/raid1/www/Hosts/bankrupt/TCRAP_Public/010904.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, September 4, 2001, Vol. 4, No. 172


                         Headlines



A U S T R A L I A

ANACONDA NICKEL: Director Linegar Posts Notice Of Interest
ANACONDA NICKEL: Posts Shareholding Distribution, Rights Issue
CABLE & WIRELESS: SingTel's Offer Is Unconditional
DAVNET LIMITED: Share Price, Volume Increase Unexplainable
DAVNET LIMITED: U.S. Unit Winds Down Operations
PASMINCO LIMITED: CEO Gailey Responds To Market Speculation
* ASX Removes Companies From Listing Due To Payment Failure


C H I N A   &   H O N G  K O N G

CATIC (H.K.) LIMITED: Faces Winding Up Petition
EAST HONOUR: Winding Up Petition Pending
KIN DON: Capital Reduction Petition To Be Heard On Sept 7
MANDARIN RESOURCES: Sees No Reason For Price Shares Decrease
PACIFIC CENTURY: Appoints Malcolm Turnbull To REACH Board
SEE FUNG: Winding Up Sought By Lo Cheung
WINFUL RICH: Winding Up Petition Set For Hearing


I N D O N E S I A

CHANDRA ASRI: Japan Advises Not To Delay Debt Deals
DYVIACOM INTRABUMI: Widens H1 Net Loss To Rp1.79B


J A P A N

MAZDA MOTOR: To Close Hiroshima Plant On Sept 14
MYCAL CORP: Debt To Reach Y1.05T This Month-End
TOSHIBA CORP: S&P Affirms `BBB+' Ratings, Negative Outlook


K O R E A

DAEWOO ELECTRONICS: Lists Add'l 77.2M Common Shares
DAEWOO MOTOR: Labor, Management Vow To End Labor Dispute
DAEWOO MOTOR: Negotiation With GM In Final Stretch
HYNIX SEMICON: Court Receivership Likely, Says Minister
HYNIX SEMICON: Meeting Reveals Slim Chance For Fresh Funds
HYUNDAI ENGR'G: Rating Firm Ups Credit Rating To "BBB Minus"
HYUNDAI MOTOR: U.S. Unit Issues $600 Million ABS
HYUNDAI SECURITIES: AIG To Withdraw If Price Remains High
REGENT FIRE: KDIC Signs Sale MOU
SHINHO PAPER: Dongwon Paper Buys Plant for W13B


M A L A Y S I A

L&M CORPORATION: Court Grants Seven-Month RSO Extension
LION LAND: Unit Under Debt Workout Ends Agreement With Angkasa
MALAYSIAN GENERAL: Advisers Formulate New Restructuring Scheme
NCK CORPORATION: No Detail Changes Re Defaulted Payments
RENONG BERHAD: Subsidiary Defaults Interest Payment
S & P FOOD: High Court Approves Proposed Scheme Of Arrangement
SENG HUP: Enters Agreement On Revised Proposed Debt Scheme
SENG HUP: Posts Update On Defaulted Payments
WEMBLEY INDUSTRIES: To Finalize Proposed Debt Workout Scheme


P H I L I P P I N E S

NATIONAL POWER: 1-Day Power Sales Scheme Earns PhP532 Million
NATIONAL POWER: Singapore Power Likely To Bid For Assets
RFM CORPORATION: Clarifies TRO-SMC Deal Extension


S I N G A P O R E

ASIA FOOD: Gives Restructure Update Jointly With GAR
KEPPEL CAPITAL: Delisted From SGX-ST
KEPPEL CAPITAL: OCBC's Offer Is Unconditional
KEPPEL CAPITAL: Posts Notice Of Book Closure Dates Deferment
SEMBCORP LOGISTICS: Appoints Prof Wee Chow Hoo As Director


T H A I L A N D

DATAMAT PUBLIC: Registers Paid Up Capital Reduction
NEP REALTY: Posts EGM No. 1/2001 Resolutions
STA PARTICLE: Business Reorganization Petition Filed In Court
THAI TELEPHONE: Appoints Daochai As Director
TPI POLENE: SET Lifts `SP' Sign
TPI POLENE: Three Int'l Bidders Vie For Equity Stake

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Director Linegar Posts Notice Of Interest
----------------------------------------------------------
Anaconda Nickel Limited Director Christopher N Linegar posted
this notice:

  NOTICE OF DIRECTOR'S INTERESTS

     Section 205G of the Corporations Law

UPDATING NOTICE

   Name of Director       Christopher N Linegar

   Name of Company        Anaconda Nickel Limited

   Date of Last
   Notification to ASX    10/05/1999

   Date Director's
   Interest Changed       31/08/2001

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

   Redowood Pty Limited
   Evenelan Pty Limited
   Linegar Superannuation Fund
   Zaychan Pty Limited

   Ordinary Shares: 7,023,400

   Options: Nil

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate: N/A "


ANACONDA NICKEL: Posts Shareholding Distribution, Rights Issue
--------------------------------------------------------------
Anaconda Nickel Limited posted the shareholding distribution of
the Company's issued capital, consequent to the conclusion of
the $140.3m capital raising as follows:

Anglo American plc                                   23.7%
Glencore International AG                            33.8%
Sherritt International Corporation                    8.8%
Forrest Family Investments                            7.0%
Other shareholders                                   26.7%
                                                    100.0%

In accordance with the Rights Issue timetable the allotment of
new shares and the dispatch of shareholding statements for new
shares will occur no later than Friday September 7. Trading of
the new shares allotted under the Rights Issue will commence no
later than Monday September 10, 2001.


CABLE & WIRELESS: SingTel's Offer Is Unconditional
--------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced that
Cable & Wireless Plc (C&W) has accepted the offer for Cable &
Wireless Optus Limited's (0ptus) ordinary shares by SingTel's
wholly-owned subsidiary, SingTel Australia Investment Ltd
(SingTel Australia). C&W's acceptance related to its entire 52.3
percent stake in Optus. Consequently, SingTel Australia's offer
is now unconditional.

SingTel Australia now has a relevant interest above 93 percent
of the shares in Optus. This is sufficient to enable SingTel
Australia to proceed with compulsory acquisition of outstanding
Optus shares.

Commenting on the progress of the offer to date, Lee Hsien Yang,
President and CEO of SingTel, said, "We are very pleased with
the rapid flow of acceptances, demonstrating the enthusiasm of
Optus shareholders for the SingTel offer. We are excited by the
prospect of bringing Optus into the SingTel Group and continuing
to grow its business.

The combined SingTel/Optus will be in a tremendous position to
offer world class service to its customers, to continue to
challenge and reward its employees, and to offer its
shareholders unique exposure to a truly regional telco. We
encourage Optus shareholders who have not yet accepted the offer
to do so and look forward to welcoming them as SingTel
shareholders."

Settlement and the SingTel dividend

SingTel Australia will dispatch the offer consideration to Optus
shareholders who accept before 7.00pm (Sydney time) today on 6
September 2001.

Optus shareholders who accept before 7.00pm (Sydney time) today
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 7.00pm (Sydney time)
today will not be entitled to receive the SingTel dividend.

SingTel Australia proposes to dispatch the offer consideration
to Optus shareholders who accept after 7.00pm (Sydneytime)
today, but on or before 17 September 2001 (the last day of the
offer period), around 24 September 2001.

COMPULSORY ACQUISITION

SingTel Australia proposes to dispatch compulsory acquisition
notices shortly. Shareholders receiving these notices will still
be able to accept the offer, if they do so before the offer
closes.

Shareholders who wait for their shares to be compulsorily
acquired will receive their chosen offer consideration later
than those who accept the offer - at the earliest, around five
weeks after the compulsory acquisition notices are given.

OFFER CLOSE

The offer will close at 7.00pm (Sydney time) on 17 September
2001.

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 Investor Services
Pty Limited on 011 61 1800 501 501. If shareholders have any
other questions regarding the Offer, they should call the Optus
Shareholder Information Line on 011 61 1800 677 678.


DAVNET LIMITED: Share Price, Volume Increase Unexplainable
----------------------------------------------------------
Davnet Limited stated that it is not aware of any information
concerning the increase in the volume of trading in securities
that has not been announced. It has no explanation for the price
change (3.2 cents on 27 August 2001 to a high of 9.6 cents on 31
August 2001) and increase in volume in the securities of the
Company.

The Company is currently finalizing the 4B for the year ended 30
June 2001, however, it appears that the operating loss before
abnormal items and income tax (approximately 57,000) will be
approximately double the loss for the year ended 30 June 2000
(24,460).

As a result of the costs of the closure of its operations in
Hong King, Singapore, Canada and USA ad the rationalization of
its operations in Australia, it is anticipated that the Company
will record an abnormal loss for the financial year ended 30
June 2001, of approximately $50 million.


DAVNET LIMITED: U.S. Unit Winds Down Operations
-----------------------------------------------
Davnet Limited has advised its United States subsidiary, Davnet
Inc, that it will not be providing further funding to the
subsidiary.

Consequently, the board of directors of Davnet Inc is winding
down the operations of that company.


PASMINCO LIMITED: CEO Gailey Responds To Market Speculation
-----------------------------------------------------------
Pasminco Chief Executive Greig Gailey responded Friday to market
speculation on the decision to defer the release of Pasminco's
annual results.

"Pasminco announced last Friday that its annual results release
would be deferred by two weeks to Wednesday 12 September. The
decision to defer the release was made to allow sufficient time
for management and the board to fully review the implications of
the previously announced restructuring on the Group's balance
sheet. Investors will appreciate that the decision to divest the
Australian mining assets has implications not only for the
carrying value of our assets but accounting standards also
require us to consider the implications for our tax and currency
hedging positions."

"As the incoming Chief Executive I obviously wished to have (an)
opportunity (for) input into these key decisions, which I see as
prudent and fundamental to creating an appropriate platform for
the new Pasminco," he said.

Gailey said, "This work is quite independent of on-going
discussions with our lenders."


* ASX Removes Companies From Listing Due To Payment Failure
-----------------------------------------------------------
The following entities have failed to pay their annual listing
fee to Australian Stock Exchange Limited in respect of the year
ended 30 June 2002 and consequently will be removed from the
official list from the close of trading today in accordance with
listing rule 17.15.

AFN               Australian Gold Fields NL
AKL               Australian Kaolin Limited
CDE               Coeur D'Alene Mines Corporation
ECT               Ectec Limited
EIS               Eisa Limited
FHL               Formida Holdings Limited
GWF               Golden West Refining Corporation Limited
INC               International Contract Manufacturing Limited
INA               Internova MCI Limited
ONE               One.Tel Limited
PFC               Pacific Capital Limited
SAT               Satellite Group Limited (The)

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


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


CATIC (H.K.) LIMITED: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Catic (H.K.) Limited is set for hearing
before the High Court of Hong Kong on September 5, 2001 at 9:30
am. The petition was filed with the court on the 21st day of
June 2001 by Sin Hua Bank Limited, Hong Kong Branch, whose
principal place of business of its Hong Kong Branch is at 2A Des
Voeux Road Central, Hong Kong.


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

The petition was filed on July 3, 2001 by Wong Ho On, Amy of
Flat D, 9th Floor, Chiap Thong Building, 321 Tokwawan Road,
Kowloon, Hong Kong.


KIN DON: Capital Reduction Petition To Be Heard On Sept 7
---------------------------------------------------------
The directors (the Directors) of Kin Don Holdings Limited (the
Company) announced that a petition in relation to the Capital
Reduction as defined in the circular of the Company dated 20
August 2001 is directed to be heard in the Grand Court of the
Cayman Islands, British West Indies, on 7 September 2001.

Details contained in the advertisement (the Advertisement) made
by Charles Adams, Ritchie & Duckworth, the attorneys-at-law of
the Company, is found at
http://www.bankrupt.com/misc/Kin_Don_Advertisement.doc


MANDARIN RESOURCES: Sees No Reason For Price Shares Decrease
------------------------------------------------------------
The board of directors of the Company (the Board) has noted the
recent decrease in the price of the Company shares and wishes to
state that, aside from the information disclosed in the
Company's previous announcements during the period from 11th
July, 2001 to 28th August, 2001, it is not aware of any reasons
for such decrease.

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


PACIFIC CENTURY: Appoints Malcolm Turnbull To REACH Board
---------------------------------------------------------
Pacific Century CyberWorks Limited announced Wednesday the
appointment of Malcolm Turnbull as a non-executive Board member
of REACH, an international connectivity joint venture equally
owned with Australia's Telstra Corporation Limited (Telstra).

Turnbull brings to REACH extensive experience in the development
and promotion of Australian communication and technology
companies. As well, he has a well-respected background in legal
and financial fields.

"It is rare to find such a seasoned expert in three key areas,
but Malcolm Turnbull has been a proven winner in technology
companies, corporate finance and legal matters," said Alex
Arena, executive director and deputy chairman of PCCW's
executive committee.

"Such unique experience can only help REACH to strengthen its
leading position in the region's wholesale markets, and build
further its data wholesale business in the growing global
marketplace."

During his time as managing director of Turnbull & Partners,
Turnbull was involved in many major transactions in the media
and communications sectors. He was also a founding shareholder
and Chairman of Ozemail Limited (Ozemail), Australia's leading
Internet service provider, and the first Australian company to
complete a NASDAQ IPO. Ozemail was sold to WorldCom for more
than AUD$500 million.

Having served as chairman and managing director of Goldman Sachs
in Australia since 1997, Turnbull will retire from that position
in November 2001.

REACH, formed in February 2001, operates the largest Internet
Protocol (IP) backbone network in Asia. It is the region's
largest international carrier of combined voice, private line
and IP data services and is one of the world's top 10 carriers
of international voice traffic.

About REACH

REACH, a 50-50 joint venture between Hong Kong-based PCCW and
Australia's Telstra Corporation Limited, is Asia's largest
international carrier of combined voice, private line, and IP
data services. REACH carries more than 7 billion IDD minutes
annually, transmits more than 5 gigabits of IPLC bandwidth, and
three gigabits of Internet bandwidth. REACH's assets include
interests in more than 50 submarine cable systems, four
satellite earth stations, 22 points of presence (PoPs) in 14
countries and landing rights in several markets including North
America, Japan, Singapore and the UK.

About PCCW

Pacific Century CyberWorks Limited (SEHK: 0008, ADR-NYSE: PCW),
the Hong Kong-listed flagship of the Pacific Century Group, is
one of Asia's leading integrated communications companies. From
its market-leading position in Hong Kong, PCCW is focused on
building shareholder value by leveraging synergies between its
core businesses and partners, and by delivering total solutions
to customers throughout Asia, particularly in greater China.
PCCW provides key services in the areas of: integrated
telecommunications; broadband solutions; mobility and
connectivity; narrowband and interactive broadband (Internet
Services); business e-solutions; data centers and related
infrastructure.

To learn more about PCCW, go to www.pccw.com

For media inquiries, please call:

Margaret Sullivan Joan Wagner
Hill and Knowlton PCCW
Tel: +612 9286 1224 Tel: +852 2514 8883
Mobile: 0411 392 951 Mobile: 852 9128 1155


SEE FUNG: Winding Up Sought By Lo Cheung
----------------------------------------
Lo Cheung Shing is seeking the winding up of See Fung Industrial
Company Limited. The petition was filed on June 28, 2001 and
will be heard before the High Court of Hong Kong on September
12, 2001 at 9:30 am.

Lo Cheung holds its registered office at Room 1612, Sau Tai
House, Fu Tai Estate, Tuen Mun, New Territories.


WINFUL RICH: Winding Up Petition Set For Hearing
------------------------------------------------
The petition to wind up Winful Rich Development Limited is
scheduled to be heard before the High Court of Hong Kong on
September 12, 2001 at 9:30 am.

The petition was filed with the court on June 28, 2001 by The
National Commercial Bank Limited, Hong Kong Branch of Nos. 1-3
Wyndham Street, Central, Hong Kong.


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


CHANDRA ASRI: Japan Advises Not To Delay Debt Deals
---------------------------------------------------
Japan warned that further delay in the restructuring of PT
Chandra Asri's debts would erode investor confidence as  well as
weaken the company's assets value, Jakarta Post reported Friday
citing Hideaki Domichi, Minister at the Embassy of Japan in
Indonesia.

Domichi said that after two years of negotiations and a number
of Memorandums of Understanding, investors of Chandra Asri were
still waiting for a final resolution.

He warned that Chandra Asri's asset value would further drop
while the government extended its talks with Marubeni.

"The longer you wait, the more you lose,' Domichi said drawing
from Japan's experience with similar debt talks.

Japan had advised Indonesia repeatedly to hasten Chandra Asri's
debt negotiations, in which Japan's Marubeni Corp. has invested
around US$733 million.

Earlier, State Minister of State Enterprises Laksamana Sukardi
said the government would review its debt restructuring deal for
Chandra Asri after an independent committee found out that the
deal favored Japanese investors at the expense of the Indonesian
government.

Indonesia, being an oil producing country, would benefit from
developing Chandra Asri, as it was the country's only
petrochemical facility, Domichi asserted.


DYVIACOM INTRABUMI: Widens H1 Net Loss To Rp1.79B
-------------------------------------------------
IT company PT Dyviacom Intrabumi suffered a bigger loss of
Rp1.79 billion for the first-half ended June 30, 2001, from
Rp605.59 million losses in the same period last year. The
company's financial report was unaudited.
  * Net loss Rp1.79 billion vs Rp605.59m
  * Net sales Rp3.93 billion vs Rp3.62 million
  * Cost of goods sold Rp2.03 billion vs Rp1.80 billion
  * Gross profit Rp1.90 billion vs Rp1.83 billion
  * Operating loss Rp2.33 billion vs Rp47.19 million
  * Interest income Rp517.06 million vs Rp2.37 million
  * Forex loss Rp655.98 million vs Rp842.60m
  * Loss per share Rp9.72 vs Rp7.67



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

MAZDA MOTOR: To Close Hiroshima Plant On Sept 14
------------------------------------------------
Mazda Motor Corp's President said that it will close its
Hiroshima passenger car factory on Sept 14 as part of its
efforts to shift production abroad, Japan Today reported
Thursday.

The closure of the factory will reduce its domestic production
capacity by some 25 percent.

According to Wright Investors' Service, at the end of 2000, the
company had negative working capital, as current liabilities
were 927.41 billion while total current assets were only
708.09 billion. The fact that the company has negative working
capital could indicate that the company will have problems in
expanding. However, negative working capital in and of itself is
not necessarily bad, and could indicate that the company is very
efficient at turning over inventory, or that the company has
large financial subsidiaries.

"As of March 2001, the company's long term debt was 367.02
billion and total liabilities (i.e., all monies owed) were 1.46
trillion. The long term debt to equity ratio of the company is
2.21. This is significantly higher than where the long term debt
to equity ratio was in March 2000, when the long term debt to
equity ratio was only 1.59," Wright Investors' Service added.


MYCAL CORP: Debt To Reach Y1.05T This Month-End
-----------------------------------------------
Mycal Corp's interest-bearing debts will come to around 1.05
trillion yen on a consolidated basis as of the end of this
month, although it previously aimed to reduce them to 910
billion yen under a three-year restructuring plan, Japan Today
reported on August 31, which cited Kyodo News.

Osamu Shikata, the company president said that while stock sales
of its subsidiaries, such as Mycal Hokkaido Corp, have generated
expected incomes, negotiations to sell its outlets for some 120
billion yen have not yet been settled.


TOSHIBA CORP: S&P Affirms `BBB+' Ratings, Negative Outlook
----------------------------------------------------------
Standard & Poor's Thursday revised the outlook on its long-term
corporate credit ratings on Toshiba Corp. and related entities
Toshiba America Inc. and Toshiba Capital (Asia) Ltd. to negative
from stable. At the same time, Standard & Poor's affirmed its
triple-'B'-plus long-term and 'A-2' short-term ratings on the
companies.

The outlook revision reflects concerns that an anticipated
prolonged slump in the electronic devices market and weakening
global economic conditions will continue to place severe
pressure on the company's earning performance. Such pressure
could lead to deterioration in Toshiba's credit protection
measures. The outlook change also reflects uncertainty over the
company's ability to improve--or even maintain--its
competitiveness and thus its earning power over the longer term,
amid intensifying competition in strategically important
business areas such as services and system solutions, mobile
network equipment, and electronic components.

On Aug. 27, 2001, Toshiba announced a business reform plan in
concurrence with a downward revision of its profitability
forecasts for fiscal 2001 (ending March 2002). After a projected
operating loss of 80 billion in the first half of the year, the
company expects its full-year operating profits to recover
rapidly to break-even point, led by its restructuring measures.

Standard & Poor's believed the company will probably be able to
prevent further losses in the second half of fiscal 2001. In
particular, losses from the dynamic random-access memory (DRAM)
business, which will be a major cause of operating losses in the
first half of the year, should be minimized as the company
streamlines its DRAM operations. In addition to these
streamlining measures, Toshiba is considering reducing its
exposure to the volatile, capital-intensive DRAM business by
establishing an alliance with another DRAM player. This may help
stabilize its performance in the electronic components segment
to some degree.

However, tough market conditions in most of Toshiba's other
mainstay business areas could hamper the company's ability to
recover its overall earnings power. Whether the company can
achieve a consistent improvement in its earnings-generating
ability will depend on how quickly it can reform its cost
structure and strengthen its competitiveness in strategically
important businesses by differentiating its products and
services from those of its peers.

OUTLOOK: NEGATIVE

Toshiba has a strong commitment not to increase its debt usage,
and plans to use its liquidity at hand as a buffer. However, the
company's credit protection measures could deteriorate to a
level inconsistent with the current rating if it is unable to
generate the earnings and operating cash flow it expects.
Therefore, the rating on Toshiba could be lowered if the company
experiences delays in restoring its operating performance. The
prospects for the rating on Toshiba will also depend on the
likelihood of a rebound in the company's performance in fiscal
2002, and the probable magnitude of such a recovery.


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


DAEWOO ELECTRONICS: Lists Add'l 77.2M Common Shares
---------------------------------------------------
Daewoo Electronics listed additional 77,200,000 common shares,
which were issued on August 15, 2001 at 5,000 won per share, at
a par value of 5,000 won, Korea Inc reported on August 30.

The initial date of reckoning for dividend payment is January 1,
2001. They were issued for capital increase. They will be listed
on September 3, 2001.


DAEWOO MOTOR: Labor, Management Vow To End Labor Dispute
--------------------------------------------------------
Daewoo Motor's labor and management have adopted a joint
declaration vowing to stay away from any labor disputes until
operations at the ailing automaker are settled, Korea Herald
reported on August 31, which quoted company spokesmen.

The labor peace declaration was signed by 97.3 percent, or
7,865, of the 8,087 assembly-line and clerical workers at
Daewoo's main car plant in Bupyeong, west of Seoul.

"For the sake of Daewoo Motor's future and employee job
security, the labor and management will abstain from disputes
until its normalization," said the declaration. "Both parties
will also strive for world-class quality and productivity, as
well as the company's early turnaround."

About 96.1 percent, or 5,002, of the plant's 5,205 assembly-line
workers submitted their signatures for the joint declaration,
while the 2,825 clerical workers showed a participation ratio of
99.3 percent.

"The labor's written pledges to end strife with the management
were intended to help dispel negative sentiment towards the
Bupyeong plant and its labor unionists," said a company
spokesman, noting that the plant's swing to a profit of 5.1
billion won ($3.98 million) in July was also encouraging.


DAEWOO MOTOR: Negotiation With GM In Final Stretch
--------------------------------------------------
The government is expected to confirm its stance on the sale of
Daewoo Motor to General Motors in early September as the US
automaker has submitted to the government its final proposal for
acquiring selected plants of the ailing Korean automaker,
Digital Chosun reported Saturday.

"GM's final proposal is for its acquisition of select Daewoo
Motor plants, excluding the Bupyeong facility, while raising the
overall acquisition prices upward," an anonymous high-ranking
Ministry of Finance and Economy official said.

The detailed proposal also indicated that GM will be purchasing
all the units produced at the Bupyeong plant on a cost plus fee
basis.

However, the ministry and the KDB, the largest creditor bank of
the Daewoo,  have been analyzing GM's final proposal as the
exclusion of the Bupyeong plant could damage the regional
economies of Incheon and Bupyeong.


HYNIX SEMICON: Court Receivership Likely, Says Minister
-------------------------------------------------------
Deputy Prime Minister Jin Nyum said Friday that Hynix
Semiconductor Co could ultimately be placed under court
receivership if its creditor banks fail to reach a consensus on
a new rescue plan, Digital Chosun reported Saturday.

"Hynix creditors will select the ultimate option if they find
the stopgap rescue plans thus far for the chipmaker would not
help solve the whole issue as global chip prices show no signs
of recovery." said Jin, who is also the Minister of Finance and
Economy.

Some creditor banks have allegedly proposed to redraft the
bailout plan for the company from scratch at the meeting of
creditor banks' representatives scheduled for September 3 and
the proposal is reportedly gaining support from most creditor
banks.
Creditor banks asserted that a reputable third party institution
should reassess the viability of Hynix and redraft the Korea
Exchange Bank's bailout plan from the scratch.
"If there is a way to revive the insolvent Hynix, we will go
along with it, even if it means providing fresh funds to the
company," remarked President Lee Deok-hoon of Hanvit Bank.


HYNIX SEMICON: Meeting Reveals Slim Chance For Fresh Funds
----------------------------------------------------------
Friday's meeting of presidents of creditor banks of Hynix
Semiconductor Co has been changed to a meeting of creditor
banks' representatives, Digital Chosun reported on August 30.

Consequently, chances are very slim that creditor banks will
decide to provide fresh funds to the insolvent semiconductor
manufacturer.

Meanwhile, creditors reportedly have delayed their meeting on
Hynix scheduled Friday to Sept. 3, reflecting the difficulties
they face in making a decision, Korea Herald reported on August
31.

Korea Exchange Bank (KEB) said, "As most presidents of creditor
banks can't attend the originally scheduled meeting of creditor
banks Friday, we changed it to the meeting of creditor banks'
representatives."

KEB announced that it will re-draft restructuring plans for
Hynix applying the newly enacted Restructuring Promotion Law,
which comes into effect September 14 if the creditor banks can't
reach an agreement during Friday's meeting. The KEB further
remarked that if the creditor banks still can't reach an
agreement by September 14, then the bank will file for court-
receivership for Hynix.

The primary reason for downgrading the meeting of creditor banks
to a meeting of the creditor banks' representative is creditor
banks' divided opinion on provision of fresh funds to Hynix.
Korea Development Bank, Hynix' largest creditor bank instance
revealed Wednesday that the bank will not agree to the KEB's
bailout plan for Hynix and instead asked for a reputable third
party institution to prepare an objective bailout plan. KDB also
remarked Thursday that it will decide whether to provide fresh
funds to Hynix after Salmon Smith Barney gives its opinion on
KEB's bailout plan for the firm Friday.

KDB also remarked that it will be meaningless for creditor banks
to agree to the bailout plan without the support from investment
trust companies. It is reported that KEB planned to get
investment trust companies involved after getting creditor banks
to agree on providing 78 percent of the total fresh funds by
applying the newly enacted restructuring promotion law.

Some creditor banks, apart from KDB, have expressed opposition
to KEB's plan for providing fresh funds to Hynix. Koram Bank for
instance revealed that the debt-to-equity swap proposed by KEB
excludes security-backed loans, which is favorable for KEB.
Kookmin Bank also remarked that, as the bank's input was not
included in the KEB's bailout plan for Hynix, it can't agree
to the plan.

"As there have been no cases where companies going under court-
receivership were later revived, it is necessary for creditor
banks to avoid filing for court-receivership as much as
possible. However, if the creditor banks can't reach an
agreement, court-receivership becomes the only solution,"
remarked KEB managing director, Whang Hak-jung.


HYUNDAI ENGR'G: Rating Firm Ups Credit Rating To "BBB Minus"
-----------------------------------------------------------
Korea Management Consulting and Credit Rating Corp raised the
credit rating of Hyundai Engineering and Construction (HEC) by
one notch from "BB plus" to "BBB minus" owing to the
considerable improvement in HEC's viability and liquidity
following creditors' massive support in June, Korea Herald
reported on August 31. The rating agency graded HEC's corporate
bills as "A3 minus."


HYUNDAI MOTOR: U.S. Unit Issues $600 Million ABS
------------------------------------------------
Hyundai Motor Finance Co, the US unit of Hyundai Motor,
successfully issued $600 million in asset-backed securities
(ABS), the largest ABS issuance by a Korean firm. The issue
includes $315 million in short-term and medium-term bonds with
maturity of less than 18 months and $285 million in long-term
bonds, with maturity exceeding 3 years, Korea Herald reported on
August 31, which quoted company officials Thursday.

The average interest rate is 3.89 percent, 0.22 percentage
points lower than that of U.S. treasury bonds with a 3-year
maturity, illustrating Hyundai Motor's rising reputation abroad.

"The funds raised via the ABS issue will be used to repay debt
at Hyundai Motor Finance and expand its financing service for
automobile buyers in the United States," an official said. "Debt
repayment by the U.S. unit will also help Hyundai Motor improve
its debt-to-equity ratio on its combined financial statement."

The ABS are backed by Hyundai Motor Finance's receivables on its
automobile sales in the U.S. market and carry no payment
guarantee. The bonds were rated AAA by Standard & Poor's, and
Moody's also assigned Aaa credit rating. J.P. Morgan Chase &
Co., Bank of America Corp., Societe Generale and Barclays
Securities were lead managers for the ABS issue.

"The subscription attracted more than $1 billion after the first
day, suggesting that Hyundai Motor enjoys considerable
credibility in the U.S. financial market," the company spokesman
said.


HYUNDAI SECURITIES: AIG To Withdraw If Price Remains High
---------------------------------------------------------
Maurice Greenberg, chair of AIG, in an interview with Bloomberg
wire services said his company would withdraw from negotiations
if the offer of share prices of Hyundai Securities remains too
high, Digital Chosun reported on August 30.

President Hong Whan-soon of Hyundai Securities also issued a
statement Thursday that his company would not comply with AIG's
demand to lower the purchasing price of Hyundai Securities
shares down to W7,000.

Hong reportedly said that when the two parties have been
involved in the negotiation on the price of shares, AIG agreed
to the issuing price of W8,940, which is 10 percent lower than
the market price.


REGENT FIRE: KDIC Signs Sale MOU
--------------------------------
The state-run Korea Deposit Insurance Corp. (KDIC) said Friday
that it signed a memorandum of understanding for the sale of
Regent Fire with Future & Environment Co, Korea Herald reported
on September 1, 2001.

KDIC named Future & Environment as the potential buyer for the
domestic company specializing in the management of waste
landfills.

The state-run agency will wrap up the sale process with the
company by the end of October.

The government originally selected local satellite broadcasting
Mirsat Co  as preferred bidder, but the talks fell through.

KDIC had put Regent Fire up for sale in May, along with two
other troubled insurers - Kukje Hwajae and Daehan Fire and
Marine. Earlier this month, KDIC selected potential buyers for
the two ailing insurers.


SHINHO PAPER: Dongwon Paper Buys Plant for W13B
-----------------------------------------------
As part of a restructuring process Shinho Paper Manufacturing Co
sold its Jeongup plant, which manufactures hard paper for boxes
used in packaging, to recently-established Dongwon Paper for 13
billin won, the AFX-Asia News reported on August 30, 2001.

Shinho, which was put under a bank-led debt workout plan in
1998, will use the proceeds to pay down its debt and improve its
finances.


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


L&M CORPORATION: Court Grants Seven-Month RSO Extension
-------------------------------------------------------
L&M Corporation (M) Bhd announced the High Court of Malaya had,
on 29 August 2001, granted the Company and its wholly owned
subsidiary, L&M Geotechnic Sdn Bhd a further extension of the
Restraining and Stay Order (RSO). The extension is for a period
of 7 months commencing from 1 September 2001 and expiring on 29
March 2002.

Background

On May 29, 2000, the High Court granted the company a
restraining and stay order pursuant to section 176 of the
Companies Act, 1965, which has been extended.

On November 22, 2000 the company filed an application for
another extension for a further period of 90 days from December
1, 2000 to February 28, 2001.

Meanwhile, L&M proposes to undertake a restructuring scheme
which involves:

(i) transfer of its listing status to Eastern Atlas Bhd (EAB), a
newly incorporated company;

(ii) disposal of the entire equity interests in L&M Geotechnic
Sdn Bhd (LMG) and L&M Instrumentation Sdn Bhd (LMI) to EAB;

(iii) rights issue;

(iv) composite scheme of arrangement with financial institutions
and trade and other creditors of L&M and/or LMG and/or the
subsidiaries of L&M with corporate guarantees from L&M
encompassing five separate schemes of arrangement;

(v) acquisition by EAB of the entire equity interests in
Satujaya Sdn Bhd, Kayman Integrated Sdn Bhd and Vistashine Sdn
Bhd;

(vi) liquidation of the remaining subsidiaries of L&M, excluding
LMG and LMI; and listing of EAB on KLSE.

L&M and its companies had mainly provided specialized
engineering and construction services. Currently, other than the
Pelabuhan Tanjung Pelepas Project undertaken by L&M Geotechnic
Sdn Bhd, there are neither any on-going projects nor new
projects secured by other subsidiary companies.

Subsidiaries L&M Piling Sdn Bhd and L&M Prestressing Specialist
Sdn Bhd were wound up by creditors on June 1, 2000 and July 5,
2000 respectively.


LION LAND: Unit Under Debt Workout Ends Agreement With Angkasa
--------------------------------------------------------------
The Board of Directors of Lion Land Berhad (LLB or the Company)
announced that Amsteel Mills Sdn Bhd (Amsteel Mills), a
subsidiary of the Company, had on 8 August 2001 terminated the
agreement dated 10 May 1995 entered into between Amsteel Mills
and Angkasa whereby Amsteel Mills had appointed Angkasa as its
sole distributor of steel bars and wire rods (Steel Products),
which agreement was duly renewed for a further 5 years on 10 May
2000 (Distributorship Agreement). The termination will take
effect 1 October 2001 (Termination of Distributorship).

Upon the Termination of Distributorship, the marketing and
distribution functions of Amsteel Mills will be undertaken by
Amsteel Mills Marketing Sdn Bhd (AMM), a wholly-owned subsidiary
of Amsteel Mills.

RATIONALE FOR THE TERMINATION OF DISTRIBUTORSHIP AND THE
SETTING-UP OF THE MARKETING AND DISTRIBUTION ARM FOR AMSTEEL
MILLS

Amsteel Mills is currently undergoing a debt restructuring
exercise to rationalize its financial position. The proposal for
Amsteel Mills to assume the distribution and marketing function
is part of the current debt restructuring exercise as required
by the lenders of Amsteel Mills. There is also a trade debt
amounting to RM207.6 million due and owing by Angkasa to Amsteel
Mills as of 30 June 2001.

In view of the aforementioned developments, Amsteel Mills is
unable to continue with Angkasa as its distributor and has on 8
August 2001 served a notice of termination of the
Distributorship Agreement to Angkasa.

Amsteel Mills shall upon the Termination of Distributorship,
distribute its Steel Products via its marketing and distribution
arm, AMM.

FINANCIAL EFFECTS OF THE TERMINATION OF DISTRIBUTORSHIP

(i) Share Capital

There will be no effect on the issued and paid-up capital of LLB
as the Termination of Distributorship does not involve the
issuance of LLB shares.

(ii) Earnings

The Termination of Distributorship is not expected to have a
material impact on the earnings of LLB Group for the financial
year ending 30 June 2002.

(iii) Net Tangible Assets (NTA)

On a proforma basis, the Termination of Distributorship will not
have a material impact on NTA of LLB Group based on the audited
consolidated balance sheet as of 30 June 2000.


MALAYSIAN GENERAL: Advisers Formulate New Restructuring Scheme
--------------------------------------------------------------
Malaysian General Investment Corporation Berhad ("MGIC" or "the
Company") and its advisers have formulated a new restructuring
scheme which involves the injection of Trans MSB Sdn Bhd
("TMSB") Group into MGIC. In summary, the new restructuring
scheme comprises the following:

   (a) proposed capital reduction and consolidation involving
the cancellation of 60 sen of the par value of the MGIC shares
and thereafter, the consolidation of 1.25 ordinary shares of 40
sen each into one (1) ordinary share of RM0.50 each (Proposed
Capital Reduction and Consolidation);

   (b) proposed renounceable rights issue on the basis of three
(3) new ordinary shares for every two (2) existing shares held
after the Proposed Capital Reduction and Consolidation at an
issue price of RM0.50 per share ("Proposed Rights Issue");

   (c) proposed debt restructuring involving the creditors of
MGIC, MGIC Construction Sdn Bhd (MGICC) and Magic Hill Resort
Sdn Bhd ("MHR") ("MGIC Companies") ("Proposed Debt
Restructuring");

   (d) proposed acquisition of the entire issued and paid-up
share capital of TMSB representing 5,000,000 ordinary shares of
RM1.00 each for a purchase consideration of RM130,000,000
("Proposed Acquisition of TMSB Group");

   (e) proposed waiver to the vendors of TMSB Group and parties
deemed acting in concert from the obligation to extend a
mandatory general offer ("GO") for the remaining shares not held
by them after the Proposed Acquisition of TMSB Group ("Proposed
GO Waiver");

   (f) proposed offer for sale of the shares held by the vendors
of TMSB Group in order to comply with the minimum 25 percent
public shareholding spread requirement ("Proposed Offer"); and

   (g) proposed offer for sale of the Irredeemable Convertible
Unsecured Loan Stocks ("ICULS") by the unsecured bank creditors
and unsecured creditors of the MGIC Companies to the public
including the existing public shareholders of MGIC and employees
of the restructured MGIC Group ("Proposed Offer For Sale").

(Collectively to be known as "Proposed Restructuring Scheme")

On 17 August 2001, Arab-Malaysian, on behalf of the Company,
announced that MGIC entered into a Memorandum of Understanding
("MOU") with the vendors of TMSB. The goal, to negotiate and
conclude the terms of the proposed acquisition of the entire
issued and paid-up share capital of TMSB, was the Company's
revised restructuring scheme--a scheme of arrangement with the
creditors of MGIC and two (2) of its subsidiaries, namely MGICC
and MHR.

On 12 June 2001, Arab-Malaysian had, on behalf of MGIC,
submitted an application to the Kuala Lumpur Stock Exchange
("KLSE") for an extension of time of twelve (12) months from 8
June 2001 until 8 June 2002. The extension was requested so as
to enable the Company to put in place and implement its new plan
to regularize its financial condition.

However, the KLSE had, via its letter dated 3 August 2001,
approved an extension of time of only two (2) months from 20
June 2001 until 19 August 2001 for the Company to undertake the
following:

   (a) revise its regularization plan;

   (b) make a revised announcement on the plan to the KLSE; and

   (c) submit its revised plan to the regulatory authorities for
approval.

Subsequently, on 10 August 2001, Arab-Malaysian, on behalf of
MGIC, submitted an appeal against the KLSE's decision and sought
an extension from 19 August 2001 until 30 December 2001 to
enable the Company to formulate and finalize its revised
regularization plan and subsequently, submit the application to
the relevant authorities. As at the date of this announcement,
the KLSE's decision is still pending.
DETAILS OF THE PROPOSED RESTRUCTURING SCHEME
Proposed Capital Reduction and Consolidation

Pursuant to Section 64 of the Companies Act 1965 ("Act"), MGIC
is proposing a capital reduction via the cancellation of shares
that are unrepresented by assets.

It is proposed that the existing issued and paid-up share
capital of MGIC of RM64,456,834 comprising 64,456,834 ordinary
shares of RM1.00 each shall be reduced to RM25,782,733
comprising 64,456,834 ordinary shares of 40 sen each
representing a capital reduction of 60 sen for every existing
ordinary share of RM1.00 each.

Thereafter, the issued and paid-up share capital of MGIC shall
be consolidated on such basis of every 1.25 ordinary shares of
40 sen each into one (1) ordinary share of RM0.50 each credited
as having been fully paid-up.

The capital reduction will give rise to a credit of RM38,674,101
which will subsequently be utilized to reduce the audited
accumulated losses of MGIC as of 31 December 2000 of RM117.239
million.

Proposed Rights Issue

Upon completion of the Proposed Capital Reduction and
Consolidation, the Company is proposing a renounceable rights
issue of 77.348 million new ordinary shares of MGIC. The issue
price of RM0.50 per share will be offered to the existing
shareholders of MGIC on the basis of three (3) new ordinary
shares for every two (2) existing shares held after the Proposed
Capital Reduction and Consolidation.

The new ordinary shares to be issued pursuant to the Proposed
Rights Issue will, upon allotment and issue, rank pari passu in
all respects with the ordinary shares of MGIC after the Proposed
Capital Reduction and Consolidation. The exception being that
the new ordinary shares shall not be entitled to any dividends,
rights, bonuses, issues or other allotments or distributions
which relevant book closing date is on or before the date of
allotment and issue.

The rationale for the Proposed Rights Issue is to raise the much
needed funds to assist the MGIC Companies in the partial
settlement of their outstanding liabilities as well as to
finance the estimated expenses relating to the Proposed
Restructuring Scheme.
Proposed Debt Restructuring

The Proposed Debt Restructuring will involve the MGIC bond
guarantors, MGIC unsecured bank creditors, MGICC unsecured bank
creditors, MGICC unsecured creditors and MHR secured creditor.

Proposed debt restructuring involving the MGIC bond guarantors
The MGIC bond guarantors comprise financial institutions who
have guaranteed the RM70 million nominal amount of non-interest
bearing Redeemable Unsecured Guaranteed Bonds 1995/2000. As at
30 June 2001, the outstanding amount is approximately RM59.706
million comprising approximately RM44.999 million in principal
and RM14.707 million in interest accrued up to and including 30
June 2001.

The total debt due and owing to the MGIC bond guarantors is
proposed to be treated as follows :

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived by the MGIC bond
guarantors;
   (ii) 70 percent of the total debt to be settled in cash
raised from the Proposed Rights Issue; and
   (iii) 30 percent of the total debt to be converted into
Redeemable Convertible Secured Loan Stocks ("RCSLS") with
fractions disregarded. The main features of the RCSLS are set
out in Section 2.3.7.
Proposed debt restructuring involving the MGIC unsecured bank
creditors

The MGIC unsecured bank creditors have been classified on the
basis that credit facilities extended to MGIC are not secured by
any tangible asset. As at 30 June 2001, the outstanding amount
is approximately RM24.405 million comprising approximately
RM17.232 million in principal and RM7.173 million in interest
accrued up to and including 30 June 2001.

The total debt due and owing to the MGIC unsecured bank
creditors is proposed to be treated as follows:

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived by the MGIC
unsecured bank creditors;

   (ii) 30 percent of the total debt be waived; and

   (iii) 70 percent of the total debt be converted into ICULS
with fractions disregarded. The main features of the ICULS are
set out in Section 2.3.8.

Proposed debt restructuring involving the MGICC unsecured bank
creditors

The MGICC unsecured bank creditors have been classified on the
basis that credit facilities extended to MGICC are not secured
by any tangible asset. Nevertheless, MGIC has extended corporate
guarantees on the facilities obtained from the MGIC unsecured
bank creditors. As at 30 June 2001, the outstanding amount is
approximately RM10.406 million comprising approximately RM8.0
million in principal and RM2.406 million in interest accrued up
to and including 30 June 2001.

The total debt due and owing to the MGICC unsecured bank
creditors is proposed to be treated as follows:

   (i) All interest and penalty charges, if any, arising after
31 December 1998 shall be completely waived by the MGICC
unsecured bank creditors;
   (ii) 30 percent of the total debt be waived;
   (iii) 70 percent of the total debt be converted into ICULS
with fractions disregarded. The main features of the ICULS are
set out in Section 2.3.8; and
   (iv) The corporate guarantees provided by MGIC to the MGICC
unsecured bank creditors shall be discharged and MGIC shall be
released accordingly.
Proposed debt restructuring involving the MGICC unsecured
creditors A

The MGICC unsecured creditors A comprise trade creditors with
trade credit facilities extended to MGICC who have opted for the
settlement hereunder. As at 30 June 2001, the outstanding amount
is approximately RM1.003 million.
MGIC shall purchase the total debt due and owing from the MGIC
unsecured creditors A for the settlement of this liability.

The total debt due and owing to the MGICC unsecured creditors A
is proposed to be treated as follows:

   (i) 30 percent of the total debt be waived; and

   (ii) 70 percent of the total debt be converted into ICULS
with fractions disregarded. The main features of the ICULS are
set out in Section 2.3.8.

Proposed debt restructuring involving the MGICC unsecured
creditors B

The MGICC unsecured creditors B comprise trade creditors with
trade credit facilities extended to MGICC who have agreed for
the settlement hereunder. As at 30 June 2001, the outstanding
amount is approximately RM353,615.

MGIC shall purchase the total debt due and owing from the MGIC
unsecured creditors B for the settlement of this liability.

The total debt due and owing to the MGICC unsecured creditors B
is proposed to be treated as follows:

   (i) 50 percent of the total debt be waived; and

   (ii) 50 percent of the total debt to be settled in cash
raised from the Proposed Rights Issue upon implementation of the
Proposed Restructuring Scheme.

Proposed debt restructuring involving the MHR secured creditor

The MHR secured creditors have been classified on the basis that
credit facilities extended to MHR are secured by tangible assets
of its wholly-owned subsidiary, namely FGCC Berhad ("FGCC").
Corporate guarantees have been extended by MGIC and Fraser's
Hill Development Corporation ("FHDC") respectively on the
facility obtained from the MHR secured creditor.

As of 30 June 2001, the amount to be compromised is
approximately RM8.428 million comprising approximately RM6.0
million in principal and RM2.428 million in interest up to and
including 30 June 2001.

The total debt due and owing to the MHR secured creditor shall
be settled by MGIC pursuant to its liabilities under the
corporate guarantee.

The total debt due and owing to the MHR secured creditor is
proposed to be treated as follows :

   (i) All interest and penalty charges, if any, arising after
31 December 2000 shall be completely waived by the MHR secured
creditor;

   (ii) 70 percent of the total debt to be settled in cash
raised from the Proposed Rights Issue;

   (iii) 30 percent of the total debt to be converted into RCSLS
with fractions disregarded. The main features of the RCSLS are
set out in Section 2.3.7; and

   (iv) The corporate guarantees provided by MGIC and FHDC shall
be discharged. Accordingly, MGIC and FHDC shall be released.

Main Features of RCSLS

The main features of the RCSLS to be issued pursuant to the
Proposed Debt Restructuring are set out in Table 1
(http://www.bankrupt.com/misc/Malaysian_General.html)


Main Features of ICULS

The main features of ICULS to be issued pursuant to the Proposed
Debt Restructuring are set out in Table 2.
(http://www.bankrupt.com/misc/Malaysian_General.html)

Proposed Acquisition of TMSB Group

Details Of The Proposed Acquisition of TMSB Group

On 29 August 2001, MGIC entered into a conditional share sale
agreement ("Conditional SSA") with M.D. Construction Sdn Bhd
("MCSB") and Simfoni Madu Sdn Bhd ("SMSB") (collectively to be
known as "Vendors") to acquire the entire issued and paid-up
share capital of TMSB comprising 5,000,000 ordinary shares of
RM1.00 each for a purchase consideration of RM130,000,000. The
Proposed Acquisition of TMSB Group is subject to the terms and
conditions of the Conditional SSA.

The purchase consideration of RM130,000,000 is to be satisfied
by the issuance of 260,000,000 new ordinary shares of RM0.50
each in MGIC at an issue price of RM0.50 per share.

Salient Terms Of The Proposed Acquisition of TMSB Group

Conditions Precedent

(i) The Proposed Acquisition of TMSB Group is conditional upon
the following:

   (a) the approval-in-principle from MGIC bond guarantors, MGIC
unsecured bank creditors, MGICC unsecured bank creditors and MHR
secured creditor;

   (b) the results of a due diligence on TMSB and Summit Parade
Sdn Bhd ("SPSB") being satisfactory to MGIC prior to the
submission of the Proposed Restructuring Scheme to the
Securities Commission ("SC");

   (c) the results of a due diligence on MGIC being satisfactory
to the Vendors prior to the submission of the Proposed
Restructuring Scheme to the SC;

   (d) the approval of the SC for the following :
     * Proposed Acquisition of TMSB Group;
     * Proposed Restructuring Scheme; and
     * the listing and quotation of the new ordinary shares to
be issued pursuant to the Proposed Acquisition of TMSB Group;
   (e) an exemption from the SC to the Vendors on the obligation
of a mandatory GO for the remaining shares not held by them in
MGIC;

   (f) the approval of the Foreign Investment Committee ("FIC")
for the Proposed Acquisition of TMSB Group;

   (g) the approval-in-principle from the KLSE for the listing
and quotation of the new ordinary shares to be issued pursuant
to the Proposed Acquisition of TMSB Group and other securities
to be issued pursuant to the Proposed Restructuring Scheme;

   (h) the approval of the Board of Directors and shareholders
of MGIC for the Proposed Acquisition of TMSB Group and issuance
of the new ordinary shares;

   (i) the approval of the Board of Directors of TMSB to the
sale of the TMSB shares by the Vendors to MGIC; and

   (j) the approval of any other relevant authorities for the
Proposed Acquisition of TMSB Group and Proposed Restructuring
Scheme.

(ii)The discharge of all the existing corporate guarantees
extended by MGIC for the benefit of Allied Avenue Assets
Securities Sdn Bhd (formerly known as MGI Securities Sdn Bhd)
("AAA") shall be completed within four (4) months from the date
of the Conditional SSA or at such other time as may be mutually
agreed upon by both parties.

(iii) All the approvals and conditions to the Conditional SSA to
be obtained or fulfilled within twelve (12) months from the date
of the Conditional SSA.

Adjustments/Variations To The Purchase Consideration And/Or
Issue Price

In the event that the purchase consideration and/or issue price
is varied by the SC by more than fifteen (15 percent), the
party(ies) affected shall have the following options to be
exercised by written notice to the other party within fourteen
(14) days from the date on which such variation in the purchase
consideration and/or issue price by the SC is made known :

   (i) accept the purchase consideration and/or issue price as
varied by the SC; or

   (ii) reject the variation of the purchase consideration
and/or issue price and terminate the Conditional SSA whereupon
the Conditional SSA shall become null and void, thereafter the
obligations of the parties shall be null and void and neither
party shall have any claim against the other save for any
antecedent breaches; or

   (iii) appeal or cause the parties seeking the approval to
appeal on behalf of any affected party to the SC to modify
and/or withdraw the terms on the variation of the purchase
consideration and/or issue price.

Shares Acquired Free From Encumbrances

Subject to the terms and conditions of the Conditional SSA, the
TMSB shares shall be acquired free from all claims, charges,
liens, encumbrances and equities together with all rights
attached thereto and all dividends and distributions declared,
paid or made in respect thereof as from the date of the
execution of the Conditional SSA.

Basis Of Arriving At The Purchase Consideration

The purchase consideration for the Proposed Acquisition of TMSB
Group was arrived at on a "willing-buyer-willing-seller" basis
after taking into consideration the earnings potential of the
TMSB Group.

Basis Of Determining The Issue Price Of The New Ordinary Shares

The issue price of RM0.50 per share was arrived at after taking
into account the MGIC Group's net tangible liabilities as at 31
December 2000 of RM0.27 per share, the closing market price of
MGIC shares of RM0.45 on 12 June 1998 and the new par value of
MGIC shares of RM0.50. The trading in the shares of the Company
has been suspended since 12 June 1998.

Ranking Of The New Ordinary Shares

The new ordinary shares to be issued pursuant to the Proposed
Acquisition of TMSB Group shall upon issue and allotment rank
pari passu in all respects with one another and the existing
ordinary shares in MGIC except that they shall not be ranked for
dividends, rights and bonus issue allotment or other
distributions, the entitlement date of which is prior to the
date of allotment.

Liabilities To Be Assumed

Apart from the liabilities incurred in the ordinary course of
business, MGIC is not expected to assume any other liabilities
pursuant to the Proposed Acquisition of TMSB Group.

The borrowings of TMSB and its only wholly-owned subsidiary,
SPSB are set out in Tables 3 and 4 respectively.
(http://www.bankrupt.com/misc/Malaysian_General.html)

Proposed GO Waiver

Upon completion of the Proposed Acquisition of TMSB Group, the
Vendors will own 260,000,000 ordinary shares of RM0.50 each in
MGIC representing approximately 66.85 percent of the enlarged
issued and paid up share capital of MGIC prior to the conversion
of the RCSLS and ICULS.

Pursuant to Part II Section 6 of the Malaysian Code on Take-
Overs & Mergers 1998 ("Code"), upon completion of the Proposed
Acquisition of TMSB Group, the Vendors and parties deemed acting
in concert will be required to extend an unconditional mandatory
GO for the remaining shares in MGIC not already owned by them.
An application will be made to the SC for a waiver from
undertaking the mandatory GO.

Proposed Offer

The shareholding spread requirement as stipulated by the SC
requires that at least 25 percent of the issued and paid-up
capital of a public listed company be in the hands of the
public.

The Vendors will undertake an offer for sale of the shares held
by them to comply with the minimum 25 percent public
shareholding spread requirement.

Proposed Offer For Sale

The unsecured bank creditors and unsecured creditors of the MGIC
Companies will undertake an offer for sale of the ICULS to the
public including the existing public shareholders of MGIC and
employees of the restructured MGIC Group.

INFORMATION ON TMSB

TMSB was incorporated in Malaysia under the Act on 30 August
1994. The authorized share capital of TMSB is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each, all of
which have been issued and fully paid-up.

TMSB is principally a building and civil works contractor having
successfully completed numerous system-built factories, building
and civil engineering projects. TMSB is a registered Grade 7
contractor with the Construction Industry Development Board of
Malaysia and also a registered Class A, Head I, II, III and IV
contractor with Pusat Khidmat Kontraktor, Kementerian
Pembangunan Usahawan.

As of 28 August 2001, TMSB has approximately RM410.0 million
contracts on hand. The results of TMSB for the past three (3)
financial years ended 31 December 2000 are set out in Table 3.
(http://www.bankrupt.com/misc/Malaysian_General.html)

Its only wholly-owned subsidiary, SPSB, is the registered
proprietor and developer of a five (5) storey commercial complex
known as "The Summit Parade, Batu Pahat" ("Summit Parade") which
is located in Penggaram, Batu Pahat, Johor. The Summit Parade
has a gross built-up area of approximately 781,794 sq. ft. and a
net built-up area of approximately 578,528 sq. ft.

As of 31 July 2001, the net commercial area of the complex
intended for sale was sold. Approximately 99 percent of the net
lettable area of 230,000 sq. ft. was rented out. Summit
Superstore (BP) Bhd is the anchor tenant while Hock Seng Leong,
Watson's, Popular Book Store, Golden Communications and Star
Bowl are the main tenants of Summit Parade.

The results of SPSB for the past three (3) financial years ended
31 December 2000 are set out in Table 4.
(http://www.bankrupt.com/misc/Malaysian_General.html)

RATIONALE FOR THE PROPOSED RESTRUCTURING SCHEME

Presently, the MGIC Group does not have the ability to service
the interest on their borrowings and repay the principal of
their outstanding loans and facilities. Thus, the primary
objectives of the Proposed Restructuring Scheme are as follows :

   i) to enable the MGIC Companies to restructure and discharge
in an equitable and orderly manner the outstanding liabilities
and credit/trade facilities which will allow their creditors to
receive a significantly higher return than they would otherwise
receive if the MGIC Companies were to be liquidated or placed
under receivership. In other words, the Proposed Debt
Restructuring proposes a better alternative for the MGIC
Companies and their creditors;

   ii) to rejuvenate the businesses of the restructured MGIC
Group through the acquisition of the new asset / business so as
to restore the financial and operational viability of the MGIC
Group which will enable the Group to return to profitability;
and

   iii) to allow the existing shareholders, particularly the
minority shareholders to recover part of their investment in
MGIC, and also to participate in the future profitability of the
Company.

Essentially, the Proposed Restructuring Scheme will alleviate
substantially the current debt burden of the MGIC Companies
through debt write-off and debt conversion into RCSLS and ICULS
whilst the acquisition of the new asset which are already
income-generating will be instrumental in reviving the
restructured group and enabling it to turnaround by placing the
restructured group on a stronger financial footing, providing
the MGIC Group with the desired stream of earnings which is
currently lacking and enhancing the worth of the MGIC Group.

In essence, if the Proposed Restructuring Scheme are
successfully implemented, the restructured MGIC Group will
benefit from lower gearing, significantly improved cashflow and
earnings, which will inevitably ensure that the future viability
of the restructured MGIC Group is not impaired.

CONDITIONS TO THE PROPOSED RESTRUCTURING SCHEME

The Proposed Restructuring Scheme is subject to the following :

   i) the approval of the SC;

   ii) the approval of the FIC;

   iii) the approval of the shareholders of MGIC at the
Extraordinary General Meeting ("EGM") to be convened;

   iv) the sanction of the High Court of Malaya ("Court")
pursuant to Section 64 of the Act;

   v) the approval-in-principle from the KLSE for the following
:

    * the listing and quotation of the new ordinary shares to be
issued pursuant to the Proposed Rights Issue and Proposed
Acquisition of TMSB Group;

    * admission to the Official List for the listing and
quotation of the ICULS;

    * the listing and quotation of the new ordinary shares to be
issued pursuant to the conversion of the ICULS and RCSLS; and

    * uplifting the suspension of trading in the shares of MGIC.

   vi) the discharge of all the existing corporate guarantees
extended by MGIC for the benefit of AAA pursuant to the
restructuring scheme of AAA formulated by the Special
Administrators appointed by Pengurusan Danaharta Nasional
Berhad; and

   vii) the approval of any other relevant authorities.

An office copy of the Court order issued pursuant to item (iv)
above must be lodged with the Registrar of Companies for the
resolution on the Proposed Capital Reduction and Consolidation
to take effect.

EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME

Share Capital

The changes in the issued and paid-up share capital of MGIC as a
result of the Proposed Restructuring Scheme are set out in Table
5. (http://www.bankrupt.com/misc/Malaysian_General.html)

NTA

Based on the audited consolidated balance sheet of the MGIC
Group as of 31 December 2000, the proforma effects of the
Proposed Restructuring Scheme on the Group NTA are set out in
Table 6. (http://www.bankrupt.com/misc/Malaysian_General.html)

Earnings

The effects of the Proposed Restructuring Scheme will not have
any effect on the earnings of the MGIC Group for the financial
year ending 31 December 2001 as the Proposed Restructuring
Scheme is only expected to be completed by June 2002.

However, barring unforeseen circumstances, the Proposed
Restructuring Scheme is expected to improve the financial
position of the restructured MGIC Group in the future years.

Substantial Shareholding Structure

The effects of the Proposed Restructuring Scheme on the
substantial shareholding structure of MGIC are set out in Tables
7(a) and 7(b).
(http://www.bankrupt.com/misc/Malaysian_General.html)

Gearing

Based on the audited consolidated balance sheet of the MGIC
Group as of 31 December 2000, the proforma effects of the
Proposed Restructuring Scheme on the gearing of the MGIC Group
are set out in Table 8.
(http://www.bankrupt.com/misc/Malaysian_General.html)

Group Structure

The diagrams depicting the group structure of MGIC before and
after the Proposed Restructuring Scheme are set out in Table 9.
(http://www.bankrupt.com/misc/Malaysian_General.html)

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and/or substantial shareholders of MGIC
has any interest, direct or indirect, beyond their entitlement
under the Proposed Rights Issue for which all existing
shareholders of MGIC shall be entitled to.

Other than as disclosed above, none of the Directors and
substantial shareholders of MGIC as well as persons connected to
them has any material interest, direct or indirect, in the
Proposed Restructuring Scheme.

DIRECTORS' RECOMMENDATION

The Directors are of the opinion that the successful
implementation of the Proposed Restructuring Scheme is crucial
in ensuring the future viability of the restructured MGIC Group
as a going-concern. In addition, the Directors consider that the
terms of the Proposed Debt Restructuring are fair and reasonable
to the creditors of the MGIC Companies. Having considered the
rationale for the Proposed Restructuring Scheme, the Directors
are of the view that the Proposed Restructuring Scheme are in
the long term interest of the MGIC Group.

TIMING FOR THE PROPOSED RESTRUCTURING SCHEME

The tentative timing for the Proposed Restructuring Scheme is
set out in Table 10.
(http://www.bankrupt.com/misc/Malaysian_General.html)

However, the timing stipulated therein is subject to further
revisions depending upon the decision of the KLSE on the
Company's appeal and extension of time application which was
submitted on 10 August 2001 as mentioned earlier.


NCK CORPORATION: No Detail Changes Re Defaulted Payments
--------------------------------------------------------
Archer Corporate Services Sdn Bhd, on behalf of NCK Corporation
Bhd (Special Administrators Appointed) announced there is no
change to the details of the default in payment to the Lenders.

Please see details of Default Payments to the Lenders announced
on July 12, 2001 at http://www.bankrupt.com/misc/Nck_Details.doc


RENONG BERHAD: Subsidiary Defaults Interest Payment
---------------------------------------------------
Renong Berhad (Renong) announced Projek Usahasama Transit Ringan
Automatik Sdn Bhd (PUTRA), a wholly owned subsidiary of Renong,
has remained in default on its interest servicing obligations in
respect to its RM2.0 billion Commercial Financing Facilities.
The outstanding interest/profit payment as of 29 August 2001 is
RM371.4 million.

On 20 April, 2001, PUTRA requested that its financiers extend
the moratorium period on the interest/profit payments and to
waive the penalty margin of 1% per annum (where applicable) on
all interest/profit payments outstanding for the period
beginning 30 September 1999 until PUTRA's Proposed Debt
Restructuring (the Scheme) is in place. The decision from the
financiers on this matter is still pending.

Currently, PUTRA is working closely with the relevant agencies
on the Scheme.


S & P FOOD: High Court Approves Proposed Scheme Of Arrangement
--------------------------------------------------------------
On behalf of S & P Food Industries (M) Bhd (SPFI), Commerce
International Merchant Bankers Berhad announced the Proposed
Capital Reduction and Proposed Scheme of Arrangement have been
sanctioned by the High Court of Malaya on 30 August 2001 under
Petition No. D5-26-56-2001.

Background

SPFI, on 16 August 2000, proposed to undertake a capital
reduction and scheme of arrangement involving the incorporation
of a new investment holding company (Newco) and share exchange
exercise on the basis of one consolidated SPFI share for one
Newco share. Upon completion of the scheme, SPFI proposed to
implement a rights issue, a debt-restructuring scheme to settle
the Group's financial obligations by way of cash repayment and
an issuance of Newco ICULS, and a settlement of a stockbroking
company's claim also via an issuance of Newco ICULS.

Concurrently, SPFI proposed to acquire equity interests in 15
companies involved in operation of oil palm and cocoa
plantations, operation of palm oil mill, investment holding,
provision of equipment hiring and plantation management
services, provision of plantation development contracting
services and sale of oil palm seedlings. Pursuant to these
acquisitions, SPFI proposed to settle amounts owing to certain
directors and shareholders of these companies and to purchase
two oil palm estates.

Following this, SPFI proposed to dispose of its existing
business and subsidiaries to Simfoni Melangit Sdn Bhd and apply
for transfer of listing from KLSE's Second Board to the Main
Board. In effect, the restructuring exercise would change SPFI's
core business to plantations.

A revised scheme was later submitted to the SC on 8 March 2001,
incorporating changes to the purchase consideration of the
companies and estates to be acquired. Subsequently, on 16 April
2001, the SC approved the scheme subject to certain conditions
but rejected SPFI's proposed transfer to KLSE's Main Board.

In early May, however, in view of current market conditions,
SPFI aborted its rights issue exercise. In its replacement,
certain vendors of the acquiree companies agreed to advance RM5m
cash to Newco (presently known as 'Cepatwawasan Group Bhd'
(CGB)) upon completion of the acquisitions. This shareholders'
advance will provide CGB with adequate funding to meet the cash
settlement portion to its debt restructuring and defray related
expenses of the corporate exercises. On 8 June 2001, the High
Court granted an order to SPFI to convene members' meetings, to
be held within a period of 90 days from the date of the order,
for the purpose of approving the scheme.

Subsequently, on 14 June 2001, the SC approved the revisions
made to the scheme. The scheme is now pending approvals from
shareholders and KLSE and sanction from the High Court.

SPFI had been originally involved in the manufacture and trading
of coconut cream powder locally known as "Instant Santan" with
the technical back-up and research support of the Malaysian
Research and Development Institute (MARDI).


SENG HUP: Enters Agreement On Revised Proposed Debt Scheme
----------------------------------------------------------
The Special Administrators (SA) revealed that, on behalf of Seng
Hup Corporation Berhad (SHCB or the Company), they entered into
the following agreements on 28 August 2001. The agreements
implement changes to the Proposed Corporate and Debt
Restructuring Scheme:

   (i) a Deed of Novation between the SA, Goh Chin Soon (GCS),
Hamid bin Man (the Investor) and Tri Harvest Holdings Sdn. Bhd.
(Tri Harvest) to novate the obligations of GCS pursuant to the
Memorandum of Understanding entered into on 4 September 2000 to
Investor jointly and severally with Tri Harvest and subsequently
release and discharge GCS from the terms and conditions of the
MOU; and

   (ii) a Deed of Novation between the SA, Chong Chen Thiam and
Lim Lai Wah (collective known as Vendors), Natural Prestige Sdn.
Bhd. (Newco), GCS, the Investor and Tri Harvest to novate the
obligations of GCS pursuant to the conditional Sale and Purchase
Agreement (SPA) entered into on 21 February 2001 pursuant to the
of 79,000,000 new ordinary shares of RM1.00 each in Newco
(Proposed Acquisition) to the Investor jointly and severally
with Tri Harvest and subsequently release and discharge GCS from
the terms and conditions of the conditional SPA.

In addition, the SA had also on the same date entered into a
management agreement with the Investor jointly and severally
with Tri Harvest to appoint the Investor jointly and severally
with Tri Harvest (Manager) as the manager for SHCB to manage the
operations of SHCB until the implementation of the Proposed
Corporate and Debt Restructuring Scheme.

DETAILS OF THE DEED OF NOVATION

(i) On 30 August 2001, the SA, on behalf of SHCB entered into a
Deed of Novation with GCS, Investor and Tri Harvest to novate
the obligations of GCS pursuant to the MOU entered into on 4
September 2000 to the Investor jointly and severally with Tri
Harvest and subsequently release and discharge GCS from the
terms and conditions of the MOU.

Pursuant to the said Deed of Novation, the Investor jointly and
severally with Tri Harvest undertakes to perform the contract
contained in the MOU and to be bound by the terms and conditions
of the MOU and SHCB will release and discharge GCS from all
claims and demands whatsoever in respect of the MOU and accepts
the liability of the Investor jointly and severally with Tri
Harvest upon the terms and conditions of the MOU in lieu of the
liability of GCS and agrees to be bound by the terms and
conditions of the MOU in every way as if the Investor jointly
and severally with Tri Harvest were named in the MOU in lieu of
GCS.

In addition, the said Deed of Novation also provides for the
following amendments to the MOU:

   (i) in relation to the put option to be given to the
Irredeemable Convertible Unsecured Loan Stocks (ICULS) holders
pursuant to the Proposed Corporate and Debt Restructuring Scheme
whereby the put option will now be provided by the Investor and
Tri Harvest jointly and severally in accordance to the terms set
out in the MOU and shall be exercisable within a period of
fourteen (14) days after the first anniversary of the issue of
the ICULS; and

   (ii) in relation to the additional events in which the
returnable security deposit of RM2 million and all accrued
interest thereon provided by Tri Harvest, which are placed by
SHCB in an interest bearing account for the purpose of the
implementation of the Proposed Corporate and Debt Restructuring
Scheme shall be forfeited in the event of any breach by the
Investor and Tri Harvest.

   (ii) On the same day, the SA, on behalf of SHCB had also
entered into another Deed of Novation with the Vendors, Newco,
GCS, the Investor and Tri Harvest to novate the obligations of
GCS pursuant to the conditional SPA entered into on 21 February
2001 pursuant to the Proposed Acquisition to the Investor
jointly and severally with Tri Harvest and subsequently release
and discharge GCS from the terms and conditions of the
conditional SPA.

Pursuant to the Deed of Novation, the Investor jointly and
severally with Tri Harvest undertakes to perform the contract
contained in the conditional SPA and to be bound by the terms
and conditions of the conditional SPA and the Vendors, Newco and
SHCB will release and discharge GCS from all claims and demands
whatsoever in respect to the conditional SPA and accepts the
liability of the Investor jointly and severally with Tri Harvest
upon the terms and conditions of the conditional SPA in lieu of
the liability of GCS and agrees to be bound by the terms and
conditions of the conditional SPA in every way as if the
Investor jointly and severally with Tri Harvest were named in
the conditional SPA in lieu of GCS.

DETAILS OF THE MANAGEMENT AGREEMENT

On 30 August 2001, the SA, on behalf of SHCB entered into a
management agreement with the Investor jointly and severally
with Tri Harvest to appoint the Investor jointly and severally
with Tri Harvest (Manager) as the manager of SHCB to manage the
business of retail sales and project sales of decorative
lighting carried out (Business). The details of the management
agreement are as set out below:

   (i) SHCB shall be entitled to payment by the Manager of a
fixed fee at the rate of RM30,000 only per month payable within
seven (7) days from the first day of every month during the
continuance of the management agreement;

   (ii) SHCB shall be entitled to payment by the Manager of a
fee equal to ten per centum (10%) of the net proceeds of sales
effected by the Business less the expenditure set out in the
agreement (Net Operating Profit) of the Business in every six
(6) months during the continuance of the agreement provided that
the net operating profit be above RM90,000 every six (6) month
period;

   (iii) The Manager shall be entitled to the balance of the Net
Operating Profit of the Business during the continuance of the
agreement;

   (iv) The Manager shall provide to SHCB monthly management
accounts of the Manager and SHCB which, subject to audit (at the
absolute discretion of SHCB) by SHCB's auditors on a six (6)
monthly basis shall be conclusive evidence of the amount of the
Net Operating Profit and the respective entitlements of SHCB and
the Manager under (ii) and (iii) above, such management accounts
to be provided within three (3) weeks after the date of closing
of the month end accounts; and

   (v) The Manager shall be liable to pay all the expenditure
incurred with respect to the business operations of SHCB as set
out in the agreement without any right of indemnity or
reimbursement from SHCB. In addition, the Manager shall
indemnify SHCB and keep SHCB indemnified from all losses,
damages or liability suffered by SHCB resulting from a breach of
the agreement by Manager or in the course of managing the
Business.

INFORMATION ON TRI HARVEST

Tri Harvest was incorporated in Malaysia under the Companies
Act, 1965 on 16 August 2001 as a private company limited by
shares under its present name.

Tri Harvest's present authorized share capital is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which 100
ordinary shares of RM1.00 each have been issued and credited as
fully paid-up.

The details of the Directors and substantial shareholders of Tri
Harvest as at the date hereof are set out in Table 1
(http://www.bankrupt.com/misc/Seng_Hup_table1.doc)

On 3 April 2000, Tan Kim Leong, JP and Siew Kah Toong of BDO
Binder, the SA of SHCB announced that SHCB had on the same day
entered into a conditional Memorandum of Understanding with Mr.
Goh Chin Soon (GCS) and the vendors of Brightway Holdings Sdn.
Bhd. (BHSB) and Laglove (M) Sdn. Bhd. (LSB), whereby they will
participate in the Proposed Corporate and Debt Restructuring
Scheme. The Memorandum of Understanding was entered into with
the intention of setting the key areas of agreement pending the
finalization and approval of the Proposed Corporate and Debt
Restructuring Scheme and was conditional upon the approval of
Danaharta and secured creditors of SHCB, approval from all
relevant authorities and shareholders of SHCB as well as
satisfactory due diligence audit on BHSB and LSB.

On 14 March 2001, Commerce International Merchant Bankers Berhad
(CIMB) on behalf of SHCB announced that the SA had on 5 March
2001, received a letter dated on the even date stating that the
vendors of BHSB and LSB have decided not to participate in the
Proposed Corporate and Debt Restructuring Scheme. After
deliberation between the SA and GCS, being the person who would
procure the proposed acquisition of the entire equity interests
in BHSB and LSB, the SA and GCS had on 14 March 2001 decided to
abort the said proposed acquisitions.

On 26 February 2001, CIMB on behalf of SHCB announced that the
SA, on behalf of SHCB together with Newco had on 21 February
2001 entered into a conditional SPA with the Vendors to acquire
the entire equity interest in Juriman Sdn. Bhd. (JSB) comprising
79,000,000 ordinary shares of RM1.00 each in JSB (Sale Shares),
for a total purchase consideration of RM79,000,000 or
approximately RM1.00 per Sale Share to be satisfied through the
Proposed Acquisition. The Proposed Acquisition is conditional
upon the Proposed Corporate and Debt Restructuring Scheme which
was being finalized at the time the conditional SPA was signed.

On 30 August 2001, the Investor and his company, Tri Harvest
were appointed to jointly and severally perform the obligations
of GCS under the terms and conditions of the MOU.


SENG HUP: Posts Update On Defaulted Payments
---------------------------------------------
Seng Hup Corporation Bhd (Special Administrators Appointed)
(SHCB) issued an update on its default in payment:

   * The default by SHCB as of 31st July 2001 amounted to
RM54,828,339 made up of a principal sum, plus RM19,399,895 in
interest for revolving credit facilities, trade financing and
overdraft.

   * P.T. Krisindo Mas, a subsidiary of SHCB had as of 31st July
2001, defaulted USD2,280,000, made up of a principal sum plus
USD853,661 in interest, in respect of its property loan.

    * Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loan amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM1,468,627 and RM377,360 respectively as of 31st July 2001.


WEMBLEY INDUSTRIES: To Finalize Proposed Debt Workout Scheme
------------------------------------------------------------
Wembley Industries Holdings Berhad (the Company) is working on a
revised proposed debts restructuring scheme and are in
discussion with the Group's banks/creditors. The details of the
proposed debts restructuring scheme have not been finalized yet.

On 2 July 2001, the Company submitted an application to the
Exchange pursuant to Section 5 of PN4 for an extension of time
to obtain all the necessary approvals to implement the plan to
regularize its financial position. Subsequently, on 3 August
2001, the Exchange approved the extension of two (2) months from
23 June 2001 to 22 August 2001 to the Company. In approving the
extension, the Company is required, within the extension period,
to carry out the following:

   (i) revise its regularization plan;

   (ii) make a revised requisite announcement to the Exchange;

   (iii) submit its revised plan to the regulatory authorities
for approval; and

   (iv) upon submission of the revised plan to the regulatory
authorities, make a separate application to the Exchange to seek
an additional time for the Company to obtain all the necessary
approvals from the authorities.

On 16 August 2001, the Company's financial adviser, Alliance
Merchant Bank Berhad, submitted an application to the Exchange
to seek its approval for a further extension of time for a
period of three (3) months from 22 August 2001 to 22 November
2001 to carry the above requirements as the negotiations between
the banks/creditors are still on going. As to date, the approval
of the Exchange for the further extension from 22 August 2001 to
22 November 2001 is still pending.


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


NATIONAL POWER: 1-Day Power Sales Scheme Earns PhP532 Million
-------------------------------------------------------------
National Power Corp said Thursday it earned PhP532 million from
its one-day power sales scheme from January to July this year,
with the amount 38 percent higher than the year-ago level of 385
million pesos, Inquirer News Service reported on August 30.

Alberto C. Guanzon, chief of Napocor's power network business
department, traced the income growth to a higher volume of
electricity sold and the increase in the number of participants
in the daily auction.

Guanzon added that the electricity traded in the first seven
months reached 1,063 gigawatthours, 53-percent up from last
year's level.

The official said that one of the factors that influenced the
steady growth of the one-day power sales this year was the
agreement between Napocor and the Manila Electric Co. to allow
the utility's "embedded" customers to take part in the program.

Embedded customers refer to bulk power users, mainly industries
that generate their own electricity although they are operating
within Meralco's franchise area.

Trading under the one-day power sales scheme is done through an
online bidding system.

To qualify for bidding, customers should have a minimum self-
generation capacity of 1 megawatt. So far, 55 firms have been
authorized to join the daily trading.


NATIONAL POWER: Singapore Power Likely To Bid For Assets
--------------------------------------------------------
Singapore Power Ltd is likely to make a bid for the Philippines'
new power distribution company as part of its search for
international investment opportunities, ABS-CBN, Reuters
reported on August 30, which quoted the company's senior
executive Thursday.

The Philippine government is expected to begin selling off most
of the generation and transmission assets of National Power
Corp. (Napocor) early next year.

Singapore Power senior vice president Chris Brown said his
company would "absolutely" be a bidder when the Philippines
offers assets in the privatization of its power sector.

Brown said of potential assets for sale, Singapore Power was
most interested in the National Transmission Company (Transco),
which will absorb all the transmission assets of Napocor once
the power firm is privatized, while the power firm's generation
assets will be bidded out in six or seven clusters.

Napocor's assets are expected to be privatized shortly after
Manila comes out with the implementing rules and guidelines of
the Electric Power Industry Reform Act by the end of the year.

Credit Suisse First Boston, in a study completed for the
Philippine government last year, valued Transco at $2.4 billion
to $2.7 billion.

Brown said Singapore Power might make the bid as part of a
consortium.


RFM CORPORATION: Clarifies TRO-SMC Deal Extension
-------------------------------------------------
RFM Corporation issued the following clarification regarding the
17 days extension given by Quezon RTC to TRO-SMC Deal:

   * The Regional Trial Court of Quezon City, Branch 216, issued
an Order dated 27 August 2001 extending by 17 days the Temporary
Restraining Order on Cosmos Bottling Corporation from proceeding
with the sale of defendant corporations and their properties to
San Miguel Corporation and/or third persons/entities insofar as
it involves the properties of the plaintiffs transferred to
Cosmos Visayas Bottlers, Inc. (CVBI) in 1997.

   * We wish to clarify that Syjuco and his lawyers have
categorically stated before the court that they are not stopping
the ongoing PhP15 Billion Cosmos transaction. Instead, what is
being enjoined is only the sale of the subject properties in
CVBI to San Miguel.

   * Syjuco and his companies have been fully paid as of 6 March
1997. In fact Cosmos Bottling Corporation overpaid plaintiffs in
the amount of PhP9 Million, which was certified by our external
auditors SGV and by Emmanuel Rios, President of Syjuco's
corporation.

   * The rescission of the 1996 agreement has no basis in fact
and law because all amounts due under the transaction have been
fully paid. We have complete documents that we will present to
the court in the forthcoming hearings to prove this point. xxx"


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


ASIA FOOD: Gives Restructure Update Jointly With GAR
----------------------------------------------------
The respective boards of directors of Asia Food & Properties
Limited (AFP) and Golden Agri-Resources Ltd (GAR) give update to
their shareholders and the public on the debt-restructuring
program.

As disclosed in the 26 July corporate announcements and at the
Annual General Meeting of AFP and GAR, three separate debts
totaling US$75 million have been successfully restructured.

Since then, GAR and its subsidiaries have restructured
additional outstanding debts of approximately US$32 million. To
date, the AFP Group (including subsidiaries such as GAR and
others) has restructured approximately US$107 million of its
outstanding debt.

The companies continue to be in discussion with its major
creditors to restructure its debts and will update the public on
further developments. The management will meet representatives
of the Securities Investors Association Singapore (SIAS) to
follow-up on their first discussion last month.

In relation to its deposits with BII Bank Limited incorporated
in Cook Islands, the AFP Group has to date, withdrawn
approximately US$15.8 million since end March this year.

AFP and GAR will announce its interim results for the first half
of 2001 in September. The weak Indonesian Rupiah and Crude Palm
Oil (CPO) price (CIF Rotterdam) for the first half of the
current financial year have adversely impacted on the financial
performance of AFP and GAR. The average price of CPO during the
first half of year 2001 remained at US$240 per tonne and
Indonesian Rupiah was at a low of Rupiah 11,400 (Year 2000:
Rupiah 8,700) against the US dollar as at end June. Both
companies expect to report an interim loss for the first half of
2001.

In July, the CPO price breached the US$300 per ton level and
reached a 20-month high of US$395 per ton on 8 August. The CPO
price has since been volatile and dropped to US$325 per ton as
at 27 August.

The GAR Group's CPO production for the first half of 2001 was
approximately 460,000 tonnes, which represents a 20 percent
increase from 383,000 tonnes for the same period last year.

The directors believe that the increased CPO production together
with the continuing support of the companies' creditors to
restructure their indebtedness and the anticipated CPO price
recovery, AFP and GAR will be able to meet their obligations and
continue to operate.


KEPPEL CAPITAL: Delisted From SGX-ST
------------------------------------
Keppel Capital Holdings Ltd (KCH) made an application to the
Singapore Exchange Securities Trading Limited (SGX-ST) for KCH
to be delisted from the Main Board of the SGX-ST after the
conclusion of the exercise by OCBC Bank of its rights to
compulsorily acquire the Shares of all the Dissenting
Shareholders. The SGX-ST informed KCH on 30th August, 2001 that
it had no objections to the same.

The delisting will take place at a later date to be announced by
KCH, after the conclusion of the exercise by OCBC Bank of its
rights to compulsorily acquire the Shares of all the Dissenting
Shareholders.


KEPPEL CAPITAL: OCBC's Offer Is Unconditional
--------------------------------------------
Keppel Capital Holdings Ltd (KCH) announced that OCBC Bank
intends to exercise its right to compulsorily acquire Shares on
KCH on 24th September, 2001, being one month after 24th August,
2001 (the date that the Form 57 was given), subject to and on
the terms set out in the Form 57.

On 10 August, 2001, 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 had become unconditional in all respects as of 10
August, 2001. As of 3:30 p.m. on 31st August, 2001, the final
closing date, OCBC Bank received acceptances for approximately
98.1 per cent. of the issued and paid-up ordinary share capital
of KCH.

As OCBC Bank had received acceptances of the Share Offer
representing more than 90 per cent. 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 (the
Companies Act). OCBC Bank had in its offer document dated 3rd
July, 2001 (the Offer Document) 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.

On 24 August 2001 UBS Warburg announced for and on behalf of
OCBC Bank that OCBC Bank had on 24th August, 2001, given a Form
57 (Notice to Dissenting Shareholder) to each shareholder of KCH
who did not accept the Share Offer as at 21st August, 2001 (the
Dissenting Shareholder) notifying each Dissenting Shareholder of
its intention to compulsorily acquire his Shares in KCH,
pursuant to Section 215(1) of the Companies Act, if such
Dissenting Shareholder does not accept the Share Offer by 3.30
p.m. on 31st August, 2001.


KEPPEL CAPITAL: Posts Notice Of Book Closure Dates Deferment
------------------------------------------------------------
Keppel Capital Holdings Ltd (KCH) posted the following notices:

    Notice of Further Deferment of Books Closure Dates

NOTICE IS HEREBY GIVEN that, the Share Transfer Books and
Register of Members of KCH will be closed from 19th December,
2001 to 20th December, 2001, both dates inclusive, for the
preparation of the dividend warrants for the Interim Dividend
less tax for the financial year ending 31st December, 2001,
payable on 21st December, 2001. Registrable transfers received
by the Share Registrar, Lim Associates (Pte) Ltd, at 10 Collyer
Quay, Ocean Building #19-08, Singapore 049315, up to 5.00 p.m.
on 18th December, 2001, will be registered to determine the
entitlement to the Interim Dividend.

Notice of Suspension of Subscription Rights in 50,306,471
Warrants 2002 expiring on 30th July, 2002

NOTICE IS HEREBY GIVEN that, the Register of Warrantholders of
KCH will be closed from 19th December, 2001 to 20th December,
2001, both dates inclusive, being the period during which the
Share Transfer Books and Register of Members of KCH will be
closed for the preparation of the said dividend warrants.

Background

Interim Dividend

On 6th July, 2001, KCH declared an interim dividend of S$0.04
for each ordinary share of S$1.00 each in the capital of KCH
("Shares"), less tax for the six months ended 30th June, 2001
(the "Interim Dividend").

On 14th July, 2001, UBS AG, Singapore branch, acting through its
business group UBS Warburg ("UBS Warburg"), announced, for and
on behalf of Oversea-Chinese Banking Corporation Limited ("OCBC
Bank"), the revised offers (the "Offers") by OCBC Bank for each
Offer Share and Offer Listed Warrant. OCBC Bank had stated in
its revised Offers that Shareholders who accept the Share Offer
will not be entitled to the Interim Dividend for each Offer
Share.

On 16th July, 2001, KCH announced that, in conjunction with the
revised Offers by OCBC Bank, OCBC Bank had requested that the
date of entitlement (the "Entitlement Date") to the Interim
Dividend be deferred from 5.00 p.m. on 23rd July, 2001 to 5.00
p.m. on 17th September, 2001, in order to align the Entitlement
Date with the timetable for the Offers, in particular, so as to
facilitate the settlement of the offer consideration.

All terms and references used in this Announcement which are
defined or construed in the offer document of OCBC Bank dated
3rd July, 2001 (the "Offer Document") but are not defined or
construed in this Announcement shall have the same meaning and
construction as defined in the Offer Document.

Compulsory Acquisition pursuant to Section 215(1) of the
Companies Act, Chapter 50 (the "Companies Act")

As announced on 24th August, 2001, OCBC Bank had given a Notice
to Dissenting Shareholder (Form 57) to each shareholder of KCH
who did not accept the Share Offer as of 21st August, 2001. This
notice ("Dissenting Shareholder") advised each Dissenting
Shareholder of its intention to compulsorily acquire his Shares
in KCH, pursuant to Section 215(1) of the Companies Act, if such
Dissenting Shareholder does not accept the Share Offer by 3.30
p.m. on 31st August, 2001. OCBC Bank also announced that it
intends to exercise its right to compulsorily acquire such
Shares on 24th September, 2001, being one month after 24th
August, 2001 (the date that the Form 57 was given), subject to
and on the terms set out in the Form 57.

Reason for Further Deferment of Books Closure Dates

OCBC Bank had informed the Dissenting Shareholders by a letter
issued to each Dissenting Shareholder on 24th August, 2001 that,
in relation to any transfer of Shares to OCBC Bank, pursuant to
the compulsory acquisition made by OCBC Bank after the
Entitlement Date the aggregate amount of the Interim Dividend
payable in respect of those Shares will be deducted from the
consideration payable by OCBC Bank for those Shares.

To facilitate the settlement of the consideration in respect of
the compulsory acquisition of the Shares by OCBC Bank, OCBC Bank
has further requested that the Entitlement Date be further
deferred from 5.00 p.m. on 17th September, 2001 to 5.00 p.m. on
18th December, 2001, when the compulsory acquisition by OCBC
Bank of such Shares is likely to be completed. In this regard,
Shareholders whose Shares are compulsorily acquired by OCBC Bank
will not be entitled to the Interim Dividend and such Interim
Dividend will be retained by OCBC Bank for its benefit. Such
Shareholders will be paid the Offer Share Price of S$3.65 per
Share in cash.


SEMBCORP LOGISTICS: Appoints Prof Wee Chow Hoo As Director
----------------------------------------------------------
The board of SembCorp Logistics announced Professor Wee Chow Hou
has been appointed director and Audit Committee member effective
immediately. The particulars of Professor Wee are set out in the
MASNET template, Form 902 - Appointment of Directors.

Professor Wee is considered an independent director pursuant to
Section 902(4)(a) of the Listing Manual of the Singapore
Exchange Securities Trading Limited.

Subsequent to the above appointment, the compositions of the
board and Audit Committee are as follows:

Board of Directors

1. Mr Wong Kok Siew - Chairman
2. Mr Koh Soo Keong - President, Executive Director
3. Mrs Lee Suet Fern - Independent Non-Executive Director
4. Mr Tan Tee How - Independent Non-Executive Director
5. Mr Barry Desker - Independent Non-Executive Director
6. Mr Klaus Herms - Non-Executive Director
7. Prof Wee Chow Hou - Independent Non-Executive Director

Audit Committee

1. Mrs Lee Suet Fern - Chairman
2. Mr Barry Desker - Member
3. Prof Wee Chow Hou - Member


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


DATAMAT PUBLIC: Registers Paid Up Capital Reduction
---------------------------------------------------
Datamat Public Company Limited informed that the paid up capital
reduction according to the resolution from the ordinary general
meeting of shareholders No. 31 held on 29th April 1999 was
registered with the Ministry of Commerce on 29th August 2001.
Now the registered capital is Bt134,093,050.

The company conducts business principally as the sole
representative and distributor of NEC computers in Thailand.

It incurred a net loss of Bt25.871million for the second quarter
2001, down from the Bt112.143 million net loss last year.


NEP REALTY: Posts EGM No. 1/2001 Resolutions
--------------------------------------------
NEP Realty and Industry Public Company Limited (the Company)
announced the resolutions of the Extraordinary General Meeting
of Shareholders No. 1/2001, held on 30 August 2001:

  (1) Unanimous adoption of the Minuets of the Annual General
Meeting of Shareholders for the fiscal 2000.

  (2) Unanimous approval for the transfer of the businesses in
NEP Property Co., Ltd. by selling all ordinary shares to Nava
Nakorn Co., Ltd. or any interested person as deemed appropriate
by the Board of Directors, provided the Board of Directors shall
also comply with the  provisions of the Notification of the
Stock Exchange of Thailand concerned.


STA PARTICLE: Business Reorganization Petition Filed In Court
-------------------------------------------------------------
Sta Particle Products Company Limited's (DEBTOR), engaged in
production, sale and import of para rubber, Petition for
Business Reorganization was filed to the Central Bankruptcy
Court:

   Black Case Number Phor. 12/2543

Red Case Number Phor. 17/2543

Petitioner: STA PARTICLE PRODUCTS COMPANY LIMITED

Planner: Deloitte Touch Tomatsu Company Limited

Debts Owed to the Petitioning Creditor: Bt4,648,000,000

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

Date of Examining the Petition: April 26, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: April 26, 2000

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

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

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: July 13, 2000

Deadline to object Applications for Payment in Business
Reorganization : July 27, 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 9.30 am. 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 25, 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 11, 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 TELEPHONE: Appoints Daochai As Director
--------------------------------------------
Thai Telephone & Telecommunication Public Company Limited
announced that the Board of Directors' Meeting No. 7/2001 held
on August 28, 2001 resolved to appoint Predee Daochai as
Director and Executive Director, effective from August 28, 2001.

Thai Telephone & Telecommunication Public Company Limited(TT&T).
Distributes telephone equipment; installs dropwires and provides
maintenance services in the cable TV business.

According to Wright Investors' Service, at the end of 2000, the
company had negative working capital, as current liabilities
were Bt45.32 billion while total current assets were only Bt7.58
billion. The fact that the company has negative working capital
could indicate that the company will have problems in expanding.


TPI POLENE: SET Lifts `SP' Sign
-------------------------------
The Stock Exchange of Thailand announced it has lifted "SP" sign
from the TPI Polene Public Company Limited's (TPIPL) stock.

Trading in TPIPL stock was suspended because it was unable to
render clarification on the unconfirmed news before afternoon
trading session on 30 August 2001


TPI POLENE: Three Int'l Bidders Vie For Equity Stake
----------------------------------------------------
TPI Polene Public Company Limited (TPIPL) stated three global
cement producers have already completed their due diligence
processes in TPIPL and now are in process of considering the
submission of their final bids for the investment in TPIPL's
equity stake.

TPIPL will thereafter consider a global cement producer as a
preferred bidder to further negotiate and finalize the
investment terms and conditions for the newly
issued common share of USD 180 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
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza, Roy Tabamo, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 301/951-6400.

                      *** End of Transmission ***