into a heads of agreement with Nufarm
Limited, whereby Nufarm would acquire the Davison Industries
business.

The Davison Industries business, owned by Joyce Rural Pty Ltd (a
wholly owned subsidiary of Joyce Corporation Ltd), formulates a
wide range of crop protection products, including herbicides and
pesticides.

KPMG Corporate Finance acted as advisor to the Receivers and
Managers on the divestment of the Business.

A formal sale agreement to be entered into late yesterday.

Under the terms agreed by the parties, Nufarm would acquire the
Davison Industries business name, the plant and equipment of the
Business, its stock and its intellectual property. The
consideration to be paid for the assets of the Business was
still subject to final determination.

The sale of Davison Industries business is another major step in
the rationalization of the Group's activities, and it also
results in significant progress being made toward achieving a
financial position, which will allow the retirement of the
Receivers and Managers.


MTM ENTERTAINMENT: Babcock & Brown Lowers Stake
-----------------------------------------------
Babcock & Brown Group decreased its relevant interest in MTM
Entertainment Trust on 30 July 2001, from 40,371,937 ordinary
units (50.46 percent) to 39,424,943 ordinary units (49.28
percent).


MTM ENTERTAINMENT: Expects A$2.7M In Operating Losses
-----------------------------------------------------
MTM Funds Management Limited estimated operational loss of A$2.7
million to be incurred by MTM Entertainment Trust (Trust) for
the year ended 30 June 2001.

This loss excludes the impact of the operations of "World's
Biggest Screen Pty Limited", the wholly owned subsidiary of the
Trust which now operates the Imax Theatres.

Furthermore, Directors consider that there will be additional
substantial losses arising from the write-down of the Imax
assets. Directors have engaged Jones Lang LaSalle (JLL) to
update their valuations of August 2000 that were included in the
31 December 2000 half-yearly report.

Directors have noted the substantial write-downs ($19.8 million)
foreshadowed by the BDO Corporate Finance Pty Ltd Independent
Expert Report included in the Target Statement issued by the
Trust.

Directors are concerned that further write-downs are required
and will advise the market as soon as the JLL valuations are
available.

However, the Company said that these results are still subject
to final audit.

The Company also announced the lodgment with the ASIC of a
Prospectus dated 30 July 2001. The 1 for 3 non-renounceable
rights issue of 26,666,667 New Units at 26.5 cents per New Unit
will raise approximately $7.06 million and has been fully
underwritten by Sunderton Pty Limited.


MTM ENTERTAINMENT: Undertaking Non-Renounceable Rights Issue
-------------------------------------------------------------
MTM Funds Management Limited announced a 1 for 3 non-
renounceable rights issue of New Units in the Trust to raise
approximately $7.06 million.

The New Units are to be issued at a price of 26.5 cents per New
Unit.

Sunderton Pty Limited, the largest unitholder in the Trust, has
agreed to underwrite the Issue. This underwriting provides
certainty that the full $7.06 million will be raised.

The proceeds will be used to reduce the current Macquarie Bank
Facility by $2.5 million, repay monies lent to the Trust under
the Babcock & Brown interim liquidity package and pay the costs
of the Issue. The balance will be available to the Trust for
working capital.

This Prospectus provides details of the Offer and an overview of
the business and activities of the Trust.

The Trust is still the subject of a takeover bid from Sunderton,
which closes on 8 August 2001, unless extended.

The Rights Issue closes on 30 August 2001 and any entitlements
not taken up will revert to the Underwriter.

Prospectus

Dated 30 July 2001 for 1 for 3 non-renounceable rights issue of
approximately 26,666,667 New Units at 26.5 cents per New Unit

Underwriter of the Issue
Sunderton Pty Limited
(ACN 089 353 300)

Offer closes 5.00pm (EST) 30 August 2001

Summary Of Important Dates

Announcement of Issue                       30 July 2001

Sunderton takeover bid closes               8 August 2001

Record date to determine
entitlements under the Issue                9 August 2001

Prospectus and entitlement forms sent
out to unitholders                    13 - 14 August 2001

Closing date for lodgment
of applications for Issue                   30 August 2001

New Units quoted on deferred settlement basis 31 August 2001

Intended date for entry of New Units on the  22 September 2001
Register and dispatch of new holding statements

Normal trading commences on ASX            23 September 2001

The above dates are subject to change and are indicative only.
MTM Funds reserves the right to amend this indicative timetable
including, subject to the Corporations Act and the Listing
Rules, to extend the latest date for receipt of entitlement
forms.

Proceeds

The proceeds of the Issue will be used by the Trust to repay
amounts owing to Babcock & Brown under the interim liquidity
package, repay $2.5 million to Macquarie Bank, to pay costs of
the Issue and to fund its ongoing working capital requirements.

The Offer

The Issue is a non-renounceable 1 for 3 offer of New Units at
$0.265 per New Unit to raise approximately $7,066,667. This
Offer is made on 30 July 2001. The Offer is made to all
Unitholders registered at 5.00 pm on the record date 9 August
2001 ('Record Date'). The total number of New Units to be issued
under the Issue is approximately 26,666,667. Fractional
entitlements will be disregarded.

Application For Quotation Of Additional Securities And Agreement

Name of Entity
Mtm Entertainment Trust

ACN or ARBN
091 046 614

The entity gives ASX the following information.

Part 1 - All Issues

1. Class of securities issued          Units
   or to be issued

2. Number of securities issued         26,666,667
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   Fully paid units
   (eg, if options, exercise price     at 26.5 cent per unit
   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        26.5 cents per unit

6. Purpose of the issue (if       To reduce the entity's
facility
   issued as consideration for    with Macquarie Bank Ltd, repay
   the acquisition of assets,     monies lent to the entity by
   clearly identify those         Babcock & Brown Pty Ltd, pay
   assets)                        the costs of the issue and for
                                  working capital purposes.

7. Dates of entering securities    22 September 2001
   into uncertified holdings
   or despatch of certificates

                                      Number  Class
8. Number and class of all       106,666,667  Units
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                      Number  Class
9. Number and class of all               Nil
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case   The distribution policy for
   of a trust, distribution       the new units is the same as
   policy) on the increased       the policy for existing units.
   capital (interests)            The entity is not able to
                                  guarantee future distributions
                                  to unitholders.

Part 2 - Bonus Issue Or Pro Rata Issue

11. Is security holder approval        No
    required

12. Is the issue renounceable          Non-renounceable
    or non-renounceable

13. Ratio in which the securities      1 for 3
    will be offered

14. Class of securities to which       Units
    the offer relates

15. Record date to determine         9 August 2001
    entitlements

16. Will holdings on different         N/A
    registers (or subregisters)
    be aggregated for calculating
    entitlements

17. Policy for deciding entitlements  Fractional entitlements
    in relation to fractions          will be disregarded

18. Names of countries in which the    None
    entity has security holders
    who will not be sent new issue
    documents

    Note: Security holders must be
    told how their entitlements
    are to be dealt with.

    Cross reference: rule 7.7.

19. Closing date for receipt of        30 August 2001
    acceptances or renunciations

20. Names of any underwriters          Sunderton Pty Ltd

21. Amount of any underwriting fee     $400,000
    or commission

22. Names of any brokers to the        N/A
    issue

23. Fee or commission payable to       N/A
    the broker to the issue

24. Amount of any handling fee         N/A
    payable to brokers who
    lodge acceptances or
    renunciations on behalf
    of security holders

25. If the issue is contingent         N/A
    on security holders'
    approval, the date of
    the meeting

26. Date entitlement and acceptance    13-14 August 2001
    form and prospectus will be
    sent to persons entitled

27. If the entity has issued options,  N/A
    and the terms entitle option
    holders to participate on
    exercise, the date on which
    notices will be sent to
    option holders

28. Date rights trading will begin     N/A
    (if applicable)

29. Date rights trading will end       N/A
    (if applicable)

30. How do security holders sell       N/A
    their entitlements in full
    through a broker

31. How do security holders sell       N/A
    part of their entitlements
    through a broker and accept
    for the balance

32. How do security holders dispose    N/A
    of their entitlements (except
    by sale through a broker)

33. Dispatch date                      22 Sept 2001

Part 3 - 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.


NORMANS WINES: Seeks Appointment Of Receiver
--------------------------------------------
The following is the letter of Normans Wines Limited to ANZ
Bank, asking the bank to appoint a Receiver to the Company. The
Company wrote, thus:

"You are aware of the situation that Normans Wine Ltd has been
in for some time. It is only today that the Board has reached
the view that deals being negotiated to attract long-term equity
are not going to eventuate within the necessary timeframe.

"It is based on this view that we request that you appoint a
Receiver to the company. Furthermore we request that you appoint
Mr John Spark and Mr Bruce Carter of Ferrier Hodgson to
undertake that role.

"You have the ongoing commitment of Management and the Board to
assist with this process."


STRAITS RESOURCES: Retains Price Of Convertible Notes
-----------------------------------------------------
The Directors of Straits Resources Limited (ASX Codes: SRL and
SRLG) advise that the conversion price of the Convertible Notes
has not been altered as a result of the 1:4 Rights Issue which
is currently underway, says Company Secretary J Dracopoulos.

The conversion price remains at $0.45, and the conversion ratio
remains at 1:1 on conversion to Ordinary Shares. The next
conversion notice period in accordance with the Convertible
Notes Trust Deed will commence on 18 December 2001.


STREAMLINK HOLDINGS: Enters Voluntary Administration
----------------------------------------------------
The Directors of e-procurement developer Streamlink Holdings
Limited Monday placed the company under voluntary administration
and appointed PriceWaterhouseCoopers' Greg Hall as
administrator.

This action was necessary due to poor trading conditions
encountered by Streamlink over the past twelve months and the
difficulty in raising additional capital.

"The difficulty for Streamlink - and in fact all Australian
software companies - is that Australian managers are very risk
averse. For major IT decisions, they increasingly rely on global
consultants and research firms for advice - these firms just do
not have Australian companies on the agenda. It seems nobody
gets fired for buying overseas software. They are unwilling to
`take a gamble' on Australian software and it becomes a vicious
circle," said Martin Fisk, Founder and Executive Director.

During its eight-year history, Streamlink acquired an impressive
list of customers, ranging from two of the big four banks, a
major airline, government departments, and a variety of large
professional services firms. Its first customer
PricewaterhouseCoopers has used Streamlink's software for seven
years, while its most recent customer, Coca-Cola Amatil is
largely acknowledged to be the biggest installed e-procurement
site in Australia (with over 2,200 active users).

Additionally, Streamlink has won a number of local and
international awards, including the prestigious IBM Global
Beacon Award for Best Business Transformation Solution in
January 2000. Streamlink remains the only company outside the
USA to ever win this global award.

Unfortunately, track record and recognition were not enough to
sustain the company through these difficult times.

"My fear is that the Australian software industry may go the
same path as the Australian hardware industry. We are probably
one of the few developed nations that actually reduced its
software production in the last five years (Australia halved its
output of software products between 1996 and 1999 to less than
$500million a year - source AFR 20 July 01."

Fisk said there were already two interested parties that had
approached Streamlink regarding acquiring or restructuring the
business, and that he will be working closely with administrator
Greg Hall to effect a sale and protect the positions of staff
and creditors.

More information:

Martin Fisk, Executive Director Streamlink - 02 8243 1234


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


EUROWAY DEVELOPMENTS: Hearing of Winding Up Petition Set
--------------------------------------------------------
The petition to wind up Euroway Developments Limited is
scheduled to be heard before the High Court of Hong Kong on
August 8, 2001 at 9:30 am. The petition was filed with the court
on June 1, 2001 by Fitzroya Finance Company Limited whose office
is situated at 33rd Floor, 118 Connaught Road West, Hong Kong.


GUANGDONG KELON: Finalizing Financial Reports
---------------------------------------------
Recently, certain newspaper articles in China have reported
information relating to the interim results of Guangdong Kelon
Electrical Holdings Company Limited (the Company), including the
percentage of decrease in total costs, increase in turnover and
profitability of the Company for the first half of the financial
year.

The Company would like to clarify as follows:

   1. At the time of publication of the Articles, the relevant
monthly financial statements of the Company have not yet been
completed and financial information relating to the interim
results has not yet emerged.  It is not possible for the Company
to, and the Company did not, disclose any financial figures
relating to its interim results to any outsider.

   2. As to matters relating to the profitability of the Company
mentioned in the Articles, up to the date of this announcement,
the Board of Directors expects that the Company should not incur
a loss in the first half of the year and the Company is
therefore not required by the Listing Rules of the Shenzhen
Stock Exchange to issue a loss warning announcement.

   3. The interim results of the Company are currently being
reviewed by the auditors of the Company in accordance with the
Rules Governing the Listing of Securities on the Stock Exchange
of Hong Kong Limited.  The Company's interim results will be
disclosed in designated newspapers and website in accordance
with relevant rules and regulations within the prescribed
period.

Guangdong Kelon Electrical Holdings incurred a loss of 678.42
million yuan in the year ended December 31, on sales that
dropped to 4.4 billion yuan from the previous year's 5.83
billion yuan.

Kelon had to cut prices to remain competitive in the market,
posting a pretax loss of 1.01 billion yuan, as opposed to pretax
earnings of 692.04 million yuan made in the preceding year.

Kelon is engaged in the manufacturing and sale of electrical
household appliances, mainly refrigerators and air-conditioners
both for domestic and international markets.


HUNG FUNG GROUP: Posts Net Loss Of HK$279.335M
----------------------------------------------
Hung Fung Group Holdings Limited (the Company) reported a net
loss of HK279.335 million for the year ended 31 March 2001,
swing from the previous year's net profit of HK$26.195 million.

The Company also posted an operating loss of HK$269.994 million,
on turnover of HK$202.682 million.

The Group's financial statements for the year ended 31 March
2001 have been prepared on the following bases:

(i) Going concern

    As of 31 March 2001, the Group had net current liabilities
of approximately HK$182,832,000. The Group also incurred a net
loss from ordinary activities attributable to shareholders of
approximately HK$279,335,000 and reported a significant cash
outflow from operating activities of HK$80,086,000 for the year
ended 31 March 2001.

    Although the directors have been undertaking a number of
measures with a view to improving the Group's liquidity and
restore its operations to profitability, the Group continues to
experience financial difficulties and currently has no
unutilized banking facilities available to support its normal
operational requirements.

    The Group also has had difficulty in repaying short term
bank loans on time. As at the date of this report, certain
suppliers and bankers of the Group have filed writs of summons
to demand for the repayment of the amounts due by the Group and
petition for the winding-up of certain of the Group companies.

    Accordingly, the amounts due to banks and other financial
institutions have been reclassified as current liabilities.

    In regard to this background, in order to strengthen the
capital base of the Group and to improve the Group's financial
position, immediate liquidity, cash flows, profitability and
otherwise to sustain the Group as a going concern, the directors
have adopted the following measures:

   (a) the directors are considering various alternatives to
strengthen the capital base of the Company through various fund-
raising exercises, including, but not limited to, private
placements.

       In this regard, the directors have been in active
negotiations with potential investors for the purpose of seeking
capital injections into the Group. On 7 December 2000, Mr.
Charles Lo, a then independent third party and potential
investor, was appointed as a director and the new chairman of
the Group. Up to the date of this report, Mr. Charles Lo had
advanced approximately HK$4,000,000 to the Group;

   (b) the directors are in active negotiations with the Group's
bankers, the parties which have provided the Group with the
loans, and other creditors, with a view to proposing a
standstill  arrangement and to reschedule the repayment terms of
certain of the Group's outstanding borrowings and to seek their
ongoing support; the possibility of entering into a debt hair
cut agreement is also under active discussions; and

   (c) the directors have taken actions to tighten cost controls
over factory overheads and various administrative expenses and
the activities of the Group have been significantly scaled down.

In the opinion of the directors, in light of the measures taken
to date, together with the expected results, the Group will have
sufficient working capital for its current operational
requirements and it is expected that the Group will ultimately
return to a commercially viable concern notwithstanding the
Group's financial position and tight cash flows as at 31 March
2001 and the date on which these financial statements were
approved. However, the directors anticipate that it may take
some considerable time to successfully implement their plans.

Should the Group be unable to continue as a going concern,
adjustments would have to be made to restate the values of
assets to their recoverable amounts, to provide for any further
liabilities which might arise and to reclassify non-current
assets and liabilities as current assets and liabilities,
respectively.

The effects of these adjustments have not been reflected in the
financial statements.

(ii) Available books and records

    The financial statements have been prepared based on the
books and records maintained by the Company and its
subsidiaries.

    However, due to significant staff and management turnover
during the year, especially that in the accounting and finance
department, there have been significant breakdowns in internal
controls particularly from October 2000 when an investigation of
Independent Commissioner Against Corruption ("ICAC") into the
conduct of the then-chairman and major shareholder of the
Company was revealed in the press.

    The directors understand that there is an ongoing
investigation into this case. However, due to the relocation of
the Group's accounting department from Hong Kong to the People's
Republic of China (the "PRC") and a riot in the Group's PRC
factory in October 2000, certain underlying books and records of
certain of the Company's subsidiaries were either lost, or can
no longer be located.

    In addition, as a result of the breakdown in internal
accounting controls and the loss of certain books and records,
the effects of certain transactions of the Group as reflected in
the financial statements prior to January 2001 cannot be
satisfactorily substantiated or otherwise supported, in
particular:

    (a) Certain records substantiating a number of transactions
via a bank saving account including cash receipts of
approximately HK$28,269,000 received from the Group's customers
during the year, which in addition to the balance of the bank
saving account brought forward of approximately HK$60,830,000,
were subsequently utilized as to: cash payments to the Group's
suppliers and subcontractors of approximately HK$71,431,000;
cash payments of purchase deposits of approximately
HK$4,635,000; cash payments for purchases of fixed assets of
approximately HK$9,116,000; cash advances to a company of
approximately HK$3,189,000; and other expenses settled in cash
of approximately HK$728,000 in total.

      All documentation of these transactions conducted via the
savings account prior to January 2001 were either lost, or could
not otherwise be accounted for; and

    (b) Certain records substantiating the following items
including the transactions summarized in (a) above were either
lost, or could not otherwise be accounted for:

       (i) purchases of approximately HK$159,001,000 for the
period from 1 April 2000 to 31 December 2000;

       (ii) turnover of approximately HK$195,578,000 and the
corresponding accounts receivable of approximately
HK$117,781,000;

       (iii) deposits made to certain suppliers of approximately
HK$4,635,000;

       (iv) an advance made to a company of approximately
HK$5,177,000 which included a cash payment of approximately
HK$3,189,000 via the saving accounts as noted in (a) above;

       (v) inventories held in custody by a company of
approximately HK$11,791,000.

As the directors consider that the probability of recovering the
receivables and inventories stated in (ii) to (v) above is
remote, a full provision had been made against the respective
amounts.

In addition to the above, the books and records in respect of
the Group's turnover, costs of sales, certain expenses and
related tax charges were incomplete and although the directors
consider that, based on their knowledge, they have made accruals
and provision for all liabilities based on such books and
records as available, they, cannot be certain as to whether all
the liabilities of the Group have been recorded.

All the existing directors were appointed in December 2000,
except Mr. Chan Chun Hong, Thomas who was appointed in October
2000 and Mr. Yu Wai Man who was appointed in April 2001.

The financial Statements have been prepared based on the books
and records maintained by the Company and its subsidiaries.
However, in view of the aforesaid breakdown in internal control
of the Group, no representations as to the completeness of the
books and records of the Group during the period from 1 April
2000 to 31 December 2000 could be given by the existing
Directors although care has been taken in the preparation of the
financial statement to mitigate the effects of the incomplete
records.

The Directors are unable to represent that all transactions
entered into in the name of the Company and its subsidiaries
during the period from 1 April 2000 to 31 December 2000 have
been included in the financial statement.

Notwithstanding the foregoing, the Directors have in the
assessment of the Group's assets and liabilities taken such
steps as they considered practicable to establish these assets
and liabilities based on the information of which they were
aware and have made provisions and adjustments as they
considered appropriate in the preparation of the financial
statement.

In December 2000, the Group received a claim from its processing
agent for an amount of approximately HK$18.7 million. Since the
documents in support of the aforesaid claim has not been
properly approved by the board of the Company, the directors are
seeking Legal opinion on the said claim. For prudence, the
directors have made a provision against the claim as at the
balance sheet date.

Pending litigation

As at the date of this report, writs of summons were issued by
miscellaneous creditors aggregating approximately HK$5.6 million
and banks aggregating approximately HK$16.6 million, together
with claims for overall interest thereon in respect of overdue
borrowings, rentals, purchases of goods and the provision of
services (the "Indebtedness").

The directors are currently negotiating with the parties issuing
the writs with a view to restructuring the Group's indebtedness.
Full provision has been made in the accounts for all the Group's
indebtedness. However, no provision has been made for any
interest, penalties, damages and legal costs the Group may incur
if it is unsuccessful either in defending the writs or in
persuading the issuers to withdraw such pursuant to a debt
restructuring.

On 12 May 2001 and 23 May 2001, winding-up petitions were filed
by Sin Hua Bank Limited, Hong Kong Branch ("Sin Hua") against
Hung Cheong Toys International Limited ("Hung Cheong"), a
principal operating subsidiary within the Group and the Company,
respectively.

The hearing of the petition against Hung Cheong in the High
Court of the Hong Kong Special Administrative Region was
adjourned to 1 August 2001 while the hearing of the petition
against the Company was adjourned to 28 August 2001.

In view of the liquidity problems currently faced by the Group,
the construction in progress of the Group was put on hold and a
full provision has been made against the cost incurred as at 31
March 2001.

The auditors concur with this provision on the basis that the
Group has no plans to complete the construction, nor does it
currently have any business plans for such assets even if they
were completed.

However, in the current year, the Group has significantly scaled
down its production operations in the People's Republic of China
(the "PRC").

In regard to the gross operating loss incurred by the Group for
the year ended 31 March 2001, and the uncertainties involved in
the Group having sufficient working capital to restore
operations in the foreseeable future to a commercially viable
level, as explained more fully in note to the financial
statements, there is also an uncertainty as to the carrying
value of the Group's existing completed fixed assets and an
impairment assessment needs to be performed to determine that
recoverable amount either from utilization in future profitable
operations, or from their disposal.

In the absence of any information from the directors as to their
assessment of the carrying value of the fixed assets as a result
of the scaling down in production operations and in the absence
of any valuation on an open market value basis, the auditors are
unable to assess whether the provision for impairment in the
value of the fixed assets as at 31 March 2001 currently provided
by the Group as disclosed in the note to the financial
statements is adequate, but not excessive. Accordingly, they
have disclaimed their opinion in respect of this issue.

Results

The fiscal year of 2000/2001 was a difficult year for the Group.
Since its listing in 1998, the Group experienced a loss for the
first time.

The net loss attributable to the shareholders for the year was
HK$279,335,000which arose mainly from the decline in profit
margins and provisions made for trade receivable and inventories
resulted from over-expansion of trading business in the first
half of the year.

Business Review

In early 2000, the Group raised HK$12 million by the allotment
of its share for the purpose of developing a business-to-
business e-commerce toys platform. It was anticipated that the
internet business would provide good prospects and profitability
to the Group and the Group has therefore put huge efforts into
the establishment of a portal - toysmatch.com operated by
Toysmatch.com Limited.

In order to attract more interested parties, especially of those
from the toys industry, to register as member of toysmatch.com,
the Group attempted to enhance its market recognition and
reputation within the toys industry by broadening its market
share. At that time, the Group believed that this objective
could be achieved by certain marketing strategies, namely: by
lowering the profit margin to increase the competitiveness of
our toys products; by setting up another business stream as of a
toys trader on top of a toys manufacturer; and by entering into
business activities with other toys suppliers in other areas
of the PRC - Chao Zhou.

(a) New Business Stream as a Toys Trader

To establish itself as a toys trader, the Group entered into
trading activities including the sourcing of semi-finished or
finished toys products such as stuffed toys, bicycles,
tricycles, scooters etc. from various suppliers, repacking them
under our own brand name and reselling them to wholesalers.

The Group had granted credit terms to certain customers,
including 3 major PRC customers who were granted particularly
favorable terms. They all started their business relationship
with the Group since April 2000.

Payments have never been made by any of the 3 debtors which
amounted to a total of approximately HK$115,891,000 as at 30
September 2000 and a total of approximately HK$117,382,000 as at
31 October 2000. Upon the Group's attempts to collect the
outstanding debts from the 3 major PRC debtors, it was found
that they had all disappeared and could no longer be located.
This inadvertently exposed the Group into a serious financial
difficulty.

(b) Business Activities with other Toys Suppliers

The Group attempted to enter into business activities with other
toys suppliers and in particular, the Group made an arrangement
with Chaolian Toys Trading Company Limited ("Chaolian"), a sole
proprietorship in Chao Zhou owned by Mr. Lam Man Lung, to deal
with other toys suppliers in Chao Zhou by Chaolian on behalf of
the Group.

By November 2000, the Group had advanced a total sum of HK$5.2
million to Chaolian to financially support its operation,
delivered inventories amounting to a total sum of HK$11.8
million to and under the custody of Chaolian and paid deposits
to other toys suppliers in the total sum of HK$4.6 million
through Chaolian.

However, the Group's business relationship with Chaolian ended
abruptly in mid-December 2000 when Mr. Lam Man Lung was arrested
by the Ogong an' (Public Security Bureau of the PRC) for his
involvement in the attempted kidnap of Mr. Chan Chun Hung, the
former chairman of the Company and the demand of a ransom. For
prudence's sake, a full provision on the advance, inventories
left under the custody of Chaolian and the deposits was made.

In October 2000, Mr. Chan Chun Hungwas arrested by the
Independent Commissioner Against Corruption (the ICAC) for his
alleged involvement in a graft case concerning certain letter of
credit transactions entered into between the Group and four
private companies during the period from April 1999 to December
1999. As far as the directors are aware, no charge has been laid
against Mr. Chan. However, due to the wide publicity of this
incident in the press, the reputation of the Group has been
severely impaired. All bankers and suppliers either suspended or
terminated their credit facilities granted to the Group and some
of them also demanded for repayment of all outstanding debts.
This made it difficult for the Group to carry on its normal
operation with its tight working capital.

In early October 2000, a riot occurred within the PRC factory.
and Some of our plant and machinery in the PRC factory were
seriously damaged and certain underlying books and records of
certain subsidiaries of the Company were lost. As a result, the
Group was unable to meet its sales orders as scheduled and some
customers had lost confidence in entering into business
transactions with the Group. Furthermore, the economic recession
in both the USA and Europe has also made an adverse impact on
the Group's business. Since October 2000, there had been a
significant drop in our turnover from a monthly average of HK$35
million for the first half year to a monthly average of HK$3.5
million for the remaining year. Taking into account the keen
competition faced by the Group in the toys industry, profit
margins decreased sharply and the overall contribution from toys
product was unable to cover its fixed operating costs.

Due to the above underlying factors, the Directors have
reservations regarding the ability of the Group to return to the
former levels of production capacity of its PRC factory and
sales performance in the short term. By adopting a vigilant and
prudent approach, decisions were made not to have further
investment towards the expansion of the PRC factory in the near
future and a provision of HK$58 million was therefore made for
the impairment in value of construction-in-progress and fixed
asset.

Due to the all above factors together the worldwide I.T. bubble
burst in the third quarter of 2000, the Group therefore decided
to discontinue its investment in Toysmatch.com Limited and made
a full provision of HK$4.3 million against the receivable from
it.

Liquidity And Financial Position

As of 31 March 2001, the Group had net current liabilities of
approximately HK$182,832,000. Certain suppliers and bankers of
the Group had filed writs of summonses demanding for the
repayment of the outstanding amounts due by the Group as well as
winding-up petitions against the Company and one of its
subsidiaries.

In order to strengthen the capital base of the Group and to
improve the Group's financial position, the directors have been
considering various alternatives to strengthen the capital base
of the Company through various fund-raising exercises,
including, but not limited to, loans from directors, external
borrowings and private placements.

In this respect, the directors entered into active negotiations
with potential investors for the purpose of seeking capital
injections into the Group.

In the meantime, the directors negotiated with the Group's
bankers who had provided loans to the Group, trade creditors as
well as other creditors, in attempt to reschedule the repayment
terms of certain outstanding debts of the Group and to seek
their ongoing support.

Although the standstill agreement as well as the debt
restructuring agreement with all the relevant parties have not
been entered into, negotiations have been undergoing with
promising progress.

Furthermore, the directors have also undertaken measures to
tighten cost control in respect of the PRC factory overheads and
various administrative expenses.

Prospects

There has been a significant change in the composition of the
board of directors of the Company. All of the directors
presently in office were appointed in December 2000 except for
Mr. Chan Chun Hong, Thomas who was appointed in late October
2000 and Mr. Yu Wai Man who was appointed in April 2001.

All of them are professionals in accounting, financial
management, corporate restructuring and have extensive
experience in the retail and manufacturing business including
the toys industry. Their invaluable professional expertise helps
to strengthen the internal control and management of the Group
and enables the Group to undergo debt restructuring smoothly and
efficiently.

The Directors are confident that the retail experience and
visions of members of the board in the toys industry will speed
up the recovery of the Group.

In order to improve the competitiveness and uniqueness of our
products, the Group is now in the course of strengthening its R
& D department. Furthermore, the Group recently appointed a
well-experienced U.S. sales representative who does not only
promote and advertise our toys products in the U.S. market, but
also assists the Group in enhancing the design and development
of toys products in order to attract more overseas customers,
especially in the United States.

Depending on the success of the debt restructuring and fund
raising within the Group, the Directors strongly believe that
the Group will gradually recover from its trough in the previous
financial year.


INTERNATIONAL FRIENDSHIP: Winding Up Petition Set For Hearing
-------------------------------------------------------------
The winding up petition against International Friendship Tours
Limited is scheduled to be heard before the High Court of Hong
Kong on September 19, 2001 at 9:30 a.m. The petition was filed
with the Court on June 29, 2001, by BOC Credit Card
(International) Limited whose registered office is situated at
20th Floor, BOC Credit Card Centre, 68 Connaught Road West, Hong
Kong.


LEARNING CONCEPTS: Postpones Announcement Of Audited Results
------------------------------------------------------------
The preliminary announcement of the audited results of Learning
Concepts Holdings Limited and its subsidiaries for the fifteen
months ended 31 March 2001 will be postponed to 22 August 2001.

The delay in the publication of the audited financial statements
and the dispatch of the annual report were not in compliance
with the paragraphs 8(1) and 11(1) of the Listing Agreement. In
this regard, the Stock Exchange of Hong Kong Limited reserves
the rights to take actions against the Company and/or its
directors.

The main reason for the delay in the publication of the audited
financial statements and the dispatch of the annual report is
that during the past few months, most of our staff have been
engaged in handling the assets injection project with its
controlling shareholder, Sino-i.com Limited as announced on 22
March 2001 and the scheme of arrangement of one of our major
subsidiaries, Team Concepts Manufacturing Limited as announced
on 17 May 2001.

Since Learning Concepts Group has undergone a series of cost
cutting exercises and debt restructuring projects, its
preparation of audited financial statements has not yet been
completed in the meantime.

The directors of the Company will take appropriate steps to
ensure all the accounting information will be collected on time
for the preparation of the audited financial statements in
future.


LOYAL VIEW: Facing Winding Up Petition
--------------------------------------
Loyal View Limited is facing a winding up petition which will be
heard before the High Court of Hong Kong on September 19, 2001
at 9:30 a.m. The petition was filed with the said court on July
3, 2001 by The China State Bank Limited whose office is situated
at China State Bank Building, Nos. 39-41 Des Vouex Road Central,
Hong Kong.


NOBLE KNIGHT: Faces Winding Up Petition
---------------------------------------
Noble Knight Investment Limited is facing a winding up petition
which will be heard before the High Court of Hong Kong on August
8, 2001 at 9:30 a.m. The petition was filed with the Court on
May 31, 2001 by The National Commercial Bank Limited whose
principal place of business is situated at Nos. 1-3 Wyndham
Street, Central, Hong August Kong.


NORTHERN INTL: Sees No Reason For Share Price Increases
-------------------------------------------------------
Northern International Holdings Limited says that the Company is
not aware of any reasons for any increases in its shares price.

The Company says, "We also confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature."

On Friday, TCR-AP reported that in June, the Group raised net
proceeds of approximately HK$8,500,000 by means of placing
300,000,000 new shares of HK$0.01 each in the Company at a price
of HK$0.029 per share.

Against this background, the directors are currently negotiating
with the relevant bankers to re-schedule the Group's existing
short-term bank loans and are confident that agreements will be
reached with the bankers in the near future.

Provided that the agreements will be reached with the bankers to
re-schedule the Group's existing short-term bank loans, the
directors consider that the Group will be able to meet in full
its financial obligations as they fall due for the foreseeable
future.

Northern International Holdings Limited (the Company) and its
subsidiaries (the Group) for the year ended 31 March 2001 posted
a net loss of HK$25.58 million, up from HK$22.038 million in net
losses incurred in the preceding year.


SINOPEC CORP: A Shares Issue Subject To Lock-Up Periods
-------------------------------------------------------
Sinopec Corporation (a.k.a. China Petroleum and Chemical
Corporation ) said that the A Shares issued to the strategic
investors and legal person investors are subject to the
following lock-up periods:

Strategic investors: 8 months from the date of commencement of
listing

Categories A and B legal person investors: 4 months from the
date of commencement of listing

Category C legal person investors: 3 months from the date of
commencement of listing.

Dealings in the A Shares on the Shanghai Stock Exchange are
expected to commence on Wednesday, 8 August 2001.


UNION AWARDS: Faces Winding Up Petition
---------------------------------------
The petition to wind up Union Awards Limited is set for hearing
before the High Court of Hong Kong on the 8th day of August 2001
at 9:30 am. The petition was filed with the court on May 31,
2001 Court by The National Commercial Bank of 1-3 Wyndham
Street, Central, Hong Kong.


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


INDAH KIAT: Exchange Suspends Trading
-------------------------------------
The Jakarta Stock Exchange (JSX) has suspended the shares
trading of Pt Indah Kiat Pulp & Paper, a subsidiary of
Singapore-based Asia Pulp & Paper (APP), due to the company's
failure to submit its financial report on deadline, Jakarta Post
reports yesterday.

According to the report, the spokesman for APP's parent company
the Sinar Mas Group, Yan Partawijaya, did not mention any cause
of the delay in the company's submission of the report.

In another report by Bloomberg, Indah Kiat President Ganda
Wijaya said, "Indah Kiat is revaluing its assets to reach fairer
prices which reflect the current market situation. The impact of
the prolonged economic crisis has prompted a lowering of the
company's assets value."

The planned writedown of the company's is currently under fire,
as there are queries and suspicions as to the existence of some
deposits amounting to US$199 million in Bank Internasional
Indonesia Cook Island, Post reports.

However, Wijaya admitted that this deposit will not be accounted
for in Indah Kiat's balance sheet for 2001, the report says.


TJIWI KIMIA: Trading Suspended
------------------------------
The shares trading of PT Pabrik Kertas Tjiwi Kimia has been
suspended by the Jakarta Stock Exchange (JSX), following its
failure to submit its financial report on time, Jakarta Post
reports Tuesday.

According to the report, failure to submit the report on
deadline would have meant delisting of the company's shares.
However, on Monday JSX decided otherwise.

Tjiwi Kimia is a subsidiary of Singapore-based Asia Pulp & Paper
(APP), which called a debt standstill in March, to facilitate
the preparation of its proposal to restructure its debts worth
US$13 billion.


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


FUJITSU LIMITED: Posts Q1 Operating Losses Of Y42.3B
-------------------------------------------------
Fujitsu Limited posted for the first quarter period ended June
30 operating losses of Y42.3 billion, up from the year-ago
period's losses of Y12.5 billion, owing to the slump in the
semiconductor sector, Japan Times Online reported over the
weekend.

The loss was made on group sales of Y1.09 trillion, climbing 1.7
percent from the figure recorded in the corresponding period
last year.

Consolidated pretax losses surged to Y63.7 billion from Y27.7
billion incurred in the same period last year, the report says.

According to the report, the company is considering
restructuring its global operations, and may undertake a
corporate reorganization program, which may entail workforce
reduction, to keep the company afloat.


L KAKUEI: Court OKs Rehab Plan
------------------------------
L Kakuei Corporation, the failed developer of large housing
complexes, has won the nod of the Tokyo District Court to
implement its rehabilitation plan, Kyodo News reported Monday,
citing condominium developer Joint Corporation.

The announcement was made because president Yoshinobu Shoji is
serving as receiver of L Kakuei, which filed with the court for
protection from creditors under the corporate rehabilitation law
in February last year.


OJI PAPER: Intends Cardboard Units' Liquidation
-----------------------------------------------
Oji Paper Company is gearing up for the liquidation of its six
cardboard-making units, Japan Times Online reports Monday.

The dissolution will precede the planned merger of these units
into one entity, which will effect on October 1. The new merged
entity will be named Oji Container Company.

This is part of the company's efforts to reduce expenses and
integrate management resources, the report says.

>From the liquidation of the units, the company expects to book
special losses of around Y3.5 billion in the current financial
year ending March 31, 2002.


SHINSEI BANK: DIC Rebuffs Life Co Offer To Buy LTCB Loans
---------------------------------------------------------
State-run Deposit Insurance Corporation (DIC) has rejected
Shinsei Bank's request to buy bad loans worth Y130 billion
extended by the defunct Long-Term Credit Bank (LTCB) to
collapsed consumer credit firm Life Company, Kyodo News reports
Monday, citing government sources. Shinsei Bank is the offshoot
entity of the former Long-Term Credit Bank.


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


HYNIX SEMICON: Suspends Production For A Week
---------------------------------------------
Hynix Semiconductor Incorporated implement Monday one-week
suspension of its microchip production lines, following the six-
month suspension of the its operations in the United States,
Agence France-Presse (AFP) reported Monday.

The news agency reported that Hynix, whose separation from the
Hyundai Group will take effect today, shut down three of its
five production lines Monday, sending workers on a mandatory
leave.

Hynix is currently under pressure to reduce its production
output owing to the slump in the microchip prices and the whole
semiconductor sector.

Meanwhile, creditors are scheduled to meet Hynix's foreign
advisor Salomon Smith Barney to discuss rescue moves to help
ease the company's financial burden, the report said.


HYUNDAI DEVELOPMENT: Gets Financing Deal From Dai-Ichi Kangyo
-------------------------------------------------------------
Dai-Ichi Kangyo Bank granted Hyundai Development Company a
project financing loan worth US$100 million, a syndicated loan
with 17-year maturity and interest rate of LIBOR plus 1.45
percent, The Digital Chosun reported Monday.

The money will be used to fund Hyundai's highway construction
project, which will connect Daegu and Busan, the report says.
Hyundai Development is the leading firm of a domestic consortium
to which the project's contract was awarded.


HYUNDAI PETROCHEM: Samil, McKinsey To Conduct Due Diligence
-----------------------------------------------------------
Creditors of Hyundai Petrochemical have approved the appointment
of Samil Accounting Company and American consulting firm
McKinsey & Company as the auditors which will undertake due
diligence on the firm, The Korea Herald reported yesterday.

The due diligence will commence today, and will go on for a
month's time, with Samil concentrating on the company's assets
and debts and McKinsey on the debt restructuring plan and the
company's prospects, the report said, citing a creditor bank
official.


HYUNDAI SECURITIES: Group Quotes Sale Price
-------------------------------------------
The Hyundai Group has quoted its final sale price for the
brokerage of Hyundai Securities to American International Group
(AIG), The Korea Herald reported yesterday, citing a top
government official.

AIG, which is currently studying the quoted price, has not given
any feedback yet regarding the offer, as negotiations are
ongoing, the report said.

According to the report, market analysts peg the price offer at
W16,000 per share.

AIG leads a consortium that is bidding to take over Hyundai
Securities, Hyundai Investment Trust & Securities, and Hyundai
Investment Trust Management.


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


ABRAR CORP: Reports No Change In Payment Status
-----------------------------------------------
Abrar Corp Berhad, which has been placed under the
administration of Special Administrators since May 27, 2000 by
Pengurusan Danaharta Nasional Berhad (Danaharta) pursuant to
Section 24 of the Danaharta Act, 1998, said Monday that there
has been no change to the status in payment since the previous
announcement made on June 29, 2001.

The Special Administrators of the company are currently in the
midst of preparing a workout proposal pursuant to Section 44 of
the Danaharta Act, 1998.

With the appointment of Special Administrators, there is a
moratorium on the company and no creditor may take action
against the company except in accordance with Section 41 of the
Danaharta Act, 1998. The moratorium expires on May 26, 2002.


AUTOWAYS HOLDINGS: Denies Winding Up Petitions
----------------------------------------------
Autoways Holdings Berhad (AHB) clarified Monday that the company
and its subsidiary Autoways Construction Sdn Bhd (ACSB) did not
receive nor have they been served with any cause papers
pertaining to the petitions for the winding up filed with The
High Court of Malaya in Kuala Lumpur by Buildcon Concrete Sdn
Bhd.

The announcement was made as a response the Star's July 25
report on winding up petitions against AHB and ACSB.

The Management of AHB is seeking legal advice on this matter.

Background

On 21 May 1999, Autoways announced a proposed restructuring
scheme to enable it to continue as a going concern and return it
to profitability.

The scheme involves the proposed disposal of Autoways
Development Sdn Bhd; capital reduction; set-off of share premium
against accumulated loss; scheme of arrangement and compromise
repayment in respect of amounts owing to creditors; acquisition
of Anjung Bahasa Sdn Bhd, Plaza Sungei Besi and Cayman (a 5-
storey commercial complex in Sungai Petani, Kedah); special
issue and warrants issue.

All classes of creditors have agreed to the scheme.

The Shah Alam High Court has granted the Company and subsidiary,
Autoways Construction Sdn Bhd, an extension of the restraining
order issued pursuant to Section 176 (10) of the Companies Act,
1965, for a further six months from 19 June 2000.


BERJAYA LAND: Completes Sale Of Stake In New Pantai
---------------------------------------------------
The board of directors of Berjaya Land Berhad announced
Monday the completion of the proposed disposal of 165,542,000
shares of RM1.00 each representing 99.69 percent equity interest
in New Pantai Expressway Sdn Bhd to Road Builder (M) Holdings
Bhd for a total cash consideration of RM209.637 million.

The company said the proceeds of RM209.637 million will be used
principally for the repayment of bank borrowings, working
capital and general investments which include the expansion of
vacation timeshare business.

Background

The Company (BLB) was formed to implement a restructuring scheme
under which the then listed company, Sports Toto Malaysia Berhad
(STM), became a wholly-owned subsidiary of the Company. The
government had incorporated STM in 1969 for the purpose of
running Toto betting in Malaysia.

STM was privatized in 1985 when BLB's CEO, Tan Sri Dato' Vincent
Tan, acquired 71 percent of its paid-up capital through a
private company owned by him. BLB became a direct subsidiary of
the Berjaya Group in 1987.

Today the core activities of the Group are: hotels (Malaysia,
Mauritius, Seychelles, Fiji, Sri Lanka and the UK); vacation
timeshare (Bukit Tinggi Resort, Port Dickson, Cameron
Highlands); recreation (Bukit Kiara Equestrian and Country
Resort, Bukit Jalil Golf & Country Resort, Kelab Darul Ehsan,
Tioman Island Golf Club, Desa WaterPark); property investment
(KL Plaza, Plaza Berjaya, Kompleks Kota Raya, Berjaya Megamall
Kuantan); property development (Greenfields Apartments in Bukit
Jalil Golf & Country Resort, Berjaya Park in Jalan Kebun, Shah
Alam, Taman Kinrara IV in Puchong, Kinrara Ria Apartments in
Taman Kinrara IV, Seputeh Heights, Arena Green Apartments in
Bukit Jalil Golf & Country Resort); design, construction,
operation and maintenance of highways (New Pantai Highway from
Subang Jaya to Bangsar and interchanging at Pantai Dalam into
Taman Desa heading towards Seremban Expressway); gaming and
lottery management (in Malaysia - Toto, Philippines - Superlotto
6/49, Lotto 6/42, Megalotto 6/45, 4 Digit and 6 Digit games, in
Ghana - Super 5/90 and 6/40 Jackpot games).

In February 2001, the Group, through subsidiary Portal Access
Sdn Bhd, completed the acquisition of 45.78 percent in Gold Coin
(M) Bhd whose Group is principally involved in manufacturing
flour and animal feeds and manufacturing and distribution of
pharmaceuticals.


KELANAMAS INDUSTRIES: Seeking Approval For Workout
--------------------------------------------------
Kelanamas Industries Berhad says that the Proposed Rescue/
Restructuring Scheme and Proposed Special Warrants Issue are
conditional upon approvals of the following:

   1. the Securities Commission (SC);

   2. the Foreign Investment Committee (FIC);

   3. the KLSE, for the transfer of the listing status of KIB to
NEWCO and the subsequent listing of and quotation for the NEWCO
Shares arising from the Proposed Rescue cum Restructuring
Scheme;

   4. the KLSE, for the admission of the NEWCO Warrants
2001/2004 pursuant to the Proposed Special Warrrant Issue on the
Official List of the KLSE and for the listing of and quotation
for the NEWCO Warrants 2001/2004 as well as NEWCO Shares to be
issued upon exercise of the NEWCO Warrants 2001/2004;

   5. the High Court pursuant to Section 64 and Section 176 of
the Companies Act, 1965;

   6. the shareholders of KIB at a general meeting to be
convened;

   7. the shareholders of NEWCO at a general meeting to be
convened; and

   8. any other relevant authorities.


Status of the Proposed Rescue/Restructuring Scheme are as
follows:

   I. FIC has approved the application vide a letter dated 19
December 2000 subject to a condition that the NEWCO incorporated
pursuant to the Proposed Rescue/Restructuring Scheme shall have
at least 15 percent Bumiputra participation by 30 June 2001.
Subsequently based on an appeal by KIB, FIC vide a letter dated
24 March 2001 has extended the period from 30 June 2001 to 1
January 2002.


   II. On 11 April 2001, KIB obtained a Court Order to extend
the time period to convene the Court Convened Meeting for a
further period of ninety (90) days from 11 April 2001. An
application will be made by the Company to obtain to convene the
Court Convened Meeting pending the outcome of our appeal
application to SC.

   III. SC has rejected the Proposed Rescue/Restructuring Scheme
vide a letter dated 13 June 2001 as SC deems that DB is not
suitable to undertake the rescue and restructuring of KIB. On 18
June 2001, the Board of Directors of KIB has resolved that an
application will be made by the Company to appeal against the
SC's above said decision within one (1) month from 13 June 2001.
The appeal application was submitted to SC on 14 July 2001.


KUALA LUMPUR INDUSTRIES: Idris Unit Bids On PICM Shares
-------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad announces that its wholly
owned subsidiary, Talasco Insurance Berhad submitted Monday its
proposal to bid for the entire shares of PICM to Special
Administrators of Kuala Lumpur Industries Berhad (Special
Administrators Appointed), who is acting on behalf of Pengurusan
Danaharta Nasional Berhad.

Profile

A property and construction company, Kuala Lumpur Industries
Holdings (KLIH) is currently under the control of Special
Administrators who were appointed by Pengurusan Danaharta
Nasional Bhd on 30 June 2000.

The Special Administrators are to prepare a workout proposal for
the Company. Meanwhile, a 12-month moratorium is in effect from
the date of their appointment during which no creditor may take
action against the Company.

On 18 January 2001, The Company entered into a MOU with Taman
Equine (M) Sdn Bhd in relation to the participation of Taman
Equine in KLIH's proposed corporate and debt restructuring.

The restructuring would involve a reduction of the issued and
paid-up capital of KLIH, application to transfer the listing
status of KLIH to a new company (NewCo), debt restructuring,
acquisition of Taman Equine by NewCo, and fund raising by NewCo.

The MOU provides an exclusivity period of 12 months from the
date of the MOU for a formal SPA to be entered under which NewCo
would purchase the entire issued and fully paid-up capital of
Taman Equine subject to finalization of a due diligence review
on Taman Equine.


KUALA LUMPUR INDUSTRIES: Closes Tender Sale For PICMB Shares
------------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad announces the tender
sale for the entire shares of The People's Insurance Company
(Malaysia) Berhad (PICMB) was closed on 30 July 2001.


PROMET BERHAD: Fine-Tuning Terms Of Workout Scheme
--------------------------------------------------
Promet Berhad is working out the details with the potential
vendor of suitable assets in formulating its restructuring
scheme.

Background

Originally in the business of building contractors and civil
engineers, the Company set out on a path of diversification and
expansion starting with the property and hotel industries in
1981. The intention was to expand activities on an international
scale in the resources industry, particularly oil and gas.

In 1982 the Group's civil construction operations in Malaysia
were transferred to subsidiary, Promet Construction Sdn Bhd.

In early 1990, after a period of rationalization, the Group re-
focused its business plans and concentrated on four core
activities: steel fabrication, marine engineering and
construction, civil engineering and construction, property
investment and development. The Group divested its interests in
the hotel industry in 1993.

In 1999, the Group launched an on-going restructuring scheme
which involves amongst others, a reverse takeover exercise by
Safuan Group Bhd (SGB) through asset injections, capital
reduction and consolidation, formation of a new company, debt
reconstruction, warrants issue and proposed disposal of non-core
assets.

The scheme was, however, deemed lapsed and terminated in
February 2001.

Following this, the Company is presently reviewing various
business proposals and negotiating with various vendors to
formulate a new restructuring scheme.


UNITED ENGINEERS: Enters Conditional SPA with Remedi
----------------------------------------------------
Pharmaniaga Berhad announced yesterday that Remedi
Pharmaceuticals (Malaysia) Sdn Bhd, a 70 percent subsidiary of
the company, had on July 30, 2001 entered into a conditional
Sale and Purchase Agreement (SPA) with United Engineers
(Malaysia) Berhad (UEM) for the proposed acquisition of a piece
of 1.94 acres leasehold light industrial land held under Country
Lease 015377554, and located at Mile 5 1/2, Jalan Tuaran,
District of Kota Kinabalu, Sabah (Industrial Land) for a cash
consideration of RM1.5 million (Proposed Acquisition).

The transaction is deemed as a related party transaction, UEM
being a substantial shareholder of the company.

Details Of Proposed Acquisition

   Details of the Industrial Land

      The Industrial Land which forms part of a bigger piece of
property, measuring 1.94 acres is held under a sixty (60) year
Country Lease 015377554. The Industrial Land has a remaining
lease period of thirty-two and a half (32 1/2) years, expiring
on
31 December 2033. The Industrial Land is situated at Mile 5 1/2,
Jalan Tuaran, District of Kota Kinabalu, Sabah about nine
kilometres north of Kota Kinabalu city centre in a locality
generally known as Kolombong Light Industrial area.

      A portion of the Industrial Land measuring an area of 0.44
acres is subject to a compulsory acquisition by the State
Authority. The survey plan, Plan No. 01124669 which indicates
the
portion of land subject to compulsory acquisition has been
approved and the said portion shall not form part of the said
Industrial Land. Hence, the total land area to be acquired shall
be 1.50 acres (0.607 hectare).

      Remedi has agreed that any compensation payable in respect
of the compulsory acquisition shall belong to UEM and in the
event Remedi receives such compensation from the Authority after
the completion date of SPA, Remedi needs to pay such
compensation
to UEM.

      Under the special terms of the Country Lease, the owner of
the Industrial Land is required to construct a building on the
Industrial Land before 1979. By a letter dated 20 June 2000,
Jabatan Tanah & Ukur (JTU) has agreed to amend the date from
1979
to 2002 provided a premium and registration fee amounting to
RM150,050.00 is paid to JTU on or before March 31, 2001. The
premium was duly paid on February 12, 2001.

   Salient Terms of the Conditional SPA

      The salient terms of the conditional SPA entered into
between Remedi and UEM in respect of the Proposed Acquisition
are as follows:

         The Industrial Land will be acquired by Remedi free
from all encumbrances and with vacant possession in its present
state and condition;

         A 10 percent deposit will be paid by Remedi following
the signing of the conditional SPA. The balance of RM1,350,000
shall be paid within twenty one (21) days upon the fulfilment of
the Condition Precedents of the SPA;

         The Proposed Acquisition of the Industrial Land is to
be completed within four (4) months from the date of the SPA,
unless mutually extended by the parties to the Conditional SPA.

Information on UEM

UEM was incorporated in Malaysia under the Companies Act, 1965
on 10 March 1966 as a private limited company, converted into a
public company on 19 may 1975. The issued and paid-up share
capital of UEM is RM408,538,229 comprising of 817,076,458
ordinary shares of RM0.50 each. The principal activity of UEM is
that of project design, management and contracting in the field
of civil, electrical and mechanical engineering, the undertaking
of turnkey projects, trading in engineering and industrial
products and rental of properties.

Basis Of Purchase Consideration

   The purchase consideration of RM1.5 million was arrived at
based on a willing buyer willing seller basis after taking into
account the open market valuation of RM2.2 million by Messrs.
Taylor Hobbs, an independent professional valuer, in their
valuation report dated 30 June 2000. The valuer had valued the
Industrial Land by using the comparative method where this
method makes use of known transactions for other similar
properties for the purpose of making a direct comparison. The
net book value of the Industrial Land as at 31 May 2001 was
RM614,526.73.

There will be no assumed liability by the Company or Remedi
arising from the transaction.

Settlement Of Purchase Consideration

   The purchase consideration for the Industrial Land is to be
settled as follows:

      a) RM150,000 paid as deposit upon signing of the
conditional SPA; and

      b) the balance of RM1,350,000 shall be paid within 21 days
from the date of completion of the conditional SPA.

   The purchase consideration for the Industrial Land will be
financed entirely from internal generated funds.

Rationale For Proposed Acquisition Of The Industrial Land

   The acquisition of the Industrial Land will enable Remedi to
build its own warehouse to support its operation in East
Malaysia, particularly in Sabah and Brunei Darul Salam. Remedi
is currently renting two (2) units of double storey shoplots at
No. 38 & 39 Jalan Karamunsing, Kota Kinabalu, Sabah used as a
branch office and warehouse. These units are no longer suitable
for the purpose in view of the increased volume of items handled
over the years.

   Remedi has considered the alternative of buying ready-built
warehouse but none of the available units has the suitable
structure to handle the bulk and weight of pharmaceutical and
medical items its currently keeps in the warehouse.

Earnings

  The Proposed Acquisition is not expected to have any material
effect on the earnings of the Company for the financial year
ending December 31, 2001.

Net Tangible Assets

   The Proposed Acquisition is not expected to have any material
effect on the net tangible assets of the Company.

Directors and Substantial Shareholders' Interest

   Save for the director and/or substantial shareholder named
below, none of the directors and/or substantial shareholders of
the Company and/or persons connected to them are interested in
the Proposed Acquisition.

   YBhg. Dato' Dr Ramli Mohamad

   YBhg. Dato' Dr Ramli Mohamad is deemed to be interested in
the Proposed Acquisition of the Industrial Land by virtue of him
being the Managing Director of UEM, a substantial shareholder of
the Company. As such, YBhg. Dato' Dr Ramli has abstained from
the Board deliberation and voting on the resolution to approve
the Proposed Acquisition.

Directors' Recommendation

   The board of directors after careful deliberation and
consideration, is of the opinion that the Proposed Acquisition
in the best interest of the Company. Accordingly, the Board of
Directors recommends the Proposed Acquisition of the Industrial
Land.


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


NATIONAL POWER: Earns P445.8M From One-Day Power Sales Scheme
-------------------------------------------------------------
National Power Corporation generated a total of P445.8 million
from the one-day power sales scheme from January to June,
climbing 45.92 percent from last year's figure, The Philippine
Daily Inquirer reports Sunday.

This added up to a total of P1.7 billion in revenues from the
scheme accumulated since it started in June of 1998, the report
says, citing Napocor Power Business Department Chief Alberto
Guanzon.

Guanzon added, "The first semester earnings also represent
almost half of our full-year revenue target of 1 billion pesos."

The one-day power sales scheme trading was made through an
online bidding, and was participated in by customers with
minimum of one-megawatt self-generation capacity.

So far, Napocor has traded through the scheme a total of 907.8
gigawatt-hours, at an average day-ahead price of P1.90 per
kilowatt-hour during the entire half-year period, the report
says.


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


ACMA LIMITED: EGM OKs Proposed Capital Increase
-----------------------------------------------
Acma Limited announces that its Extraordinary General Meeting
held on 30 July 2001, approved the following:

(I) Proposed amendments to Article 143 of the Articles of
Association of the Company;

(II) Propose increase in the authorized share capital of the
company from $250,000,000 divided into 500,000,000 ordinary
shares of $0.50 each in the capital of the company (Shares) to
$600,000,000 divided into 1,200,000,000 shares by the creation
of an additional 700,000,000 new shares;

(III) Proposed renounceable rights issue of between a minimum of
607,340,111 and a maximum of 752,082,562 new ordinary shares of
$0.50 each in the capital of the company (rights shares) at
$0.095 for each rights share with between a minimum of
86,762,873 and a maximum of 107,440,366 detachable warrants
(warrants 2004), each warrant 2004 carrying a right of to
subscribe for one new share, on the basis of seven rights shares
and one free warrant 2004 for every two existing shares held as
at the books closure date, fractional entitlements to be
disregarded;

(IV) Proposed issue of the rights share at $0.095 for each
rights share being an issue at a discount to par value pursuant
to Section 68 of the Companies Act (Chapter 50); and

(V) Proposed priority allocation to the application for excess
rights shares with warrants 2004 by Mr. Quek Sim Pin.

As reported on TCR-AP (July 3, 2001), Acma Ltd (the Company)
accepted letters of offer from Overseas Union Bank Limited (OUB)
and Malayan Banking Berhad (Maybank) for a term loan amounting
to S$50 million and a bridging loan amounting to a further S$50
million. Both OUB and Maybank will participate equally in the
Loans.

The Loans are taken to finance the repayment of the Company's
S$100 million Bonds 2001 upon their maturity on 1 August 2001.
The disbursement of the Loans is subject to shareholders'
approval of the Company's proposed rights issue which it
announced on 25 May 2001 (the Rights Issue).

The Rights Issue is expected to raise between S$56 million and
S$70 million and the S$50 million bridging loan will be repaid
from the proceeds of the proposed Rights Issue. The S$50 million
term loan will be repayable over a period of 5 years, with
repayment commencing 18 months from the date of first drawdown.


ASIA FOOD: Explains Loss Before Share Results
---------------------------------------------
Asia Food & Properties Limited said the provision for doubtful
trade receivables of S$1.024 million and other receivables of
S$1.135 million, totaling to S$2.159 million, mainly relates to
the provision of overdue trade receivables from the sale of
noodles, and provision for doubtful other receivables from sale
of machinery in the Food Division in China respectively.

The write-off of the trade and other receivables amounting to
S$7.873 million include an amount of approximately S$6.2 million
relating to the write-off of interest receivable from Palm
Resort Berhad which in the view of management, is not
collectible.

The balance of approximately S$1.6 million relates mainly to
write-off of trade receivables arising from the ordinary course
of business.

There are no amounts written off for trade and other debtors
balances due from related parties.

List Of Auditors For Associated Companies

A) Drs RB Tanubrata & Rekan (BDO) are the auditors of the
following:

       1) P.T. Agrointim Respati
       2) P.T. Agropanca Modern
       3) P.T. Damitama Mas Sejahtera
       4) P.T. Inti Gerak Maju
       5) P.T. Timurjaya Agrokaya

B) Prasetio Utomo Arthur Andersen are the auditors of the
following:

       1) P.T. Sinar Meadow Internasional Indonesia
       2) P.T. Sinar Oleochemical, International
       3) P.T. Sinar Pure Foods International

C) Hans Tuanakotta & Mustofa (member firms of Deloitte & Touche
Tohmatsu, of which Deloitte & Touche, Singapore is a member) are
the auditors of the following:

               1) P.T. Anekagriya Buminusa
               2) P.T. Harapan Anang Bakri & Sons
               3) P.T, Kanaka Grahaasri
               4) P.T. Maligi Permata Industrial Estate
               5) P.T. Mekanusa Cipta
               6) P.T. Plaza Indonesia Reality
               7) P.T. Prima Sehati
               8) P.T. Putra Prabukarya

D) PriceWaterhouseCoopers, Indonesia are the auditors of P.T.
Bumi Serpong Damai

E) Deloitte & Touche, LLP (member firms of Deloitte & Touche
Tohmatsu, of which Deloitte & Touche, Singapore is a member) are
the auditors of Koar International Airport Center Investment
Partnership.

F) PriceWaterhouseCoopers, Shanghai are the auditors of Shanghai
Trio Property Development Co Ltd.

G) Ningbo Siming Certified Public Accountants are the auditors
of the following:

               1) Ningbo Jin Cheng Real Estate Co., Ltd
               2) Ningbo Xin An Real Estate Co., Ltd

Profile

Headquartered in Singapore, AFP is an investment holding company
with operational businesses in agri-resources, food and
property. Listed on the Singapore Exchange in 1997, AFP's
principal operations are located in Indonesia, China, Singapore
and Malaysia.

The AFP Group of Companies employs more than 60,000 people with
strong local, regional and international knowledge and
experience. The AFP Group reported a turnover of S$1.4 billion
in 2000.

For further information, please contact:

Asia Food & Properties Ltd - Mee-Wah Tan - Corporate Affairs
Director
Tel: +65-3295707 / 2207720, Fax: +65-3295709, E-mail:
corpaff@afp.com.sg


GOLDEN AGRI: Confirms Audit Firms For Affiliates
------------------------------------------------
Golden Agri-Resources Limited confirms the following reputable
audit firms audit for all significant associated companies of
the Group.

A) Drs RB Tanubrata & Rekan (BDO) are the auditors of the
following:

      1) P.T. Agrointim Respati

      2) P.T. Agropanca Modern

      3) P.T. Damitama Mas Sejahtera

      4) P.T. Inti Gerak Maju

      5) P.T. Timurjaya Agrokaya


B) Prasetio Utomo Arthur Andersen are the auditors of the
following:

      1) P.T. Sinar Oleochemical, International

      2) P.T. Sinar Pure Foods International

Profile

Listed on the Singapore Exchange in 1999, Golden Agri-Resources
Ltd. (GAR) is one of the largest private palm oil plantations in
the world. Its principal operations are located in Indonesia.

With a total planted area of 273,000 hectares, the company's
primary activities include the cultivation and harvesting oil
palm trees, collecting fresh fruit bunch and processing these
into crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening.

GAR operates 18 palm-oil processing mills, two refineries and
four kernel crushing mills. GAR's turnover in 2000 was
approximately US$388 million

GAR is 55 percent owned by SGX listed Asia Food & Properties Ltd
(AFP), an investment holding company with operating businesses
in agri-resources, food and properties. Listed on the SGX in
1997, AFP's principal operations are located in Indonesia,
China, Singapore and Malaysia.

The AFP Group of Companies employs more than 60,000 people with
strong local, regional and international knowledge and
experience. AFP's turnover in 2000 was S$1.4 billion.

For further information, please contact:

Golden Agri-Resources Ltd - Mee-Wah Tan - Corporate Affairs
Director
Tel: (65) 3295 707, Fax: (65) 3295 709, E-mail:
corpaff@afp.com.sg


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


BANCHANG: Bankruptcy Court Rejects Bt3.39-B Rehab Plan
------------------------------------------------------
The Central Bankruptcy Court yesterday rejected Banchang's
Bt3.39 billion debt-rehabilitation plan filed by company
representative Anusorn Burintramart on July 25. Banchang, whose
company owner was declared bankrupt last month by the Appeals
Court, will have its first insolvency hearing on September 6,
the Nation reported yesterday.


NATIONAL FERTILIZER: Shareholders Approve Loan Agreement
--------------------------------------------------------
The shareholders of National Fertilizer Public Company Limited,
at the extraordinary meeting held on July 30, 2001, approved the
signing of the loan agreement, Pledge of fertilizer Stock
agreement and Assign Payment from the sale of fertilizer
agreement with the Petroleum Authority of Thailand, which is a
related party.


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

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