/raid1/www/Hosts/bankrupt/TCRAP_Public/010828.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, August 28, 2001, Vol. 4, No. 168


                         Headlines

A U S T R A L I A

131 SHOP.COM.AU: Posts Name Change Registration
AURORA GOLD: Tomorrow Limited To Acquire 14.9% Stakes
AURORA GOLD: Advises Holders Not To Sell Shares
CABLE & WIRELESS: Confirms Export License Not Required
CABLE & WIRELESS: Singtel Australia Extends Offer Period
NEWCREST MINING: Enters Loan, Sales Agreement With Nippon
ONE.TEL LIMITED: Confirms Winding Up
PACIFIC DUNLOP:Moody's Continues Review For Possible Downgrade
PASMINCO LIMITED: Annual Results Postponed To September 12


C H I N A   &   H O N G  K O N G

BENRISE INTERNATIONAL: Winding Up Sought By Wong Ka
CHAMPION PEAK: Faces Winding Up Petition
EASE PROSPER: Winding Up Petition Slated For Hearing
MANDARIN RESOURCES: Posts Statement Of Indebtedness
MOST PERFECT: Winding Up Petition Set For Hearing
PACIFIC LEASING: Declared Bankrupt
TONING ELECTRONIC: Winding Up Petition Pending


I N D O N E S I A

HOLDIKO PERKASA: IBRA Selling Eight More Assets


J A P A N

CHOGIN KANTO: Declared Insolvent


K O R E A

KOREA ELECTRIC: To Issue W267B 3-Yr Bonds
HYNIX SEMICON: Creditors Consider Debt-Equity Swap
HYNIX SEMICON: To Issue W1.5 Trillion New Shares
HYUNDAI SECURITIES: SFC, MOFE Decide to Dismiss AIG Demand
SAMSUNG CORP: Makes Investment In Australian Unit


M A L A Y S I A

ACTACORP HOLDINGS: Seeks KLSE Approval On Time Extension
ASSOCIATED KAOLIN:  Updates Status On Debt Workout
AUTOWAYS HOLDINGS: KLSE Approval On Time Extension Pending
JASATERA BERHAD: Revises Proposed Recapitalization Exercise
NAUTICALINK BERHAD: Awaits KLSE Approval On Time Extension
NCK CORPORATION: Unit Faces Winding Up Petition
REKAPACIFIC BERHAD: Seeks Debt Scheme Announcement Extension
TAIPING CONSOLIDATED: Disposes Units Shares
ZAITUN BERHAD: Requests Time Extension To Regularize Cash Flow


P H I L I P P I N E S

BELLE CORP: Holding Unit Disposes 40% Stake In Legend Int'l
COSMOS BOTTLING: Quezon City RTC Stops P15B Sale
NATIONAL POWER: Asks GSIS To Name Two Bidding Committee Reps


S I N G A P O R E

ASIA FOOD: Subsidiary Disposes 41.45% Koar Int'l Interest
KEPPEL CAPITAL: Compulsory Acquisition of Shares by OCBC
KEPPEL CAPITAL: Posts Notice Of Change In OCBC Interests
NATSTEEL LTD: Increases Shareholding In Subsidiary


T H A I L A N D

PRASIT PATANA: Subsidiary Ceases Operation
RATTANA REAL: Narrows Q1 2000 Net Loss To Bt80,359
SAHAMITR PRESSURE: Posts Board Of Directors' Resolutions
THE ROYAL: Business Reorganization Filed In Bankruptcy Court
TUNTEX (THAILAND): Board Raises Capital By Share Issuance

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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131 SHOP.COM.AU: Posts Name Change Registration
-----------------------------------------------
131 Shop.com.au Limited posts its certificate of registration on
change of name:

CERTIFICATE FROM AUSTRALIAN SECURITIES AND INVESTMENTS
COMMISSION

CERTIFICATE OF REGISTRATION ON CHANGE OF NAME

This is to certify that 131 SHOP.COM.AU LIMITED Australian
Company Number 087 360 996 did on the sixteenth day of July 2001
change its name to FOCUS TECHNOLOGIES LIMITED Australian Company
Number 087 360 996

The company is a public company.

The company is limited by shares.

The company is registered under the Corporations Act 2001, in
Queensland and the date of commencement of registration is 30
April, 1999.


AURORA GOLD: Tomorrow Limited To Acquire 14.9% Stakes
-----------------------------------------------------
The Tomorrow Limited Group advised August 24, 2001 that it has
agreed to acquire a 14.9% shareholding in Aurora Gold Limited
(Aurora) from the Rio Tinto Group at $0.10 per share.

A wholly owned subsidiary of Tomorrow proposes to make an Off-
Market Bid for all of the shares in Aurora for a cash
consideration of $0.10 per share, which values Aurora at
approximately $16 million. The Bid will be subject to the
following conditions:

* Foreign Investment Review Board approval;

* None of the events referred to in Section 652C(l) and (2) of
the Corporations Law occurring in relation to Aurora.

A Bidder's Statement will be prepared and dispatched to
shareholders as soon as practicable.

TCR-AP reported April 28, citing Australasian Business
Intelligence, that the company planned to terminate operations
in the Toka Tindung project in 2003. The regional office will
undergo liquidation by the end of this year.


AURORA GOLD: Advises Holders Not To Sell Shares
-----------------------------------------------
Aurora Gold Ltd has been advised that a subsidiary of Tomorrow
Limited, a company backed by Sir Ron Brierley's Guinness Peat
Group Plc, intends to make an unsolicited and conditional
takeover offer for all the shares in Aurora at a price of 10
cents per share.

Aurora believes that the proposed offer price is demonstrably
inadequate, as it does not reflect the underlying value of
Aurora shares.

The Chairman of Aurora, Mr Rory Argyle, said:

"Aurora has a cash asset backing per share of 16.5 cents, a
producing gold mine at Mt Muro in Indonesia and the Morobe Gold
Project in PNG, which is in the final stages of feasibility
assessment. We have also recently announced an exciting and
prospective new find at Lake Carey here in Australia."

"For some time now, Aurora's share price has been suffering from
a substantial overhang in the market because Rio has been known
to be looking for an exit for its 35% shareholding which it
acquired as an indirect result of the Ashton Mining takeover."

"The conditional sale of part of its shareholding by Rio at 10
cents and the proposed 10 cent cash offer do not reflect the
underlying value of Aurora. It would appear, given the size of
Rio, that the objective of exiting from Aurora has outweighed
the need to secure a price that reflects underlying value."

Aurora shareholders are advised not to sell their shares or to
take any action pending receipt of further advice from the
directors of Aurora. Shareholders should note that they will
have a considerable period of time to consider the offer and any
alternative offers which may emerge.

Gresham Advisory Partners Limited and Freehills have been
retained as advisors to Aurora in relation to the proposed offer
and any other proposals that may be put to Shareholders.


CABLE & WIRELESS: Confirms Export License Not Required
------------------------------------------------------
Cable & Wireless Optus Limited was informed the Treasurer
confirmed he has authorized the Foreign Investment Review Board
to notify the interested parties that Singapore
Telecommunications Limited has provided, to his satisfaction,
confirmation that an export license is not required by the
Office of Defense Trade Controls, US Department of State. It was
uncertain whether or not a license was required for the A3, B1,
B3 and C1 satellites, ground support equipment and technical
data.


CABLE & WIRELESS: Singtel Australia Extends Offer Period
--------------------------------------------------------
Singapore Telecommunications Limited (SingTel) revealed the
offer period in the takeover offer (Offer) made by its
subsidiary SingTel Australia Investment Ltd (SingTel Australia)
for ordinary shares in Cable & Wireless Optus Limited (Optus)
has been extended by two weeks.

The closing date of the Offer is extended from 7.00 pm (Sydney
time) on 3 September 2001 to 7.00 pm (Sydney time) on 17
September 2001.

REMAINING CONDITIONS

The Offer is currently conditional only on:

   * satisfying the Treasurer regarding US export licenses for
Optus satellites (to satisfy the foreign investment approval
condition);

   * regulatory approvals under the Financial Sector
(Shareholdings) Act 1998 ("FSSA") and the Insurance Acquisitions
and Takeovers Act 1991 ("IATA"):

   * 50% minimum acceptance;

   * no prescribed occurrences; and

   * no material adverse change.

TIMING

SingTel expects to receive confirmation soon from the Treasurer
that he is satisfied that the advice received from the US
Department of State regarding US export licenses meets the
condition set out in his announcement on 22 August 2001. SingTel
also expects to shortly receive approvals under the FSSA and
IATA.

"We are delighted that the issues with the relevant agencies
have been progressively resolved," said Lee Hsien Yang, SinTel's
President and Chief Executive Officer, "SingTel looks forward to
continuing its constructive relationships with regulators in
Australia".

Once the confirmation from the Treasurer and the FSSA and IATA
approvals are received (the Regulatory Approvals), SingTel
Australia will review the prescribed occurrences and material
adverse change conditions. If neither of those conditions has
been triggered, SingTel Australia is likely to waive those
conditions within two business days of receiving the Regulatory
Approvals and declare the Offer unconditional except for the 50%
minimum acceptance condition.

Within one business day of that declaration, Cable & Wireless
plc (C&W) is obliged to accept the Offer in respect to 19.8% of
the shares in Optus. If C&W accepts in respect of its entire
52.3% stake in Optus, the 50% minimum acceptance condition will
be satisfied and the Offer will be wholly unconditional.

SETTLEMENT AND THE SINGTEL DIVIDEND

Optus shareholders who accept the Offer on or before the day on
which it becomes wholly unconditional ("Unconditional Date")
will be paid the consideration they choose within seven days of
the Unconditional Date.

If the Unconditional Date occurs on or before 30 August, Optus
shareholders who accept on or before the Unconditional Date and
who elect the Share Alternative or the Share and Cash
Alternative will be entitled to receive the SingTel dividend of
S$0.055 per SingTel share (less Singapore tax).

Optus shareholders accepting the Offer after the Unconditional
Date will not be entitled to receive the SingTel dividend. Optus
shareholders wishing to accept the Offer are therefore
encouraged to do so as soon as possible.

EDITOR'S NOTE

Extending the offer period to 17 September 2001 should not be
taken to imply that the conditions of the Offer will necessarily
be satisfied by that time.

Offer documents were dispatched to Optus shareholders the week
commencing 21 May 2001. However, if they have not been received
or if shareholders have any questions regarding how to accept
the Offer, they should contact Computershare Registry Services
Pty Limited on 1800 501 501 (for callers in Australia) or +61 3
9615 5976 (for international callers). If shareholders have any
other questions regarding the Offer, they should call the Optus
Shareholder Information Line on 1800 677 678.


NEWCREST MINING: Enters Loan, Sales Agreement With Nippon
---------------------------------------------------------
Newcrest Mining Limited announced Monday that it has entered
into a new long term sales agreement for Cadia Hill and Ridgeway
gold-rich copper concentrates with Nippon Mining and Metals Co
Ltd (Nippon) who have also agreed to provide a US$80M, long term
loan.

>From the commencement of production from the Company's Cadia
Hill mine in 1998, Newcrest has been shipping approximately
70,000 tonnes of concentrate a year to the Nippon smelter in
Japan.

The anticipated start of commissioning of the Ridgeway mine in
January 2002 and resultant significant increase in concentrate
production has led to the replacement of the existing ten year
Cadia Hill contract with a new nine year Cadia Hill/Ridgeway
contract.

Nippon will purchase an increasing quantity of concentrate over
the next 15 months and then 150,000 tonnes per annum from
calendar 2003 to 2009 under an industry standard concentrate
frame contract.

Treatment and refining charges will be negotiated at prevailing
market rates each year as has occurred in the past.

Nippon has also agreed to a long term loan of US$80M to Cadia
Holdings Pty Limited, a wholly owned subsidiary of Newcrest and
the direct owner of the Cadia Hill and Ridgeway mines. These
monies will be applied to the capital cost of Ridgeway
development.

The loan is for a period of approximately seven years.
Repayments totaling US$16M per annum will be made by way of
deduction from concentrate proceeds commencing in July 2003 and
concluding in June 2008. Under present market conditions
Newcrest will be paying interest at less than 5% a year.

This new long term concentrate sales contract and financing
agreement strengthens the financial position of Newcrest and
further underpins the future growth of the Company.


ONE.TEL LIMITED: Confirms Winding Up
------------------------------------
One.tel Limitedd confirmed that at the creditors' meeting held
on 24 July 2001, creditors resolved that the company be wound up
and, accordingly, Sherman and Walker have been appointed Joint
Liquidators of the company.

On May 30, 2001 regarding the company appointed Mr Steve Sherman
and Mr Peter Walker of Ferrier Hodgson as Joint Administrators
of One.Tel Limited.


PACIFIC DUNLOP:Moody's Continues Review For Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service lowered the long-term and short-term
debt ratings of Pacific Dunlop Limited on Thursday, and
supported subsidiaries, to Ba2 and Not Prime, respectively.

Moody's will continue to review the long-term ratings for
possible downgrade. The downgrades reflect Moody's belief that
debt-holder protection measures have worsened during the last
six months due to tightening liquidity, a weaker balance sheet,
the diminishing scope of the company and poor operating results,
and the expectation that a challenging operating environment
will continue in the near-term.

Moody's ongoing review will focus on the company's ability to
successfully access the bank loan market, the likely operational
make-up of PDL in the near-term, and also the prospect of
further debt reduction from asset sales.

The ratings lowered and kept on review for possible downgrade
are:

Pacific Dunlop Limited - senior unsecured rating to Ba2 from
Baa3; subordinated debt rating to Ba3 from Ba1; and issuer
rating to Ba2 from Baa3

Pacific Dunlop USA, Inc. (backed) - senior unsecured rating to
Ba2 from Baa3

Pacific Dunlop Holdings Inc. (backed) - senior unsecured rating
to Ba2 from Baa3

The ratings lowered are:

Pacific Dunlop Limited - short-term rating to Not Prime from
Prime-3

Pacific Dunlop Holdings Inc. (backed) - short-term rating to Not
Prime from Prime-3

Pacific Dunlop Holdings (NZ) Limited (backed) - short-term
rating to Not Prime from Prime-3

The ratings reflect pressure on sales and margins in PDL's key
markets, as evidenced by increasing leverage and deteriorating
coverage of cash flow to debt, its poor liquidity position, and
a divergence of shareholder and debt-holder interests. The
company's core operations continue to under-perform, with end
markets remaining soft. Significant foreign exchange losses
during the 2001FY have contributed to the weakening liquidity
position. Moody's says the ratings also consider the diversity
and sound market positions of PDL's businesses, particularly
Ansell.

Pacific Dunlop Limited, a diversified international enterprise,
is based in Melbourne, Australia.


PASMINCO LIMITED: Annual Results Postponed To September 12
----------------------------------------------------------
Pasminco Chief Executive, Greig Gailey announced August 24, 2001
that the company had deferred the release of its annual results
to Wednesday 12 September 2001.

"The results have been deferred to allow the Board time to
complete its review of the balance sheet, following on from the
strategic review of the company's position at the end of the
financial year which culminated in the restructuring
announcement made on 20 July 2001," he said.

The company had previously advised its results would be released
on 29 August 2001.


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C H I N A   &   H O N G  K O N G
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BENRISE INTERNATIONAL: Winding Up Sought By Wong Ka
---------------------------------------------------
Wong Ka Man is seeking the winding up of Benrise International
Limited. The petition was filed on July 4, 2001 and will be
heard before the High Court of Hong Kong on September 26, 2001
at 9:30 am.

Wong Ka holds it registered office at Room 2610, Siu Fu House,
Siu Kwai Court, Tuen Mun, New Territories, Hong Kong.


CHAMPION PEAK: Faces Winding Up Petition
----------------------------------------
The petition to wind up Champion Peak (Group) Limited is set for
hearing before the High Court of Hong Kong on October 17, 2001
at 9:30 am.

The petition was filed with the court on July 23, 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.


EASE PROSPER: Winding Up Petition Slated For Hearing
----------------------------------------------------
The petition to wind up Ease Prosper Investments Limited is
scheduled for hearing before the High Court of Hong Kong on
October 31, 2001 at 9:30 am. Sin Hua Bank Limited whose
principal place of business is situated at No. 2 Des Voeux Road
Central, Hong Kong, filed the petition with the court on July
27, 2001.


MANDARIN RESOURCES: Posts Statement Of Indebtedness
---------------------------------------------------
Mandarin Resources Corporation Limited posted the Company's
Statement of Indebtedness submitted to the relevant regulatory
bodies on 23 August 2001:

  STATEMENT OF INDEBTEDNESS OF THE GROUP AS OF 30TH JUNE, 2001

Bank deposits, borrowing and overdrafts, and unsecured debts

At the close of business on 30th June, 2001, being the latest
practicable date for the purpose of this indebtedness statement,
the Board, in reliance upon the information as derived from the
books and records of the Group, wishes to inform Shareholders
that the Group had no outstanding bank borrowings or overdrafts.
The purported unsecured debts of the Group, all of which have
yet to be verified, included an amount due to an unconsolidated
subsidiary of HK$26 million, an amount due to an investee
company of HK$4 million, an amount due to a director of the
Company of HK$4.5 million and an amount due to a subsidiary's
director of HK$2.1 million. In addition, the Group had a finance
lease of HK$0.4 million.

During the year ended 30th June, 2001, certain subsidiary
companies of the Group were given secured general banking
facilities of approximately HK$12,359,000 (none of which was
utilized by the Group) by pledging the properties of a
subsidiary of the Group and by means of a corporate guarantee.
Such properties were disposed of by the Group before 30th June,
2001 and the contingent liability of the corporate guarantee was
released on 23rd August, 2001.

As of 30th June, 2001, certain subsidiary companies within the
Group had pledged bank deposits of approximately HK$5.1 million
to secure general banking facilities granted to these subsidiary
companies of the Group and had not been utilized as at 30th
June, 2001.

Hebei Dezhi Industry Co. Ltd. ("Hebei Dezhi") and Maxview
Enterprises Limited ("Maxview")

The Group has been unable to exercise effective control, if any,
over Hebei Dezhi, an unconsolidated subsidiary, since 1st July,
1998. In addition, the Group has been unable to exercise any
significant influence over Maxview since 31st December,1998.
Save as disclosed in the Hebei and Maxview Review as mentioned
in the Offeree Document, the Group has been unable to obtain any
current financial information regarding the indebtedness, if
any, of Hebei Dezhi and Maxview.

Subsidiary companies in relation to securities investments

According to the preliminary Investigation Report set out in the
Offeree Document, certain subsidiaries of the Group acquired
HK$71.9 million in new unlisted investments ("Unlisted
Investments") in June 2001. According to the books and records
of such subsidiaries, part of the consideration for the Unlisted
Investments was settled by the accounts receivable from the
disposal of listed investments by such subsidiaries in February
2001 (the "Settlement Treatment"). Neither the agreements
amongst such subsidiaries, nor details of the purchasers of the
listed investments and the sellers of the Unlisted Investments
which were signed in connection with the Settlement Treatment
could be obtained by the Group up to the date of this
announcement.

The Group has also been unable to obtain any information to
ascertain whether the purchasers of the listed investments were
connected or related to the Group or to the sellers of the
Unlisted Investments. The Group also cannot ascertain whether
the total costs of the Unlisted Investments, amounting to
HK$71.9 million, have been fully settled.

The directors of the subsidiaries concerned have, through their
legal advisers, advised the Board in writing that the boards of
their subsidiaries have always acted in accordance with the
instructions of Mr. Yeung Kang Lam ("Mr. Yeung"),
notwithstanding that no board minutes have yet been identified
giving Mr. Yeung such authority. Despite the ongoing
investigations and imminent publication of, inter alia, this
Updated Statement, Mr. Yeung, without any approval from the
Board, is alleged to have left Hong Kong on the pretext of
taking leave and has indicated that he will only return on a
date after which the Company is committed to publish the Updated
Statement and other relevant information.

Up to the date of this announcement, the Group has not been able
to obtain any information about its exact beneficial interests
in the Unlisted Investments. Accordingly, the Group cannot
determine the proper classification of such investments. To do
so might require the disclosure of additional information if
such investments were classified as subsidiaries.

Others

Save as aforesaid or as disclosed in the above, apart from
intra-group liabilities, it appears that none of the companies
comprising the Group had outstanding at the close of business on
30th June, 2001 any mortgages, charges or debentures, loan
capital issued and outstanding or agreed to be issued, bank
loans and overdrafts, debt securities or other similar
indebtedness, liabilities under acceptances (other than normal
trade bills) or acceptance credits or any hire purchase
commitments, finance lease commitments, guarantees (save as the
litigation discussed below) or other material contingent
liabilities.

As the Group has encountered serious cash flow problems, the
Group has some outstanding liabilities including but not limited
to staff salaries, rents payable (as discussed below) and other
liabilities which have exceeded their credit terms or have been
outstanding some time.

The Board would also like to draw attention to the Group's
involvement in the litigation in relation to vacant possession
of the Company's office premises, arrears in rental and damages.
Details of which have been disclosed in the announcement dated
21st August, 2001.

THE OPINION OF ASIAN CAPITAL ON THE FINANCIAL POSITION OF THE
GROUP TAKING INTO ACCOUNT THE UPDATED STATEMENT

As there has been no additional information sufficient to
clarify the uncertainties affecting the financial position of
the Group as of the date of this announcement, Asian Capital
continues to be unable to conclude, and therefore to advise the
Independent Board Committee, whether the Share Offer is or is
not fair and reasonable so far as the Qualifying Shareholders
are concerned. Therefore, the advice of Asian Capital as stated
in the Offeree Document remains unchanged.

Qualifying Shareholders are advised to closely monitor the
market price of the Shares and the latest development of events,
especially in respect of any further release of financial
information of the Group, when considering the Share Offer.
Those Qualifying Shareholders who are wary of the uncertainties
of the financial position of the Group and wish to dispose of
their holdings may do so in the market if the market price stays
above the Offer Price of HK$0.08 per Share. Alternatively, they
can opt to accept the Share Offer.

ACTION TAKEN AND TO BE TAKEN BY THE BOARD AFTER THE ISSUE OF THE
OFFEREE DOCUMENT

Action taken by the Board after the issue of the Offeree
Document

Since the appointment of the new directors as nominated by the
Offeror on 31st July, 2001, the Board, with the additional
directors appointed as aforesaid, has taken a number of steps
with a view to regularize the control and administration of the
Group. As disclosed in the Offeree Document, the Board, on 9th
August, 2001, appointed an Independent Investigator, initially
to review the affairs of certain subsidiaries, and subsequently
to examine the Group as a whole.

The preliminary findings of the Independent Investigator were
published on 14th August, 2001 as part of the Offeree Document.
A draft of the final report on the said investigation was
presented to the Board for its consideration on 24th August,
2001 and is expected to be finalized on or before 31st August,
2001.

Since the issue of the Offeree Document, the Board has also
taken a number of initiatives which include the following:

(a) the appointment of directors of the Company on to the
boards of the Company's active subsidiaries save and
except for the subsidiaries involving in securities
investments as discussed above. This step was taken with a
view to ensuring that the Board had proper control of its
subsidiaries. Before the appointment of these additional
directors, the Board did not have representation on the
boards of any of its subsidiaries except for the Linfield
group of companies;

(b) the decision by the existing management to seek funds by
way of a placement of new shares in the Company in order
to enable the Company to overcome its serious cash flow
problems. Completion of such a placing has, by reason of
the extraordinary information contained in the Offeree
Document, been postponed. Please refer to the Company's
announcements dated 8th and 14th August, 2001 for further
details;

(c) the removal of the executive role, if any, of all of the
Directors except for those nominated by the Offeror and
appointed on 31st July, 2001 (the "Old Directors")
including the former controlling shareholder of the
Company, Mr Yeung, as detailed in the Announcement;

(d) the cancellation of the employment contracts of the Old
Directors;

(e) cancelling the corporate credit cards issued to certain
directors;

(f) changing the authorized bank signatories of the Company's
bank accounts to those Directors nominated by the Offeror;

(g) seizing the books and accounts of certain subsidiaries of
the Company, over which the Board previously had had no
management control; and

(h) obtaining a 3-month, interest free, loan of HK$1.5 million
from Linfield, a subsidiary of the Group, in order to help
the Company overcome its serious cash flow problems.

Action to be taken by the Board

The Board intends to take all such necessary follow up action in
respect of those issues set out above, in so far as it is
possible and practicable so to do, having taken into account, at
least the fees, costs, commercial viability and time which would
be incurred. The Board will also carefully evaluate the final
report of the Independent Investigator and take all necessary
follow up action where such is indicated, having similarly taken
into account, at least the relevant fees, costs, commercial
viability and time which would be incurred.

Further announcement(s) will be made by the Company, if
necessary, if there is any significant development in these
matters.

Further to the action mentioned above, the Board would like to
take the opportunity to inform Shareholders that it is reviewing
the current cash flow position of the Group and is considering a
range of action, including alternative means of raising funds by
means of issuing new shares of the Company and negotiating with
various banks for new and/or additional banking facilities, to
enhance the financial position of the Group.

The Board is also pleased to inform Shareholders that it is in
the course of identifying suitable projects and/or investments
that would be reasonably expected to generate profits and/or
have potential for capital appreciation. The Group may acquire
some of these projects and/or investments, some of which have
been identified by the former board.

The consideration for such projects and/or investments would be
settled by means of the issuing of new shares of the Company
and/or by being granted new and/or additional banking
facilities. Such acquisitions, should they materialize, will be
made in strict compliance with the Listing Rules.

AMBIGUITY IN THE TITLE OF THE ANNOUNCEMENT

The Board would also like to clarify the ambiguity created in
the title of the Announcement which informed Shareholders about
the release of the executive roles of certain directors as well
as that a writ of summons endorsed with a statement of claim had
been served on a wholly-owned subsidiary of the Company and the
Company.

The title of the Announcement gave rise to ambiguity as it
seemed to suggest that the Company had released the afore-
mentioned directors of the Company from their executive roles as
well as litigation. The Board hereby clarifies that it is not
and never was the Board's intention to release the afore-
mentioned directors of the Company from litigation (if any).

RESPONSIBILITY OF MR. YEUNG KANG LAM AND MS. YAU WAI FAN

The Board would also like to inform the Shareholders that the
Board has decided that Mr Yeung and Ms Yau Wai Fan (based on the
fact that they are still Directors and the reasons discussed
above) should not be excluded from full responsibility for the
accuracy of the information contained in the Announcement and
also this announcement despite the fact that they remain
uncontactable by the Board.


MOST PERFECT: Winding Up Petition Set For Hearing
-------------------------------------------------
The petition to wind up Most Perfect Development Limited will be
heard before the High Court of Hong Kong on October 17, 2001 at
9:30 am. The petition was filed with the court on July 23, 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.


PACIFIC LEASING: Declared Bankrupt
----------------------------------
Shanghai-based Pacific Leasing Co. Ltd. was declared bankrupt
early last week, making it the first domestic bankrupt finance
leasing cooperation, according to an article on
english.eastday.com dated August 24, 2001.

Jiang Wendong, an official of the Shanghai Luwan District
People's Court, said the company has a registered capital of
US$3 million and almost Y420 million in liabilities.

The company went into bankruptcy at the request of the company's
seven creditors, including Shanghai branches of Bank of Tokyo-
Mitsubishi, Dai-Ichi Kongyo Bank and the Hong Kong branch of
Tokai Bank.

The company is in the process of liquidating assets, said Zhang
Hongshan, deputy general manager of Pacific Leasing.

Pacific Leasing was founded in 1985 by five domestic and
overseas investors, including China Leasing Co. Ltd. and Long-
term Credit Bank of Japan.


TONING ELECTRONIC: Winding Up Petition Pending
----------------------------------------------
Toning Electronic Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on October 3, 2001 at 9:30 am.

The petition was filed on July 16, 2001 by Wong Bun of No. 32,
13/F., 993 King's Road, Hong Kong.


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HOLDIKO PERKASA: IBRA Selling Eight More Assets
-----------------------------------------------
To expedite the achievement of the revenue target for the State
Budget, the Indonesian Bank Restructuring Agency (IBRA)
announced the launch of a sales process for eight assets August
24, 2001, under PT Holdiko Perkasa (Holdiko) a holding company
established pursuant to the Shareholding Settlement Agreement
between IBRA and the Salim Group.

The sales launch shows that no halt is put on asset sales, even
IBRA continues to try its utmost in ensuring the realization of
its asset disposal programs.

The eight assets on sale consist of:

   (1) Indosiar Visual Mandiri Tbk. TV Broadcasting Station

   (2) Sugar Group Sugar

   (3) PT Poli Contindo Nusa Steel Drum

   (4) PT Herwido Rintis/PT Bintan Inti Industrial Estate
Industrial Estate & Shipyard

   (5) PT Yakult Indonesia Persada Health Drink

   (6) PT Salim Rengo Containers Corrugated Carton Box

   (7) PT Gumindo Perkasa Industri Semi Refined Carrageenan

   (8) Guangdong Jiangmen ISN Float Glass Float Glass

PT Indosiar Visual Mandiri Tbk. (Indosiar)

   At present, Holdiko intends to sell up to 49 percent of its
total 56 percent shareholding in PT Indosiar Visual Mandiri Tbk
(Indosiar). Listed in the Jakarta Stock Exchange in March 2001,
Indosiar is a leading television station in Indonesia that has
won several national and regional awards in its industry.
Headquartered in Jakarta, Indosiar's broadcast coverage area
exceeds more than 106 cities in Indonesia or approximately 82
percent of the total television viewers in Indonesia.

   As announced in Bisnis Indonesia and The Jakarta Post,
expressions of interest should be submitted to Holdiko's
appointed financial advisor for the sale of Indosiar, PT
Trimegah Securities Tbk and PT PricewaterhouseCoopers FAS, at
the latest by 10 September 2001. This two-tier selection process
is expected to close by December 2001.

Sugar Group

   Holdiko plans to sell its entire shareholdings in PT Inti
Petala Bumi and PT Eka Primaguna Perkasa, structured as the
"Sugar Group", that control three sugar plantation and
manufacturing companies and one ethanol distillery. Located in
the Lampung province of South Sumatra, together the companies
form an integrated (upstream and downstream) sugar manufacturer.
Its combined planted area of approximately 61,000 hectares yield
a high level of productivity of 7.42 tons sugar per hectare of
cane harvested, compared to the national average level of
approximately 5.01 tons.

   In this two-stage selection process, interested parties are
requested to submit their expression of interest to the
appointed financial advisor for the sale of the Sugar Group, PT
PricewaterhouseCoopers FAS, at the latest by 3 September 2001 as
announced in the newspapers. Directed mainly towards investors
who are expected to enhance the national sugar industry and
support the local community development, this tender sale
process is expected to close by December this year.

PT Poli Contindo Nusa (PCN)

   Holdiko intends to sell its entire shareholdings in PT Poli
Contindo Nusa (PCN), which is the largest of the eight major
steel drum manufacturers in Indonesia. The first steel drum
manufacturer in Indonesia that received an international
accreditation of ISO 9002 by BVQI, PCN produces among others 55
gallon steel drums with a variety of thickness from 0.8 mm up to
1.2 mm. Occupying a site of 30,175sqm in Cilincing, Jakarta,
PCN's factory has a production capacity of 1,500,000 drum per
annum.

   Expressions of interest should be submitted to Holdiko's
appointed financial advisor for the sale of PCN, PT AAJ Batavia
/ RSM, at the latest by 7 September 2001. This two-tier
selection process is expected to close by December 2001.

PT Batamindo Investment Corporation / PT Bintan Inti Industrial
Estate / PT Karimun Sembawang Shipyard

   Holdiko owns shareholdings of 60 percent in PT Batamindo
Investment Corporation, 30 percent in PT Bintan Inti Industrial
Estate and 35 percent in PT Karimun Sembawang Shipyard. The
ownership in these 3 companies is being sold as a package mainly
directed towards strategic investors that are committed to the
continued development of this strategic investment. Together,
the three companies form an integrated business in the lines of
industrial estate development and ship repairs in the islands of
Batam, Bintan and Karimun.

   Holdiko has appointed JPMorgan Jones Lang LaSalle and PT
Procon Indah, as advisors for the sale of the three companies.
The sale process is expected to close by end of 2001 or early
2002.

PT Salim Rengo Containers (SRC)

   Holdiko has a 60 percent ownership in PT Salim Rengo
Containers (SRC), which it plans to entirely divest. SRC is
presently Indonesia's second largest company in the corrugated
converting industry in terms of sales and market share. With
plants in Jakarta, Surabaya and Semarang, SRC's total production
capacity is approximately 102,000 tonnes per annum of corrugated
cartons box.

   PT Triton Konsultan Indonesia/ Crosby Advisory (Singapore)
Pte. Ltd. act as financial advisors to Holdiko for this sale
which Holdiko expects to close by December 2001.

PT Gumindo Perkasa Industri (Gumindo)

   Holdiko's 43.20 percent shareholding in PT Gumindo Perkasa
Industri (Gumindo), is also ready to be sold. Gumindo is the
largest semi refined carrageenan producer in Indonesia, of which
90 percent of its product is exported. Gumindo's plant in Merak,
West Java, has a total production capacity of 3,000 metric tons
of semi refined carrageenan per year.

   Acting as financial advisor to Holdiko for this sale is PT
Siddharta Consulting (KPMG). The sale process is predictable to
also close by December 2001.

PT Yakult Indonesia Persada (Yakult)

   Holdiko has 51 percent ownership in PT Yakult Indonesia
Persada (Yakult), the market leader in skimmed milk-based health
drinks in Indonesia. Currently Yakult sells its products mainly
for the domestic market especially in the western part of Java.
Yakult's plant in Cicurug, West Java, uses the most advanced
technology in health drink processing and produces 160,000,000
bottles per year, whereas its production capacity is 533,000,000
bottles per year.

   PT Ernst & Young Consulting has been appointed to act as
Holdiko's financial advisor for this transaction, which is
estimated to close by the end of this year.

Guangdong Jiangmen ISN Float Glass Co. Ltd. (JISN)

   Holdiko holds 39.9 percent ownership in Guangdong Jiangmen
ISN Float Glass Co. Ltd ("JISN"). JISN, a float glass
manufacturing company located in Guangdong, China, is a joint
venture company with the Chinese, Singaporean and Japanese
partners.

   Acting as Holdiko's financial advisor for this sale, which
Holdiko hopes to close by end of 2001 or early 2002, is HSBC
(Hongkong and Shanghai Banking Corporation).

Holdiko Progress To-Date

   "To date Holdiko has concluded 9 of the 25 asset disposals
scheduled for this year. Eight more asset sales are being
launched today and we expect to launch more asset sales within
the near future," said Scott Coffey, Director of Holdiko.
"Additionally, the sale of our ownership in Sulfindo is at the
final phase, and we expect to receive final bids by end of
August 2001," continued Coffey. Total gross proceeds raised to
date this year have come from the following asset sales:

Closed in 2001 (sold in 2000)

Salim Plantations US$368 million
  Loan repayment to Holdiko Rp357 billion
  Mosquito Coil Group Rp610 billion

Sold in 2001

First Pacific Co. Ltd. US$8.55 million
Indocoal US$45.5 million
Indomaret Rp162 billion
Indocement(Tranche A) US$43.8 million
(Tranche B) Rp250.4 billion
Kerismas Rp297 billion
Indopoly US$29.17 million
Yunnan Kunlene US$14.38 million
PT Indosiar Visual Mandiri Tbk.
- Loan repayment to Holdiko Rp400 billion

Total gross proceeds Rp7,128 billio

* IDR/USD exchange rate used as of date of sale

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended
by PT Bank Central Asia (BCA) to companies affiliated to the
Salim Group. As part of the settlement agreement with IBRA, the
Salim Group transferred shares and assets in more than 100
operating companies to PT Holdiko Perkasa.

As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.

The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and dispose of their assets and collateral.


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


CHOGIN KANTO: Declared Insolvent
--------------------------------
The Financial Services Agency (FSA) declared pro-Pyongyang
Chogin Kanto Credit Cooperative insolvent, Japan Today reported
Saturday citing Kyodo News.

An anonymous FSA regulator said that two state-appointed
administrators were already designated.

The credit union gave up self-rehabilitation efforts and asked
the FSA to launch insolvency proceedings in line with the
Deposit Insurance Law.

Yokohama-based Chogin Kanto, affiliated with the pro-Pyongyang
General Association of Korean Residents in Japan, had
liabilities exceeding its assets by Y5.9 billion yen as of the
end of March.


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


KOREA ELECTRIC: To Issue W267B 3-Yr Bonds
-----------------------------------------
Korea Electric Power Corp (KEPCO) said Saturday it will issue
Y25 billion, or around W267 billion in yen-denominated bonds
with a maturity of more than three years. The company said its
board of directors agreed on the bond issue to refinance a
maturing bridge loan, Korea Herald reported on August
27.


HYNIX SEMICON: Creditors Consider Debt-Equity Swap
--------------------------------------------------
Creditors of Hynix Semiconductor Inc said they will conduct a
debt-for-equity swap for the troubled chipmaker through a rights
offering and other measures, Korea Herald reported on August 27,
which cited a creditor bank official.

"Hynix creditors are considering a market-price rights offering
as a way to sidestep shareholders' approval for the proposed
debt-for-equity swap arrangement," the official said.

New shares of Hynix will be sold to existing shareholders at the
market price instead of its par value under the market-price
rights offering. The creditors will then buy unsold new shares,
thus garnering a considerable stake in the embattled chipmaker.

"There is a high possibility that existing stockholders are
unlikely to participate in the market-price rights offering,
given the company's status and its stock price," the official
said.

The creditors also reportedly planned to convert their holdings
of Hynix's convertible bonds worth 1 trillion won into equities
as part of their bailout for the company.

"The creditors of Hynix will then covert a total of around 3
trillion won into equity, raising the company's paid-in capital
to around 9 trillion won," the official said.


HYNIX SEMICON: To Issue W1.5 Trillion New Shares
------------------------------------------------
Hynix Semiconductor is due to issue new shares worth W1.5
trillion to allow creditor organizations to make debt-for-equity
conversions for the company, Digital Chosun reported on August
26, which cited Korea Exchange Bank, Hynix' largest creditor.

The new shares will be mostly for existing shareholders,
including foreign investors. This method of issuing new shares
through public subscription is in response to objections raised
by foreign governments that Korea has been subsidizing the
chipmaker by forcing banks to roll over its debts.


HYUNDAI SECURITIES: SFC, MOFE Decide to Dismiss AIG Demand
----------------------------------------------------------
The Financial Supervisory Commission and the Ministry of Economy
and Finance (MOFE) said Saturday that they had decided to
dismiss the AIG demand on the ground that the American
International Group (AIG)-led consortium failed to officially
approach the government with the matter, Korea Herald reported
on August 27.

The consortium demanded that it be granted the right to buy
shares of Hyundai Securities Co at a cheaper price allegedly
provided a fresh twist to a deal struck last Saturday between
the government and the consortium led by AIG, under which they
will jointly take over Hyundai Securities and two other
financial units of the Hyundai Group.

While stressing that the complaints could simply be tactics on
the part of AIG to gain more ground in negotiations prior to the
final contract, the government briefly dwelt upon the
possibility of the venture winding up a failure.

"The consortium's behavior can easily be viewed as possibly a
means to haggle for a better bargain in the deal with Hyundai
Securities," said Kim Jin-pyo, vice minister of Finance and
Economy. "However, since a negotiation of this size and type is
difficult to predict, we will have to wait and see whether the
deal will actually fall through."

The final contract between the AIG-led consortium and FSC is to
be signed in November.


SAMSUNG CORP: Makes Investment In Australian Unit
-------------------------------------------------
Samsung Corporation made a direct investment in Australia aimed
at S.S. (Aust) Pty Ltd, the company's wholly-owned subsidiary in
Australia, which is capitalized at 2,000,000 Australian dollars.
The company has issued 2 million shares, Korea Inc reported on
August 24.

The company in Sydney is engaged in trading business. Existing
investment in the company is W1,083,584,800. Its additional
investment amounted to W16,719,300,000.


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


ACTACORP HOLDINGS: Seeks KLSE Approval On Time Extension
--------------------------------------------------------
Actacorp Holdings Berhad (AHB or the Company) announced that an
application was made to the Kuala Lumpur Stock Exchange (KLSE)
for an extension of four (4) months for the Company to make the
Requisite Announcement, which deadline was on 26 August 2001.
The decision of the KLSE will be announced in due course.

On 26 February 2001, the Board of Directors of AHB announced
that AHB is required by the KLSE to make, within six (6) months,
an announcement to the KLSE of a detailed proposal, the
implementation of which will enable AHB to regularize its
financial condition to warrant continued trading and/or listing
on the Official List (Requisite Announcement).

AHB is subject to the new Corporate Debt Restructuring Committee
guidelines announced on 9 August 2001 (New CDRC Guidelines).
Under the New CDRC Guidelines, a creditors' steering committee
must be formed within the first month and creditors' approval
for the proposed scheme must be obtained within the first four
(4) months. AHB is currently awaiting CDRC for guidance as to
the formation of the creditors' steering committee.


ASSOCIATED KAOLIN:  Updates Status On Debt Workout
--------------------------------------------------
The Special Administrators (SA) have developed the SA Workout
Proposal which incorporates Associated Kaolin Industries
Berhad's (AKI) corporate and debt restructuring scheme that is
currently pending approval by Pengurusan Danaharta Nasional
Berhad (Danaharta).

In this regard, the SA is unable to disclose in detail the terms
of the SA Workout Proposal pursuant to the Requisite
Announcement under PN4 until approval is obtained from
Danaharta.

AKI had by its letters to KLSE dated 16 August 2001 and 17
August 2001 set out the details of the progress as to AKI's
plans to regularize its financial conditions whilst appealing to
KLSE for an extension of time to comply with the requirements of
paragraph 5.1(a) of PN4. KLSE's reply to AKI's appeal is
currently pending.


AUTOWAYS HOLDINGS: KLSE Approval On Time Extension Pending
----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the board of Directors of Autoways Holdings Berhad (AHB or
the Company), announced that the Company had on 16 August 2001,
applied to the KLSE for an extension of time to release the
Requisite Announcement i.e. an announcement of its plans to
regularize its financial condition, for a further period of
three (3) months. Currently the application is pending KLSE's
approval

On 26 February 2001, pursuant to PN 4/2001, the Company was
required to make a Requisite Announcement to the KLSE of a plan
to regularize its financial condition within six months from the
date of the First Announcement. Thus, AHB is required to make
the Requisite Announcement of its plan to regularize its
financial condition on or before 26 August 2001.

On 13 August 2001, AHB entered into a Memorandum of
Understanding (MOU) with Selayang Budi Sdn Bhd (SBSB). The MOU
sets forth the general understanding reached between AHB and the
shareholders of SBSB in relation to the proposed acquisition of
SBSB by AHB (Proposed Acquisition) as part of the proposal to
restructure and regularize the financial position of AHB. Both
parties are now finalizing a proposal to regularize AHB's
financial position. The details of the proposal will be
announced in due course.


JASATERA BERHAD: Revises Proposed Recapitalization Exercise
-----------------------------------------------------------
The Board of Directors of Jasatera Berhad (Jasatera or the
Company) announced that the Company has procured the approval-
in-principle from all the respective financial institution
creditors for a revision to the terms and conditions of the
Proposed Debts Settlement and have agreed in principle to enter
into a conditional supplemental debt settlement agreement with
the Company (Supplemental Agreement) to amend certain terms and
conditions of the debt settlement agreement dated 5 September
2000 (Agreement).

Pursuant thereto, the initial Proposed Recapitalization Exercise
as announced on 6 September 2000 would be revised and will
encompass the following:

   (i) Proposed Capital Reduction;

   (ii) Proposed Rights Issue;

   (iii) Revisions to the Proposed Debts Settlement (Proposed
Revised Debts Settlement); and

   (iv) Proposed non-renounceable restricted offer for sale of
27,442,075 irredeemable convertible preference shares (ICPS) of
RM1.00 each to be issued pursuant to the Proposed Revised Debts
Settlement (Proposed ROS).

Details of the above proposals are hereinafter collectively
referred to as the "Proposals".

DETAILS OF THE PROPOSALS

The Proposals will involve the following components:

PROPOSED CAPITAL REDUCTION

It is proposed that the existing issued and paid-up share
capital of Jasatera of RM19,980,000 comprising 19,980,000
ordinary shares of RM1.00 each be reduced to RM3,996,000
comprising 19,980,000 ordinary shares of 20 sen per share to be
effected by the cancellation of 80 sen from the par value of
every ordinary share. The resultant 19,980,000 ordinary shares
of 20 sen each will be consolidated into 3,996,000 ordinary
shares of RM1.00 each in the proportion of five (5) ordinary
shares of 20 sen each into one (1) ordinary share of RM1.00
each.

The credit arising from the said capital reduction amounting to
RM15,984,000 will be utilized to set off against the accumulated
losses of the Company which stood at RM118,040,365 as at 31
January 2001 (Company level).

PROPOSED RIGHTS ISSUE

The Proposed Rights Issue entails the issue of 23,976,000 new
ordinary shares of RM1.00 each (Rights Shares) at an issue price
of RM1.00 per share which shall be provisionally alloted to the
existing shareholders of Jasatera on a renounceable basis of six
(6) new ordinary shares for every one (1) ordinary share held
after the Proposed Capital Reduction. The Rights Shares will be
payable in cash in full upon acceptance and /or application.

The Rights Shares shall, upon allotment and issue, rank pari
passu in all respects with the existing ordinary shares of
Jasatera except for any dividends or other distributions which
may be declared, made or paid prior to the issue of the Rights
Shares.

Issue Price

The issue price of RM1.00 per share was arrived at after taking
into consideration the following:

   (i) The audited net loss per share of 34.09 sen of the
Jasatera Group as at 31 January 2001;

   (ii) The audited net liabilities per share of RM4.78 of the
Jasatera Group as at 31 January 2001; and

   (iii) The closing market price of Jasatera shares on the
Kuala Lumpur stock Exchange ("KLSE") on 23 August 2001 of RM1.03
per share.

Utilization of Proceeds

The Proposed Rights Issue will raise gross proceeds of
RM23,976,000. Jasatera will utilize part of the proceeds raised
from the Proposed Rights Issue as cash settlement under the
Proposed Revised Debts Settlement and the balance will be used
to provide the working capital requirements of the Company.

Substantial Shareholders' Undertaking

Koo Woon Kee, the Managing Director of the Company who together
with Koo Yuen Kim collectively (both direct and indirect) hold
3,545,380 ordinary shares of RM1.00 each representing
approximately 17.74% equity interest in Jasatera as of 27 April
2001, are to give an undertaking to subscribe for their
entitlement for the Rights Shares.

As one of the conditions of the Proposed Revised Debts
Settlement, Koo Woon Kee and Koo Yuen Kim are to provide their
undertaking to subscribe for the balance of the Rights Shares
not subscribed for by the other shareholders in the event that
the Company is unable to procure any underwriters for the
balance of the Rights Shares. As at to date, Koo Woon Kee has
provided the aforesaid undertaking while Koo Yuen Kim's
undertaking is in the process of being procured.

In this regard, should the Proposed Rights Issue be
undersubscribed, Koo Woon Kee and Koo Yuen Kim could potentially
raise their shareholdings collectively to as high as 24,685,076
ordinary shares of RM1.00 each representing approximately 88.25%
of the enlarged share capital of the Company immediately after
the Proposed Rights Issue. In this respect, they would seek an
exemption from an obligation to undertake a mandatory takeover
offer under the Practice Note 2.9.1(4)(b) of the Malaysian Code
on Take-Overs and Mergers, 1998. In addition, Jasatera would
apply for an extension of time to comply with the shareholding
spread requirement pursuant to Chapter 8 Part E Section 8.15 (1)
of the Listing Requirements of the KLSE should the
aforementioned occurs.

PROPOSED REVISED DEBTS SETTLEMENT

On 5 September 2000, Jasatera entered into a conditional debts
settlement agreement ("Agreement") with the financial
institution creditors of the Company, namely Bumiputera-Commerce
Bank Berhad, Danaharta Managers Sdn Bhd, Hong Leong Bank Berhad,
Malayan Banking Berhad, Overseas Union Bank (M) Berhad, Affin
Bank Berhad (formally known as Perwira Affin Bank Berhad), RHB
Bank Berhad and Sabah Development Bank Berhad (collectively
referred to as "Lenders") in respect of debts amounting to
RM91,473,585 representing the principal amount plus interest
accrued up to 30 November 1998 (Debts).

Pursuant to the Agreement, the Lenders have agreed to waive 50%
of the Debts and the balance of the Debts totalled RM45,736,792
will be settled by Jasatera in the following manner:

   (i) The Company shall pay to the Lenders a sum of
RM18,294,717 which is equivalent to 20% of the Debts in cash.
10% of the Debts amounting to RM9,147,358 will be paid on or
before the date of the Agreement and the other 10% on a date
falling 8 months from the date of the Agreement, or such later
date as the Lenders may agree; and

   (ii) The remaining 30% of the Debts which amounted to
RM27,442,075 will be converted into 27,442,075 redeemable
convertible preference shares (RCPS) of RM1.00 each in Jasatera
at an issue price of RM1.00 each.

As to date, an amount of approximately RM8,010,507 out of the
required initial 10% payment of RM9,147,358 as stated above has
been paid to the Lenders.

The other salient terms and conditions of the Agreement in
respect of the initial Proposed Debts Settlement include, inter-
alia, the following:

   (i) The Company shall carry out the Proposed Capital
Reduction;

   (ii) Upon completion of the Proposed Capital Reduction, the
Company shall carry out the Proposed Rights Issue. In regards to
the Proposed Rights Issue, the Company shall procure an
undertaking from Koo Yuen Kim and Koo Woon Kee to subscribe for
such number of Rights Shares as they, directly or indirectly
would be entitled to under the Proposed Rights Issue and to
underwrite the remaining Rights Shares in the event the Company
is unable to procure any underwriters; and

   (iii) The Proposed Debts Settlement shall be implemented and
completed within 8 months from the date of the Agreement, or
such later date as the Lenders may agree.

In view of the Securities Commission's (SC) additional
requirements with regard to inter-alia, the net tangible assets
backing of the Company pursuant to a rescue and restructuring
scheme, the Board had announced on 26 February 2001, that it is
reviewing the feasibility of the Proposed Recapitalization
Exercise. Pursuant thereto, the Company had procured the
approval in principle from all the Lenders for a revision to the
terms and conditions of the initial Proposed Debts Settlement
which will be incorporated in a Supplemental Agreement to be
executed in due course.

The proposed revision in the salient terms and conditions of the
Agreement as principally agreed by the Lenders which will be
incorporated in the draft Supplemental Agreement include, inter-
alia, the following:

   (i) The cut-off date for the completion of the Proposals will
be the date falling eight (8) months from the effective date of
the Supplemental Agreement;

   (ii) The definition of the RCPS in the Agreement would be
replaced by ICPS which is defined as the irredeemable
convertible preference shares (ICPS);

   (iii) The Issue Date of the ICPS means the date falling no
later than four (4) months after the date upon which all
approvals have been obtained;

   (iv) The standstill period will be for an extended period of
twelve (12) months from the effective date of the Supplemental
Agreement or such date as the parties may from time to time
agree; and

   (v) The date for the second 10% payment is the date falling
twelve (12) months from the effective date of the Supplemental
Agreement, or the completion of the matters refereed in sub-
clause 5.1 to 5.4 of the Supplemental Agreement, whichever is
the earlier.

Pursuant thereto, the remaining 30% of the Debts amounting to
RM27,442,075 will now be converted to ICPS instead of RCPS as
announced earlier.

The salient terms of the ICPS to be issued to the Lenders
pursuant to the Proposed Revised Debts Settlement are set out in
Table 1.
(http://www.bankrupt.com/misc/Jasatera_Berhad_table1.doc)

PROPOSED ROS

The Company is also proposing a non-renounceable restricted
offer for sale of 27,442,075 ICPS at an issue price of RM1.00
per share to be undertaken by the Lenders to the existing
shareholders of Jasatera. The ICPS to be offered pursuant to the
Proposed ROS would not be underwritten. The proceeds from the
Proposed ROS shall accrue to the Lenders on a pro-rata basis
based on the amount of Debts by the individual Lenders over the
total Debts. The balance of the unsubscribed ICPS would be
returned to the Lenders on a pro-rata basis.

RATIONALE FOR THE PROPOSALS

The primary objectives of the Proposals are to revive and
rebuild the financial strength and operational viability of the
Jasatera Group through an arrangement and compromise with the
Lenders coupled with the raising of the necessary capital to
repay the Lenders and to provide the working capital of the
Company. Accordingly, the Proposals are aimed at writing off a
portion of the accumulated losses of the Company to redress its
balance sheets and to reflect its present net worth; and
reducing substantially the debt obligations of Jasatera which
has become unsustainable.

The rationale for the revision to the Proposed Debts Settlement
is to comply with the SC's requirements in relation to the
Company's net tangible asset backing pursuant to the above
restructuring scheme while the rationale for the Proposed ROS is
to enable the shareholders of Jasatera the opportunity to
increase their shareholdings and participate in the future
growth of the Company.

INTER-CONDITIONALITY AND TENTATIVE TIMING

Save for the Proposed ROS, The Proposed Capital Reduction, the
Proposed Rights Issue and the Proposed Revised Debts Settlement
are inter-conditional upon each other.

Share Capital

The effects of the Proposals on the issued and paid-up share
capital of Jasatera are shown in Table 2.
(http://www.bankrupt.com/misc/Jasatera_Berhad_table2.doc)


Earnings

The Proposals will not have any material effect on the earnings
of the Jasatera Group for the financial year ending 31 January
2002. However, it is expected to have a positive impact on the
future earnings of the Company due to substantial savings in
interest cost and the availability of fresh working capital.

Net Tangible Assets (NTA) and Gearing

The proforma effects of the Proposals on the Jasatera Group
based on the balance sheets as at 31 January 2001 are
illustrated in Table 3.
(http://www.bankrupt.com/misc/Jasatera_Berhad_table3.doc)

APPROVALS REQUIRED

The Proposals is subject to the approvals being obtained from
the following:

   (i) the SC;

   (ii) the Foreign Investment Committee, for the Proposed
Revised Debts Settlement;

   (iii) the KLSE, for the listing of and quotation for the new
ordinary shares of RM1.00 each to be issued pursuant to the
Proposed Rights Issue and upon conversion of the ICPS;

   (iv) the Court pursuant to Section 64 of the Companies Act,
1965 for the Proposed Capital Reduction;

   (v) the shareholders of Jasatera at an Extraordinary General
Meeting (EGM); and

  (vi) any other authorities, if required.


INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS AND PERSONS
CONNECTED TO THEM

Save as disclosed below, none of the Directors and substantial
shareholders and persons connected to them have any interest,
direct or indirect, in the Proposals.

Mr Koo Woon Kee has committed to enter into a proposed put
option agreement with the Lenders to purchase any remaining ICPS
that will be issued pursuant to the Proposed Revised Debts
Settlement and is still held by the Lenders subsequent to the
Proposed ROS. As such, Mr Koo Woon Kee and Mr Koo Yuen Kim
(pursuant to Section 122A of the Companies Act, 1965, by virtue
of being persons connected to the director) is deemed as
interested parties to the Proposed Revised Debts Settlement and
will abstain from all deliberations and voting in respect of the
Proposed Revised Debts Settlement at all meetings of the Board
and will also abstain from voting in respect of their direct and
indirect shareholdings in Jasatera (if any) on the resolutions
to be tabled at the forthcoming EGM in relation to the Proposed
Revised Debts Settlement.

STATEMENT BY DIRECTORS

The Board of Directors of Jasatera, having taken into
consideration all aspects of the Proposals, is of the opinion
that the Proposals is in the best interests of the Company given
the current circumstances and predicament of the Company.
Accordingly, the successful implementation of the Proposals is
eminent for the corporate revival of Jasatera.

ADVISER AND DISCLOSURE OF INTERESTS

Jasatera has reaffirmed the appointment of Affin Merchant as the
adviser for the Proposals.

Pursuant to the Proposed Revised Debt Settlement, approximately
17,645,074 of the ICPS to be issued will be issued to Affin Bank
Berhad (Affin Bank) as part settlement of the Debts owing to
Affin Bank by Jasatera. Pursuant to Section 3.03(2)(2) of
Chapter 3 of the SC's Policies and Guidelines on Issue/Offer of
Securities, there could exist a potential situation of conflict
of interest as Affin Merchant is connected with Affin Bank by
virtue of having a common substantial shareholder and common
ultimate shareholder namely Affin Holdings Berhad (AHB) and
Lembaga Tabung Angkatan Tentera (LTAT) respectively. AHB holds
63.2% equity interest in Affin Merchant and 100% equity interest
in Affin Bank respectively.

APPLICATION TO THE SC

In accordance with Paragraph 5.1 (b) of Practice Note 4/2001 of
the KLSE and Barring unforeseen circumstances, the Board of
Directors of Jasatera expects an application to the SC in
relation to the Proposals to be submitted within two (2) months
from the date hereof.

CIRCULAR TO SHAREHOLDERS AND NOTICE OF EGM

A circular to shareholders setting out the details of the
Proposals and the notice of EGM will be dispatched to the
shareholders in due course.

DOCUMENTS FOR INSPECTION

The following documents are available for inspection at the
registered office of Jasatera at 29, Jalan SS15/4E, Subang Jaya,
47500 Petaling Jaya, Selangor Darul Ehsan during normal office
hours from Monday to Friday (except public holidays) from the
date hereof to the date of the Court Meeting and EGM of
Jasatera:

(i) The Agreement dated 5 September 2000 and the Supplemental
Agreement to be executed into in due course, pursuant to the
Proposed Debts Settlement and Proposed Revised Debts Settlement
respectively; and

(ii) The letter of undertaking to subscribe for the Rights
Shares from Koo Woon Kee pursuant to the Proposed Rights Issue.

Notes

* Incorporating and assuming the 50% debt waiver amounting to
RM45,736,792 and the writing back of interest accrued during the
standstill period in relation to the amount owing to the Lenders
amounting to approximately RM21,318,885.

* Borrowings consists of bank borrowings and hire purchase
creditors amounting to approximately RM82,686,499 and RM128,335
respectively.


NAUTICALINK BERHAD: Awaits KLSE Approval On Time Extension
----------------------------------------------------------
Nauticalink Berhad (NLB or the Company) is still awaiting
response from the KLSE on its application for an extension of
time to make the Requisite Announcement.

NLB through its Corporate Adviser, Aseambankers Malaysia Berhad,
had on 14 August 2001 applied to KLSE for an extension of time
for NLB to make the Requisite Announcement.

Although six months had lapsed since Nauticalink Berhad (NLB or
Company) made its First Announcement of being an "affected
issuer" under PN 4 on 23 February 2001, the Board of Directors
since announcing its decision to abort the Approved Corporate
Restructuring Scheme on 21 June 2001 has yet to come up with a
new scheme in order to regularize NLB's financial position.

Meantime, NLB is currently negotiating with several parties in
its pursuit to secure a fresh corporate restructuring proposal.

Profile

Ferry service provider Nauticalink's main subsidiary, Kuala
Perlis-Langkawi Ferry Services Sdn Bhd (KPLFS), commenced
operations in April 1961. It currently plys nine routes:
Langkawi-Kuala Perlis, Langkawi-Kuala Kedah, Langkawi-Penang,
Langkawi-Satun (Thailand), Penang-Belawan (Indonesia), Langkawi-
Belawan-Lumut, Pulau Paya Marin Park, Tanjung Gemok-Tioman and
to Kuala Terengganu-Pulau Redang.

In March 2000, the Company unveiled a proposed debt
restructuring and schemes of arrangement. The restructuring
involves the acquisition of Teluk Ramunia fabrication yard and
related yard structures as well as a company involved in steel
fabricating of offshore platforms. These acquisitions mark a
change in core business under KPLFS to steel fabrication of
offshore structures, marine and allied equipment and support
services for the oil and gas industry.

The proposals are still pending the SC's full approval which had
in August, stipulated a downward revision in the purchase
consideration for the fabrication yard. Currently, Nauticalink
is looking into hiving off its ferry operation in the medium
term.

Services : Ferry services; maintenance services for barges,
vessels and ships; transportation, haulage and integrated
logistics services.


NCK CORPORATION: Unit Faces Winding Up Petition
-----------------------------------------------
Archer Corporate Services Sdn Bhd, on behalf of NCK Corporation
Berhad (Special Administrators Appointed), announced that NCK-
Astarlite Sdn Bhd (NCKASB), a subsidiary of NCK Corporation
Berhad (Special Administrators Appointed) is served with a
petition of winding-up on 24 August 2001 by Water-Line System
Sdn Bhd pursuant to the Judgement entered in the Kuala Lumpur
High Court Petition No. D6-28-768-01.

The winding-up petition had been presented to the High Court,
Kuala Lumpur on 9 August 2001 and subsequently, the winding-up
petition was served on 24 August 2001.

NCKASB is indebted to Water-Line System Sdn Bhd in the sum of
RM72,378.00 together with a late payment interest rate of 1.5%
per month from 13 November 1998 to the date of realization with
costs amounted to RM1,417.00. The claim of RM72,378.00 arose
from the purchase of ventilation equipments supplied by Water-
Line System Sdn Bhd for a project at Kota Baru in 1998.

NCKASB was not able to fulfill its financial obligations due to
non payments by its debtors, resulting in the above winding-up
petition.

The Company through its subsidiary, NCK Metal Sdn Bhd holds 65%
equity (487,500 ordinary shares of RM1.00 each) in NCKASB and
the cost of investment is RM708,000.00.

The winding-up proceeding does not have any operational or
financial impact on the group as NCKASB ceased its business
operation in March, 2000.

Other than the non recoverability of inter company loans
totaling RM2.53 million as at 30 June 2001 made to NCKASB, the
group is not likely to incur further losses arising from the
winding-up proceedings.

The Management is reviewing the matter with our solicitor to
consider defending the matter.


REKAPACIFIC BERHAD: Seeks Debt Scheme Announcement Extension
------------------------------------------------------------
The Board of Directors of the Rekapacific Berhad made the
following announcement pursuant to Practice Note 4/2001 (PN4):

   (1) As stated in the First Announcement released by the Board
on 26 February 2001, the Company as an affected listed issuer
must comply with Paragraph 5.1(a) PN4 that requires the
announcement of a plan to regularize its financial condition
within 6 months from the date of the First Announcement, which
announcement must fulfill the stipulations of Paragraph 5.2 (the
Requisite Announcement).

   (2) However, as the issue of the de-listing of the Company's
securities from the Official List is pending before the
Exchange, the Company cannot comply in full with the
requirements in relation to the Requisite Announcement.

   (3) The reason for this is that as the Company's listed
status forms the essence of the Restructuring Proposal, it is
necessary to confirm that the listed status would continue to
exist before the Board can release the particulars of a
restructuring plan that is entirely dependent on the Company's
ability to effect the transfer of its listed status.

   (4) As such, the Company and the White Knight cannot execute
any form of Restructuring Agreement until and unless the de-
listing issue is resolved.

   (5) The Board has since been informed that the Exchange has
agreed to its request to make an oral representation against the
de-listing. The date of the oral representation has been set for
7 September 2001.

   (6) The Board has appealed to the Exchange to exercise the
discretion reserved in Paragraph 5.6 PN4 to extend the timeframe
for the Company to release the Requisite Announcement pending
the Exchange's decision on whether or not it will proceed to de-
list the securities of the Company from the Official List.

   (7) Despite the pending issue of the de-listing, the Board
would state that it has continued, as far as possible, with its
corporate and debt restructuring exercise, details of which have
been communicated to the Company's main creditors.

  (8) In relation to the proposed restructuring, the following
exercises have been completed or are in the process of
completion:

     * The review and evaluation by the financial and legal
advisers that the Restructuring Proposal and its term are in
compliance with the guidelines/requirements of the relevant
authorities.

     * The review and evaluation by the financial advisers that
the terms of the Restructuring Proposal if implemented
successfully would result in the Company's ability to regularize
its financial condition.

     * The preparation and distribution of the Workout Proposal
containing the terms of the Restructuring Proposal and the
continuous review and update of the same upon comments and
feedback by the White Knight, advisers and creditors.

     * Dialogue and meetings with main creditors to brief them
of the terms of the Restructuring Proposal and to obtain their
agreement in principle thereto.

   (9) The current status of the Restructuring Proposal is
promising as the Company's main creditors have indicated their
agreement in principle to the terms thereof.


TAIPING CONSOLIDATED: Disposes Units Shares
-------------------------------------------
Taiping Consolidated Berhad announce that it has entered into an
agreement on 22 August 2001 (Agreement) for the sale of the
issued and paid-up share capital of the companies (Companies)
with Salchi South East Asia Sdn Bhd (Purchaser) for a total cash
consideration of RM1.00.

The sale consideration was arrived at on a willing buyer-willing
seller basis after taking into account the net values of the
Companies.

RATIONALE FOR THE DIVESTMENT

In February 1999, Taiping Consolidated Berhad through its
subsidiary companies, Punca Makmur Sdn Bhd, Crescent Hotels Sdn
Bhd and Mayang Sari Sdn Bhd completed the sale of the properties
known as Star Hill Complex, JW Marriott Hotel Kuala Lumpur and
Lot 10 Complex respectively (Diposal of Properties) to YTL Land
Sdn Bhd, a wholly owned subsidiary of YTL Corporation Berhad
(YTL).

Following the Disposal of Properties, the principal subsidiary
companies of Taiping Consolidated Berhad namely Punca Makmur Sdn
Bhd and Crescent Hotels Sdn Bhd together with their respective
subsidiary companies did not have a core business and are
currently inactive.

Subsequently, Taiping Consolidated Berhad completed its
restructuring exercise involving a corporate restructuring and
debt restructuring which include, inter alia, the subscription
of 100 million new ordinary shares of RM1.00 each by YTL on 10
May 2001 with the requotation of its entire share capital on the
Kuala Lumpur Stock Exchange.

As part of the Company's objective to focus on its core property
development business, it has undertaken an exercise to divest
companies within the Group which are either dormant or not
involved in activities relating to its core business.
Accordingly, the Company has decided to divest its investments
in the Companies entered into the Agreement to sell to the
Purchaser all the issued and fully paid-up ordinary shares (Sale
Shares) of the Companies which are owned by Taiping Consolidated
Berhad.

FINANCIAL EFFECTS

a) Share Capital

There is no change to the share capital of the Company following
the Divestment.

b) Earnings

The Divestment is not expected to have a material effect on the
earnings of the Group for the current financial year.

CONDITIONS PRECEDENT

There are no conditions precedent to the Divestment.

APPROVAL REQUIRED

No approvals are required for the Divestment.

SALIENT FEATURES OF THE AGREEMENT

The salient feature of the Agreement is that the Purchaser shall
purchase all the Sale Shares free from all liens, charges and
encumbrances with all rights attaching thereto.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors and Substantial Shareholders of the
Company and the Companies and persons connected to the Directors
and Substantial Shareholders of the Company and the Companies
has any interest, direct or indirect, in the Divestment.

The Divestment has no effect on the Substantial Shareholders'
interest in the Company.

INSPECTION OF THE AGREEMENT

The Agreement is available for inspection at the registered
office of the Company at 11th Floor, Yeoh Tiong Lay Plaza, 55
Jalan Bukit Bintang, 55100 Kuala Lumpur.

DIRECTORS' RECOMMENDATION

The Board of Directors, having considered all aspects, is of the
opinion that the Divestment is in the best interest of the
Company.

SCHEDULE OF COMPANIES

Name Principal Activities
       Issued & paid-up    Percentage Equity   Ordinary Shares
         Capital (RM)          Interest

Crescent Hotels Sdn Bhd Dormant

       15,000,002.00 100 15,000,002

Jalanan Semesta Sdn Bhd Dormant

       2.00  100 2

Medan Canggih Sdn Bhd Dormant

       3,000,002.00  100 3,000,002

Pajam Realty Development Sdn Bhd  Dormant

        1,000,002.00 100 1,000,002

Punca Makmur Sdn Bhd Dormant

        5,000,000.00 100 5,000,000

Salvadora The Shoe Salon Sdn Bhd  Dormant

         200,000.00          100 200,000

Taiping Leisure Sdn Bhd Dormant

        100,000.00  100 100,000

Taiping- Siamsyntech Construction Sdn Bhd Dormant

          2.00     100 2

Vanguard Realty Sdn Bhd Dormant

          2.00          100 2


PROFORMA NET TANGIBLE ASSET

             Before Divestment            After Divestment
      Unaudited as at 30 April 2001  Proforma as at 30 April
2001

Share Capital (RM'000)

122,510 122,510

Preference Shares (RM'000)

220,056 220,056

Reserves - Accumulated losses (RM'000)

(317,981)  (312,932)

Shareholders' funds (RM'000)

24,585 29,634

Deferred expenditure

(71)     (32)

Net tangible asset (RM'000)

24,514 29,602

Net tangible asset per share (RM)

0.20 0.24


ZAITUN BERHAD: Requests Time Extension To Regularize Cash Flow
--------------------------------------------------------------
Zaitun Berhad (Zaitun or the Company) revealed it had, on 23
August 2001, applied to the KLSE for an extension of time of
three (3) months, that is, from 25 August 2001 to 25 November
2001 to release the Requisite Announcement. The Company was
required to make a Requisite Announcement to the KLSE of a plan
to regularize its financial condition on or before 25 August
2001.

The Company is currently in the process of preparing a revised
proposal, which includes a compromise or arrangement with
certain of its creditors as well as an infusion of cash from
investors which will be principally used for the Company and its
group of companies working capital requirements.

The Company has started its negotiation with its creditors and
is in the midst of obtaining the agreement-in-principle from
these creditors. The principal objective of the revised scheme
is to enable the Company to compromise its debts as well as to
restore the viability of the Compan's businesses which is in the
manufacturing and sale of toiletries and cosmetic products.

On 15 January 2001, Alliance Merchant Bank Berhad had, on behalf
of the Company announced the Company's proposal to undertake a
corporate exercise, which involves inter-alia, a restricted and
rights issue and restructuring of debt. However, on 25 April
2001, the Company announced that it has to abort the proposed
rights issue due to the prevailing market condition which makes
it difficult to both interest shareholders in subscribing for
their respective entitlements as well as securing the necessary
underwriting for the said rights issue.


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


BELLE CORP: Holding Unit Disposes 40% Stake In Legend Int'l
-----------------------------------------------------------
Belle Corp's investment holding unit Sinophil Corp has given up
its 40 percent stake in Legend International Resorts Ltd.
Sinophil revoked a P5.4 billion share-swap deal it signed with
Legend's Malaysian owners in 1998. By taking Legend off its
books, Sinophil will get rid of a financial drain, but it will
become an inactive holding company without any asset, Inquirer
News Service reported on August 24.

Sinophil and Belle have entered into a deal with Legend and its
Malaysian owners, Metroplex Bhd and Paxell Investments Ltd,
rescinding their share-swap agreement, Sinophil and Belle lawyer
Bayani Tan said.

The 1998 share-swap deal allowed Metroplex and Paxell to acquire
a 34 percent stake in Sinophil in exchange for a 40 percent
stake in Legend and diluted Belle's stake in Sinophil to 33
percent.


COSMOS BOTTLING: Quezon City RTC Stops P15B Sale
------------------------------------------------
The Quezon City Regional Trial Court issued Friday an order
stopping the PhP15 billion sale of the Concepcion family's
Cosmos Bottling Corp. to San Miguel Corp, with the court order
effective within 72 hours, Inquirer News Service reported on
August 24.

Quezon City Judge Monina Zenarosa said, "There are strong
reasons to believe" that the sale "would (be) unjust to the
plaintiffs during the pendency of this case and would tend to
render any judgment herein nugatory."


NATIONAL POWER: Asks GSIS To Name Two Bidding Committee Reps
------------------------------------------------------------
The National Power Corp. (Napocor) asked the Government Service
and Insurance System (GSIS) to name two representatives to the
bidding committee that will assess prospective reinsurer
Napocor's fixed assets, ABS-CBN reported on August 26.

Napocor's insurable assets are estimated to reach $10
billion, which consist primarily of its power plants,
substations and transmission line with network throughout the
country. The assets will eventually be sold to private sectors
as part of Napocor's privatization program, according to Napocor
president Jesus Alcordo.

Napocor in a statement said, "Given the worth of Napocor's
insurable assets, the state utility wants involvement and
participation in the bidding process." It wants to get involved
in the bidding process for prospective reinsurer to ensure
greater transparency and accountability.

At the end of the planned open competitive bidding in early
September, Napopcor confirmed it will be GSIS which will write
the policy backed up by the several reinsurance companies which
submitted proposals.

Marsh, Jardine Davies, Benfield Greig, Generali Pilipinas and
Aon Risk Services have already signified interest in
participating in the multimillion-dollar insurance policy for
the fixed assets of Napocor.


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


ASIA FOOD: Subsidiary Disposes 41.45% Koar Int'l Interest
---------------------------------------------------------
The board of directors of Asia Food & Properties Ltd (AFP or the
Company) announced the disposal by its United States (US)-based
subsidiary, Phoenix Airport Center Partnership, of the entire
general partnership interest of approximately 41.45 percent in
Koar International Airport Center Investment Partnership for a
total consideration of US$800,000/-.

Koar International Airport Center Investment Partnership was
formed with COFISE Airport Joint Venture (COFISE), KOAR
International Airport Center Inc (KOAR) and B.W. Airport Center
Limited Partnership.

AFP acquired the interest in Koar International Airport located
in Los Angeles in 1992, given the attractive investment value of
the airport land then. The divestment is timely and
opportunistic as the Company has realized its expected return
from the investment.

Further, the disposal is in line with the company's on-going
divestment of non-core assets, in order to focus on its core
operations in Asia. The disposal is not expected to have any
material impact on the net earnings per share or net tangible
assets per share of the Company.

The directors and substantial shareholders of AFP do not have
any direct or indirect interests in the disposal.

ABOUT ASIA FOOD & PROPERTIES

Headquartered in Singapore, AFP is an investment holding company
with operational businesses in agri-resources, food and
property. Listed on the Singapore Exchange in 1997, AFP's
principal operations are located in Indonesia, China, Singapore
and Malaysia. The AFP Group of Companies employs more than
60,000 people with strong local, regional and international
knowledge and experience. The AFP Group reported a turnover of
S$1.4 billion in 2000.

For further information, please contact:

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


KEPPEL CAPITAL: Compulsory Acquisition of Shares by OCBC
--------------------------------------------------------
UBS AG, Singapore branch, acting through its business group UBS
Warburg announced, for and on behalf of OCBC Bank, that the
offers for the offer shares and the Offer Listed Warrants have
become unconditional in all respects as of 10th August, 2001.

As at 5.00 p.m. on 23rd August, 2001, OCBC Bank received
acceptances for approximately 96.2 per cent of the issued and
paid-up ordinary share capital of KCH. The final closing date of
the offers is 3.30 p.m. on 31st August, 2001.

As OCBC Bank has received acceptances of the Share Offer
representing more than 90 percent of the Shares in KCH (other
than those already held by OCBC Bank, its subsidiaries or their
nominees as of the date of the Share Offer), it is entitled to
exercise its right of compulsory acquisition under Section
215(1) of the Companies Act, Chapter 50 of Singapore. OCBC Bank
had in its offer document dated 3rd July, 2001 stated its
intention to exercise its rights of compulsory acquisition
pursuant to Section 215(1) of the Companies Act in the event
that it is entitled to do so.

Compulsory Acquisition Under Section 215(1) of the Companies Act

   OCBC Bank has today given notice (Form 57) in the prescribed
manner pursuant to Section 215(1) of the Companies Act, together
with a cover letter, to the dissenting shareholders of KCH. OCBC
Bank will proceed to acquire the Shares of the Dissenting
Shareholders at a consideration of S$3.65 in cash for each
Share, if the Dissenting Shareholders do not accept the Share
Offer by the Final Closing Date. Copies of the letter are
available on the websites of the Singapore Exchange at and OCBC
Bank at www.ocbc.com.sg.

   OCBC Bank intends to exercise its right of compulsory
acquisition to acquire the Shares on 24th September, 2001, being
one month after today's date (Transfer Date), subject to and on
the terms set out in Form 57.

   In the event that OCBC Bank exercises its right of compulsory
acquisition, on the Transfer Date, OCBC Bank shall pay to KCH
the amount of the consideration representing the price payable
for the Shares that it is acquiring from the Dissenting
Shareholders. Dissenting Shareholders should note that in the
event that any transfer of the Shares to OCBC Bank pursuant
to the compulsory acquisition is made after the book closure
date on 17 September, 2001 for determining entitlement to the
payment of the interim dividend of S$0.04 per Share as announced
by KCH on 6th July, 2001, the aggregate amount of the dividend
payable in respect of those Shares will be deducted from the
consideration payable by OCBC Bank for those Shares.

   The consideration will be credited by KCH into a separate
bank account and held on trust for the Dissenting Shareholders.
Upon payment of the consideration to KCH, KCH will register OCBC
Bank as the holder of the Shares. As soon as practicable after
the Transfer Date, and in any event within three days of that
date, KCH will dispatch the remittance in the form of cheques
for the appropriate amount of the consideration payable in
respect of the Shares of the Dissenting Shareholders to such
Dissenting Shareholders by ordinary post at their own risk to
the addresses appearing in the records of The Central Depository
(Pte) Limited and/or Lim Associates Pte Limited.

Offers Remain Open For Acceptance

   The announcement said offers remain open for acceptance. If
the share offer is accepted after 10th August, 2001 but before
3.30 p.m. on 31st August, 2001, OCBC Bank intends to pay the
revised Offer Share Price of S$3.65 in cash within seven days
from the date of the receipt of valid acceptances. If the Share
Offer is accepted before 3.30 p.m. on 31st August, 2001, the
consideration due to may be received sooner than if OCBC acquire
the Shares compulsorily as described in the announcement.

The announcement was issued by UBS AG, SINGAPORE BRANCH, acting
through its business group UBS Warburg for and on behalf of
OVERSEA-CHINESE BANKING CORPORATION LIMITED 24th August, 2001
Singapore.


KEPPEL CAPITAL: Posts Notice Of Change In OCBC Interests
--------------------------------------------------------
Keppel Capital Holdings Ltd posted a notice of change in
substantial shareholder Oversea-Chinese Banking Corporation
Limited's interests.

Name of substantial shareholder: Oversea-Chinese Banking
                                  Corporation Limited
Date of notice to company:       24 August 2001
Date of change of interest:      23 August 2001
Name of registered holder:       Oversea-Chinese Bank Nominees
                                  Private Limited (1)
                                 Oversea-Chinese Banking
                                  Corporation Limited (2)
Circumstance giving rise to the change: Others
Please specify details:          Oversea-Chinese Banking
Corporation Limited made voluntary conditional cash offers for
all the issued ordinary shares of S$1.00 each in the capital of
Keppel Capital Holdings Limited (KCH) and all the outstanding
listed warrants issued by KCH. The offers were declared to be
unconditional in all respects on 10th August 2001.

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed       Direct
No. of shares held before change: 118,708      1,314,971,627
% of issued share capital:        0.01         95.06
No. of shares held after change:  118,708      1,323,916,362
% of issued share capital:        0.01         95.71
Total shares:                     118,708      1,323,916,362


Shares held in the name
of registered holder        (1) 8,921,128(direct interest) 0.65%
                            (2) 23,607 (direct interest) 0.00%
No of shares of the change :
% of issued share capital :

Amount of consideration per share
(excluding brokerage & stamp duty):  S$3.65
No of shares held before change :
% of issued share capital             (1)               (2)
                                 1,314,680,750        290,877
                                     95.04%             0.02%
No of shares held after change : 1,323,601,878         314,484
% of issued share capital :        95.69%               0.02%

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder Oversea-Chinese Banking Corporation
Limited is 314,484 (0.02%)(scrips form) and under registered
holder Oversea-Chinese Bank Nominees Private Limited is
1,323,601,878 (95.69%) and deemed interest under registered
holder Oversea-Chinese Bank Nominees Private Limited is 118,708
(0.01%). Total interest after change is 95.72%

Percentages are computed based on 1,383,223,575 shares as at 24
Aug 2001.


NATSTEEL LTD: Increases Shareholding In Subsidiary
--------------------------------------------------
NatSteel Ltd announced that it has subscribed for 4,000,000
ordinary shares of S$1 each in the capital of its wholly-owned
subsidiary NatSteel Engineering Pte Ltd. With this new
investment, the issued and paid up capital of NatSteel
Enggineering is S$42,169,000.

NatSteel Engineering is one of the world leaders in the spreader
market. Together with its UK-based subsidiary, NatSteel
Engineering designs and manufactures the RAM brand of container
handling spreaders.

This transaction is funded by internal sources and not expected
to have a material effect on the earnings per share and net
tangible assets per share of NatSteel.

None of the directors or substantial shareholders of NatSteel
has any interest in this transaction.


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


PRASIT PATANA: Subsidiary Ceases Operation
------------------------------------------
Prasit Patana Public Company Limited (Company) revealed the
ceasing of operations of Phyathai Ubol Hospital Company Limited
(Phyathai Ubol), one of  its  subsidiaries, due to illiquidity
and bankruptcy, in addition to the inability to find doctors and
appropriate medical equipment for the level of patient service
required by law.

The decision was approved during the Phyathai Ubol's
Extraordinary Shareholders' Meeting No. 1/2001 on August 23,
2001 at 10:00 am.

Phyathai Ubol, located at 512/3 Chayangkun Road, Nimuang, Muang,
Ubonratthani, is 86.33 percent owned by the Company.


RATTANA REAL: Narrows Q1 2000 Net Loss To Bt80,359
--------------------------------------------------
Rattana Real Estate Public Company Limited posted the 1st
quarter financial statements ending 31 March 2000 as follows:

             RATTANA REAL ESTATE PUBLIC COMPANY LIMITED

Reviewed
(In thousands)       Ending  March 31
                       Quarter 1
                    Year      2000        1999

Net profit (loss)         (80,359)     (102,952)
EPS (baht)                (0.99)        (1.27)

The company explained that the loss in the financial statements
of the 1st quarter results from accounting policies to stopped
capitalized interest of the project  which  can be identified as
follows:

  (1) Interest Expenses               Bt80,951,857.72
  (2) Selling and Administration Expenses   Bt4,467,000.23


SAHAMITR PRESSURE: Posts Board Of Directors' Resolutions
--------------------------------------------------------
The Board of Director's Meeting of Sahamitr Pressure Container
Public Company Limited No. 8/2544 held on August 24, 2001 passed
on the following resolutions:

   (1) The meeting duly considered and unanimously approved the
Board of Director's Minute of Meeting No. 7/2544 held on July 9,
2001.

   (2) The meeting duly considered and unanimously approved The
Rehabilitation Plan.

   (3) The Extraordinary Shareholders Meeting No.1/2001 will be
held on September 28, 2001 ,from 14.00 P.M. at the head office
of Sahamitr Pressure Container Public Company Limited No. 72/9
Moo7, Bangkhuntien-Chaitalay.


THE ROYAL: Business Reorganization Filed In Bankruptcy Court
------------------------------------------------------------
The Petition for Business Reorganization of The Royal Ceramic
Industry Public (DEBTOR), engaged in production and sale of
ceramic, was filed to the Central Bankruptcy Court:

Black Case Number Phor. 7/2543

Red Case Number Phor. 11/2543

Petitioner: THAI FARMER BANK PUBLIC COMPANY LIMITED
          : THE ROYAL CERAMIC INDUSTRY PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor : Bt289,166,243.12

Planner: The Royal Ceramic Industry Public Company Limited

Date of Court Acceptance of the Petition: March 7, 2000

Date of Examining the Petition: April 4, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: April 4, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: April 10, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on May 9, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: August 9, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 1st: September 8, 2000
Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 2nd: October 9, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: November 8, 2000 at 9.30 am. Convention Room no.
1104, 11th Floor Bangkok Insurance Building

The Meeting had a resolution accepting the reorganization plan
Court had issued an order accepting the reorganization plan on
November 24, 2000

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


TUNTEX (THAILAND): Board Raises Capital By Share Issuance
---------------------------------------------------------
Tuntex (Thailand) Public Company Limited (the Company) reported
the resolution of the Board of Directors Meeting No.8/2001 on
August 25, 2001 from 12:30 p.m. to 2.30 p.m. in respect of a
capital increase/share allotment as follows:

   1. Capital increase

The meeting of the Board of Directors passed a resolution
approving the decrease of registered capital of the Company from
Bt2,800,000,000 to Bt2,780,000,000 and the increase of
registered capital of the company from Bt2,780,000,000 to
Bt2,960,000,000, by issuing 18,000,000 ordinary shares
with a par value of Bt10 each, totaling Bt180,000,000.

   2. Allotment of new shares

The meeting of the Board of Directors passed a resolution
approving the allotment of 18,000,000 ordinary shares with par
value of Bt10 each, totaling Bt180,000,000m, the details of
which are as follows:

      2.1  Detail of allotment

   Allotted to                No. of Shares       Note

1. Bangkok Bank PCL.          17,400,000           *

2. Siam Commercial Bank Pcl   600,000              *


* Note:  Sale price, subscription and payment period shall be
fixed by the Board of Directors, to be authorized by the
shareholders meeting.

     2.2   The company's plan in case where there is a fraction
of shares remaining.
           -None-

     2.3   The number of shares remaining from the allotment.
           -None-

   3. Schedule for Shareholders Meeting to approve the capital
increase/allotment.

The Extraordinary General Meeting of Shareholders No.2/2001 is
scheduled to be  held on  September 28, 2001, at 9.30 a.m., at
Conference Room, 8th Floor, BB  Building, 54 Sukhumvit 21,
Wattana, Bangkok.

The share registration will be closed for share transfer in
order to determine the right to attend this Meeting on
September 11, 2001 at noon, until the Meeting has been duly
convened.

   4.  Approval of the capital increase/share allotment by
relevant governmental agency and conditions thereto (if any).
        -None.-

   5. Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase.  The increase is to
comply with the debt restructuring agreement.

   6. Benefits which the company will receive from the capital
increase/share allotment.

      6.1  The banks approved the debt restructure.

      6.2 Decreasing interest burden.

   7. Benefits which the shareholders will receive from the
capital increase/share allotment.

      7.1  Dividend Policy:  the company maintains the dividend
policy to pay out dividend payment to shareholders not less than
40% of the net profit after tax.

      7.2  Subscribers of new shares issued for this capital
increase will be entitled to receive dividends from the
company's business operation after subscription and payment.

   8. Other details necessary for shareholders to approve the
capital increase/share allotment.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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