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

                   A S I A   P A C I F I C

           Friday, August 24, 2001, Vol. 4, No. 166


                         Headlines


A U S T R A L I A

BLUE RIBBON: Receives Offer From Tasmanian Group
CABLE & WIRELESS: Application For Foreign Investment Approved
CABLE & WIRELESS: Singtel Increases Shares
DIGITAL NOW: Commitments Test Entity, Q2 Report Released
TRITON CORPORATION: Posts Letter From Ferrier Hodgson
* ASX Posts Companies Defaulting Annual Listing Fee


C H I N A   &   H O N G  K O N G

BB EXPRESS: Winding Up Petition Pending
BEST ELITE: Winding Up Petition Slated For Hearing
CHINA EFFORT: Winding Up Sought By Sin Hua
FUJIAN GROUP: Releases Auditors' Financial Statement
HORIZON ENGINEERING: Winding Up Petition Set For Hearing
NORTHERN INTL: Unaware of Exceptional Price, Turnover Movements
YIN ZE: Faces Winding Up Petition


I N D O N E S I A

BANK CENTRAL: Govt Disputes Rumors Re Increased Stake Sale
SEMEN GRESIK: Incurs Rp41.4B H1 Net Loss


J A P A N

AIFUL CORP: Moody's Affirms 'Baa2' Rating, Negative Outlook
FUJITSU LIMITED: Fujitsu Philippines Expects Growth Next FY
MYCAL CORPORATION: Sells Hokkaido Unit For Y5.3B
NIPPON YUSEN: Liquidates Panama Units


K O R E A

DAEWOO SHIPBUILDING: Achieves Early Workout Program Graduation
DAEWOO SHIPBUILDING: Violates Forex Transaction Law
HANBO IRON: Administrator Hints At Early Sale
HYNIX SEMICONDUCTOR: Creditor Banks Extend W5T Fresh Funds
HYUNDAI MOTOR: Enters Credit Card Market Competition
INCHON OIL: Liquidation Rumor Suspends Trading
INCHON OIL: Pays W20B To Avoid Bankruptcy
LG GROUP: LG Electronics Cancels Selling LG Telecom
                                      

M A L A Y S I A

ABRAR CORPORATION: Prepares To Conduct Due Diligence On APLand
ASSOCIATED KAOLIN: Issues Requisite Debt Scheme Announcement
GOLDEN PLUS: Issues Update On Defaulted Payment
IDRIS HYDRAULIC: Foreclosure of PUB Shares As Debt Settlement
MAY PLASTICS: Court Grants RO Extension
PARIT PERAK: Receives Written Agreement From Creditors
REPCO HOLDINGS: KLSE Reply To Time Extension Appeal Pending
TIMBERMASTER INDUS: Posts Preliminary Notice On Debt Workout
UH DOVE: Awaits KLSE Approval On Time Extension


P H I L I P P I N E S

COSMOS BOTTLING: Syjuco Seeks Sale TRO
ORIENT BANK: Asks Supreme Court To Uphold Appeals Court Ruling


S I N G A P O R E

CAPITALAND LIMITED: Unit Enters S$486M Agreement with Ascott
KEPPEL CAPITAL: Takeover Leads Shareholders To Lower Stakes
KEPPEL CAPITAL: OCBC Takeover Ends Peichun Stakes
KEPPEL CAPITAL: Tat Lee Changes Stake Due To OCBC Takeover
KEPPEL CAPITAL: OCBC Takeover Prompts Tai Chuan Stake Change   
L & M GROUP: Capital Reduction Complete, Effective


T H A I L A N D

ADVANCE AGRO: Defaulted Debt Settlement Begins
THAI ENGINE: Business Reorg Petition Filed In Bankruptcy Court  
WORLD TRADE: Likely To Close Restructuring Deal With Creditors

     -  -  -  -  -  -  -  -  -

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


BLUE RIBBON: Receives Offer From Tasmanian Group
------------------------------------------------
A consortium of Tasmanian businessmen and farmers made an offer
to buy meat processor Blue Ribbon, Australasian Business
Intelligence reported Wednesday.

Blue Ribbon entered voluntary administration in July 2001 with
debts totaling $A10m.

Meat councilor of the Tasmanian Farmers & Graziers Association,
David Byard, five farmers, Blundstone, and a local meat
processor were  negotiating with the interstate processor
Bindaree Beef to take over the company.

Administrator Dick Shoobridge of Deloitte Touche Tohmatsu has
adjourned a creditors' meeting until mid-September 2001 to
examine 27 expressions of interest in the company.


CABLE & WIRELESS: Application For Foreign Investment Approved
-------------------------------------------------------------
Cable and Wireless Optus Limited (Optus) has been informed that
the Treasurer has decided to raise no objections under foreign
investment policy to the proposal for Singapore
Telecommunications Limited (SingTel) to acquire Optus, subject
to a number of conditions.

The conditions are:

* SingTel and Optus adhering to the terms of the Deed of
Agreement signed with the Commonwealth Department of Defence
dated 28 June 2001;

* SingTel and Optus adhering to the terms of the Deed of
Undertaking, agreed with the Commonwealth of Australia and
Agencies (as defined by Section 7 of the Telecommunications Act
1997), dated 1 August 2001; and

* Prior to implementation of the proposal, SingTel and its
relevant subsidiaries provide, to the satisfaction of the
Treasurer, confirmation that an export licence by the Office of
Defense Trade Controls, US Department of State, is not required
for the A3, B1, B3 and C1 satellites, ground support equipment
and technical data.

Optus has received from the United States Department of State a
letter confirming that, based on the specific facts and
circumstances that have been presented to it, and in light of
the specific assurances it has received, it has determined that,
should the sale be approved by the Commonwealth of Australia, an
export license is not warranted in this instance. Optus is
awaiting confirmation from the Treasurer that this letter
satisfies the third condition set out above.


CABLE & WIRELESS: Singtel Increases Shares
------------------------------------------
SingTel Australia Investment Limited increased its relevant
interest in Cable & Wireless Optus Limited on 22/08/2001, from
999,043,831 ordinary shares (26.38 percent) to 1,144,757,039
ordinary shares (30.22 percent).


DIGITAL NOW: Commitments Test Entity, Q2 Report Released
--------------------------------------------------------
Digital Now Inc filed a quarterly report for its entities based
on commitments for the period ended 30 June 2001. At the time of
the initial float of DNI shares, the ASX granted the company a
waiver from the requirement to lodge the report.

On 18 July 2001 the ASX advised the company that the waiver was
withdrawn and informed the company to lodge the report by 17
August 2001.

The company continues to conduct business during its sale
process and continues to seek additional sales of its products
while making substantial reductions in its expenses.

However, in light of the continuing and increasing deterioration
in the market, and the recent announcement of the Board's
intention to sell the business of the company, the company
cannot predict what its revenue and operating results may be for
the remainder of the year.

There are a number of factors that may affect the company's cash
reserves and its ability to continue operating while it seeks a
purchaser of its business. These factors include the company's
ability to make additional sales in light of its recent
announcement, to collect outstanding amounts due from customers,
to maintain credit terms with its vendors and other factors.

                QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Digital Now Inc

ACN or ARBN                Quarter ended ("current quarter")
091 198 864                30/06/2001

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                     Current   Year to date
operating activities                       Quarter   (6 months)
                                            USD        USD
                                       
1.1  Receipts from customers              1,727,980    4,636,954

1.2  Payments for         

       (a) staff costs                  (1,316,251)  (2,963,798)
       (b) advertising & marketing         (11,481)    (284,130)
       (c) research & development                 -            -
       (d) leased assets                          -            -
       (e) other working capital        (2,014,329)  (3,504,320)

1.3  Dividends received                           -            -

1.4  Interest and other items of
     a similar nature received                9,011       20,901

1.5  Interest and other costs of
     finance paid                          (10,068)     (12,099)

1.6  Income taxes paid                            -            -

1.7  Other (provide details if material)  (171,408)    (238,255)

1.7  "Other" relates to restructuring costs incurred for
severance due to staff reductions and expense for facilities no
longer in use.

1.8  Net Operating Cash Flows           (1,786,546)  (2,344,747)

Cash flows related to investing activities                

1.9  Payment for acquisition of:        
       (a) businesses (item 5)                    -            -
       (b) equity investments                     -            -   
       (c) intellectual property                  -            -   
       (d) physical non-current assets     (27,503)     (34,269)   
       (e) other non-current assets               -            -

1.10  Proceeds from disposal of:        
       (a) businesses                             -            -
       (b) equity investments                     -            -   
       (c) intellectual property                  -            -   
       (d) physical non-current assets        1,190       26,787   
       (e) other non-current assets               -            -

1.11 Loans to other entities                      -            -

1.12 Loans repaid by other entities               -            -

1.13 Other (provide details if material)          -            -

     Net investing cash flows              (26,313)      (7,482)

1.14 Total operating and
     investing cash flows               (1,812,859)  (2,352,229)

Cash flows related to financing activities                

1.15 Proceeds from issues of
     shares, options, etc.                        -            -

1.16 Proceeds from sale of
     forfeited shares                             -            -

1.17 Proceeds from borrowings             2,345,904    2,345,904

1.18 Repayment of borrowings                      -            -

1.19 Dividends paid                               -            -

1.20 Other - Amount paid to shareholder    (75,037)     (75,037)

     Net financing cash flows             2,270,867    2,270,867

     Net increase (decrease) in cash held   458,008     (81,362)

1.21 Cash at beginning of quarter/
     year to date                           549,643    1,089,013

1.22 Exchange rate adjustments to item 1.20 206,103      206,103

1.23 Cash at end of quarter               1,213,754    1,213,754

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES

                                                 Current Quarter
                                                           USD
1.24 Aggregate amount of payments to
     the parties included in item 1.2                    80,000

1.25 Aggregate amount of loans to the
     parties included in item 1.11                            -

1.26 Explanation necessary for an understanding
     of the transactions

Directors Fees for Non-Executive Directors B Lane, S Teh, A
Ostrovsky, and salary for Executive Director G Mueller.

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows

N/A

2.2  Details of outlays made by other entities to establish or     
increase their share in businesses in which the reporting entity
has an interest
        
N/A

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.

                                             Amount       Amount
                                           available       used
                                             USD       USD

3.1  Loan facilities                              -            -

3.2  Credit standby arrangements                  -            -

RECONCILIATION OF CASH

Reconciliation of cash at the end           Current     Previous
of the quarter (as shown in the             quarter      quarter
consolidated statement of cash flows)       USD       USD
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank             1,213,754          N/A

4.2  Deposits at call                            -            -

4.3  Bank overdraft                              -            -

4.4  Other (provide details)                     -            -

Total: cash at end of quarter (item 1.22) 1,213,754           -

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                                 Acquisitions        Disposals
                              (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               -                 -              

5.2 Place of incorporation
    or registration              -                 -              

5.3 Consideration for
    acquisition or disposal      -                 -              

5.4 Total net assets             -                 -              

5.5 Nature of business           -                 -              


Digital Now Inc reported revenue of approximately US$4.6
million; an EBITDA loss of approximately US$2.4 million;
depreciation, amortization of goodwill, stock compensation
expense and restructuring charge of approximately US$5.6
million; and net interest expense of approximately US$0.1
million for the six-month period ended 30 June 2001. This totals
a net loss of approximately US$8.1 million for the six-month
period ended 30 June 2001.

ABOUT DIGITAL NOW

For further information, please call + 1-703-902-0600 r visit
our  website at www.digitalnow.com.

IMPORTANT NOTE

The Digital Now securities traded on the ASX have not been
registered with the Securities laws of the United States. As of
March 9, 2001, certain restrictions prohibiting the offer or
sale of these securities within the United States, or to or for
the account or benefit of, any US Person, as such terms are
defined in Regulation S promulgated under the US Securities Act
of 1933, have expired.

EBITDA is earnings before interest, taxes, depreciation,
amortization and restructuring charges and also excludes non-
cash US GAAP stock based compensation expense.


TRITON CORPORATION: Posts Letter From Ferrier Hodgson
-----------------------------------------------------
Triton Corporation Limited posted a letter from its Voluntary
Administrator Ferrier Hodgson:

          LETTER FROM FERRIER HODGSON

TRITON CORPORATION LIMITED
(ADMINISTRATORS APPOINTED)
ACN 004 434 904

On 20 August 2001, the Directors appointed John Lindholm and
George Georges of Ferrier Hodgson as Voluntary Administrators of
Triton Corporation Limited pursuant to Section 436A of the
Corporations Law.

The Administrators are currently assessing the viability of the
Triton Group and exploring options to restructure the Group for
the benefit of its creditors and shareholders.

At this stage it is not possible to quantify what the outcome of
the administration will be. We intend to update the exchange on
a fortnightly basis or as important developments occur.


* ASX Posts Companies Defaulting Annual Listing Fee
---------------------------------------------------
The following entities have failed to pay their annual listing
fee to the Australian Stock Exchange Limited in respect to the
year ended 30 June 2002 and consequently will be suspended from
official quotation from the commencement of trading today,
Thursday 23 August 2001.

Astron Limited
Clements Marshall Consolidated Limited
Coeur D'Alene Mines Corporation
Deepsky Webmarket Limited
Structural Systems Limited

Under listing rule 17.6, any entity (if not already suspended)
that had not paid its annual listing fee by close of business on
Wednesday 22 August 2001 would be suspended from official
quotation before the commencement of trading on Thursday 23
August 2001.

The following entities have not paid their annual listing fees
in respect to the year ended 30 June 2002 but are already
suspended from official quotation.

Adex Holdings Limited
Agro Holdings Limited
Analytica Limited
Antaeus Energy Limited
Aussie Online Limited
Australian Gold Fields NL
Australian Kaolin Limited
Australian Plantation Timber Limited
Auto Enterprises Limited
Barron Entertainment Limited
Belmont Holdings Limited
Blue Ribbon Holdings Limited
Centaur Mining & Exploration
Ectec Limited
Eftnet Technologies Limited
Eisa Limited
Forestech Limited
Formida Holdings Ltd
Geo2 Limited
Golden West Refining Corporation Limited
Heat Exchangers International Limited
Intercard Wireless Limited
International Contract Manuf Ltd
International Media Management
Internova MCI Limited
Ipworld Limited
Jardine Fleming China Region
Oddsoft Limited
One Tel Limited
Pacific Capital Limited
Pacific Matrix Limited
Phoenix Technology Corporation Limited
Quoin Limited
Recruiters Australia Limited
Ruskin Industries Limited
Satellite Group Limited
Seafood Online.com Limited
Sunbase China Limited
Timemac Solutions Limited
Viking Industries Limited
Vostech Limited
Waivcom Worldwide Limited
Wellworth China Investments Limited

In accordance with listing rule 16.5, entities that pay their
annual listing fee on or after Thursday 23 August 2001 must pay
by bank cheque only.

Under listing rule 17.15, any entity that has not paid its
annual listing fee as required by rule 16.5 by 5.00 pm EST on
Wednesday 29 August 2001 will be removed from the official list
at the close of trading on Thursday 30 August 2001.


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


BB EXPRESS: Winding Up Petition Pending
---------------------------------------
BB Express Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
September 19, 2001 at 9:30 am.

The petition was filed on June 29, 2001 by Chow Kan Keung whose
residential address is situated at Room 2008, 20th Floor, Block
26, Heng Fa Chuen, Chaiwan, Hong Kong.


BEST ELITE: Winding Up Petition Slated For Hearing
--------------------------------------------------
The petition to wind up Best Elite International (Group) Limited
is scheduled for hearing before the High Court of Hong Kong on
September 5, 2001 at 9:30 am. The petition was filed with the
court on 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.


CHINA EFFORT: Winding Up Sought By Sin Hua
------------------------------------------
Sin Hua Bank Limited is seeking the winding up of China Effort
Internationl Limited. The petition was filed on July 27, 2001
and will be heard before the High Court of Hong Kong on October
31, 2001 at 9:30 am.

Sin Hua holds it registered office at No. 2 Des Voeux Road
Central, Hong Kong.


FUJIAN GROUP: Releases Auditors' Financial Statement
----------------------------------------------------
Fujian Group Limited revealed the auditors' report on the
financial statements as follows:

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

Turnover                       : 60,345,677       58,849,893
Profit/(Loss) from Operations  : 26,043,160       (262,169,800)
Finance cost                   : (81,812,998)     (64,080,760)
Share of Profit/(Loss) of Associates : 198,535          467,946
Share of Profit/(Loss) of
Jointly Controlled Entities     : (52,511,626)     (20,582,236)
Profit/(Loss) after Tax & MI    : (108,126,722)    (345,118,077)
% Change over Last Period       : N/A
EPS/(LPS)-Basic                 : (10.1 cents)     (32.1 cents)
           -Diluted             : -                -
Extraordinary (ETD) Gain/(Loss) : -                -
Profit/(Loss) after ETD Items   : (108,126,722)    (345,118,077)
Final Dividend per Share        : NIL              NIL
(Specify if with other options) : N/A              N/A
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. Operating profit / (loss)

  Operating profit / (loss) is stated after crediting and
charging the following major items

                                          2001            2000
                                          HK$             HK$
After charging                  
                                 
Provision for diminution in value of assets                     

Deficit on revaluation of investment
   properties                        56,561,517      31,378,726
Provision for diminution in value of
   property under development of Hong Du  -          28,777,784
Provision for diminution in value of
   investment properties                  -          2,980,000
                                      --------------------------
                                     56,561,517      63,136,510
                                      
Provision for doubtful debts                    

Provision for doubtful debts due from
   Hong Du                            32,530,041              -
Provision for doubtful debts due from
   a related company                  2,607,525               -
                                      --------------------------
                                      35,137,566              -
After crediting                 
                                  
Net gain on rescission of an acquisition
   agreement (note)                       
Net gain on exclusion of 60% interest
   in Skycheer and Hong Du            99,855,548              -
Net gain on inclusion of 40% interest
   in Yan Hei and Xiamen Plaza        45,222,244              -
                                     --------------------------
                                      145,077,792             -

Note

(i) Actions for rescission of an acquisition agreement
The Company, jointly with its two wholly owned subsidiaries, Kiu
Sun Investment Company Limited ("Kiu Sun") and Smart Truth
International Limited ("Smart Truth") issued a writ of summons
on 23rd March 2000 (as amended by an amended writ of summons on
29th March 2000) against Mr HUNG To and Good Fortune Resources
Limited ("Good Fortune") for

   (i) a declaration that the Company, Kiu Sun and Smart Truth
are entitled to rescind the Agreement as herein below defined,

   (ii) an order that Mr HUNG To to indemnify the Company, Kiu
Sun and Smart Truth for losses as a result of the breaches of
the Agreement and warranties thereof, and

   (iii) damages and other compensation.  The writ of summons
against Mr HUNG To, a  minority shareholder of both Skycheer and
Yan Hei, in Hong Kong, was to, amongst other things, rescind an
agreement dated 17th July 1998 approved by the Company's
shareholders on 27th August 1998 (the "Agreement").  Under the
Agreement the Group

(i) purchased from Mr HUNG To a 60% interest in Skycheer,
the principal asset of which is the 100% interest in Hong
Du in Mainland China,

(ii) transferred to Mr HUNG To's nominee, Good Fortune,
the Group's 40% equity interest in Yan Hei, the principal
asset of which is the 100% interest in Xiamen Plaza in
Mainland China, and

(ii) allotted to Mr HUNG To 54,408,959 shares in the
capital of the Company.  The Company claimed that Mr HUNG
To was in breach of the Agreement and sought to rescind it
as he

(i) allegedly entered into various contracts on
behalf of Skycheer and Hong Du to borrow funds of
RMB162,250,000 (or HK$152,490,602 in equivalent) before
and/or after entering into the Agreement, which were not
disclosed to the Company or its board of directors in
accordance with the terms of the Agreement; and

(ii) the hotel Hong Du has not been completed and
obtained all necessary operating licenses in accordance
with the timetable set out in the Agreement.

(ii) Court Order for rescission

On 23rd February 2001, a Court Order was granted in favor of the
Company, Kiu Sun and Smart Truth for rescission of the Agreement
("Rescission Order").  Upon the granting of the Rescission
Order, the Company has de-consolidated the Group's 60% interest
in Skycheer and Hong Du and included the 40% interest in Yan Hei
and Xiamen Plaza back to the Group.  

Thereafter, Skycheer and its subsidiary, Hong Du, would not be
60% owned by the Group and Yan Hei Limited and its subsidiary,
Xiamen Plaza, became wholly owned subsidiaries of the Group
again.

(iii)   Effect of the Court Order for rescission

Two subsidiaries, Skycheer and Hong Du, which were consolidated
in the Group's consolidated accounts for the year ended 31st
March 2000, have been de-consolidated from the Group's
consolidated accounts for the year ended 31st March 2001.  40%
equity and loan interests in Yan Hei and Xiamen Plaza previously
owned by a minority shareholder were classified as minority
interest and loans from the minority shareholder respectively in   
the Group's consolidated accounts as at 31st March 2000, have
been included as the Group's interests in the consolidated
accounts for the year ended 31st March 2001.  

The Directors consider that the resulting Group accounts, if
Skycheer and Hong Du were consolidated and 40% equity and loan
interests were excluded would not present a true and fair view
of the financial position of the Group as a whole in accordance
with the legal effect of the Rescission Order and the current
status in substance.

The results of Skycheer and Hong Du for the year ended 31st
March 2001 are excluded from the Group's consolidated income
statement for the year ended 31st March 2001.  As a result of
the exclusion of Skycheer and Hong Du, a net gain of $99,855,548
has been generated, which comprises the reversal of the share of
net liabilities of these two subsidiaries at 31st March 2000.  

As at 31st March 2001, the Company did not have any outstanding
commitments in respect of these companies, nor guarantees
granted in respect of any obligations of these companies in
favor of third parties.

The results of Yan Hei and Xiamen Plaza for the year ended 31st
March 2001 are entirely included in the Group's consolidated
income statement for the year then ended.  Loans from minority
shareholder as transferred under the Agreement are included as
the Group's interest for the year ended 31st March 2001.  As a
result of the inclusion of the 40% equity and loan interests in
Yan Hei and Xiamen Plaza, a net gain of HK$45,222,244 has been
generated, which comprises the reversal of share of net assets
of these two subsidiaries at 31st March 2000, reversal of loan
assigned and capital reserve.
          
According to a legal opinion obtained by the Company, there may
be practical difficulties to be encountered on the execution of
the Rescission Order.  No provision has yet been made in the
Group's accounts for any possible counterclaim by the minority
shareholder or any loss or expenses to be incurred or arising
from any practical difficulties to be encountered by the Group,
in relation to the Rescission Order granted to the Group.

2.  Loss per share

(a)  Basic

The calculation of loss per share is based on the consolidated
loss attributable to the shareholders for the year of
HK$108,126,722 (2000 : HK$345,118,077) and 1,074,328,367 (2000:
1,074,328,367) shares in issue during the year.

(b)  Diluted

The share options outstanding during the year had no dilution
effect on loss per share.


HORIZON ENGINEERING: Winding Up Petition Set For Hearing
--------------------------------------------------------
The petition to wind up Horizon Engineering Services Limited is
scheduled for hearing before the High Court of Hong Kong on
September 5, 2001 at 9:30 am.

The petition was filed with the court 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.


NORTHERN INTL: Unaware of Exceptional Price, Turnover Movements
---------------------------------------------------------------
The directors of Northern International noted the recent
increases in the price and the increases in trading volume of
the shares of the Company and wish to state that they are not
aware of any reasons for such increases.

The directors of the Company 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.                                            


YIN ZE: Faces Winding Up Petition
---------------------------------
The petition to wind up Yin Ze Enterprises Company Limited is
set for hearing before the High Court of Hong Kong on October 3,
201 at 9:30 am. Sin Hua Bank Limited of 2A Des Voeux Road
Central, Hong Kong, filed the petition with the court on July
11, 2001.


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


BANK CENTRAL: Govt Disputes Rumors Re Increased Stake Sale
----------------------------------------------------------
The government denied reports that it planned to increase its
stake for sale in Bank Central Asia (BCA) to 40 percent via
private placement, Jakarta Post reported Thursday.

"The government will stick with the initial plan to only sell a
30 percent stake in BCA to a strategic investor," State Minister
for State Enterprises Laksamana Sukardi said after meeting with
the IMF.

The government insists the composition of BCA share divestment
through strategic sales is based on the previous agreement
between the government and the parliament despite
recommendations from many to increase it.
Dasa Sutantio, director Asset Management Investment of IBRA,
said the meeting with the IMF was only to discuss the right
solution on BCA. Both parties are still discussing the issue,
which includes sales techniques though he refused to elaborate
on the technical issue being discussed including the tender
offer.
"IMF's position is more as a listener and will judge the
strategy the government plans to adopt," he added.  


SEMEN GRESIK: Incurs Rp41.4B H1 Net Loss
----------------------------------------
State-owned cement company PT Semen Gresik Tbk reported a loss
of Rp41.4 billion in the first half of this year due to a large
foreign exchange loss, IndoExhange reported Wednesday.

Its sales rose 32,53 percent, to Rp2.20 trillion from Rp1.66
trillion in the first half last year.

Loss per share was Rp69.78 after earnings per share of Rp241.36
last year.

Many companies' earnings suffered in 2001 due to the weaker
rupiah. Semen Gresik said the middle rate throughout the period
for the rupiah was Rp11,440 against the dollar.


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


AIFUL CORP: Moody's Affirms 'Baa2' Rating, Negative Outlook
-----------------------------------------------------------
Moody's Investors Service has confirmed the Baa2 unsecured
senior and issuer rating of AIFUL Corporation (AIFUL). The
rating outlook is negative.

This concludes the rating review initiated on October 3, 2000,
following AIFUL's announcement that it would acquire LIFE
Corporation Ltd (LIFE).

Moody's says the rating action follows AIFUL's new equity
offering. AIFUL will issue new equities totaling Yen 87.0
billion, which will be paid-in by August 24.

The company plans to use the proceeds for repayment of the
outstanding loans from its acquisition of LIFE and for its loans
business.

The rating confirmation reflects Moody's view that the new
equity offering by AIFUL is in line with the company's financial
policy to maintain an adequate mix of capital and debts in order
to effectively pursue its acquisition strategy.

Additionally, Moody's believes the capitalization plan is an
indication of management's strong capacity to formulate and
implement an effective financial strategy.

Moody's considers the negative rating outlook reflects the
challenges which AIFUL continues to face. The LIFE acquisition
will provide business opportunities to AIFUL in terms of
expanding the customer bases and diversifying credit-related
businesses.

However, the integration of LIFE into the AIFUL group still
entails the risk of controlling the different segments of its
traditional consumer loan customers and transforming LIFE into a
company with more emphasis on the consumer loan business.

AIFUL Corporation, headquartered in Kyoto, is Japan's major
consumer loan company. AIFUL had total assets of Yen 1,865.5
billion as at March 31, 2001 on a consolidated basis.  


FUJITSU LIMITED: Fujitsu Philippines Expects Growth Next FY
-----------------------------------------------------------
Fujitsu Philippines Inc (FPI) expects a 20 percent growth in the
next fiscal year and plans to hire 500 "entry-level" information
and communication technology (ICT) professionals this year, in
contrast to the announced massive job cuts by Fujitsu Ltd
worldwide, The Philippine Daily Inquirer reported on August 23.

"FPI has maintained consistently profitable operations for the
last 25 years, and expects to remain very profitable even during
this difficult year," Felipe Manalang, president of FPI.

FPI, which employs more than 1,000 full-time Filipino IT
professionals, is a Filipino-Japanese company engaged in systems
integration of ICT solutions for Philippine enterprises.

The parent Fujitsu Ltd, which makes of computers, semiconductors
and telecommunications products, earlier massive layoff of
16,400 employees-11,400 overseas and 5,000 in Japan due to a
global business slowdown. The company said over 4,000 people
would be laid off in Philippines, Thailand and Vietnam.

Fujitsu Ltd, which employs a total of 187,000 worldwide,
reported consolidated revenues of 5.48 trillion yen in the
fiscal year ended March 31, 2001, and net profits of 8.5 billion
yen. But the company expects a consolidated net loss of 1.83
billion dollars as a result of the corporate revamp.


MYCAL CORPORATION: Sells Hokkaido Unit For Y5.3B
------------------------------------------------
Ailing supermarket chain operator Mycal Corp. will sell 6.45
million shares of its stake in subsidiary Mycal Hokkaido Corp
for 5,321 million yen, Kyodo News reported Thursday.

The proceeds of the sale will be use to slash the company's
debt.

TCR-AP reported on August 17 that the company
dropped the plan to add two large shopping facilities,
Nishinomiya Kitaguchi Station and JR Nanba Station, to its
network of retail outlets.


NIPPON YUSEN: Liquidates Panama Units
-------------------------------------
Largest shipping firm Nippon Yusen K.K. liquidated two wholly
owned Panama-based subsidiaries as part of restructuring
efforts, Japan Times Online reported Thursday.

The decision to liquidate the two subsidiaries, Growth Maritima
SA and Fairhope Shipping SA, was approved at a Nippon Yusen
board meeting on June 22.

The two shipping and cargo vessel rental units, with
capitalization of $1,000 each, sold off their vessels and
undertaken procedures to liquidate themselves since 1999.


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


DAEWOO SHIPBUILDING: Achieves Early Workout Program Graduation
--------------------------------------------------------------
Daewoo's creditors have agreed to decide for an early graduation
from the workout program of Daewoo Shipbuilding. DS becomes the
first Daewoo Group company to regain financial health among the
12 companies that applied for workout, Korea Inc News reported
on August 22, which cited the Korea Development Bank, Daewoo's
principal creditor bank.

The creditors have also decided to lift the restriction imposed
on Daewoo for sale of stocks held by creditor banks. For this
reason, sale of creditors' stakes in Daewoo will accelerate.

Currently, Korea Development Bank and Korea Asset Management
Corp., two main creditors of Daewoo Shipbuilding, have 41% and
26% stake in the Daewoo company.

Daewoo's cash flow has reportedly improved substantially and
that it could survive independently. In the first half, Daewoo
Shipbuilding won US$2.5 billion in new shipbuilding orders for
30 ships. Its backlog at the end of June amounted to US$7
billion for 102 ships, enough to make its docks busy for three
years.


DAEWOO SHIPBUILDING: Violates Forex Transaction Law
---------------------------------------------------
Daewoo Shipbuilding & Marine Engineering has been investigated
by the tax authorities on charges of violating the foreign
exchange transaction law, Korea Inc News reported on August 20.

The investigation showed the company has violated the relevant
law by failing to report the purchase of bonds from non-resident
in May 2001.

The Financial Supervisory Commission has investigated the case
and informed the result of investigation to the company on
August 18, 2001.

As a result, FSC suspended purchase of bonds or payment methods
from non-resident sellers for three months from August 20, 2001
through November 19, 2001.


HANBO IRON: Administrator Hints At Early Sale
---------------------------------------------
Nah Seok-hwan, the court-appointed administrator of Hanbo Iron
and Steel strongly indicated there would be an early sale of the
ailing steel mill, Korea Herald reported Thursday.

At a meeting between minister of Commerce, Industry and Energy
Chang Che-shik and domestic steel manufacturers, the
administrator said the sale process has been going as scheduled,
indicating that there has been some important progress in
negotiations with potential buyers.

"You will be able to hear good news about the Hanbo sale soon,"
Nah said.

Hanbo, which went bankrupt in early 1997, reportedly has begun
to stage a turnaround this year with its W22.1 billion ordinary
profit and W8.2 billion operating profit in the first half of
the year.

AK Capital, a foreign-invested corporate restructuring company
and Korea Iron and Steel Co are said to be the potential buyers
currently in talks with Lehman Brothers, the lead manager of the
sale.


HYNIX SEMICONDUCTOR: Creditor Banks Extend W5T Fresh Funds
----------------------------------------------------------
Six creditor banks of Hynix Semiconductor Co. met Wednesday and
agreed to provide the ailing company with W5 trillion in fresh  
funds and prepared a restructuring plan for the company's W5
trillion debts, Digital Chosun reported on August 22.

The debts includes debt-to-equity swaps amounting to W3
trillion, rollover of corporate bonds amounting to W1.3
trillion, rollover of lease contracts and purchase of Documents
Against Acceptance amounting to W400 billion.

Following the debt-to-equity swaps, Hynix's debts reportedly
will be reduced from W11 trillion to W9 trillion. However, the
plan to rollover W1.3 trillion worth of corporate bonds issued
by Hynix are reportedly maturing corporate bonds between
November and December, and excludes corporate bonds coming due
during the first half of next year, amounting to W930 billion.

"If investment trust companies agree to the creditor banks'
proposal to rollover maturing corporate bonds, the creditor
banks may cancel the investment trust companies' additional
purchase of Hynix-issued bonds amounting to W680 billion, as
they agreed during the first half of last year," according to
Korea Exchange Bank (KEB).


HYUNDAI MOTOR: Enters Credit Card Market Competition
----------------------------------------------------
Korea Herald reported Thursday that Hyundai Capital of the
Hyundai Motor Group won the bid for fallen 1 percent market
credit card firm, Dinerscard, on Monday.

Hyundai Capital obtained a controlling stake in Dinerscard for
W169.5 billion, with an additional W70-90 billion added to take
part of the blame for the financial troubles of Hyundai Life
Insurance.

Forecasted to post at least 400 trillion won in revenue for next
year, the credit card sector has emerged as one of the most
potentially prosperous markets, but at the moment, only three
chaebol have dipped their toes in the water so far, due to the
government's prohibition against the entrance of  new players,
the source said.


INCHON OIL: Liquidation Rumor Suspends Trading
----------------------------------------------
The trading of Inchon Oil Refinery stocks have been suspended on
August 21, 2001 as rumors spread that the company went under and
has begun the procedure for corporate liquidation, Korea Inc
News reported on August 21.

Trading of both common shares and preferred shared was suspended
effective from 11:40 a.m. on August 21, 2001.


INCHON OIL: Pays W20B To Avoid Bankruptcy
-----------------------------------------
Inchon Oil Refinery Co., formerly known as Hanwha Energy Co.
paid W20 billion worth of bills to Hanvit Bank to avoid
bankruptcy, Asian Wall Street Journal reported Wednesday citing
a Hyundai Oil Refining Co. official and a Hanvit spokesman.
        
Hyundai Oil is the company's largest shareholder with 39 percent
stake while Hanvit Bank is its lead creditor.
        
The company didn't pay W20 billion worth of commercial bills and  
would have been declared bankrupt had it not paid Hanvit Bank,
by Tuesday.
                
In Korea, a company becomes bankrupt when it fails to service
maturing debt for two consecutive days.

Inchon Oil booked a net loss of W38.1 billion in the first half
this year and W264.3 billion last year.
        
An analyst said the company won't likely improve this year
because the oil-products market in Korea remains highly
competitive.    


LG GROUP: LG Electronics Cancels Selling LG Telecom
--------------------------------------------------
Korea Inc News reported that LG Electronics previously reviewed
the possibility of selling and ownership in LG Telecom to Korea
Telecom, but the company has decided to participate in LG
Telecom's capital increase if it acquires the business license
for IMT-2000. LG Electronics is no more considering the equity
sale and plans to further strengthen its telecommunications
business.
                                      

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


ABRAR CORPORATION: Prepares To Conduct Due Diligence On APLand
--------------------------------------------------------------
Abrar Corporation Berhad announce that, pursuant to the
execution of the MoU on 27 June 2001, various consultants and
advisors were appointed to conduct due diligence and valuation
exercises on the assets of the White Knight involving values of
RM700 to RM800 million.

As the valuation and due diligence exercises are currently on-
going, the Company will not be able to finalize the Workout
Proposal (pursuant to Section 44 of the Pengurusan Danaharta
Nasional Berhad Act, 1998), and execute the definitive
agreements with the White Knight by 23 August 2001. Accordingly,
the Company will not be able to make the Requisite Announcement
by 23rd August 2001.

The Company had by its letter dated 13 August 2001 set out the
details of progress as to the Company's plans to regularize its
financial conditions whilst appealing to the Exchange for an
extension of time for the Company to comply with the
requirements. The Kuala Lumpur Stock Exchange's reply to the
Company's appeal is currently pending.

The Company had on 23 February 2001 made an announcement to the
Exchange (the First Announcement) confirming that it is deemed
an Affected Listed Issuer due to the fulfillment of the criteria
set.  

As an Affected Listed Issuer, the Company is required to comply
with the time schedule to regularize its financial condition and
must make an announcement to the Exchange of the Company's plan
to regularize its financial condition within six (6) months (the
Requisite Announcement) from the date of the First Announcement.
As such, the Company must make the Requisite Announcement by
23rd August 2001.

On 27 June 2001, the Company had announced to the Exchange that
it had entered into a Memorandum of Understanding (MoU) with
Asia Pacific Land Berhad (APLand) and certain subsidiaries /
sub-subsidiaries of APLand (collectively known as the White
Knight) in respect of the Company's corporate debt restructuring
exercise (Workout Proposal).


ASSOCIATED KAOLIN: Issues Requisite Debt Scheme Announcement
------------------------------------------------------------
Associated Kaolin Industries Berhad set out below our Requisite
Announcement in respect to the proposed corporate and debt
restructuring scheme of AKI, an Affected Issuer under KLSE PN 4:

On 3 May 2000, pursuant to the powers set out under Section 24
of the Pengurusan Danaharta Nasional Berhad Act, 1998 (the Act),
Pengurusan Danaharta Nasional Berhad (Danaharta) appointed Gong
Wee Ning and Lim San Peen of PricewaterhouseCoopers as the
Special Administrators of AKI.

The primary objectives of the Special Administrators are to
preserve the assets of AKI and to formulate a corporate and
debt-restructuring proposal (Proposed Workout) that takes into
consideration the interest of all stakeholders.

On 18 December 2000, the Special Administrators (SA), on behalf
of AKI entered into a Memorandum of Understanding (MoU) with
shareholders of Greatpac Sdn Bhd (GPSB) and Success Profile Sdn
Bhd (SPSB) (collectively known as Promoters) to regulate and
record the basic understanding of key areas of agreement, in
respect of the proposed corporate and debt restructuring scheme
of AKI. The SA has also prepared a workout proposal (SA Workout
Proposal) in accordance with Section 44 of the Danaharta Act.
The SA Workout Proposal incorporates AKI's corporate and debt
restructuring scheme.

On 6 April 2001, SA on behalf of AKI, entered into a scheme
agreement with the Promoters and Greatpac Holdings Berhad (GHB),
a newly incorporated company. In addition, the Promoters also
entered into a separate sale & purchase agreement with GHB in
relation to the proposed acquisition of GPSB and SPSB. The
scheme agreement and the sale & purchase agreement reinforced
the key areas of agreement spelt out in the MoU.

On 21 August 2001, SA on behalf of AKI signed a supplemental
agreement with the Promoters and GHB. The supplemental agreement
supersedes the scheme agreement dated 6 April 2001 entered into
between the SA, the Promoters and GHB. Under the supplemental
agreement, the Promoters offered a combination of cash, ICULS
and GHB shares as part settlement to AKI's creditors. The
supplemental agreement and the SA Workout Proposal will also
serve to confirm the key areas of AKI's corporate and debt
restructuring in the following areas:

   (i) Proposed Capital Reduction and share swap

   (ii) Proposed Acquisitions

   (iii) Proposed Special Bumiputera and Rights issue

   (iv) Proposed Debt restructuring

   (v) Proposed Transfer of Listing

   (vi) Proposed treatment of Winnerpac Sdn Bhd and related
assets

   (vii) Shares to be issued pursuant to the Proposed
Acquisitions

   (viii) Shares to be issued pursuant to Proposed Debt
Restructuring

The implementation of the SA Workout Proposal is subject to the
fulfillment of certain conditions as follows:

   (i) The approval of Danaharta for the SA Workout Proposal in
the manner specified in the Danaharta Act;

   (ii) The approval of the shareholders and Board of Directors
of GHB;

   (iii) The approval of Securities Commission for the SA
Workout Proposal;

   (iv) The approval of the Foreign Investment Committee for the
SA Workout Proposal;

   (v) The approval of KLSE for the transfer of listing status
from AKI to GHB and the listing of and quotation for the new
securities to be issued pursuant to the SA Workout Proposal; and

   (vi) any other relevant authorities

The SA Workout Proposal had been submitted to Danaharta.
Currently, the Workout Proposal is pending approval by Danaharta
and once the approval is obtained, the SA will announce the
final terms of the SA Workout Proposal.

Terms of the SA Workout Proposal shall be binding on the
existing AKI shareholders, AKI's creditors, AKI and GHB upon
receipt of approval from Danaharta under Section 45(2) of the
Danaharta Act. A meeting of secured creditors to approve the SA
Workout Proposal need not be called since AKI is not indebted to
any secured creditors.

In this regard, although the SA has developed the SA Workout
Proposal for AKI, the SA is unable to disclose in detail the
terms of the SA Workout Proposal pursuant to the Requisite
Announcement under PN 4 until approval is obtained from
Danaharta.


GOLDEN PLUS: Issues Update On Defaulted Payment
-----------------------------------------------
Golden Plus Holdings Berhad announced that EON Bank Bhd had on
31 July 2001 restructured the Group's Term Loan facilities and
the revised terms and conditions are as follows:

   (1) To repay by way of bullet repayment on 1 April 2002; and

   (2) Interest is to be serviced monthly in arrears.

The company  had paid three (3) months interest in arrears and
is in arrears for another one (1) month interest amounting to
RM184,825.39.

The Group will utilized its internal funds to regularize the
interest payment accordingly.


IDRIS HYDRAULIC: Foreclosure of PUB Shares As Debt Settlement
-------------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad (IHMB or the Company)
announced that TA First Credit Sdn. Bhd (TAFC) has vide a letter
dated 20 August 2001 informed the Company that on 17 August 2001
it foreclosed on 6,000,000 Prime Utilities Berhad (PUB) Shares
(Foreclosure Shares) at a value of RM36,644,273 as part of the
debt settlement for the amount owing to them of RM225.078
million as at 31 December 1999.

DETAILS OF THE FORECLOSURE OF PUB SHARES

As an integral part of IHMB's overall business strategy in 1997
and in view of the long term prospects of IHMB, IHMB had
selected PUB, which was then the holding company of Indah Water
Konsortium Sdn. Bhd., a company engaged in the provision of
public sewerage services as its investment target. Accordingly,
IHMB had on 12 September 1997 entered into a sale and purchase
agreement with Ilham Desiran Sdn. Bhd. for the acquisition of
10% equity interest comprising 6,000,000 PUB Shares for a total
cash consideration of RM142,500,000. Subsequently, IHMB had on
18 September 1997 pledged 6,000,000 PUB Shares to TAFC for a
term loan facility of RM142.5 million.

As of 31 December 1999, the total amount outstanding due to TAFC
is RM225.078 million. Pursuant to the Proposed Restructuring
Exercise announced on 11 January 2001, the total amount
outstanding of RM225.078 million owing to TAFC will be settled
via a combination of cash settlement of RM43.131 million from
the proposed shares subscription, issuance of RM141.661 million
of debt securities by a special purpose vehicle to be
incorporated to acquire IHMB and its existing subsidiaries and
associated companies except Talasco Insurance Berhad and its
existing subsidiaries and a waiver of debt amounting to RM40.286
million.

However, TAFC has vide a letter dated 20 August 2001 informed
IHMB that on 17 August 2001 it foreclosed on 6,000,000 PUB
Shares at a value of RM36,644,273 as part of the debt settlement
for the amount owing to them of RM225.078 million.

Despite the Foreclosure of PUB Shares, IHMB together with Newco
and the Investor are currently still in negotiation with the
Lenders to reach an agreement on a new conditional debt
restructuring agreement under the auspices of the Corporate Debt
Restructuring Committee, Bank Negara Malaysia to give effect to
the revised Proposed Restructuring Exercise and extend the date
to fulfil all conditions as per the DRA.

EFFECTS OF THE FORECLOSURE OF PUB SHARES

The effects of the Foreclosure of PUB Shares are as follows:

Share Capital

The Foreclosure of PUB Shares will have no effect on the issued
and paid-up share capital of IHMB.

Earnings

The Foreclosure of PUB Shares is expected to result in a gain of
RM5.773 million to IHMB Group (based on the audited consolidated
accounts of IHMB Group for the financial year ended 31 December
2000) for the financial year ending 31 December 2001.

Net Liabilities

For illustrative purposes, the proforma consolidated net
liabilities (NL) of IHMB Group based on the audited consolidated
accounts of IHMB Group for the financial year ended 31 December
2000 assuming that the Foreclosure of PUB Shares is effected on
that date, is set out in Table 1.

Shareholding Structure

The Foreclosure of PUB Shares will have no effect on the
shareholding structure of IHMB.


Table 1 - Effects of the Foreclosure of PUB Shares on the NL of
IHMB Group
       
     AFTER THE FORECLOSURE
Audited 31.12.00    OF PUB SHARES BY
                        AMMB &       
                  AMBB (i)    TAFC
RM'000 RM'000 RM'000
   
Share capital    279,985 279,985 279,985
Reserves    (658,795) (647,684) (641,911)
Shareholders' funds  (378,810) (367,699) (361,926)
Goodwill    (102,285) (102,285) (102,285)
NL     (481,095) (469,984) (464,211)
NL per share (RM)   (0.86) (0.84) (0.83)
   
Bank borrowings   732,084 659,174 622,530
Gearing ratio (times)  n/a  n/a  n/a

Note:

(i) Arab Malaysian Merchant Bank Berhad (AMMB) and Arab-
Malaysian Bank Berhad (AMBB) had on 28 June 2001 foreclosed on
12,011,000 PUB Shares at a value of RM72,910,068 (net of
expenses) as part of the debt settlement for the total amount
owing to AMBB and AMMB of RM324.991 million.


MAY PLASTICS: Court Grants RO Extension
---------------------------------------
May Plastic Industries Berhad had on 21 August 2001 announced
that it had obtained approval from the High Court for further
extension of the Restraining Order for a period of 9 months
effective from 1 September 2001 expiring on 31 May 2002.


PARIT PERAK: Receives Written Agreement From Creditors
------------------------------------------------------
Parik Perak Holdings Berhad received the written agreement-in-
principle from secured creditor banks representing 99% in value
of the secured debts and the written agreement-in-principle from
unsecured creditor banks representing 57% in value of the
unsecured debts.

Accordingly, the Company had on 7 August 2001 written to KLSE to
request for an extension of time till 31 December 2001 to obtain
the remaining written agreement-in-principle from unsecured
creditor banks, particularly the foreign banks, prior to making
the Requisite Announcement.

CONSEQUENCES OF NON-COMPLIANCE

If the Company fails to comply with any of the obligations set
out in Practice Note 4/2001, the Company may be suspended from
trading.

If the Company fails to regularize its financial condition to
warrant continued trading and listing within the timeframes
stipulated by KLSE, the Company may be de-listed.

KLSE will accord due process to an affected listed issuer prior
to affecting any suspension and/or de-listing.

On 23 February 2001, the Company announced that it is an
affected listed issuer pursuant to Paragraph 8.14 of the KLSE
Listing Requirements and the obligations of an affected listed
issuer (First Announcement). One of the obligations pursuant to
Paragraph 4.1(b) of Practice Note 4/2001 is to announce within 6
months from the date of the First Announcement, ie. by 22 August
2001, a detailed plan to regularize the Company's financial
position (Requisite Announcement).

An affected listed issuer is also obligated to announce its
compliance or failure to comply with a particular obligation
imposed pursuant to Practice Note 4/2001, as and when such
obligation becomes due.

Prior to making the Requisite Announcement, the affected listed
issuer must ensure that:

   (a) all agreements to be entered into with third parties, as
part of the plan to regularize the financial condition, have
been duly executed by all parties to such agreements.

   (b) where the plan involves a compromise or arrangement with
the listed issuer's creditors, an affected listed issuer has
taken reasonable steps to procure the agreement-in-principle of
such creditors.


REPCO HOLDINGS: KLSE Reply To Time Extension Appeal Pending
-----------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed) (RHB or
the Company) applies for an Extension of Time for Compliance
with the Time Schedule to Regularize Financial Condition in
relation to Paragraph 5.1 of Practice Note No. 4/2001 (PN4/2001)
of the Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE or the Exchange)

The Company had by its letter dated 15 August 2001 to the
Exchange, set out the circumstances giving rise to and reasons
for the Company's appeal for an extension of time to comply with
the requirements of paragraph 5.1 of PN4/2001. The Exchange's
reply to the Company's appeal is currently pending.

The Company had on 23 February 2001 made an announcement to the
Exchange (the First Announcement) confirming that it is deemed
an Affected Listed Issuer under the criteria as set out in
paragraph 2.1 of PN4/2001.

As an Affected Listed Issuer, the Company is required to comply
with the time schedule to regularize its financial condition
pursuant to paragraph 5.1 of PN4/2001 and must make an
announcement to the Exchange of the Company's plan to regularize
its financial condition within six (6) months (the Requisite
Announcement) from the date of the First Announcement. As such,
the Company must make the Requisite Announcement by 23 August
2001.

On 1 August 2001, the Company announced that following the
termination of the Memorandum of Understanding dated 17 April
2001, the Special Administrators have received expressions of
interest from several parties to participate in the workout of
the Company or to acquire its business.

The Special Administrators are currently in discussion with the
interested parties, and are at the same time, exploring and
formulating an internal restructuring plan with the view of
preserving and maximizing the value of the Company.


TIMBERMASTER INDUS: Posts Preliminary Notice On Debt Workout
------------------------------------------------------------
Timbermaster Industries Bhd (TIMB or the Company) set out below
our preliminary Requisite Announcement in respect of the
restructuring of the Company, an Affected Listed Issuer under
KLSE PN 4.

Preamble:

On 14 December 1999, pursuant to the powers set out under
Section 24 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Act), Pengurusan Danaharta Nasional Berhad (Danaharta)
appointed Lim San Peen and Yap Wai Fun of PricewaterhouseCoopers
as the Special Administrators of:

   * Timbermaster Industries Berhad (TMIB) and 3 of its
subsidiaries, namely,
     
      * Timbermaster Timber Complex Sdn Bhd (TMTC)

      * Timbermaster (Malaysia) Sdn Bhd (TMM)

      * Kompleks Perkayuan Timbermaster Smallholders Sdn Bhd
        (KPTS)

On 24 January 2000, Danaharta appointed Lim San Peen and Yap Wai
Fun as the Special Administrators of Perkayuan T.M. (Malaysia)
Sdn Bhd (PTM), another subsidiary of TMIB.

The primary objectives of the Special Administrators are to
preserve the assets of TMIB and its 4 subsidiaries under special
administration and to formulate a corporate and debt-
restructuring proposal (Proposed Workout) that takes into
consideration the interest of all stakeholders.

In March - May 2000, the Special Administrators (SA) conducted a
tender exercise for the sale of the timber assets of TMIB's
subsidiaries under Special Administration and for the assumption
of the listing status of TMIB.

On 24 August 2000, the SA entered into a Memorandum of
Understanding (1st MoU) with Foowood International Sdn Bhd
(Foowood) for Foowood to assume the listing status of TMIB and
to acquire the assets of two of TMIB's subsidiaries, namely,
KPTS and PTM. However, on 22 February 2001, Foowood terminated
the MoU.

Since the termination of the MoU with Foowood, the SA has
proceeded to sell the timber assets of the subsidiaries of TMIB.
The SA has made the following announcements in this respect:

   * On 7 July 2001, the SA announced the sale of PTM; and
   * On 20 July 2001, the SA announced the sale of TMTC

The sale of KPTS is at an advanced stage and once the sale and
purchase agreement is signed, the SA will announce the sale. On
completion of the sale of the assets of the subsidiaries of
TMIB, the SA would develop separate debt restructuring and
workout proposals for each of KPTS, PTM, TMTC and TMM.

Signing of a 2nd MoU for TMIB:

In respect of TMIB, the SA had, in April / May 2001, conducted a
second tender exercise seeking proposals for TMIB.

At the close of the tender exercise on 25 May 2001, 4 tender
proposals were submitted to the SA. Based on the SA's
evaluation, the SA has short listed one tender proposal ("White
Knight") for further negotiations to participate in the Proposed
Workout to be developed by the SA for TMIB.

On 14 August 2001, the SA and the White Knight have entered into
a Memorandum of Understanding (2nd MoU) to regulate and record
the basic understanding of the key areas of agreement. However,
the certainty of the 2nd MoU and the Proposed Workout are
dependent on the White Knight fulfilling certain conditions
precedent set out in the 2nd MoU by 30 November 2001.

The SA is of the view that in the interest of both TMIB and the
White Knight, the identity of the White Knight and the detailed
Proposed Workout not be disclosed at this stage under the
Requisite Announcement as such disclosure would jeopardize the
White Knight's efforts in fulfilling the conditions precedent as
well as the prospects of the Proposed Workout.

Preliminary Requisite Announcement:

Notwithstanding the above, we wish to inform that the broad
areas of the 2nd MoU and the Proposed Workout are as follows:

   i) Proposed incorporation of a newly incorporated company
(NewCo);

   ii) Proposed capital reconstruction involving a capital
reduction and consolidation of the existing TMIB shares
(consolidated shares);

   iii) exchange of the consolidated shares in TMIB for new
ordinary shares of RM1.00 each in NewCo;

   iv) acquisition of the White Knight by NewCo;

   v) debt restructuring involving the settlement of all known
debts of the secured, unsecured and any other creditors of TMIB;
and

   vi) transfer of listing status of TMIB to NewCo.

The Proposed Workout will be subject to:

   i) White Knight fulfilling the conditions precedent set out
in the 2nd MoU by 30 November 2001;

   ii) Execution of the Definitive Agreements; and

   iii) Approvals received from:

          - Danaharta;

          - Secured Creditors of TMIB;

          - Securities Commission;

          - Kuala Lumpur Stock Exchange;

          - Foreign Investment Committee;

          - Ministry of International Trade and Industries; and

          - any other relevant authorities, ministries and
regulatory bodies.

It is anticipated that immediately upon the White Knight
fulfilling the conditions precedent by 30 November 2001, TMIB
shall forthwith appoint professional advisers to commence the
due diligence exercise and for the preparation for submission of
the Proposed Workout to the relevant authorities for approval.

We set out below the anticipated events and the timeframe for
the development and submission of the Proposed Workout to the
relevant authorities for approvals:

         Events                            Anticipated timeframe

1. White Knight fulfills the conditions   30 November 2001
precedent (assuming on the worst case        or earlier
scenario basis, i.e, by 30 November 2001)

2. Appointment of professional advisers   2 weeks fr event 1
by TMIB to carry out legal and financial due
diligence exercise

3. Completion of the legal and financial  2 months fr event 2
due diligence exercise

4. Signing of the Definitive Agreements   2 months fr event 2

5. Approval of Danaharta and Secured      2 weeks fr event 3
Creditors on the Proposed Workout

6. Submission of the Proposed Workout to  2 weeks fr event 5
the relevant authorities

7. Approvals obtained from the relevant   3 months fr event 6
authorities

Note: In the event that the conditions precedent are satisfied
earlier before 30 November 2001, the anticipated timeframe for
the above events would move forward accordingly.

Further details of the Proposed Workout will be announced once
the White Knight fulfilled the conditions precedent under the
2nd MoU.


UH DOVE: Awaits KLSE Approval On Time Extension
-----------------------------------------------
On 22 August 2001, UH Dove Holdings Berhad (the Company),
through Malaysian Merchant Bankers Berhad (MIMB), applied to the
Kuala Lumpur Stock Exchange (KLSE) for a further extension of
two (2) months, i.e. until 27 October 2001 for the Company to
obtain all necessary approvals for the Proposals.

Presently, the Company is awaiting the outcome of the Company's
application for extension of time from the KLSE.

An announcement was made by MIMB on 1 December 2000, on behalf
of the Company in respect to the Proposed Rescue/Debt
Restructuring Scheme (Proposals) of the Company.

Plan to regularize the Company's Financial Condition

As announced on 1 March 2001, the Company has submitted a plan
to regularize its financial condition to the Securities
Commission (SC), the Foreign Investment Committee (FIC) and the
Ministry of International Trade and Industry on 28 February
2001.

On 3 August 2001, the company announced the Exchange, via an
approval letter dated 2 August 2001, granted an extension of two
(2) months from 28 June 2001 to 27 August 2001 to enable the
Company to obtain all necessary approvals from the regulatory
authorities.

The Board, on 15 August 2001, announced the FIC has, via its
letters dated 26 April 2001 and 14 August 2001, approved the
Company's Proposed Rescue/Debt Restructuring application subject
to the increase in bumiputra equity to 30% by 30 June 2002.


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


COSMOS BOTTLING: Syjuco Seeks Sale TRO
--------------------------------------
Iloilo congressman Augusto "Boboy" Syjuco sought a temporary
restraining order (TRO) against the PhP15 billion sale of
Cosomos Bottling Corp to San Miguel Corp in an attempt to
reclaim the Visayas-based softdrink manufacturing businesses he
sold to the Concepcion family in late 1996, Inquirer news
Service reported on August 23.

In a complaint filed Tuesday afternoon at the Quezon City
regional trial court, Syjuco, through Jaz Cola Philippines and
nine other corporations where he sits as chair, asked the court
to rescind a memorandum of agreement entered into on November 8,
1996 and other subsequent contracts that provided for the sale
of his companies' beverage bottling operations and properties
to Cosmos subsidiary, Cosmos Visayas Bottlers Inc, for PhP1.168
billion.

Syjuco claimed that Cosmos, through Cosmos chair Jose Ma.
Concecpion III and father Jose "Joecon" Concepcion Jr., unjustly
and deliberately failed to pay a balance of 146.58 million pesos
in due obligations under provisions of the MOA and including the
cost of 10 reconditioned trucks, and glass bottles.

He also noted that the defendants also participated in a grand
scheme to evade paying as much as 261.76 million pesos in taxes
that were supposed to have been paid on behalf of the sellers in
line with the MOA.

This was allegedly done through contracts providing for the
transfer and conveyance to a Fauna Developments Ltd., a foreign
corporation, of the very same assets subject to the MOA and a
subsequent subscription agreement signed with Cosmos.

Syjuco asked the court, after due hearing, to rescind or
terminate the MOA, subscription agreement, deed of sale and
other related agreements with Cosmos and Fauna given the
substantial and fundamental breaches of contract committed by
the defendants.

Once ordered rescinded, he asked that the assets and properties
subject of the disputed contracts be restored to his companies
and the defendants be ordered to pay his attorneys' fees
equivalent to 30 percent of the total amount due, costs, and
expenses of litigation.


ORIENT BANK: Asks Supreme Court To Uphold Appeals Court Ruling
--------------------------------------------------------------
Orient Commercial Banking Corp has asked the Supreme Court (SC)
to sustain the March decision of the Court of Appeals ordering
the Bangko Sentral ng Pilipinas (BSP) to study the possible
rehabilitation and reopening of the bank, Business World
reported Thursday.

The high tribunal remains the only hope for Orient in its bid to
resume its banking business as both the Monetary Board and the
Philippine Deposit Insurance Corp. (PDIC) have repeatedly denied
Orient's plea to reopen its doors to the public.

The bank, which closed shop in 1998, hoped to strike the same
opportunity as Banco Filipino Savings and Mortgage bank, which
reopened after 10 years of closure. If it was possible for Banco
Filipino, there is allegedly no reason the C. Go-owned orient
Commercial Banking Corp cannot do the same.


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


CAPITALAND LIMITED: Unit Enters S$486M Agreement with Ascott
------------------------------------------------------------
CapitaLand Commercial Limited, a wholly-owned subsidiary of
listed property group CapitaLand Limited, announced Wednesday it
has entered into a conditional Put and Call Option Agreement
with The Ascott Group Limited relating to Junction 8 and Funan
IT Mall, for S$486 million. These Ascott properties are intended
to be acquired by a public listed Singapore Property Trust (SPT)
for retail malls, which CapitaLand Commercial anticipates
launching sometime by the end of this year, subject to obtaining
all regulatory approvals and prevailing market conditions.

Junction 8 is a suburban mall located in the Bishan Town Center
between the Bishan Mass Rapid Transit station and bus
interchange while Funan IT Mall is the largest specialized IT
mall in Singapore.

Commenting on the latest move, Ed Ng, chief executive officer of
CapitaLand Commercial Limited and CapitaLand Fund Management
Limited, said, "We are delighted to have reached this
significant milestone where we are able to announce securing
control of properties that could be included in the proposed
listed SPT. We have long been exploring the idea of a listed
property trust in Singapore and this transaction takes that idea
a step closer to reality. The SPT is another vehicle we are
using to expand our fee-based businesses by leveraging on our
asset and property management expertise."


KEPPEL CAPITAL: Takeover Leads Shareholders To Lower Stakes
-----------------------------------------------------------
Keppel Capital Holdings posted a notice of cessation of
substantial shareholding by Goh Eng Chew and Gho Kim Tjin.

Name of substantial shareholder:  Mr Goh Eng Chew @ Gho Kim Tjin
Date of notice to company:        22 August 2001
Date of change of interest:       17 August 2001
Please specify details:           Takeover of KCH by OCBC

Shares held in the name of registered holder
No. of shares of the change:       122,550,802
% of issued share capital:         8.86
Amount of consideration per share
excluding brokerage, GST, stamp
duties, clearing fee:              N.A.
No. of shares held before change:  122,550,802
% of issued share capital:         8.86
No. of shares held after change:   0
% of issued share capital:         0

Holdings of Substantial Shareholder including
direct and deemed interest
                                   Deemed          Direct
No. of shares held before change:  122,550,802     0
% of issued share capital:         8.86            0
No. of shares held after change:   0               0
% of issued share capital:         0               0
Total shares:                      0               0

Name of Registered Holders                       Deemed Interest
Eastern Iron & Steel Manufacturing Co Pte Ltd    61,000,000
Tat Lee Co. Private Ltd                          40,900,000
Timor Private Limited                             2,380,000
Henlee Development Pte Ltd                          819,677
Huay Guan Investment Pte Ltd                      1,000,000
Kim Toon Pte Ltd                                  2,625,000
Peiguan Development Pte Ltd                         625,000
Taming Development Pte Ltd                        2,308,375
Tayew Development Pte Ltd                           865,250
Tayew Investment Pte Ltd                              1,250
Vihin Realty Pte Ltd                                468,750
Great Eastern Trading Company Pte Ltd               112,500
Chin Teck Plantations Berhad                      3,445,000
Eng Thye Plantations Berhad                       2,700,000
Timor Oil Palm Plantation Berhad                  1,800,000
Tiong Thye Company Berhad                         1,500,000
                                                122,550,802

Percentages are computed based on 1,383,223,575
shares as at 17 August 2001


KEPPEL CAPITAL: OCBC Takeover Ends Peichun Stakes
-------------------------------------------------
Keppel Capital posted a notice of cessation of substantial
shareholding by Peichuan Company Limited.

Name of substantial shareholder: Peichuan Company Private
Limited
Date of notice to company:       22 August 2001
Date of change of interest:      17 August 2001
Please specify details:          Takeover of KCH by OCBC

Shares held in the name of registered holder
No. of shares of the change:     122,550,802
% of issued share capital:       8.86
Amount of consideration per share
excluding brokerage,GST,stamp
duties,clearing fee:             N.A.
Shares held before change:       122,550,802
% of issued share capital:       8.86
No. of shares held after change: 0
% of issued share capital:       0

Holdings of Substantial Shareholder
including direct and deemed interest
                                        Deemed          Direct
No. of shares held before change:       122,550,802     0
% of issued share capital:              8.86            0
No. of shares held after change:        0               0
% of issued share capital:              0               0
Total shares:                           0               0

Name of Registered Holders                      Deemed Interest

Eastern Iron & Steel Manufacturing Co Pte Ltd   61,000,000
Tat Lee Co. Private Ltd                         40,900,000
Timor Private Limited                           2,380,000
Henlee Development Pte Ltd                      819,677
Huay Guan Investment Pte Ltd                    1,000,000
Kim Toon Pte Ltd                                2,625,000
Peiguan Development Pte Ltd                     625,000
Taming Development Pte Ltd                      2,308,375
Tayew Development Pte Ltd                       865,250
Tayew Investment Pte Ltd                        1,250
Vihin Realty Pte Ltd                            468,750
Great Eastern Trading Company Pte Ltd           112,500
Chin Teck Plantations Berhad                    3,445,000
Eng Thye Plantations Berhad                     2,700,000
Timor Oil Palm Plantation Berhad                1,800,000
Tiong Thye Company Berhad                       1,500,000
                                              122,550,802
Percentages are computed based
on 1,383,223,575 shares
as at 17 August 2001


KEPPEL CAPITAL: Tat Lee Changes Stake Due To OCBC Takeover
----------------------------------------------------------
Keppel Capital Holdings Ltd posted a notice of cessation of
substantial shareholding by Tat Lee Co Private Ltd, as follows:

Name of substantial shareholder:         Tat Lee Co Private Ltd
Date of notice to company:               22 August 2001
Date of change of interest:              17 August 2001

Name of registered holder:    Direct            Indirect
                              Interest          Interest
                              Shares:           Shares
Tat Lee Co Private Ltd        40,900,000
Eastern Iron & Steel Mfg Co Pte Ltd             61,000,000
Timor Private Limited                            2,380,000  

Circumstance giving rise to the change:   Others
Please specify details:                   Take over by OCBC

Shares held in the name of registered holder
No. of shares of the change:              104,280,000
% of issued share capital:                7.538
Amount of consideration per share
excluding brokerage, GST, stamp
duties, clearing fee:                     N.A.
No. of shares held before change:         104,280,000
% of issued share capital:                7.538
No. of shares held after change:          0
% of issued share capital:                0

Holdings of Substantial Shareholder
including direct and deemed interest
                                          Deemed          Direct
No. of shares held before change:         63,380,000  40,900,000
% of issued share capital:                4.582       2.956
No. of shares held after change:          0           0
% of issued share capital:                0           0
Total shares:                             0           0

Percentages are computed based on
1,383,223,575 shares as at 17 August 2001

KEPPEL CAPITAL: OCBC Takeover Prompts Tai Chuan Stake Change   
------------------------------------------------------------
Keppel Capital Holdings Ltd posted a notice of cessation of
substantial shareholding by Tai Chuan Company (Private) Ltd.

Name of substantial shareholder:  Tai Chuan Company (Private)
Ltd
Date of notice to company:        22 August 2001
Date of change of interest:       17 August 2001
Name of registered holder:        Please see below
Circumstance giving rise to the change: Others
Please specify details:           Take over of KCH by OCBC

Shares held in the name of registered holder
No. of shares of the change:      112,993,302
% of issued share capital:        8.169
Amount of consideration per share
excluding brokerage, GST, stamp
duties, clearing fee:            N.A.
No. of shares held before change: 112,993,302
% of issued share capital:        8.169
No. of shares held after change:  0
% of issued share capital:        0

Holdings of Substantial Shareholder
including direct and deemed interest
                                  Deemed         Direct
No. of shares held before change: 112,993,302    0
% of issued share capital:        8.169          0
No. of shares held after change:  0              0
% of issued share capital:        0              0
Total shares:                     0              0

Name of Registered Holders        Deemed Interest
Tat Lee Co. Private Ltd                40,900,000
Eastern Iron & Steel Mfg Co Pte Ltd    61,000,000
Henlee Development Pte Ltd                819,677
Huay Guan Investment Pte Ltd            1,000,000
Kim Toon Pte Ltd                        2,625,000
Peiguan Development Pte Ltd               625,000
Taming Development Pte Ltd              2,308,375
Tayew Development Pte Ltd                 865,250
Tayew Investment Pte Ltd                    1,250
Timor Private Limited                   2,380,000
Vihin Realty Pte Ltd                      468,750
                                      112,993,302

Percentages are computed based on
1,383,223,575 shares as at 17 August 2001


L & M GROUP: Capital Reduction Complete, Effective
--------------------------------------------------
Pursuant to L&M Group Investments Limited shareholders'
approval  at the Extraordinary General Meeting of the company on
27 July 2001 and the confirmation from the High Court of the
Republic of Singapore on the 17 August 2001 for the reduction in
the par value of each ordinary share in the capital of the
company from $0.50 to $0.10, the company board of directors
announced that a copy of the Order of the High Court of the
Republic of Singapore was lodged with the Registrar of Companies
and Businesses on the 22 August 2001. The capital reduction is
now therefore complete and effective.


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


ADVANCE AGRO: Defaulted Debt Settlement Begins
----------------------------------------------
Advance Agro Plc, whose credit ratings on guaranteed unsecured
notes were recently downgraded by the S&P, has begun paying
holders of convertible debentures, Bangkok Post reported Friday
last week.

Payments on the notes worth $28 million were defaulted last
June. It resulted from the company's inability to sell its
products due to a contractual dispute.

"It (the default) was not a result of us not having enough
assets to repay the debt. It was a result of the disagreement in
the interpretation of law between the two sides," Company Vice
President Paisarn Srisa-an said.

The debt holders accepted the company's debt negotiation plan,
which was subject to arbitration, Paisarn said.
  
The company was selling office paper through 500 stores in
Thailand and planned to expand sales to Hong Kong, Taiwan and
Malaysia, he said.
  
Advance Agro recorded a net loss of Bt382 million in the first   
quarter of this year and a net profit of Bt40.7 million in the
second quarter.

The company expected sales would cover repayment in the second
half of this year, Paisarn said.


THAI ENGINE: Business Reorg Petition Filed In Bankruptcy Court  
--------------------------------------------------------------
The Petition for Business Reorganization of Manufacturing Public
Company Limited, which is engaged in production and sale of
diesel engines, was filed in the Central Bankruptcy Court:

      Black Case Number Phor. 5/2543

      Red Case Number Phor. 13/2543

Petitioner: SUMITOMO BANK COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt552,001,355.60

Planner: Chercill Price Planner Company Limited

Date of Court Acceptance of the Petition: February 18, 2000

Date of Examining the Petition: March 20, 2000 at 9.00 A.M.

Court appointment for taking evidence: April 4-5, 2000 at 9.00
AM

Court Order for Business Reorganization and Appointment of
Planner: April 21, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: May 3, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 8,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 8, 2000

Appointment date for Creditors' meeting to consider the Plan:
November 7, 2000 at 9.30 am. YMCA

Court issued an Order Accepting the Reorganization Plan:
December 20, 2000 and Appointed Chercill Price Planner Company
Limited to be as the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited: December 29, 2000

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on January 30, 2001

Contact: Mr. Chalermkiat Tel 6792513


WORLD TRADE: Likely To Close Restructuring Deal With Creditors
--------------------------------------------------------------
Wang Petchaboon Co, the operator of the World Trade Center,
which is owned by the struggling Wang Petchaboon Group, said it
is close to finalizing a restructuring deal with Crown Property
Bureau and its creditors, The Nation reported Thursday.

The deal would allow construction of the 63-story office
building to be completed. Work on the office tower ceased in
1997 at the 41st floor.

Both Siam Commercial Bank and Bangkok Metropolitan Bank had
joined in discussions about offering financial support to
complete the project.

Wang Petchaboon and its subsidiary World Trade Tower have both
been hit by separate bankruptcy and civil suits related to the
project, filed by the two banks and the Crown Property Bureau.

"All parties had agreed to a settlement for everyone's mutual
benefit. Additional talks were expected to be held within the
next two weeks," Somsak Techapisal, executive vice-president of
Wang Petchaboon said.

Witness testimony over a bankruptcy suit filed by SCB against
World Trade Tower was concluded Wednesday. SCB filed the suit
earlier this year, claiming unpaid debt of 938 million bath, The
Nation noted.

World Trade Tower representatives in testimony before the
bankruptcy court said its debt payments had been disrupted after
SCB had suspended credit.

"The firm had been able to book around 50-60 percent of the
office building, but that the decision by the bank to cut off
financing had led prospective clients to look to other
buildings." Somsak said.

He said the restructuring deal would allow new strategic
partners to acquire a stake.


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

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