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

                   A S I A   P A C I F I C

         Tuesday, September 18, 2001, Vol. 4, No. 182

                         Headlines



A U S T R A L I A

AMP LTD: Acquires 5.22% Shares in OPSM Protector
AMP LTD: Ceases To Be Substantial Colonial First Shareholder
AMP LTD: Cuts Relevant Interest in AMP Shopping to 40.85%
ANSETT AUSTRALIA: Unions Fight To Claim $500M

AUSTRALIAN GAS: Announces Top 20 Shareholders
AUSTRIM NYLEX: Incurs $273M Loss For 12 Months Ended June 30
CABLE & WIRELESS: SingTel Ups Interest to 95.25%
CBD ONLINE: Incurs $22.5M Loss For FY Ended June 30
CENTAUR MINING: SPA Exclusivity Arrangement Reached
PMP LIMITED: Shareholders OK Executive Option Scheme


H O N G K O N G  &  C H I N A

CHINA RESOURCES: 1H Net Profit Jumps 83.79% To HK$75.2M
NETEASE.COM: Names Ex-Board Member Sun as CEO


I N D O N E S I A

CHANDA ASRI: Asks Gov't To Complete Debt Restructuring Program


J A P A N

DAIEI INCORPORATED: Misses First-Half Profit Target
KDDI: Corporate Lines Restored
MATSUSHITA ELECTRIC: Subsidiary Expects Deeper Group Net Loss
MITSUBISHI ELECTRIC: Forecasts Much Smaller Profit This Year
MYCAL CORPORATION: Eyes Wal-Mart Stores As Partner
MYCAL CORPORATION: Owes Nissan Construction Y8.3 Billion


K O R E A

ASIANA AIRLINES: W5.4B Loss Reported Due To Cancellations
HANVIT BANK:  Fails Requirements In Return For Bailout
HYNIX SEMICONDUCTOR: Creditors Deny W500B In New Loans
KOREAN AIRLINES: Reports W19B Loss Due To Cancelled Flights
KOREA ELECTRIC: Restructuring Plan Unveiled By Institute
SEOUL GUARANTEE: To Receive W4.6T To Resolve Cash Shortage

*Companies Strategize To Deal With Terrorist Attack Aftermath


M A L A Y S I A

ADVANCE SYNERGY: Plans PCSB Disposal, Calmford Acquisition
ANSON PERDANA: Updates Interest in Property
AVENUE ASSETS: Book Closure For Avenue-LA Noted
BERJAYA LAND: Acquisition Of KL Plaza Office Tower Planned
DIPERDANA HOLDINGS: Withdraws Winding-Up Petition

HUME INDUSTRIES: Acquires 0.15% Equity Interest in HCB
IDRIS HYDRAULIC: Subsidiary Acquires 100% MNI Equity Interest
L&M CORP: Appoints Dato' Aripin Bin Mohktar As Deputy Chair
L&M CORPORATION: Appoints New Director
LIEN HOE: Proposes Capital Reduction, Share Consolidation

MEASUREX CORPORATION: JMO Extends to 15 March, 2002
MECHMAR CORPORATION: Confirms US$5M Tanzania Plant Turnover
S & P FOOD: Gives Notice of Entitlement
SUNWAY CITY: Establishes Nomination, Remuneration Committees
SURIA CAPITAL: Appoints Datuk Ismail Awang Besar As Chairman
SYARIKAT DANASAHAM: Makes Voluntary Offer For EUM Shares


P H I L I P P I N E S

ATLAS CONSOLIDATED: Plans Joint-Venture With Chinese Firm
EQUITABLE PCI: P3B Slated For Repayment This Week
NAPOCOR: Gencos' Individual Sale Proposal Presented
NATIONAL STEEL: Dutch Firm Keen to Lease Facilities
RFM CORP: Seeks To Expand Partnership With Taiwanese Firm


S I N G A PO R E

GOLDTRON LIMITED: SGX Oks Proposed 110M Shares Issue
SEMBCORP LOGISTICS: Links Up With Zenecon
THAKRAL CORPORATION: Changes Office Address


T H A I L A N D

RAIMON LAND: Court Moves Rehab Plan Hearing To Sept 27
RATTANA REAL: Year 2000 Losses Explained

     -  -  -  -  -  -  -  -  -

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


AMP LTD: Acquires 5.22% Shares in OPSM Protector
------------------------------------------------
OPSM Protector Limited announced Friday that AMP Limited became
a substantial shareholder in the company on 12/09/2001 with a
relevant interest in the issued share capital of 6,972,576
ordinary shares (5.22%).


AMP LTD: Ceases To Be Substantial Colonial First Shareholder
------------------------------------------------------------
Colonial First State Property Trust Group announced Friday that
AMP Limited ceased to be a substantial shareholder in the
company on 14/09/2001.


AMP LTD: Cuts Relevant Interest in AMP Shopping to 40.85%
---------------------------------------------------------
AMP Shopping Centre Trust announced Friday that AMP Limited
decreased its relevant interest in the company on 12/09/2001,
from 280,000,074 ordinary shares (41.86%) to 273,228,845
ordinary shares (40.85%).


ANSETT AUSTRALIA: Unions Fight To Claim $500M
---------------------------------------------
The unions of Ansett Australia vowed Sunday to fight to claim
over $500 million in entitlements as Kim Beazley, Leader of
the Opposition, called on the Federal Government to help Ansett
until the company's administrator found buyers for its assets,
Australian Financial Review reported on September 17. Key Ansett
unions reportedly held meetings as the administrator, Peter
Hedge, claimed that Ansett planes might be back in operation
under leasing arrangements with Qantas and other international
airlines.

ACTU president Sharan Burrow, in a rally of Ansett workers in
Melbourne, said unions would not accept any deals that did not
pay them 100 per cent of their owed entitlements. "The message
to John Howard is ... John Anderson is guilty, absolutely. You
are responsible for workers' entitlements in defence to loyal
men and women working for Ansett in Australia, absolutely," she
added.

Air NZ has been ordered by the Australian Industrial Relations
Commission to explain its position on the entitlements. Hedge
forced Air NZ to pay $20 million in salaries and other payments
due to be paid on Friday.

Beazley said the government is going to raise between $4
billion and $5 billion from the sale of Sydney Airport and it
should help workers with the proceeds of the sale. However, the
proposal was rejected by Workplace Relations minister, Tony
Abbott, who said governments were not responsible for bailing
out airlines.


AUSTRALIAN GAS: Announces Top 20 Shareholders
---------------------------------------------
Australian Gas Light Company posted the company's top
20 shareholders Friday:

DISTRIBUTION OF HOLDERS


     RANGE OF HOLDINGS

           1 -   1,000       56,575
       1,001 -   5,000       38,208
       5,001 -  10,000        4,605
      10,001 - 100,000        2,534
     100,001  and over          149

                 TOTAL      102,071


TWENTY LARGEST PROPRIETORS AS AT 15/08/2001


NAME                                        FULLY PAID  % OF
                                             ORDINARY   TOTAL
                                               SHARES   ISSUED
                                                        SHARES

Chase Manhattan Nominees Ltd               32,291,059     8.98
Westpace Custodian Nominees Ltd            23,506,128     6.53
National Nominees Ltd                      18,087,204     5.03
ANZ Nominees Ltd                            7,901,425     2.20
Queensland Investment Corporation           6,153,239     1.71
AMP Ltd                                     5,914,557     1.64
Citicorp Nominees Pty Ltd                   4,196,358     1.16
NRMA Nominees Pty Ltd                       3,713,700     1.03
RBC Global Services Australia Nominees Pty Ltd 2,847,242  0.79
Commonwealth Custodial Services Ltd         2,692,125     0.75
MLC Ltd                                     2,173,315     0.60
Australian Foundation Investment Co. Ltd    2,139,581     0.59
Suncorp General Insurance Ltd               1,958,803     0.54
Labrador Pty Ltd                            1,263,150     0.36
ING Life Ltd                                1,237,421     0.35
Belike Nominees Pty Ltd                     1,216,158     0.34
Argo Investments Ltd                        1,199,590     0.33
UBS Warburg Private Clients Nominee Pty Ltd 1,132,999     0.32
Djerriwarrh Investments Ltd                 1,122,242     0.31
Carlton Hotel Ltd                             888,042     0.25
TOTAL                                     121,634,338    33.81


AUSTRIM NYLEX: Incurs $273M Loss For 12 Months Ended June 30
------------------------------------------------------------
The directors of Austrim Nylex Ltd revealed Thursday the annual
results of the group. The results were in line with their
previous forecast, as rationalzation of business operations
continues under the new management team.

The group announced a net loss before tax of $273.8 million for
the 12 months to June 30, 2001, after writedowns and provisions
for rationaliztion of operations totalling $279.4 million.

The directors decided to not declare a final dividend or pay
interest on the Mandatory Converting Notes in October.

Revenue for the group rose 4.6 percent to $1.08 billion although
many of the group's operations were affected by the general
slowing of the Australian economy, as well as the introduction
of the Goods and Services Tax.

Higher oil prices, the lower value of the Australian dollar and
continued problems being suffered in the textiles industry
impacted profitability.

Chairman of Austrim Nylex, John Moule, said, "We are honing
the group to those operations performing well and which have
strong growth prospects. Poorly performing or non-core
businesses including textiles and some other operations will be
rationalised through divestment or closure."

The group now comprises five core operating divisions - Plant
Hire; Building Products; Plastic Products; Automotive Products
and Engineered Products.

Chief Executive Officer and managing director of Austrim Nylex,
Peter Crowley, said, "The new structure is in place and we are
beginning to pursue synergies in key areas such as shared
finance and administration functions, logistics and purchasing."

For Inquiries:
Mr Peter Crowley
(03) 9529 2999


CABLE & WIRELESS: SingTel Ups Interest to 95.25%
------------------------------------------------
Cable & wireless Optus Limited announced Thursday that SingTel
Australia Investment Ltd increased its relevant interest in the
company on 12/09/2001, from 2,022,393,749 ordinary shares
(94.05%) to 2,050,861,913 ordinary shares (95.25%).


CBD ONLINE: Incurs $22.5M Loss For FY Ended June 30
---------------------------------------------------
CBD Online Limited said Friday the financial result for the year
ended 30 June 2001, was a disappointing loss of $22.5 million,
which is in line with the earlier announcement to the ASX.

CBDO's abnormal provisions total $16.2 including
$10.1 million for the non-recovery of the company's investment
and loan to its Halescom subsidiary, which is in liquidation.
Also, a $7 million provision for the diminution in the value of
CBDO's intellectual property arose. These provisions were
partially offset by a $1 million write back of a provision for
uncertainty created in February 2000 in connection with matters
that occurred while the company was called Asia Pacific
Infrastructure Limited.

The announcement said the board thought it prudent to reduce the
carrying value of CBDO's intellectual property, given the delay
in the current market in achieving revenues originally forecast.
It is recognized that the exploitation of our unique technology
solutions will provide significant cash flows, albeit in a
belated time frame.

Significant new contracts are in the process of negotiation and
the results of these will impact favourably on the company's
performance in Q2.

In March, the board was restructured and significant changes
were made in senior management to provide more focus on using
developed technology, leaving R&D Initiatives until a solid
revenue base is established.

As a pro-active strategy to broaden the revenue base of the
company's activities, Ventronics Limited - a Hong Kong based
facilities management software organization - was acquired. This
considerable investment will take until Q3 to produce positive
cash flow for the company, but the Board remains confident that
the growth of this division will perform within Budget. There
are obvious synergies for cross selling between the e.Buildings
division and the building management products.

The company board said it is convinced that they have sufficient
funding commitments to achieve its budgeted goals and CBDO is
set more firmly on the path to a more profitable and stable
future.


CENTAUR MINING: SPA Exclusivity Arrangement Reached
---------------------------------------------------
Goldfields Limited and Centaur Mining & Exploration Ltd's
appointed Receivers, Managers and Administrators have tabled an
offer in respect to Centaur's Mount Pleasant and
Ora Banda gold mining and processing operations in Western
Australia and have entered into an exclusivity arrangement
allowing the parties to negotiate a Sale and Purchase Agreement.

For further information, contact:

Peter Cassidy                 Mark Wheatley
MANAGING DIRECTOR AND CEO     GENERAL MANAGER - CORP DEVELOPMENT
(02) 8223 2400                (02) 8223 2400

or visit www.goldfields.com.au


PMP LIMITED: Shareholders OK Executive Option Scheme
----------------------------------------------------
PMP Limited shareholders previously approved an Executive
Option Scheme which may provide options, up to a level of 5.0%
of the total number of shares on issue, to executives and under
certain circumstances, executive directors. Non-executive
directors are excluded.

EMPLOYEE SHARE OPTIONS

Ordinary shares up to 5.0% of the total number of ordinary
shares on issue may be allotted under the Executive Option
Scheme.

Allotment date                            25/10/96      10/11/97
On issue at beginning of year              649,000     1,080,000
Issued during the vest                        -             -
Exercised during the yea                      -             -
Lapsed during the year                    (97,000)     (320,000)
On issue at end of year                   552,000       760,000

Exercised subsequent to balance date         -             -
Lapsed subsequent to balance date       (552,000)            -
Outstanding at date of Director's report      -       760,000

Number of participants                        -            36
Exercise price                            $3.38         $3.32
Exercisable                           25 Oct 1998   10 Nov 1999
From
Expiration date                        25 Jul 2001   10 Aug 2002


Total
Allotment date                 29/01/99  2/12/99(a)    (b)
On issue at beginning of year 1,375,000  6,345,000  9,449,000
Issued during the year        -               -          -
Exercised during the year     -               -
Lapsed during the year       (410,000)  (615,000) (1,442,000)
                              965,000  5,730,000   8,007,000
Exercised subsequent
to balance date              -               -           -
Lapsed subsequent
to balance date              -               -    (552,000)
Outstanding
at date of Directors report  965,000  5,730,000   7,455,000

Number of participants       90              80         145
Exercise price               $2.90           $2.14
Exercisable from            29 Jan 2001      2 Dec 2001
Expiration date            29 Sept 2003     2 Sept 2004
Share options as a percentage of ordinary shares    2.9%
On issue at 30 June 2001

Total issued since commencement of the scheme (number of
options)16,036,000.

Total market value of shares issued under the option scheme
during the year was nil (2000, nil).

(a) The options granted have performance hurdles attached that
during the relevant period PMP's total shareholder return must
outperform the ASX All Industrials Accumulation Index. Vesting
of all issues of options will be that 50% of any issue will vest
on the second anniversary of issue only if the performance
hurdle is achieved and the remaining 50% will vest on the third
anniversary of issue only if the performance hurdle is achieved.
As the options are subject to performance hurdles, the amount
included as remuneration was nil.

However, if there were no performance hurdles, the fair value of
the options would be nil per option as determined using the
Black Scholes option pricing model which takes account of
factors such as the option exercise price, the current level and
volatility of the underlying share price and the time to
maturity of the option.

(b) Included one million options issued to an executive
director.

BASIS OF PREPARATION

These consolidated financial statements have been prepared for
the full year ended 30 June 2001 in accordance with Australian
accounting standards. This report should be read in conjunction
with the 30 June 2000 Annual Report and any public announcements
made by PMP Limited and its controlled entities in accordance
with the continuous disclosure obligations of the Corporations
Law and Australian Stock Exchange Listing Rules. Accounting
policies adopted are consistent with those of the previous year,
except as disclosed elsewhere in this report. Details of
significant accounting policies are contained in the Annual
Accounts.

OTHER COMMITTEES

The company has a fully constituted remuneration committee of
non executive directors comprising Messrs Donnelley (Chairman)
and Chegwyn, an environmental committee comprising Mr Morris
(Chairman) and four executives, and a finance committee
comprising Mr Chegwyn (Chairman) and two executives.

OPERATING PROFIT

                                  12 MONTHS TO  12 MONTHS TO
                                  30 JUNE 2001  30 JUNE 2000
                                    $000's      $000's
Operating profit is after
crediting the following
revenues:
Other Operating Revenues:
Gross proceeds from sale
of fixed assets                       2,370      12,569
Gross proceeds from sale of business   7,826      29,701
Rental Income                            213          29
Other revenue                          2,433       1,097
Total other revenue                   12,842      43,396


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


CHINA RESOURCES: 1H Net Profit Jumps 83.79% To HK$75.2M
-------------------------------------------------------
China Resources Beijing Land Ltd's net profit leaped 83.79
percent to HK$75.2 million for the six months through June, from
a year earlier, Quamnet News Service reported on September 17.
Earnings per share were 5.02 HK cents compared to prior earnings
of 2.74 HK cents.

Meanwhile, revenue reportedly surged 99.3 percent to HK$1.14
billion, with an interim dividend of 0.01 HK cent to be
distributed.


NETEASE.COM: Names Ex-Board Member Sun as CEO
---------------------------------------------
Netease.com, China's biggest internet portals, on Thursday named
professional manager and former board member Ted Sun as chief
executive officer. Sun replaced William Ding, who founded the
NASDAQ-listed firm in Guangzhou several years ago and will now
become its development strategy designer, Chian Daily reported
on September 14.

"The new CEO will have better communications with the capital
market," said Netease spokesman Zhou Ping.


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


CHANDA ASRI: Asks Gov't To Complete Debt Restructuring Program
--------------------------------------------------------------
The management of petrochemical giant PT Chandra Asri
Petrochemical Center called on the government to quickly
complete the company's debt restructuring program to avoid
further financial losses, Jakarta Post reported on September 17.

"We hope the government will immediately finalize Chandra Asri's
debt restructuring which has been stalled for more than two
years," Chandra Asri's vice president Leo Mulyadi said.

Meanwhile, company finance manager Salikim said that further
postponement would only cause ballooning interest payments. "The
government must keep in mind that what we're doing is trying to
prevent greater losses," he said.

Chandra Asri owes some US$730 million to a consortium of foreign
creditors led by Japan's Marubeni Corporation, and another $464
million to the Indonesian Bank Restructuring Agency (IBRA).


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


DAIEI INCORPORATED: Misses First-Half Profit Target
---------------------------------------------------
Japan Times reported Friday that Supermarket store operator
Daiei, Inc. failed to achieve its initial target for parent
pretax profit for the first half which ended August, due to
sagging sales. Company president Kunio Takagi, says that Daiei's
sales on a same-store basis were down 8% and as a result. Actual
parent pretax profit is slightly less than the projected Y7
billion.


KDDI: Corporate Lines Restored
------------------------------
After 36 hours of suspension, KDDI's dedicated international
lines for corporate communications and international data
communication were restored at 12:45 p.m., Saturday. The
suspension was made in the wake of Tuesday's terrorist attacks
on the U.S.

A total of 95 companies, including Japanese firms, were affected
but the suspension had no impact on public circuits, Japan Times
reported September 16.


MATSUSHITA ELECTRIC: Subsidiary Expects Deeper Group Net Loss
-------------------------------------------------------------
Victor Company of Japan, a subsidiary of Matsushita Electric
Industrial Company, now expects a deeper group net loss for the
fiscal half through September 30, citing a sharp decline in
demand for information technology related products.

The company, widely known as JVC, now forecasts a group net loss
of Y19.5 billion on group sales of Y460 billion for the interim
period. The figures compare with its April estimate of a group
net loss of 5 billion yen on group sales of 470 billion yen for
the six-month period.

The Asian Wall Street Journal reports Friday that a company
spokeswoman attributed the wider loss outlook to the sluggish
demand for its electronic devices. For the fiscal half a year
earlier, JVC reported a group net loss of Y5.68 billion on group
sales of Y443.30 billion.

On a parent only-basis, the company now forecasts a pretax loss
of Y17 billion on sales of Y255 billion, compared with its April
projections of a pretax loss of Y4 billion on sales of Y284
billion.

JVC will announce its latest full-year earnings forecasts when
it reports its fiscal-half results in late October, the official
said.


MITSUBISHI ELECTRIC: Forecasts Much Smaller Profit This Year
------------------------------------------------------------
Citing downturns in global demand, Mitsubishi Electric
Corporation, significantly slashed its earning forecasts for the
fiscal half and full year through March 2002, Asian Wall Street
Journal reported Friday.

>From the initial projected profit of Y75 billion, the company
now expects a group net profit of only Y2 billion.  In addition,
the company expects to post a group operating profit of Y30
billion on group sales of Y3.9 trillion for the year, compared
with its previous outlook for a group operating profit of Y150
billion on group sales of Y4.3 trillion.

In its electronic-device business, centering on semiconductors,
Mitsubishi Electric now forecasts a group operating loss of 49
billion yen for the year, down from its April estimate of a 21
billion yen profit. It also plans to cut its group staff in its
semiconductor business by 1,000 by the end of this fiscal year.
For the fiscal half, Mitsubishi Electric now expects to post a
group net profit of 2 billion yen on group sales of 1.8 trillion
yen, compared with its previous outlook for a group net profit
of 15 billion yen on group sales of 1.92 trillion yen.


MYCAL CORPORATION: Eyes Wal-Mart Stores As Partner
--------------------------------------------------
Mycal Corporation plans to focus on the world's largest
retailer, Wal-Mart Stores Inc of the United States, as a
possible partner to help it rehabilitate, Kyodo News reported
September 15.

Financial Services Minister Hakuo Yanagisawa on Saturday said
a major factor contributing to Mycal's failure was the
market's assessment of its financial state.


MYCAL CORPORATION: Owes Nissan Construction Y8.3 Billion
--------------------------------------------------------
Japan Today reported Monday that troubled company Mycal
Corporation and its  affiliates owe Nissan Construction a total
of Y8.3 billion. However, Nissan Construction president Takeshi
Fujita issued a statement saying that the collapse of Mycal,
which filed for protection from creditors last week, would not
affect his company's long-term financial health.

"We expect to receive continuous support from banks and we
expect to have no funding problems", Fujita said.  The
contractor's main bank is DKB, part of the world's biggest
banking group Mizuho Holdings, the same bank which ended it's
support to Mycal Friday. Nissan Construction said in May it
expected a group net profit of Y300 million for the business
year to March 31, 2002 on a sales of Y135billion. The company
reported a net profit of Y434 million yen on sales of Y151
billion a year earlier.


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


ASIANA AIRLINES: W5.4B Loss Reported Due To Cancellations
---------------------------------------------------------
The recent flight cancellations to the United States due to the
crisis in New York has taken its toll on Asiana Airlines, who
along with other airline companies, reported losses since last
week. The airline's total losses have now amounted to W5.4
billion, The Digital Chosun reported September 17.

Furthermore, up to 650 tons of cargo, is currently stacked up in
the Asiana warehouse because exports to the US via cargo flights
have been completely banned.


HANVIT BANK:  Fails Requirements In Return For Bailout
------------------------------------------------------
Hanvit Bank, together with Peace and Cheju, all three being
injected with public funds, have not achieved the "management
rationalization requirements" imposed upon them in return for
the bailout. All this according to the data released by the
Financial Supervisory Commission.

Hanvit failed to meet requirements such as return on assets,
per-capita operating income and the ration of problem loans to
total lending, the Korea Herald reported Saturday.


HYNIX SEMICONDUCTOR: Creditors Deny W500B In New Loans
------------------------------------------------------
The Korea Herald reports Monday that 18 creditor banks of
troubled semiconductor company Hynix, Friday, decided against
granting the company an additional W500 billion loan.  Creditor
banks such as Kookmin, Housing and Commercial, Shinhan, KorAm
and Hana previously made it clear that they will not provide new
loans to the company.

The extension of the new loans is considered essential for Hynix
to remain competitive in the global semiconductor industry.

However, on Saturday, the presidents of the 18 banks agreed to
swap Hynix's debt of W3 trillion for equity and roll over
maturing debts. But it is unclear when the creditors will meet
again to further discuss new loans.


KOREAN AIRLINES: Reports W19B Loss Due To Cancelled Flights
-----------------------------------------------------------
The Digital Chosun reports Monday that Korean Airlines has
announced that it experienced W19 billion in losses as of Friday
due to the cancellations of 66 flights to the US. Because of the
cancellations, due to the recent attacks, an estimated 138,000
people have been prevented from traveling.


KOREA ELECTRIC: Restructuring Plan Unveiled By Institute
--------------------------------------------------------
The Korea Electric Power Corporation's power transmission
facilities should be divided into four to seven independent
companies, this according to the proposal of a state-run energy
research institute.

The power generation operations of the company already having
been split to six separate firms, the blueprint for the
restructuring, this time of its transmission facilities, is due
to be drafted by the end of the year, the Korea Herald reported
September 17.

The institute, Korea Energy Economics, has come up with a total
of 16 division plans, depending on the number of firms to be
created. It offered three plans under a four-firm scenario, five
plans for five-firm division, six plans for a six-firm breakup
and two plans for a seven-firm split.


SEOUL GUARANTEE: To Receive W4.6T To Resolve Cash Shortage
----------------------------------------------------------
The Seoul Guarantee Insurance Co. (SGIC) is likely to receive a
total of W4.6 trillion within a month to resolve its cash
shortage, the Korea Herald reports Saturday. This, in effect,
ends a month-long tussle with investment trust companies over
the debt guarantee payment.

The Ministry of Finance and Economy said that SGIC and
investment trust companies have tentatively reached an agreement
to roll over debt payments and to lower interest rates. The W4.6
trillion will come from the issuance of bonds worth W4 trillion
by Korea Deposit Insurance Corp. and public funds totaling W600
billion.

The ministry will request approval for the injection of 600
billion won in public funds into the debt guarantor from the
Public Fund Overseeing Committee next week.


Companies Strategize To Deal With Terrorist Attack Aftermath
------------------------------------------------------------
With a U.S. attack on Afghanistan imminent, Korea's large-sized
companies have begun to take emergency steps. Samsung Corp has
decided to withdraw its branch in Karachi, Pakistan, which
borders Afghanistan, the most probable target of a U.S. attack.

LG International, said the firm ordered its Middle Eastern
resident staff to stop traveling and stay in touch with the head
office round-the-clock, the Digital Chosun reported September
17.


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


ADVANCE SYNERGY: Plans PCSB Disposal, Calmford Acquisition
----------------------------------------------------------
Advance Synergy Berhad announced September 14, pursuant to the
company's proposed disposal of 3,850,000 ordinary shares of
RM1.00 each representing 70% equity interest in Plastic Centre
Sdn Bhd (PCSB) to Inisiatif Ikhlas Sdn Bhd (IISB) (hereinafter
referred to as Proposed Disposal of PCSB).

- Proposed acquisition of 1,706,671 ordinary shares of RM1.00
each representing 49% equity interest in PC Ventures Sdn Bhd
(PCV) from PCSB (hereinafter referred to as Proposed Acquisition
of PCV)
- Proposed acquisition of 2 ordinary shares of USD1.00 each
representing 100% equity interest in Calmford Incorporated
(Calmford) from PCSB (hereinafter referred to as Proposed
Acquisition of Calmford)

In reference to the announcement made by Advance Synergy Berhad
(ASB) on 28 April 1999 in respect to the proposals and in the
subsequent quarterly financial result announcements to the
exchange on the status of the proposals, the board of directors
of ASB announced that ASB has on 14 September 2001 entered into
the following agreements:

i. A Supplemental Agreement with IISB to complete the Proposed
Disposal of PCSB on the same date; and

ii. A Supplementary Agreement with PCSB to complete the Proposed
Acquisition of Calmford on the same date and the parties have
also mutually agreed to abort the Proposed Acquisition of PCV on
the same date.

In conjunction with the above, the parties have also agreed that
the proceeds amounting to RM20.09 million arising from the
outstanding Share Purchase Agreement dated 19 October 1999
entered into by ASB, PCSB and Hirotako Holdings Berhad (HHB)
(Share Purchase Agreement) on the proposed acquisition by HHB of
the 49% equity interest in PCV, which has been novated to
IISB through a Deed of Revocation and Novation dated 14
September 2001 (Deed of Revocation and Novation), will be
assigned absolutely to ASB as settlement of the balance sum of
the purchase consideration due to ASB in respect of the Proposed
Disposal of PCSB.

The salient terms of the Deed of Revocation and Novation, which
were entered into by ASB, PCSB, IISB and HHB are as follows:

1. ASB, PCSB and HHB mutually agreed to revoke and rescind the
Deed of Novation dated 3 August 1999 in relation to the sale of
49% equity interest in PCV to HHB;

2. IISB shall substitute ASB and assume ASB's obligations under
the Share Purchase Agreement and HHB shall release ASB from all
obligations and liability under the Share Purchase Agreement and
accept IISB's assumption of obligations as though IISB had been
the original contracting party in the Share Purchase Agreement
in place of ASB; and

3. IISB and HHB agreed to extend the completion date for the
proposed acquisition of 49% equity interest in PCV by HHB to a
date that is not later than 31 July 2002.


ANSON PERDANA: Updates Interest in Property
-------------------------------------------
Further to the 20 April 2001 announcement in relation to a
court order granting interest in the Anson Perdana Berhad's
property to a third party, the hearing for the application to
set aside the court order has been set for 17 October 2001. The
Property is identified as Geran 55527 Lot 20216, Geran 55528 Lot
20217 and Geran 55529 Lot 20218, all situated in the Town and
District of Johor Bahru, State of Johor Darul Tazkim.


AVENUE ASSETS: Book Closure For Avenue-LA Noted
-----------------------------------------------
Avenue Assets Berhad announced Friday a notice of book closure
for Avenue-LA.

A Final interest payment of RM150,090,000.00 nominal value of
Irredeemable Convertible Loan Stock 1996/2001 (ICLS) was made at
the interest rate of 2.0% per annum for the period from 1 August
2001 to 15 October 2001.

The company advised that
1) The company's securities will be traded and quoted [Ex -
Interest] as from : [ 4 October 2001 ]
2) The last date of lodgement : [ 8 October 2001 ]
3) Date Payable : [ 15 October 2001 ]


BERJAYA LAND: Acquisition Of KL Plaza Office Tower Planned
----------------------------------------------------------
Berjaya Land Berhad in its extraordinary general meeting on
September 14, 2001 passed a resolution to acquire a 10-story
office tower in KL Plaza, Jalan Bukit Bintang, Kuala Lumpur from
Prudential Assurance Malaysia Berhad by Noble Circle (M) Sdn
Bhd, a wholly-owned subsidiary of Berjaya Land Berhad, for a
cash consideration of RM27.5 million.


DIPERDANA HOLDINGS: Withdraws Winding-Up Petition
-------------------------------------------------
Diperdana Holdings Berhad, in reference to its announcements
dated 12 June 2001 and 17 July 2001 regarding the winding-up
petition, announced that on 14 September 2001, Melcon
Engineering Consultants Sdn Bhd (the Petitioner) and Diperdana
Holdings Berhad (the Respondent), before the High Court of
Malaya at Kuala Lumpur had, by consent, withdrawn the winding up
petition.  Melcon has no option to file another petition in the
future.


HUME INDUSTRIES: Acquires 0.15% Equity Interest in HCB
------------------------------------------------------
Hume Industries (Malaysia) Berhad (HIMB or the Company) informed
that it has on 13 September 2001, acquired 93,000 ordinary
shares of RM1.00 each representing 0.15% of the issued and paid-
up capital of Hume Cemboard Berhad (HCB) (HCB Shares), a
subsidiary company involved in the manufacture and sale of
cement bonded wood particle boards and asbestos fiber cement
roofing sheets and cellulose fibre cement boards, for a total
cash consideration of RM278,773.58 through the open market (the
Acquisition).

Due to the acquisition, HIMB Group's equity interest in HCB as
of 13 September 2001 is 65.37%. The audited net tangible assets
and net profits of HCB for the financial year ended 30 June 2000
is RM89,329,000 and RM13,388,000, respectively.

Acquisition Price

The acquisition price for the HCB Shares of RM278,773.58 was
arrived at based on the prevailing market price of the HCB
Shares as traded on the Kuala Lumpur Stock Exchange on 13
September 2001.

The HCB Shares were acquired free from encumbrances.

Rationale for the Acquisition

The Acquisition will enable HIMB to enhance its interest in
HCB and hence, increase its share of profits from the company.

The Acquisition was satisfied wholly in cash from internally
generated funds.

There are no liabilities to be assumed by HIMB arising from
the Acquisition.

Effects of the Acquisition

Share Capital and Substantial Stockholding

The Acquisition will have no effect on the share capital and
substantial stockholders' stockholding in HIMB.

Earnings and Net Tangible Assets

The Acquisition is not expected to have a material impact on
the Group's net tangible assets and earnings per share for the
financial year ending 30 June 2002.

Directors' and Substantial Stockholders' Interests

Hong Leong Company (Malaysia) Berhad is a major stockholder/
shareholder of HIMB and HCB. YBhg Tan Sri Quek Leng Chan is a
Director and major stockholder/shareholder of HIMB and HCB. Mr
Kwek Leng San is a Director of HIMB and HCB and a brother
of Y Bhg Tan Sri Quek Leng Chan.

Save as disclosed, the Company is not aware of any of its
other Directors, major stockholders and/or persons connected
with them having any interest, direct or indirect, in the
Acquisition.

Condition of the Acquisition

The Acquisition is not subject to the approval of stockholders
or any governmental authority.

Directors' Opinion

The Board of Directors of the Company is of the opinion that
the Acquisition is in the best interest of the HIMB Group.


IDRIS HYDRAULIC: Subsidiary Acquires 100% MNI Equity Interest
-------------------------------------------------------------
Talasco Insurance Berhad, a wholly owned subsidiary of IHMB,
proposed acquisition of the entire equity interest in Malaysia &
Nippon Insurans Berhad (MNI) comprised of 53,000,000 ordinary
shares of RM1.00 each for a total purchase consideration of
RM100,000,000 to be satisfied by cash of RM100,000,000 (proposed
MNI acquisition),

1. INTRODUCTION

On 23 May 2001, Idris Hydraulic (Malaysia Berhad (IHMB)
announced that it had on the same date entered into a memorandum
of understanding with Koperasi Angkatan Tentera Malaysia Berhad
(KATMB or the MNI Vendor) for the acquisition of 27,100,000
ordinary shares of RM1.00 each in MNI representing approximately
51.13% equity interest in MNI (MOU). The purchase consideration
is to be satisfied by either the issuance of new ordinary shares
of RM1.00 each in Idaman Unggul Sdn. Bhd. (Newco) (Newco Shares)
at an issue price of RM1.60 per Newco Share to be fully
underwritten by a stock broking house or by cash of equivalent
value. Newco will be assuming the listing status of IHMB
pursuant to the Proposed Restructuring Exercise of IHMB as
stated in the announcement dated 13 July 2001, 17 August 2001,
11 January 2001, 21 February 2001, 9 March 2001, 19 June 2001,
28 June 2001, 7 August 2001 and 8 September 2001.

Commerce International Merchant Bankers Berhad (CIMB) announced
that on 12 September 2001, Talasco entered into a conditional
share sale agreement (MNI SSA) with KATMB for the acquisition of
the entire equity interest in MNI comprising 53,000,000 ordinary
shares of RM1.00 each in MNI (MNI Sale Shares) for a total
purchase consideration of RM100,000,000 to be satisfied wholly
by cash of RM100,000,000 (MNI Consideration) (Proposed MNI
Acquisition).

Accordingly, via the MNI SSA, IHMB has assigned to Talasco and
Talasco shall assume all IHMB representation, warranties,
covenants and obligations of IHMB pursuant to the MOU.

Talasco also intends to transfer all assets and liabilities of
MNI to Talasco upon completion of the Proposed MNI Acquisition
("Proposed Transfer"). The Proposed Transfer will be effected
through a vesting order to be obtained from the High Court of
Kuala Lumpur ("Court").

2. DETAILS OF THE PROPOSED MNI ACQUISITION

At the time of this announcement, KATMB is the beneficial owner
of 27,100,000 MNI Sale Shares ("KATMB Shares") representing
approximately 51.13% equity interest in MNI and is in the
process of acquiring the remaining 25,900,000 MNI Sale Shares
("Minority Shares") representing approximately 48.87% equity
interest in MNI from The Nippon Fire and Marine Insurance Co.
Ltd. and MCIS Insurance Berhad (collectively known as the
"Minority Shareholders").

The salient terms of the Proposed MNI Acquisition as set out in
the conditional SPA are as follows:

(i) The Proposed MNI Acquisition will be carried out in the
following manner:

(a) Talasco to acquire 27,100,000 MNI Sale Shares for a
consideration of RM51,130,000 ("Tranche 1 Consideration")
(Tranche 1);

(b) Talasco to acquire 15,900,000 MNI Sale Shares for a
consideration of RM30,000,000("Tranche 2 Consideration")
(Tranche 2); and

(c) Talasco to acquire 10,000,000 MNI Sale Shares for a
consideration of RM18,870,000 ("Tranche 3 Consideration")
(Tranche 3).

(ii) KATMB shall use its best endeavour to procure the transfer
of the Minority Shares to KATMB prior to selling the Minority
Shares to Talasco. In the event the said transfer is
unsuccessful, Talasco will undertake a mandatory general offer
to acquire the Minority Shares upon completion of the
acquisition of the KATMB Shares.

(iii) Talasco will proceed with and complete the proposed
acquisition of KATMB Shares notwithstanding the proposed
acquisition of the Minority Shares by Talasco is unsuccessful.

(iv) The completion date of the sale and purchase of the MNI
Sale Shares shall mean six (6) months from the date of the MNI
SSA or fourteen (14) days from the date of obtaining the vesting
order from the High Court of Malaya ("Court") whichever is the
later ("MNI Completion Date").

(v) The MNI Sale Shares will be acquired free from all charges
or liens, pledges, charges and all encumbrances whatsoever and
with all rights now or hereafter attaching thereto or accruing
thereon upon the completion of the MNI SSA including without
limitation, all bonuses, rights, dividends and other
distributions declared, paid or made thereof; and

(iv) The total cash purchase consideration for the MNI Sale
Shares shall be RM100,000,000 (which shall be subject to
variation of not more than 5%) based on the final audited
accounts of MNI as at 30 June 2001 shall be paid in the
following manner:

Tranche 1 - RM51,130,000
(a) 2% earnest deposit sum and part payment towards the total
purchase consideration of the KATMB Shares of the Tranche 1
Consideration amounting to RM1,022,600 shall be paid by Talasco
to the Vendor upon execution of the MNI SSA (which shall be
refundable to Talasco in the event the MNI SSA is terminated
pursuant to the breach committed by KATMB over the terms and
conditions under the MNI SSA and shall be forfeitable by KATMB
in the event that the MNI SSA is terminated pursuant to breach
committed by Talasco over the terms and conditions under the MNI
SSA;

(b) 8% refundable deposit of the Tranche 1 Consideration
amounting to RM4,090,400 shall be paid by Talasco to the Vendor,
by on or before 5 October 2001 (which shall be refundable to
Talasco in the event the MNI SSA is terminated pursuant to the
breach committed by KATMB over the terms and conditions under
the MNI SSA; and

(c) The balance 90% of the Tranche 1 Consideration amounting to
RM46,017,000 ("Tranche 1 Balance Remaining MNI Consideration")
shall be payable at the end of the six (6) months from the date
of the MNI SSA or within fourteen (14) days from the date of the
vesting order being granted by the Court, whichever is later and
all interest accrued shall be payable to Talasco.

Talasco shall place the Tranche 1 Balance Remaining MNI
Consideration as fixed deposit ("FD1") with a designated bank
nominated by KATMB and the original FD1 certificates shall be
delivered to KATMB both within fourteen (14) days from payment
of the balance deposit in (vi)(b) above. Talasco shall also
execute an irrevocable standing instruction to the designated
bank to utilise the principal sum of the FD1 of RM46,017,000 to
pay the Vendor at the end of six (6) months from the MNI SSA or
within fourteen (14) days from the date the vesting order being
granted by the Court, whichever is later and all the interest
shall be payable back to Talasco. Talasco shall also provide a
written undertaking to the Vendor not to uplift the FD1 other
than for the purpose of satisfying the Tranche 1 Consideration
due to the Vendor.

Tranche 2 - RM30,000,000
(a) 10% deposit (refundable or earnest sum forfeitable as the
case may be whereby 2% of the earnest deposit sum i.e. RM60,000
shall be forfeitable by KATMB in the event the MNI SSA is
terminated pursuant to breach committed by Talasco over the
terms and conditions under the MNI SSA) of the Tranche 2
Consideration amounting to RM3,000,000 shall be paid by Talasco
to the Vendor within fourteen (14) days upon confirmation of the
successful procurement of the 15,900,000 MNI Sale Shares by
KATMB and the Minority Shares has been transferred to KATMB; and

(b) The balance 90% of the Tranche 2 Consideration amounting to
RM27,000,000 ("Tranche 2 Balance Remaining MNI Consideration")
shall be payable at the end of the six (6) months from the date
of the MNI SSA or within fourteen (14) days from the date of the
date of the vesting order being granted by the Court, whichever
is later and all interest accrued shall be payable to Talasco.

Talasco shall place the Tranche 2 Balance Remaining MNI
Consideration as fixed deposit ("FD2") with a designated bank
nominated by KATMB and the original FD2 certificates shall be
delivered to KATMB both within fourteen (14) days from the date
of the MNI SSA. Talasco shall also execute an irrevocable
standing instruction to the designated bank to utilise the
principal sum of the FD2 of RM27,000,000 to pay the Vendor at
the end of six (6) months from the MNI SSA or within fourteen
(14) days from the date of the vesting order being granted by
the Court, whichever is later and all the interest shall be
payable back to Talasco. Talasco shall also provide a written
undertaking to the Vendor not to uplift the FD2 other than for
the purpose of satisfying the MNI Consideration due to the
Vendor.

Tranche 3 - RM18,870,000
(a) 10% deposit (refundable or earnest sum forfeitable as the
case may be whereby 2% of the earnest deposit sum i.e. RM37,740
shall be forfeitable by KATMB in the event of the MNI SSA is
terminated pursuant to breach committed by Talasco over the
terms and conditions under the MNI SSA) of the Tranche 3
Consideration amounting to RM1,887,000 shall be paid by Talasco
to the Vendor within fourteen (14) days upon confirmation of the
successful procurement of the 15,900,000 MNI Sale Shares by
KATMB KATMB and the Minority Shares has been transferred to
KATMB; and

(b) The balance 90% of the Tranche 3 Consideration amounting to
RM16,983,000 ("Tranche 3 Balance Remaining MNI Consideration")
shall be payable at the end of the six (6) months from the date
of the MNI SSA. Talasco shall place the Tranche 3 Balance
Remaining MNI Consideration as fixed deposit ("FD3") with a
designated bank nominated by KATMB and the original FD3
certificates shall be delivered to KATMB both within fourteen
(14) days from the date of the MNI SSA. Talasco shall also
execute an irrevocable standing instruction to the designated
bank to utilise the principal sum of the FD3 of RM16,983,000 to
pay the Vendor at the end of six (6) months from the MNI SSA or
within fourteen (14) days from the date the vesting order being
granted by the Court and all the interest shall be payable back
to Talasco. Talasco shall also provide a written undertaking to
the Vendor not to uplift the FD3 other than for the purpose of
satisfying the MNI Consideration due to the Vendor.

Talasco intends to finance the MNI Consideration for the
Proposed MNI Acquisition from internally generated funds.
Talasco will not assume any liabilities pursuant to the Proposed
MNI Acquisition.

The MNI Consideration was arrived at based on a willing-buyer
willing-seller basis after taking into consideration of the
following:
(i) the net tangible assets of MNI based on its audited accounts
for the financial year ended 31 December 2000 of RM64,399,592;

(ii) the audited profit after taxation and minority interests of
MNI for the financial year ended 31 December 2000 of
RM9,544,159;

(iii) the prospective business potential and the prospective
future earnings of MNI; and

(iv) comparative valuation of other general insurance companies
in Malaysia.

3. INFORMATION ON MNI

MNI was incorporated in Malaysia under the Companies Act, 1965
("Act") on 8 October 1973 as a private company limited by shares
under the name of Nippon fire and Marine Insurance Co. Ltd.. On
10 October 1976, it changed its name to Malaysia & Nippon
Insurance Sdn. Bhd.. Subsequently on 29 March 1983, it was
converted to a public limited company and assumed its present
name.

MNI's present authorised share capital is RM100,000,000 divided
into 100,000,000 ordinary shares of RM1.00 each of which
53,000,000 ordinary shares of RM1.00 each have been issued and
credited as fully paid-up.

The principal activity of MNI is that of underwriting of all
classes of general insurance business.

Details of the Directors and substantial shareholders of MNI as
at the date hereof are set out in Table 1 and Table 2
respectively.

4. INFORMATION ON THE VENDOR

KATMB was incorporated in Malaysia under the Companies Act, 1965
("Act") on 12 November 1960 as a public company limited by
shares under its present name.

KATMB's present issued and paid-up share capital is RM9,519,000
comprising 9,519,000 ordinary shares of RM1.00 each have been
issued and credited as fully paid-up.

The principal activities of KATMB are that of a co-operative
society.

Details of the Directors of KATMB as at the date hereof out set
in Table 3. As at the date of this announcement, KATMB has no
substantial shareholders.

5. INFORMATION ON TALASCO

Talasco was incorporated in Malaysia under the Act on 21
November 1973 as a private company limited by shares. It was
converted into a public company limited by shares and assumed
its present name on 24 September 1996.

The authorised share capital of Talasco is RM100,000,0000
divided into 100,000,000 ordinary shares of RM1.00 each, of
which 100,000,000 ordinary shares of RM1.00 each have been
issued and credited as fully paid-up.

Talasco is principally engaged in underwriting of life and all
classes of general insurance business. As at the date hereof,
Talasco has two (2) dormant subsidiaries. Talasco is one of only
eight (8) insurance companies in Malaysia operating on a
Composite License which enable Talasco to offer and service both
general and life insurance products.

Talasco's head office is in its 7 storey building in the
commercial heart of Kuala Lumpur, with 12 branch offices and 24
agency offices throughout Peninsular Malaysia as well as Sabah
and Sarawak to serve its customers.

Details of the Directors and the subsidiaries of Talasco as at
the date hereof out set in Table 4 and Table 5 respectively.

As at the date of this announcement, Talasco does not have any
associated company.

6. RISK FACTORS

The following risk factors (which may not be exhaustive) are
applicable to the Proposed MNI Acquisition on Talasco:

6.1 Regulated Industry
MNI is subject to extensive regulations, in particular by Bank
Negara Malaysia ("BNM"), in the ordinary course of its business.
One such area is the margin of solvency requirement. Under the
BNM guidelines, the minimum margin of solvency to be maintained
by an insurance company for each of its insurance funds is
RM50,000,000 above its admitted assets. Failure to comply with
the margin of solvency requirement as imposed by BNM may result
in a number of sanctions including revocation of licences.
Talasco and MNI have complied with the margin of solvency
requirement imposed by BNM. Talasco and MNI are expected to
continue to comply with the margin of solvency requirement upon
completion of the Proposed MNI Acquisition.

6.2 Business Risk
MNI is subject to risks inherent in the ordinary course of
business relating to the insurance industry. These include, but
is not limited to, equity market volatility, fluctuation in
interest rate and changes in business conditions such as, but
not limited to, consolidation in the industry, deterioration in
market conditions, increase in claims by policy holders and
changes in pricing. Although, MNI seeks to limit these risks
through inter-alia, providing good service, maintaining a large
client base and exploring new or additional products, effective
human resource management and effective cost-control policy, no
assurance can be given that any change to these factors will not
have a materially adverse effect on MNI's business.

6.3 Competition
Liberalization of the financial markets will continue to pose
challenges to the insurance industry. In addition, the move to
consolidate the insurance industry by imposing a higher capital
base will result in fewer players in the market in the medium
term. However, competition will be keen as ever as consolidated
insurance companies are expected to further strengthen its
position given the fact that they will emerge as stronger
entities in terms of capitalization, customer base as well as
expertise. Thus, the increasing competition with bigger more
capable players in the market may continue to exert pressure on
the profit margins of MNI. However, Talasco believes that upon
completion of the Proposed MNI Acquisition, Talasco, MNI and
other insurance companies to be acquired by Talasco will emerge
stronger and will be in a position to compete with other players
in the insurance industry.

6.4 Loss of Customers
A major portion of MNI's current customers comprises of
companies owned by Japanese as one of the substantial
shareholders of MNI is The Nippon Fire and Marine Insurance Co.
Ltd., a reputable insurance company in Japan. The change in the
shareholding of MNI may result in the loss of these Japanese
customers and may have an adverse effect on the business of MNI.
However, the management of MNI believes that it will be able to
retain to a certain extent of the existing Japanese customers
due to the long-term relationships that it has established with
these customers and the quality of services provided by MNI.
However no assurance can be provided that the above can be
achieved by MNI.

6.5 Dependence on key personnel
The success of MNI will depend to a significant extent upon the
abilities and continued efforts of the Directors and senior
management of MNI. MNI's future success will also depend upon
its ability to attract and retain skilled personnel. Continuous
efforts are being made to attract and retain skilled personnel
particularly in the insurance industry.

6.6 Risks from management and systems integration

Upon the completion of the Proposed MNI Acquisition, both the
existing operations systems used by MNI and Talasco will be
merged into one system. Therefore, depending on the
compatibility of the existing operations systems used by both
MNI and Talasco, there is no assurance that the process of
systems integration will not result in any disruption to the
continuing operation of the merged entity. Apart from the
systems integration, the integration of the management of both
MNI and Talasco may also result in the risk of MNI and/or
Talasco losing its key personnel. However, measures will be
taken to mitigate such risks.

7. PROSPECTS OF THE INSURANCE INDUSTRY
The insurance sector is moving towards consolidation in line
with the move to increase the paid-up share capital to RM100
million as required by BNM prior to September 2001. Smaller
companies are expected to merge with other insurance companies
to maintain its business.

More activities are expected to revolve around the merger
process and would result in a stronger industry after the
consolidation. The consolidation exercise is inevitable in
preparation for liberalization and deregulation of the insurance
industry.
(Source: News Straits Times, 8 January 2001, "Insurance sector
expected to be buoyant this year")

8. RATIONALE FOR THE PROPOSED MNI ACQUISITION
It is the intention of Talasco to participate in the
consolidation exercise of the insurance industry as directed by
BNM. The Proposed MNI Acquisition is part of Talasco's plan to
remain as one of the significant local insurance company after
the said consolidation exercise and the Proposed MNI Acquisition
is one of Talasco's expansion plan.

IHMB is currently in the process of restructuring its debts and
its operations. Upon completion of its proposed restructuring
exercise, a Newco will assume the listing status of IHMB and
Newco's core business will be that of underwriting of life
insurance and all types of general insurance business through
Talasco Insurance Berhad. Accordingly, the Proposed MNI
Acquisition is synergistic to the intended core business of
Newco and the core business of Talasco.

9. EFFECT OF THE PROPOSED MNI ACQUISITION

9.1 Share Capital
The Proposed MNI Acquisition will not have any effect on the
share capital of IHMB as the Proposed MNI Acquisition will be
fully satisfied by cash.

9.2 Earnings
The Proposed MNI Acquisition will not have any effect on the
earnings of IHMB for the financial year ending 31 December 2001
as the Proposed MNI Acquisition is expected to be completed by
February 2002.

9.3 NTA
For illustrative purposes, the proforma effects of the Proposed
MNI Acquisition on the NTA of IHMB and its existing subsidiaries
and associated companies ("IHMB Group") based on the audited
consolidated accounts of IHMB Group as at 31 December 2000 and
the audited accounts of MNI as at 31 December 2000, assuming the
Proposed MNI Acquisition was implemented on that date, are set
out in Table 6.

9.4 Substantial Shareholders
The Proposed MNI Acquisition will not have any effect on the
shareholding structure of IHMB as the Proposed MNI Acquisition
will be fully satisfied by cash.

10. CONDITIONS OF THE PROPOSED MNI ACQUISITION
The Proposed MNI Acquisition is conditional upon the following:-
(i) Talasco obtaining the approval of the Foreign Investment
Committee ("FIC"), Securities Commission ("SC"), Minister of
Finance ("MOF") and all other appropriate authorities for the
purchase of the MNI Sale Shares within six (6) months from the
date of the MNI SSA or by such extension of time as the parties
may mutually agree in writing;

(ii) IHMB and Talasco obtaining the approval of the shareholders
at the Extraordinary General Meeting (hereinafter referred to as
the "Shareholders' Approval" ) for the purchase of the MNI Sales
Shares for the consideration within six (6) months from the date
of the MNI SSA;

(iii) KATMB and KATMB's holding company (if applicable),
obtaining the approval of their respective Board Of Directors,
shareholders, loan stock holders (if applicable) for the
transfer of the MNI Sale Shares from KATMB to Talasco within six
(6) months from the date of the MNI SSA and an extension of one
(1) month or by such extension of time that the parties may
mutually agree in writing and KATMB delivering a certified true
copy or extract of such a resolution to Talasco within fourteen
(14) days from receipt of written notification from Talasco that
the approvals stated in Section 10 of this announcement have
been obtained or within such later time as the parties may
mutually agree in writing;

(iv) Talasco obtaining the approval of any other relevant
authority, if necessary within thirty (30) days from the date
when Talasco is required to do so or by such extension of time
as the parties may mutually agree in writing; and

(v) vesting order to transfer all of MNI's assets to Talasco
being granted by the Court.

11. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
As far as the Directors are aware, none of the directors and/or
substantial shareholders of IHMB and/or persons connected to
them has any interest, direct or indirect, in the Proposed MNI
Acquisition.

12. STATEMENT BY BOARD OF DIRECTORS

Having considered all aspects of the Proposed MNI Acquisition
and the terms and conditions of the MNI SSA, the Board of
Directors of IHMB is of the opinion that the Proposed MNI
Acquisition is in the long term interest of IHMB Group.

13. DOCUMENT FOR INSPECTION

The MNI SSA can be inspected at the Registered Office of IHMB at
4th Floor, No.2, Jalan Dewan Sultan Sulaiman 1, Off Jalan Tuanku
Abdul Rahman, 50100, Kuala Lumpur from Mondays to Fridays
(except public holidays) during business hours for a period of
three (3) months from the date of this announcement.

14. SUBMISSION TO THE SC

A submission to the SC is expected to be made within three (3)
months from the date of this announcement.


L&M CORP: Appoints Dato' Aripin Bin Mohktar As Deputy Chair
-----------------------------------------------------------
L&M Corporation (M) Bhd announced Thursday the appointment of
Dato' Aripin Bin Mohktar as Deputy Chairman.

Date of change : 13/09/2001
Type of change : Resignation
Designation : Deputy Chairman
Directorate : Executive

Name : DATO' ARIPIN BIN MOKHTAR
Age : 53
Nationality : Malaysian
Qualifications : -
Working experience and occupation  : Business procurement mainly
in construction and power generation sector.
Directorship of public companies (if any) : -
Family relationship with any director and/or major shareholder
of the listed issuer : -
Details of any interest in the securities of the listed issuer
or its subsidiaries : -

Composition of Audit Committee (Name and Directorate of members
after change):
1) TAN SRI DATO' HAJI MOHD RAMLI BIN KUSHAIRI
(Chairman - Independent Non-Executive Director)
2) GAN BOON KOO @ GAN BOON KIU
(Non-Executive Director)


L&M CORPORATION: Appoints New Director
--------------------------------------
L&M Corporation announced Friday the appointment of Mohamed
Jamad Bin Mohd Ramli as director.

Date of change : 13/09/2001
Type of change : Appointment
Designation : Director
Directorate : Executive

Name : Mohamed Jamal Bin Mohd Ramli
Age : 48
Nationality : Malaysian

Qualifications : Fellow member of the Chratered Association of
Certified Accountants, United Kingdon and a registered member of
MIA. He also had an MBA from Cranfield University, United
Kingdom.

Working experience and occupation  : Experience and exposure in
a wide range of industries such as stockbroking, manufacturing,
investment holdings, unit trust, property development, hotel
management and agriculture.

Directorship of public companies (if any) : -
Family relationship with any director and/or major shareholder
of the listed issuer : -
Details of any interest in the securities of the listed issuer
or its subsidiaries : -

Composition of Audit Committee (Name and Directorate of members
after change) :
  1) Tan Sri Dato' Haji Mohd ramli Bin Kushairi (Chairman -
Independent Non-Exceutive Director)
  2) Gan Boon Koo @ gan Boon Kiu (Non-Independent Non-Executive
Directr)
  3) Mohamed Jamal Bin Mohd Ramli (Executive Director)


LIEN HOE: Proposes Capital Reduction, Share Consolidation
---------------------------------------------------------
Lien Hoe Corporation Berhad announced Thursday the company's
Proposed Capital Reduction and Share Consolidation:
ú Proposed Acquisitions
ú Proposed Restricted Offer For Sale
ú Proposed Debt Restructuring
ú Proposed Rights Issue of Warrants
(collectively referred to as the Proposals)

In reference to the announcement made on 13 June 2001 which
stated that an application has been submitted to the Securities
Commission (SC) for an extension of time in relation to the
implementation of the Proposals.

Southern Investment Bank Berhad, on behalf of Lien Hoe,
announced that the SC had in its letter dated 11 September 2001
approved the further extension of time for implementation of the
Proposals up to 31 December 2001.

It was also stated in the letter that the SC would not
consider any further application for extension of time for the
implementation of the Proposals in the future.


MEASUREX CORPORATION: JMO Extends to 15 March, 2002
---------------------------------------------------
Further to the 28 February 2001 announcement, the board of
directors of Measurex Corportion Berhad (MCB) announced that MCB
has been notified by the Judicial Managers' (JM) lawyer on even
date that the JM for Measurex Holdings Pte Ltd, Measurex
Engineering Pte Ltd and Measurex Precision Pte Ltd have applied
to the Court for extension of the Judicial Management Orders
(JMO) which will expire 15 September 2001. The Court has
granted the JMO to be extended to 15 March 2002.


MECHMAR CORPORATION: Confirms US$5M Tanzania Plant Turnover
-----------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad in reply to the KLSE query
regarding the news articles entitled "MechMar to enjoy lucrative
returns" and "MechMar ventures into Tanzania" appearing in China
Press, on Saturday, 8 September 2001, confirmed that the power
plant in Tanzania is expected to contribute US$5 million to the
group turnover monthly upon commercial operation scheduled by
October 2001. This is in reference to the financial model
prepared by our financial advisor to the project.

The company advised that there is a misrepresentation in the
second part of the press report. The company said the power
plant in Tanzania will contribute about 50% to the expected
turnover for the financial year ending 2002 while the balance
50% turnover will be contributed by United Kingdom and Indonesia
(25%) and Malaysia (25%). The percentages quoted are all
relating to turnover and not to profit as reported.


S & P FOOD: Gives Notice of Entitlement
---------------------------------------
S & P Food Industries (M) Bhd gave a Notice of
Entitlement:

(I) The reconstruction of the share capital of S & P Food
Industries (M) Bhd (SPF or Company):

- Reduction of SPF's existing issued and paid-up share capital
of RM16,100,000 comprising 16,100,000 ordinary shares of RM1.00
each to RM8,050,000 comprising 16,100,000 ordinary shares of
RM0.50 each by the cancellation of RM0.50 of the par value of
every ordinary share of RM1.00 each of SPF in issue pursuant to
an order of the High Court of Malaya under Section 64 of the
Companies Act, 1965 (Reduction of Capital); and

- Consolidation of SPF's issued and paid-up share capital after
the reduction of capital of RM8,050,000 comprising 16,100,000
ordinary shares of RM0.50 each to RM8,050,000 comprising
8,050,000 ordianry shares of RM1.00 each by the issuance of
8,050,000 consolidated shares of RM1.00 each in SPF on the basis
of one (1) consolidated share for every two (2) resultant
ordinary shares of RM0.50 each after the reduction of capital
(SPF consolidated shares);

(Collectively known as "Capital Reduction and cosolidation)

(II) The scheme of arrangement between SPF, its shareholders ad
Cepatwawasan Group Berhad (CGB), under Section 176 of the
Companies Act, 1965, whereby the 8,050,000 SPF consolidated
shares will be exchanged with 8,050,000 ordinary shares of
RM1.00 each in CGB, on the basis of one (1) new CGB ordinary
share for every SPF consolidated share (Scheme of arrangement);
and (III) The closure of books relating to the entitlement to
the SPF consolidated shares and the new CGB ordinary shares.

Shareholders of SPF registered in the Record of Depositors are
notified that as of 3 October 2001 they will be entitled to the
SPF Consolidated Shares and the new CGB ordinary shares of
RM1.00 each pursuant to the Scheme of Arrangement and a
Depositor shall qualify for entitlement only in respect of:

(i) SPF ordinary shares of RM1.00 each transferred into the
Depositor's Securities Account of the SPF shareholder before
12.30 p.m. on 3 October 2001 in respect of ordinary transfers;
and

(ii) SPF ordinary shares of RM1.00 each bought on the Kuala
Lumpur Stock Exchange (KLSE) on a cum entitlement basis
according to the Rules of the KLSE.

In order to facilitate the Capital Reduction and Consolidation,
and the Scheme of Arrangement, the trading of SPF ordinary
shares of RM1.00 each will be suspended with effect from 9.00
a.m. on Thursday, 27 September 2001, being a date which is 3
clear market days prior to the books closure date and the
suspension will continue until the listing of and quotation for
the new ordinary shares of RM1.00 each in CGB on the Second
Board of KLSE.


SUNWAY CITY: Establishes Nomination, Remuneration Committees
------------------------------------------------------------
Sunway City Berhad board of directors, in line with the
practices promulgated by the Malaysian Code on Corporate
Governance, announced the establishment of these committees:

Nomination Committee

1) Tan Sri Dato' Ir Talha Bin Haji Mohd Hashim (Chairman and
Independent Non-Executive Director)
2) Teo Tong How (Independent Non-Executive Director)
3) Tan Sri Dato' Seri Dr Cheah Fook Ling (Non-Independent Non-
Executive Director)

Remuneration Committee

1) Tan Sri Dato' Ir Talha Bin Haji Mohd Hashim (Newly Appointed
Chairman and Independent Non-Executive Director)
2) Teo Tong How (Independent Non-Executive Director)
3) Tan Sri Dato' Seri Dr Cheah Fook Ling (Non-Independent Non-
Executive Director)



SURIA CAPITAL: Appoints Datuk Ismail Awang Besar As Chairman
------------------------------------------------------------
Suria Capital Holdings Berhad announced Friday the appointment
of Datuk Ismail Awang Besar as Chief Executive Officer.

Date of change : 14/09/2001
Type of change : Appointment as Chief Executive Officer
Designation : Chairman & Managing Director
Directorate : Executive
Name : Datuk Ismail Awang Besar
Age : 57
Nationality : Malaysian

Qualifications : Bachelor of Arts (Hons) Majoring in
International Studies from the University of Staffordshire,
United Kingdom. In addition he has a post graduate Diploma in
Development Administration from the University of Birmingham,
England obtained in 1979.

Working experience and occupation  : Datuk Ismail joined the
State Civil Service in January 1962 and had served the State
Government in various senior appointments before joining the
private sector. He was seconded by the State Government to the
Sabah Development Bank Berhad (SDB) in 1985 as a Training
Manager and during his tenure with the Bank, he had served as
Deputy General Manager, General Manager (Corporate), Senior
General Manager and rising to the position of Executive
Director. He left SDB in 1998.

Apart from Saham Sabah Berhad, he holds directorship in WHSB
Consultancy Sdn Bhd and Jesselton Tourism Centre. He had also
served as director in East Malaysia Growth Corporation Sdn Bhd,
Rhythm Distributor Sdn Bhd, Sabah Finance Berhad, Ekuiti Teroka
(M) Berhad, Sedia Usaha Sdn Bhd, Sabah Development (Nominees)
Sdn Bhd, Asal Baru Sdn Bhd, Suria Asset Management Sdn Bhd, IDS
Electronics Berhad and Prima Agri-Products Sdn Bhd.

Directorship of public companies (if any) : Saham Sabah Berhad.

Family relationship with any director and/or major shareholder
of the listed issuer : Nil.

Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil.

Remarks : The appointment of YBhg Datuk Ismail Awang Besar is to
replace YBhg Datuk Haji Hassan Ibrahim who is going on leave
with effect from 14th September 2001 prior to his retirement
which will take effect on 1st December 2001.

The appointment of YBhg Datuk Ismail Awang Besar is for a period
of three years and his designation will be titled as Chairman
cum Managing Director. YBhg Datuk Ismail, who was first
appointed to SURIA Board on 6th June 1996, is the most senior
director of the company. His appointment and terms/conditions of
service as the managing director were recommended to the board
by the company's Appointment/Nomination Committee and the
Remuneration Committee respectively.

The appointment of YBhg Datuk Ismail Awang Besar as the chairman
cum managing director was also made based on the consideration
that SURIA is at present without a core business and in the
process of acquiring the operation of Sabah Ports Authority.
That, in order to fulfil the expectation of the shareholders,
SURIA needs to engage a suitable person in terms of experience,
capability and with strong leadership qualities in order to
steer SURIA to perform well. The appointment was also made as a
cost saving measure.


SYARIKAT DANASAHAM: Makes Voluntary Offer For EUM Shares
--------------------------------------------------------
United Engineers (Malaysia) Berhad announced Friday that
Syarikat Danasaham Sdn Bhd made a conditional voluntary cash
offer to acquire:

(i) the remaining 815,303,483 ordinary shares of RM0.50 each in
United Engineers (Malaysia) Berhad (UEM) representing
approximately 99.78% of the issued and fully paid-up capital of
UEM as at 16 August 2001, which are not already held by Khazanah
Nasional Berhad (Khazanah);

(ii) the remaining 98,053,203 warrants representing
approximately 98.84% of the warrants in UEM (Offer Warrant) as
at 16 August 2001, which are not already held by Khazanah and

(iii) all new ordinary shares of RM0.50 each in UEM that may be
issued pursuant to the exercise of any Offer Warrants in UEM.

All the ordinary shares of RM0.50 each in UEM under items (i)
and (iii) above are collectively known as the "Offer Shares" and
the respective offers are collectively referred to as the
"Voluntary Shares Offer."

The Voluntary Shares Offer and the Voluntary Warrants Offer are
collectively known as the "Voluntary Offer".

Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
board of directors of Danasaham announced that the Voluntary
Offer acceptances have become unconditional.


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


ATLAS CONSOLIDATED: Plans Joint-Venture With Chinese Firm
---------------------------------------------------------
In October ATLAS Consolidated Mining and Development Corp. will
sign a joint-venture agreement with Jinshuan Nonferrous Metals
Corp. of China to aid its rehabilitation and reopen the Toledo
City copper mine in Cebu Province.

Alakor Corp., owned by businessman Alfredo Ramos, acquired
Atlas Mining from the Soriano family. The Inquirer News Service
reported Sunday that the rehabilitation of the Toledo mine would
require P4.2 billion.

The Toledo copper mine was the largest in Asia until its
operations were suspended in 1994 after the mine flooded during
a typhoon. Lack of investments during a period of low copper
prices caused the continued suspension of mine operations.

The mine has remaining ore reserves and resources of 881 million
tons containing 7.9 billion pounds of copper and five million
ounces of gold.

After its rehabilitation, Atlas plans to list on the Australian
Stock Exchange.


EQUITABLE PCI: P3B Slated For Repayment This Week
-------------------------------------------------
Banko Sentral ng Pilipinas Deputy Governor Alberto V. Reyes said
Friday that the Equitable PCI Bank is planning to pre-terminate
up to P3 billion worth of emergency loans this week due to its
improving financial situation.

"The money will come mainly from their dollar liquidity," he
said. "They have a strong dollar remittance business."

Business World reported Monday, however, that the bank may hold
off further loan pre-terminations until it sees that the threats
of financial market volatility from last week's terrorist
attacks subside.

Equitable PCI, early this month, paid off P1 billion in
emergency loans, bringing to P17 billion the total amount of
loans repaid by the bank since it began its aggressive high-cost
debt retirement program in the second quarter. Of the original
P30 billion availed late last year due to the political crisis,
the bank now has only P13 billion in outstanding emergency
loans.


NAPOCOR: Gencos' Individual Sale Proposal Presented
---------------------------------------------------
National Power Corp. (NAPOCOR), generation assets or gencos are
scheduled to be sold individually, the proposal being
presented by The Power Sector Assets and Liabilities Management
Corp. (PSALM), an entity created to handle the privatization of
the Napocor, Philippine Star reported Monday.

According to Energy Secretary and PSALM board member Vincent S.
Perez, this is merely one of the options they are looking over
right now.  However, he adds that all these are preliminary and
still will have to be approved by the President Arroyo.

By mid-October, PSALM will be coming up with a listing of gencos
to be sold to the private sector and what mode of sale will be
used.

It is expected that Napocor will sell its transmission and
generation assets with 18 months after the signing of the
Republic Act 9136 or Electric Power Industry Reform Act (EPIRA).
The privatization of transmission assets is scheduled in the
early part of 2002 to be followed by the sale of the gencos in
the second and third quarter.


NATIONAL STEEL: Dutch Firm Keen to Lease Facilities
--------------------------------------------------
The Manila Bulletin reported Monday, that Ispat N.V., a
Netherlands based firm, has presented its bid to lease the
unused facilities of cash-strapped National Steel Corporation
(NSC), making it the fifth company to show interest in the
scheduled bidding of the Iligan plant.

In an effort to save the facilities of the country's once-
largest steel company from further deterioration, and the
prospect of providing new jobs, the Department of Trade and
Industy (DTI), together with the SEC, has initiated moves to
invite prospective investor groups to lease the NSC plant. The
DTI/SEC plan was in turn approved by creditor banks and NSC's
Malaysian owner, Hottick Investments Ltd. (HIL).

When all the stakeholders of the company rejected the plan to
revive the company's operation, the corporate regulator ordered
its liquidation operation in the absence of any firm to infuse
the needed capital to carry out the recovery program.

So far, the four steel firms who have indicated they
will join the bidding are: Swiss firm Glencore International
A.G., Allengoal Steel Fabrication and Trading, Cathay Pacific
Steel Corporation, and one unnamed European steel company.


RFM CORP: Seeks To Expand Partnership With Taiwanese Firm
---------------------------------------------------------
RFM Corp. spokesperson Ramon Lopez told reporters Friday that
his company and Taiwanese Conglomerate Uni-President group,
have an existing venture in the noodle manufacturing business,
and are currently exploring partnerships in other products.

The Inquirer News Service reported September 16, that the Uni-
President group owns President Chain Store Corp., Taiwan's
biggest retailer. Last year Uni-Pres acquired a majority stake
in Philippine Seven Corp., the local licensee of the 7-Eleven
convenience store chain.

PCS created a Malaysian-based holding company for its offshore
investments, called President Chain Store (Labuan)
Holdings Ltd.


================
S I N G A PO R E
================


GOLDTRON LIMITED: SGX Oks Proposed 110M Shares Issue
----------------------------------------------------
In addition to the announcements made on 20 July 2001 and 25
July 2001 in relation to the proposed acquisition (the
Acquisition) of Viera Company Limited (VCL) as a wholly-owned
subsidiary of Goldtron Limited (the Company) pursuant to the
Sale and Purchase Agreement dated 20 July 2001 entered into
between the Company and Asian Special Situations Fund Limited
(the Vendor), the directors of the company announced that in-
principle approval has been granted by the Singapore Exchange
Securities Trading Limited (the Exchange) for the listing and
quotation of 110,000,000 new ordinary shares of S$0.05 each in
the capital of the company to be issued to the Vendor in
consideration for VCL.

Approval in-principle from the Exchange is not an indication of
the merits of the Acquisition.


SEMBCORP LOGISTICS: Links Up With Zenecon
-----------------------------------------
Mainboard listed SembCorp Logistics (SembLog) has set up a new
joint venture company "SembCorp Zenecon Pte Ltd" with Zenecon
Bonded Warehouse Pte Ltd, a member of the Zenecon Group.

SembLog subscribed for 1,530,000 ordinary shares of S$1.00 each,
representing 51 percent of the share capital in SembCorp
Zenecon. Zenecon Bonded Warehouse holds the remaining 49 percent
or 1,470,000 ordinary shares in the share capital of SembCorp
Zenecon. The paid-up capital of SembCorp Zenecon is S$3.0
million.

SembCorp Zenecon is established to provide comprehensive one-
stop logistics solutions, such as bonded warehousing, inventory
management, freight management and distribution, for the wine
and spirits industry in Singapore and Asia Pacific.

SembLog's President and Chief Executive Officer, Koh Soo
Keong, said, "The wine and spirits industry in the Asia Pacific
region has been growing rapidly, accounting for nearly one-fifth
of the world market. According to one study Source: The 2000-
2005 World Outlook for Beer, Wine and Distilled Beverages
Wholesale, ICON Group International Inc, April 13, 2001, the
Asian market for alcoholic beverages is estimated to reach about
US$28.6 billion by 2005. We are offering an innovative logistics
approach to this market together with Zenecon Bonded Warehouse
who has had more than 10 years of experience in the wine
logistics business."

Low Hua Kin, Chairman of Zenecon Bonded Warehouse said, "This
is a partnership where we would see a lot of synergy. Our decade
of experience and expertise in the wine logistics business
combined with SembLog's capabilities as a strong player in
supply chain management and their vast logistics networks in
this region would immediately enhance our existing services to
customers. Our customers would now have all their logistics
needs met at our one-stop logistics centre so that they can
focus on their core business and leave their logistics problems
to us."

He added, "This partnership is also a positive step towards
making Singapore a wine and spirits logistics hub for the Asia
Pacific region. Singapore has good infrastructure and delivery
systems that are critical for the development of wine and
spirits logistics. We are confident that SembZenecon will be
able to capitalise on this favourable environment and play an
important role in the industry here."

Reasons for the Joint Venture

- The joint venture will provide SembLog a quick ramp-up in
bonded warehousing, storage and distribution capabilities,
particularly those of beer, wines and spirits due to their
unique handling and storage requirements.

- The partnership with Zenecon will also allow SembLog to gain
access to Zenecon's knowledge base in wine handling, storage and
local distribution of wine to other parts of the world. This
includes other value-added services, such as labeling, packing
and consolidation services, import and export, customs related
services and transshipment.

- It is also part of SembLog's strategy to build up expertise in
customised supply chain management solutions and develop
industry clusters through joint ventures, alliances and
partnerships. SembCorp Zenecon would be its new industry cluster
for the wine and spirits industry.

- In return, Zenecon is able to deliver innovative logistics
solutions for the wine and spirits industry in the region by
tapping on SembLog's fast growing physical and IT network in
Asia Pacific, its supply chain optimisation tools and
technologies as well as its global logistics network with
international freight forwarder Kuehne & Nagel. This is in line
with Zenecon's strategy to expand into China, Europe and North
America.

- Since 1990, Zenecon has developed a customer base of some 30
commercial clients, which include well-known brand names such as
Carlsberg, Cold Storage and Perising.

Services at SembCorp Zenecon

- SembCorp Zenecon offers a comprehensive range of services that
will cater to the logistics needs of wine distributors and
retailers, including hotels, restaurants and food service
outlets, import and export merchants, wine growers, food and
beverage outlets as well as private collectors.

The key services are:

1. Warehousing - temperature and non-temperature controlled
storage, in-bond and duty paid storage and personalised self-
storage for private collectors;

2. Integrated Warehouse Management System for inventory
tracking and tracing;

3. Integrated e-services at www.sembzenecon.com for online
tracking, order placing and status enquiry. sembzenecon.com
serves to e-enable the logistics operations and facilitates the
interaction of buyers and sellers of wine and spirits over the
Internet, backed by end-fulfilment capabilities of the joint
venture;

4. Global freight management services;
5. Packing and distribution services;
6. Customs management in Asia Pacific; and
7. Returns management.

For inquiries, please contact:

Ms Chow Hung Hoeng
Investor Relations
SembCorp Logistics
Tel: (65) 462 8408 / 3579 152
Fax: (65) 468 2797 / 3522 163
Email: chowhh@sembcorp.com.sg
Website: www.semblog.com

For more information on SembZenecon's products and services,
please contact:

Ms Shirley Yong
Strategic Development
SembCorp Zenecon
Tel: (65) 273 2886
Fax: (65) 272 5961
Email: shirleywy.yong@semblog.com
Website: www.sembzenecon.com


THAKRAL CORPORATION: Changes Office Address
-------------------------------------------
Thakral Coporation Limited changed its registered office address
to One Phillip Street #16-00, Singapore 048692, effective
15 September 2001.


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


RAIMON LAND: Court Moves Rehab Plan Hearing To Sept 27
------------------------------------------------------
Raimon Land PLC previously informed the SET that the hearing for
approval of Rehabilitation Plan Raimon would  be announced on 17
August 2001. The Constitution Court, however, has not made a
ruling on the case, therefore the Central Bankruptcy Court
has postponed the hearing to 27 September 2001.


RATTANA REAL: Year 2000 Losses Explained
----------------------------------------
Rattana Real  Estate  Public Company Limited submitted the
company's financial statement as of 31 December 2000 audited by
the auditor to The Stock Exchange of Thailand. The company
explained that the loss indicated in the financial statement for
2000 resulted due to the halt of project construction.

The company record for loss from transferred assets for payment
debt and loss from diminution of inventory are as follows:

1  Interest Expenses                         Bt308,331,181.70
2  Selling and Administrative Expenses          22,501,942.91
3  Loss from transferred assest for payment     16,699,382.86
4  Loss from diminution of inventory            13,634,500.10

The company explained that the loss in the financial statement
as of December 31, 2000 increased compared with the financial
statement as of December 31,1999, resulting from the company's
record for loss from impairment of assets and investment of
Bt1,236 million, and loss from devaluation of inventory of Bt195
million according to appraisal price by an independent
appraisor.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza, Roy Tabamo, Editors.

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

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