/raid1/www/Hosts/bankrupt/TCRAP_Public/010830.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, August 30, 2001, Vol. 4, No. 170


                         Headlines


A U S T R A L I A

CABLE & WIRELESS: Shareholders May Get Capital Gains Relief
CABLE & WIRELESS: SingTel Raises 48-50% Shares
FLIGHT WEST: PwC Posts Case Profile
NEWCREST MINING: CBA Increases Stake
PACIFIC DUNLOP: S&P Downgrades Corporate Ratings To `BB+'
PACKAGING HOUSE: Company Director Charged
PASMINCO LTD: S&P Lowers Short-Term Rating To `C'


C H I N A   &   H O N G  K O N G

KAI MEN: Winding Up Petition Hearing Set
MANDARIN RESOURCES: Announces Offers Lapse
MANDARIN RESOURCES: Posts Directors' Resignation
NEWTRON INTERNATIONAL: Hearing Of Winding Up Petition Set
NON-NO FASHION: Winding Up Petition Pending
PACIFIC CENTURY: Warrants Last Day Of Dealings On September 6
SUPERB TECHNOLOGY: Petition To Wind Up


I N D O N E S I A

CHANDRA ASRI: State To Review Restructuring Scheme
INDOCEMENT TUNGGAL: First Half Loss Widens To Rp901.59B
* CDRC Announces Three News Initiatives


J A P A N

GATEWAY INC: To Close Asia-Pacific Operations
SONY CORP: Corporate Rating Revised To Negative, S&P Says


K O R E A

DAEDONG SHIPBUILDING: Court Chooses STX As Preferred Bidder
DAEWOO MOTOR: Deal To Likely Exclude Bupyeong Plant
HYNIX SEMICON: Creditors Plan W6.7B Bailout
HYNIX SEMICONDUCTOR: S&P Downgrades Ratings To `CCC+'
HYUNDAI HEAVY: Sells Stake In Hyundai Motor For W4.5B
HYUNDAI MOTOR: To Take Over 39.2% Stake In Korea Rolling Stock
HYUNDAI PETROCHEMICAL: W400B Debt-Equity Swap In Bailout Plan
HYUNDAI SECURITIES: Union Asks FSC for Better Sale Terms
REGENT FIRE: KDIC Selects Potential Buyer


M A L A Y S I A

CYGAL BERHAD: CIMB Posts Tentative Outline For Proposals
KUALA LUMPUR: Unit KLIB Agrees To Proposed Disposal
S & P FOOD: Shareholders Approve Proposed Scheme Resolutions
TAP RESOURCES: Revises Debt Workout Proposals


P H I L I P P I N E S

COSMOS BOTTLING: RFM Says Sale To Proceed
NATIONAL STEEL: SEC Gives Bidder Guidelines
URBAN BANK: Depositors Ask To Complete 1st Payout Requirements


S I N G A P O R E

CAPITALAND LIMITED: Dilutes Interest In China Club To 48%
KEPPEL CAPITAL: Dealings In The Shares Of OCBC
KEPPEL CAPITAL: Posts Changes In OCBC Interest
KEPPEL CAPITAL: Prima Group Disposes Of All Shares, Warrants
THAKRAL CORPORATION: 8th AGM Resolutions Posted


T H A I L A N D

MEDIA OF MEDIAS: Court Postpones Rehab Consideration Approval
RATTANA REAL: Posts Q2 Ending June 30 Financial Statements
STA MDF: Business Reorganization Filed In Bankruptcy Court
THAI MODERN: States Reasons For Op Performance Increase
TUNTEX (THAILAND): EGM To Be Held On September 28
WONGPAITOOON GROUP: Explains Profit, Loss Variance

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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CABLE & WIRELESS: Shareholders May Get Capital Gains Relief
-----------------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced
Wednesday that as of 7.00pm (Sydney time) acceptances for 33.07
percent of Cable & Wireless Optus Limited's (Optus) ordinary
shares have been received.

Assuming the offer by SingTel's wholly-owned subsidiary SingTel
Australia Investment Ltd (SingTel Australia) goes unconditional
and that Cable & Wireless Plc (C&W) accepts SingTel Australia's
offer for its entire 52.31 percent stake, SingTel Australia will
own 85.38 percent of Optus' shares. At this level of ownership,
eligible accepting Optus shareholders may be able to elect to
receive scrip-for-scrip capital gains tax rollover relief in
respect of any share component of their offer consideration.

Scrip-for-scrip rollover relief may be available to Australian
shareholders who choose the Transfer Alternative and elect the
Share Alternative and the Share and Cash Alternative, but would
not be available to shareholders who choose the Buy-Back
Alternative or who elect the Share, Cash and Bond Alternative. A
general description of some of the taxation consequences of
choices available under the offer is contained in Section 7 of
SingTel Australia's Bidder's Statement.

Commenting on acceptances Lee Hsien Yang said "The acceptance
flow over the past week has increased dramatically, Optus
shareholders seem enthusiastic about SingTel's offer. Assuming
Cable & Wireless Plc accepts for its entire stake, it now
appears likely that eligible Optus shareholders who accept
Singtel's offer will be able to obtain capital gains tax relief
in relation to the SingTel shares they receive as consideration.
This is an extremely positive outcome for Optus shareholders who
become SingTel shareholders as a result of accepting SingTel's
offer."

EDITOR'S NOTE

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 at (011 61) 1800 501 501. If shareholders have any
other questions regarding the Offer, they should call the Optus
Shareholder Information Line at (011 61) 1800 677 678.


CABLE & WIRELESS: SingTel Raises 48-50% Shares
----------------------------------------------
SingTel Australia Investment Ltd increased its relevant interest
in Cable & Wireless Optus Limited on 28/August/2001, from
1,794,340,379 ordinary shares (47.38 percent) to 2,003,559,166
ordinary shares (52.90 percent).


FLIGHT WEST: PwC Posts Case Profile
-----------------------------------
PricewaterhouseCoopers (PwC) posted Flight West Airlines Pty
Ltd's case profile:

Territory    :  Australia
Company Name :  Flight West Airlines Pty Ltd
Lead Partner :  Ian Hall
Case Manager :  Nicholas Carter
Date of Appointment:  19 June 2001
Normal Contact :  Renae Obersky
Contact Phone No :  (07) 3257 5291

PwC Office

Location  :  Brisbane
PO Box  :  GPO Box 150
Street Address :  Waterfront Place, 1 Eagle Street
City   :  BRISBANE
State   :  QLD
Postcode  :  4001
DX   :  DX 77 Brisbane
Phone   :  (07) 3257 5000
Fax   :  (07) 3257 8004
Appointor  :  Members
Registered Office of company:  Pandanus Avenue
EAGLE FARM QLD 4009
Company No / CAN   :  010 718 975
Type of Appointment  :  Liquidator
Lead Partner - Full Name :  Ian R Hall
Second Partner - Full Name :  Peter J Hedge

Case Information

Other Key Information

Report as to Affairs received from directors:
Not applicable for a Members Voluntary Liquidation.

Dates of trading by insolvency practitioner:
The companies ceased trading on 19 June 2001. See press release
in relation to the Agreement between Ansett and Flight West for
ongoing flights.

Business sold/ceased trading:
See above.

Job closure:
To be advised.

Background Information

The business, comprising Flight West Airlines Pty Ltd and
Airline Facilities Pty Ltd, has ceased trading from 19 June 2001
at the time when Directors declared that it was solvent. The
Voluntary Liquidators are moving to realize assets of the
companies to meet creditors claims.

Current status of assignment and actions required by creditors

Members Voluntary Liquidator was appointed 19 June 2001 and is
seeking details of the creditors claims. Creditors should print
out and complete the Proof of Debt available on
www.pwcrecovery.com and return it for assessment.

Next milestone and estimated timetable

First Update

The liquidator has called for proposals from marketing agents
for the marketing and sale of both Flight West Airlines Pty Ltd
and Airline Facilities Pty Ltd assets either as a whole or in
part. Proposals are to be returned to the liquidator by Friday
20 July 2001.

Second Update

The liquidator is in the process of advertising through
newspapers internationally, calling for creditors who have not
already done so, to complete and lodge a proof of debt form
(Form 533, Notice to Submit Particulars of Debt of Claim), in
accordance with the Corporations Law. Claims are required to be
lodged on or before 31 August 2001. For your information, a copy
of the Form 533 can be found in the pwcrecovery database along
with a Proof of Debt form.

Third Update

Steve Padgett of Aeromil has been appointed as exclusive agent
to market the assets. Should any party be interested in the
aircraft, parts or the hangar they can contact Mr Padgett at e-
mail: steve.padgett@aeromil.com.au, telephone 61 7 5448 8700,
Facsimile 61 7 5448 7070.

Likely outcome for creditors and timetable

Based on the Directors' declaration of solvency a return of 100
cents in the dollar is anticipated.


NEWCREST MINING: CBA Increases Stake
------------------------------------
Commonwealth Bank of Australia increased its relevant interest
in Newcrest Mining Limited on 23 August 2001, from 17,435,861
ordinary shares (7.11 percent) to 23,051,333 ordinary shares
(8.24 percent).

The company announced earlier this week 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.


PACIFIC DUNLOP: S&P Downgrades Corporate Ratings To `BB+'
----------------------------------------------------------
Standard & Poor's lowered its corporate credit ratings on
Pacific Dunlop Ltd. (PDL), and the ratings on its guaranteed
senior debt issues and programs, to 'BB+/B' from 'BBB-/A-3'. The
outlook remains negative.

The ratings downgrade reflects:

* PDL's weak credit protection measures during fiscal 2001,
primarily reflecting the company's high debt burden, and weaker-
than-expected operating performance;

* PDL's limited ability to improve prudential measures in the
near term, given weak economic prospects in its key markets;
and,

* The expectation that proceeds from the proposed sale of the
automotive distribution business will be insufficient to
materially improve financial measures.

This ratings action also assumes that the proposed South Pacific
Tyre joint venture agreement with Goodyear Tire & Rubber Co.
(BBB/Negative/A-3) will be finalized in the next 3 months-6
months, on similar terms to those outlined publicly by the
company on Aug. 16, 2001.

"The recent trading performance of PDL's Ansell business,
particularly during the second half fiscal 2001, highlighted its
dependence on industrial production levels in North America, and
its exposure to margin pressure arising from the commodities
nature of some of its product lines," said Jeanette Ward,
director, Standard & Poor's Corporate & Infrastructure Ratings
group. "Although this business is expected to benefit from a
number of recent cost initiatives, including a relocation of
manufacturing capacity away from the U.S., and a consolidation of
back-office functions in Europe, these gains are expected to be
offset by continued weak trading conditions globally in the near
term, particularly in North America."

PDL's Pacific Brands business also was adversely impacted during
the year by a range of external issues, primarily relating to
the introduction of the goods and services tax (GST) in
Australia, and the weak Australian dollar. Although some of
these issues were one-off (for example, the GST), the decline in
margins demonstrated PDL's inability to pass through cost
increases at a pace fast enough to cover its increasing cost
base, as a result of the weaker Australian dollar.

Furthermore, this weaker performance was exacerbated by the
underperformance of one of its key customers, Coles Myer Ltd (A-
/Stable/A-2), which accounts for a significant proportion of
sales in this business. "Accordingly, any significant margin
improvement will most likely need to be derived from an
improving cost position, which poses significant challenges for
management in the medium term. Further, sales volumes also will
likely be impacted by weaker retail activity generally in the
near term."

Standard & Poor's expects PDL's funds from operations-to-debt
ratio to remain in the 15 percent-20 percent range in the next
12 months, and the net-debt (excluding cash which is not
available for debt reduction)-to-EBITDA ratio to remain at about
four times. Although Standard & Poor's considers that the
business profile of PDL incorporating the Pacific Brands and
Ansell businesses could support a 'BBB-' long-term rating, PDL's
debt obligations will likely ensure that credit protection
measures remain more consistent with the lower rating in the
next 12 months-18 months.

The outlook is negative. The outlook primarily reflects the
uncertainty surrounding PDL's asset divestment program,
particularly the sale of Pacific Brands, in terms of timing,
proceeds raised, and the application of those proceeds. "As PDL
narrows its business focus, a more conservative debt profile is
essential to maintain its rating. Furthermore, the uncertain
global economic outlook in the next 12 months-18 months is
expected to limit PDL's ability to fund significant debt
reduction from cash flow, and could undermine the extent of cost
savings associated with recent restructuring initiatives."


PACKAGING HOUSE: Company Director Charged
------------------------------------------
Leon Theoharopoulos appeared in the Melbourne Magistrates Court
on 48 charges asserted by the Australian Securities and
Investments Commission (ASIC) relating to his involvement as a
director of the failed company Packaging House Pty Ltd.

Theoharopoulos, 35, of Patterson Lakes Victoria, has been
charged with obtaining a financial advantage by deception from
the National Australia Bank and also with false accounting
involving approximately $165,000.

The case was adjourned for a committal mention hearing on 16
October 2001.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


PASMINCO LTD: S&P Lowers Short-Term Rating To `C'
-------------------------------------------------
Standard & Poor's lowered its long-term corporate credit rating
to single-'B' from double-'B'-minus and short-term rating to
single-'C' from single-'B' on Pasminco Ltd. The long-term rating
remains on CreditWatch with negative implications where it was
placed on July 2, 2001.

Liquidity support provided by Pasminco's bankers is essential to
the company's continued commercial survival. In particular, the
company's announcement on July 20, 2001, that it would
restructure its operations and balance sheet by selling its
Australian zinc/lead mining assets, has required support from
the company's lenders given the size and value of the
transaction.

Standard & Poor's believes that the company's current
discussions with key relationship lenders could lead to a
general consolidation and rescheduling of all debt facilities.
However, at the current rating, Pasminco's exposure to adverse
business, financial, or economic conditions is significantly
heightened.

The recent ratings downgrades reflects Pasminco's poor profit
performance; restrictive foreign currency hedge position; and
high debt levels arising from the company's growth strategy,
principally the acquisition of Savage Resources Ltd. in February
1999, and the development of the Century zinc/lead mine in
Queensland. The company is proposing to sell its four Australian
zinc/lead mining operations, as well as its zinc/lead
development project at Dugald River in Queensland. The mines to
be divested include the company's world-class Century zinc/lead
mine, with capacity for five million tonnes of ore per year and
a mine life of about 20 years. In addition, the Broken Hill,
Elura, and Rosebery mines are to be divested. Sales proceeds are
to be applied to debt reduction.

Pasminco's total financial indebtedness currently stands at
A$2.7 billion (including A$230 million off-balance-sheet lease
obligations), of which A$867 million relates to the company's
foreign exchange hedge position. The company has a near-term
debt maturity profile, with about A$230 million of debt
facilities maturing by June 2002. Its next debt repayment for
about US$17.5 million falls due in January 2002 and is expected
to be serviced by existing cash flow and cash balances.

The CreditWatch will be resolved on determination of Pasminco's
debt-refinancing and long-term capital structure following
receipt of funds from the proposed asset sales. The long-term
rating could be lowered further if the company is unable to
complete its asset sale program within a reasonable time frame,
or if the liquidity support provided by bank lenders is
withdrawn.


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C H I N A   &   H O N G  K O N G
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KAI MEN: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Kai Men Tai International Limited is
scheduled for hearing before the High Court of Hong Kong on
September 12, 2001 at 9:30 am. The China and South Sea Bank,
Limited, whose principal place of business of its Hong Kong
Branch is situated at 136 Des Voeux Road Central, filed the
petition on June 27, 2001 in Hong Kong.


MANDARIN RESOURCES: Announces Offers Lapse
------------------------------------------
Mandarin Resources Corporation Limited (MRC or the Company)
revealed the offer by First Securities (HK) Limited, on behalf
of 369 Productions Limited, to acquire all the shares in the
entire issued share capital of MRC, other than those already
owned by the Offeror (Offers) lapsed at 9:30 a.m. Wednesday,
29th August, 2001.

As at 4:00 p.m. Tuesday, 28th August, 2001, 13 valid acceptances
of the Share Offer in respect to 15,400,000 Shares, representing
approximately 1.71 percent of the issued share capital of MRC,
have been received by the Offeror and 5 valid acceptances of the
Option Offer in respect to 17,700,000 Options (the Shares
issuable upon the exercise of such Options representing
approximately 1.97 percent of the existing issued share capital
of MRC) have been received by the Offeror for cancellation.

The Share Offer is subject to and conditional upon valid
acceptances having been received (and not, where permitted,
withdrawn) at or before 4:00 p.m. on Tuesday, 28th August, 2001,
the date immediately prior to the First Closing Date (being
Wednesday, 29th August, 2001) in respect to the Shares which,
together with the Shares held by the Offeror and/or parties
acting in concert with it, constitute more than 50 percent of
the entire issued share capital of MRC and which carry more than
50 percent of the voting rights generally exercisable at general
meeting of MRC.

The Option Offer is subject to and conditional upon the Share
Offer becoming unconditional in all respects. Valid acceptances
of the Offers in respect of only 15,400,000 Shares have been
received by 4:00 p.m. on Tuesday, 28th August, 2001. Taking into
account these 15,400,000 Shares tendered for acceptance under
the Share Offer, the Offeror and parties acting in concert with
it will be interested in 315,400,000 Shares, representing
approximately 35.03 percent of the issued share capital of the
Company and of the voting rights which may be exercised at
general meetings of the Company, and therefore the condition to
the Offers will not be fulfilled by the First Closing Date and
accordingly, the Offers lapsed at 9:30 a.m. Wednesday, 29th
August, 2001.

As the Offers will not become unconditional, the Share
certificates and/or Options certificates and/or transfer
receipts and/or any other documents of title (and/or
satisfactory indemnity or indemnities in respect thereof),
together with the forms of acceptance and transfer and forms of
acceptance and cancellation, will be returned to Shareholders
and Option holders (as appropriate) by ordinary post at their
own risk.


MANDARIN RESOURCES: Posts Directors' Resignation
------------------------------------------------
Mandarin Resources Corporation Limited (MRC or the Company)
announced that So Yiu Cho, James, Yau Tak Fu, Chan Sze Tsung,
Lee Kwok Leung, Tsang Wai Kwok and Ho Kai Wa, Francis, have
tendered their respective resignations as Director, effective
from the First Closing Date or the Unconditional Date, whichever
is later, or such earlier date with the consent of the
Executive.

Such resignations were approved by the Board in a Board meeting
held on 21st July, 2001. Given that the Offers will lapse on
29th August, 2001, the Board would like to inform Shareholders
that the above resignations will take effect on 29th August,
2001.

As disclosed in the Offeree Document dated 14th August, 2001 and
in accordance with the minutes of the Board meeting held on 21st
July, 2001, the Board noted that Yeung Kang Lam and Yau Wai Fan
had both given verbal indications that they would resign as
Directors and that the Board had resolved that the resignations
of these two Directors be accepted and approved subject to the
receipt of the duly executed letter of resignation from each of
them. However, as of the date of this announcement, the Board
had still not received any letter of resignation from either
Yeung or Yau.


NEWTRON INTERNATIONAL: Hearing Of Winding Up Petition Set
---------------------------------------------------------
The petition to wind up Newtron International Limited is
scheduled before the High Court of Hong Kong on September 12,
2001 at 9:30 am.

The petition was filed on June 26, 2001 by The China and South
Sea Bank, Limited, whose Hong Kong Branch principal place of
business is 136 Des Voeux Road Central, Hong Kong.


NON-NO FASHION: Winding Up Petition Pending
-------------------------------------------
Non-no Fashion Wholesale Limited is facing a winding up
petition, slated before the High Court of Hong Kong on September
26, 2001 at 9:30 am.

The petition was filed on July 9, 2001 by Chung Kam Wing and Shu
Man Lee both of Flat A, 8th Floor, No. 98 Broadway, Mei Foo Sun
Chuen, Kowloon, Hong Kong.


PACIFIC CENTURY: Warrants Last Day Of Dealings On September 6
-------------------------------------------------------------
Pacific Century CyberWorks Limited advised market participants
to note that dealings in the 2001 European style cash settled
call warrants relating to issued ordinary  shares of HK$0.05
each in Pacific Century CyberWorks Limited issued by Credit
Lyonnais Financial Products (Guernsey) Limited (stock code:
2229) will cease after the close of business on Friday,
31/August/2001 and listing of which will be withdrawn after the
close of business on Thursday, 6/September/2001.


SUPERB TECHNOLOGY: Petition To Wind Up
--------------------------------------
The petition to wind up Superb Technology Limited is set for
hearing before the High Court of Hong Kong on September 19, 2001
at 9:30 am. The petition was filed with the court on June 18,
2001 by the Company whose registered office is situated at 6th
Floor, Lee On Industrial Building, No. 70 Hung To Road, Kwun
Tong, Kowloon, Hong Kong.


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I N D O N E S I A
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CHANDRA ASRI: State To Review Restructuring Scheme
--------------------------------------------------
The government will review the debt-restructuring scheme of PT
Chandra Asri Petrochemical Center to ensure it will not cause a
loss for the government, IndoExchange News reported Tuesday
citing State Minister for State-Owned Enterprises Laksamana
Sukardi.

Laksamana stated the company's restructuring process has the
potential to bring losses for the country and benefit Japanese
creditors more, namely Marubeni Corp.

IBRA's supervisory committee also said that the company 's
restructuring scheme violated rules set by Financial Sector
Policy Committee (FSPC).

Laksamana said that the government would observe and respond to
the report issued by IBRA's Oversight Committee. The government
would also find the best solution in the restructurization
scheme.

However, Laksamana also admitted that the government would still
observe the Japanese creditor's interest because commercially,
the company's debt was difficult to restructure.

"So besides commercial reasons, a political decision is also
needed in Chandra Asri case," he said.
IBRA took over $513.6 million in Chandra Asri debt after the
banking sector collapsed in 1997. Japanese creditors led by
Marubeni have $723.6 million in debt with the petrochemical
company, formerly owned by businessman Prajogo Pangestu.


INDOCEMENT TUNGGAL: First Half Loss Widens To Rp901.59B
-------------------------------------------------------
PT Indocement Tunggal Prakarsa broadened its first half loss to
Rp901.59 billion from Rp743.04 billion a year-ago period due to
large foreign exchange loss of Rp1.38 trillion, Asian Wall
Street Journal reported Wednesday.

The company said the rupiah deflated considerably to Rp11,440
against the dollar as of June 30 this year compared with Rp8,735
the same time last year.

Company President Director Daniel Lavalle said the company will
now focus on cement operations and will spin off some non-core
assets in the near future to improve its debt to equity ratio.

PT Heidelberger Zement AG bought shares in the company in April
from IBRA and PT Holdiko Perkasa. It also subscribed to all the
shares that the company offered in a rights issue.


* CDRC Announces Three News Initiatives
---------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced
three new initiatives, which are expected to intensify the
restructuring efforts under its purview.  In a joint media and
analyst briefing today, Dato' Azman Yahya, Chairman of CDRC,
spelt out details of the three initiatives.

The first initiative is the expansion of CDRC to include
representatives from Danaharta and the Federation of Public
Listed Companies.  This will allow the relevant sectors to be
well represented on CDRC, namely the financial institutions, the
corporate sector, the NPL resolution agency, the regulators and
the government.

The revamped membership of CDRC, appointed by the Governor of
Bank Negara Malaysia effective 1 August 2001, is as follows:

1. Dato' Azman Yahya (Chairman)

2. Dato' Ismail Shahudin (The Association of Banks in Malaysia)

3. Mr. Michael Hague (The Association of Banks in Malaysia)

4. Mr. Cheah Tek Kuang (Association of Merchant Banks in
Malaysia)

5. Dato' Megat Najmuddin Khas (Federation of Public Listed
Companies)

6. Encik Mohd Razif Abdul Kadir (Bank Negara Malaysia)

7. Puan Nor Shamsiah Yunus (Bank Negara Malaysia)

8. Encik Abdul Hamidy Hafiz (Pengurusan Danaharta Nasional
Berhad)

9. Encik Rahim Mokti (Ministry of Finance)

The second initiative involves changes to the framework and
approach of CDRC.

"CDRC has already restructured a big portion of its cases, but
there is still a lot to be done.  The changes to CDRC's approach
take into account the need to accelerate restructuring efforts
in the country as well as present market conditions," said Dato'
Azman.

"For example, we have established a timeline for restructuring
which requires the commitment of all parties concerned.  The
evaluation by CDRC and the formation of a Creditors' Steering
Committee will take place over one month.  The next three months
will then cover the appointment of scheme advisors and
solicitors, as well as the formulation of the workout proposal
and its approval by creditors.  Thereafter, the workout proposal
will be implemented," Dato' Azman added.

The revised framework also addresses the need to discipline both
borrowers and creditor banks.  Dato' Azman stated, "There has to
be more commitment from the borrowers to carry out operational
restructuring in addition to debt restructuring.  On the other
hand, creditor banks need to be more realistic in their recovery
expectations.  Both borrowers and bankers need to know where
they stand and they must take appropriate haircuts to ensure the
viability of the restructuring schemes."

The final initiative is in the area of disclosure and reporting.
The CDRC will issue a quarterly update on its progress to keep
the market abreast of its restructuring efforts.  In addition, a
more comprehensive reporting of the corporate borrowers and the
progress of restructuring will now be made available.

CDRC is not expected to receive many more applications.  This is
due in part to changes in the criteria for acceptance by CDRC.
The aggregate borrowings of the borrower must be a minimum of
RM100 million, compared to RM50 million previously.  In
addition, the borrower must have exposure to at least five
creditor banks as opposed to two creditor banks previously.


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J A P A N
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GATEWAY INC: To Close Asia-Pacific Operations
---------------------------------------------
U.S. computer maker Gateway Inc. on Tuesday announced a drastic
streamlining program, including shutting down its operations in
Japan and other Asia-Pacific countries like Malaysia, Singapore,
Australia and New Zealand, in order to focus on its core
business in the US, BBC News reported.

The restructuring will incur a charge of about $475m in the
third quarter of the year, but should then save the company
$300m a year.

The troubled computer maker will make announcement by next month
whether it will shelve European operations as well.

The firm suffered $9m losses in the second quarter of this year
due to weak demand and an strong price war with its rivals.

"We are planning to win by building a lean, nimble organization
that is unified and focused on our customer base," Gateway Chief
Ted Waitt said.


SONY CORP: Corporate Rating Revised To Negative, S&P Says
---------------------------------------------------------
Standard & Poor's revised the outlook on its long-term corporate
credit ratings on Sony Corp. and related entities Sony Capital
Corp. and Sony Europe Finance PLC to negative from stable. At
the same time, Standard & Poor's affirmed its single-'A'-plus
long-term and 'A-1' short-term ratings on the companies.

The outlook revision reflects concerns that ongoing weakness in
the global electronics market could prevent Sony from meeting
its profit targets. Although profitability is recovering in the
game business, this recovery could falter amid fierce
competition and may not be sufficient to offset weakness in the
electronics segment.

Sony's profitability in the electronics segment has deteriorated
over the past few months, especially in digital and
communications products such as mobile phones, components,
displays, and semiconductors.

The company has revised its projected total sales for fiscal
2001 (ending March 2002) to 7,700 billion from 8,000 billion;
its operating profits to 250 billion from 300 billion; and its
net income to 90 billion from 150 billion. Nevertheless,
Standard & Poor's is concerned that Sony will find it difficult
to meet even these new targets within the planned time-frame,
given the persistent downturn in demand in the electronics
market.

OUTLOOK: NEGATIVE

The rating on Sony could be lowered if the company is unable to
meet its revised profitability projections, and if its strong
cash flow generation is threatened.


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


DAEDONG SHIPBUILDING: Court Chooses STX As Preferred Bidder
-----------------------------------------------------------
STX, formerly Ssangyong Heavy Industries, has been chosen as the
preferred bidder for Daedong Shipbuilding Co., which is now
under court receivership, Korea Herald reported Thursday.

The Seoul District Court has named STX for negotiations on its
sale, instead of Hanjin Heavy Industries, which was regarded as
a strong takeover candidate.

STX, which outbid Hanjin, will conduct a due diligence
investigation of Daedong before starting negotiations on final
takeover terms.

The report said Daedong, which is based in Jinhae, South
Gyeosang Province, is the nation's 7th largest dockyard. Put
under court receivership in 1997, Daedong earned 326 billion won
in sales last year. Its order backlog amounted to 38 ships or
1.1 million gross tons as of the end of last month.

STX is a manufacturer of diesel engines for vessels. It won
orders worth 120 billion won during the first quarter of the
year, up 95 percent from the same period last year.


DAEWOO MOTOR: Deal To Likely Exclude Bupyeong Plant
---------------------------------------------------
Daewoo Motor's Bupyeong car plant is likely to be excluded from
a takeover deal with General Motors, Korea Herald reported on
August 29, which quoted a top policymaker.

Kim Jin-pyo, vice minister of finance and economy, reportedly
said the Korean government is considering commissioning a third-
party foreign company to run the Bupyeong plant. Hyundai Motor
is not necessarily the sole candidate for the commission
management, he added. He then reiterated that Seoul is trying to
wrap up talks to sell Daewoo to GM by the end of the third
quarter at the latest.


HYNIX SEMICON: Creditors Plan W6.7B Bailout
-------------------------------------------
Hynix Semiconductor Inc's creditors plan to provide financial
aid of over W6.7 trillion, including a W3 trillion debt-for-
equity swap to keep the troubled chipmaker afloat, Korea herald
reported on August 29.

The firm's bailout program unveiled yesterday expects Hynix will
have a liquidity of only W104 billion even after the planned
debt-for-equity swap is granted. The distressed company will
suffer a cash shortage of 1.6 trillion won next year as its
bonds worth 2.3 trillion won are scheduled to mature.

The rescue plan, drawn up by main creditor Korea Exchange Bank
and proposed to the creditors, raised the possibility that Hynix
would be placed under court receivership should creditors fail
to agree on the bailout package or chip prices drop further down
the road. The presidents of Hynix's creditor banks are scheduled
to meet Thursday at the earliest to discuss the rescue plan.

Leasing companies reportedly are required to extend W523 billion
in financial support to the embattled chipmaker, while the Korea
Credit Guarantee Fund and the Korea Export Insurance Corp.
should provide financial aid of W718 billion and W780 billion,
respectively.

Should the bailout be completed, Hynix's debt-to-equity ratio
would fall to 132.5 percent at the end of this year and unless a
debt-for-equity swap is granted to Hynix, its debt-to-equity
ratio would stand at 245.8 percent, far higher than the 66.1
percent of Samsung Electronics Co and 46.6 percent of Micron
Technology.

As a way of completing the debt-for-equity swap, the rescue plan
proposed a rights offering under which Hynix's new shares would
be issued at the market price.

If the proposed debt-for-equity swap is conducted, the creditors
will call strongly on Hynix to implement its own self-rescue
program. Hynix has vowed to sell assets worth 1.195 trillion won
by June next year in order to escape from its liquidity crisis.


HYNIX SEMICONDUCTOR: S&P Downgrades Ratings To `CCC+'
----------------------------------------------------
Standard & Poor's lowered its long-term ratings on Korean-based
Hynix Semiconductor Inc. and its subsidiary Hynix Semiconductor
Manufacturing America Inc. (HSMA) to triple-'C'-plus from
single-'B'.

The ratings remain on CreditWatch, where they were placed with
negative implications on Aug. 21, 2001.

The downgrades are prompted by reports that Korea Exchange Bank,
Hynix's main creditor bank, together with other creditor banks,
is considering debt-for-equity swaps and various other types of
financial support for the company.

Should the new financial support package include a debt-for-
equity swap (a measure that Hynix reportedly strongly opposes)
or any other terms that are detrimental to some classes of
creditors, the issuer credit ratings on Hynix and HSMA will be
revised to 'SD' (selective default).

The issue rating on HSMA's notes due 2004 and 2007 may be
adjusted, depending on the exact terms of the refinancing
package. RATINGS LOWERED, STILL ON CREDITWATCH NEGATIVE Hynix
Semiconductor Inc. Corp credit rating CCC+ Hynix Semiconductor
Manufacturing America Inc. Corp credit rating CCC+ Senior
secured debt CCC+


HYUNDAI HEAVY: Sells Stake In Hyundai Motor For W4.5B
-----------------------------------------------------
Hyundai Heavy Industries sold its 558,713 equity shares in
Hyundai Motor Company on August 28, 2001 for W4,460,103,340,
bringing the company's equity sale of Hyundai Motor to
W19,090,797,710, Korea Inc reported on Tuesday.

Hyundai Motor, which has issued a total of 284,290,848 shares,
is capitalized at 1,476,454,000,000 won.


HYUNDAI MOTOR: To Take Over 39.2% Stake In Korea Rolling Stock
--------------------------------------------------------------
Hyundai Motor is poised to take over a controlling 39.2 percent
stake in Korea Rolling Stock Corp from Daewoo Heavy Industries &
Machinery, Korea Herald reported on August 29, which quoted
Hyundai Securities.

Hyundai Mobis has so far engaged in the equity purchase
negotiations for the train-car manufacturer but it is Hyundai
Motor that will eventually buy the stakes, valued at 15 billion
won ($117 million), said the brokerage.

Korea Rolling Stock is expected to generate about W15 billion in
net profit this year, posting a return on equity of 7.7 percent,
compared with Hyundai Motor's 15 percent.

"The looming deal to acquire the train coach maker appears
unattractive to investors. Considering abundant business
opportunities abroad and ongoing restructuring, it could
eventually prove an attractive investment," said the
report.


HYUNDAI PETROCHEMICAL: W400B Debt-Equity Swap In Bailout Plan
-------------------------------------------------------------
Hyundai Petrochemical Co's main creditor Hanvit Bank disclosed a
bailout program for the company that calls for a debt-for-equity
swap of around W400 billion won, Korea Herald reported Thursday.

The rescue plan also proposes the creditors roll over a total of
W1.8 trillion in their loans to the distressed company for the
next three years. Hanvit plans to call a creditor meeting again
next month to finalize the bailout program.

Unless investment trust management companies participate in the
proposed bailout, Hanvit and other creditor banks are set to put
Hyundai Petrochemical under court receivership in order to keep
the company afloat.

The bailout program reportedly stipulates that creditor banks
should grant a debt-for-equity swap of W312 billion to Hyundai
Petrochemical, while non-bank creditors, excluding investment
trust management firms, should convert their loans of W88
billion into equity.

Before the debt-for-equity swap arrangement is implemented,
stakes of large shareholders in Hyundai Petrochemical should be
written off. Creditor banks will urge investment trust
management companies to roll over their holdings of Hyundai
Petrochemical bonds worth W560 billion for three years.

In addition, the creditor banks will request Hyundai Corp. and
other Hyundai companies to extend the maturity of W230 billion
of their loans to Hyundai Petrochemical for three years.


HYUNDAI SECURITIES: Union Asks FSC for Better Sale Terms
--------------------------------------------------------
The Hyundai Securities union Tuesday held a meeting demanding
the Financial Supervisory Commission (FSC) to argue for better
terms on the sale of its stake to the American International
Group (AIG)-led consortium, with Hyundai Securities
participating in the renegotiations, Korea Herald reported
Thursday.

The board or directors agreed Wednesday to sell off the
brokerage's preferred shares at W8,940 per share, with the 400
billion obtained through this transaction to be reinvested in
ailing Hyundai Investment Trust & Securities. However, the
consortium, on the same day, expressed its dissatisfaction with
the set price, demanding it be lowered to W7,000.

"We are still against reinvesting the W400 billion in HITS, and
we want the AIG-led consortium to know that we will not lower
the price of our preferred stocks any lower than the set
W8,940," a union member said. The union said it considers the
appropriate price of its preferred shares to be W12,000.

"In addition, we believe that the voting rights endowed upon the
preferred stocks AIG acquires and a fixed 5 percent dividend are
all conditions unfair to Hyundai Securities, which is why we are
demanding re-negotiations," the unionized worker said.

AIG-consortium, on the other hand, contends that Hyundai
Securities initially promised a share price of 7,000 won, while
Hyundai Securities says the consortium is simply haggling to
gain a bigger stake in the brokerage.


REGENT FIRE: KDIC Selects Potential Buyer
-----------------------------------------
Korea Deposit Insurance Corp (KDIC) said Tuesday it has selected
Future & Environment Co, a company running sanitary landfills,
as a potential buyer for Regent Fire. KDIC is to sign a
memorandum of understanding with Future & Environment and
initiate due diligence over Regent Fire, Korea Herald reported
on August 29.

Mirsat Co, a local satellite broadcasting company, was initially
selected as a candidate to buy Regent Fire, but the government
abandoned the talks with Mirsat.


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


CYGAL BERHAD: CIMB Posts Tentative Outline For Proposals
--------------------------------------------------------
On behalf of the Board of Directors of Cygal Berhad, Commerce
International Merchant Bankers Berhad (CIMB) announced the
tentative timeline for the implementation of the Proposals,
details of which are set out in
http://www.bankrupt.com/misc/Cygal_Berhad.html


KUALA LUMPUR: Unit KLIB Agrees To Proposed Disposal
---------------------------------------------------
The Special Administrators of Kuala Lumpur Industries Holdings
Berhad (KLIH or the Company) informed that Kuala Lumpur
Industries Berhad (KLIB), a wholly owned subsidiary of KLIH, has
accepted a cash offer of RM80 million by Talasco Insurance
Berhad (Talasco) for 100 percent of People's Insurance Co. (M)
Berhad (PICM),(Proposed Disposal). PICM and Talasco are wholly
owned subsidiaries of KLIB and Idris Hydraulic (Malaysia) Berhad
(Idris) respectively.

The Proposed Disposal is subject to the execution of a
conditional share sale agreement between KLIB and Talasco. A
full announcement setting out the terms of the Proposed Disposal
will be made upon execution of the said share sale agreement.

The Proposed Disposal is also subject to approvals being
obtained from the following:

   (i) Bank Negara Malaysia;

   (ii) the Securities Commission, if required;

   (iii) the Foreign Investment Committee;

   (iv) the secured creditors of KLIB pursuant to a workout
proposal under the Pengurusan Danaharta Nasional Berhad Act,
1998;

   (v) the shareholders of Talasco and/or Idris; and

   (vi) any other approvals or consents including but not
limited to the approvals of any other relevant authorities.


S & P FOOD: Shareholders Approve Proposed Scheme Resolutions
------------------------------------------------------------
On behalf of S & P Food Industries (M) Bhd. (SPF or the
Company), Commerce International Merchant Bankers Berhad (CIMB)
announced that the shareholders of SPF have approved the
resolution pertaining to the Proposed Scheme of Arrangement at
the meeting convened pursuant to an order of the High Court of
Malaya under Section 176 of the Companies Act, 1965 held on 28
August 2001.

In addition, CIMB is also pleased to announce on behalf of SPF
that the Special Resolution pertaining to the Proposed Capital
Reduction and the Ordinary Resolutions pertaining to the
Proposed Debt Restructuring, Proposed Claim Settlement, Proposed
Acquisitions, Proposed Capitalization of Debts, Proposed
Shareholders' Advance and Proposed Disposal of Existing Business
were approved by the shareholders of SPF at the Extraordinary
General Meeting held on 28 August 2001.


TAP RESOURCES: Revises Debt Workout Proposals
---------------------------------------------
The Board of Directors of TAP Resources Berhad (TAP) announced a
revised proposal as follows:

   (a) proposed restructuring of debts owing by TAP and its
subsidiary companies (TAP Group") to financial institutions and
trade and other creditors by the issuance of:

     (i) approximately RM34,909,813 nominal amount of 5 percent
3-year redeemable convertible secured loan stocks ("RCSLS") to
financial institutions; and

     (ii) approximately RM43,178,831 nominal amount of 2 percent
3-year irredeemable convertible unsecured loan stocks ("ICULS")
to trade and other creditors

at 100 percent of its nominal value as full and final settlement
of the loans and amount owing; ("Proposed Debt Restructuring")

   (b) proposed waiver of the profit guarantee for the financial
year ended 30 April 2000 amounting to RM16,716,000 ("Proposed
Profit Guarantee Waiver") via a proposed renounceable rights
issue of 29,332,666 new shares ("rights shares") to shareholders
of TAP on the basis of 2 new shares for every 3 existing shares
held at an issue price to be determined ("Proposed Rights
Issue"), whereby the guarantors will subsidies RM0.57 per rights
share as compensation for the Proposed Profit Guarantee Waiver.

hereinafter referred to as the "Proposals".

THE PROPOSED DEBT RESTRUCTURING

The Proposed Debt Restructuring involves the following debts
owing to financial institutions and trade and other creditors by
the TAP Group:

   (i) amount owing to financial institutions at the pre-
determined cut-off date of 30 April 2002 totaling an estimated
RM34,909,813; and

   (ii) amount owing to trade and other creditors at the
predetermined cut-off date of 30 October 1999 totaling
RM43,178,813.

The estimated amount owing to financial institutions of
RM34,909,813 will be converted into RM34,909,813 nominal amount
of 5 percent 3-year RCSLS on the basis of RM1.00 nominal value
of RCSLS for every RM1.00 of debt owing as at 30 April 2002.

The total amount owing to trade and other creditors of
RM43,178,813 will be converted into RM43,178,813 nominal amount
2 percent 3-year ICULS on the basis of RM1.00 nominal value of
ICULS for every RM1.00 of debt owing as at 31 October 1999.

The principal terms of the RCSLS and ICULS, as set out in the
announcement to the Kuala Lumpur Stock Exchange ("KLSE") on 25
February 2000 remain the same save for the conversion price of
the RCSLS and ICULS, which shall be determined at a later date
based on the guidelines of the SC.

PROPOSED PROFIT GUARANTEE WAIVER AND PROPOSED RIGHTS ISSUE

To compensate the Company and the minority shareholders of TAP
for the loss of their share of the guaranteed profits as a
result of the Proposed Profit Guarantee Waiver, the Guarantors
have proposed that TAP undertakes the renounceable rights issue
of 29,332,666 new shares on the basis of 2 new shares for every
3 existing shares held at an issue price to be determined
whereby the guarantors will subsidize RM0.57 per rights share as
compensation for the Proposed Profit Guarantee Waiver. Assuming
the issue price is fixed at RM1.00 per rights share, the
shareholders of TAP will only pay the balance of RM0.43 per
rights share subscribed.

The issue price of the rights shares will be decided at a later
date after approval has been obtained from the SC for the
Proposed Rights Issue.

The rights shares shall, upon allotment and issue, rank pari
passu in all respects with the existing issued shares of the
Company except that they shall not be entitled to any dividends
and/or distributions, the entitlement date for which is before
the date of allotment of the rights shares.

As announced previously, the proceeds to be raised from the
Proposed Rights Issue will be utilized as part settlement of
amount owing to preferential creditors, working capital and to
defray expenses relating to the Proposals.

TAP will endeavor to obtain irrevocable written undertaking from
its substantial shareholders to subscribe in full for their
rights entitlement. Arrangement will be made for the
underwriting of the rights shares not covered by irrevocable
written undertakings.

The Proposed Profit Guarantee Waiver and the Proposed Rights
Issue is conditional upon the Proposed Debt Restructuring.

REVISED FINANCIAL EFFECTS

The financial effects arising from the abovesaid proposed
revisions are as follows:

On earnings

The Proposals are not expected to have any effect on the
earnings of the TAP Group for the financial year ending 30 April
2002 as it is only expected to be completed after the financial
year ending 30 April 2002.

The Proposed Rights Issue and the Proposed Debt Restructuring
are expected to reduce the losses of the TAP Group in the future
through, inter-alia, interest savings arising from the
settlement of the debts owing to the Lenders.

For effects on share capital, net tangible assets (NTA) and
substantial shareholders, check
http://www.bankrupt.com/misc/TAP_FinancialEffects.doc

DIRECTORS' RECOMMENDATION

After due consideration, the Board of Directors of TAP is of the
opinion that the Proposals are in the best interest of the
Company and its shareholders.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors, substantial shareholders of TAP nor
persons connected to them has an interest, whether directly or
indirectly, in the Proposed Debt Restructuring.

Save for Mr Cho See Yoo, who is a director of TAP and one of the
Guarantors, none of the other directors of TAP has any interest,
direct or indirect in the Proposed Profit Guarantee Waiver and
Proposed Rights Issue. Mr Cho See Yoo has and will abstain from
all Board deliberations with regards to the Proposed Profit
Guarantee Waiver and Proposed Rights Issue and will also abstain
from voting at the Extraordinary General Meeting in respect of
the resolutions pertaining to the same.


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


COSMOS BOTTLING: RFM Says Sale To Proceed
-----------------------------------------
The sale of Cosmos Bottling to San Miguel Corp will proceed as
it has not been served a court order to stop the process, ABS-
CBN reported on August 28, which quoted RFM Corp Tuesday.

The court's 17 days' extension of the order temporarily halting
the sale process of Cosmos Bottling Corp to San Miguel
encompassed a period during which San Miguel's due diligence on
Cosmos was supposed to be completed.

"The due diligence will continue. We have not gotten any
reaction from San Miguel. The due diligence is expected to be
completed by mid-September," RFM legal counsel Cristina Reyes
told Reuters.


NATIONAL STEEL: SEC Gives Bidder Guidelines
-------------------------------------------
The Securities and Exchange Commission (SEC) imposed a P500
million-performance bond, to cover the lease payment for the
facilities and payment for power, water and insurance expenses
for one year, on groups vying to lease and operate the
facilities of National Steel Corp (NSC) in Iligan.

This rule is contained in the NSC bidding guidelines released
Tuesday by the SEC, which leads the government body tasked to
oversee the revival of the steel company. Bidders are given up
to September 21 to submit their offers, Inquirer News Service
reported on August 28.

Swiss metal trader Glencore International, Cathay Pacific Steel
Co and Allengoal Steel Fabrication & Trading were the short-
listed bidders. The lease contract involves the rehabilitation,
operation and maintenance of all or any of NSC's facilities,
such as hot mill plant, cold mill plant, electrolytic tinning
line, billet shop and all ancillary facilities.

Adequate financial capability to sustain the requirements of the
project is one requirement for proponents. A bidder is required
to place a PhP500 million deposit to be held in escrow in a
reputable bank or financing institution. On completion of the
plant rehabilitation and immediately before operation of the
plant, a proponent is to turn over an operation performance
security in the form of cash, manager's check, standby letter of
credit or bank guarantee equivalent to the 500 million pesos.

Among others, the proposal should contain two components -
technical and financial offers. The technical offer should
address the rehabilitation and operation phases of the project
while the financial offer should contain the lease price.

"Bidders must indicate the proposed life for the lease of the
plant. In addition, they should disclose plans, if any, for the
plant after the expiry of the lease. These plans may include an
extension of the lease of total or partial acquisition of the
plant. In the case of an acquisition option, an investment
structure should accompany the offer."


URBAN BANK: Depositors Ask To Complete 1st Payout Requirements
---------------------------------------------------------------
Urban Bank depositors asked to complete the requirements for
first settlement of up to P500,000 each beginning this September
14, according to Exportbank president Benjamin P.Castillo. The
funds for the first payout, Castillo said, have been turned over
by the Philippine Deposit Insurance Corp (PDIC). The NAUD
likewise joined Exportbank's call for completion of
documentation requirements. (Philippine Star, Manila Times,
Manila Standard, and Malaya as researched by PDIC Newscan 8/28)


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


CAPITALAND LIMITED: Dilutes Interest In China Club To 48%
---------------------------------------------------------
CapitaLand Limited announced its wholly-owned subsidiary,
Westbond Investments Pte Ltd has diluted its interest in China
Club Investment Pte Ltd (CCIPL) from 54.4 percent to 48 percent.

The dilution arose from CCIPL's allotment of 705,909 new
ordinary shares of S$0.20 each to China Investment
Incorporations (BVI) Limited, an unrelated party of CapitaLand.

With the dilution, CCIPL is now an associated company of
CapitaLand.


KEPPEL CAPITAL: Dealings In The Shares Of OCBC
----------------------------------------------
JP Morgan made a public disclosure of dealings by Keppel Capital
Holding Ltd associate pursuant to Rule 30(2) of the Singapore
Code of Take-overs and Mergers.

Chase Manhattan (S.E.A.) Limited (CMSEAL) reported the following
dealings in the shares of Oversea-Chinese Banking Corp Ltd
(OCBC) on 28 August 2001 made by JF Asset Management Limited
(JFAM), an affiliate of CMSEAL.

Underlying Shares:
Trade    Entity  Purchase  Sell    % of issued    Price per
share
Date                               share capital
                                   of OCBC        High     Low
8/28/2001 JFAM      -      106,000   0.01%        11.1

CMSEAL is the financial adviser to Keppel Capital Holdings Ltd,
in connection with the voluntary cash offer by OCBC.


KEPPEL CAPITAL: Posts Changes In OCBC Interest
----------------------------------------------
Keppel Capital Holdings Ltd posted changes in OCBC's interest.
Please see http://www.bankrupt.com/misc/TCRLINK1.doc


KEPPEL CAPITAL: Prima Group Disposes Of All Shares, Warrants
------------------------------------------------------------
The board of directors of Prima Limited announced that Prima and
its subsidiaries (Prima Group) disposed of all the shares and
warrants of Keppel Capital Holdings Ltd (KCH) held by the Prima
Group for an aggregate consideration of S$26.020 million.

The disposal took place over a period of time after Oversea-
Chinese Banking Corporation Limited on 12 June 2001 announced
its intention to make a voluntary conditional cash offer for all
the shares and warrants of KCH. The KCH shares were disposed at
prices between S$3.56 per share and the revised offer price of
S$3.65 per share with approximately 76 percent sold at the
revised offer price. The KCH warrants were disposed of at the
revised Offer price of S$1.28 per warrant.

The Prima Group has held in aggregate 7,088,763 KCH shares and
221,250 KCH warrants for a number of years as long-term
investments. The aggregate book value of the KCH shares and the
KCH warrants of S$13.501 million represents 5.2 percent of the
consolidated net tangible assets of the Prima Group as at 31
December 2000.

Financial Effects of the Disposal

   The disposal resulted in a capital gain of approximately
S$12.519 million for the Prima Group. The aggregate
consideration of S$26.020 million represents 10.06 percent of
the consolidated net tangible assets of the Prima Group as at 31
December 2000.

   Prior to the disposal, the net tangible asset per share of
the Prima Group is S$6.90 as at 31 December 2000 and the
earnings per share (profits after tax and minority interest) are
S$0.31 for the financial year ended 31 December 2000.

   For illustration purposes, assuming that the Disposal was
completed in FY 2000, the net tangible assets per share of the
Prima Group would have been S$7.23 and the earnings per share
would have been S$0.64.

Rationale

   The directors disposed of the KCH shares and KCH warrants as
a result of the offer because they were of the view that the
offer gave the Prima Group a good opportunity to realize their
long-term investments in the KCH shares and KCH warrants. As the
offer was unsolicited, the directors currently have no plans in
relation to the proceeds arising from the disposal. However the
directors are exploring options to re-invest the said proceeds
for the long-term growth of the Prima Group.


THAKRAL CORPORATION: 8th AGM Resolutions Posted
-----------------------------------------------
Thakral Corp Ltd announced that at its 8th Annual General
Meeting held on 27 August 2001, the following resolutions were
passed:

Ordinary Business

It was resolved:

1. Directors' Report and Audited Accounts

That the Directors' Report and Audited Accounts for the
financial year ended 31 March 2001 and the Auditors' Report
thereon are hereby received and adopted.

2. Re-election of Directors

That the following directors retiring under Article 95(2) of the
Articles of Association of the Company are re-elected as
directors of the Company:

   (i) Mr Kartar Singh Thakral;

   (ii) Mr Prithvi Raj Ahuja; and

   (iii) Mr Lee Ying Cheun

3. Directors' Fees

That the directors' fees of S$218,750 for the year ended 31
March 2001 be and is hereby approved.

4. Appointment of Auditors

That Messrs Deloitte & Touche be and are re-appointed as
Auditors of the Company and that the directors be and are hereby
authorized to fix their remuneration.

Special Business

It was resolved:

5. Thakral Corporation Employees' Share Option Scheme 1997

That, in connection with or pursuant to the Thakral Corporation
Employees' Share Option Scheme 1997 ("the 1997 Scheme"), the
directors of the Company be and are hereby authorized to from
time to time, during the continuance of this authority or
thereafter, allot and issue such number of ordinary shares
of S$0.10 each in the capital of the Company as may be required
to be issued pursuant to the exercise of options already granted
by the Company pursuant to the 1997 Scheme.

6. Related Party Transactions

That approval be and is hereby given:

   (i) for the Company, its subsidiaries and its target
associated companies (the "Group") or any of them to enter, in
the ordinary course of business, into the transactions and
arrangements for the sale and purchase of consumer electronic
products and/or textiles (the "Products") as described in the
Company's Circular to Shareholders dated 14 March 1997 ("the
Circular") with Thakral Brothers (Pte) Limited and/or its
subsidiaries ("Thakral Singapore"), provided that all such
transactions and arrangements are:

     (a) entered into on an arm's length basis;

     (b) entered into in accordance with the procedures
contained in the Lock Out Agreement (as defined in the Circular)
and the procedures described in the Circular;

     (c) in the case of transactions and arrangements for the
sale of the Products by the Group to Thakral Singapore, entered
into on normal commercial terms;

     (d) in the case of transactions and arrangements for the
purchase of the Products by the Group from Thakral Singapore,
entered into on acceptable terms; and

     (e) subject to review by the Audit Committee of the Company
on a regular basis, and that the directors of the Company be and
hereby authorized to take such steps and exercise such
discretion as the directors of the Company may in their absolute
discretion deem fit, advisable or necessary in connection
with all such transactions and arrangements;

   (ii) such approval shall, unless revoked or varied by the
Company in general meeting, continue in force until the next
Annual General Meeting of the Company; and

   (iii) the directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing all such documents as may be required) as
they may consider expedient or necessary to give effect to this
Resolution.


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


MEDIA OF MEDIAS: Court Postpones Rehab Consideration Approval
-------------------------------------------------------------
Media of Medias Public Company Limited informed that the
rehabilitation plan will be approved by the court on August
24,2001. The court has postponed the consideration for approving
the rehabilitation plan to September 7,2001.


RATTANA REAL: Posts Q2 Ending June 30 Financial Statements
----------------------------------------------------------
Rattana Real Estate Public Company Limited posted the 2nd
quarter financial statements ending 30 June 2000 as follows:

       RATTANA REAL EATATE PUBLIC COMPANY LIMITED

Reviewed
Ending June 30 (In thousands)
Quarter 2
                         For 6 Months
        Year      2000        1999          2000        1999

Net profit (loss) (84,062)    (72,698)     (164,478)   (175,650)
EPS (baht)        (1.04)      (0.90)        (2.03)      (2.17)

The company wishes to explain 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                     Bt161,801,802.80
2.) Selling and Administration Expenses   Bt7,674,198.04


STA MDF: Business Reorganization Filed In Bankruptcy Court
----------------------------------------------------------
The Petition for Business Reorganization of Sta Mdf Company
Limited (DEBTOR), engaged in production, sales and import of
para rubber, was filed to the Central Bankruptcy Court:

Black Case Number Phor. 10/2543

Red Case Number Phor. 16/2543

Petitioner: STA MDF COMPANY LIMITED

Planner: Deloitte Touch Tomatsu Company Limited

Debts Owed to the Petitioning Creditor: Bt5,741,000,000

Date of Court Acceptance of the Petition: March 27, 2000

Date of Examining the Petition: April 25, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: April 25, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: May 8, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 13,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 13, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 1st: October 13, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 2nd: November 13, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: December 19, 2000 at 13.30 pm. Convention Room
no. 1105, 11th Floor Bangkok Insurance Building

The Meeting had a resolution accepting the reorganization plan
Court hearing has been set on January 15, 2001

Court issued an Order Accepting the Reorganization Plan: January
16, 2000 and Appointed Deloitte Touch Tomatsu Company Limited to
be as the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited on January 24, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on February 15, 2001

Court had issued the order on May 24, 2001 for Appointment of
Arthur Andersen Company Limited to be a New Plan Administrator

Announcement of Court Order for Appointment of a New Plan
Administrator: in Matichon Public Company Limited and Siam Rath
Company Limited on June 12, 2001

Announcement of Court Order for Appointment of a New Plan
Administrator: in Government Gazette on July 19, 2001

Contact: Mr. Chalermkiat Tel 6792513


THAI MODERN: States Reasons For Op Performance Increase
-------------------------------------------------------
Thai Modern Plastic Industry PCL (TMP) incurred a net loss of
Bt4.91 million in the second quarter of 2001, which is a Bt16.04
million (or 76.54 percent) improvement from the operating loss
incurred for the same quarter in 2000.  This is a result of the
following:

   (1) In the second quarter of 2001, there was a gain on sale
of non-core assets and investment in related company in the
amount of THB 1.97 million, while in the same quarter of 2000,
there was no such activity.

   (2) In quarter 2/2001, TMP operated at a gross profit of THB
4.69 million compared to a gross loss of THB 6.30 million in the
same quarter of 2000.  This led to an increase in net
profit of THB 10.99 million or 174.44 percent.

   (3) Selling and administration expenses in quarter 2/2001
amounted to THB 12.07 million or a THB 3.43 million (or 22.14
percent) decrease from quarter 2/2000.

The above reasons caused the improvement in the company
operational profit for the second quarter of 2001 over that
achieved in the same quarter in 2000.


TUNTEX (THAILAND): EGM To Be Held On September 28
-------------------------------------------------
Tuntex (Thailand) Public Company Limited announced the detailed
resolutions made at a Board of Directors' Meeting No.8/2001 held
on August 25, 2001. The details of the resolutions are:

1. To decrease the registered capital from Bt2,800,000,000 to
Bt2,780,000,000 and present to the shareholders' meeting for
approval.

2. To amend Clause 4. Of the Memorandum of Association as
follows:
   Clause 4:       Registered Capital      Bt2,780,000,000
                   Divided into            278,000,000 shares
                   At the par value of     Bt10
                   Classified into
                   Ordinary share          278,000,000 shares

   Then present to the shareholders' meeting for approval.

3. To increase the registered capital from Bt2,780,000,000 to
Bt2,960,000,000 by issuing 18,000,000 newly ordinary shares, par
value is Bt10 per share, and present to the shareholders'
meeting for approval.

4. To amend clause 4. of the Memorandum of Association as
follows:
   Clause 4:       Registered Capital      Bt2,960,000,000
                   Divided into            296,000,000   shares
                   At the par value of     Bt10
                   Classified into
                   Ordinary share          296,000,000   shares
                   Preferred share            -None-

    Then present to the shareholders' meeting for approval.

5. To allocate the 17,400,000 increasing capital shares
specifically to Bangkok Bank Public Company Limited, and 600,000
shares to Siam Commercial Bank Public Company Limited. Then
present to the shareholders' meeting for approval.

6. To list the 18,000,000 increasing ordinary shares on the SET,
and present to the shareholders meeting for approval.

7. To set the date of the Extraordinary General Meeting of
Shareholders No.2/2001 to be held on September 28, 2001, at 9.30
a.m. at Conference Room, 8th Floor, BB Building, No.54,
Sukhumvit 21 (Soi Asoke), Sukhumvit Road, Wattana, Bangkok.

   The agenda of the meeting will be as follows:

  (1)  To approve the Minutes of the previous meeting of
shareholders.

(2) To consider to decrease the registered capital from
Bt2,800,000,000 to Bt2,780,000,000

(3) To consider to amend Clause 4. Of the Memorandum of
Association to comply with the decrease of registered
capital.

(4) To consider to increase the registered capital from
Bt2,780,000,000 to  Bt2,960,000,000.

  (5)  To amend Clause 4 of the Memorandum of Association to
comply with the increase of registered capital.

   (6) To consider to allocate 17,400,000 the increasing
ordinary shares to Bangkok Bank Public Company Limited, and
600,000 shares to Siam Commercial Bank Public Company Limited.

   (7) To consider to list the 18,000,000 increasing ordinary
shares on the SET.

   (8) To consider other issues. (if any)

8. To set the date for closing the company share registration
for the right to attend the meeting held on September 11, 2001,
at 12.00 p.m. until the meeting is over.


WONGPAITOOON GROUP: Explains Profit, Loss Variance
--------------------------------------------------
Wongpaitoon Group Public Company Limited clarified the reason
for the profit and loss varying more than 20 percent in the
quarterly financial statement ended September 30, 2000, as
follows:

  The Company has a net loss of Bt133.33 million and Bt274.11
million, respectively, the following matters affect an increase
in a net loss of Bt140.78 million. It has sales of Bt672.12
million, cost of sales of Bt538.45 million and gross profit of
Bt133.67 million. It has sales of Bt738.74 million, cost of
sales of Bt644.05 million and gross profit of Bt94.69 million.

(a) A decrease in a  gross profit of Bt38.98 million because in
year ended December 31, 1999, the Company and its subsidiary
changed their method of revenue  recognition  to  recognizing
sales when product is shipped. The interim financial statements
for the quarter ended September 30, 1999 have not been restated
to give retroactive effect to this change of policy and to
correct errors arising from the misapplication of the previous
accounting policy.

(b) The Company did not keep sufficient production, work-in
progress and inspection records to support in reasonably
estimate any corresponding retroactive adjustments to accounts
receivable and inventories as at September 30, 1999 and
sales  and  cost  of  sales  for  the quarter ended September
30, 1999.  However, discrepancies in the accounting records of
inventories, the Company recognizes the contingent expenses of
value added tax, fine and money added in the statement
of  income  for the quarter ended September 30, 2000 at the
total amount of Bt2.24 million.

(c) The interest income and other income for the quarter ended
September 30, 2000 decreased by Bt8.08 million and Bt1.91
million, respectively.

(d) The export expenses and interest expenses for the quarter
ended

(e) As the statement of income for the quarter ended September
30, 2000, the Company recognizes loss from debt restructuring
with a related company, Siam Unisole Company Limited of Baht
5.21 million.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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