/raid1/www/Hosts/bankrupt/TCRAP_Public/011008.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, October 8, 2001, Vol. 4, No. 196

                         Headlines


A U S T R A L I A

ANSETT AUSTRALIA: ANZ Ratings Still On CreditWatch Developing
ENERGY EQUITY: Posts West Kimberley Energy Project Update
JAMES HARDIE: Issues Restructuring Scheme Updates
MTM ENTERTAINMENT: Changes Registered Office Address
NORMANDY MT: Eighteenth AGM To Held On November 7
NORMANDY MT: Posts Chairman Hillier's Letter To Shareholders
QUOIN (INT): Bank Of South Pacific Appoints Receiver


C H I N A   &   H O N G  K O N G

BRIPOINT COMPANY: Petition To Wind Up Pending
KIN DON: Notifies Public Re Nil Paid Rights Last Day
KTP HOLDINGS: Public Float Falls Below 25% Of Shares
TOPSON FAR: Hearing of Winding Up Petition Set


I N D O N E S I A

BANK CENTRAL: IBRA Appoints Advisors Danareksa, Merrill Lynch


J A P A N

DAIEI INCORPORATED: Hirayama Has Daunting Task
KOMATSU LIMITED: Reviews Debt Ratings For Possible Downgrade
MITSUBISHI MOTORS: Forms Transmissions Tie-up With Nissan
MITSUBISHI MOTORS: No Changes In Profit Forecast
MYCAL CORPORATION: Picking Sponsors Next Week


K O R E A

DAEWOO CONSTRUCTION: Empty Kim Woo 0ffice Too Costly
HANJIN SHIPPING: May Issue W200-300B Bonds
HYNIX SEMICON: Placed Under Joint Management By Creditors
HYUNDAI MARINE: Posts W59.5B Net Profit In April-August
HYUNDAI MOTOR: Unit Appoints New CEO


M A L A Y S I A

ANGKASA MARKETING: Overdue Taxes Prompt Writ Of Summons
DAMANSARA REALTY: Unit Defaults Interest Payment
HAI MING: Debt Restructuring Talks Reach Final Stage
MEASUREX CORP.: Issues Further Proposed Debt Workout Plan Info
PAN PACIFIC: Govt Files Winding-Up Petition Against Jafuong
RAHMAN HYDRAULIC: Seeks Proposed Restructuring Scheme Approvals
RNC CORPORATION: Updates Status On Defaulted Payment
S & P FOOD: Proposed Capital Reduction Effective
SPORTMA CORPORATION: One-Month Extension Approved
SRI HARTAMAS: Proposed Scheme Of Arrangement Submitted To SC
TAJO BHD: Enters Two Deeds Of Revocation With KASB
WEMBLEY INDUSTRIES: Proposed Debt Plan Still In Works
ZAITUN BERHAD: Appoints Monitoring Accountant


P H I L I P P I N E S

METRO PACIFIC: May Sell Fort Bonifacio Stake
NATIONAL STEEL: Allengoal Formalizes Bid To Lease Iligan Plant
TRUST INTERNATIONAL: PhilRatings Lifts `PRS C' Default Rating


S I N G A P O R E

CAM HOLDINGS: Management & Directors/Shareholders Unrelated
HO WAH: Posts Answers To SGX Questions
KEPPEL CORPORATION: Proposes Capital Reduction To Shareholders
SEMBCORP LOGISTICS: Posts Changes In Director's Interests
SPH ASIAONE: Issues Full Year Financial Statement Update


T H A I L A N D

ALPHA APPAREL: Business Reorganization Petition Filed
BOOK CLUB: Posts Board Meeting Resolutions Re Cap Reduction
PREECHA GROUP: Issues Share Offering Results
PROPERTY PERFECT: Posts Rehabilitation Plan Summary

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: ANZ Ratings Still On CreditWatch Developing
-------------------------------------------------------------
Standard & Poor's announced Friday that its `B-' long-term
corporate credit rating on Air New Zealand Ltd. (ANZ), Ansett
Australia's parent company, remains on CreditWatch with
developing implications, following last week's announcement of a
NZ$885 million recapitalization package for the airline by the
government of New Zealand (local currency AAA/Stable/A-1+,
foreign currency AA+/Stable/A-1+). The `C' short-term rating on
Air NZ also remains on CreditWatch with developing implications.

Although the New Zealand government's plan to recapitulate ANZ
is a positive development, the cash injection, to be made in two
tranches, will take three to four months to complete. An initial
loan of NZ$300 million to be issued by the government to ANZ in
mid October is to be replaced by NZ$300 million of converting
preference shares. This preference share issue together with a
NZ$585 million issue of ordinary equity is expected to be
completed between December 2001 and January 2002.

Furthermore, the recapitalization plan is subject to various
approvals and conditions, including those of ANZ's banks, other
financiers, and shareholders; those of the Federal Court of
Australia and Ansett's creditors in relation to ANZ's A$150
million settlement with Ansett's voluntary administrators; and
the completion of due diligence on ANZ by the New Zealand
government.

The CreditWatch Developing indicates that the rating could go up
or down. If ANZ's banks and other financiers continue to support
the company, and all other necessary approvals and agreements
for the recapitalization of the airline are gained, a modest
rating upgrade could result once the recapitalization is
completed. A higher rating is possible given ANZ's very strong
position in the New Zealand aviation market, which offsets its
exposure to greater competition and uncertainty in its
international routes.

A final rating determination under this scenario would take into
account ANZ's proposed business plan to cut its flight schedules
and achieve significant cost reductions, the adequacy of the
proposed NZ$885 million injection of ordinary equity and
converting preference shares, and the overall strength of the
company's operating performance and prudential measures.

If, however, all the necessary approvals and support for the
recapitalization plan do not materialize, and the plan is not
completed, a rating downgrade could result.


ENERGY EQUITY: Posts West Kimberley Energy Project Update
---------------------------------------------------------
The West Kimberley Energy Project is a joint venture between
Energy Equity Corporation Ltd (EEC) and Woodside Petroleum Ltd
(WPL) subsidiaries Energy Equity (West Kimberley) Pty Ltd and
Woodside West Kimberley Energy Pty Ltd. The objectives of the
Joint Venture is to supply Western Power Corporation (WPC) with
electricity for the power of Broome, Halls Creek, Fitzroy
Crossing and Looma in the West Kimberley using LNG as a fuel
pursuant to a Power Purchase Agreement (PPA).

Financial approval by EEC and WPL is a condition precedent to
the PPA. Following requests from their subsidiaries, both EEC
and WPL declined to give financial approval.

As a result of these decisions, several of the conditions of the
WPC Power Purchase Agreement were not met by 29 September 2001
and either WPC or the Joint Venture can elect to terminate the
PPA. The Joint Venture partners are reviewing their options for
an alternative way forward.

The Joint Venture partners regret being unable to meet all the
conditions by the due date.


JAMES HARDIE: Issues Restructuring Scheme Updates
-------------------------------------------------
James Hardie Industries Limited (JHIL) shareholders
overwhelmingly approved the group's corporate restructuring at a
Scheme Meeting held on Friday 28 September, 2001. Almost 98% of
the votes were in favor of the proposal.

The group has received, in principle, listing approval from the
Australian Stock Exchange (ASX) for its new parent company,
James Hardie Industries NV (JHI NV). S&P/ASX Index Services has
confirmed that the new company will have the same index
weighting as JHIL at 100%.

Last week, James Hardie has also received the relevant approvals
from the US Securities & Exchange Commission and approval for
the listing of ADRs in the USA from the New York Stock Exchange
(NYSE). The group's ticker symbol will change to JHX on both the
ASX and the NYSE when the listings occur.

The second and final hearing by the NSW Supreme Court to approve
the Scheme is now on Monday, October 8, 2001. The effective date
for the scheme will therefore be later than the indicative date
of October 5, 2001 set out in the Information Memorandum, and is
now expected to occur next week.

The Court is expected to consider whether proposed changes to
the double tax treaty between Australia and the USA, announced
last week, have implications for the approval of the
restructuring.

James Hardie anticipated the possibility of changes to the
treaty as it was preparing its restructuring proposal and this
was outlined in the Information Memorandum and in the
Independent Expert's Report. The group's view remains that
changes to the tax treaty, including a reduction in withholding
tax, do not alter the merits of its proposal.

Similarly the Independent Expert's Report said that the proposed
restructure would still give a more favorable outcome than the
current structure, even if withholding tax was reduced to zero.

The effective corporate tax rate of 25-30% that James Hardie
will achieve under its new structure will not be affected by
proposed changes to the treaty.

However, if the group sought to take advantage of the proposed
changes to the tax treaty, its corporate tax rate would rise to
between 40-50% for the next two years and to 36-37% thereafter.

Additionally, the new structure as proposed will cost James
Hardie an estimated $5-6 million to implement whereas an
alternative structure that would be required to take advantage
of the proposed treaty changes, would cost about $40 million and
would result in lower rather than higher after tax earnings, all
other things being equal.

The Board of James Hardie remains of the opinion that its
restructuring is in the best interests of shareholders and
creates significant value for shareholders, while the available
alternatives would be earnings per share negative. James Hardie
will advise shareholders of the final timetable for the
implementation of its restructuring next week.


MTM ENTERTAINMENT: Changes Registered Office Address
----------------------------------------------------
MTM Entertainment Trust advised that the registered office of
the Company changed, effective Thursday 27 September 2001, to:

Level 37, The Chifley Tower
2 Chifley Square
Sydney NSW 2001

Telephone: (02) 9229 1800
Facsimile: (02) 9231 5619

The Company was established to provide investors with an
opportunity to participate in the long-term benefits of the
entertainment sectors.


NORMANDY MT: Eighteenth AGM To Held On November 7
-------------------------------------------------
Notice is hereby given that the Eighteenth Annual General
Meeting of Normandy Mt Leyshon Limited will be held at
Enterprise House, 136 Greenhill Road, Unley, South Australia on
Wednesday 7 November 2001 at 2:00pm.

The business to be dealt with at the meeting is:

ORDINARY BUSINESS

* To receive the Financial Statements and Directors Reports

* To elect Director

SPECIAL BUSINESS

* Acquisition of Shares in the Company

* Related Party Transactions

* Change of Name

* Return of Capital

The formal resolutions are set out in this Notice and a detailed
explanation of the business to be dealt with at the meeting is
set out in the Explanatory Notes section and the accompanying
Explanatory Memorandum.

ORDINARY BUSINESS

1. TO CONSIDER ACCOUNTS AND REPORTS

To receive and consider the Company's Statement of Financial
Position and Statement of Financial Performance for the year
ended 30 June 2001, together with consolidated accounts of the
Company and its controlled entities and to receive and consider
the Reports of the Directors and Auditors.

2. ELECTION OF DIRECTOR

Mr G R Pearce retires by rotation in accordance with the
Company's Constitution and being eligible, offers himself for
re-election.

SPECIAL BUSINESS

3. ACQUISITION OF SHARES IN THE COMPANY

To consider and if thought fit, pass the following resolution as
an ordinary resolution:

"That pursuant to section 611 Item 7 of the Corporations Act
2001 (Cth) and subject to and conditional upon the passing of
resolutions 4, 5 and 6(a), approval is given for the acquisition
by Arredo Pty Ltd (ABN 37 009 256 606) from Normandy NGL
Holdings Pty Ltd (ABN 82 009 639 187) of all the 60,291,611
shares in the Company held by Normandy NGL Holdings Pty Ltd on
the terms and conditions stated in the Restructure Agreement and
otherwise more particularly described in the Explanatory
Memorandum accompanying the Notice of Meeting
dated 5 October 2001."

4. RELATED PARTY TRANSACTIONS

To consider and if thought fit, pass the following resolution as
an ordinary resolution:

"That pursuant to section 208 of the Corporations Act 2001 (Cth)
and ASX Listing Rule 10.11 and subject to and conditional upon
the passing of resolutions 3, 5 and 6(a), approval is given for:

(a) the Company to enter into the Restructure Agreement with
Normandy Mining Limited and Arredo Pty Ltd more particularly
described in the Explanatory Memorandum accompanying the Notice
of Meeting dated 5 October 2001; and

(b) as contemplated in that Restructure Agreement, for the
Company to:

(i) enter into the Musgraves Farmout Agreement with Normandy
Gold Exploration Pty Ltd;

(ii) enter into the Water Rights Agreement with Normandy Pajingo
Pty Ltd;

(iii) enter into the Kidston Joint Venture Agreement with
Normandy Gold Exploration Pty Ltd;

(iv) purchase from Normandy Mining Limited and other Group
companies certain tenements as set out in the Restructure
Agreement;

(v) issue 12,500,000 shares to Normandy Mining Group companies
as part consideration for the purchase of those tenements in
accordance with that Restructure Agreement; and

(vi) enter into the Management Agreement with Normandy Mining
Limited;

on the terms set out in the Explanatory Memorandum accompanying
the Notice of Meeting dated 5 October 2001."

5. CHANGE OF NAME

To consider and if thought fit, pass the following resolution as
a special resolution:

"That subject to and conditional upon the passing of resolution,
3, 4 and 6(a) the name of the Company be changed to Leyshon
Resources Limited."

6. RETURN OF CAPITAL

To consider and if thought fit, pass one of the following
resolutions as an ordinary resolution:

(a) In the event that each of resolutions 3, 4 and 5 have been
passed:

"That pursuant to section 256C(1) of the Corporations Act 2001
(Cth) approval is given for the equal reduction of the share
capital of the Company by $26,059,241 from $40,141,000 to
$14,081,759 and the return to all shareholders of $0.33 capital
per share (such capital being in excess of the needs of the
Company)."

(b) Or, in the event that any one of resolution, 3, 4 or 5 has
not been passed:

"That pursuant to section 256C(1) of the Corporation, Act 2001
(Cth) approval is given for the equal reduction of the share
capital of the Company by $19,741,849 from $40,141,000 to
$20,339,151 and the return to all shareholders of $0.25 capital
per share (such capital being in excess of the needs of the
Company)."

OTHER BUSINESS

To transact any other business that may be legally brought
forward.


NORMANDY MT: Posts Chairman Hillier's Letter To Shareholders
------------------------------------------------------------
Normandy Mt Leyshon Limited posted Chairman D Hillier's letter
to shareholders:

  LETTER TO SHAREHOLDERS

BACKGROUND

On 14 August 2001, the Company announced a proposed restructure
which, if implemented, would see the Company have a future as an
exploration company after the Mt Leyshon Gold Mine is closed
down. The restructure involves four main elements:

1. The sale of Normandy Mining Limited's controlling
shareholding in the Company to Arredo Pty Ltd;

2. The acquisition from Normandy Mining Limited of a portfolio
of exploration properties including interests in the much sought
after Musgraves area;

3. The responsibility for the closure and rehabilitation of the
Mt Leyshon Gold Mine being passed on to Normandy; and

4. A $0.33 per share return of capital.

This booklet contains:

* Notice of Annual General Meeting and Proxy Form to enable you
to vote on the resolutions;

* An Explanatory Memorandum which describes the proposed
restructure in detail; and

* An independent expert's report from Ernst & Young Corporate
Finance Pty Ltd (Ernst & Young).

APPROVALS

At the Annual General Meeting of the Company to be held on 7
November 2001, resolutions will be put to shareholders which, if
approved, will give effect to the proposed restructure.
Specifically, shareholders will be asked to approve the
following:

(a) the acquisition of Normandy Mining Limited's controlling
shareholding in the Company by Arredo Pty Ltd;

(b) the related party transactions being the acquisition from
Normandy Mining Limited of the exploration portfolio and the
management of the closure and rehabilitation of the Mt Leyshon
Gold Mine by Normandy;

(c) a change of name to Leyshon Resources Limited to reflect the
fact that the Company will no longer be part of the Normandy
group; and

(d) a return of capital to shareholders of $0.33 per share or,
if the restructure is not approved by shareholders, $0.25 per
share.

All resolutions other than the resolution to approve the change
of name are proposed as ordinary resolutions and therefore a
simple majority of shares voted must be in favor of the
resolution for such resolution to be passed. The resolution to
approve the change of name is proposed as a special resolution
and therefore will require a 75% majority to be passed.

PROPOSED RESTRUCTURE

The restructure provides shareholders with an immediate capital
return of $0.33 per share and the chance to participate in any
ongoing exploration success the restructured Company may have.
The alternative, an orderly liquidation of the Company, will
provide shareholders a capital return of $0.25 per share in the
short term with the prospect of an additional $0.15 to $0.20 per
share over a number of years, subject to mine closure and
rehabilitation costs not exceeding current estimates.

The restructure will result in the Company effectively
reinventing itself as an exploration company with access to
exploration acreage in the much sought after Musgraves area and
elsewhere.

The restructure also passes the risk and the cost of ongoing
environmental obligations arising from the closure of the Mt
Leyshon Gold Mine to Normandy Mining Limited thereby
quarantining the Company from any future environmental
obligations for the mine site. It also puts a cap on the cost to
the Company of rehabilitating the mine site which may have
otherwise been an open ended obligation.

DIRECTORS' RECOMMENDATION

The Directors engaged Ernst & Young to prepare an independent
expert's report in respect of the proposed transactions. The
Ernst & Young report is enclosed as part of this booklet. The
report concludes that the proposed transactions are fair and
reasonable to shareholders.

Accordingly, both the independent Director Garry Pearce and the
three Normandy appointed Directors, having reviewed all of the
matters relating to the proposal and in particular the
independent expert's report, unanimously recommend that you vote
in favor of the proposed restructure.

WHAT YOU SHOULD DO

To vote on the proposal you must either

* attend the Annual General Meeting on 7 November 2001 to be
held at Enterprise House, 136 Greenhill Road, Unley in person
and register your vote; or

* fill in and return the enclosed Proxy Form to be received, in
accordance with the instructions on the Proxy Form, by no later
than 2.00am (Adelaide time) on 5 November 2001 appointing
another person or, failing that, the Chairman of the meeting to
cast your votes according to your directions.


QUOIN (INT): Bank Of South Pacific Appoints Receiver
----------------------------------------------------
The Directors of Quoin (Int) Limited advised that they have been
notified by the Bank of South Pacific in Port Moresby that a
Receiver with limited powers has been appointed to the business
operations of the Granville Motel in Port Moresby.

The Directors state the appointment of the Receiver was outside
the powers under the loan agreements with the Bank and was
unjustified and without reasonable or proper notice to the
Company. Immediate steps have been taken to get detailed legal
advice on the removal of the Receiver purportedly appointed by
the Bank.



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


BRIPOINT COMPANY: Petition To Wind Up Pending
---------------------------------------------
The petition to wind up Bripoint Company Limited is set for
hearing before the High Court of Hong Kong on November 14, 2001
at 9:30 am. The petition was filed with the court on August 6,
2001 by Lam Nga Ying of Flat A, 17th Floor, Kai Yue Building, 3
Nam On Street, Shau Ki Wan, Hong Kong.


KIN DON: Notifies Public Re Nil Paid Rights Last Day
----------------------------------------------------
Kin Don Holdings Limited advised that trading in the nil paid
Rights in the ordinary shares of the Company (stock code: 2980)
will cease after the close of business today, 8/October/2001
(FORCE MAJEURE WARNING: These rights are conditional).


KTP HOLDINGS: Public Float Falls Below 25% Of Shares
----------------------------------------------------
The directors (the Directors) of KTP Holdings Limited (the
Company) were recently informed by one of the Company's
substantial shareholders, Top Source Securities Limited (Top
Source), in which presently, Mr. Lee Chi Keung, Russell (Mr.
Russell Lee), director of the Company and Mr. Tang Kim Kwan,
Patrick, who has ceased to be a director of the Company since
25th September, 2000 has a beneficially interest of
approximately 69% and approximately 31% of the issued share
capital of Top Source respectively, that it had acquired
22,398,300 shares of the Company (the Shares) on 19th September,
2001. As a result, Top Source's attributable interests in the
Company has increased from approximately 25.9% to 32.5%.

On the other hand, Wonder Star Securities Limited, a company,
which is wholly owned by Mr. Russell Lee, has recently informed
the Company that it has acquired 10,000 Shares on 28th
September, 2001 and its shareholding in the Company has been
increased from approximately 0.8% to approximately 0.86%.

Based on the latest record on the Company's shareholder
register, the percentage of Shares that remains in public hands
has fallen from approximately 27.9% to approximately 21.36%.
Accordingly, the Company does not comply with the minimum
prescribed percentage of 25% as stipulated in Rule 8.08 of the
Rules Governing the Listing of Securities of the Stock Exchange
of Hong Kong Limited and the Stock Exchange has indicated that
it reserves the right to take any disciplinary action for the
breaches.

Top Source and the Directors have indicated that they intend to
take appropriate steps to ensure restoration of the minimum 25%
of issued shares of the Company to public hands within one month
from the date of publication of this announcement. At present,
the Company is waiting for an undertaking from Top Source while
the Directors intend to hold a board meeting as soon as possible
to resolve the matter. Further announcement will be made to
update the shareholders on the progress of the measures to be
taken by the Directors and the Company.

The Stock Exchange has stated that it will closely monitor
trading and price movement in the Shares. The Directors are
trying to resolve the issue of maintaining the minimum 25%
public float, and a further announcement may be made in this
respect in due course.

If the Stock Exchange believes that:

(a) a false market exists or may exist in the Shares; or

(b) there are too few Shares in public hands to maintain an
orderly market,

it will consider exercising its discretion to suspend trading in
the Shares.

Shareholders of the Company and investors are advised to take
caution in dealing in the Shares.


TOPSON FAR: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Topson Far East Limited is scheduled for
hearing before the High Court of Hong Kong on October 31, 2001
at 9:30 am.

The petition was filed with the court on July 30, 2001 by
Precise Management Limited whose registered office is situated
at Rooms 1901-2, Park-In Commercial Centre, No. 56 Dundas
Street, Mongkok, Kowloon, Hong Kong.


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


BANK CENTRAL: IBRA Appoints Advisors Danareksa, Merrill Lynch
-------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has appointed PT
Danareksa Sekuritas (Persero) and Merrill Lynch Pte. Ltd to
resume their role as the financial advisor for the government's
shares at Bank Central Asia (BCA). In the meantime, IBRA has
also appointed Makes & Partners as the new legal advisor
succeeding the previous consultant whose working contract has
expired.

The legal advisor appointment has gone through a process in
which IBRA sent invitation to 16 legal consultants on 25
September 2001. From the 16 legal consultants, IBRA received 10
proposals. Subsequently, IBRA conducted evaluation on technical
proficiency and track records of both the legal consultants and
their executive teams. The evaluation completed with short
listing to 5 best legal consultants based on technical
requirements. IBRA conducted comparison and evaluation of the
five legal consultants.

Based on the proceeds of the hearing between the Government and
Commission IX of the House of People's Representatives on 12 and
13 September 2001, in which the parliament approved the
government's plan to sell BCA shares at the amount of 51 percent
consisting of 30 percent with an option of 21 percent through
strategic sale method or a sale to the strategic investor of
which the implementation is entrusted to the Government.

In carrying out the strategic sale, the sale of BCA shares at
the amount of 30 percent and 21 percent will be treated as a
single offering. This is aimed at optimizing the divestment of
Government's shares at BCA in term of price and is intended to
draw a credible strategic investor which in turn will further
improve the performance of BCA in particular and the banking
sector in general. The divestment represents the government's
serious effort to bring the bank to the market.


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


DAIEI INCORPORATED: Hirayama Has Daunting Task
----------------------------------------------
Takashi Hirayama, the newest vice-president of Daiei Inc. is
facing an arduous challenge. Daiei, once Japan's biggest
retailer, has now become a corporate nightmare. It has incurred
a total of Y 2.6 trillion in debt, and its interest payments
exceed its income, News On Japan reported Friday.

Weeks earlier, Moody's downgraded the retailer's ratings to
Caa1, down seven rungs from its original rating, and effectively
plunging its stocks to an all-time low.

Hirayama isn't the only one tasked to turn the company around,
new president Kunio Takagi also has a lot of responsibility
resting on his shoulders. New chairman Jiro Amagai, a former
bureaucrat from the Ministry of Economy, also has the difficult
task of establishing a link to government ministry, specially
with all of Japan's complicated laws of large stores.

Of the three, Hirayama however, was the person tasked to head
the restructuring effort. This comes to no surprise because,
although he quit Daiei in 1991 amid squabbles between him and
company founder-cum-mentor Isao Nakauchi, he has proved his
billing as a company "salvage-man".

He has previously pulled Daiei out after it incurred losses for
the first time in its history, during the mid-80's. He also
successfully turned around UNeed, one of Daiei's supermarket
subsidiaries from financial trouble. When he left the company,
he set up a very successful consultancy firm, his clients mostly
being retailers looking to revive their businesses.

Hirayama has less than a year to turn Daiei around, although he
admits that the task is physically daunting, he nonetheless
states he is emotionally and mentally strong and that he enjoys
a good challenge.


KOMATSU LIMITED: Reviews Debt Ratings For Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has placed Komatsu Ltd. (Komatsu) and
its supported subsidiaries' A3 senior unsecured long-term debt
ratings under review for possible downgrade. The Prime-2 short
term rating for Komatsu's subsidiary, Komatsu Finance America
Inc., has been confirmed.

The rating review reflects the agency's growing concern about
the performance of Komatsu's electronics operation amid an
increasingly tough environment for its core business of
construction equipment.

In the review, Moody's will assess the potential impact of the
ongoing stressful conditions of the electronics industry on
Komatsu's future cash flow; Komatsu's ability to manage pressure
on its electronics materials operation's performance; and will
also reassess Komatsu's medium-term strategy to drastically
improve profitability throughout industry cycles.

The rapidly deteriorating electronics market has pressured the
performance of Komatsu's electronics operation, which primarily
consists of production of electronics materials such as silicon
wafers and polysilicon. Moody's has a concern that the
continuing weakness of the market could constrain Komatsu's cash
flow generation over the intermediate term.

Komatsu is implementing a package to cut down the cost of its
construction equipment operation. The rating agency will also
review the sustainability of this core operation's cash flow
contribution.

The company currently estimates these one-time losses will
result in Y45 billion net losses for the fiscal year ending
March, 2002.

Komatsu Ltd., headquartered in Tokyo, Japan, is a leading global
manufacturer of construction and mining equipment with
diversified operations.


MITSUBISHI MOTORS: Forms Transmissions Tie-up With Nissan
---------------------------------------------------------
In an effort to enhance global competitiveness, Mitsubishi
Motors Corp and Nissan Motor Co. have agreed to jointly develop
and produce automatic transmissions, with Mitsubishi planning to
spin off its transmission and CVT operations by April, the Japan
Times reports Friday.

The spin off will then be integrated with JATCO TransTechnology
by the summer. The new integrated transmission-maker will then
be capable of making 4 million transmissions yearly. Nissan will
likely own 80 percent of the integrated transmission venture.
Mitsubishi will own the remaining 20 percent.


MITSUBISHI MOTORS: No Changes In Profit Forecast
------------------------------------------------
Mitsubishi Motors Corp. is still maintaining its profit forecast
for the year, despite worsening global economic conditions, News
on Japan reported Friday.

Company vice-president and former DaimlerChrysler manager Rolf
Eckrodt, said in an interview, "The aim to reach break-even in
our current 2001/02 fiscal year (ending March 31) still
stands." DaimlerChrysler AG holds a 37 percent stake in the
Japanese automaker.

Rolf also admits that Europe remains a problem for Mitsubishi as
the group simply doesn't have the right products for that
market. More importantly, the high exchange rate leaves the
company less competitive in terms of cost.

Mitsubishi, however, is currently formulating strategies to gain
profit. One of these strategies is the production of a new small
car (Z-Car) to be produced in cooperation with DaimlerChrysler.
The cars will start rolling out of assembly plants in 2004.


MYCAL CORPORATION: Picking Sponsors Next Week
---------------------------------------------
Mycal Corporation said Thursday that it will push through with
the first selection of sponsors for its much-needed
rehabilitation plan October 12, as a step toward the conclusion
of a sponsorship contract in mid-November, Kyodo News reported
Friday.

The failed supermarket chain operator plans to hold the second
selection in early November. Mycal Corporation filed for court
protection in September after incurring liabilities of around
Y1,388.1 billion on an unconsolidated basis.


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


DAEWOO CONSTRUCTION: Empty Kim Woo 0ffice Too Costly
----------------------------------------------------
Former Daewoo Group Chairman Kim Woo-choong's former office
located at the 25th floor of the Daewoo Center, has recently
been the subject of much attention. Officials of Daewoo
Construction, which owns the building, are unsure of what to do
about the empty office, the Korea Times reported Friday.

The company has already attempted to lease the office, which has
been empty for most of last year, but there haven't been any
takers so far.

The office is 350 pyong in size. One pyong equals 3.3 square
meters. Since the average rent in the building is W6.84 million
per pyong, the empty office space alone is costing the company
W2 billion annually. This amount still excludes the W31,000 per
pyong that the company pays for maintenance of the office.


HANJIN SHIPPING: May Issue W200-300B Bonds
------------------------------------------
In order to refinance part of its bonds worth W400 billion
maturing in January next year, Hanjin Shipping Co. is likely to
issue W200-300 billion of bonds later this year. The exact date
and other terms of the issue are not exactly known yet, the
Asian Wall Street Journal reported October 4.

However, company officials say that if demand for the new bonds
is very poor, the company's operating profit will be used to
refinance most of the maturing bonds.

Local rating agencies, Korea Management Consulting & Credit
Rating Corp. (KMMC) and Korea Investors Service Inc., have rated
Hanjin's bonds at A-, meaning that the issuer's capacity to
repay the principal is "adequate", but is more likely to be
weakened by future market changes.


HYNIX SEMICON: Placed Under Joint Management By Creditors
---------------------------------------------------------
After considering all other options, the creditors of Hynix
Semiconductor Co. found it best to place the distressed
chipmaker under their joint management, the Korea Herald
reported Friday.

In line with the corporate restructuring promotion law, a three-
month freeze of all Hynix's debts was decided in a meeting,
wherein 104 creditors, including banks, insurance companies and
investment trusts participated. This means that, after a fresh
audit on the Korean memory chipmaker, all the creditors are not
allowed to collect their debts until January 2, 2002.

According to the Korea Exchange Bank, Hynix's largest creditor,
the troubled company's debts to all the 104 creditors totaled to
W8.64 trillion. Banks loans to Hynix amounted to W6.19 trillion
while investment trust firms have a combined exposure of W1.18
trillion.


HYUNDAI MARINE: Posts W59.5B Net Profit In April-August
-------------------------------------------------------
Property and casualty insurer Hyundai Marine & Fire Insurance
Co. posted net profits reaching W59.5 billion in April-August,
up from a net loss of W7.1 billion during the same period last
year, the Asian Wall Street Journal reported October 5.

The company's revenues were up 14 percent on-year to W1.074
trillion during April-August. Its return to profit was due,
according to company sources, to an increase in gains from bond
investments, which reached W96.6 billion. Up 92 percent from a
year ago.

Moreover, the losses from its insurance business dropped to
W20.1 billion during the same period, as compared to last year's
figure of W55.4 billion.


HYUNDAI MOTOR: Unit Appoints New CEO
------------------------------------
Korea Rolling Stock Corporation (KOROS), in which Hyundai Motor
Group is a controlling shareholder, recently appointed Chung
Hak-jin its new Chief Executive Officer, the Korea Herald
reported October 5, 2001.

By taking over an additional 39.18% stake from Daewoo Heavy
Industries and Machinery late last August Hyundai Motor Group
effectively took management control of Korean Rolling Stock
Corporation.

Chung, 51, who was vice president for Kia Motors since 1998,
worked for Hyundai Motor and Hyundai Mobis for 12 years before
his move to Kia.


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


ANGKASA MARKETING: Overdue Taxes Prompt Writ Of Summons
-------------------------------------------------------
The Board of Directors of Angkasa Marketing Berhad (AMB)
announced that on October 1 AMB's wholly owned subsidiary, Lion
Suzuki Marketing Sdn. Bhd. (LSM), was served with a Writ of
Summons and Statement of Claim by the Government of Malaysia.

The Government of Malaysia, in its Statement of Claim, alleges
that LSM has failed to pay the balance income tax in the amount
as assessed in the Notice of Assessment for year 1998, thereby
incurring penalties on the unpaid amount.

In the Statement of Claim the Government of Malaysia claims
against the Company a total sum of RM4,564,732.34, together with
interest thereon, at the rate of 8 percent per annum from the
date of judgment until the date of full realization and costs of
the action.


DAMANSARA REALTY: Unit Defaults Interest Payment
------------------------------------------------
The Board of Directors (Board) of Damansara Realty Bhd (DBHD),
announced that:

   a) DBHD, has defaulted in its repayment obligations in
respect of its Revolving Credit Facilities, as detailed below;
and

   b) Realty (Pahang) Sdn. Bhd. (DRP), a sixty percent owned
subsidiary of DBHD, has defaulted in its interest servicing
obligation of RM425,470.76 under its RM57,926,452 Syndicated
Term Loan Facility (Term Loan Facility) with several financial
institutions (TL Lenders) which was payable on 24 September
2001.

Details are:

BACKGROUND

a) RC Facilities

DBhd had defaulted on its repayment obligations of the following
Revolving Credit Facilities (RC Facilities) which were procured
in 1996 for purposes of working capital financing:
Financial   Principal     Defaulted Principal  Default Interest
Institution Outstanding   Repayment (RM)       Payment (RM)
/Lender(RM)

Arab Malaysian
Bank        5,600,000 200,000            66,520

Danaharta Managers
Sdn. Bhd.   8,100,000 300,000      181,103

Both of the above RC Facilities were granted on an unsecured
basis.

b) Term Loan Facility of DRP

On 21 November 1995, DRP had entered into a RM65 million Term
Loan Facility Agreement with the TL Lenders for the purpose of
financing the acquisition of 2,050 acres of land then known as
Ladang Jeram Kuantan Lot 7, 8, 823 Mukim Sg. Karang and Lot 6,
11, 1026 Mukim Beserah Daerah Kuantan Pahang Darul Makmur for
purposes of development of an integrated mixed township known as
Bandar Damansara Kuantan (BDK).

The final amount drawdown under the Facility was RM57,926,452.
As of to date, the amount of Term Loan outstanding is
RM54,926,452.

DRP had also entered into RM8 million Syndicated Bridging Loan
Facility (SBL Facility) Agreement with the TL Lenders on 12
December 2000 for purposes of part financing of the development
works.

In consideration for the Lenders granting the Term Loan Facility
as well the SBL Facility, DRP was required to execute the
relevant Security Documents in favor of the Lenders, which
constitutes, inter-alia, the following security:

   a) First (1st) and Second (2nd) fixed legal charges on C.T.
2425, Lot 8 and EMR 788, Lot 823, Mukim of Sungai Karang and
C.T. 1186, Lot 1026 and EMR 694 Lot 11, Mukim of Beserah and the
new individual land titles issued or to be issued in respect of
lands previously held under C.T. 2424, Lot 7, Mukim of Sungai
Karang and C.T. 2470, Lot 6, Mukim of Beserah, all located in
District of Kuantan, Pahang (Land) under the National Land Code,
1965 (NLC Charges);

   b) Debentures creating First (1st) and Second (2nd) fixed and
floating charges over all the assets and undertakings of DRP
(Debentures);

   c) Assignment of all Project Accounts in respect of Phases 1
and 2 of the BDK Project to secure the SBL Facility and the Term
Loan Facility from the Lenders;

   d) Assignment of all credit balances remaining in all Housing
Development Account(s) upon closure of such accounts in respect
of Phases 1 and 2 of the BDK project to secure the SBL Facility
and the Term Loan Facility;
   e) Undertaking by DBhd to advance RM 14.8 million to DRP by
31 December 2001 for purposes of part financing of development
of Phases 1 and 2 (for SBL Facility only)

Apart from the above mentioned security arrangement, there was
also a Corporate Guarantee given by DBHD to the TL Lenders in
respect of DRP's obligations under the Term Loan and SBL
Facilities.
REASONS FOR DEFAULT

The financing requirement of DBhd and DRP, including servicing
obligations in respect of the RC and the Term Loan Facilities,
had been substantially met via DBHD Group's internally generated
funds from its core asset, Damansara Town Center Building (DTC
Building).

As enumerated via DBHD's earlier announcement dated 18 September
2001, the Guarantor Banks which is having the DTC Building as
security in respect of the RM400 million Bank Guarantee
Facility, have exercised their rights which include the
assignment of rental proceeds from DTC Building. This assignment
is made pursuant to the Assignment of Rental Agreement entered
between DBHD and the Security Trustee acting for the Guarantor
Banks. Following crystallization of the said assignment, the
rental proceeds from the DTC Building could no longer be
utilized for such cross financing.
MEASURES TAKEN TO ADDRESS THE DEFAULT

Both DBhd and DRP are currently looking at various possible
alternatives to address the issues including to further
negotiate with their respective lenders.

IMPLICATIONS IN RESPECT OF THE DEFAULT

The lenders of the RC Facilities have yet to exercise their
right as unsecured lender.

Arising from the default, the TL Lenders are entitled to
exercise their rights under the relevant agreements constituting
the Term Loan Facility, which include, inter-alia;

   a) Invocation of the Corporate Guarantee against DBhd for
repayment of the amount outstanding under the Term Loan and SBL
Facilities.

   b) Crystallization of all floating charges under the
aforesaid debentures as well as the rights to appoint receiver
or receiver and manager to DRP

   c) Foreclosure of the Land pursuant to the NLC Charges.

The financial implications have yet to be ascertained as the TL
Lenders have not exercised their rights under the Security
Documents and as such the full financial implications are
dependent on the actual action(s) to be taken by the Lenders
pursuant to their rights under the Term Loan Facility.



HAI MING: Debt Restructuring Talks Reach Final Stage
----------------------------------------------------
Hai Ming Holdings Berhad (Hai Ming or the Company) and its group
of companies (Hai Ming Group), announced that since the
appointment of Public Merchant Bank Berhad as the Company's
financial advisors in April 2001, the Company has been actively
negotiating with its bank lenders to restructure the existing
debts of the Hai Ming Group. The negotiation is currently at its
final stages of completion and the Board of Directors will
advise once the debt settlement agreement is completed.


MEASUREX CORP.: Issues Further Proposed Debt Workout Plan Info
--------------------------------------------------------------
Measurex Corporation Berhad MCB or the Company) issued further
information in relation to the rationale for the proposed debt
and corporate restructuring scheme:

As mentioned in the 29 September 2001 announcement, MCB's
subsidiaries MH, ME and MP (as defined in the 29 September 2001
announcement) are currently managed by the Judicial Managers
(JM) pursuant to the Judicial Management Order. Measurex Wuxi
(as defined in the 29 September 2001 announcement) is currently
a wholly owned subsidiary of MH.

The Board of MCB is of the opinion that Measurex Wuxi remains
commercially viable. As Measurex Wuxi's immediate holding
company, MH is under JM and to ensure that the Company continues
to have control over Measurex Wuxi, the Company entered into the
SPA (as defined in the 29 September 2001 announcement) to effect
the transfer of the entire equity ownership in Measurex Wuxi
from MH to Newco (as defined in the 29 September 2001
announcement).

In addition, in the 29 September 2001 announcement, Paragraph
2.3(ii) had erroneously makes reference to "column 3". It should
read column 4.


PAN PACIFIC: Govt Files Winding-Up Petition Against Jafuong
-----------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announced that a winding-up petition dated 11 September 2001
filed by the Government of Malaysia has been served on Jafuong
Plywood Corporation Sdn Bhd (In Receivership) (Jafuong).

The petition is based on a Judgment entered on 29 August 2000
for taxes owed by Jafuong. The Petitioner demanded payment of a
sum of RM 3,624,015-57 plus interest of RM 130,667-27,
calculated at 8 percent per annum from the date of Judgment to
15 February 2001.

The winding-up proceeding against Jafuong has no operational
impact on the Group since Jafuong ceased to operate with effect
from 3 January 2000 when the Receiver and Manager was appointed
by HSBC Bank (Malaysia) Berhad.

The winding-up proceeding against Jafuong will not have any
financial impact on the Group as the investment cost of RM
80,000,000-00 and goodwill arising on consolidation of RM
35,640,443-00 have been fully provided and written off
respectively for the financial year ended 30 June 2001.

No further loss is expected on Jafuong other than the interest
cost of approximately RM 10 million per annum.

The Board of Directors of PPAB has sought legal advice on the
petition.


RAHMAN HYDRAULIC: Seeks Proposed Restructuring Scheme Approvals
---------------------------------------------------------------
The Special Administrators, on behalf of Rahman Hydraulic Tin
Berhad (RHTB or the Company) announced that the Company has yet
to obtain all approvals necessary for the implementation of the
Proposed Restructuring Scheme within the extended time of 4
October 2001.

The Company's financial advisors, on 27 September 2001, applied
to the KLSE for another two-month extension from the deadline of
4 October 2001 to obtain the necessary approvals. The Company is
awaiting the KLSE's response.


RNC CORPORATION: Updates Status On Defaulted Payment
----------------------------------------------------
RNC Corporation Berhad and its subsidiaries are still in the
midst of preparing Information Circular detailing the Proposed
Corporate and Debt Restructuring Scheme (PRS), which include the
disposal/settlement of the defaulted borrowings.

Premised on the above, the amount of defaulted borrowings
remains as per previous announcement, details are found at
http://www.bankrupt.com/misc/RNC_default_payment.xls.In
addition, approximately RM1.975 million being the amount of
interest on the defaulted borrowings accrued for the month of
September 2001.


S & P FOOD: Proposed Capital Reduction Effective
------------------------------------------------
On behalf of S & P Food Industries (M) Bhd. (SPF or Company),
Commerce International Merchant Bankers Berhad (CIMB) announced
that the Proposed Capital Reduction and Proposed Scheme of
Arrangement became effective on 3 October 2001. The Court Order
sanctioning the Proposed Capital Reduction and Proposed Scheme
of Arrangement was lodged with the Registrar of Companies on
that date.

In addition, on behalf of SPF, CIMB announced that SPF and/or
Cepatwawasan Group Berhad (CGB) (the new company incorporated to
facilitate the Proposals and to take-over the listing status of
SPF) had entered into these agreements in relation to the
Proposed Debt Restructuring and Proposed Claim Settlement:

   (i) Supplemental Agreement, dated 3 October 2001, entered
into between SPF, CGB, the creditors pursuant to the Proposed
Debt Restructuring (Creditors) and Datuk Lo Fui Ming (LFM) to
vary and amend the Debt Restructuring Agreement (DRA) dated 22
December 2000 (DRA Supplemental Agreement).

The salient terms of the DRA Supplemental Agreement are:

     (a) to remove all references to the proposed acquisition of
oil palm estate from Solianak Sdn. Bhd. (Proposed Solianak
Estate Acquisition) and the proposed rights issue of 8,050,000
new CGB ordinary shares of RM1.00 each at an issue price of
RM1.00 per share (Proposed Rights Issue).

The abortion of the Proposed Solianak Estate Acquisition and
Proposed Rights Issue were announced on 5 March 2001 and 8 May
2001 respectively;

     (b) to insert reference to the Proposed Shareholders'
Advance.

The Proposed Shareholders' Advance was announced on 8 May 2001;

     (c) to amend the purchase considerations of the companies
and estate to be acquired pursuant to the Proposed Acquisitions.

The revisions to the abovementioned purchase considerations were
announced on 5 March 2001;

     (d) the call options to be granted by each of the Creditors
will be granted to an individual approved by the respective
Creditors whilst the put options will be granted to each of the
Creditors by LFM, or by LFM and one (1) other individual
approved by the respective Creditors. Previously, as set out in
the DRA, the call options to be granted by the Creditors will be
granted only to LFM whilst the put options will be granted to
the Creditors only by LFM;

     (e) the cut-off date of the DRA has been extended from nine
(9) months to twelve (12) months from the date of the DRA; and

     (f) CGB agrees to observe, perform and be bound by all the
terms and conditions of the DRA which are applicable to it and
agrees that it shall be deemed as, and with effect from the date
of the DRA Supplemental Agreement, a party to the DRA.
The other terms of the DRA shall remain in full
force and effect.

   (ii) Supplemental Agreement dated 3 October 2001 entered into
between SPF, CGB, SJ Securities Sdn. Bhd. (SJ Securities) and
LFM to vary and amend the Settlement Agreement (SA) dated 26
December 2000 (SA Supplemental Agreement).

The salient terms of the SA Supplemental Agreement are :

     (a) to remove all references to the Proposed Rights Issue;

     (b) the cut-off date of the SA has been extended from nine
(9) months to twelve (12) months from the date of the SA; and

     (c) CGB agrees to observe, perform and be bound by all the
terms and conditions of the SA which are applicable to it and
agrees that it shall be deemed as, and with effect from the date
of the SA Supplemental Agreement, a party to the SA.

The other terms of the SA shall remain in full force and effect.
   (iii) Trust Deed dated 3 October 2001 entered into between
CGB and Malaysian Trustees Berhad constituting RM26,622,000
nominal value of 4 percent irredeemable convertible unsecured
loan stocks (ICULS) 2001/2006 to be issued by CGB pursuant to
the Proposed Debt Restructuring and Proposed Claim Settlement.

   (iv) Subscription Agreement dated 3 October 2001 entered into
between CGB, SPF, the Creditors and SJ Securities in relation to
the issue by CGB and subscription by the Creditors and SJ
Securities of up to RM26,622,000 nominal value of 4 percent
ICULS 2001/2006.


SPORTMA CORPORATION: One-Month Extension Approved
-------------------------------------------------
The Special Administrators of Sportma Corporation Berhad
(Special Administrators Appointed) (Sportma) announced that
Sportma, on 4 October 2001, obtained an approval from the KLSE
for an extension of 1 month from 1 October 2001 to 31 October
2001, within which Sportma must :

   1. Revise its regularization plan

   2. Make a revised Requisite Announcement to KLSE, and

   3. Submit its revised plan to the regulatory authorities for
approval.

Upon the submission of the revised plan to the authorities,
Sportma is compelled to make a separate application to the KLSE
to seek additional time for Sportma to obtain all the necessary
approvals from the regulatory authorities.


SRI HARTAMAS: Proposed Scheme Of Arrangement Submitted To SC
------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that the proposals relating the Proposed Scheme of
Arrangement of SHB were submitted to the Securities Commission
(SC) for approval on 29 September 2001.

Accordingly, SHB has fulfilled the required time schedule to
regularize the financial condition as stipulated in Practice
Note No. 4/2001 issued by the Exchange.


TAJO BHD: Enters Two Deeds Of Revocation With KASB
--------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad) (Alliance) announced on behalf of the of Directors
of Tajo (Board) that Tajo Berhad (Tajo or the Company) and Kris
Angsana Sdn Bhd (KASB), on 4 October 2001, entered into two
Deeds of Revocation in respect to the Sale and Purchase
Agreement (SPA) and Profit Guarantee Agreement (PGA).

By entering into the Deeds of Revocation, both Tajo and KASB
mutually agree to release each other from all obligations,
observance and performance of all the stipulations, covenants
and terms of the SPA and PGA. Further, from the date of the
Deeds of Revocation, both the SPA and PGA are forthwith revoked
and the terms and conditions therein shall forthwith become null
and void and be of no further force or effect.

On 20 December 2000, Alliance announced on behalf of the Board
that Tajo had entered into a conditional SPA with KASB for the
proposed acquisition of Plaza Palas Tower (Proposed Injection).

Further, pursuant to the Proposed Injection, KASB and Tajo also
on 20 December 2000, entered into a PGA with KASB, being the
vendor of Plaza Palas Tower, as guarantor to guarantee the
profit before tax (PBT) in respect of the rental income from
Plaza Palas Tower.

On 1 October 2001, Alliance announced that due to an anticipated
delay in the completion of a condition precedent in the SPA
between Tajo and KASB dated 20 December 2000, and the PGA dated
20 December 2000, for the Proposed Injection, both Tajo and KASB
mutually agreed terminate the SPA and PGA.


WEMBLEY INDUSTRIES: Proposed Debt Plan Still In Works
-----------------------------------------------------
Wembley Industries Holdings Berhad is working on a revised
proposed debts restructuring scheme and are in discussions with
the Group's banks/creditors. The details of the proposed debts
restructuring scheme have not been finalized.

Background

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

   (i) revise its regularization plan;

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

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

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

On 16 August 2001, the Company's financial adviser, Alliance
Merchant Bank Berhad (AMBB), submitted an application to the
Exchange for a further three (3) month extension from 22 August
2001 to 22 November 2001, to carry out the above requirements.
On 21 September 2001, AMBB announced the Exchange had approved
the further extension of time for a period of two (2) months
from 23 August 2001 to 22 October 2001 to enable the Company to
release the requisite announcement.


ZAITUN BERHAD: Appoints Monitoring Accountant
---------------------------------------------
Zaitun Berhad (the Company) announced that it has appointed
Horwath Mok & Poon, a firm of public accountants as the
Monitoring Accountant pursuant to Paragraph 6.1 (a) of PN4.

The Kuala Lumpur Stock Exchange has, via its letter dated 20
September 2001, granted the Company conditional two-month
extension to prepare its Requisite Announcement. The approval is
conditional upon the Company appointing a Monitoring Accountant
(MA) within two weeks of the Exchange's letter.


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


METRO PACIFIC: May Sell Fort Bonifacio Stake
--------------------------------------------
Metro Pacific Corporation (MPC) may divest its controlling stake
in its wholly owned subsidiary Fort Bonifacio to raise much-
needed cash for debt reduction, Business World reports Saturday,
citing MPC president and chief executive officer Ricardo S.
Pascua.

"The company is in the process of reviewing strategic
alternatives to meet payments for obligations that will start to
fall due on December," he said.

He added that the group is also entertaining the possibility of
getting out of the project by selling its interest in Bonifacio
Land Corporation (BLC). BLC is part of the Fort Bonifacio
Development Corp. (FBDC) consortium transforming Fort Bonifacio
into a central business district.

"We recognize that in meeting our debt reduction objective, MPC
will need to sell substantial pieces of property within the
Global City and, if necessary, a significant or even controlling
interest in the project. Therefore, we are undertaking a
comprehensive review of all possible strategic options," Mr.
Pascua said. MPC has tapped ING Barings as adviser to the
ongoing review.

MPC has US$90 million in advances from parent firm First Pacific
Co. Ltd, which will fall due in December. The company is also
considering asking for an extension on the payment of the
advances.

As of August, MPC had over P10 billion in financial obligations,
half of which will mature in the next 12 months. The debts carry
15% interest. They were used primarily to pay off the property
firm's $8 million in convertible bonds that matured in April.

Pascua disclosed that the company is already in discussion with
its creditors for the restructuring of debts to avoid default.


NATIONAL STEEL: Allengoal Formalizes Bid To Lease Iligan Plant
--------------------------------------------------------------
The Securities and Exchange Commission (SEC) issued a call for
Allengoal, Cathay Pacific Steel Corp. (Capasco) and other
prospective bidders to submit their lease proposals. In
response, Allengoal Steel Fabrication and Trading Corp. sought
SEC approval of its lease proposal for National Steel Corp's
Iligan plant, Business World reported Saturday.

Celso P. de las Alas, lead counsel for Allengoal, said Allengoal
was, "offering the best solution to the NSC problem". He also
highlighted the fact that the lease should be undertaken as soon
as possible because "exponential deterioration" of the
machinery and equipment have already been estimated at P12
million.

Aside from the terms of its original offer, Allengoal made
further improvements on its current offer. Under the offer, the
company is set to pay monthly rentals of P20.5 million plus 40
percent of the net profit generated from operations. Moreover, a
P25 million deposit is to be put up in escrow for the
maintenance of the plant and its equipment, plus a performance
bond of P75 million.


TRUST INTERNATIONAL: PhilRatings Lifts `PRS C' Default Rating
-------------------------------------------------------------
In light of the restructuring of Trust International Paper
Corp.'s (Tipco) debts, including its P1 billion long-term
commercial paper (LTCP) issue, the "PRS C" or default rating on
the LTCPs has been withdrawn.

The announcement, issued by Philippine Rating Services Corp.
(PhilRatings) also said it is currently making a "re-evaluation
of Tipco's capability to pay its LTCP obligations, given the
restructuring and other developments."

Tipco issued the LTCPs in tranches between May-July 1996, for a
total amount of P1 billion. The company has paid portions of the
LTCP issue, leaving it with P775 million in outstanding LTCP
obligations as of August 31, 2000. According to its creditor-
banks, Tipco has not defaulted in any principal and interest
payment since all its bank debts, including the LTCPs, were
restructured in June 1999.

High interest expenses continue to erode Tipco's profit base,
although PhilRatings noted a declining trend in the paper
manufacturer's net losses. Tipco's total net loss declined from
a high of P523 million in 1997 to P160 million in 1999, and down
to only P71 million for the seven-month period, ended July 2000.
Furthermore, an income of P5.3 million was already reported for
July 2000.


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


CAM HOLDINGS: Management & Directors/Shareholders Unrelated
-----------------------------------------------------------
CAM International Holdings Limited, in a letter sent to the
Listing Manager of the Singapore Stock Exchange Thursday,
confirmed that pursuant to Clause 902(3)(c) of the Listing
Manual, none of its managerial personnel or any other person
occupying managerial positions in any of its principal
subsidiaries, are related to a director or substantial
shareholder of the Company or any of its principal subsidiaries.


HO WAH: Posts Answers To SGX Questions
--------------------------------------
Ho Wah Genting International Limited posted an announcement,
October 5, containing a response to questions made by Singapore
Exchange Limited in a letter dated October 3. The announcement:

ANNOUNCEMENT IN RESPONSE TO SGX'S QUERIES VIA THEIR LETTER DATED
3 OCTOBER 2001

The Directors of Ho Wah Genting International Limited (the
"Company") would like to make this announcement in response to
the queries made by Singapore Exchange Limited ("SGX") via heir
letter dated 3 October, 2001.

EXCEPTIONAL ITEM AMOUNTING TO $1 MILLION DISCLOSED IN THE
COMPANY'S PROFORMA HALF-YEAR FINANCIAL STATEMENT

The aforesaid exceptional item amounting to $1 million arise
from a provision for diminution in value of the Company's
leasehold factory premises located at 182 Gul Circle (the
"Factory").

STATUS OF DISCUSSIONS WITH INDUSTRIAL & COMMERCIAL BANK LIMITED

On 6 July 2001, the Company announced that it was discussing
with Industrial & Commercial Bank Limited ("ICB") to
restructure the liability due to ICB under certain withdrawn
facilities.

Since the date of that announcement:

(1) ICB obtained summary judgment for $4.198 million and
interest accruing thereon, being the sum due to them under the
said withdrawn facilities; and

(2) the Company repaid a sum of $632,000 from proceeds of the
sale of the machinery belonging to the Company's wholly owned
subsidiary, Horiguchi Engineering (Singapore) Pte Ltd ("HES").

The Company is still in discussions with ICB to restructure the
remaining sum still owed to them under the withdrawn facilities.
However, the Company expects that substantive progress in such
discussions can only be achieved after the Company has managed
to seek suitable investment opportunities to replace the
Company's sole business carried out by HES which has since been
ceased. In the meantime, the Company is seeking purchasers for
the Factory to repay ICB. The Company will make appropriate and
timely announcements on any significant matter relating to these
discussions with ICB.


KEPPEL CORPORATION: Proposes Capital Reduction To Shareholders
--------------------------------------------------------------
Keppel Corporation Limited posted Thursday a proposal for
capital reduction and capital distribution to its shareholders.
The company also proposed a redemption of 2 percent of
redeemable convertible cumulative preference shares. Verbatim
text of the announcement:

I. PROPOSED CAPITAL REDUCTION AND CAPITAL DISTRIBUTION TO
SHAREHOLDERS; AND

II. PROPOSED REDEMPTION OF 2% REDEEMABLE CONVERTIBLE CUMULATIVE
PREFERENCE SHARES ("RCCPS")

The ordinary shareholders and holders of RCCPS of Keppel
Corporation Ltd (the "Company") had, at an Extraordinary
General Meeting held earlier today (the "EGM"), passed a
special resolution approving the Company's proposed capital
distribution of S$0.50 per share to ordinary shareholders.

The proposed capital distribution is subject to confirmation by
the High Court. Subject to such confirmation, ordinary
shareholders will be entitled to receive a cash distribution of
S$0.50 for each share held at a books closure date to be
notified by the Company.

Further, the ordinary shareholders and holders of RCCPS had also
passed, at the EGM, a special resolution to amend the Articles
of Association of the Company to permit the redemption of the
RCCPS on or before 31 December 2001 by the payment of the
redemption amount of US$1,203.36 for each RCCPS.

The Company will, 30 days prior to the redemption date, send to
each holder of RCCPS a notice specifying the date which the
Directors have fixed as the books closure date (which shall not
be less than 6 business days before the redemption date) for the
purposes of determining the entitlement of the holders of RCCPS
to the redemption amount.


SEMBCORP LOGISTICS: Posts Changes In Director's Interests
---------------------------------------------------------
Sembcorp Logistics Friday posted a notice of changes in its
director's interests in a related company, Singapore Airlines.
The announcement:

Notice Of Changes In Director's Interests in a Related Company -
Singapore Airlines Ltd

Name of director: Wee Chow Hou
Date of notice to company: 05 Oct 2001
Date of change of interest: 04 Oct 2001
Name of registered holder: Wee Chow Hou
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 3,000
Percent of issued share capital:
Amount of consideration per share
excluding brokerage,
GST, stamp duties,
clearing fee: $9.00
No. of shares held before change: 10,000
Percent of issued share capital:
No. of shares held after change: 7,000
Percent of issued share capital:

Holdings of Director including direct and deemed interest

Deemed          Direct
No. of shares held before change:         10,000
Percent of issued share capital:
No. of shares held after change:          7,000
Percent of issued share capital:
Total shares:             7,000


SPH ASIAONE: Issues Full Year Financial Statement Update
--------------------------------------------------------
SPH AsiaOne Limited issued additional information regarding its
full year financial statement and dividend announcement. The
company announced that exceptional items amounting to
$3,042,000, referred to in paragraph 2(c) of the announcement
relates to (a) amortization of goodwill on consolidation of the
Company's associate, American Bourses Corporation Pte Ltd,
amounting to S$2,450,000 and (b) loss on liquidation of the
Company's associate, FantasticOne (Asia-Pacific) Pte Ltd,
amounting to $592,000.


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T H A I L A N D
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ALPHA APPAREL: Business Reorganization Petition Filed
-----------------------------------------------------
Alpha Apparel Company Limited (DEBTOR), an apparel exporter,
filed its Petition for Business Reorganization in the Central
Bankruptcy Court:

     Black Case Number 412/2543

     Red Case Number 472/2543

Petitioner: ALPHA APPAREL COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt239,017,770.18

Planner: Alpha Planner Company Limited

Date of Court Acceptance of the Petition: May 31, 2000

Date of Examining the Petition: June 26, 2000 at 9.00 AM

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

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 3,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver:  November 3, 2000

Planner postponed the date for submitting the Plan #1st:
December 3, 2000

Planner postponed the date for submitting the Plan #2nd: January
3, 2001

Appointment date of the Creditors' meeting for the Plan
Consideration: February 6, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Creditors' meeting had a special resolution accepting the
plan

Court Order for Accepting the reorganization plan: February 14,
2001 and appointed Alpha Planner Company Limited to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited in February 21, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette : March 22, 2001

Contact: Mr. Amornrhat Tel 6792525 Ext. 132


BOOK CLUB: Posts Board Meeting Resolutions Re Cap Reduction
-----------------------------------------------------------
The 5th/2001 Board of Directors' Meeting of The Book Club
Finance Public Company Limited, held on October 4, 2001,
resolved:

1. The Board of Directors has passed the resolution to decrease
The Company's paid-up and registered capital with a reduction in
par value from Bt10/share to Bt5/share.  As a consequence, the
Company's paid-up capital shall be as follows:

   Existing Paid-Up Capital
     Paid-up Capital     2,832,937,640  Baht
     Preferred Shares      100,000,000  Shares
     Ordinary Shares       183,293,764  Shares

   New Paid-up Capital
     Paid-up Capital     1,416,468,820  Baht
     Preferred Shares      100,000,000  Shares
     Ordinary Shares       183,293,764  Shares

   The Company's registered capital shall be as follows:

   Existing Registered Capital
     Registered Capital  4,003,890,930  Baht
     Preferred Shares      100,000,000  Shares
     Ordinary Shares       300,389,093  Shares

   New Registered Capital
     Registered Capital  2,001,945,465  Baht
     Preferred Shares      100,000,000  Shares
     Ordinary Shares       300,389,093  Shares

The purpose of the capital reduction is to reduce the Company's
retained loss so that the Company's paid-up capital shall
reflect true value being in line with the Company's capital
fund.

This resolution shall be proposed to the shareholders for
approval and must be approved by the Bank of Thailand and the
Ministry of Finance. In addition, the Company shall notify the
Company's creditors of the resolution of capital decrease for
consideration. If there is no objection from the creditors
within two months, the Company shall proceed with the capital
reduction registration with the Ministry of Commerce.

2. The Board of Directors has passed the resolution to amend The
Company's Existing Memorandum of Association

"No. 4. Registered Capital  : Bt4,003,890,930
        Registered Shares   : 400,389,093  Shares
        Par Value   : Bt10
                  Type of Shares
        Ordinary Shares :      300,389,093  Shares
        Preferred Shares :     100,000,000  Shares

     New Memorandum of Association

"No. 4. Registered Capital  : Bt2,001,945,465
        Registered Shares  : 400,389,093  Shares
        Par Value   : Bt5
                  Type of Shares
        Ordinary Shares :      300,389,093  Shares
        Preferred Shares :     100,000,000  Shares

This resolution shall be proposed to the shareholders for
approval.

of Association, No. 5 Section 2 regarding The Share Issuance, to
comply with the Company's registered capital decrease to be as
follows:

     Existing Article of Association
"No. 5: The Company's shares are ordinary shares at the par
value of Bt10per share and name registered in the share
certificate."

"No. 5: The Company's shares are ordinary shares at the par
value of Bt5per share and name registered in the share
certificate."

This resolution shall be proposed to the shareholders for
approval.

4. The Board of Directors has passed the resolution to add No.50
Section 7, Additional Section to the Company's Article of
Association to comply with the Securities and Exchange
Commission's Notification as follows:

"If the Company or its subsidiaries agree to undertake the
related transactions or the transactions regarding the
acquisition or disposal of the Company or its subsidiaries'
assets notified by the Stock Exchange of Exchange and applied to
the related transactions of the listed companies or its
subsidiaries or the acquisition or the disposal of the listed
companies or its subsidiaries' assets, the Company shall comply
with the rules and conditions in the specified notification.

This clause specified in the first paragraph shall be in effect
as long as the Company has a duty to comply with the rules and
conditions specified by the Stock Exchange of Thailand"

The Company's Board of Directors is empowered to amend the
Article of Association No. 50, Section 7, Additional Section, to
comply with the registrar or officials that have the power by
law.

This resolution shall be proposed to the shareholders for
approval.

5. The Company's Board of Directors has passed the resolution to
designate the date of 1/2544 Extraordinary General Meeting of
Shareholders to be on Thursday, November 8, 2001 at 2.00 p.m. at
Mahisorn Conference Room on the 11th Floor of Siam Commercial
Bank Building (Building 2), 1060 Petchburi Road, Rajdhevi,
Bangkok 10400 to consider the following matters:

   1. To consider the ratification of the minutes of 2001 Annual
General Meeting of Shareholders held on April 26, 2001

   2. To consider the approval of The Company's registered and
paid-up capital reduction with a reduction in par value

   3. To consider the approval of the amendment of The Company's
Memorandum of Association No. 4 to comply with The Company's
capital reduction

   4. To consider the approval of the amendment of The Company's
Articles of Association No. 5, Section 2, The Share Issuance, on
the first paragraph, to comply with The Company's capital
reduction

   5. To consider the approval of amendment of The Company's
Articles of Association No. 50, Section 7, Additional Section,
to comply with the rules and conditions specified by the
Securities and Exchange Commission

   6. To consider other business (if any)

6.  The Company's Board of Directors has the resolution to
designate the date for closing the registration book to
determine the right of the shareholders to attend the 1/2544
Extraordinary General Meeting of Shareholders, commencing
Friday, October 19, 2001 at 12.00 noon until the meeting is
adjourned.  Only shareholders whose names appear on the
registration book on Friday, October 19, 2001 shall be entitled
to attend.


PREECHA GROUP: Issues Share Offering Results
--------------------------------------------
Preecha Group Public Company Limited reported the results of a
Share Offering dated 3 October 2001:

1. Information relating to the share offering

   * Class of shares offered : ordinary shares
   * Number of shares offered  : shares 60,000,000
   * Offered to   : Existing Shareholders
   * Price per share   : Bt0.10
   * Subscription and payment period : 17  21 September 2001

2. Results of the share sale

   (   ) totally sold
   ( / ) partly sold, with 23,167,401 shares remaining. The
company will deal with the remaining shares as follows: under
the Board of Directors 's consideration

3. Details of the sale

           Thai investors            Foreign investors
       Juristic     Natural      Juristic     Natural     Total
       persons      persons      persons      persons

Number of persons

       -              130           -            3           133

Number of shares subscribed

       -       36,796,599           -       36,000    36,832,599

Percentage of total shares  offered for sale

       -            61.33           -          0.06        61.39

4. Amount of money received from the share sale

   Total amount  : Bt3,683,259.90
   Less expenses  : ------- none -------
   Net amount received : Bt3,683,259.90


PROPERTY PERFECT: Posts Rehabilitation Plan Summary
---------------------------------------------------
Property Perfect Public Company Limited (the Company) posts the
summary of the Company's rehabilitation plan (the Plan), which
was approved by the Central Bankruptcy Court on October 2,2001:

                Summary of the Rehabilitation Plan
           For Property Perfect Public Company Limited
                     Dated 27th, October 2001.

Objectives of the Plan:

  * To restore the conditions necessary for the Company to
develop its land banks into residential projects for which it
can sell the housing units to the customers and generates
revenue to repay its debts.

  * To restructure the financial position of the Company to be a
viable concern with revenues consistent with general economic
conditions and the existing competitive environment.

  * To ensure that all the creditors will receive the repayment
in the amount more than the amount they would receive if the
Company was otherwise liquidated.

  * To return the Company back to the normal business conditions
with profitable operations as soon as possible.

  * The creditors who submitted theirs claims to the Official
Receivers are classified into 15 classes as follow.

Class No.                           Types of Debt

             Secured Creditors

1            Secured Creditors with claims less than 15 percent
             of the total debt

             Unsecured Creditors

2            Unsecured Financial Creditors
3            Unsecured Creditors with assets of other parties as
             collateral
4            Euro Convertible Bondholders
5            Bondholders of Bonds bearing a 5 percent interest
             rate and bondholders of Bonds bearing a 12.50
             percent interest rate
6            Unsecured Creditors under SWAP agreements
7            Unsecured Creditors under Advisory agreements
8            Unsecured Creditors under Trustee and Agency
             agreements
9            Working Capital Creditors
10           Creditors with claims guaranteed by the Company
             which have been in default
11           Creditors with claims guaranteed by the Company
             which have not been in default
12           Creditors which are governmental entities
13           Trade Creditors
14           Creditors with conditional obligations
15           Creditors who are homebuyers

Conceptual Framework of the Plan

  * The Company will continue its main core business of land and
housing development through the construction of single family
houses, townhouses, and the related infrastructure by focusing
on the land bank which are in areas where there are sufficient
demand, including projects which are under development or
partially developed but have been postponed due the shortage of
working capital in the past.

The Company intends to transfer land or houses to its customers
in order to generate cash flows to repay debts to its creditors.
The housing projects will be developed in accordance with the
Land Development Act 2543 (as amended) and other related rules
and regulations pertaining to the housing development.

  * Creditors will forgive the past due interest to the Company
including default interest, fees, court fees and other related
expenses, including such amounts from 19 February 2544 to the
date of the payment as described in the Plan.

  * Principal amount owed to Secured creditors will be repaid
from the proceeds of the sales of the collateral which have be
mortgaged with such secured creditors, general cash flow of the
Company, and certain debt to equity conversion.

  * Principal amount owed to unsecured creditors will be repaid
from the general cash flow of the Company and certain debt to
equity conversion.

  * Homebuyers who filed claims with the Official Receiver and
homebuyers who did not file claims with the Official Receiver
have the option of being repaid the principal amount in full via
a 12 month installment or transfer land and/or houses in
accordance with the provision of the Plan.

  * Trade creditors will be repaid the principal amount in full
via a 36 month installment.

  * Interest rate structure under Plan is as follows:

  Secured Creditors        Unsecured Creditors
                                        (Except Class
2544 (October 1  December 31)     1%                         1%
2545                              1%                         1%
2546                              2%                         1%
2547                              3%                         1%
2548                              3%                         1%
2549 to the Plan period           3%                         1%


  * Interest payment under the Plan will be paid within 30 days
from the ending date each quarter starting the last quarter of
year 2544.

  * Unsecured creditors (except Class 12, 13, 14 and 15) will
receive 7 warrants for every 1,000 Baht in principal to
compensate for certain forgone interest.

  * The repayment shall be made in Thai Baht only using the
exchange rate as of 19 February 2544 as announced by the Bank of
Thailand.

Sources of Fund for Repayment

  * Cash flows received from the sales of land and/or houses
which have been mortgaged.

  * Cash flows received from the sales of land and/or houses
which have not been mortgaged.

  * Cash flows received from the sales of other assets which
have been mortgaged.

  * Cash flows received from the sales of other assets which
have not been mortgaged.

  * Debt to equity conversion with the conversion rate of
Bt10/share

  * Issuance of warrants

Framework of Debt Repayment

Repayment of secured creditors  which hold the mortgage of
housing development projects shall be, as follows:

  * Repayment of principal from the proceeds of the sale of land
and/or houses in the amount of the greater of 35 percent of the
sales price or the mortgaged value determined by the Land
Department

  * Interest will be repaid from the general cash flow of the
Company. of the outstanding principal amount when the cash
balance of the Company is greater than Bt250 million, however,
not exceeding 100 percent of the total principal amount
outstanding when combined with the provision mentioned above.

  * The Company will reappraise the value of the collateral of
each secured creditors at the end of year 4 and 6 month after
the Plan approval in order to determine the difference between
the value of the collateral and the then principal amount
outstanding.  The appraisal will be completed within 90 days
of the start of the appraisal date.

  * In the event that the then principal amount outstanding is
greater than the value of collateral, the difference shall be
converted into equity of the Company.

Repayment of secured creditors which hold the mortgage which are
not housing development projects are as follows:

  * Repayment of principal from the proceeds of the sales of the
mortgage assets.  In the event that the sales proceeds are less
than the principal amount outstanding, the difference will be
converted into equity of the Company.

  * Interest will be repaid from the general cash flow of the
Company.

  * Repayment of principal from the general cash flow of the
Company in the amount not exceeding 8 percent of the outstanding
principal amount when the cash balance of the Company is greater
than Bt250 million, however, not exceeding 100 percent of the
total principal amount outstanding when combined with the
provision mentioned above.

  * The Company will reappraise the value of the collateral of
each secured creditors at the end of year 4 and 6 month after
the Plan approval in order to determine the difference between
the value of the collateral and the then principal amount
outstanding.  The appraisal will be completed within 90 days
of the start of the appraisal date.

  * In the event that the then principal amount outstanding is
greater than the value of collateral, the difference shall be
converted into equity of the Company. Repayment of principal to
unsecured creditors (Class 2,3,4,5,6,7,8, and 10) shall be as
follows:

  * Repayment of principal from the general cash flow of the
Company in the amount of 8 percent of the total outstanding
principal amount when the cash balance of the Company is greater
than Bt250 million.

  * 92 percent of the outstanding principal amount will be
converted into equity of the Company within 4 years and 6 months
from the date of the Plan approval.

  * Interest of 1 percent per year will be paid from the general
cash flow of the Company.

  * Warrants will be issued in the amount 7 warrants per Baht
1,000 of principal amount outstanding.

Repayment to Homebuyers shall be as follows:

  * Principal amount will be repaid in full via a 12 month
installment in case such homebuyers elect to receive cash
payment.

  * Principal amount will be used as down payment to purchase
land and/or houses in case such homebuyers elect to purchase
houses.

Repayment to Governmental Entities shall be as follows:

  * Principal amount will be repaid in full within 15 days from
the date of the Plan approval.

Repayment to Trade creditors shall be as follows:

  * Principal amount will be repaid in full via a 36 month
installment.

Time Frame of the Plan

  * The time period for the Plan is 5 years.

Exit from the Rehabilitation

The exit from the rehabilitation requires that the Company
fulfill all of the following conditions:

  *  The shareholders' equity shall be greater than zero

  *  Homebuyers shall have received payment in the amount not
less than 90 percent of the total outstanding principal amount.

  * Creditors who are governmental entities shall have received
payment in full

  * Debt to equity conversion shall have been completed by not
less than half of all the debt subject to the conversion under
the Plan or not less than 400 million shares.


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, Jerros Dolino, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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information, contact Christopher Beard at 240/629-3300.

                      *** End of Transmission ***