---

       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

           Wednesday, September 12, 2001, Vol. 4, No. 178

                         Headlines

* A U S T R A L I A *

ANACONDA NICKEL: Issues Securities
AUSTRALIAN MAGNESIUM: Posts Chairman`s Address to Shareholders
BRIDGEDFS LIMITED: Resolves to Change Name
CABLE & WIRELESS: Posts Notice of Share Cancellation
KUSP LIMITED: Senetas Compulsorily Acquires Shares
PASMINCO LIMITED: S&P Lowers Long Term Rating -o 'CCC'
TENNYSON NETWORKS: Jaytide Becomes Substantial Holder

* C H I N A   &   H O N G  K O N G *

ANGLO-EUROPEAN LUGGAGE: Petition to Wind Up
FU HUI: Posts Resolution to Approve Restructuring Agreements
G-PROP (HOLDINGS): Requests Suspension of Trading
SOUTHWELL ENGINEERING: Winding Up Sought by Yu Ping
WAPHEAD INTERNATIONAL: Hearing Scheduled for Winding Up Petition
WINSTON (HOLDINGS): Hearing on Winding Up Petition Is Set
BAKRIE SUMATRA: Plantation Shares Drops
BANK CENTRAL: Bapepam Probes More Companies Over Insider Trading
SUNSON TEXTIME: Obtains IFC, Rabobank Credit Facility

* J A P A N *

ASAHI BANK: Still Under Review For Downgrade, Says Moody's
HITACHI LTD: Moody's Changes Outlook to Negative

* K O R E A *

DAE DONG: STX to Take Over Shipbuilder After Chosuk
DAEWOO MOTOR: More Losses Pending Despite Talks
DAEWOO MOTOR: GM to Buy Bupyeong Plant
HYNIX SEMICONDUCTOR: Subject to Sept. 15 Bill
HYUNDAI SECURITIES: Labor Union Opposes Foreign Takeover

* M A L A Y S I A *

ACTACORP HOLDINGS: Appoints Receiver As TCM's Liquidator
AUSTRAL AMALGAMATED: Moratorium Period Extended
IDRIS HYDRAULIC: Enters New Debt Restructuring Agreement
JASATERA BERHAD: Supplemental Agreement Duly Executed
MBF HOLDINGS: Sells Land to Settle Debts
PANGLOBAL BERHAD: Awaits SC Approval on Proposed Debt Scheme
PARIT PERAK: Gets Written Agreement-In-Principle From Creditors
PERDANA INDUSTRI: 19th AGM to Be Held on September 28
SATERAS RESOURCES: No Significant Change on Proposed Debt Scheme
TECHNO ASIA: KLSE Approves Requisite Announcement Time Extension

* P H I L I P P I N E S *

COSMOS BOTTLING: SMC Completes 70% Due Diligence
NATIONAL BANK: Holders Might Agree to P40 Selling Price
NATIONAL POWER: Arroyo Issues Public Bidding MO 30

* S I N G A P O R E *

ASIA FOOD: Subsidiary Disposes Interest in KOAR
CAPITALAND LIMITED: Unit Agrees to Sell Tampines Mall
PANPAC MEDIA.COM: SGX OKs 20M New Shares Listing

* T H A I L A N D *

DATAMAT PUBLIC: EGM Postponed to September 24
ITALIAN-THAI: Q201 Net Loss More Than 20%
NATURAL PARK: Business Reorg Petition Filed in Bankruptcy Court
SIKARIN PUBLIC: Submits Application For Securities' Trading


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


ANACONDA NICKEL: Issues Securities
----------------------------------
Anaconda Nickel Limited advised that the Company has issued
90,488,375 shares as a consequence of the 1 for 4.1 Pro Rata
Renounceable Rights Issue to shareholders pursuant to the
Prospectus dated 29 June, 2001.

As a result of this share issue, the total number of ordinary
shares quoted on the ASX will be increased to 461,502,243.


ANSETT AUSTRALIA: Air NZ & Qantas Start Discussions
---------------------------------------------------
The Board of Air New Zealand Limited has offered to sell its
Ansett subsidiary businesses to Qantas Airways Limited and has
entered into discussions with Qantas, the Acting Chairman of Air
New Zealand, Dr Jim Farmer, announced Tuesday.

"Ansett is continuing normal operations - and Qantas and Air New
Zealand will continue discussions over the next few days on the
terms of any acquisition of Ansett by Qantas.

"Any transaction would be subject to due diligence and approvals
of the Australian and New Zealand Governments and regulatory
approvals, including that of the Australian Competition and
Consumer Commission.

"The Board of Air New Zealand expects to be able to make an
announcement on the progress of the discussions with Qantas on,
or before, Thursday 13 September when the company is due to
present its annual results.

"Meantime, Air New Zealand, its major shareholders, Brierley
Investment Limited and Singapore Airlines Limited, and the New
Zealand Government are continuing to negotiate in good faith to
finalize arrangements to provide on-going financial support for
the operation of Air New Zealand international and domestic
airlines operations," Dr Farmer said.


AUSTRALIAN MAGNESIUM: Posts Chairman`s Address to Shareholders
--------------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) posted Non
Executive Chairman Dr J Roland Williams' address to
shareholders:

"AMC has recently received considerable coverage in the
Australian financial press and I thought it only appropriate to
write to you about the information and, indeed speculation,
about your Company and in particular our intention to return to
the market to raise capital. The main point is we will soon
undertake a revised equity raising in order to secure the
development of the Stanwell Magnesium Project which is your
Company's major potential growth asset.

"An important objective of the new funding package will be to
reward, and preferentially treat existing AMC shareholders. This
is expected to involve offering existing shareholders the
following:

   * a bonus option entitlement,

   * a priority allocation, and

   * a preferential discount in the new equity issue.

"Since our previous capital raising proposal, the Company has
acquired significant additional financial backing for the
Stanwall Magnesium Project from the Commonwealth and Queensland
State Governments, both of whom are providing additional
commitments to the project for an amount of $100 million each.

"In the case of the State of Queensland, the Premier, The
Honourable Peter Beattie, has already stated his Government's
contribution is expected to facilitate a distribution to
investors during the period leading up to the commencement of
commercial magnesium metal production from the project.

"Moving to finalize arrangements for the structure and timing of
the funding package, your management is now in the final stages
of documenting arrangements with the Commonwealth and Queensland
State Governments, our major shareholder, Normandy Mining
Limited and our debt and equity advisers. A major feature of
these arrangements will be a smaller public equity offering than
previously undertaken.

"AMC continues in the strong belief that the development of the
Stanwell Magnesium Project will play a vital role not only in
the Australian resources sector but from an overall Australian
economic point of view. We expect that both existing and new
investors will find our revised equity offer an attractive
investment opportunity and we look forward to presenting it in
due course.

"Finally, you would have read that our major shareholder,
Normandy, is the subject of a takeover offer by AngloGold
Limited. While AMC will not comment on that offer, we do welcome
the comments made last week by AngloGold's CEO, Mr Bobby
Godsell, who said he would "honor commitments" made by Normandy
to AMC and would be "enthusiastic developers" of the project.

"It is the firm endeavor of your management to keep you fully
informed about the real developments within your Company and in
its funding arrangements. In the meantime may I thank you for
your continued support and trust you will join with us in our
major development objective."


BRIDGEDFS LIMITED: Resolves to Change Name
------------------------------------------
Bridgedfs Limited, an Australian subsidiary of Bridge
Information Systems, announced that the Extraordinary General
Meeting of members will be held at the offices of BridgeDFS
Limited, Level 20, 360 Collins Street, Melbourne, VIC 3000, on
Tuesday, 16th October 2001 at 11am.

ORDINARY BUSINESS

Resolution: To change the name of the company to IRESS Market
            Technology Limited


CABLE & WIRELESS: Posts Notice of Share Cancellation
----------------------------------------------------
Cable & Wireless Optus Limited posted this notice:

    AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
                   FORM 284
        NOTIFICATION OF SHARE CANCELLATION

Company Name Cable & Wireless Optus Limited
      A.C.N. 052 833 208

TYPE OF SHARE BUY-BACK       

Tick the appropriate box     

  S.254J         Redeemable Preference Shares
                 Redeemed out of Profits
                 Redeemed out of fresh issue of shares
  
  S.256A-S.256F  Capital Reduction

X S.257H(3)      Shares Company has bought back

  S.258D         Forfeited Shares  

  ss.1024E(7)    Shares returned to a Company

  Other                                   

DETAILS OF SHARES CANCELLED

Number of Shares       Class of Shares          Consideration
                                                     (Total)
1,642,101,319            Ordinary            $6,225,502,631.68

Date of Registration of cancellation  06/09/2001


KUSP LIMITED: Senetas Compulsorily Acquires Shares
--------------------------------------------------
Kusp Limited is proceeding with the compulsory acquisition of
non-acceptors shares in respect of the company's bid for KUSP
Limited by notifying those KUSP shareholders of the company's
intention to compulsorily acquire their shares.

Copies of a letter from the company together with ASIC form 6021
dated 7 September 2001, Compulsory Acquisition Following
Takeover Bid, being sent Monday to the KUSP Limited shareholders
concerned, are attached.

LETTER TO SHAREHOLDERS

Senetas has achieved a 91.07% shareholding in Kusp Limited after
its recent takeover bid and has decided to undertake a
compulsory acquisition of the holdings of all remaining Kusp
shareholders.

The relevant formal notifications relating to the compulsory
acquisition are attached.

If you have any questions regarding the compulsory acquisition
process please contact Computershare Investor Services Pty Ltd
on 1300 850 505 (toll free within Australia), or if calling from
overseas, on + 61 3 9615 5970.

FORM 6021

NOTICE OF COMPULSORY ACQUISITION FOLLOWING TAKEOVER BID

Securities of KUSP LIMITED ACN 090 863 559 (the Company)

1. Under an Off Market Bid made by KUSP Limited ACN 090 863 559
in respect of the acquisition of the acquisition of ordinary
shares in the Company.  The offer closed on 4 September 2001.

2. You are, or are entitled to be, registered as the holder of
securities in respect of which an offer was made, but have not
accepted the takeover offer.

3. The bidder hereby gives you notice under subsection 661 B(l)
of the Corporations Act 2001 (the Act) that the bidder has
become entitled pursuant to subsection 661A(l) of the Act to
compulsorily acquire your securities and desires to acquire
those securities.

4. Under section 661D of the Act, you have the right, by notice
in writing given to the bidder within one month after this
notice is lodged with ASIC, to ask the bidder for a written
statement of the names and addresses of everyone else the bidder
has given this notice to.

5. Under section 661E of the Act, you have the right, within one
month after being given this notice or within 14 days after
being given a statement requested under section 661D of the Act
(a referred to in paragraph 4 of this notice), whichever is the
later, to apply to the Court for an order that the securities
not be compulsorily acquired.

6. The bidder is entitled and bound to acquire the securities on
the terms that applied under the takeover bid immediately before
the end of the offer period.

7. Unless an application made by you under section 661E within
one month after being given this notice (as referred to in
paragraph 6 of the notice) or within 14 days after being given a
statement under section 661D of the Act (as referred to in
paragraph 4 of this notice), which is the later, the Court
otherwise orders, the bidder must comply with paragraph 7 of
this notice.


OMNI GROUP: Case Profile
------------------------
Territory  :  Australia  
Company Name :  Omni Group Limited  
Lead Partner :  Nick Brooke  
Case Manager :  Stephen Longley  
Date of Appointment :  14 December 2000  
Normal Contact  :  Stephen Longley  
Contact Phone No  :  (03) 8603 3203  

PwC Office  

Location  :  Melbourne  
PO Box  :  GPO Box 1331L  
Street Address :  215 Spring Street  
City   :  MELBOURNE  
State   :  VIC  
Postcode  :  3000  
DX   :  DX 77 Melbourne  
Phone  :  (03) 8603 1000  
Fax  :  (03) 8603 6044  
Appointor :  by a directors' resolution pursuant to the
company's Articles of Association  
Registered Office of company:  67 Hoddle Street, Richmond, VIC
3121  
Company No / CAN  :  004 240 313  
Type of Appointment :  Deed Administrator  
Lead Partner - Full Name:  Nicholas Brooke  
Second Partner - Full Name:  David Laurence McEvoy  

Case Information  

First Creditors' Meeting  

Date  :  21 December 2000  
Time  :  10:00 pm  
Address :  Level 4, 215 Spring St, Melbourne VIC  
Proxy return date:  20 December 2000  
Return time :  5:00 pm  

Second Creditors' Meeting (or adjournment)  

Date  :  6 April 2001  
Time  :  10.30am  
Address :  Level 4, 215 Spring Street, Melbourne VIC 3000  
Proxy return date:  5 April 2001  
Return time :  5:00 pm  

Other Key Information  

Report as to Affairs received from directors:  10 January 2001

Dates of trading by insolvency practitioner:  Not applicable -
Omni Group Ltd does not trade, it is an asset holding entity
only.  

Business sold/ceased trading:  not applicable  

Background Information  

Nick Brooke and David McEvoy were appointed as joint and several
administrators of Omni Group Limited on 14 December 2000. The
appointment followed the appointment of a Receiver and Manager
to its trading subsidiary, Omnitel (Aust) Pty Ltd, due to Omni
Group Ltd guaranteeing the debt owing by Omnitel (Aust) Pty Ltd
to the ANZ Bank. Omni Group Ltd is the publicly listed holding
company of the Omni Group. The company did not trade as the
Group's trading activities were conducted through Omnitel (Aust)
Pty Ltd.

Omni Group Limited is listed on the ASX but its securities are
currently suspended from trading.

Current status of assignment and actions required by creditors  

Following a resolution passed at the re-convened second meeting
of creditors held on 6 April 2001, Omni Group Ltd, together
Nicholas Brooke and David McEvoy in their capacity as Deed
Administrators, executed a deed of company arrangement on 27
April 2001. The main features of the deed, a copy of which is
published on this website, are:

All Omni's assets are to be assigned to the Deed Administrators
and are to be realized for the benefit of creditors. $400,000
will be paid and one million shares in Omni Group Ltd will be
issued or transferred to the Deed Administrators by Asia Pacific
Equity Funding Pty Ltd for the benefit of creditors.

The above payment of the $400,000 and the issue or transfer of
the shares are conditional upon and are due within fourteen days
of the following conditions precedent:

The Australian Stock Exchange Ltd (ASX) approving in principle
the re-listing of Omni Group Ltd on terms and conditions
acceptable to Asia Pacific Equity Funding Pty Ltd; and
Omni Group Ltd's shareholders approving (in a general meeting)
the acquisition of a business for the supply of security and
monitoring devices to China.

If the above approvals are not obtained within 120 days of
execution of the deed of company arrangement, a further meeting
of creditors will be convened to decided the company's future.
Creditors are to accept the above amounts in full and final
settlement of their debts and all liabilities are to be
extinguished in full.

The costs of convening the shareholders' meeting(s) and
obtaining ASX approval will be met by Asia Pacific Equity
Funding Pty Ltd.

In the event that Asia Pacific Equity Funding Pty Ltd conditions
precedent are not fulfilled, the Deed Administrators may enter
into an agreement with Moonlighting International Pty Ltd,
whereby Moonlighting will pay $300,000 to the Deed
Administrators in exchange for the right to take control of the
proposed re-listing of Omni Group Ltd.

Details of the proposed restructuring, together with a notice
calling for a meeting of shareholders, will be issued to
shareholders in the next two months.

A notice has been issued to creditors advising of the execution
of the deed and requesting they submit formal proofs of debt.
Creditors who are yet to submit formal proofs of debt should do
so immediately. Copies of the formal proof of debt may be
downloaded from this website.

Next milestone and estimated timetable  

Pursuant to the deed, Asia Pacific Equity Funding Pty Ltd has
Friday 24 August 2001 to obtain the shareholder and ASX
approvals. If these approvals are obtained on 24 August 2001,
the payment of $400,000 by Asia Pacific Equity Funding Pty Ltd
will not be due until Friday 7 September 2001.  

Likely outcome for creditors and timetable  

The Administrators have advised that if the ASX and shareholder
approvals are obtained, they estimate the likely return to
unsecured creditors will be in the range of 18 cents to 33 cents
in the dollar, with the higher figure assuming the one million
shares in Omni Group Ltd are sold for $400,000 (ie, 40 cents per
share) following the intended re-listingare. Details of these
calculations, which include an analysis of likely realizable
values for the company's remaining assets may be found in the
published documents section of this website - refer to the
report to creditors dated 3 April 2001 titled "Update on status
of administration and deed proposals."

The Administrators are unable to make a distribution to
creditors until the $400,000 is paid by Asia Pacific Equity
Funding Pty Ltd, which is not expected until 7 September 2001.
Therefore, an interim distribution to creditors will most likely
occur in October 2001, with a final distribution paid after the
shares in Omni Group Ltd are sold once it is re-listed.

(http://pwcrecovery.com)


PASMINCO LIMITED: S&P Lowers Long Term Rating -o 'CCC'
-----------------------------------------------------
Standard & Poor's lowered the long-term ratings on Pasminco Ltd.
and its guaranteed bank loan to 'CCC' from 'B' following the
company's announcement that it may be forced into voluntary
administration if a standstill agreement is not reached with its
financiers by the end of October 2001. The long-term ratings
remain on CreditWatch with negative implications where they were
placed on July 2, 2001. The 'C' short-term rating on the company
is placed on CreditWatch with negative implications.

The company is conducting urgent discussions with all its
financiers and is hopeful of delivering a commitment to the
standstill agreement on Sept. 12 when it releases its delayed
annual results. Pasminco's creditors are undertaking an
independent review of the company's proposed asset divestment
plan and ongoing business strategy, and have been providing
short-term funding and liquidity support to Pasminco, pending
finalization of their review.

Liquidity support provided by Pasminco's bankers is essential to
the company's continued commercial survival. In particular, the
company's announcement on July 20, 2001, that it would
restructure its operations and balance sheet by selling its
Australian zinc/lead mining assets, has required support from
the company's lenders given the size and value of the
transaction. Standard & Poor's believes that the company's
current discussions with key relationship lenders could lead to
a general consolidation and rescheduling of all debt facilities.

However, at its current rating, Pasminco is vulnerable to
nonpayment of its obligations and is dependent on favorable
business, financial, or economic conditions to meet its
financial commitments in the short term.

The recent ratings downgrades reflect Pasminco's poor profit
performance; restrictive foreign currency hedge position; and
high debt levels arising from the company's growth strategy,
principally the acquisition of Savage Resources Ltd. in February
1999, and the development of the Century zinc/lead mine in
Queensland. The company is proposing to sell its four Australian
zinc/lead mining operations, as well as its zinc/lead
development project at Dugald River in Queensland.

The mines to be divested include the company's world-class
Century zinc/lead mine, with capacity for five million tonnes of
ore per year and a mine life of about 20 years. In addition, the
Broken Hill, Elura, and Rosebery mines are to be divested. Sales
proceeds are to be applied to debt reduction. Pasminco's total
financial indebtedness currently stands at A$2.6 billion
(including A$230 million off-balance-sheet lease obligations),
of which A$720 million relates to the company's foreign exchange
hedge position.

The company has a near-term debt maturity profile, with about
A$230 million of debt facilities maturing by June 2002. Its next
debt repayment for about US$17.5 million falls due in January
2002 and is expected to be serviced by existing cash flow and
cash balances.

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


TENNYSON NETWORKS: Jaytide Becomes Substantial Holder
-----------------------------------------------------
Jaytide Pty Ltd became a substantial shareholder in Tennyson
Networks Limited on 16/08/2001 with a relevant interest in the
issued share capital of 4,545,454 ordinary shares (5.25%).

The company completed its restructuring of operations and
refocusing of sales strategies to provide a sharper business
focus for future success last month.

The actions taken in the past months flow from recommendations
by independent experts PricewaterhouseCoopers Corporate Advisory
Group and Brian Gatfield, who advised Tennyson.

Following the reorganization of the Company's operations,
overheads have been more than halved, the workforce has been
reduced by over 30 percent and the new leadership team is now in
place.


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


ANGLO-EUROPEAN LUGGAGE: Petition to Wind Up
-------------------------------------------
The petition to wind up Anglo-European Luggage and Bag Company
Limited is scheduled to be heard before the High Court of Hong
Kong on September 26, 2001 at 9:30 am. The petition was filed
with the court on July 10, 2001 by Cheung Tat Ming Benjamin of
Flat D, 13th Floor, Block 10, Fullview Garden, 18 Siu Sai Wan
Road, Chai Wan, Hong Kong.


DRAGON SUCCESS: Winding Up Petition Pending
------------------------------------------
Dragon Success Holdings Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on December 5, 2001 at 9:30 am.

The Kwangtung Provincial Bank, whose registered office is
situated at 1st to 3rd Floors, Euro Trade Center, Nos. 13-14
Connaught Road Central, filed the petition on August 18, 2001
Hong Kong.


FU HUI: Posts Resolution to Approve Restructuring Agreements
------------------------------------------------------------
The respective boards of directors of Fu Hui Holdings Limited
(the Company), China Merit Limited, Green Dynamics Investment
Co., Ltd. and Precious Gold Holdings Limited announced that the
resolutions to approve the Restructuring Agreements and the
transactions contemplated below, the Capital Increase, the
Whitewash Waiver (by poll) and the granting of general mandate
to issue new Shares were duly passed at the First EGM held on
7th September, 2000 by the Shareholders and the Independent
Shareholders present and voting either in person or by proxy at
the First EGM.

In particular, in relation to ordinary resolutions numbered 1,2
and 4 set out in the notice of the First EGM (being resolutions
in relation to the Investment Agreements, the Compromise
Agreements and the Whitewash Waiver which are required to be
determined by way of poll), each of those resolutions was passed
with 157,615,800 votes cast for the resolution and nil vote cast
against the resolution.

Satisfaction of the Conditions Precedent

The Board also announced that the Conditions Precedent mentioned
in the Circular have been fulfilled on 7th September, 2001 and
Completion is expected to take place on 14th September, 2001.

Upon Completion, the Investors and parties acting in concert
with any of them will hold 1,010,750,000 Shares, representing
approximately 58.4 percent. of the issued share capital of the
Company as enlarged by the issue of the Subscription Shares
under the Subscription.


G-PROP (HOLDINGS): Requests Suspension of Trading
-------------------------------------------------
G-Prop (Holdings) Limited (the Company) informed that trading in
its shares will be suspended with effect from 10:00 a.m. Tuesday
(11/September/2001) pending the announcement of placing of
convertible bonds and connected  transaction.


SOUTHWELL ENGINEERING: Winding Up Sought by Yu Ping
---------------------------------------------------
Yu Ping Kwong of 2nd Floor, 586 Fuk Wa Street, Castle Peak Road,
Kowloon, Hong Kong, is seeking the winding up of Southwell
Engineering Limited. The petition was filed on July 11, 2001 and
will be heard before the High Court of Hong Kong on October 3,
2001 at 9:30 am.


WAPHEAD INTERNATIONAL: Hearing Scheduled for Winding Up Petition
----------------------------------------------------------------
The petition to wind up Waphead International Corporation
Limited is scheduled to be heard before the High Court of Hong
Kong on September 26, 2001 at 9:30 am. The petition was filed
with the court on July 9, 2001 by Leung Yiu Chu of A1, Ho Sheung
Heung, Sheung Shui, New Territories, Hong Kong.


WINSTON (HOLDINGS): Hearing on Winding Up Petition Is Set
---------------------------------------------------------
The petition to wind up Winston (Holdings) Limited is set for
hearing before the High Court of Hong Kong on December 12, 2001
at 9:30 am.

The petition was filed with the court on August 20, 2001 by The
China State Bank Limited, a banking corporation duly
incorporated in The People's Republic of China and having a
branch office at China State Bank Building, 39-41 Des Voeux Road
Central, Hong Kong.


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


BAKRIE SUMATRA: Plantation Shares Drops
---------------------------------------
The plantation shares suffered of Bakrie Sumatra Plantation has
a slight correction last week, dropping only 0.25%. The price
correction was merely due to selling pressures made by investors
on shares, which dropped 2.04% in small transaction volume,
Bisnis Indonesia reported on September 11.

This occurred amid volatile domestic CPO price as the result of
the rupiah appreciation and declining price of crude palm oil in
the international commodity market.

Two shares closed unchanged although they were actively traded.
Throughout the period, the plantation share transaction volume
reached 26.814 million units worth Rp33.678 billion.

Transactions of the three shares were no longer triggered by AAL
shares, which became the locomotive to trading of the plantation
shares in the previous periods. The selling pressure on Bakrie
Sumatra Plantation was only able to cut the index slightly by
0.05% to close at 120.02 (06 September) from 120.09 (30 August).


BANK CENTRAL: Bapepam Probes More Companies Over Insider Trading
----------------------------------------------------------------
The increasing number of securities companies probed by
the capital market regulator (Bapepam) in connection to Bank
Central Asia (BCA) insider trading case is part of the effort to
gain the most accurate transaction map to unveil the case,
Bisnis Indonesia reported on September 11.

"The number of securities companies probed by Bapepam became 41
from only 14. Based on the document obtained and data from 152
securities companies, Bapepam detected a new indication in other
securities companies, Bapepam's Investigation Bureau Chief
Abraham Bastari said.

"In the era of scrip less trading, the change of shares from one
broker to another happens so quickly," capital market observer
Dandossi Matram said.

Bastari said Bapepam plans to summon BCA directors in connection
to BCA share case investigation this week.

Bapepam is hopeful that whoever is coming for the summon will be
able to provide the information needed by Bapepam. Furthermore
Abraham added, Bapepam this week is planning to summon BCA
underwriters for further information concerning the BCA case.


SUNSON TEXTIME: Obtains IFC, Rabobank Credit Facility
-----------------------------------------------------
PT Sunson Textile Manufacturer obtained a credit facility from
International Finance Corporations (IFC) and syndicated bank led
by PT Rabobank International Indonesia, Bisnis Indonesia
reported Tuesday.

Aside from Rabobank as syndications agent, other syndicated bank
are PT Bank Dai Ichi Kangyo Indonesia, Standard Chartered Bank
Bandung, PT Bank UOB Indonesia and NV De Indonesische Overzeese
Bank (Indover Bank).

"Credit agreement has been signed on September 4, 2001," said
Purnawan Suriadi, director of Sunson Textile in his report to
JSX.

Total of loan facility is $29 million consisting of IFC's loan
of $20,655,325.12 with 7-year term and loan from Rabobank
syndication of $8,344,674.88 with 5-year term.

Part of the fund would be used to refinancing all company's debt
to syndicated bank led by The Chase Manhattan Bank and the
remainder is for strengthening the company's working capital.

As part of the loan, all company's assets, which previously
being guaranteed by Chase syndication, were transferred into
collateral for IFC and Rabobank syndication.


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


ASAHI BANK: Still Under Review For Downgrade, Says Moody's
----------------------------------------------------------
Moody's Investors Service says that it will continue to review
the ratings of Asahi Bank (Asahi) for possible downgrade in
response to the integration moves initiated by Asahi Bank to
Daiwa Bank on September 7, 2001.

Asahi Bank has confirmed that it did initiate talks with Daiwa
Bank with regard to the integration of its business with Daiwa
Bank. However, at this point in time, no meaningful agreement
appears to have been reached between these two institutions as
to either the form of integration, or the projected timeframe
for the achievement of such integration.

Moody's says that the integration would create a banking group
of about JPY50trillion, and may possibly reduce the rising
concerns about the narrowing strategic alternatives for Asahi.

However, Moody's considers that the possible credit implications
are difficult to gauge at this time, given the substantial
uncertainty surrounding the possible integration and the usually
long lead time associated with the completion of any integration
in the Japanese banking system.

Therefore, Moody's will continue to review Asahi for possible
downgrade. The rating agency will continue to focus on the
bank's financial fundamentals, particularly its economic
capitalization troubled by its relatively large unrealized
losses in its investment securities portfolio, and the
continuing deterioration of local middle-market corporate credit
quality. Also, Moody's says that Daiwa Bank's credit ratings
(Baa3 long-term deposit rating and E bank financial strength
rating) remain unaffected.


HITACHI LTD: Moody's Changes Outlook to Negative
------------------------------------------------
Moody's Investors Service has changed the outlook for Hitachi,
Ltd.'s (Hitachi) senior unsecured long-term debt, currently
rated A2, to negative from stable. The rating outlook for
Hitachi Asia Ltd., Hitachi Finance (UK) Plc, Hitachi America,
Ltd., and Hitachi International (Holland) B.V. was also changed
to negative from stable. The outlook change reflects Moody's
concern that Hitachi's profitability will be pressured by the
downturn in the global electronics market.

On August 31, Hitachi revised downward its forecast for fiscal
year March 2002. Hitachi now expects net losses of JPY140bn on
sales of JPY7,850bn, compared with the originally expected net
profit of JPY90bn on sales of JPY8,750bn. The net losses of
JPY140bn include restructuring charges of JPY80bn.

Moody's says that Hitachi's rating already incorporates
fluctuations in profitability arising from silicon cycles.
However, Moody's believes that the current downturn in the
global electronics market will be deeper and longer than
formerly expected and this will have a negative impact on
Hitachi's profitability. Moody's will continue to monitor how
Hitachi copes with the increasingly hostile market environment.

Hitachi, Ltd., headquartered in Tokyo, is the largest integrated
electronics company in Japan.


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


DAE DONG: STX to Take Over Shipbuilder After Chosuk
---------------------------------------------------
STX, formerly Ssangyong Heavy Industries, said Friday that it
would be able to sign a main contract on the takeover of Dae
Dong Shipbuilding Co right after the Chusok holiday at the
earliest. STX was chosen as the preferred bidder for the ailing
shipbuilder late last month, Korea Herald reported on September
11. STX will not merge with Dae Dong after the takeover and
instead run it as a subsidiary.

STX has been conducting a due diligence investigation of Dae
Dong, a company official said, and that the main contract could
be signed after the Chusok holiday, which falls on October 1, at
the earliest or at least before the end of this year. The
takeover price was not disclosed, but the size of the stake to
buy will depend on the outcome of the due diligence
investigation.


DAEWOO MOTOR: More Losses Pending Despite Talks
-----------------------------------------------
Creditor banks of Daewoo Motor Co. will have to suffer
additional losses regardless of the results of the ongoing
negotiations on the sale to General Motors Corp (GM), Korea
Herald reported on September 11, which quoted Korea Development
Bank (KDB) Gov. Jung Keun-yong.

The main creditor KDB is in charge of orchestrating the
carmaker's sale to the world's largest automaker.

"Creditor banks, which have not put up full loan-loss reserves
against their exposures to Daewoo Motor, will stand to lose
additional money whatever the outcome of the talks may be," said
the KDB head.

"Bank loans to Daewoo Motor total 12 trillion won and no money
will flow into it after the conclusion of the sale talks," he
said. "Banks which have set aside 70 percent to 80 percent of
their lending in loan-loss reserves will inevitably suffer
additional losses."

Gov. Jung also said differences are still being ironed and it
would take more time to conclude the deal. "The signing of a
memorandum of understanding on GM's takeover does not mean that
all related problems have been solved. An MOU signing is just
the start of full scale talks on the sale of Daewoo Motor."

Jung, however, dismissed reports of Bupyeong plant buyout and
said "no brand (automaker) wants to buy the Bupyeong plant."


DAEWOO MOTOR: GM to Buy Bupyeong Plant
--------------------------------------
Daewoo Motor creditors and General Motors agreed that the latter
will acquire Daewoo's main Bupyeong plant along with other
plants, with a preliminary agreement expected to be signed on
September 20, Digital Chosun reported on September 9. GM's top
management at its head office, reportedly, has been reviewing
the draft of the preliminary agreement.

GM went as far as offering to use the Bupyeong plant as a plant
to produce GM models on a commissioned basis, on the condition
that creditors will be coming up with additional financial
support.

GM, which planned to retain the current 7,100 workforce at the
Bupyeong plant for the time being, planned to purchase the
Bupyeong plant and will operate the main plant on a trial base
for the next two to three years and after the trial, it will
decide whether to maintain, transfer or close the plant.

If the two parties succeed in signing the agreement, GM will be
making its final asset evaluation on the Korean automaker for
the next two to four months before inking a final sales contract
with the creditors.

Government sources also confirmed that GM will be purchasing or
acquiring all domestic car plants of Daewoo located in Kunsan
and Changwon and some of Daewoo's overseas production plants and
sales offices. Of Daewoo's foreign production plants, GM is
expected to purchase those in Egypt, India, Vietnam and
Uzbekistan. The remaining issue is whether GM will purchase a
controlling 11.1 percent stake in Daewoo Auto Sales.


HYNIX SEMICONDUCTOR: S&P Lowers Ratings to 'CC'
-----------------------------------------------
Standard & Poor's lowered its long-term ratings on Korean-based
Hynix Semiconductor Inc. (Hynix) and its subsidiary Hynix
Semiconductor Manufacturing America Inc. (HSMA) to double-'C'
from triple-'C'-plus. The ratings remain on CreditWatch, where
they were placed with negative implications on Aug. 21, 2001.

The downgrades reflect an increased likelihood that a financial
assistance package under discussion by Hynix's creditors will
include a debt-for-equity swap. Should the possible support
package include a debt-for-equity swap, or any other terms
detrimental to some classes of creditors, the issuer credit
ratings on Hynix and HSMA will be lowered to 'SD' (selective
default).

RATINGS LOWERED, ON CREDITWATCH NEGATIVE

Hynix Semiconductor Inc.
Corp credit rating                                 CC

Hynix Semiconductor Manufacturing America Inc.
Corp credit rating                                 CC

Senior secured debt                                CC


HYNIX SEMICONDUCTOR: Subject to Sept. 15 Bill
---------------------------------------------
Hynix Semiconductor will become subject to the new bill, where
creditors, subject to their 50 percent approval, will not be
permitted to collect their overdue loans from Hynix
Semiconductor, Digital Chosun reported on September 10.

The government proposed a bill where creditor banking
organizations will not be able to exercise their collections of
secured payments if half of the total creditors approve a
rollover of debts.

The bill for stimulating the private sectors' restructuring is
going to take effect starting from September 15 and the
Financial Supervisory Service plans to confirm this debt
collection measure in its plenary session to be held on
September 14.

The FSS had earlier planned to propose a more than 75 percent
consent by the creditors on suspending the collection of overdue
loans on the ailing firms, but due to mounting opposition, the
FSS lowered the ratio to more than 50 percent approval.


HYUNDAI SECURITIES: Labor Union Opposes Foreign Takeover
--------------------------------------------------------
The Hyundai Securities Co labor union yesterday strongly opposed
to the company management's reported acceptance of a prospective
foreign buyer's demand that the issuing price of its preferred
stock be lowered to 7,000 won a share from 8,940 won, Korea
Herald reported on September 11.

"We are against a decision by the board of directors to accept
the demand by a foreign consortium led by American International
Group (AIG)," a union official said. "We will launch an all-
night sit-in in protest against the board move."

The labor union is considering tough legal action in order to
nullify the board decision, he said, accusing the board members
of acting against the interests of the company shareholders and
employees.

Non-union employees of the nation's second largest brokerage
house also opposed the board's decision to accept the AIG-led
consortium's demand.


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


ACTACORP HOLDINGS: Appoints Receiver As TCM's Liquidator
--------------------------------------------------------
The Board of Actacorp Holdings Berhad announced that the Kuala
Lumpur High Court has made an order for the winding-up of TC
Machineries Sdn Bhd (TCM) pursuant to the provision of the
Companies Act 1965. TCM is a wholly owned subsidiary of Teknik
Cekap Sdn Bhd which in turn is a wholly owned subsidiary of the
Company.

Under the Winding-up Order, a Receiver shall be appointed as a
temporary Liquidator of TCM. The petitioner, Professional
Petroleum (M) Sdn Bhd has also been awarded cost for the
petition and other incidental cost in relation to the Winding-
up.

TCM is an inactive subsidiary of the Actacorp Holdings Berhad
Group.


AUSTRAL AMALGAMATED: Moratorium Period Extended
-----------------------------------------------
Austral Amalgamated Berhad (Special Administrators Appointed)
(AAB) announced that on 9 September, 1999, Mr. Lim Tian Huat and
Mr. George Koshy of Arthur Andersen & Co. were appointed by
Pengurusan Danaharta Nasional Berhad to act as the Special
Administrators of AAB pursuant to Section 24 of the Pengurusan
Danaharta Nasional Berhad Act, 1998 (the Act).

The moratorium under Section 41 of the Act, which took effect
from the date of the appointment, has been further extended to 8
September, 2002. The extension is pursuant to Section 41(3) of
the Act. During the period of the moratorium, no creditor may
take action against AAB except in accordance with Section 41 of
the Act. All dealings and enquiries may be directed to the
Special Administrators.


IDRIS HYDRAULIC: Enters New Debt Restructuring Agreement
--------------------------------------------------------
On behalf of Idris Hyrdaulic (Malaysia) Berhad (IHMB or the
Company), Commerce International Merchant Bankers Berhad (CIMB)
announced that on 8 September 2001, IHMB entered into a new debt
restructuring agreement ("DRA") with Idaman Unggul Sdn. Bhd.
(Newco) and the various lenders of IHMB and certain of its
subsidiaries (Lenders) to give effect to a revised Proposed
Restructuring Exercise which involved, inter-alia, a proposed
debt reconstruction, a proposed capital reconstruction and a
proposed corporate restructuring in order to meet its financial
obligations and revive its financial position announced on 11
January 2001.

In addition to the revisions announced on 11 January 2001, the
DRA also incorporates the revisions in the Proposed
Restructuring Exercise arising from the foreclosure the
Company's entire equity interest in Prime Utilities Berhad
("PUB") comprising 18,011,000 ordinary shares of RM1.00 each in
PUB by Arab-Malaysian Bank Berhad ("AMBB"), Arab-Malaysian
Merchant Bankers Berhad ("AMMB") on 28 June 2001 and TA First
Credit Sdn. Bhd. ("TAFC") on 17 August 2001 as part of the debt
settlement for the total amount owing to AMBB and AMMB of
RM324.991 million and TAFC of RM225.078 million ("Foreclosure of
PUB") and to extend the date of fulfillment of all the
conditions precedent to the Proposed Restructuring Exercise to
28 February 2002.  

In addition, IHMB had on the same day entered into a
supplemental agreement to the share subscription agreement dated
13 July 2000 ("SSA") with Dato' Che Mohd. Annuar bin Che Mohd.
Senawi ("Investor") and Newco to incorporate the revisions in
the Proposed Restructuring Exercise as announced on 11 January
2001, the revisions arising from the Foreclosure of PUB and to
extend the date of fulfillment of all the conditions precedent
to the Proposed Shares Subscription (as hereinafter defined) to
28 February 2002.  

The revised Proposed Restructuring Exercise involves the
novation of various of the Company's subsidiaries' debts to IHMB
or Newco, a set-off of cash in various fixed deposit accounts, a
partial waiver of debt by IHMB Group's creditors and the full
settlement of the remaining IHMB Group's indebtedness through
six (6) separate creditors' schemes of arrangements (following
such novation, set-off and partial waiver) by way of cash and
issuance of new securities by Newco, issuance of debt securities
by a Special Purpose Vehicle ("SPV") to be incorporated to
acquire the remaining entire equity interest in IHMB together
with all its subsidiaries and associated companies and to
undertake the disposal of the remaining assets/investments to
settle the remaining debts ("Proposed Debt Reconstruction").  

In conjunction with the Proposed Debt Reconstruction, IHMB also
proposes to undertake the following:

   (i) a proposed capital reconstruction of IHMB involving the
following:

     (a) without prejudice to IHMB's shareholders interest, a
proposed retransfer of the land and building identified as
"Wisma KFC, No. 17, Jalan Sultan Ismail" (formerly known as
Wisma Idris) ("Wisma KFC") to KFC Holdings (M) Berhad ("KFC")
and subsequent cancellation of the 32,812,500 Placement Shares
(as defined hereinafter) pursuant to Section 64 of the Companies
Act 1965 ("Act") ("Proposed Wisma KFC Rescission");

     (b) a proposed capital reduction and consolidation exercise
to reduce the issued and paid-up share capital of IHMB from
RM279,984,857 comprising 559,969,714 ordinary shares of RM0.50
each (after cancellation of the Placement Shares (as hereinafter
defined)) to RM13,999,243 comprising 559,969,714 of RM0.025 each
by the cancellation of RM0.475 of the par value of each ordinary
share of RM0.50 each in IHMB (fractions, if any, will be
disregarded), thus reducing the par value to RM0.025 per share
and the subsequent consolidation of every twenty (20) ordinary
shares of RM0.025 each into one (1) ordinary share of RM0.50,
upon which the sum of RM0.50 each shall be credited as having
been fully paid-up, thereby consolidating the 559,969,714
ordinary shares of RM0.025 each into 27,998,486 ordinary shares
of RM0.50 each ("Consolidated IHMB Shares") ("Proposed Capital
Reduction and Consolidation") and a proposed utilisation of the
entire balance of RM102,821,281 in the share premium and capital
reserve accounts of IHMB to reduce the accumulated losses of
IHMB as at 31 December 2000 and further losses pursuant to the
Proposed Debt Reconstruction ("Proposed Reserve Reduction")
pursuant to Sections 64 and 60 of the Act; and

     (c) a proposed exchange of ordinary shares of IHMB for new
ordinary shares of RM1.00 each in Newco ("Newco Shares")
pursuant to Section 176 of the Act whereby the shareholders of
IHMB (after the Proposed Wisma KFC Rescission) will have their
respective Consolidated IHMB Shares cancelled and replaced with
new Newco Shares on the basis of one (1) new Newco Share for
every two (2) Consolidated IHMB Shares ("Proposed Share
Exchange");
(collectively referred to as the "Proposed Capital
Reconstruction").

   (ii) a proposed corporate restructuring of IHMB, principally
involving the following:

     (a) a proposed subscription of 150,000,000 new Newco Shares
in cash at par ("Subscription Shares") by the Investor
("Proposed Shares Subscription");

     (b) a proposed renounceable rights issue of up to
42,027,729 new Newco Shares credited as fully paid-up at an
issue price of RM1.00 per share on the basis of three (3) new
Newco Shares for every one (1) existing Newco Share held
("Rights Shares") ("Proposed Rights Issue");

     (c) a proposed renounceable rights issue of up to
RM21,062,928 nominal value Irredeemable Convertible Unsecured
Loan Stock-B ("ICULS-B") at an issue price of RM0.10 each on the
basis of one (1) new ICULS-B for every one (1) Subscription
Share held or every one (1) Yield Share (as hereinafter defined)
held or every one (1) Rights Share successfully subscribed and
allotted under the Proposed Rights Issue ("Proposed Rights Issue
of ICULS-B");

     (d) a proposed transfer of IHMB's entire equity interest in
Talasco Insurance Berhad ("Talasco") to Newco ("Proposed Talasco
Transfer"); and

     (e) a proposed transfer of IHMB's listing status on the
Kuala Lumpur Stock Exchange ("KLSE") to Newco ("Proposed Listing
Transfer");
(collectively referred to as the "Proposed Corporate
Restructuring").

THE REVISED PROPOSED RESTRUCTURING EXERCISE

Details of the revised Proposed Restructuring Exercise after
taking into account the revisions arising from the Foreclosure
of PUB are as follows:

Proposed Capital Reconstruction

The Proposed Capital Reconstruction comprises the following:

Proposed Wisma KFC Rescission

On 17 January 1996 and 30 January 1997, IHMB entered into
various sale and purchase agreements and supplemental agreements
("KFC Agreements") with KFC, Grand Ultimate Sdn. Bhd. and
Impress Eight (M) Sdn. Bhd. for the acquisition of Wisma KFC via
the issuance of 32,812,500 new IHMB shares of RM0.50 each at a
price of RM3.20 per share ("Placement Shares").

On 16 December 1996, IHMB entered into an Underwriting and
Placement Agreement with Taiping Securities Sdn. Bhd. (now known
as Taiping Recovery Sdn. Bhd. - In Liquidation) ("TRSB") for
TRSB to underwrite and place out the Placement Shares to
Bumiputera placees.

On 9 September 1997, the title of Wisma KFC was transferred to
IHMB and in return on 13 October 1997, IHMB issued the Placement
Shares to TRSB to be placed out to Bumiputera investors approved
by the Ministry of International Trade and Industry ("MITI").  

However, due to the depressed economic and the stock market
condition at that time, the said Placement Shares could not be
placed out by TRSB.

On 11 September 1997, IHMB entered into a memorandum of first
legal charge to charge the Wisma KFC to TAFC as part of a
security for a loan taken up by IHMB of RM142.5 million from
TAFC for the purpose of the acquisition of 6,000,000 ordinary
shares in PUB.

Subsequently, on 10 August 1998, IHMB entered into an agreement
with KFC to rescind and revoke the KFC Agreements. The
rescission and revocation agreement expired on 31 March 2001 and
IHMB is currently in negotiation with KFC to reach an agreement
to effect the transfer of Wisma KFC back to KFC.  

The current directors of IHMB are of the opinion that the
issuance of the Placement Shares were good and accordingly to
facilitate the Proposed Wisma KFC Rescission, IHMB will seek to
recover the Placement Shares from TRSB and subsequently cancel
the Placement Shares pursuant to Section 64 of the Act. IHMB is
currently in negotiation with the Special Administrators of TRSB
to reach an agreement to effect the recovery of the Placement
Shares.

Further announcement on the above will be made and the details
will be forwarded to the relevant authorities upon the signing
of the said agreements.

Proposed Capital Reduction and Consolidation and Proposed
Reserve Reduction

The Proposed Capital Reduction and Consolidation encompasses a
capital reduction exercise pursuant to Section 64 of the Act to
reduce the issued and paid-up share capital of IHMB (after the
Proposed Wisma KFC Rescission) further from RM279,984,857
comprising 559,969,714 ordinary shares of RM0.50 each to
RM13,999,243 comprising 559,969,714 of RM0.025 each by
cancellation of RM0.475 of the par value of each ordinary share
of RM0.50 each in IHMB (fractions, if any, will be disregarded),
thus reducing the par value to RM0.025 per share.

Thereafter, the issued and paid-up share capital of IHMB shall
be consolidated such that every twenty (20) ordinary shares of
RM0.025 each shall be consolidated into one (1) ordinary share
of RM0.50, upon which the sum of RM0.50 each shall be credited
as having been fully paid-up, thereby consolidating the
559,969,714 ordinary shares of RM0.025 each into 27,998,486
ordinary shares of RM0.50 each.

The Proposed Capital Reduction and Consolidation also entails
the utilisation of the entire balance of RM102,821,281 in the
Share Premium Account of IHMB via Section 60 of the Act and the
Capital Reserve Account of IHMB to reduce the accumulated losses
of IHMB as at 31 December 2000 and further losses pursuant to
the Proposed Debt Reconstruction.

The Proposed Capital Reduction and Consolidation and the
Proposed Reserve Reduction would give rise to an aggregate
credit of up to RM368,806,895 which would be utilized to reduce
the accumulated losses of IHMB as at 31 December 2000 and
further losses pursuant to the Proposed Debt Reconstruction by
the same amount.

Proposed Share Exchange

Upon completion of the Proposed Capital Reduction and
Consolidation and Proposed Reserve Reduction, the shareholders
of IHMB (after the Proposed Wisma KFC Rescission) will have
their respective Consolidated IHMB Shares cancelled and replaced
by new Newco Shares on the basis of one (1) new Newco Share for
every two (2) Consolidated IHMB Shares.

The credit arising as a result of the cancellation of the
27,998,486 Consolidated IHMB Shares amounting to RM13,999,243
shall be applied to pay up in full the issue of 27,998,486 new
ordinary shares of RM0.50 each in IHMB to be allotted and issued
to Newco, making IHMB a wholly-owned subsidiary of Newco.

This will result in Newco's issued and paid-up share capital
increasing to RM14,009,243 comprising 14,009,243 Newco Shares
from the existing RM10,000 comprising 10,000 Newco Shares.

The Proposed Share Exchange will be implemented through a
proposed members' scheme of arrangement pursuant to Section 176
of the Act.

Proposed Corporate Restructuring

The Proposed Corporate Restructuring comprises the following:

Proposed Shares Subscription

On 13 July 2000, IHMB entered into the Subscription Agreement
with the Investor and Newco. Pursuant to the Subscription
Agreement, the Investor will undertake to subscribe for
150,000,000 new Newco Shares in cash at par.

The Subscription Agreement expired on 16 February 2001 and a
supplemental agreement to the SSA was entered into between IHMB,
the Investor and Newco on 8 September 2001 to incorporate the
revisions to the Proposed Restructuring Exercise and to extend
the date of fulfillment of all the conditions precedent to the
Proposed Shares Subscription to 28 February 2002.

The completion of the SSA shall take place on a date and at a
time within six (6) months (as defined in the SSA) of the
unconditional date of the SSA or such other date the Investor
and Newco may mutually agree upon, failing such agreement then
at 9.00 a.m. on such sixth month. The unconditional date shall
be the date when the last of all the conditions precedent to the
Subscription Agreement are fulfilled or is/are waived, as the
case may be by 28 February 2002.

The Subscription Shares will, upon issue and allotment, rank
pari passu in all respects with the then existing Newco Shares
in issue. The Subscription Shares will not be entitled to the
Proposed Rights Issue but will be entitled to the Proposed
Rights Issue of ICULS-B.

All the Subscription Shares will be allotted to the Investor but
will be issued to the Investors in two tranches as follows:

   (b) tranche I will comprise 28,139,307 new Newco Shares; and

   (c) tranche II will comprise 121,860,693 new Newco Shares.

Both tranches will be allotted to the Investor concurrently.
Nevertheless, the Subscription Shares under tranche I will be
issued and listed on the KLSE first together with the Yield
Shares (as hereinafter defined) and the then existing Newco
Shares in order to meet the minimum share capital of
RM60,000,000 for a public company to be listed on the Main Board
of the KLSE and to meet the minimum public spread of 25% of the
total issued and paid-up share capital of a public listed
company.  

Those Subscription Shares under tranche II will only be issued
and listed on the KLSE upon the listing of the Rights Shares.  

The gross proceeds arising from the Proposed Shares Subscription
of RM150,000,000 will be used as part repayment to the Scheme
Creditors (as hereinafter defined) pursuant to the Proposed
Restructuring Exercise.  

As provided in the supplementary agreement to the SSA, that in
the event the Proposed Restructuring Exercise is not implemented
and completed for any reason not attributable to the fault of
either the Investor or Newco, the Investor and Newco shall then
have and IHMB grants the Investor and Newco, the first right to
negotiate with IHMB for the acquisition of Talasco.

Proposed Rights Issue

Upon completion of the Proposed Capital Reconstruction and the
Proposed Shares Subscription, Newco proposes a renounceable
rights issue of up to 42,027,729 new Newco Shares credited as
fully paid-up at an issue price of RM1.00 per share on the basis
of three (3) new Newco Shares for every one (1) existing
ordinary share held.  

The Rights Shares will, upon issue and allotment, rank pari
passu in all respects with the then existing Newco Shares in
issue. The Rights Shares are entitled to the Proposed Rights
Issue of ICULS-B.

The details of the utilisation of total gross proceeds arising
from the Proposed Rights Issue of RM42,027,729 are as per Table
1 at http://www.bankrupt.com/misc/IdrisHydraulic.html

The Proposed Rights Issue will be fully underwritten by the
Investor and/or his nominated parties.

Proposed Rights Issue of ICULS-B

Newco will also undertake a renounceable rights issue of up to
RM21,062,928 nominal value ICULS-B at an issue price of RM0.10
each on the basis of one (1) new ICULS-B for:

   (i) every one (1) Subscription Share held; or

   (ii) every one (1) Yield Share (as hereinafter defined) held;
or

   (iii) every one (1) Rights Share successfully subscribed and
allotted under the Proposed Rights Issue i.e. the entitled
shareholders to the Proposed Rights Issue who renounce their
entitlements to the Rights Shares provisionally allotted to them
under the Proposed Rights Issue will simultaneously relinquish
their entitlements to the rights to subscribe to the ICULS-B
pursuant to the Proposed Rights Issue of ICULS-B to the
renouncee.

The Proposed Rights Issue of ICULS-B will be fully underwritten
by the Investor and/or his nominated parties.

The details of the utilisation of total gross proceeds arising
from the Proposed Rights Issue of ICULS-B of RM21,062,928 are as
per Table 2 at http://www.bankrupt.com/misc/IdrisHydraulic.html  

The principal indicative salient terms of the ICULS-B are as per
Table 3 at http://www.bankrupt.com/misc/IdrisHydraulic.html

The proceeds (if any) arising from the conversion of ICULS-B
into new Newco Shares will be placed in a sinking fund to
provide for settlement of corporate guarantees, if necessary,
pursuant to the Proposed Corporate Guarantee (as hereinafter
defined) should any of the SPV RULS or SPV RSLS (as hereinafter
defined) remains unredeemed then. The remaining balance
thereinafter, if any, will be utilized for working capital
purposes.

Proposed Talasco Transfer

In conjunction with the above, IHMB proposes to transfer the
entire issued and paid-up share capital of Talasco comprising
100,000,000 ordinary shares of RM1.00 each representing IHMB's
entire shareholding in Talasco to Newco for a consideration of
RM130,913,946 to be satisfied by setting-off the amount due from
IHMB pursuant to the settlement of debts on behalf of IHMB as
per the Proposed Creditors' Schemes of Arrangement (as
hereinafter defined). After the Proposed Talasco Transfer,
Talasco and its subsidiaries ("Talasco Group") will be wholly-
owned subsidiaries of Newco.

The purchase consideration is based on the audited net tangible
asset ("NTA") value of Talasco Group's audited accounts for the
financial year ended 31 December 1999.

The Talasco Shares shall be transferred to Newco free from any
and all security, assignment, security interest, pledge,
mortgage, lien, charge, option, hypothecation, encumbrance and
claim or any right of any kind of third parties, with all rights
attached thereto as at the date of completion of the Proposed
Talasco Transfer including, but without limitation, all bonuses,
rights, dividends and distributions declared and unpaid or made
in respect thereof.

Proposed Listing Transfer

It is proposed that the listing status of IHMB be transferred to
Newco which will result in the Consolidated IHMB Shares being
delisted and the Newco Shares being listed on the Main Board of
the KLSE.

Proposed Debt Reconstruction

The Lenders and trade and other creditors of IHMB whose debts
are above RM250,000 ("Scheme Creditors") under the Proposed Debt
Reconstruction represents creditors of IHMB and creditors
arising from the following:-

(a) Proposed Debt Novation and Debt Crystallisation

The Proposed Debt Novation and Debt Crystallisation involves the
following:

(i) proposed novation of outstanding balances owing to certain
of the Lenders as at 31 December 1999 ("Cut-Off Date") amounting
to RM49,694,000 to IHMB, being banking facilities extended to
certain subsidiaries of IHMB, namely Advanced Electronics (M)
Sdn. Bhd., East Coast Electronic Sdn. Bhd., Klinker Investments
Ltd. and Wiragain Sdn. Bhd.; and

(ii) the proposed crystallization of corporate guarantees
amounting to RM65,900,000 given by IHMB to third parties for
transactions undertaken by certain of its subsidiaries as at the
Cut-Off Date.

(b) Proposed Debt Provision

The Proposed Debt Provision involves the following:

(i) the proposed provision (if required), on a no admission of a
liability basis, of up to RM42,780,000 pursuant to disputed
claims made by Transwater Corporation Berhad ("Transwater")
arising from a novation cum assignment-agreement dated 12
September 1997 entered into by IHMB, Rekapacific Berhad and
Transwater for the proposed acquisition of 11,408,000 PUB
Shares. The novation cum assignment agreement entitles
Transwater to an assignment fee of RM42,780,000 resulting from
Transwater assigning its rights to IHMB in respect of the
acquisition of the said PUB Shares from Rekapacific Berhad. The
acquisition of the said PUB Shares by IHMB did not materialize
and IHMB had not settled the promissory note amount to RM40.641
million arising from the assignment fee. Transwater had since
filed a winding-up petition against IHMB based on the alleged
assignment fee of RM40.641 million which has been dismissed by
the High Court of Malaya on 24 March 2000. Subsequently,
Transwater has filed an appeal to the Court of Appeal but no
hearing date has been fixed for the hearing of the appeal yet;
and

(ii) the proposed provision of RM2,800,000 arising from a claim
made by Razaly Associates, a local firm of architects for
services rendered to a subsidiary of IHMB of which IHMB has
acknowledged the said claim.

IHMB and Transwater ("Scheme C(3) Unsecured Creditor") have
agreed to settle the matter out of court and Transwater has
given its consent to the revised Proposed Restructuring
Exercise. Currently, IHMB, Newco and Transwater are in the midst
of finalizing the conditional settlement agreement and an
announcement on the said agreement will be made in due course.

(c) Proposed Set-off

The Proposed Set-off involves the setting off of all fixed
deposits amounting to RM75,549,000 placed with the relevant
Scheme Creditors against the amount outstanding due to such
Scheme Creditors as at the Cut-Off Date.

The Proposed Debt Novation and Debt Crystallisation, Proposed
Debt Provision and Proposed Set-off will be implemented in
conjunction with the Proposed Capital Reconstruction.

Proposed Creditors' Scheme of Arrangement

The total amount of debt of RM672.184 million owing to Scheme
Creditors after the Proposed Debt Novation and Debt
Crystallisation, Proposed Debt Provision and Proposed Set-off
("Scheme Liabilities") will comprise the net amount owing to the
Scheme Creditors including interest accruing up to Cut-Off Date
after netting RM110.0 million arising from the Foreclosure of
PUB by AMBB and AMMB ("Scheme A(1) Secured Creditors") and TAFC
("Scheme A(2) Secured Creditor"), debts arising from the
Proposed Debt Novation and Debt Crystallisation, the Proposed
Debt Provision and after the Proposed Set-off.  

Creditors of IHMB with outstanding liabilities of RM250,000 and
below are excluded from the Proposed Creditors' Schemes of
Arrangement and these balances due from IHMB will be settled in
the normal course of business.

The Proposed Creditors' Schemes of Arrangement provisionally
comprises six (6) separate schemes of arrangements after the
Proposed Debt Novation and Debt Crystallisation, Proposed Debt
Provision and Proposed Set-off as set out in Table 4 at
http://www.bankrupt.com/misc/IdrisHydraulics.html

The total amount of RM672.184 million due to the Scheme
Creditors of IHMB will be restructured and be repaid based on
the following terms:

   (a) The total amount waived by the various classes is
RM126.189 million.

   (b) Cash payment of RM188.966 million arising from the
Proposed Shares Subscription and Proposed Rights Issue.

   (c) The proposed issue of RM145.856 million zero-coupon two
(2) year Redeemable Secured Loans Stocks ("SPV RSLS") and
RM90.099 million zero-coupon two (2) year Redeemable Unsecured
Loan Stocks ("SPV RULS") by SPV.  

   (d) The proposed issue of RM121.074 million irredeemable
convertible unsecured loan stocks-A ("ICULS-A") with a nominal
value of RM1.00 each by Newco.

Upon payment in cash of RM188.966 million and the issuance of
RM145.856 SPV RSLS, RM90.099 million SPV RULS, RM121.074 ICULS-A
and the Yield Shares (as hereinafter defined), the Scheme
Liabilities shall together with all further interest, cost and
other charges accrued thereon from the Cut-Off Date shall have
been or be deemed to have been fully paid.

The principal indicative salient terms of the SPV RSLS, SPV RULS
and ICULS-A are as per Tables 5, 6 and 7 respectively at
http://www.bankrupt.com/misc/IdrisHydraulic.html

In addition, Newco also proposes to issue up to RM15.0 million
additional nominal value ICULS-A as provision for unrecorded and
unforeseen liabilities in the event that additional liabilities
are claimed by the trade and other creditors that arise from the
operations of IHMB after the Proposed Debt Novation and Debt
Crystallisation and Proposed Debt Provision ("Scheme C(2)
Unsecured Creditors") against IHMB and/or Newco.

The details of the Proposed Creditors' Schemes of Arrangement
are as follows:

(i) Scheme A(1): Secured Creditors

Scheme A(1) will involve arrangements and compromises with the
Scheme A(1) Secured Creditors to settle the secured debts
amounting to RM251.593 million as at the Cut-Off Date on the
following terms:

   (a) Approximately 44% or RM110.723 million will be paid via
the proceeds from the Proposed Shares Subscription;  

   (b) Approximately 56% or RM140.870 million will be converted
into RM126.401 million nominal value SPV RSLS and RM14.469
million nominal value SPV RULS; and

   (c) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

(ii) Scheme A(2): Secured Creditor

Scheme A(2) will involve arrangements and compromises with the
Scheme A(2) Secured Creditor to settle the secured debts
amounting to RM188.476 million as at the Cut-Off Date on the
following terms:-

(a) Approximately 21% or RM40.286 million will be waived;  

(b) Approximately 22% or RM42.020 million will be paid via the
proceeds from the Proposed Shares Subscription and the Proposed
Rights Issue;

(c) Approximately 21% or RM39.256 million will be converted into
RM39.256 million nominal value SPV RULS;

(d) Approximately 36% or RM66.914 million will be converted into
RM66.914 million nominal value ICULS-A; and

(e) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

(iii) Scheme B: Partially Secured Creditors

Scheme B will involve arrangements and compromises with the
Partially Secured Creditors (as hereinafter defined) to settle
the partially secured bank debts amounting to RM37.283 million
as at the Cut-Off Date on the following terms:

(a) Approximately 17% or RM6.243 million will be waived;

(b) Approximately 28% or RM10.370 million will be paid via the
proceeds from the Proposed Shares Subscription and the Proposed
Rights Issue;

(c) Approximately 52% or RM19.455 million will be converted into
RM19.455 million nominal value SPV RSLS;

(d) Approximately 3% or RM1.215 million will be converted into
RM1.215 million nominal value ICULS-A; and

(e) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

(iv) Scheme C(1): Unsecured Bank Creditors

Scheme C(1) will involve arrangements and compromises with the
Scheme C(1) Unsecured Bank Creditors (as hereinafter defined) to
settle the unsecured bank debts amounting to RM64.436 million as
at the Cut-Off Date on the following terms:

(a) Approximately 36% or RM23.315 million will be waived;

(b) Approximately 29% or RM18.500 million will be paid via the
proceeds from the Proposed Shares Subscription and the Proposed
Rights Issue;

(c) Approximately 10% or RM6.552 million will be converted into
RM6.552 million nominal value SPV RULS;

(d) Approximately 25% or RM16.069 million will be converted into
RM16.069 million nominal value ICULS-A; and

(e) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

(v) Scheme C(2): Unsecured Creditors

Scheme C(2) will involve arrangements and compromises with the
Scheme C(2) Unsecured Creditors (as hereinafter defined) to
settle the unsecured debts amounting to RM87.616 million as at
the Cut-Off Date on the following terms:

(a) Approximately 36% or RM31.651 million will be waived;

(b) Approximately 5% or RM4.240 million will be paid via the
proceeds from the Proposed Shares Subscription and the Proposed
Rights Issue;

(c) Approximately 34% or RM29.822 million will be converted into
RM29.822 million nominal value SPV RULS;

(d) Approximately 25% or RM21.903 million will be converted into
RM21.903 million nominal value ICULS-A; and

(e) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

(vi) Scheme C(3): Unsecured Creditor

Scheme C(3) will involve arrangements and compromises with the
Scheme C(3) Unsecured Creditor (if any) to settle the unsecured
debts (if any) amounting to RM42.780 million as at the Cut-Off
Date on the following terms:

(a) Approximately 58% or RM24.694 million will be waived;  

(b) Approximately 7% or RM3.113 million will be paid via the
proceeds from the Proposed Rights Issue;

(c) Approximately 35% or RM14.973 million will be converted into
RM14.973 million nominal value ICULS-A; and

(d) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with IHMB
shall be superseded by this scheme.

Schemes A(1), A(2), B and C(1) are implemented through the new
DRA between Newco, IHMB and the Lenders entered into on [ ]
2001. Meanwhile, Scheme C(3) will be implemented through a
conditional settlement agreement between Transwater, IHMB and
Newco. Currently, IHMB, Newco and Transwater, (being the Scheme
C(3) Unsecured Creditor) are still in the midst of finalizing
the conditional settlement agreement and announcement will be
made in due course. Scheme C(2) will be implemented through a
formal scheme of arrangement pursuant to Section 176(1) of the
Act between Newco, IHMB and the Scheme C(2) Unsecured Creditors.

All six (6) separate proposed schemes of arrangements are not
inter-conditional.

Proposed Issue of Yield Shares

In conjunction with the proposed issue of the ICULS-A by Newco
and the proposed issue of SPV RSLS and SPV RULS by SPV, Newco
proposes to settle the ICULS-A's yield of 1% (for the entire
five (5) years tenure of the said debt securities from the date
of issue up to the maturity date) and the SPV RSLS and SPV
RULS's yield of 2.5% (for the entire two (2) years tenure of the
said debt securities from the date of issue up to the maturity
date) by issuing a total of up to 18,601,550 new Newco Shares
("Yield Shares") credited as fully paid-up to the recipients of
the ICULS-A, SPV RSLS and SPV RULS. The details of the Proposed
Issue of Yield Shares are as set out in Table 8 at
http://www.bankrupt.com/misc/IdrisHydraulic.html

The Yield Shares will be issued and listed concurrently with the
Subscription Shares to be issued under tranche I.

The Yield Shares will, upon issue and allotment, rank pari passu
in all respects with the then existing Newco Shares in issue.
The Yield Shares are not entitled to the Proposed Rights Issue
but will be entitled to the Proposed Rights Issue of ICULS-B.

Proposed SPV Acquisition of Residual IHMB Group

As an integral part of the Proposed Debt Reconstruction, SPV
will be incorporated with an initial issued and paid-up ordinary
share capital of RM2.00 comprising two (2) ordinary shares of
RM1.00 each to acquire the entire equity interest in IHMB
together with all its subsidiaries and associated companies
(after the Proposed Talasco Transfer) ("Residual IHMB Group")
comprising 13,999,243 IHMB Shares upon completion of the
Proposed Capital Reconstruction, Proposed Corporate
Restructuring, Proposed Debt Novation and Debt Crystallisation,
Proposed Debt Provision, Proposed Set-off and in conjunction
with the Proposed Issue of Yield Shares and the Proposed
Creditors' Schemes of Arrangement for a total purchase
consideration of RM100 to be satisfied by the issuance of 100
irredeemable convertible preference shares of RM1.00 each ("SPV
ICPS") at par value by SPV.

The Residual IHMB Group shall be disposed of to SPV after all
IHMB's investments in its existing subsidiaries and associated
companies (except for Talasco) are written-down to their
respective net realizable value and all inter-company balances
will also be written-off.

Newco will also undertake to pay on behalf of SPV (via the
Proposed Issue of Yield Shares) the yield of 2.5% for the SPV
RSLS and SPV RULS to be issued by SPV pursuant to the Proposed
Creditors' Schemes of Arrangement.

A trust company or a professional firm of Public Accountants
will be appointed to manage the daily operation of SPV and will
be responsible for the Proposed Disposal of Assets by SPV (as
hereinafter defined). The directors and shareholders of the SPV
will be persons appointed by the trust company or the
professional firm of Public Accountants and will not be persons
related to the Directors and/or shareholders of Newco.

The indicative salient terms of the SPV ICPS are as per Table 9
at http://www.bankrupt.com/misc/IdrisHydraulic.html

Proposed Disposal of Assets by SPV

Upon completion of the Proposed SPV Acquisition of Residual IHMB
Group, SPV will undertake to dispose of the assets and/or
investments of Residual IHMB Group to redeem the SPV RSLS and
SPV RULS issued to the relevant Scheme A(1) Secured Creditors,
Scheme A(2) Secured Creditor, Scheme B Partially Secured
Creditors, Scheme C(1) Unsecured Bank Creditors and Scheme C(2)
Unsecured Creditors pursuant to the Proposed Creditors' Schemes
of Arrangement.

The proceeds generated from the disposal of the assets by SPV
will be placed in a sinking fund for the purpose of redeeming
the SPV RULS and SPV RSLS. The assets identified at this
juncture to be disposed of together with their indicative
disposal value are as per Table 10 at
http://www.bankrupt.com/misc/IdrisHydraulic.html

Any recovery on the realization of the entire equity interest in
Savoy Equities Limited held by IHMB which is currently pledged
to one of Lenders, Danaharta Managers (L) Ltd. ("DMLL") will be
utilized to reduce the amount waived by DMLL.

In the event that the assets identified for disposal by SPV are
disposed of prior to the completion of the Proposed SPV
Acquisition of Residual IHMB Group, the actual disposal proceeds
will be used to repay to the creditors who hold the assets as
security.

The relevant creditors' entitlement to the proceeds from the
Proposed Shares Subscription and/or the Proposed Rights Issue
will be reduced accordingly by the same amount as the cash
repayment from the disposal proceeds arising from the disposal
of the assets by SPV and any surplus cash (in the case where the
actual disposal proceed is higher than the indicative disposal
proceeds) shall be distributed proportionately to the respective
Scheme Creditors' entitlement whose liabilities are to be
converted into SPV RSLS and SPV RULS.

The relevant Scheme Creditors who hold certain assets (which
forms part of Residual IHMB Group) to be disposed of to SPV as
security shall continue to hold and maintain all their rights as
security holders over such assets, notwithstanding the disposal
of such assets to SPV pursuant to the Proposed Disposal of
Assets by SPV. SPV shall dispose of such assets upon
instructions of and upon terms agreed by each of the relevant
Scheme Creditors in relation to the respective assets held by
them as security.

The terms and conditions in relation to the structure and
composition of the SPV and the administration of the assets
disposed of by SPV shall be set out in an agreement to be agreed
upon by the relevant Scheme Creditors.  

Excess cash (if any) derived from the Proposed Disposals of
Assets by SPV will be utilized to repay the relevant Scheme
Creditors earlier but will not be used to reduce the portion of
their debts waived. Any excess thereafter will be used to repay
the debts owing to Newco arising from the settlement of debts on
behalf of IHMB pursuant to the Proposed Creditors' Schemes of
Arrangement.

Proposed Corporate Guarantee

Newco proposes to provide the holders of the SPV RSLS and SPV
RULS separate corporate guarantees RSLS and SPV RULS of
RM235.955 million, which will enable the SPV RSLS and SPV RULS
holders to call on their respective corporate guarantee upon the
maturity of the SPV RSLS and SPV RULS, should any of the SPV
RSLS and SPV RULS remains unredeemed then.

Proposed Settlement of Corporate Guarantees

The corporate guarantees would be fulfilled by Newco by way of
cash for the amount up to RM235.955 million pursuant to the
Proposed Corporate Guarantee. The cash settlement may be settled
via a private placement of new Newco Shares to be undertaken by
Newco, if necessary and approved by the relevant authorities.

DETAILS OF THE PROPOSED EXEMPTIONS

Upon completion of the Proposed Share Exchange, tranche I of the
Proposed Shares Subscription and the Proposed Issue of Yield
Shares based on the proforma shareholding effect as shown in
Table 11(http://www.bankrupt.com/misc/IdrisHydraulic.html)the  
Investor together with Fahitah bte. Md. Senawi (the existing
Director and shareholder of Newco holding one (1) Newco Share
and the sister to the Investor ("Party Acting in Concert")) will
own, directly 28,149,307 Newco Shares representing approximately
46.34% equity interest in Newco. Subsequently upon completion of
tranche II of the Proposed Shares Subscription and the Proposed
Rights Issue based on the proforma shareholding effect as shown
in Table ( 11http://www.bankrupt.com/misc/IdrisHydraulic.html),
the Investor together with the Party Acting in Concert will own,
directly 150,040,000 Newco Shares representing approximately
66.79% equity interest in Newco respectively.  

In view of the above, pursuant to the Malaysian Code on Take-
Overs and Mergers, 1998 ("Code"), the Investor would be required
to extend two mandatory offers to the remaining shareholders of
Newco to acquire all the remaining shares in Newco not already
owned by the Investor and Party Acting in Concert at the same
price as the Proposed Shares Subscription, that is, at RM1.00
per share.

In this respect, the Investor and Party Acting in Concert have
applied to the SC for exemptions from having to undertake the
mandatory offers pursuant to Practice Note 2.9.3 of the Code
("Proposed Exemptions"). The Proposed Exemptions are being
sought by the Investor and Party Acting in Concert pursuant to
Practice Note 2.9.3 of the Code. Practice Note 2.9.3 permits an
exemption to be sought from the obligation to undertake
mandatory offer pursuant to Part II of the Code where the
objective of a transaction is to save the financial position of
an offeree whose voting shares are being acquired by an urgent
rescue case.

EFFECTS OF THE REVISED PROPOSED RESTRUCTURING EXERCISE

Share Capital

The effects of the revised Proposed Restructuring Exercise on
the share capital of IHMB and Newco are as per Table 12 at
http://www.bankrupt.com/misc/IdrisHydraulic.html

Net Tangible Assets

Based on the audited consolidated accounts of IHMB Group as at
31 December 2000, the proforma effect of the revised Proposed
Restructuring Exercise on the audited accounts of Newco as at 31
December 2000, which is provided for illustrative purposes only
assuming that the revised Proposed Restructuring Exercise were
effected on that date, is set out as per Table 13 at
http://www.bankrupt.com/misc/IdrisHydraulic.html  

Earnings

The revised Proposed Restructuring Exercise is expected to be
completed by 31 March 2002 i.e. in the financial year ending 31
December 2002. As such the revised Proposed Restructuring
Exercise will not have any material effect on the earnings of
IHMB Group for the financial year ending 31 December 2001.  

In the financial year ending 31 December 2002, the Newco Group
is forecast to record a loss due mainly to the provisioning of
doubtful debt by Newco on behalf of IHMB pursuant to the
Proposed Creditors' Scheme of Arrangement. Newco Group is
expected to return to profitability thereafter.

Substantial Shareholders

The effects of the revised Proposed Restructuring Exercise on
the shareholding of the substantial shareholders of IHMB and
Newco (holding more than 5% of the issued and paid-up share
capital) based on the Register of Substantial Shareholders of
IHMB and the Register of Members of Newco as at 28 August 2001
are as per Table 11 at
http://www.bankrupt.com/misc/IdrisHydraulic.html

Gearing

The effects of the revised Proposed Restructuring Exercise on
the gearing of IHMB Group and Newco Group are as per Table 13 at
http://www.bankrupt.com/misc/IdrisHydraulic.html

CONDITIONS OF THE REVISED PROPOSED RESTRUCTURING EXERCISE

The conditions for the completion of the revised Proposed
Restructuring Exercise are as set out in the announcement made
on the 17 August 2000 and 11 January 2001.

UNDERWRITING ARRANGEMENT

The Proposed Rights Issue and the Proposed Rights Issue of
ICULS-B will be fully underwritten by the Investor and/or his
nominated parties.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Except for Dato' Che Mohd Annuar Che Mohd Senawi, the Investor,
who is a director of both Newco and IHMB and a substantial
shareholder of Newco and is therefore interested in the Proposed
Restructuring Exercise, none of the other directors has any
interest, direct or indirect, in the Proposed Restructuring
Exercise. Dato' Che Mohd Annuar Che Mohd Senawi, presently has
no shareholding, direct or indirect, in IHMB.

Accordingly, Dato' Che Mohd Annuar Che Mohd Senawi has and will
continue to abstain from voting and any deliberations on the
revised Proposed Restructuring Exercise at the Board of
Director's meeting of IHMB.

As far as the Directors are aware, none of the substantial
shareholders of IHMB and/or persons connected to them has any
interest, direct or indirect, in the revised Proposed
Restructuring Exercise (other than as shareholders of the
Company).

VIII. DIRECTORS' RECOMMENDATION

The Board of Directors of IHMB is of the opinion that the
revised Proposed Restructuring Exercise is in the interest of
IHMB.


JASATERA BERHAD: Supplemental Agreement Duly Executed
-----------------------------------------------------
Jasatera Berhad announced that the Supplemental Agreement has
been duly executed on 3rd September 2001.

Reference is made to the announcement of Affin Merchant Bank
Berhad (formerly known as Perwira Affin Merchant Bank) on behalf
of the Board of Directors of Jasatera, on 24th August 2001
announcing Jasatera's detailed plan to regularize its financial
condition ("Requisite Announcement"). The Requisite Announcement
amongst others included the following:

   *  that Jasatera had procured the approval-in-principle from
all the respective financial institution creditors for a
revision to the terms and conditions of the Proposed Debts
Settlement announced on 6th September 2000 and that both parties
have agreed to enter into a conditional supplemental debt
settlement agreement ("Supplemental Agreement").

   *  that the initial Proposed Recapitalization Exercise as
announced on 6th September 2000 would be revised and will now
encompass the following:
     (i) Proposed Capital Reduction;
     (ii) Proposed Rights Issue
     (iii) Proposed Revised Debts Settlement; and
     (iv) Proposed ROS.

MBF HOLDINGS: Sells Land to Settle Debts
----------------------------------------
MBf Holdings Berhad (MBfH) and its wholly-owned subsidiary
namely MBf Property Services Sdn Bhd (MBfPS) have entered into
an Agreement with Danaharta Urus Sdn Bhd (DUSB) for the sale of
a piece of land held under Geran 14766, Lot 48630 in the Mukim
of Wilayah Persekutuan measuring 15,802 square meters (the Land)
for a total consideration of RM13,600,320.00.

The consideration was arrived at on a willing buyer and willing
seller basis.

MBfH had earlier obtained a Term Loan facility of RM10.8 million
from Bumiputra Commerce Bank Berhad [BCBB] (formerly known as
Bank Bumiputra Malaysia Berhad) and the facility was secured by
a first legal charge over the Land (beneficially owned by MBfPS)
in favor of BCBB. DUSB subsequently acquired all the rights,
title and interest of BCBB, in and to, inter alia, the Loan
agreement and the charge upon the terms and conditions agreed
between DUSB and BCBB and subject to the provisions of the
Pengurusan Danaharta Nasional Berhad Act 1998.

The parties agreed that the aforesaid sale of the Land shall
constitute as part settlement of the indebtedness due to DUSB by
MBfH amounting to RM15,067,824.96 as at 31 May 2001.

Pursuant to the proposed Scheme of Arrangement (SOA) of MBfH,
the balance of the indebtedness together with interest
(calculated at the rate of 2% above Malayan Banking Berhad's
base lending rate per annum) as at the date of which the last of
the conditions precedent as stated in the Agreement is complied
with shall be settled by MBfH in the following manner:

   *  67% of the balance shall be converted into new MBfH shares
at the conversion rate of 1 new MBfH share for every RM2.00
debt. The new MBfH shares will be issued with free warrants
attached on the basis of 2 warrants for every 5 new MBfH shares
to be issued; and

   *  33% of the balance shall be converted into Redeemable
Convertible Secured Loan Stocks (RCSLS) at the conversion rate
of RM1.00 only nominal amount of RCSLS for every RM1.00 debt The
RCSLS will be issued with free warrants attached on the basis of
2 warrants for every RM5.00 only nominal amount of RCSLS.

The SOA of MBfH is currently pending approvals from the
regulatory authorities.

In the event the balance of the indebtedness is not settled in
the manner hereinabove or before the last day of 12 months from
the date of this agreement or such further date as the parties
hereto may mutually agree in writing (Stop Date) , MBfH shall
pay to DUSB within 7 business days from the Stop Date.

Information of MBfPS

MBfPS is principally involved in property management,
consultancy services and property investment.

The company has an authorized and paid-up share capital of
RM2,000,000.00.

Rationale for the Transaction

The aforesaid transaction is pursuant to the proposed SOA of
MBfH. There will be an estimated interest savings of
RM1,360,000.00 per annum.

Financial Effects

MBfPS purchased the Land at RM14,117,578.40 on 26 March 1998 and
its net book value on 31 May 2001 was at RM6,665,097.38.

The above transaction is not expected to have any material
effects on the earnings and net tangible assets of the Group.
However, the sale would result in a net gain of RM6,497,936.00
for the financial year ending 31 December 2001.

Interest of Directors, Substantial Shareholders and Persons
Connected to the Directors and Substantial Shareholders

None of the Directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
has any interest, direct or indirect in the above transaction.

Approvals Required

The balance of the indebtedness is subject to the approvals of
the relevant regulatory authorities on the proposed SOA of MBfH.

Saved as disclosed, the transaction is not subject to approvals
from any other authorities.


PANGLOBAL BERHAD: Awaits SC Approval on Proposed Debt Scheme
------------------------------------------------------------
PanGlobal Berhad (the Company) is still awaiting the approval
from the Securities Commission of its proposed composite scheme
of debt arrangement (the Scheme).

The Company has obtained approval from Foreign Investment
Committee and conditional approval from Bank Negara Malaysia of
the Scheme.

Application has been made by Commerce International Merchant
Bankers Berhad on behalf of the Company, to Kuala Lumpur Stock
Exchange for an extension from 25 August 2001 to 31 December
2001 to obtain the relevant approval for the scheme pursuant to
PN4/2001. The Company is awaiting the reply from the Exchange in
respect of the extension.


PARIT PERAK: Gets Written Agreement-In-Principle From Creditors
---------------------------------------------------------------
The Board of Directors of Parit Perak Holdings Berhad announced
that the Company has received the written agreement-in-principle
from secured creditor banks representing 99% in value of the
secured debts and the written agreement-in-principle from
unsecured creditor banks representing 57% in value of the
unsecured debts.

The Company had on 7 August 2001 written to the Exchange to
request for an extension of time till 31 December 2001 to obtain
the written agreement-in-principle from unsecured creditor
banks, particularly the foreign banks, prior to making the
Requisite Announcement, and the Exchange has approved the said
extension till 22 October 2001.


PERDANA INDUSTRI: 19th AGM to Be Held on September 28
-----------------------------------------------------
Perdana Industri Holdings Berhad (Special Administrators
Appointed) announced that the Nineteenth Annual General Meeting
of the Company will be held at BM Resthouse, JKR 229, Jalan
Kulim, 14000 Bukit Mertajam, Seberang Perai Tengah, Penang on
Friday, 28 September, 2001 at 11.00 a.m. for the following
purposes:

* To table the Financial Statements for the financial year
ended Resolution 1 31 March, 2001 together with the Reports
of the Directors and Auditors thereon

* To re-elect Encik Ahmad Zakiiulfuad bin Yahaya who retires
as a Resolution 2 Director of the Company in accordance with
Article 80 of the Company's Articles of Association

* To re-appoint Messrs Arthur Andersen & Co. as Auditors of
the Resolution 3 Company and to authorize the Special
Administrators or the Directors to fix their remuneration

* To transact any other business for which due notice shall
have been given in accordance with the Companies Act, 1965
and the Articles of Association of the Company.


SATERAS RESOURCES: No Significant Change on Proposed Debt Scheme
----------------------------------------------------------------
Sateras Resources (Malaysia) Berhad informed that there has been
no change in the status of the Company's proposed debt
settlement exercise involving RM254,170,157 debts owing to
identified creditors of the Sateras Group (the Proposal).  

The Proposal which has been extended to 27 October 2001 for
completion is currently subject to approvals from the following:

  (a) KLSE; and

  (b) the shareholders of Sateras at an extraordinary general
meeting to be convened.


TECHNO ASIA: KLSE Approves Requisite Announcement Time Extension
----------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Techno Asia
Holdings Berhad (TAHB)(Special Administrators Appointed),
formerly known as Westmont Land Asia Berhad, announced that the
Kuala Lumpur Stock Exchange (Kuala Lumpur Stock Exchange) via
its letter dated 3 September 2001, had approved TAHB's
application for an extension of time for TAHB to make the
Requisite Announcement to the KLSE. An extension of two (2)
months commencing from 23 August 2001 to 22 October 2001, had
been granted by the KLSE.

The KLSE's approval for extension is conditional upon the
Company providing the KLSE with the detailed progress reports on
the development and/or latest status of the regularization
exercise by the following dates:

     a) First progress report by 12 September 2001 on any
development between the Company's application letter dated 10
August 2001 and 11 September 2001; and

     b) Second progress report by 17 October 2001 on any
development between 11 September 2001 and 16 October 2001.


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


COSMOS BOTTLING: SMC Completes 70% Due Diligence
-------------------------------------------------
San Miguel Corporation (SMC) has completed approximately 70
percent of its due diligence for Cosmos Bottling Corporation
(CBC), one week before the expected signing of a definitive
agreement with the soft drink firm's parent company, Manila
Bulletin reported on September 11, which quoted officials
from RFM.

RFM executive vice president and COO Felicisimo M. Nacino Jr.
said the firm's representatives will have a progress meeting
with SMC representatives on September 12. The meeting will
determine whether all items needed to be done under the due
diligence process are right on time before both company
forged the definitive agreement.

"San Miguel wanted to fast track the due diligence process, and
from all indication, they already conducted the financial, legal
and technical due diligence for Cosmos," Nacino further said.

RFM vice president and chief information officer to the PSE
Ramon M. Lopez said recently that it agreed with SMC to adopt
concrete measures to accelerate the completion of the due
diligence and the drafting of the share purchase agreement.

This, according to Lopez, is in line with the provisions of the
memorandum of understanding between the two groups, which sets a
target period of 30 days for the due diligence and a target date
of September 15 for the signing of the definitive agreement.


NATIONAL BANK: Holders Might Agree to P40 Selling Price
-------------------------------------------------------
Shareholders of state-owned Philippine National Bank (PNB) may
yet agree to lower the par value of shares to PhP40 from the
current PhP60, Business World reported Tuesday, though the
majority shareholder Lucio C. Tan is yet to give his nod on the
plan, which will allow the government to buy back more PNB
shares at a cheaper price.
PNB had earlier declared a par value of PhP60 per share for the
year 2000. At that level, the government's stake would be worth
PhP1.6 billion more.
"The bank's par value will be reduced after the two parties
agree on a conversion price," PNB Chairman Norberto C. Nazareno
said.
"The value will definitely not be PhP60. Once you agree on a
conversion price, definitely the book value will go down," he
added.
A team from the Department of Finance has been formed to
negotiate with PNB officials for a possible reverse
privatization of the bank.

Under the reverse privatization scheme, the National Government
will assume Bangko Sentral ng Pilipinas (BSP) loans to PNB by
swapping them with P15 billion in Treasury bills and bonds. A
P10-billion loan given by the Philippine Deposit Insurance Corp.
(PDIC) will be converted to shares in the bank.

Depending on the specific terms of the deal, the debt-to-equity
swap will increase the National Government's stake in PNB to
anywhere between 30 percent and 51 percent.

The reverse privatization plan is yet to be approved since the
two parties have yet to agree on a conversion price for the
shares.

The swap plan calls for the bank to be rehabilitated through the
infusion of fresh capital and the entry of new senior
management, while it awaits "optimum conditions" for a joint
sale to a strategic buyer of shares owned by both the government
and majority owner Mr. Tan.

Mr. Tan's group owns roughly 67 percent of PNB while the state
holds 16 percent interest in the bank.


NATIONAL POWER: Arroyo Issues Public Bidding MO 30
--------------------------------------------------
President Arroyo created Monday a special committee that will
conduct the public bidding for the reinsurance of $10-billion
worth of National Power Corp properties insured with the
Government Service Insurance System, ABS-CBN News reported on
September 10.

Memorandum Order 30 was issued upon the recommendation of
Finance Secretary Isidro Camacho, committee chairman, and Energy
Secretary Vincent Perez Jr., one of the five voting members of
the committee formed to seal the rift between the Napocor and
the GSIS over the issue.

"The President thinks that this should be a model for such
reinsurance contracts. An open bidding process will soon be
undertaken in the case of the SSS and for other government
agencies. The point here is that we would like all such
transactions for insurance and other government contracts to
be as transparent as possible," Presidential Spokesman Rigoberto
Tiglao said.

In the directive, the President said, "in the spirit of
competitiveness and to ensure a level playing field, there is a
need to allow the widest participation of the private sector in
servicing the insurance and reinsurance needs of Napocor"
through public bidding that would "ensure a cost-effective,
efficient and responsive insurance coverage."

MO 30 mandates "an open, competitive and transparent bidding
process for the reinsurance of the properties of the Napocor
insured with the GSIS" through the use of the "most suitable"
electronic bidding process to be determined by the committee.

The other voting members of the committee are the GSIS general
manager, the GSIS senior vice president and the Napocor
president. Acting as witness would be Napocor's resident
Commission on Audit auditor.

The committee, whose decisions will be carried out by a majority
vote, is expected to convene on September 14.


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


ASIA FOOD: Subsidiary Disposes Interest in KOAR
-----------------------------------------------
The board of directors of Asia Food & Properties Ltd (AFP) gave
additional information relating to the disposal by its US-based
subsidiary, Phoenix Airport Center Partnership of the entire
general partnership interest of approximately 41.45 percent in
Koar International Airport Center Investment Partnership (KOAR)
for a total cash consideration of US$800,000.

In compliance with Clause 1005(2) of the SGX-ST Listing Manual,
the company would like to highlight that the disposal of KOAR
was arrived at on a willing buyer and willing seller basis. The
book value of KOAR is approximately US$1.57 million. The loss of
approximately US$619,000 is attributable to the AFP Group of
Companies.

As disclosed in the company's 24 August MASNET announcement, the
disposal is in line with the company's on-going divestment of
non-core assets, in order to focus on its core operations in
Asia.

ABOUT ASIA FOOD & PROPERTIES

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

For further information, please contact:

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


CAPITALAND LIMITED: Unit Agrees to Sell Tampines Mall
-----------------------------------------------------
The board of directors of CapitaLand Limited announced that
Tampines Mall Limited (TML), a 55 percent indirect subsidiary of
CapitaLand Limited, has entered into a Call Option Agreement
with CapitaLand Commercial Limited (CapitaLand Commercial), a
wholly-owned subsidiary of CapitaLand Limited, relating to the
disposal of a commercial property known as Tampines Mall to
a party to be nominated by CapitaLand Commercial at the price of
S$409 million, if the call option is exercised on or before 31st
December, 2001. This latest transaction is part of CCL's efforts
towards establishing a public-listed Singapore Property Trust
(SPT) for retail malls.

Rationale

The Property is intended to be included in the investment
portfolio for a listed Singapore property unit trust (SPT) which
CapitaLand Commercial proposes to set up, subject to obtaining
all regulatory approvals and prevailing market conditions at the
relevant time. CapitaLand Commercial is pursuing the SPT
opportunity as part of CapitaLand Limited's plan to move further
into fee based businesses such as property fund management while
leveraging on its asset management and property management
expertise.

Material Terms of the Agreement

Pursuant to the terms of the Agreement, the call option may only
be exercised after the close of the proposed public offer of the
units of the SPT. Upon the exercise of the call option under the
Agreement, CapitaLand Commercial must nominate and procure the
trustee of the SPT to enter into a pre-agreed sale and purchase
agreement with TML for the purchase of the Property. Completion
of the sale and purchase of the Property will take place on the
same day as the date of the exercise of the call option.

Financial Effects

The above price of S$409 million for the Property was arrived at
on a willing-buyer-willing-seller basis.

As the call option may be exercised only in favor of the trustee
of the SPT as described above, the financial effects of the sale
of the Property will be determined at such time when the
disposal of the Property is completed.

Interests of Directors and Substantial Shareholders

Mr Liew Mun Leong, the president & CEO of CapitaLand Limited, is
also the deputy chairman of CapitaLand Commercial. Mr Jackson
Peter Tai, a director of CapitaLand Limited, is the chairman of
CapitaLand Commercial. Mr Hiew Yoon Khong, the chief financial
officer of CapitaLand Limited, is also a director of CapitaLand
Commercial. Mr Ed Ng Ee Peng, the chief executive officer of
CapitaLand Commercial, is also a director of TML.

Save as aforesaid, none of the Directors of CapitaLand Limited
has any interest, direct or indirect, in the transaction
described above and the directors are not aware of any
substantial shareholders of CapitaLand Limited having any
interest in the transaction.

Tampines Mall Limited, is jointly owned by CCL, which has a 55%
stake, while NTUC Fairprice and the PERNAS Group, own the
remaining stakes of 25% and 20% respectively. Tampines Mall,
which opened in February 1996, is intended to form
part of the portfolio of retail malls to be acquired by a
proposed public-listed SPT which CCL anticipates launching by
the end of this year, subject to obtaining all regulatory
approvals and prevailing market conditions.

Located in the Tampines Regional Center and adjacent to the
Tampines MRT station and bus interchange, Tampines Mall is
within close proximity to a high concentration of both private
and public housing. Within the vicinity are also commercial and
business developments such as the CPF Tampines Building, the HDB
Tampines Branch Office, DBS Tampines Center, Telepark and NTUC
Income Center.

Anchor tenants in the mall include Isetan, Fairprice
Supermarket, and the Golden Village cinema, among many others.
Tampines is a regional center with a population of about 800,000
residents within a 7-km radius which covers not only Tampines,
but also the Simei, Pasir Ris, Tanah Merah, Eunos, Bedok and
Marine Parade residential estates.

This latest announcement regarding Tampines Mall follows CCL's
recently announced agreements relating to Junction 8 and Funan
IT Mall as part of the proposed establishment of a listed SPT
for retail malls. The SPT is another vehicle to expand
CapitaLand's fee-based businesses anchored upon property assets.

The SPT will leverage on CapitaLand's experience in listed
companies, fund management capabilities and asset and property
management expertise.

About CapitaLand Commercial and CapitaLand Fund Management

CapitaLand Commercial owns, develops and manages an extensive
portfolio of commercial properties in Singapore and the region
with a total asset base exceeding S$9 billion as at 31 December
2000. In Singapore, CapitaLand Commercial is the largest manager
of office, retail and industrial space, with a portfolio of 10.9
million square feet of net let table area in total. Overseas, it
has investments in several key gateway cities including
Shanghai, Hong Kong, Tokyo, Kuala Lumpur and London.

CapitaLand Fund Management works closely with CapitaLand
Commercial to identify attractive and stable assets for
injection into new property funds to meet the risk return
profiles of local and international investors. It's most recent
strategic alliance was with leading German financial services
provider, ERGO Trust, to set up and manage Singapore's first
wholesale office property fund targeting Asian and European
investors.

CapitaLand Commercial and CapitaLand Fund Management are
business units of CapitaLand Limited, Southeast Asia's largest
listed property company with assets of more than S$19 billion,
spanning 53 cities and 22 countries.

For more information, please contact:

Basskaran Nair - Media Contact
Communications, CapitaLand Limited
Tel: +65 823 3554, Email: basskaran.nair@capitaland.com.sg

Julie Ong - Corporate Communications
CapitaLand Commercial Limited
Tel: +65 239 6751, Email: julie.ong@capitalandcommercial.com

George Tanasijevich - Analysts Contact
Equity Markets, CapitaLand Limited
Tel: +65 823 3535, Email: george.tanasi@capitaland.com.sg


PANPAC MEDIA.COM: SGX OKs 20M New Shares Listing
------------------------------------------------
Further to the announcement of the above on 29 August 2001, the
directors of Panpac Media.com Limited announced that the SGX has
on 7 September 2001, approved in-principle the company's
application for the listing and quotation of 20,000,000 new
ordinary shares of S$0.05 each in the capital of the company to
be issued pursuant to the placement, subject to compliance
with the relevant listing requirements, guidelines and
conditions.

The SGX's in-principle approval hereby disclosed is not an
indication of the merits of the Placement.


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


DATAMAT PUBLIC: EGM Postponed to September 24
---------------------------------------------
The Board of Directors of Datamat Public Company Limited
approved to postpone the date of the Extraordinary General
Meeting of Shareholders No.1/2001 to 24th of September 2001 at
2:00 pm due to the incomplete documents needed for the meeting.


ITALIAN-THAI: Q201 Net Loss More Than 20%
-----------------------------------------
Italian-Thai Development Public Company Limited informed that  
operating results  of the Company in quarter 2/2001 showed a net
loss of Bt2,680.48 million,  which was 20 percent more than last
year same period, due additional provision for doubtful debt
expenses and incurred losses on diminution in value of
investments.

The Company also suffered from loss of investments in
subsidiaries, joint ventures and associated companies.


NATURAL PARK: Business Reorg Petition Filed in Bankruptcy Court
---------------------------------------------------------------
The Petition for Business Reorganization of Natural Park Public
Company Limited (DEBTOR), engaged in development of real estate,
for rent and for sale, was filed to the Central Bankruptcy
Court:

     Black Case Number Phor. 21/2543

     Red Case Number Phor. 22/2543

Petitioner: NATURAL PARK PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt15,709,918,684

Planner: NPK Management Service Company Limited

Date of Court Acceptance of the Petition: April 10, 2000
Court Order for Business Reorganization and Appointment of
Planner on May 2, 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 18 , 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 22,
2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: July 24, 2000

Deadline to object Applications for Payment in Business
Reorganization: August 7, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 22, 2000

Court issued an Order Accepting the Reorganization Plan:
December 18, 2000 and Appointed NPK Management Service Company
Limited to be as the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited: December 27, 2000

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on January 23, 2001

Contact: Mr. Songthom Tel 6792514


SIKARIN PUBLIC: Submits Application For Securities' Trading
-----------------------------------------------------------
Sikarin Public Company Limited submitted an application for
securities trading reinstatement and provided along the material
information disclosure of both the debt restructuring agreement
and the rehabilitation plan as required by Stock Exchange of
Thailand, the required information can be summarized as follows:

1) The Company's rehabilitation plan has been approved by the
annual ordinary shareholder meeting, which held on June 29, 2001
with more than 75% of all fully-righted shareholders and proxies
who attended the meeting as the attachment of SIKRIN 257/2001.

2) The Company has successfully restructured the Company and its
subsidiaries' debt more than 50% of total debt. As Of June 30,
2001, the amount of total debt was Bt734.83 million that was
already restructured by the amount of Bt519.93 million or
equivalent to 70.76% of total debt. The followings are the
details that aggregated with the Company and its subsidiaries
have successfully negotiated with creditors related to debt
restructuring:

The successful debt restructured of the Company and its
subsidiaries were grouped into 2 portions:

a) Group of debt restructured by lump sum payment with discount
*(1)

  Unit : million Baht
Item     Old debt          Payment amt   Profit from   Referring       
       Principal with                   restructuring  financial
       accrued interest                               statements
          2001               
Sikarin Public Company Limited

1)         22.12             9.00          13.12     Note 18.2
2)        191.42            24.00         167.42     Note 18.3
3)         29.16            22.40           6.76     Note 18.8
4)         37.78             6.00          31.78     Note 18.12
5)         19.58            11.05           8.53     *(2)              

Total     300.06            72.45         227.61

Surgitec Company Limited

1)         15.00             6.00          9.00     Note 18.6
2)          2.99             1.00          1.99     Note 18.7

Total      17.99             7.00          10.99
All total 318.05            79.45         238.60

Remark (1) This portion of debt had already been paid, so it is
not shown in the financial statements as of June 30, 2001

       (2) Referring to the Note 12.2 in financial statements as
of June 30, 2001, which is shown below.


b) Group of debt restructured by adjusting terms of payments and
interest rates

Unit : million Baht
Item   Amt of debt     Interest rate  Payment to   Referring to
   On the date                        be made      Note in 2000
     of       As of June  Old  New      within     financial
negotiation   30, 2001                            statements

Sikarin Public Company Limited

1)  9.83        9.34   15%    MLR    Dec. 2007      Note 18.1
2) 26.42       33.64   21%    MLR    May 2008       Note 18.4
3) 15.47       15.02   19%    MLR    Sept.2006      Note 18.9
4) 241.93      211.40  MLR  MLR+0.5  Apr.2007       Note 18.10
5)  40.57       32.17  18%    MLR    Dec.2008       Note 18.11
6)  73.05       92.05   NA    NA     Dec.2004       Note 18.13
7)  4.86        4.86    NA    NA     Dec 2009             -
8)  31.93       35.87  17   MLR+1    Mar.2004         *(1)
9)  3.50         2.30   NA    NA     Aug.2001         *(2)
Total
   447.56      436.65

Surgitec Company Limited

1)  27.55       27.55   NA    MLR    Aug. 2007       Note 18.5
2)  34.45       28.71   NA    MLR    Jan.2005        Note 18.15
3)  15.75       12.50   NA    MLR    Dec.2004        Note 18.16
Total  
    77.75       68.76

Theparak Hospital Public Company Limited

1)  14.82   14.52  MOR+0.5   MRR+0.5   Sept. 2007   Note 18.14
Total
    540.13  519.93

Remark  (1) Referring to the Note 12.1 of the financial
statements as of June 30, 2001 is shown below.

(2) Referring to the Note 12.3 of  the financial statements as
of June 30, 2001  is shown below.

Note to the financial statement as of June 30, 2001
Sikarin Public Company Limited and subsidiary companies

NOTE 12: TROUBLE DEBTS RESTRUCTURING
Sikarin Public Company Limited

12.1 In April 2001, the Company has entered into a simplified
agreement with a financial institution for a margin loan
amounting to Bt31.93 million and accrued interest amounting
to Bt22.76 million with certain covenants regarding repayment
terms as follows :

Change interest rate from 17% per annum to MLR + 1% per annum.
The principal amount of Bt31.93 million and new interest
expense incurred after the simplified agreement must be paid
monthly corresponding to monthly amount regarding to term of
contract with fully repayment within March, 2004, starting from
May, 2001.

Reduce accrued interest amounting to Bt22.76 million to Bt1.78
million which is to be settled by the monthly repayment at to
Baht 0.08 million, with fully repayment within March, 2004,
starting from May, 2002.

Investment in Aikchol Hospital Public Co., Ltd. is still used
as collateral against loan after restructuring. As at 30th June,
2001 the outstanding amount of loan and interest is Bt35.87
million (see Note 6, 9 and 10).

12.2 In June, 2001, the Company has entered into a conditional
debt relieving agreement with a bank which become a new creditor
of the Company through a transferring of debts from a financial
institution according to the declaration made by the Ministry of
finance in an auction settled by the Financial Sector
Restructuring Authority (FRA), the loan containing principals
and accrued interests totally amounting to Bt19.58 million,

    A substance of the conditional debt relieving agreement
is a reduction of a principal amount of Baht 10 million and
accrued interest amount of Bt9.58 million to be a new
principal amount of Bt11.05 million which is to be fully
settled on 15th June, 2001.

12.3 In June, 2001, the Company entered into a debt
restructuring agreement with a bank for principal and accrued
interest amount to Bt5.15 million (see Note 9).  A substance of
conditional agreement is a reduction of a principal to be a new
principal amount of Bt3.5 million which is to be repaid as
followings.

Repay a part of a new principal amounting to Bt1.20 million on
26th June, 2001 and 26th July, 2001 and the remaining part
amounting to Bt1.10 million within 26th August, 2001.

    The Company has recorded profit from the debt restructuring
mentioned in the above Note 12.1, 12.2 and 12.3 totally
amounting to Baht 26.93 million as an extraordinary item in the
statement of earnings under the caption of "Gain on compromise
of debt".  After the repayment of the debts in accordance with
the conditional debt relieving agreement with a bank, the
guarantee made by the Company's former directors would then be
cancelled.  These profits from debt reduction agreement were
made under the condition that its repayment of debt must be made
in such amount and at such time as stipulated in an agreement.  
Failure of which the creditor has the right to cancel the new
agreement and to enforce the Company to repay its debt balance
in full amount as per previous agreement.

                                    **********

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

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

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