/raid1/www/Hosts/bankrupt/TCRAP_Public/010823.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, August 23, 2001, Vol. 4, No. 165


                         Headlines



A U S T R A L I A

AUSTRALIAN PLANTATION: Directors Work On Restructuring Plan
BEACONSFIELD GOLD: Director Jost Shows Interest
CABLE & WIRELESS: Singtel Raises Stake
CENTAUR MINING: Company Posts Case Profile
CHIERON HOLDINGS: Court Appoints Provisional Unit Liquidator
PRESTON RESOURCES: Assets Acquired By Australian Nickel
SATELLITE GROUP: Broker Faces Suit From Millennium
TELEMEDIA NETWORKS: Ferrier Hodgson Sells Business


C H I N A   &   H O N G  K O N G

ABENY TRADING: Winding Up Sought By China State
BUSINESS CHEER: Winding Up Petition Pending
INTERFORM CERAM: Posts Auditors' Financial Report
LOXSON LIMITED: Petition To Wind Up
MANDARIN RESOURCES: Sacks Chairman As Takeover Date Approaches
SMART COURT: Winding Up Petition Hearing Set
SUN LUEN: Faces Winding Up Petition


I N D O N E S I A

BAKRIE & BROTHERS: Suffers Net Loss Of Rp187.3B
KALBE FARMA: Narrows H1 2001 Net Loss To Rp7.46B


J A P A N

MATSUSHITA ELECTRIC: Ties Up with NEC, Matsushita Comm.
SAWAKO CORP: Softbank Investment To Take Over Operations


K O R E A

DAEWOO MOTOR: Jobs, Businesses for Sacked Workers
DAEWOO MOTOR: Third Party Management Pushed
DAEWOO GROUP: Court Orders Hankook to Pay for Damages
HYNIX SEMICON: Rating On CreditWatch Negative, S&P Says
SAMSUNG ELECTRONICS: To Issue W500 Billion 3-Yr Bonds


M A L A Y S I A

ARTWRIGHT HOLDINGS: Submits Revised Proposed Debt Workout
CEMENT INDUSTRIES: NSCI Settles Debt Agreement With MTSB, MEB
MENANG CORPORATION: SC Grants Extension On Restructuring Scheme
SRIWANI HOLDINGS: Creditors' Meeting Adjourned To September 12
TRANS CAPITAL: Unit Serves Default Notices
TECHNOLOGY RESOURCES: Bondholders Approve Eurobonds Cut
TECHNOLOGY RESOURCES: Subsidiary Disposes 60% Stake In CPN
UNITED ENGINEERS: Updates Status On MOU With GMR


P H I L I P P I N E S

MAYNILAD WATER: MWSS Borrows P1B To Cover Concession Dues
NATIONAL POWER: Co-ops Urged to Join Privatization
NATIONAL POWER: PSALM Turns Over Sale To CSFB, Rothschild


S I N G A P O R E

AMTEK ENGINEERING: Incorporates New Subsidiary In Singapore
CAPITALAND LIMITED: Subsidiary Incorporates CapitaLand China
CAPITALAND LIMITED: Posts Temasek Deemed Interest Changes
HO WAH GENTING: Seeks SGX Reconsideration On China Toll Road
SEMBCORP LOGISTICS: Clarifies Sharp Price Dive, Volume Rise


T H A I L A N D

BANGKOK RANCH: Third Interest Payment To Creditor Completed
ITALIAN-THAI: SET Posts "SP" Notice
P.A.E. (THAILAND): Petition For Reorganization Filed In Court
PRECHA GROUP: Receives Suspension From SET
SAMART CORPORATION: Posts Board of Directors' Resolutions
THAI ENGINE: Administrator Updates Status On Debt Workout

     -  -  -  -  -  -  -  -

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


AUSTRALIAN PLANTATION: Directors Work On Restructuring Plan
-----------------------------------------------------------
Directors of Australian Plantation Timber are hoping that for a
new restructuring plan can help the company avoid liquidation,
Australasian Business Intelligence reported Tuesday.

Among the proposals being considered are a $A40m rights issue,
an overhaul of the company's business model and possibly a
strategic partnership with another firm, such as Integrated Tree
Cropping.

The plantation investment company was placed in receivership on
July 31, 2001, owing $A40m to the Commonwealth Bank. The
directors are working on a restructure that they hope will be
approved by the bank.

Australian Plantation Timber's MD, Rinze Brandsma, blames
negative investor sentiment, caused by a recent tax office
ruling, for the company's current difficulties.


BEACONSFIELD GOLD: Director Jost Shows Interest
-----------------------------------------------
Director John Leonard Jost of Beaconsfield Gold NL (Receiver and
Manager appointed) posted this notice:

NOTICE OF DIRECTOR'S INTERESTS

Section 205G of the Corporations Law

INITIAL NOTICE

   Name of Director       John Leonard Jost

   Name of Company        Beaconsfield Gold NL

"I have a relevant interest in the following securities of the
company or a related body corporate:

  Ord shares - 2,885,771
  Options - 521,321
                                                                    
  Purchased on stock market or by placement

"I have an interest in the following contracts to which I am a
party or under which I am entitled to a benefit that confer a
right to call for or deliver shares in, debentures of, or
interests in a collective investment scheme made available by,
the company or related bodies corporate:  Nil"


CABLE & WIRELESS: Singtel Raises Stake
--------------------------------------
Sing Tel Australia Investment Limited increased its relevant
interest in Cable & Wireless Optus Limited on 21 August, 2001,
from 928,165,535 ordinary shares (24.51 percent) to 999,043,831
ordinary shares (26.38 percent).


CENTAUR MINING: Company Posts Case Profile
------------------------------------------
Territory:    Australia  
Company Name:    Centaur Mining & Exploration Ltd  
Lead Partner:    David McEvoy  
Case Manager:    Anna Beattie  
Date of Appointment:   14 March 2001  
Normal Contact:   Bernard Hall  
Contact Phone No:   (03) 8603 4149  

PwC Office  

Location:    Melbourne  
PO Box:    GPO Box 1331L  
Street Address:  215 Spring Street  
City:     MELBOURNE    
State:    VIC  
Postcode:   3000  
DX:     DX 77 Melbourne  
Phone:    (03) 8603 1000  
Fax:     (03) 8603 6044  
Appointor:    US-based syndicate of Bondholders  
Registered Office of company:  210 Kings Way, South Melbourne
    Vic 3205  
Company No / ACN:   004 805 145  
Type of Appointment:   Receiver and Manager  
Lead Partner - Full Name:  David McEvoy  
Second Partner - Full Name:  Allan Watson  

Case Information  

Background Information  

Allan Watson and David McEvoy were appointed Receivers and
Managers of Centaur Mining & Exploration Limited and Centaur
Nickel Pty Ltd on 14 March 2001.

The Group's principal activities are its Cawse nickel and Mt
Pleasant gold mining operations, both of which are situated near
Kalgoorlie in Western Australia. The companies are continuing to
trade under the control of the Receivers and Managers. All
queries regarding the ongoing trading of the businesses should
be directed to Rick Wilson of PricewaterhouseCoopers' Perth
office on (08) 9238 5275.

Current status of assignment and actions required by creditors  

Lindsay Maxsted and Stephen Hawke from KPMG were appointed
Administrators of Centaur Mining & Exploration Limited and
Centaur Nickel Pty Ltd on 14 March 2001. They will call meetings
of creditors within the next five business days. Please contact
Robyn McKern of KPMG on (08) 9263 7346 if you have any queries
in this regard.  

Likely outcome for creditors and timetable  

The likely outcome for creditors is unknown at this point in
time  

(source:www.pcwrecovery.com)


CHIERON HOLDINGS: Court Appoints Provisional Unit Liquidator
------------------------------------------------------------
Chieron Holdings Limited announced the New South Wales Supreme
Court appointed a Provisional Liquidator to two 100% owned
subsidiaries of the company, Woodsands Pty Ltd and Woodsands
Finance Pty Ltd, on 20 August, 2001.


PRESTON RESOURCES: Assets Acquired By Australian Nickel
-------------------------------------------------------
Titan Resources NL reports that its wholly-owned subsidiary,
Australian Nickel Mines NL has purchased eight Prospecting
Licenses P31/1589 to P31/1596 from Preston Resources Limited for
$50,000 cash.

The tenements cover a significant portion of the Carr Boyd Rocks
layered intrusion and lie adjacent to the Carr Boyd Rocks nickel
deposit recently acquired by Titan Resources from Defiance
Mining NL.

An exploration program is planned for the next quarter.


SATELLITE GROUP: Broker Faces Suit From Millennium
--------------------------------------------------
Barton Capital Securities, broker of the collapsed gay and
lesbian publisher The Satellite Group, is now facing a suit from
a disappointed shareholder, Millennium Group, after it failed to
win its case against the collapsed firm's former directors Greg
Fisher and Jon Broster, The Age reported Wednesday.

The action comes after New South Wales Supreme Court dismissed
Millennium's case to recover the $3.41 million it invested in
Satellite in July, months before an administrator was appointed
to the publisher and property group.

Justice Bergin dismissed claims Savio Chi Shing Kwong, the chief
executive of Millennium had been misled and induced into buying
a 19.9 per cent stake in Satellite.

Millennium bought into Satellite under a deal brokered by Barton
Capital in June last year.

"I believe these proceedings are without merit and intend to
vigorously defend them," Barton Managing Director Albert Wong
of Barton Capital said.  

Preliminary hearings are expected to begin early next year.


TELEMEDIA NETWORKS: Ferrier Hodgson Sells Business
--------------------------------------------------
The Directors of Telemedia Networks International Limited
revealed the business previously operated by the company has
been sold by the Receiver and Manager, Ferrier Hodgson Sydney.
Any inquiries should be referred to the Receiver and Manager.

Cliff Dodd & Michael Lehman, who were both appointed to the
Board of Directors on April 19, 2001, have resigned their
positions as Directors.

A meeting of creditors was held August 17, 2001, at the Sheraton
Hotel in Auckland. The forthcoming meeting of creditors is
scheduled for 5th September 2001 at the same premises.

The Board said the company will be promoting a Deed of Company
Arrangement and that it intends to re-list in the future.

Andrew Love of Ferrier Hodgson Chartered Accountants, Sydney,
was appointed Receiver and Manager of the company on June 5,
2001.

Richard Albarran and G McDonald were appointed Administrators of
the company pursuant to a resolution of the Board of Directors
on August 10, 2001.


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


ABENY TRADING: Winding Up Sought By China State
-----------------------------------------------
The China State Bank Limited is seeking the winding up of Abeny
Trading Limited. The petition was filed on June 29, 2001, and
will be heard before the High Court of Hong Kong on September
19, 2001 at 9:30 am.

The China State Bank Limited's registered office is 39-41 Des
Voeux Road Central, Hong Kong.


BUSINESS CHEER: Winding Up Petition Pending
-------------------------------------------
Business Cheer Limited is facing a winding up petition, slated
to be heard before the High Court of Hong Kong September 5, 2001
at 9:30 am.

The petition was filed June 21, 2001 by China Merchant Bank
whose principal place of business is situated at No. 2 Shennan
Zonglu, Shenzhen, The People's Republic of China.


INTERFORM CERAM: Posts Auditors' Financial Report
-------------------------------------------------
Interform Ceramics Technologies Limited posted the auditors'
report on the financial statements as follows:

Year end date: 31/3/2001
Currency: HKD                                     (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2000    from 1/4/1999
                                  to 31/3/2001     to 31/3/2000

Turnover                         : 66,030,471       177,268,073
Profit/(Loss) from Operations    : (92,855,317)     (56,372,959)
Finance cost                     : (82,246,444)     (92,830,249)
Share of Profit/(Loss) of Associates : NIL          (20,493,459)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : NIL              NIL
Profit/(Loss) after Tax & MI    : (333,944,008)    (247,501,852)
% Change over Last Period       : N/A
EPS/(LPS)-Basic                 : (35.7 cents)     (26.5 cents)
         -Diluted               : NIL              NIL
Extraordinary (ETD) Gain/(Loss) : NIL              NIL
Profit/(Loss) after ETD Items   : (333,944,008)    (247,501,852)
Final Dividend per Share        : NIL              NIL
(Specify if with other options) : -                -
B/C Dates for Final Dividend    : N/A
Payable Date                    : N/A
B/C Dates for (-) General Meeting     : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution      : N/A

Remarks:

1. Turnover

Turnover represents the net amounts received and receivable for
goods sold and for services provided, less returns and
allowances, during the year.

2. Loss Attributable To Investments
                                        2001            2000
                                        HK$             HK$

Provision for (write-back of) impairment
  in value of subsidiaries not
  consolidated                     320,843,600     (1,141,347)
Gain on deconsolidation of a
  subsidiary @                    (189,834,959)   -
Provision for amounts due from
  associates                       4,713,065       6,430,805
Provision for impairment in value of
  investments in securities        4,153,764       -
Write-off of investments in securities# 1,550,930       -
Loss on dilution of interest in an
  associate *                      -               49,648,666
Provision for impairment in value of
  goodwill                         -               3,064,726
                                  ---------------------------
                                  141,426,400     58,002,850
                                        
@ The amount represents gain on deconsolidation of results of
Shenzhen Matform after the release of translation reserve of
HK$1,297,586 previously written off against the Group's
reserves.

# The amount represents the write-off of the Group's remaining
5% interest in Gerber Systems (Far East) Limited ("Gerber").

* The amount represented loss on dilution of the Group's
interest in Gerber after the release of goodwill arising on
acquisition of HK$38,786,171 previously written off against the
Group's reserves.

3. Taxation
                                        2001            2000
                                        HK$             HK$
The credit comprises:
Hong Kong Profits Tax of the Company
and its subsidiaries
        Current year                    -               -
        Overprovision in prior years    -               130,000
Share of tax on results of an associate -               538,208
                                       ------------------------
                                        -               668,208
                                              
No provision for Hong Kong Profits Tax has been made in the
financial statements as the Group had no assessable profit for
the year.

4. LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the year of HK$333,944,008 (2000: HK$247,501,852) and
on 934,876,089 (2000: 934,876,089) shares in issue during the
year.

No diluted loss per share has been presented for both years as
the exercise prices of share options were greater than the
market price of the Company's shares and conversion of the
convertible note would result in a decrease in the loss per
share.

5. Profit/(Loss) From Operations And Finance Cost

Due to change of SSAP No.1, Finance Cost will be re-classified
from Profit/(Loss) from Operations and presented in the revised
format.


LOXSON LIMITED: Petition To Wind Up
----------------------------------------
The petition to wind up Loxson Limited is set for hearing before
the High Court of Hong Kong September 5, 2001 at 9:30 am. The
petition was filed on June 22, 2001 by The China and South Sea
Bank, Limited whose principal place of business is situated at
136 Des Voeux Road Central, Hong Kong.


MANDARIN RESOURCES: Sacks Chairman As Takeover Date Approaches
--------------------------------------------------------------
The board of directors (the Board) of Mandarin Resources
Corporation Limited (the Company) informed shareholders of the
Company that at a 16th August, 2001, Board meeting it was
resolved that the respective letters tendered by James So Yiu
Cho, CBE, JP, Yau Tak Fu, Chan Sze Tsung and Tsang Wai Kwok be
accepted. The letters requested their release from all executive
roles, if any, in the Company and any of its subsidiaries with
effect from 16th August, 2001

It was also resolved at the Board meeting that all executive
role(s) of Yeung Kang Lam in the Company and any of its
subsidiaries end, effective immediately.

Also a resolution was reached that all the executive role(s), if
any, of Yau Wai Fan in the Company and any of its subsidiaries
be removed effective immediately. James So Yiu Cho, CBE, JP, Yau
Tak Fu, Chan Sze Tsung and Tsang Wai Kwok together with Francis
Ho Kai Wa and Lee Kwok Leung will resign as directors of the
Company and its subsidiaries effective from the first closing
date of the General Offer, namely 29th August 2001, for all the
outstanding shares in the Company made by 369 Productions
Limited and/or parties acting in concert with it on 12th July
2001.

The Board has also invited Yeung Kang Lam and Yau Wai Fan to
resign from the Board and in this respect Yau Wai Fan has
already indicated her willingness to do so by issuing an undated
facsimile resignation letter, which has been received by the
Board.

In the event that Yeung Kang Lam and/or Yau Wai Fan fail and/or
neglect to tender his/her resignation as a director of the
Company effective 29th August 2001 by 29th August 2001, the
Board intends to put the matter before a meeting of Shareholders
as soon as practicable.

The above persons will remain as directors of the Company until
29th August 2001 or such time as may be resolved by a
Shareholders' meeting of the Company. Bearing in mind that until
the aforesaid resignations of directors have taken effect the
newly appointed directors of the Company represent a minority of
the current board membership, there is therefore a genuine risk
that they might be out-voted in respect to any matter put before
the Board, in particular matters relating to the ongoing
investigation being conducted by the Independent Investigators.

The Board has therefore approached the SFC with a view to their
giving consent so as to enable the resignations of directors as
aforesaid to take effect immediately in order to ensure that the
interests of the Company and the Shareholders would not be put
in jeopardy.

The Writ

On 17th August, 2001, The Center (49) Limited (the Plaintiff)
caused to be served a writ of summons endorsed with a Statement
of Claim (the Writ) on Great Wall Global Limited, a wholly-owned
subsidiary of the Company as 1st Defendant and the Company as
2nd Defendant.

In accordance with the Writ, the claim of the Plaintiff against
the 1st Defendant is with respect to the alleged breaches by the
1st Defendant in respect of a tenancy agreement dated 8th March,
2001 made between the Plaintiff as the landlord and the 1st
Defendant as the tenant in respect of an office premises
situated at Nos. 4901-4903 on the 49th Floor of the Center,
erected on Inland Lot NO. 8827 (the Premises).

In accordance with the Writ, the claim against the Company is in
respect of the alleged breach of the Company of a Guarantee and
Indemnity dated 12th April, 2001 given by the Company in favor
of the Plaintiff in respect of the tenancy granted to the 1st
Defendant by the Plaintiff. The Plaintiff's claim against the
1st Defendant and the 2nd Defendant jointly and severally are:-

   (i) payment of HK$457,859.88, being the total outstanding due
and payable to the Plaintiff calculated up to and including 31st
August, 2001 as pleaded in the Writ;

   (ii) vacant possession of the Premises;

   (iii) daily compound interest on the sum of HK$455,865.68 at
the rate of 12% per annum calculated from the date on which the
same became due for payment until the date of Judgment or
alternatively at the judgment rate pursuant to section 48 of the
High Court Ordinance;

   (iv) payment of rent at the rate of HK$261,440.00 per month
from 1st September, 2001 or at such higher rate as the High
Court deems fit from the date of service of the Writ until
vacant possession of the Premises is delivered up to the
Plaintiff;

   (v) air-conditioning charges at the rate of HK$10,457.60 per
month from 1st September, 2001 until vacant possession of the
Premises is delivered up to the Plaintiff;

   (vi) management charges at the monthly rate of HK$25,490.40
per month from 1st September, 2001 until vacant possession of
the Premises is delivered up to the Plaintiff;

   (vii) Government rates at the monthly rate of HK$13,072.00
per month from 1st September, 2001 until vacant possession of
the Premises is delivered up to the Plaintiff;

   (viii) Government rents at the monthly rate of HK$7,844.00
per month from 1st September, 2001 until vacant possession of
the Premises is delivered up to the Plaintiff;

   (ix) interest on rent or mesne profits, air-conditioning
charges, management charges, government rates and government
rent as claimed under (iv), (v), (vi), (vii) & (viii) therein
calculated from each respective date(s) due for payment until
the date of actual payment pursuant to Section 49 of the High
Court Ordinance;

   (x) damages;

   (xi) costs of action on an indemnity basis; and

   (xii) further and other relief.

The Company and its said subsidiary company intend to seek legal
advice in connection with the claim as soon as possible. Further
announcement will be made if there is any material development
in this regard.

The Independent Investigation

The Independent Investigators appointed by the Board to examine
the financial position of the Company and its subsidiaries are
continuing their investigations.


SMART COURT: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Smart Court Investment Limited is set
for hearing before the High Court of Hong Kong September 12,
2001 at 9:30 am. The petition was filed June 22, 2001  by Court
by The National Commercial Bank Limited of 1-3 Wyndham Street,
Central, Hong Kong.


SUN LUEN: Faces Winding Up Petition
-----------------------------------
The petition to wind up Sun Luen Ming Investment Development
Limited is scheduled for hearing before the High Court of Hong
Kong September 5, 2001 at 9:30 am. The petition was filed June
19, 2001 by Bank of China, Hong Kong Branch whose principal
place of business is situated at Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.


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


BAKRIE & BROTHERS: Suffers Net Loss Of Rp187.3B
------------------------------------------------
PT Bakrie & Brothers suffered a net loss of Rp187.3 billion
despite its strong sales in the first half of this year, Jakarta
Post reported Wednesday citing Bakrie & Brothers Corporate
Communications Manager Lalu Mara Satriawangsa.

However, the first-half net loss, which was caused by rising
operating costs and the weakening of the rupiah, was smaller
compared to the Rp1.8 trillion losses for the same period last
year.

The company's net sales in the first half of this year went up
by 28 percent, to Rp847.4 billion from Rp664.2 billion in the
first quarter of 2000.

The group's core booked income before cost of sales and
operating expenses of Rp59.6 billion from January to June 2001,
up from Rp19.7 billion over the same period last year.

"The performance of the company's core business enterprises
greatly helps its (Bakrie & Brothers) cash flow," Satriawangsa
said.

Bakrie & Brothers' core businesses include infrastructure,
telecommunications and agribusiness.

TCR-AP reported July 23, 2001 that the company is currently
seeking approval from the Mines and Energy Ministry to sell 20
percent of its shares to foreign investors who happen to be PT
Arutmine's creditors.


KALBE FARMA: Narrows H1 2001 Net Loss To Rp7.46B
------------------------------------------------
PT Kalbe Farma Tbk reported a net loss of Rp7.46 billion in the
first half of this year, far lesser than Rp87.39 billion net
losses incurred in the corresponding period a year ago,
IndoExchange reported Tuesday.

The medicine and pharmaceutical company booked a 35.53 percent
jump in net sales to Rp1.03 trillion from Rp763.81 billion.

"Although the company had improved its performance, it still
reported losses of Rp120.31 billion in the first six months of
2001 due to forex loss," Kalbe Farma's Director Vidjongtius
said.

However, he was positive that with increasing sales figures and
the strengthening rupiah conversion rate against the dollar, the
company would fare better this year.


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


MATSUSHITA ELECTRIC: Ties Up with NEC, Matsushita Comm.
-------------------------------------------------------
Matsushita Electric Industrial Co, NEC Corp and Matsushita
Communication Industrial Co formally announced Tuesday an
alliance to develop common software architecture for next-
generation (3G) multimedia cellular handsets.

The tie-up will challenge rivals such as the Nokia Corp group on
the global market, reduce costs and shorten the time required
for the development of 3G phone systems, Japan Today reported
August 22.

The three firms will design a common architecture for 3G mobile
handsets, conduct debugging tests of handset software and
possibly supply products such as dual-mode mobile phones of
different types. The agreement covers technological standards
for handsets, not network infrastructures, and products will be
sold under the respective brands used by each company.

The alliance is seen to mobilize 8,000 to 9,000 engineers, with
5,000 specializing in software development.

Standard & Poor's on August 7, 2001 placed its long and short-
term ratings on Matsushita Electric Industrial Co. Ltd. and its
subsidiary Victor Co. of Japan Ltd. (JVC Corp.) on CreditWatch
with negative implications, as quoted from TCR-AP August 9, 2001
Issue.


SAWAKO CORP: Softbank Investment To Take Over Operations
--------------------------------------------------------
Softbank Corp's affiliate, Softbank Investment Corp, will take
over the operations of Nagoya-based condominium builder Sawako
Corp, which is currently undergoing court-led civil
rehabilitation procedures, in September for about Y600 million
to be financed by an investment fund set up by the Softbank
group, Japan Today reported August 22.

Softbank Investment plans to set up a new company to take over
Sawako's operations next month and will send executives and
employees to the new firm, tentatively named SBI Sawako Corp.

Sawako, which filed for court protection from creditors on
August 1 with liabilities of Y2 billion, posted some Y22 billion
in sales at its peak in the business year that ended on July 31,
1998. The company was delisted from the Jasdaq over-the-counter
market last year after a dispute with its auditor over
accounting procedure.


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


DAEWOO MOTOR: Jobs, Businesses for Sacked Workers
-------------------------------------------------
Some 1,000 of the 4,500 workers laid-off by Daewoo Motor early
this year now have jobs or started their own businesses. A goal
of 2,000 new jobs for former Daewoo workers is targeted within
this year, Digital Chosun reported August 21, quoting an
official at a re-employment support center set up by the
Ministry of Labor, Incheon city government and Daewoo Motor.

The center has helped 877 workers find new jobs, mostly in the
Seoul and Incheon areas and 162 to start their own businesses.
Those who found new jobs have an annual salary at around W35.7
million for management staff and W18.6 million for production
staff, a slight reduction from what they earned at Daewoo.


DAEWOO MOTOR: Third Party Management Pushed
-------------------------------------------
The Korean government will move to commission the management of
Daewoo Motor to a third party, should the talks between Daewoo
creditors and GM fail to be concluded by the end of August. This
development came following GM's refusal to comply with the Aug.
31 deadline for the talks, the Korea Herald reported August 22,
which quoted minister of Finance and Economy, Jin Nyum.

"The government is prodding Daewoo creditors to wrap up talks
with GM by the end of this month to help dispel market
uncertainties. Daewoo could be sold to GM on worse terms than
expected, or entrusted to third-party carmakers
for commission management," the minister said.

GM's chief executive, Richard Wagoner, reportedly said last
weekend that GM would not accept any specific deadline for the
finalization of the talks to buy Daewoo Motor.


DAEWOO GROUP: Court Orders Hankook to Pay for Damages
-----------------------------------------------------
Hankook Investment Trust and Securities was ordered Monday by
the Seoul District Court to pay W110 million in damage
compensation to a business association of electric projects.
Hankook, which claimed it was not alone in purchasing Daewoo
bonds and that the government had been forcing them to do so,
said Monday it would appeal the ruling, Digital Chosun reported
August 20.

Investment trust companies, which purchased corporate bonds
issued by Daewoo business group en masse immediately before the
collapse of Daewoo in August 1999, reportedly mixed their Daewoo
bonds into their fund operations and incurred heavy losses when
the group collapsed. The trusts had claimed that they do not owe
compensation to the investors when they purchased the bonds and
commingled their funds as the Financial Supervisory Commission
had given its approval.


HYNIX SEMICON: Rating On CreditWatch Negative, S&P Says
-------------------------------------------------------
Standard & Poor's placed its single-'B' long-term corporate
credit ratings on Korea-based Hynix Semiconductor Inc. (Hynix)
and its subsidiary Hynix Semiconductor Manufacturing America
Inc. on CreditWatch with negative implications.

The CreditWatch placement reflects Standard & Poor's heightened
concerns over the severity of Hynix's liquidity difficulties in
the face of a recent plunge in the price of dynamic random-
access memory products--the company's mainstay business.

Korea Exchange Bank, Hynix's main creditor bank, is reported to
be discussing a new financial assistance package with the
company's other creditor banks. Standard & Poor's will review
its ratings on Hynix and Hynix Semiconductor Manufacturing
America as details of the refinancing package become available.

RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

Hynix Semiconductor Inc.
Corp credit rating                          B
Hynix Semiconductor Manufacturing America Inc.
Corp credit rating                          B
Senior secured debt                         B


SAMSUNG ELECTRONICS: To Issue W500 Billion 3-Yr Bonds
-----------------------------------------------------
Samsung Electronics will issue W500 billion three-year unsecured
bonds, with SK Securities to lead-manage the bond issue, on
August 27 to pay off maturing debt. The move is along the
company and other major chipmakers' aim to secure fresh funding
to solidify their market positions against the deteriorating
global chip market, while brushing off the argument in favor
of output reduction.

In a public notice through the Korea Stock Exchange, Samsung
said the bonds with a maturity of three years would be issued at
an annual yield of five percent. Samsung's bonds are rated
"AAA," the highest rating by local credit rating agencies.

Additional issue of bonds is being considered by the company in
October and November to pay off bonds maturing this year, which
are valued at 419.5 billion won and 634 billion won,
respectively.


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


ARTWRIGHT HOLDINGS: Submits Revised Proposed Debt Workout
---------------------------------------------------------
Artwright Holdings Berhad submitted the Revised Proposed Debt
Restructuring and Proposed Strategic Alliance applications to
the Kuala Lumpur Stock Exchange Tuesday.


CEMENT INDUSTRIES: NSCI Settles Debt Agreement With MTSB, MEB
-------------------------------------------------------------
The Board of Directors of Cement Industries of Malaysia Berhad
(CIMA) announced that on 20 August 2001, its wholly-owned
subsidiary Negeri Sembilan Cement Industries Sdn Bhd (NSCI)
entered into a settlement agreement (Settlement Agreement) with
Merge Trading Sdn Bhd (MTSB) and Merge Energy Bhd (MEB) for the
full and final settlement of the total indebtedness of
RM2,599,200.00 (said Debt) due from MTSB to NSCI (Proposed
Settlement).

The Debt arose from the supply of goods to MTSB by NSCI in the
ordinary course of its business.

DETAILS OF THE PROPOSED SETTLEMENT

The proposed settlement involves the full and final settlement
of the Debt by MEB, the holding company of MTSB, for and on
behalf of MTSB by the transfer of 1,444,000 ordinary shares of
RM1.00 each held by MEB in Merge Housing Berhad ("Settlement
Shares"). MEB is a public company incorporated in Malaysia with
its entire issued and paid-up capital listed on the Main Board
of the Kuala Lumpur Stock Exchange, to NSCI.

The Settlement Shares shall be transferred to NSCI via an "off-
market" deal.

Both NSCI and MEB also agreed, covenanted and undertook to and
with each other that MEB irrevocably and unconditionally grants
an option to NSCI (Put Option) to put to and require MEB to
purchase the Settlement Shares or part thereof from NSCI at
RM1.80 per share.

The Put Option shall be exercised at any time during the thirty
(30) day period which commences on the first (1st) day and ends
on the thirtieth (30th) day after the expiration of one (1)
calendar year from the date of the transfer of the Settlement
Shares from MEB to NSCI.

Notwithstanding the Put Option, NSCI has the right to sell the
Settlement Shares at any time if it wishes to do so.

RATIONALE FOR THE PROPOSED SETTLEMENT

The Debt of MTSB to NSCI has been long outstanding and the
Proposed Settlement is in the best interest of the Company.

FINANCIAL EFFECT OF THE PROPOSED SETTLEMENT

The Proposed Settlement has no effect on CIMA's share capital
and its substantial shareholders' shareholdings. It also has no
material effect on the net tangible assets and earnings per
share of the CIMA Group for the financial year ending 31
December 2001.

CONDITIONS OF THE PROPOSED SETTLEMENT

The Proposed Settlement is not subject to or conditional upon
any approvals.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors and substantial shareholders of CIMA, or
persons connected to them has any interest, direct or indirect,
in the Proposed Settlement.


MENANG CORPORATION: SC Grants Extension On Restructuring Scheme
---------------------------------------------------------------
On behalf of Menang Corporation (M) Berhad, Arab-Malaysian
Merchant Bank Berhad announced the Securities Commission has,
via its letter dated 15 August 2001, approved an extension of
time until 17 December 2001 for the Company to implement the
Restructuring Scheme.

The Company also wishes to announce a Prospectus in relation to
the Warrants Issue and Restricted Offer for Sale will be issued
in due course.


SRIWANI HOLDINGS: Creditors' Meeting Adjourned To September 12
------------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Sriwani Holdings Berhad (SHB) informed that the Creditors
Meetings have been adjourned to 12 September 2001.

On 1 August 2001 CIMB announced that the court convened
creditors meetings (Creditors Meetings) to consider the Proposed
Scheme were scheduled for 17 August 2001.


TRANS CAPITAL: Unit Serves Default Notices
------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
announced that Trans Capital Sdn. Bhd. (TCSB), a wholly owned
subsidiary of TCHB was, on 9 August 2001 and 25 July 2001
respectively, served two notices pursuant to section 218 (2)(a)
of the Companies Act, 1965 by the following parties:

a) Pactuco Container (Asia) Sdn. Bhd.

The amount claimed is RM277,803.83.

b) IPG Printing (M) Sdn. Bhd.

The Amount claimed is RM177,795.42.

DETAILS OF DEFAULT LEADING TO THE PETITION

The above Notices were in relation to amounts still owing for
goods and services received by TCSB.

FINANCIAL AND OPERATIONAL IMPACT

TCSB accounts for more than 50% of the assets of the Group.

The amounts claimed approximates the liability already
recognized in the company's financial accounts.

PROPOSED STEPS TO BE TAKEN

TCSB is under receivership. The management and the Receivers are
restructuring the company with a view of turning it around.


TECHNOLOGY RESOURCES: Bondholders Approve Eurobonds Cut
-------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
announced the proposed early redemption of the Company's
restructured USD Variable Rate Bonds Due 2002. Previously called
US$375 Million Euro Convertible Bonds (Bonds), the redemption
was approved by the holders of the Bonds (Bondholders) at the
Extraordinary Meeting of the Bondholders August 21, 2001.


TECHNOLOGY RESOURCES: Subsidiary Disposes 60% Stake In CPN
----------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
(TRI) stated the Disposal of Shares by Celcom (Malaysia) Sdn Bhd
(Celcom), TRI's wholly owned subsidiary, of its 60 percent
equity interest in Celcom Petro Network (M) Sdn Bhd (CPN), was
completed 17 August 2001.

With the completion of the Disposal, CPN ceased to be a
subsidiary of Celcom and the Joint Venture Agreement entered
into between Celcom and Petroliam Nasional Berhad on 19 March
1996 ceased to be operative.


UNITED ENGINEERS: Updates Status On MOU With GMR
------------------------------------------------
United Engineers (Malaysia) Berhad (UEM or the Company) revealed
that the status of Memorandum of Understanding (MOU) it entered
with Essar Constructions Limited (ESSAR) and GMR Infrastructure
Limited, GMR Corporation Private Limited, GMR Technologies &
Industries Limited (collectively referred to as GMR)
respectively as follows:

MOU with ESSAR

   (i) UEM-ESSAR Joint-Venture has submitted five (5) tenders to
the National Highway Authority of India ("NHAI") for highway
work packages, two (2) of which are unsuccessful and the
remaining three (3) tenders are pending results.

   (ii) The parties have mutually agreed to an extension of time
for the incorporation of a joint-venture company to 1 September
2001.

MOU with GMR

   UEM-GMR Joint-Venture has submitted four (4) tenders under
GMR Consortium to the NHAI for highway work packages, two (2) of
which are successful and the remaining two (2) tenders are
pending results.

   The following two (2) contracts were awarded to GMR
Consortium and GMR Infrastructure Ltd, a member of GMR
Consortium, respectively by the NHAI under the annuity scheme:-

     (a) NH-5 : Tuni - Anakapalli (59.2 km) in the State of
Andhra Pradesh for a total contract sum of approximately
Rs2,200.0 million (equivalent to RM176.0 million @ Rs1 =
RM0.08); and

     (b) NH-45 : Tambaram - Tindivanam (93 km) in the State of
Tamil Nadu for a total contract sum of approximately Rs2,886.0
million (equivalent to RM231.0 million @ Rs1 = RM0.08).
   
   (ii) The parties have mutually agreed to extend the deadline
of finalization of a joint-venture agreement to 15 October 2001.


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


MAYNILAD WATER: MWSS Borrows P1B To Cover Concession Dues
---------------------------------------------------------
The Metropolitan Waterworks Sewerage System (MWSS) planned to
borrow P1 billion from local banks to cover unpaid dues of
Maynilad Water Services, Inc. (MWSI), Malaya Online reported
Wednesday.

The failure of MWSI to pay the monthly concession amounting to
P1.329 billion up to this month has led to the financial rupture
of MWSS. MWSS is now forced to borrow money so as not to be
declared in default.

Both the MWSS and the Department of Finance (DoF) have been
advancing MWSI's unpaid concession fees to multilateral
financing institutions led by Asian Development Bank.

Since March, MWSI has failed to pay the concession fees,
claiming the system has been suffering from financial losses due
to the peso-dollar exchange rate.

MWSI filed for a P4.75 per cubic meter rate increase to cover
for the forex losses. After signing of the memorandum of
cooperation (MOC) and paving the way for the increase, President
Arroyo ordered a review of the increase. MWSS-Regulatory Office
is still hearing the petition.

Creditors withheld the release of about $350 million in loans.
They will only release the amount if/when MWSI secures authority
from MWSS for the water rate increase.

`We are running out of money and we need it as early as next
month. Our hands are tied because we could not tap the $200
million performance bond of Maynilad with the pending court
injunction,' MWSS administrator Jose F. Mabanta said.


NATIONAL POWER: Co-ops Urged to Join Privatization
-------------------------------------------------
Tuesday Energy Secretary, Vincent S. Perez, encouraged small
rural electric cooperatives to band together and forge a joint
venture with a strategic partner to participate in the
privatization of National Power Corp (Napocor) assets, ABS-CBN
reported August 21.

"I want to advise companies who want to buy or invest in co-ops.
I haven't dealt with the coops much yet. I have to deal with
them probably next year," Perez said.

"Only 40 of the total 190 electric co-ops in the country were
performing well. If a co-op has losses, then the new investors
would have an opportunity to improve it. It is not a
deterrent...for someone who feels he can run it better. That's
an attraction for prospective investors."


NATIONAL POWER: PSALM Turns Over Sale To CSFB, Rothschild
---------------------------------------------------------
The Power Sector Assets and Liabilities Management (PSALM)
handed over the duties and responsibilities of the National
Power Corp (NPC's) privatization advisors to Credit Suisse-First
Boston (CSFB) and NM Rothschild and Sons, who are to clinch the
sale of the state firm's transmission company (transco) and
generation companies (gencos) until third quarter of next
year, ABS-CBN reported August 21.

Besides the transco and gencos, PSALM reportedly will also
dispose other assets of Napocor, which include contracts with
independent power producers (IPPs).

Rothschild is responsible for the privatization plan as well as
implementing rules and regulations (IRR) of Republic Act 9136 or
Electric Power Industry Reform Act (Epira).

The draft IRR will be submitted to PSALM on September 17 for
concurrence. The Joint Power Commission expects to review the
final draft of the IRR on October 29, with the approval expected
on November 19. The draft privatization plan should be submitted
on October 29 and the president is expected to approve the final
plan by November 30.

Rothschild's extensive experience in advising utilities on
merger and acquisitions included the privatization of Peru's
largest generation and transmission companies, Electro Peru, and
leading the structuring plan of the Korea Electric Power Co.
Rothschild is current advisor of the National Electrification
Administration on investment, management and contract structure.

CSFB, which has a relevant privatization experience in the power
sector, particularly in emerging countries such as Argentina,
Ukraine, Columbia, Czech Republic, Peru and Australia, will
determine the liabilities of IPPs and conduct a valuation or
modeling of NPC's assets and liabilities. This is the first the
firm will handle privatization in Asia.

CSFB and Rothschild will undertake the due diligence,
information memorandum (IM) and sale execution. PSALM is set to
start its international roadshow presentation for the
transmission assets of Napocor on December 3. The sale is
scheduled to take place in the first quarter of next year to be
followed by a separate roadshow for the generation assets, which
will be sold through the second quarter of 2002.

The sale of Napocor is expected to generate about $8 billion,
with the $4.5 billion to come from the disposal of its
generation assets, while $2.4 to $2.7 billion to come from the
sale of transco.


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


AMTEK ENGINEERING: Incorporates New Subsidiary In Singapore
-----------------------------------------------------------
The board of directors of Amtek Engineering Ltd announced the
incorporation of a new subsidiary company, Amtek Industries Pte
Ltd, in Singapore, with one of Amtek's existing customers
expected to outsource the assembly and final testing of its
computer and related products to Amtek.

Though this turnkey project is expected to add about S$50
million to Amtek Group's turnover for the current financial year
ending 30 June 2002, the overall effect on earnings will not be
significant.

The project will be undertaken by Amtek Industries which will
have an authorized and paid-up share capital of S$2 million and
S$1.5 million respectively. Up to 25% of Amtek Industries'
shares will be reserved for some key personnel. Besides the
equity funding, Amtek Industries will need about S$9 million to
fund its working capital. These financing needs will be
funded by Amtek's existing credit facilities.

The project will move Amtek up the value chain from its existing
mechanical sub-assembly of metal chasis to full integration and
final testing of end products. Coupled with its existing casing
design, fabrication and assembly capabilities, Amtek will be in
a better position to provide a total solution to its customers.

The aforesaid transaction is not expected to have a significant
effect on Amtek's group net tangible assets per share nor
earnings per share for the financial year ending 30 June 2002.

The announcement said none of the directors or substantial
shareholders of Amtek have any interest, direct or indirect, in
the aforesaid transaction, save their shareholdings in Amtek.


CAPITALAND LIMITED: Subsidiary Incorporates CapitaLand China
------------------------------------------------------------
CapitaLand Limited announced its wholly-owned subsidiary,
CapitaLand Commercial Limited, has incorporated a wholly-owned
subsidiary, CapitaLand China Holdings (Commercial) Pte Ltd (CCH
Commercial), in Singapore.

CCH Commercial has an authorized capital of S$500,000 comprising
500,000 ordinary shares of S$1 each and an issued and paid-up
capital of S$100,000 comprising 100,000 ordinary shares of S$1
each. Its principal activity is investment holding.


CAPITALAND LIMITED: Posts Temasek Deemed Interest Changes
---------------------------------------------------------
Capitaland Limited posted notice of changes in Temasek Holdings
(Private) Limited's Deemed Interests, as follows:

Name of substantial shareholder: Temasek Holdings (Private)
                                  Limited
Date of notice to company:       20 August 2001
Date of change of interest:      26 August 1999
Name of registered holder: CDP : Keppel Regional Fund
  
Circumstance giving rise to the change: Sales in open market at
                                 own discretion

Shares held in the name of registered holder
No. of shares of the change:     75,000
% of issued share capital:       0.003

Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee:             $3.7520

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed           Direct
No. of shares held before change: 1,597,209,771    0
% of issued share capital:        63.45            0
No. of shares held after change:  1,597,134,771    0
% of issued share capital:        63.45            0
Total shares:                     1,597,134,771    0


HO WAH GENTING: Seeks SGX Reconsideration On China Toll Road
------------------------------------------------------------
Ho Wah Genting International Ltd is seeking Singapore Stock
Exchange' reconsideration of their July 24, 2001 decision
disapproving Ho Wah Genting's proposed acquisition of interests
in two toll road operations in Heilongjiang Province in the
People's Republic of China.

The proposed acquisition is by way of acquiring the entire
issued and paid up share capital of Heng Da Investments Pte Ltd
via the issuance of shares in the share capital of Ho Wah
Genting.

The SGX informed the company, via a letter dated 16 August 2001,
that information provided on 26 July 2001 by the company to SGX
is insufficient for them to reconsider their decision. The
company is now working with the vendors to provide additional
information to SGX to warrant a reconsideration of their
decision.

In the meantime, the company said it will seek new business
ventures that the company can acquire or undertake which will
lead to the resuscitation of the company's future business
prospects.


SEMBCORP LOGISTICS: Clarifies Sharp Price Dive, Volume Rise
-----------------------------------------------------------
Sembcorp Logistics Limited and its directors in reply to a query
from Singapore Exchange Securities Trading Limited on 21 August
2001 said they are not aware of any undisclosed recent
developments or any other possible reasons which could have
contributed to the sharp decrease in the price and increase in
the trading volume of the company's shares.


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


BANGKOK RANCH: Third Interest Payment To Creditor Completed
-----------------------------------------------------------
Bangkok Ranch Planner Co., Ltd. as the Plan Administrator of
Bangkok Ranch Public Company Limited (the Company), pursuant to
the Bankruptcy Court's approval of the Business Reorganization
Plan (the Plan), reported the progress of Plan implementation
since the previous report sent to SET on February 19, 2001, as
follows:

Completed Transactions

Third interest payment pursuant to Restructured Facilities
Agreement to Rescheduling Creditors   

The Company processed the third interest payment according to
the conditions stipulated in the Restructured Facilities
Agreement to all Rescheduling Creditors on June 29, 2001.  

Amendment of authorized signatory for the Company

On July 25, 2001, the Company granted the approval from the
Court to amend the Company's Articles of Association to change
the authorized signatories.

In-Process Transactions    

Appointment of Director of the Company    

Pursuant to the Plan Clause 5.5.2(2) Directors, the Plan
Administrator is preparing the registration of changing Board of
Directors.  


ITALIAN-THAI: SET Posts "SP" Notice
-----------------------------------
The Stock Exchange of Thailand (SET) has posted an "SP"
(Suspension) sign on Italian-Thai Development Public Company
Limited (ITD) and temporarily suspends the company's securities
trading effective on 22 August 2001 onwards until the companies
submit the required financial statements.

Previously, SET posted the "NP" (Notice Pending) sign on the
securities of the company on 15 August 2001 because of their
failure to submit their financial statements as of 30 June 2001.


P.A.E. (THAILAND): Petition For Reorganization Filed In Court
-------------------------------------------------------------
The Petition for Business Reorganization of P.A.E. (Thailand)
Public Company Limited (DEBTOR), engaged in construction, was
filed to the Central Bankruptcy Court:

Black Case Number Phor. 3/2543

Red Case Number Phor. 6/2543

Petitioner: Thai Sakura Company Limited and P.A.E. (Thailand)
Public Company Limited

Debts Owed to the Petitioning Creditor: Bt2,650,224,000.00

Date of Court Acceptance of the Petition: January 24, 2000

Court ordered for the Business Reorganization and appointed
G.T.T. Planners Company Limited to be a planner: February 23,
2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on March 30,
2000

Number of creditors filing Applications for Debt Repayment: 685

Amount of debts: Bt1,351,511,441.01 + US$14,112,313.18 +
Y1,305,900,469.63

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: June 30, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 1st: July 31, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 2nd: August 31, 2000

Appointment date for Creditors' meeting to consider the Plan:
October 12, 2000 at 9.30 am. Y.M.C.A. Building, South Sathorn

Court issued an order accepted the Business Reorganization Plan:
November 9, 2000

Announcement of Court Order for accepted the Plan: in Matichon
Public Company Limited and Siam Rath Company Limited: November
21, 2000

Announcement of Court Order for accepted the Plan: in Government
Gazette: December 19, 2000

Contact: Mr. Apiruk Tel 6792525 ext. 113


PRECHA GROUP: Receives Suspension From SET
------------------------------------------
Precha Group Public Company Limited (PRECHA) has been assigned
the "SP" (Suspension) notice by the Stock Exchange of Thailand
(SET). The company failed to submit their financial statements
for more than 5 working days thus the SET suspended the trading
of its securities starting Wednesday, August 22, August 2001
until the companies submit the required financial statements.
  
On August 15, 2001, the SET posted the "NP" (Notice Pending)
sign on the securities of the company because they failed to
submit their financial statements as of 30 June 2001 on the
deadline specified by the SET.


SAMART CORPORATION: Posts Board of Directors' Resolutions
---------------------------------------------------------
Samart Corporation Public Company Limited announces the Board of
Directors' Resolutions of the meeting No. 5/2001 held on August
21, 2001 are as follows:

1. Approved the amendment of the Company's Articles of
Associations by adding article 45 under section 7 to be read as
follow:

   "Clause 45. In the case that any transaction between the
Company and its subsidiaries which is classified by Notification
of the Stock Exchange of Thailand (SET) to be the related
transactions or acquisition and disposition of the Company's
asset, the Company has to comply with such rules and procedures
of SET".

2. Approved to call the Extraordinary General Meeting of
Shareholders No. 2/2001 and authorized the President to fix the
date, time and venue for the shareholders' meeting together with
fixing the date to close the shareholders registration book to
determine the eligible shareholders to attend the meeting with
the following agenda:

    2.1  To consider and approve the minutes of the
Extraordinary General Meeting of Shareholders No. 1/2001.

    2.2  To consider and approve the amendment of the Company's
Articles of Association by adding article 45 under section 7 to
be read as follow :

        "Clause 45.  In the case that any transaction between
the Company and its subsidiaries which is classified by
Notification of the Stock Exchange of Thailand (SET) to be the
related transactions or acquisition and disposition of the
Company's asset, the Company has to comply with such rules and
procedures of SET".


THAI ENGINE: Administrator Updates Status On Debt Workout
---------------------------------------------------------
The Plan Administrator of Thai Engine Manufacturing (TEM) is in
the process of capital reduction, which is conducted by reducing
number of issued and fully paid-up shares amounting of Bt240
million to Bt3.75 million.

Specifically, the Plan Administrator is requesting the Thailand
Securities Depository (Thailand) Co., Ltd. to surrender old
share certificates from existing shareholders and reissue new
share certificates to new shareholders.

Consequently, the date of closing the book for any share
transfers and for the name of shareholders is designated on
September 3, 2001 at 12.00 pm onward until the process is
completed.

Following the capital reduction, it is proposed that TEM will
issue 7.125 million new shares at Bt10 per share increasing
capital by Bt71.25 million.

The capital increase shares will be allocated among TEM
creditors pro rata to their remaining outstanding claims against
TEM via a debt for equity swap.

Creditors will thus become the majority shareholders of TEM
following restructuring. The shareholding structure of TEM will
then be 5% of original shareholders and 95% of unsecured
creditors.

On December 20, 2000, the Central Bankruptcy Court ordered
approval of the reorganization plan of TEM and appointed
Churchill Pryce Planner Co., Ltd. as Plan Administrator. Since
then, the Plan Administrator has succeeded in implementing the
Plan step by step.

On August 20, 2001, the Central Bankruptcy Court ordered
approval of the capital reduction, capital increase and swapping
of debt for equity as parts of the plan implementation.


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,
Maria Vyrna Nineza, Editors.

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

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