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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

           Friday, October 12, 2001, Vol. 4, No. 200

                         Headlines


A U S T R A L I A

ANSETT AUSTRALIA: Administrator To Sign Management Deal W/ SIA
ANSETT AUSTRALIA: ANZ Extends Recapitalization Deadline
GOODMAN FIELDER: NAB Ups Stake To 8.06%
MAXIS CORPORATION: Submits Re-quotation Application To ASX
MAXIS CORPORATION: Summarizes September Quarterly Results

NORMAN WINES: Xanadu Posts Acquisition Update
PACIFIC COMMERCE: PwC Posts Case Profile


C H I N A   &   H O N G  K O N G

FULBOND HOLDINGS: Suspends Trading Of Securities
MANDARIN RESOURCES: Unusual Turnover Movement Unexplainable
TIANJIN DEVELOPMENT: Issues Clarification Announcement


I N D O N E S I A

ASAHIMAS FLAT: Plans To Pledge Assets To Japanese Creditors
CHAROEN POKPHAND: Will Issue Rp400B Bonds To Pay Debts
HOLDIKO PERKASA: Posts 2001 Asset Sales Progress Update


J A P A N

BRIDGESTONE CORP: Moody's Lowers Debt Rating To Baa2 From Baa1
HUIS TEN: Closes Theme Park Unit As Part Of Rehab Plan
JAPAN AIRLINES: Foresees Y10B Group Pretax Loss
SUMITOMO MITSUI: Slashes 1H Group Profit Outlook


K O R E A

KOREA ELECTRIC: Issuing Y25B 3-Year Bonds By October's End
KOREA ELECTRIC: Unit's 2nd Auction Draws Five Bidders
KOREA LIFE: Hanwha Seeks Controlling Stake
KOREAN AIR: Issues W300B Corporate Bonds
HYNIX SEMICONDUCTOR: Creditors Allow CB Profits Use

HYNIX SEMICONDUCTOR: Two Creditors Slash Profit Forecasts
HYUNDAI MOTOR: Three U.S. States US$1B Auto Plant Candidates


M A L A Y S I A

ANSON PERDANA: Proposes Share Premium Reduction
ARTWRIGHT HOLDINGS: BNM OKs Credit Facility Application
AUSTRAL AMALGAMATED: SC OKs Scheme Implementation Extension
CHASE PERDANA: Posts Financial Obligation Default In Payment
CSM CORPORATION: Updates Defaulted Interest Payments Status

GADEK CAPITAL: SC Grants Proposed Restructuring Approval
MYCOM BERHAD: Seeking Shareholders' Proposal Approval
OMEGA HOLDINGS: Vendors Terminate Sale, Purchase Agreement
TIMBERMASTER INDUSTRIES: KLSE Issues Reprimands Re SBLR Breach
UNITED ENGINEERS: KLSE To Delist Paid-Up Capital, Warrants


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Creditors Ask Shareholder's Support
METRO PACIFIC: Long-Term Commercial Papers Now Rated PRS Baa  
MUSIC CORP: Submits Financial Reports, Eludes Share Suspension
NATIONAL POWER: Privatization May Be Delayed
NATIONAL POWER: To Bid Out P1.99B Coal Deals
NATIONAL STEEL: Union Requests Roxas' Ouster Fr Proceedings


S I N G A P O R E

FHTK HOLDINGS: Posts Notice Of Substantial Shareholding
KEPPEL CAPITAL: Posts Notice Of Voluntary Takeover


T H A I L A N D

ALPHATEX INDUSTRIES: Business Reorg Filed In Bankruptcy Court
MODERN HOME: Summarizes Rehabilitation Plan
SUPALAI PUBLIC: Reports On CD Convertible Right Exercise
THAI ENGINE: Exempted To Submit Financial Statement
TPI POLENE: SCCC Posts Investment Proposal Info

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: Administrator To Sign Management Deal W/ SIA
--------------------------------------------------------------
Ansett Airlines' administrator Mark Mentha expects to sign a
management deal with Singapore Airlines (SIA). The management
deal could result in SIA's acquisition of Ansett, AFX reported
Wednesday.

"We are looking to SIA to enter into a management agreement with
the administrators to help the administrators manage the Ansett
Mark II group," he said.

He said SIA would charge a fee for management, while an outright
purchase by SIA remains an option.

"We need a lot of help in relation to fleet management, group
profitability and strategy, in terms of testing out business
plans that we are looking to re-enter the Australian market
full-time on a long-term viable basis," he said.
  

ANSETT AUSTRALIA: ANZ Extends Recapitalization Deadline
-------------------------------------------------------
Ansett Australia's parent Air New Zealand (ANZ) advised that
yesterday evening the Crown extended to Thursday the date for
satisfaction of conditions relating to:

* Formal confirmation of ongoing support being obtained from the
Company's banks and other financiers.

* The Crown being satisfied as to the extent of the Company's
residual exposures in relation to Ansett.

This follows an earlier extension in relation to these matters
from 5 October to 10 October. Air New Zealand considers that,
despite the slight delay, good progress has continued to be
made.

In a separate, but related matter, on Thursday the Federal Court
of Australia will consider the application by Ansett's Voluntary
Administrator for approval of the Memorandum of Understanding
entered into between the Company and the Voluntary
Administrator.


GOODMAN FIELDER: NAB Ups Stake To 8.06%
---------------------------------------
National Australia Bank Limited Group increased its relevant
interest in Goodman Fielder Limited on 02 October 2001, from
75,711,905 ordinary shares (5.93 percent) to 103,328,540
ordinary shares (8.06 percent).


MAXIS CORPORATION: Submits Re-quotation Application To ASX
----------------------------------------------------------
The Board of Maxis Corporation Limited advised that, following
its compliance with all of the undertakings given to the ASIC
and the recent release to the market of a report prepared by PKF
on their independent review of the operations and accounts of
the Maxis Group, it has now made an application to the ASX for
the re-quotation of its securities.

Maxis believes that it has, for quite sometime, satisfied all of
the conditions for re-quotation of its securities, in particular
the criteria set under Chapter 12 of the listing rules normally
applied under these circumstances. The company refrained from
making an application earlier as part of conditions agreed to
with the ASIC. Consequently, Maxis has urged the ASX to consider
its application expeditiously.

The Board invites any queries from investors in respect of the
above to be directed to either Vaz Hovanessian or Nicholas Swan
on 02 9433 6600.


MAXIS CORPORATION: Summarizes September Quarterly Results
---------------------------------------------------------
Maxis Corporation Limited posted a summary for September
Quarterly Results:

In the interest of having an informed market before its
securities are re-quoted, and in particular, given the recent
history of the Maxis Group, the Board of Maxis has considered it
appropriate to release a summary of its unaudited pro-forma
September Quarter Results as shown in the attached Appendix,
based on management accounts prepared for the Board.

The Board is pleased to advise that it has recorded revenues in
excess of $2.3 million for the quarter, with an EBITDA of
$694,000. This is after allowing for losses from its Heartland
Communications subsidiary of approximately $140,000 and
Corporate Overheads of $133,000. The results were considerably
better than budgeted for.

Maxis also has current cash reserves in excess of $535,000 after
allowing for unpresented cheques of approximately $220,000.

These results show a significant turnaround from the Year Ended
30 June 2001 for which the Group recently reported losses of
approximately $78 million. However, it is notable that much of
this loss related to a write down of the Group's investment in
the ABT Group ($60 million) and other one-off write offs and
adjustments ($12.5 million) and that the operating loss for that
period was limited to $5.5 million.

The improvement in the operations reflects the efforts of the
new Board and Management and the restructuring of the Group.
These include the closure of the Group's Equipment Procurement
business, ABT Supplyline, and the rationalization of overheads.

The results have been prepared on a pro-forma basis assuming
reconsolidation of Australian Business Technologies Pty Limited
and its subsidiaries effective from 1 July 2001. This follows
the regaining of practical control of its subsidiaries Heartland
Communications and ABT Supplyline from the Administrators on 2
July 2001, and legal control on 27 July 2001, following the
official retirement of the Administrators.

However, despite believing that the current profit trend should
continue, the Board wishes to advise shareholders and investors,
that there still remains a need to raise additional funds to
meet the payment of $1.3 million due under the Deed of Company
Arrangement and meet budgeted but not mandatory capital
expenditure of approximately $600K, as advised previously.

On a positive note, the Board believes that its recent and
unexpected problems are now behind it. Enquiries about our core
business, Managed Networks, are running at a strong level which
augurs well for the future. We have a viable and achievable
business strategy developed within a comprehensive business plan
put together by the new Board which is being cautiously and
progressively realized. Whilst there remains much work to be
done, the Board is guardedly optimistic about the Group's
prospects.

GROUP SUMMARY RESULTS (UNAUDITED)
FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2001

                                       GROUP
                                  ACTUAL     BUDGET    VARIANCE
                             NOTE    $'000      $'000     $'000

Revenue                             2,347       2772      (425)

Direct costs & overheads    (1)     1,653       2446       793

EBITDA                                694        326       368

Depreciation & amortization           490        322      (168)
Goodwill amortization                 250        187       (63)
Write down of goodwill      (2)    18,311              (18,311)
Proven for non-recovery of loan (3)   (18,602)            18,602
IT                                     245       (183)      428

Interest expense                       27         24        (3)

EBT                                   218       (207)      425

Tax expense                            -          -          -

Profit (loss) after tax               218       (207)      425

(1) Includes $172K write back of doubtful debts that have been
recovered in ABT Supplyline Pty Limited.

(2) Adjustment to write down of the carrying value of goodwill
(assuming reconsolidation of Australian Business Technologies
and its subsidiaries' with Maxis) from $22.3 million to $4
million, being the carrying value of Maxis' investment in
Managed Networks at 30 June 2001.

(3) Adjustment arising on reconsolidation of Australian Business
Technologies and its subsidiaries with Maxis, to write back the
provision for non-recovery of loans previously written off at 30
June 2001, following deconsolidation of the Group at this date,
as the loans eliminate on consolidation.


NORMAN WINES: Xanadu Posts Acquisition Update
---------------------------------------------
Xanadu Wines Limited has purchased the key premium brands and
the business name of 153-year-old South Australian wine producer
Norman Wines Limited (Normans) along with its Clarendon Winery
and vineyard and packaged stock of premium wines.

Xanadu will pay a total of $3.7M for the premium brands and the
winery and vineyard, in the prime Adelaide Hills / McLaren Vale
region, after reaching an agreement with Normans' receivers
Ferrier Hodgson. As part of the agreement Xanadu will offer
employment to all Clarendon winery staff. Xanadu will also
consider offering employment to other Normans employees.

The purchase comes three months after merger negotiations
between Xanadu and Normans were shelved, prior to Normans
entering receivership.

Normans' premium brands are among the world's finest as
illustrated by the Company's success in winning five gold medals
and a silver medal at the recent New York Intervin awards.
Xanadu, the holder of the George Mackey award for Australia's
best export wine, has also recently won three gold medals at
prestigious international wine shows, the New York Intervin and
London Wine Challenge.

The acquisition of Normans will enable the recently listed
Margaret River wine company to expand its production and
international sales and reach the critical mass it was seeking
through its original merger plan with Normans. The new structure
will see Xanadu expand its sales to approximately 240,000 cases
for the 2002 financial year and 380,000 cases in 2003.

Xanadu's net profit after tax for the financial year ending June
30, 2002, including Normans' returns for less than eight months
trading, is forecast to be $2.3m.

The acquisition and associated working capital will be funded by
a combination of equity and debt. Xanadu will raise between
$3.5m and $4.5m from a share placement at 20 cents per share.
The placement will be to UK-based University Super Scheme (a
major Xanadu shareholder); Private Liquor Brands (Xanadu and
Normans' UK distributor); and other sophisticated investors.

Xanadu Directors have committed to subscribe $1.2m subject to
shareholder approval at the Company's forthcoming AGM.

As a result of a $4.5M share placement (22.5M shares) and
acquisition of Normans' brands and winery, Xanadu's forecast
earnings per share, on an annualized basis, will be 2.5 cents
with a net asset backing of 28 cents per share. The annualized
forecast earnings is 47 percent higher than Xanadu's pre-
acquisition forecast.

Xanadu also announced that it had appointed leading distribution
company Red and White as its national distributor. Red and White
is part of the Casama group, a leading national fine wine
wholesaler and distributor representing a wide selection of
premium local and imported wine brands.

Coming just four weeks after the appointment of William Grant
and Sons as its North American distributors and 12 months after
appointing Private Liquor Brands as its UK and European
distributor, Xanadu now has one of the strongest distribution
networks of any wine company in Australia.

Xanadu Managing Director Andrew Moore said the Normans
acquisition had fast tracked Xanadu's position as a wine
producer and exporter by five years.

"This transaction enables us to purchase all the prime assets we
wanted when we began negotiating with Normans some months ago
without having to take assets and liabilities that we did not
need, and we have done so at a reasonable price," Moore said.
"It will strengthen our export sales to the extent of fast
tracking us five years ahead and will give us an excellent
return on capital."

"That our UK distributor PLB is investing in the company is
testimony to the industry's positive view of this transaction
and the position Xanadu will occupy as an international producer
of premium wines."

Receiver and Manager Carter said "this is a strong result for
Normans and for its branded business both domestically and
overseas going forward." Carter anticipates being able to
announce the sale of a number of other major assets of Normans
very shortly.

Normans was awarded gold medals at the New York Intervin Wine
show for these wines:

1998 Chais Clarendon Cabernet
1998 Chais Clarendon Shiraz
1998 Old Vine Greneche
1999 Old Vine Greneche
1999 Old Vine Shiraz
1999 Encounter Bay Shiraz

Normans' 2000 Adelaide Hills Chardonnay was awarded a silver
medal.

For further details please contact:

Andrew Moore,
MANAGING DIRECTOR
Xanadu Wines Ltd on (08) 9322 8533 or
0417 176 436; or

Bruce Carter,
RECEIVER NORMANS WINES LTD
0418 823 687


PACIFIC COMMERCE: PwC Posts Case Profile
----------------------------------------
PricewaterhouseCoopers posted Pacific Commerce Pty Ltd case
profile:

Territory :  Australia  
Company Name:  Pacific Commerce Pty Ltd  
Lead Partner:  Nick Brooke  
Case Manager:  David Webb  
Date of Appointment:  20 August 2001  
Normal Contact :  Nick Brooke  
Contact Phone No :  03 8603 6214  

PwC Office  

Location :  Melbourne  
PO Box :  GPO Box 1331L  
Street Address:  215 Spring Street  
City  :  MELBOURNE  
State  :  VIC  
Postcode :  3000  
DX  :  DX 77 Melbourne  
Phone  :  (03) 8603 1000  
Fax  :  (03) 8603 6044  
Appointor :  in writing under the common seal of the company  
Registered Office of company:  Level 1, 660 Doncaster Road,
Doncaster VIC 3108  
Company No / CAN  :  004 663 067  
Type of Appointment :  Administrator  
Lead Partner - Full Name:  Nicholas Brooke  
Second Partner - Full Name:  David Laurence McEvoy  

Case Information  

First Creditors' Meeting  

Date :  27 August 2001  
Time :  10:00 am  
Address:  Level 8, 215 Sping Street, Melbourne  
Proxy return date:  24 August 2001  
Return time:  5:00 pm  

Second Creditors' Meeting (or adjournment)  
Date :  17 September 2001  
Time :  11:00 am  
Address:  Level 4, 215 Spring Street, Melbourne  
Proxy return date:  14 September 2001  
Return time:  5:00 pm  

Other Key Information  

Report as to Affairs received from directors:  

The Report as to Affairs has now been received from the
directors and has been included in the report to creditors that
was circulated prior to the creditors meeting on 17 September
2001.

Dates of trading by insolvency practitioner:  20 August 2001 to
31 August 2001  

Business sold/ceased trading:  The business ceased trading on 31
August 2001.  

Background Information  

Nicholas Brooke and David McEvoy were appointed joint and
several Voluntary Administrators of Pacific Commerce Pty Ltd on
20 August 2001. The Directors of the company made the
appointment.  

Current status of assignment and actions required by creditors  

The first meeting of creditors was held on 27 August 2001. At
that stage a number of proposals to keep the business operating
as a going concern were being discussed and evaluated by the
Administrators. The creditors will have the chance at the
creditors meeting on 17 September 2001 to consider the proposal
submitted by one of the interested parties.  

Next milestone and estimated timetable  

The second meeting of creditors is to be held on 17 September
2001. A report has been sent out to all creditors outlining the
details of the investment and restructuring proposals currently
being evaluated by the Administrators.  

Likely outcome for creditors and timetable  

Potential investors are currently completing due diligence and
we are evaluating the details of the various proposals as they
are received. For these reasons, it is difficult to project the
likely outcome for creditors at this stage. However the
Administrators are pessimistic about there being sufficient
funds to provide a return to unsecured creditors.  


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


FULBOND HOLDINGS: Suspends Trading Of Securities
------------------------------------------------
Fulbond Holdings Limited (the "Company"), at the request of the
Company, advised that its securities trading will be suspended,
effective from 10:00 a.m. Thursday (11 October 2001), pending an
announcement in connection with related transactions involving
issue of Company securities.

The Company posted for the year 2000 a net loss of US$10.349
million as opposed to a net loss of US$30.505 million incurred
in 1999. This was made on sales totaling US$74.533 million,
which fell from US$98.537 million incurred in the previous year.

In addition, the company's loss from operations stood at
US$2.830 million, while pre-tax loss dropped to US$9.397 million
from US$29.089 million.

Fulbond Holdings was formerly known as Ta Fu International
Holdings Limited.


MANDARIN RESOURCES: Unusual Turnover Movement Unexplainable
-----------------------------------------------------------
The board of directors of Mandarin Resources Corporation Limited
(the "Board") has noted the recent increase in the trading
volume of the shares of the Company and stated that, save for
the information disclosed in the Company's previous
announcements dated 5th September, 2001, it is not aware of any
reasons for such an increase.

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


TIANJIN DEVELOPMENT: Issues Clarification Announcement
------------------------------------------------------
The directors (the "Directors") of Tianjin Development Holdings
Limited (the "Company") made an announcement at the request of
The Stock Exchange of Hong Kong Limited to clarify the
statements in the articles published in certain newspapers on
10th October, 2001 regarding to possible disposal of loss-making
business, possible investment in dairy production and possible
injection of assets to the Company from its parent company (the
"Articles").

The Directors of the Company would like to clarify the
statements in the Articles:

Possible disposal of loss-making trading business of the Company
("Possible Disposal")

To protect the interests of all shareholders, disposal of any
loss-making business is a normal corporate exercise for most
listed companies, including the Company.  As confirmed by the
Directors, the Company would not rule out the possibility and
its intention of Possible Disposal.  However the Possible
Disposal is still in a preliminary stage.  Details and terms of
the possible transaction have not been discussed.

Possible investment in dairy production business

The Company has an intention to carry out a feasibility study in
possible investment in dairy production business.  The
investment scale of HK$160 million investment as mentioned in
the Article is solely estimated by the Directors based on the
experience and market information.  It is confirmed that such
investment plan is in preliminary stage and has not been
confirmed and no discussion with any potential counter-party has
been taken place.  Therefore no timetable or schedule of capital
injection has been set.

Possible assets injection from its parent company

Regarding the possible asset injection into the Company from its
parent company, it is in fact one of the long-term corporate
plan of the Company.  Since one of the conditions of the
possible asset injection would be the formal approval from the
relevant authorities in the PRC, no detail discussion on the
scale or time-table between the Company and its parent company
in connection with any target asset injection has been
proceeded.

Should there be any progress in the above, further press
announcement will be made by the Company.

The Directors confirm that all the above issues are still in
preliminary stage without any concrete plan and may or may not
proceed in the near future.


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


ASAHIMAS FLAT: Plans To Pledge Assets To Japanese Creditors
-----------------------------------------------------------
PT Asahimas Flat Glass said it plans to pledge its assets as
guarantees for its debts to Bank of Tokyo-Mitsubishi, Mitsubishi
Trust and Banking Corp, and Asahi Glass Co Ltd, AFX-Asia
reported yesterday.

The company will also provide a corporate guarantee on Asahimas'
debt to Japan Bank for International Cooperation, Dai-ichi
Kangyo Bank and Bank of Tokyo-Mitsubishi.

The assets to be pledged are comprised of land and buildings
valued at Rp819.250 billion, or 30.47 percent of its total
assets. It owes a total of US$94 million debt to the above
Japanese creditors.

An EGM to vote for the plan is scheduled on Nov 9, 2001.


CHAROEN POKPHAND: Will Issue Rp400B Bonds To Pay Debts
------------------------------------------------------
PT Charoen Pokphand Indonesia (CPIN) plans to issue bonds worth
Rp400 billion to pay the company's debt, Bisnis Indonesia
reported Thursday citing Corporate Secretary Benny Irsyad.

"Proceeds gained will be used to pay some of the company's debt
and that of its subsidiary, Charoen Pokphand Jaya Feed," Irsyad
explained.

According to Irsyad, the company will put its fixed assets worth
Rp500 billion or equal to 125 percent of the total bonds as
collateral, which comprises accounts receivable, supply, and
fixed assets.

The company's other valuable assets, Charoen Pokphand Holding
Co. Ltd., Cayman Island and Charoen Pokphand Overseas Investment
Co. Ltd Hong Kong were also put as collateral.

CPIN is said to have settled 50 percent of its debt
restructuring, of which amounted to U$174 million, Y1.376
million and Rp20 billion.

"Since the beginning of restructurization on October 26, 1999
until June 30, 2001, the company has paid main debt of US$78.30
million, Y619.312 million, Rp9 billion plus interest right on
time, leaving only US$95.70 million, Y756.937 and Rp11 billion
in its long term notes," Irsyad concluded.


HOLDIKO PERKASA: Posts 2001 Asset Sales Progress Update
-------------------------------------------------------
PT Holdiko Perkasa announced that it received preliminary bids
for the sale of its ownership in PT Berdikari Flour Mills on 9
October 2001 at 3 pm. The company continues to move forward with
each of the 11 asset sale transactions currently underway, and
this is a short update of each one of them:

PT Berdikari Flour Mills

Submission of preliminary bids is scheduled Tuesday, 9 October
2001 at 3 pm.

Sugar Group, PT Poli Contindo Nusa and PT Indosiar Visual
Mandiri Tbk

The sales of its ownership in the above assets have now moved on
to the due diligence phase.

Riau Industrial Estates

(PT Batamindo Investment Corporation, PT Bintan Inti Industrial
Estate & PT Karimun Sembawang Shipyard) The company will soon be
opening the data room for due diligence purposes. As this is a
one tier tender process, interested investors should immediately
contact the appointed financial advisors by this week:

Michael Staheyeff
Managing Director
JP Morgan Chase
Plaza Chase Podium, 4th Floor
Jl. Jend. Sudirman Kav. 21
Jakarta 12920
Ph.:+62 21 571 8400
Fax:+62 21 521 3440
e-mail: michael.staheyeff@jfleming.com  

Willson Kalip
Director
PT Procon Indah
JSX Building Tower 2, 19th Floor
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
Ph.:+62 21 515 3888
Fax:+62 21 515 3232
e-mail : willson.kalip@procon.co.id

PT Gumindo Perkasa Industri

Teasers have recently been sent out to those who have expressed
interest, please contact the financial advisor for this sale:

PT Siddharta Consulting
Wisma GKBI, Lt. 32
Jl. Jend. Sudirman Kav. 28
Ph.: +62 21 574 0877
Fax: +62 21 574 0313

Samir Soota, Senior Director Advisor
E-mail: ssoota@siddharta.co.id

Sakti Hoedoyo, Associate Director E-mail:
shoedoyo@siddharta.co.id

Guangdong Jiangmen ISN Float Glass Co. Ltd.

Preliminary bids are still scheduled to be submitted by Friday,
12 October 2001. To receive an invitation for the submission of
preliminary bids, please send an expression of interest to the
financial advisor for the sale:

The Hongkong and Shanghai Banking Corporation Limited
Investment Banking and Markets
21 Collyer Quay # 09-00
HSBC Building
Singapore 049320

Harry Naysmith, Managing Director
Ph.: (65) 239 7980
Fax: (65) 222 5881
e-mail: harrynaysmith@hsbc.com.sg

James Tan, Associate Director
Ph.: (65) 239 7990
Fax: (65) 222 5881
e-mail: jamestan@hsbc.com.sg

Edible Oil & Fats Group

Preliminary bids are scheduled to be submitted by Monday, 22
October 2001. To receive an invitation for the submission of
preliminary bids, please send an expression of interest to the
financial advisor for the sale:

Odigo Management Group Pte Ltd
Plaza Mandiri, Lt. 31
Jendral Gatot Subroto Kav. 36-38
Jakarta 12190
Telp. : (62-21) 524 0008
Fax : (62-21) 527 5354

Irwan Tirtariyadi
E-mail: itirtariyadi@omggroup.com

Ali Budiman
E-mail: abudiman@omggroup.com

PT Indomarco Adi Prima

Preliminary bids are also scheduled to be submitted by Monday,
22 October 2001. To receive an invitation for the submission of
preliminary bids, please send an expression of interest to
financial advisor for the sale:

PT Ernst & Young Consulting Gedung Bursa Efek Jakarta Lt. 13
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
Ph.: (62-21) 515 1960
Fax: (62-21) 515 1967  
  
Simon Subrata, Partner
e-mail: simon.subrata@id.eyi.com
Hadian Iswara, Senior Manager
e-mail: hadian.iswara@id.eyi.com

PT Yakult Indonesia Persada & PT Indogift Chuenher Indah

At present the company is still in the phase of soliciting
interests while talking to the existing joint venture partners
and taking into considerations of any existing rules and
regulations applied to the company.


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


BRIDGESTONE CORP: Moody's Lowers Debt Rating To Baa2 From Baa1
--------------------------------------------------------------
Moody's Investors Service has lowered the long-term debt rating
of Bridgestone Corporation (Bridgestone) to Baa2 from Baa1. The
rating outlook remains negative. The rating action is the result
of a review commenced by Moody's on May 22, 2001.

The downgrade reflects Moody's expectation that the impact from
the additional Bridgestone/Firestone Inc.'s (Firestone) tire
recall may further erode Firestone's U.S. sales prospects and
brand image. The rating change also incorporates Moody's
expectation that a recovery in consumer confidence in the United
States is likely to be slow.

Following an initial determination by the National Highway
Traffic Safety Administration (NHTSA), Firestone, a U.S.
subsidiary of Bridgestone, agreed on October 4, 2001 to a
further tire recall of P235/75 and P225/70R16 Wilderness AT
tires produced before May 1998.

The company estimates that about 768,000 of the affected SUV
tires were in the market prior to Ford Motor's 13 million tire
replacement program. Firestone has recorded losses in market
share and weak operating performance in the U.S. since the
reported fatal accidents linked to Firestone tires on certain
Ford Motor vehicles.

NHTSA's initial determination and the agreed additional recalls
could further erode consumer confidence in Firestone tires in
the US, as well as the company's long term prospects. Moody's
says that the NHTSA conclusion may also have a negative impact
on Firestone's litigation cases.

Bridgestone's current level of financial flexibility is strong,
but given the history of large product liability awards in the
US, Moody's considers that potential litigation damages could be
great for Bridgestone. Bridgestone will also continue to face
formidable operational and financial challenges.

Moody's will continue to monitor Bridgestone's strategy to
rebuild its US operations; how effectively it will restore and
manage consumer sentiment and the impact of potential lawsuits.

Bridgestone Corporation, headquartered in Tokyo, Japan, is one
of the world's leading manufacturers of tire products.


HUIS TEN: Closes Theme Park Unit As Part Of Rehab Plan
------------------------------------------------------
Huis Ten Bosch Company, a financially troubled theme park
operator in Sasebo, Nagasaki Prefecture, plans to lay-off some
100 workers and to close its Nagasaki Holland Village by the end
of this year in order to fulfill its part in an ongoing
rehabilitation program, Kyodo News reported October, 11.

The lay-off and closure plan is expected to be officially
announced Thursday.

In support of Huis Ten Bosch's reconstruction, its creditor
banks, including the Industrial Bank of Japan (IBJ), are
expected to forgive loans of more than Y20 billion yen.


JAPAN AIRLINES: Foresees Y10B Group Pretax Loss
----------------------------------------------
Due to a significant drop in earnings in the wake of the
September 11 terrorist attacks, Japan Airlines Company is
expected to post a consolidated group pretax loss of around Y10
billion for the fiscal year through March 2002, the Asian Wall
Street Journal reported Wednesday.

Japan's largest airline is experiencing a drastic drop in the
number of passengers, a shortage of about 20 percent for the
month of September. The current figures are expected to drop by
30 percent for the month of October.


SUMITOMO MITSUI: Slashes 1H Group Profit Outlook
------------------------------------------------
Sumitomo Mitsui Banking Corporation on Thursday revised down
group net profit forecast for the first half ended September 30
to Y30 billion from Y75 billion previously projected, the Asian
Wall Street Journal reported Wednesday.

The bank also cut its group pretax profit estimate to Y110
billion from the Y180 billion originally estimated. Sumitomo
blamed the downward profit revision to a decrease in the value
of its shareholdings, plus a significant increase in bad loan
disposals.

Sumitomo Mitsui joined other Japanese mega banks in revising
down profit forecasts due to the impact of share price drops.


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


KOREA ELECTRIC: Issuing Y25B 3-Year Bonds By October's End
-----------------------------------------------------------
In order to finance maturing bonds, KEPCO, or the Korea Electric
Power Corporation plans to issue Y25 billion in three-year
unsecured Eurobonds, the Asian Wall Street Journal reported
Wednesday.

Pricing for the bonds will be on Oct. 30 and settlement is to be
expected mid-November. Kepco also decided to issue yen-
denominated bonds because interest rates in Japan are much lower
than those in Korea.

Sources say that approximately 60 percent of the bonds will be
purchased by Japanese institutions, although the bonds are
issued in the Euro market.

The bond issuances are to be lead managed by Barclays Capital,
Merrill Lynch and Hyundai Securities. The bonds are expected to
be issued with a yield of 1 percent.

Kepco has about US$500 million in bonds that will mature in the
second half of this year.


KOREA ELECTRIC: Unit's 2nd Auction Draws Five Bidders
-----------------------------------------------------
Korea Plant Service & Engineering Co. (KPS), a unit of Korea
Electric Power Company (KEPCO), has attracted 5 bidders in the
government's second auction for the sale of its majority stake
in the KEPCO unit, the Asian Wall Street Journal reported
yesterday.

Interested parties are Doosan Heavy Industries & Construction,
Westinghouse Electric Co., British Nuclear Fuels Group.

Hyosung Corporation, already a veteran of the first auction, has
entered a bid the second time around. Alstom S.A. of France, an
unnamed U.S. company and another French company submitted first
time bids KPS.  


KOREA LIFE: Hanwha Seeks Controlling Stake
------------------------------------------
Hanwha Group seeks a controlling stake in insurance company
Korea Life Insurance Co. Hanwha has already submitted its bid to
the South Korean government, which is currently in control of
Korea Life through the Korea Deposit Insurance Corporation
(KDIC), the Asian Wall Street Journal reported October 10.

KDIC, which guarantees bank deposits, currently owns Korea Life
after injecting public funds to re-capitalize the latter for
2000 and 2001.

As part of its efforts to privatize and reform the financial
sector, the government hopes to sell at least a 51 percent stake
in Korea Life by end of the year.


KOREAN AIR: Issues W300B Corporate Bonds
----------------------------------------
In order to repay bonds maturing at the end of the year, Korean
Air Co Ltd has issued W300 billion in 2-year corporate bonds,
amid a slowdown in passenger traffic and steadily increasing
insurance premiums. The maturing bonds are also valued at W300
billion, AFX-ASIA reported Tuesday

Half of the bonds issued were bought by Korea Development Bank
and the rest went to local brokerages.

The Korean airline industry has been especially hard hit by the
current economic and political crisis brought about by September
11 terrorist attacks. The industry has also been continually
seeking aid from the government as well as its creditors.


HYNIX SEMICONDUCTOR: Creditors Allow CB Profits Use
---------------------------------------------------
In a move to keep the company afloat, 18 creditor banks of Hynix
Semiconductor Inc. have allowed the distressed chipmaker to use
a portion of the proceeds it gained from a convertible bond
(CBs) issue in June to pay off maturing debts, Korea Herald
reported Thursday.

However, an agreement to extend new loans to the ailing
semiconductor firm was not reached and a compromise is
unforeseeable.

During a meeting held at Korea Exchange Bank, the creditor banks
agreed to spend W370 billion, or what's left of the proceeds
from the issuance of CB's last June to keep Hynix financially
viable.


HYNIX SEMICONDUCTOR: Two Creditors Slash Profit Forecasts
---------------------------------------------------------
In line with plans to increase provisions against Hynix's loans,
two creditor banks of the troubled semiconductor company have
cut their own earnings estimates for this year, the Asian Wall
Street Journal reported Wednesday.

Main creditor Korea Exchange Bank has already lowered its profit
forecast to W200 billion from the previous estimate of W760
billion. Hong Young Wan, spokesman for Korea Exchange Bank
blamed Hynix for the revisions. "We plan to double our
provisions against Hynix's loans by the end of this year, which
will hurt our profits this year," he said.

Korea Exchange also plans to raise reserves against total loan
exposure to about 50 percent by the end of the year. Last year,
Korea Exchange Bank had W970 billion in loans to Hynix, and had
a net loss of W404 billion.

Another Hynix creditor Koram Bank, slashed its profit estimates
to W200 billion, from W600 billion. The bank, which is owned by
Washington-based buyout firm Carlyle Group, also plans to double
its provision against Hynix's loans to 80 percent by year end.
Koram Bank, last year, also had a net loss of W390 billion.


HYUNDAI MOTOR: Three U.S. States US$1B Auto Plant Candidates
------------------------------------------------------------
Three Candidate U.S. states were reportedly chosen by the
Hyundai Motor Group as possible sites for a proposed US$1
billion automotive plant to be built jointly with Kia Motors,
the Korea Herald reported yesterday.

The plant, to be completed by 2005 at the earliest, is Korea's
first car manufacturing facility in the United States.

The three states have been chosen from a half a dozen other
states who have been lobbying aggressively to play host to the
plant following initial announcements by the Korean carmaker of
plans to make a US factory.

Analysts say that the opening of the car plant is expected to
slash Hyundai's North American sales prices by 8 to 9 percent
because export costs, import tariffs and insurance expenses are
altogether eliminated.


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


ANSON PERDANA: Proposes Share Premium Reduction
-----------------------------------------------
The Board of Directors of Anson Perdana Berhad (Anson or the
Company) has authorized Malaysian International Merchant Bankers
Berhad to release this announcement on behalf of the Company:

"The Board of Directors of Anson wishes to announce that the
Company is proposing to utilize the balance standing in its
share premium account to write-off part of the accumulated
losses of the Company (Proposed Share Premium Reduction).

Pursuant to Section 60(2) and Section 64 of the Companies Act,
1965 (Act), Anson may reduce its share premium account provided
that such reduction is approved by the shareholders by way of a
special resolution and confirmed by the High Court of Malaya.

Based on the latest audited accounts, the accumulated losses of
the Anson Group is approximately RM311,597,000. After the
completion of the Proposed Share Premium Reduction, the
accumulated losses standing as at 31 August 2000 of
RM311,597,000 will be reduced to RM180,736,000, after the
Proposed Share Premium Reduction (assuming utilization of the
entire Share Premium Reserve of RM130,861,000).

The Proposed Share Premium Reduction will not have any effect on
the issued and paid-up share capital, net tangible assets or
earnings of Anson.

The Proposed Share Premium Reduction is subject to the approvals
of:

   (a) Shareholders of Anson at an extraordinary general meeting
to be convened; and

   (b) Confirmation by the High Court of Malaya.

None of the Directors of Anson nor substantial shareholders
and/or persons connected with them, have any interest, direct or
indirect, in the Proposed Share Premium Reduction.

The Board of Directors of Anson is of the opinion that the
Proposed Share Premium Reduction is in the best interest of the
Company."


ARTWRIGHT HOLDINGS: BNM OKs Credit Facility Application
-------------------------------------------------------
Alliance Merchant Bank Berhad, formerly known as Amanah Merchant
Bank Berhad, on behalf of the Board of Directors of Artwright
Holdings Berhad (AHB or Company), announced that the Bank Negara
Malaysia (BNM) has, via its letter dated 5 October 2001,
approved in-principle the Company's application to obtain a
credit facility from a non-resident for US$4.375 million
(equivalent to RM16.625 million) from Steelcase Inc., a company
incorporated in the United States of America, for the proposed
subscription of 25 percent equity interest in Rengard Industries
Sdn Bhd. The approval is subject to the condition that the
foreign credit facility being obtained at a concession rate
where the interest rate prescribed must be below the current
prevailing market rate.

This is in reference to the announcements made in relation to:

(i) the Proposed Strategic Alliance, which was made on 5 June
2001 and 12 June 2001;

(ii) the Revised Proposed Debt Restructuring, which was made on
17 August 2001; and

(iii) the applications to all the relevant authorities in
relation to the aforementioned proposals, which was made on 21
August 2001.


AUSTRAL AMALGAMATED: SC OKs Scheme Implementation Extension
-----------------------------------------------------------
Austral Amalgamated Berhad (Special Administrators Appointed)
(AAB), with respect to the Proposed Restructuring Scheme of the
AAB Group, which was earlier approved by the Securities
Commission on 16 April, 2001, announced that the Securities
Commission has, via a letter dated 5 October, 2001, approved an
extension of time until 16 April, 2002 for the implementation of
the Scheme.


CHASE PERDANA: Posts Financial Obligation Default In Payment
------------------------------------------------------------
Chase Perdana Berhad (The Company) updated on the status of
default in interest and principal repayment of credit facilities
granted by Financial Institutions to the Company and Group. The
details are found at
http://www.bankrupt.com/misc/chase_perdana.xls  

As announced in the release dated 1 October 2001, subsequent to
the creditors meeting on 20 September 2001 and the comments from
the financial institution lenders thereafter, the Company and
its advisor, Southern Investment Bank Berhad are currently
reviewing the revised Proposed Debt Restructuring (PDR) scheme.

The Company will announce periodic updates on the status of the
PDR exercise to regularize its financial condition in compliance
with PN1 and PN4.


CSM CORPORATION: Updates Defaulted Interest Payments Status
-----------------------------------------------------------
CSM Corporation Berhad, pursuant to the KLSE Practice Note
1/2001, posted an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as of 30 September 2001:

Bank   Facility   Limit  Type of Total outstanding  Existing
lender     default  amount as at 30    security
September 2001

Bank Utama Term    RM40    Principal   RM36.7 mln Land and
(Malaysia) Loan    mln     repayment   building
Berhad                 and interest
         payments

Bank Utama Overdraft       Principal   RM88.7 mln Land and
(Malaysia)         RM80    repayment   building
Berhad   mln    and interest   
       payments

Alliance Bank Term RM24    Principal   RM26.0 mln Land and
Malaysia    Loan mln     repayment   building
Berhad          and interest
       payments

Bank Islam  Trade  RM10 mln  Trade     i) RM8.1 mln  Clean
Malaysia  Facilities         facilities
Berhad             overdue

                             Trade     ii) RM1.6 mln Land &
         facilities   building &
     Overdues   Corporate
     Guarantee
     from CSM

HSBC Bank  Term   RM2  Principal   RM2.16 mln  Corporate
Malaysia   Loan   mln  repayment       guarantee           
         and interest    from CSM
             Payments

Apart from the Bank Utama (Malaysia) Berhad's term loan and
overdraft facilities which are under legal proceedings, all of
the other banking facilities which are in default shall be
addressed in conjunction with the Group's efforts to regularize
its financial conditions, as required under the PN4/2001
requirements.


GADEK CAPITAL: SC Grants Proposed Restructuring Approval
--------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the Board of Directors of Gadek Capital (Board) announced
that the Securities Commission (SC) had via its 3 October 2001
letter, approved the Proposed Restructuring subject to these
conditions:

   (a) Malton must ensure that the unutilized cash in Gadek
Capital amounting to RM188 million, which was earmarked for the
repayment of borrowings of DRB-HICOM, is to be placed with a
stakeholder and injected into Gadek Capital before the
completion of the Proposed Acquisitions;

   (b) Gadek Capital must ensure that at least 25 percent of the
issued and paid-up share capital is held by the public investors
after the Proposed Placement and Proposed Offer for Sale;

   (c) The Proposed KCR Acquisition can only be implemented
after the sale and purchase agreement between Silver Setup Sdn
Bhd and SEA Development Corporation Inc. becomes unconditional;

   (d) Gadek Capital must ensure that the minimum land bank
requirement of 1,000 acres is met before the issuance of the
prospectus for the Proposed Offer for Sale;

   (e) DR must ensure that its contingent liabilities amounting
to RM8,038,687 be discharged before the completion of the
Proposed DR Acquisition;

   (f) Gadek Capital must present the final draft prospectus for
SC's approval;

   (g) Gadek Capital must adhere to all provisions of the SC
Policies and Guidelines on Issue/Offer of Securities; and

   (h) Gadek Capital must adhere to all conditions set by MITI,
FIC and other relevant authorities for the Proposed
Restructuring.

The Directors of Gadek Capital are acceptable to the
abovementioned conditions, save for item (e), of which the
Company will appeal on the imposition of the said condition.

The SC took cognizance of the utilization of cash reserves
amounting to RM430 million for the purposes as set out in Table
1 found at http://www.bankrupt.com/misc/gadek.docsubject to:

   (a) The utilization of RM41,108,533 for working capital
purposes and RM180,000,000 earmarked for the acquisition of
future lands and investments must be complementary to the core
business of Gadek Capital;

   (b) The approval of the SC is required for the acquisition of
the remaining shares in BRD not already held by Gadek Capital;

   (c) The approval of the SC is required for any
changes/variation to the utilization of the cash reserves in
Gadek Capital, as set out in Table 1, for purposes other than
for the core business of Gadek Capital;

   (d) The shareholders' approval of Gadek Capital must be
obtained for the utilization of the cash reserves as disclosed
in Table 1 and any variation of 25 percent or more from the
original purpose of the utilization of the cash reserves. If the
variation is less than 25 percent from the original purpose of
the utilization of the cash reserves, the necessary disclosure
must be made to the shareholders of Gadek Capital;

   (e) Any extension of time from the time-frame set by Gadek
Capital for the utilization of the cash reserves must be
approved by the Board and disclosed to the Kuala Lumpur Stock
Exchange;

   (f) The necessary disclosure on the status of the utilization
of cash reserves must be made in the quarterly report and annual
report of Gadek Capital until the cash reserves have been
completely utilized.

Arab-Malaysian/Gadek Capital is required to issue a confirmation
in writing of the conditions that have been set by the SC have
been conformed with after the Proposed Restructuring have been
completed.

Pursuant to the SC approval, Gadek Capital will be required,
inter-alia, to apply to the Kuala Lumpur Stock Exchange for re-
quotation.

Background

On 13 March 2001, Arab-Malaysian, on behalf of the Board,
announced that on 12 March 2001, the Company has entered into
conditional sale and purchase agreements (and deed of
assignments for item (b) below) in relation to:

   (a) proposed acquisition of the entire issued and paid-up
capital of Khuan Choo Realty Sdn Bhd (KCR) comprising 16,650,010
ordinary shares of RM1.00 each from Datuk Lim Siew Choon, Sebaya
Murni Sdn Bhd, Capt (R) Noziah Bt. Dato' Hj Osman, Zaheera Bt
Ahmad, Major (Rtd) Ismail bin Ahmad and Lim Choon Hai for a
purchase consideration of RM87,891,467 to be satisfied by way of
cash (Proposed KCR Acquisition);

   (b) proposed acquisition of approximately 69.12 percent
equity interest of Bukit Rimau Development Sdn Bhd (BRD)
comprising 3,455,997 ordinary shares of RM1.00 each (BRD Shares)
from Asas Unggul Sdn Bhd (Asas Unggul) for a purchase
consideration of RM49,113,513.20 to be satisfied by way of cash
and the proposed assignment to Gadek Capital of the advances
made to BRD by a director and the holding company of BRD
totaling RM30,886,486.80 for a cash consideration of the same
amount (Proposed BRD Acquisition); and

   (c) proposed acquisition of the entire issued and paid-up
capital of Domain Resources Sdn Bhd (DR) comprising 1,000,000
ordinary shares of RM1.00 each from Hillary Frank Fredericks
(for Che King Tow), Wee Beng Aun and Che Kiong Seong for a
purchase consideration of RM38,000,000 to be satisfied by way of
cash (Proposed DR Acquisition).

(the aforesaid acquisitions are referred to as the Proposed
Acquisitions).

Subsequently, pursuant to the above, on 27 April 2001, Arab-
Malaysian on behalf of Gadek Capital announced that the Company
proposes:

   (a) Proposed bonus issue of 174,176,464 new ordinary shares
of RM1.00 each in Gadek Capital on the basis of one (1) new
ordinary share in Gadek Capital for every one (1) existing
ordinary share of RM1.00 each in Gadek Capital (Proposed Bonus
Issue);

   (b) Proposed placement of up to 104,158,000 existing ordinary
shares of RM1.00 each in Gadek Capital representing
approximately 29.9 percent of the enlarged issued and paid-up
share capital of the Company after the Proposed Bonus Issue at a
placement price to be negotiated with the placees (Proposed
Placement);

   (c) Proposed offer for sale of 122,280,000 existing ordinary
shares of RM1.00 each in Gadek Capital at a price to be
determined later to Directors, employees, to the public and
bumiputera investors to be nominated by the Ministry of
International Trade and Industry (MITI) and/or Malton
Corporation Sdn Bhd (Malton) (Proposed Offer for Sale); and

(d) Proposed increase in the authorized share capital of Gadek
Capital from RM200,000,000 comprising 200,000,000 ordinary
shares of RM1.00 each to RM1,000,000,000 comprising
1,000,000,000 ordinary shares of RM1.00 each (Proposed Increase
In Authorized Share Capital)

(The Proposed Acquisitions, Proposed Bonus Issue, Proposed
Placement, Proposed Offer for Sale and Proposed Increase In
Authorized Share Capital are collectively referred to as the
"Proposed Restructuring").

Foreign Investment Committee and MITI had on 17 July 2001 and 14
August 2001 approved the Proposed Restructuring respectively.


MYCOM BERHAD: Seeking Shareholders' Proposal Approval
-----------------------------------------------------
Mycom Berhad(the Company) announced that it intends to seek
shareholders' approval at a forthcoming Extraordinary General
Meeting on these proposals:

1. Proposed amendments to the Articles of Association of the
Company to comply with the provisions under Chapter 7 of the
Listing Requirements of the Kuala Lumpur Stock Exchange (KLSE)
and to be in line with current practices; and

2. Proposed Shareholders' Mandate for recurrent related party
transactions of a revenue or trading nature pursuant to
Paragraph 10.09 of the listing Requirements of the KLSE which
were earlier announced on 9 August 2001

A Circular to Shareholders containing the above proposals will
be issued and sent to shareholders in due course.


OMEGA HOLDINGS: Vendors Terminate Sale, Purchase Agreement
----------------------------------------------------------
On behalf of Omega Holdings Berhad (Omega or the Company),
Commerce International Merchant Bankers Berhad announced that
Omega, on 9 October 2001, received a letter from Cheung Chi
Yuen, Chai Boon Seong, Yong Yew Kong, Yong Yuen Chan, Wong Wan
Ying, Cheang Fook Choy, Tow Lye Good and Chow Kam Wing
(collectively known as the "Vendors") solicitor dated 8 October
2001. The letter was to notify them that if the conditions
precedent set out in the sale and purchase agreement (SPA) are
not fulfilled by 8 October 2001, the Vendors shall deem the SPA
terminated upon the expiry of 7 days from 8 October 2001.

The Board is currently in discussion with a suitable party for
the acquisition of suitable/viable assets with the objective to
rescue Omega group and return it to a secure financial footing
and profitability. An announcement on the outcome of the
discussion will be made in due course.

This is in reference to the announcements made on behalf of the
Board of Directors (Board) of Omega on 8 March 2000, 24 March
2001 and 25 September 2001 wherein Omega had on 8 March 2000
entered into a conditional SPA the Vendors) for the proposed
acquisition by Newco of the entire issued and paid-up share
capital of Broadland Garment Industries Sdn. Bhd. (BGI)
(Proposed Acquisition) in relation to the Proposals.

* Proposed Members' Scheme of Arrangement Encompassing the:

- Proposed Capital Reduction,
- Proposed Newco Incorporation, and
- Proposed Share Exchange;

* Proposed Rights Issue;

* Proposed Restricted Issue;

* Proposed Acquisition; and

* Proposed Debt Restructuring.

(Collectively Referred to as  the "PROPOSALS")


TIMBERMASTER INDUSTRIES: KLSE Issues Reprimands Re SBLR Breach
--------------------------------------------------------------
The Kuala Lumpur Stock Exchange (the Exchange) in consultation
with the Securities Commission, publicly reprimanded and imposed
a fine of RM7,000.00 on TimberMaster Industries Berhad (TMaster)
for breaching Clause 3.22(b) of the Second Board Listing
Requirements (SBLR).

Clause 3.22(b) of the SBLR stipulates that the annual audited
accounts together with the auditors' and directors' reports
shall be given to the Exchange for public release within a
period not exceeding 4 months from the close of the financial
year of the company (Annual Audited Accounts).

The financial year-end of TMaster was 31 December 2000 and hence
its Annual Audited Accounts were due on 30 April 2001. The
Annual Audited Accounts were furnished to the Exchange only on
11 May 2001, after a delay of seven (7) market days.
Accordingly, TMaster was found to be in breach of Clause 3.22(b)
of the SBLR.

The public reprimand and fine were imposed pursuant to Clause
12.1 of the SBLR and Paragraph 16.17 of the Listing Requirements
after having considered all relevant circumstances and upon
consultation with the Securities Commission.

The Exchange had previously publicly reprimanded TMaster on 20
January 2001 for breaching Clause 3.12 of the SBLR for failing
to make an immediate announcement when TMaster was served with a
winding-up petition on 2 November 1999 by Multi-Purpose Bank
Berhad (the Bank) for guarantees executed in favor of the Bank
for credit facilities granted to two of its wholly-owned
subsidiary companies namely Timbermaster Timber Complex (Sabah)
Sdn Bhd and Perkayuan T.M. (Malaysia) Sdn Bhd.

The Exchange views this contravention seriously and hereby
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

Breach of Clause 3.22(b) of the Kuala Lumpur Stock Exchange
Second Board Listing Requirements

(1) In consultation with the Securities Commission, the Kuala
Lumpur Stock Exchange (the Exchange) hereby publicly reprimands
and imposes a fine of RM7,000.00 on TimberMaster Industries
Berhad (TMaster) for breaching Clause 3.22(b) of the Second
Board Listing Requirements (SBLR).

(2) Clause 3.22(b) of the SBLR stipulates that the annual
audited accounts together with the auditors' and directors'
reports shall be given to the Exchange for public release within
a period not exceeding 4 months from the close of the financial
year of the company (Annual Audited Accounts).

(3) The financial year-end of TMaster was 31 December 2000 and
hence its Annual Audited Accounts were due on 30 April 2001. The
Annual Audited Accounts were only furnished to the Exchange only
on 11 May 2001, after a delay of seven (7) market days.
Accordingly, TMaster was found to be in breach of Clause 3.22(b)
of the SBLR.

(4) The Exchange had previously publicly reprimanded TMaster on
20 January 2001 for breaching Clause 3.12 of the SBLR for
failing to make an immediate announcement when TMaster was
served with a winding-up petition on 2 November 1999 by Multi-
Purpose Bank Berhad (the Bank) for guarantees executed in favor
of the Bank for credit facilities granted to two of its wholly-
owned subsidiary companies namely Timbermaster Timber Complex
(Sabah) Sdn Bhd and Perkayuan T.M. (Malaysia) Sdn Bhd.

(5) The Exchange views this contravention seriously and hereby
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.


UNITED ENGINEERS: KLSE To Delist Paid-Up Capital, Warrants
----------------------------------------------------------
United Engineers (Malaysia) Berhad (UEM) announced that it has
received notification from the Kuala Lumpur Stock Exchange that
pursuant to paragraph 11.09 of the Listing Requirements, the
entire issued and paid-up capital and warrants 1999/2002 of UEM
will be removed from the Official List of the Exchange with
effect from 9.00 a.m., Monday, 15 October 2001.


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


BAYAN TELECOMMUNICATIONS: Creditors Ask Shareholder's Support
-------------------------------------------------------------
Bayan Telecommunication (BayanTel) shareholders have been asked
by creditor banks of the cash-strapped company for financial
support, the Inquirer News Service reported yesterday.

BayanTel, which has a debt load of US$480 million, presented to
creditors last week a plan that seeks the condonation of 25
percent of all unsecured debt. The company also asked for the
restructuring of the balance over a 15-year period, and a grace
period of five years for the capital and 18 months for the
interest.

Remaining shareholders of the company are Verizon Communications
(VZ), Asian Infrastructure Fund and other institutional
investors.


METRO PACIFIC: Long-Term Commercial Papers Now Rated PRS Baa  
------------------------------------------------------------
The rating for Metro Pacific Corporation's (MPC) remaining P200
million long-term commercial papers (LTCPs), maturing in April
2002, has been changed to PRS Baa from PRS A.  A rating of PRS
Baa is defined as: "Neither highly protected nor poorly secured;
interest payments and principal security appear adequate for the
present but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time."

MPC's business profile is now highly concentrated on property
development, a sector seeing a prolonged cyclical trough which
may well continue in the short to medium-term. Funds from
operations in the past three years  have largely been augmented
by proceeds from asset sales, but prospectively, the prevailing
market weakness poses uncertainties on the company's ability to
realize favorable values from its planned disposal of
development rights in Fort Bonifacio. In addition to its
exposure in the property development segment, only its
investment in 1st e-Bank remains.

The company's debt level remains significant, with 60 percent of
its P18.3 billion in consolidated borrowings as of the first
semester 2001, having short-term maturities. A substantial
amount of debt is planned to be settled in 2001-2002, including
the LTCPs.


MUSIC CORP: Submits Financial Reports, Eludes Share Suspension
--------------------------------------------------------------
Music Corporation met Wednesday's deadline for financial
statements for the first half and paid the required fines, AFX
Asia reported on October 10, which quoted the Philippine Stock
Exchange, which threatened to suspend the counter beginning
yesterday if requirements were not met.


NATIONAL POWER: Privatization May Be Delayed
--------------------------------------------
Department of Energy Secretary Vicente Perez issued a statement
saying the privatization of the power industry may take a long
time due to the economic slowdown brought about by the United
States led campaign against terrorism, the Inquirer News Service
reported Thursday.

In order to keep power costs down for the next few years and to
get the economy on the right track, the Executive branch has
been institutionalizing all the "pro-poor" provisions of the
Electric Industry Reform Act (Eira).

In line with the pro-poor provisions of the law, the government
has offered to take care of or even condone the loans acquired
by at least 119 rural electric cooperatives from the National
Electrification Administration.

Another pro-poor measure is the 30-centavo cutback in consumer
bills across the country. Moreover, a specific rate for indigent
consumers will soon be applied. This move will cut power
consumption costs for as long as 10 years.


NATIONAL POWER: To Bid Out P1.99B Coal Deals
--------------------------------------------
The National Power Corporation (Napocor) will bid out the first
batch of coal requirements for 2002, coal contracts that are
equivalent to 1.22 million metric tons and worth some P1.99
billion, the Asian Wall Street Journal reported Wednesday.

The coal to be bid out will supply four power plants namely, the
1,000-megawatt plant in Sual, Pangasinan, the 300-megawatt
Masinloc plant in Zambales, the 700-megawatt Pagbilao plant and
the Calaca power plant which has a capacity of 700-megawatts.

The biddings are to be made through electronically through e-
bidding. The coal requirements for the Sual and Masinloc plants
are to be bid out Thursday, while those for the Pagbilao and
Calaca plants will be bid out Friday.


NATIONAL STEEL: Union Requests Roxas' Ouster Fr Proceedings
-----------------------------------------------------------
The National Steel Labor Union is pushing for the
disqualification of Trade Secretary Manuel Roxas II and the
evaluation committee from the participating in the proceedings
tackling the lease of the facilities of the mothballed steel
plant, Business World reports Thursday.

The labor union alleges that Roxas has never been impartial
throughout the proceedings and it would appear that he is
protecting his own or some other person's interest in the case.
The union also is pushing for the dissolution of the evaluation
committee saying that its creation is without legal basis,
unjust and discriminatory.


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


FHTK HOLDINGS: Posts Notice Of Substantial Shareholding
-------------------------------------------------------
FHTK Holdings Limited posted on October 10, a notice of
Substantial Shareholding involving Overseas-Chinese Banking
Corporation Limited. Full notice text:


Notice Of Substantial Shareholding

Name of substantial shareholder: Oversea-Chinese Banking
Corporation Limited
Date of notice to company: 09 Oct 2001
Date of change of shareholding: 28 Sep 2001
Name of registered holder: UOB Kay Hian Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Pursuant to the terms of the
Restructuring Agreement, FHTK Holdings Limited had on 28
September 2001, allotted and issued conversion ordinary shares
to the Bank and its subsidiary.

Shares held in the name of registered holder

No. of shares of the change: 198,595,959
Percent of issued share capital: 16.13
Amount of consideration
per share excluding
brokerage, GST,
stamp duties, clearing fee: S$0.32
No. of shares held before change: 0
Percent of issued share capital: 0
No. of shares held after change: 198,595,959
Percent of issued share capital: 16.13

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed           Direct
No. of shares held before change:       0                0
Percent of issued share capital:        0                0
No. of shares held after change:    48,581,292      150,014,667
Percent of issued share capital:       3.95            12.18
Total shares:                       48,581,292      150,014,667

Oversea-Chinese Banking Corporation Limited's direct interest
under registered holder UOB Kay Hian Private Limited is
150,014,667 (12.18 percent) and deemed interest under registered
holder UOB Kay Hian Private Limited is 48,581,292 (3.95
percent). Total interest after change is 16.13 percent.


KEPPEL CAPITAL: Posts Notice Of Voluntary Takeover
--------------------------------------------------
Keppel Capital Holdings Limited posted an announcement October
10 regarding a voluntary takeover offer by Rezan Pte Limited for
all the issued ordinary shares in the capital of Ong Asia
Limited. Below is the full text of the announcement:

VOLUNTARY CONDITIONAL TAKEOVER OFFER BY REZAN PTE LTD FOR ALL
THE ISSUED ORDINARY SHARES IN THE CAPITAL OF ONG ASIA LIMITED -
LEVEL OF ACCEPTANCES AS AT THE FINAL CLOSING DATE

All capitalized terms used and not defined herein shall have the
meanings given to them in the offer document dated 1 September
2001 ("Offer Document").

Level of Acceptances of the Voluntary Offer as at the Final
Closing Date

Keppel TatLee Bank Limited ("KTB") wishes to announce, for and
on behalf of Rezan Pte Ltd (the "Offeror"), a wholly-owned
subsidiary of Kim Eng Holdings Limited ("Kim Eng"), that as at
3:30 p.m. on 10 October 2001, being the final closing date (the
"Final Closing Date") of the voluntary conditional takeover
offer (the "Voluntary Offer") for all the issued ordinary
shares of S$0.10 each ("Ong Asia Shares") in the share capital
of Ong Asia Limited ("Ong Asia" or the "Offeree") other than
those already held by the Offeror (the "Offer Shares"), the
Offeror has received, pursuant to the Voluntary Offer, valid
acceptances in respect of 439,690,921 Ong Asia Shares
representing approximately 97.22 per cent. of the issued and
paid-up share capital of Ong Asia.

Disclosures

Included in the above-mentioned valid acceptances of the
Voluntary Offer, are acceptances in respect of:

(1) 172,997,885 Ong Asia Shares received from Ong Trading
Private Limited ("OTPL");

(2) 83,101,968 Ong Asia Shares received from Gulf International
Bank B.S.C. ("GIB");

(3) 83,101,968 Ong Asia Shares received from Bangkok Bank Public
Company Limited ("BBL");

(4) 747,000, 550,000 and 163,000 Ong Asia Shares respectively
received from Messrs Ong Seng Gee, Lee Keng Hoon and Joseph Ong
Seng Hong (collectively, "OTPL's Concert Parties"); and

(5) 34,203,000 Ong Asia Shares received from Kim Eng Securities
(Private) Limited ("KES"), a wholly-owned subsidiary of Kim Eng
and a party deemed to be acting in concert with the Offeror,
pursuant to irrevocable undertakings given by OTPL, GIB and BBL
to Kim Eng and the Offeror and by KES to the Offeror, to, inter
alia, accept (and in the case of OTPL, to also procure the OTPL
Concert Parties to accept) the Voluntary Offer in respect of the
Ong Asia Shares owned by them respectively as at 25 June 2001
and any other Ong Asia Shares thereafter and prior to the close
of the Voluntary Offer beneficially owned by each of them
(collectively, the "Undertakings").

As of 25 June 2001, being the date of the announcement (the
"Pre-conditional Voluntary Offer Announcement") by Kim Eng of
the Offeror's intention to make the Voluntary Offer (subject to
the satisfaction or waiver of certain pre-conditions), the
Offeror did not own or control any Ong Asia Shares. As at such
date, KES owned 5,127,000 Ong Asia Shares representing
approximately 1.13 per cent. of the then issued and paid-up
share capital of Ong Asia. As at the date of the Pre-conditional
Voluntary Offer Announcement, pursuant to the Undertakings, the
Offeror had received undertakings to accept the Voluntary Offer
in respect of an aggregate of 345,788,821 Ong Asia Shares
representing approximately 76.46 per cent. of the issued and
paid-up share capital of Ong Asia as at that date.

>From 25 June 2001 (the date of the Pre-conditional Voluntary
Offer Announcement) to 5:00 p.m. on 4 September 2001, KES
acquired a further 29,076,000 Ong Asia Shares representing
approximately 6.43 per cent. of the issued and paid-up share
capital of Ong Asia as at the date hereof, at prices ranging
from S$0.33 to S$0.335. Save for such acquisitions by KES, and
apart from the valid acceptances received under the Voluntary
Offer and the compulsory acquisition of Ong Asia Shares
described below, neither the Offeror nor any party acting in
concert with it had acquired or agreed to acquire any Ong Asia
Shares during the period commencing on the date of the Pre-
conditional Voluntary Offer Announcement on 25 June 2001 to 5:00
p.m. on the date of this Announcement.

Close of the Voluntary Offer

KTB wishes to announce, for and on behalf of the Offeror that
the Voluntary Offer has closed. All forms of acceptance and
other relevant documents received after 3:30 p.m. on the Final
Closing Date will not be accepted and will be returned by
ordinary post to the relevant shareholders of Ong Asia
("Shareholders") at their own risk, in accordance with the
terms of the Voluntary Offer.

Compulsory Acquisition pursuant to Section 215(1) of the
Companies Act (Cap. 50) (the "Act") and Delisting

As stated in the announcement made by KTB on behalf of the
Offeror on 6 October 2001, the Offeror had on 6 October 2001
given notice (Form 57), together with a cover letter, to
Shareholders who had not accepted the Voluntary Offer as at 5.00
p.m. on 3 October 2001 (the "Dissenting Shareholders"),
notifying each Dissenting Shareholder of the Offeror's intention
to compulsorily acquire its Ong Asia Shares pursuant to Section
215(1) of the Act if the Dissenting Shareholder does not accept
the Voluntary Offer by 3:30 p.m. on the Final Closing Date. The
Offeror intends to exercise its right of compulsory acquisition
to acquire the Ong Asia Shares of such Dissenting Shareholders
at a consideration of S$0.3388 in cash for each Ong Asia Share
on 6 November 2001, being one month after 6 October 2001 (the
date Form 57 was given), subject to and on the terms set out in
Form 57.

Subsequent to such compulsory acquisition, Ong Asia will become
a wholly-owned subsidiary of the Offeror and will be delisted
from the Main Board of the Singapore Exchange Securities Trading
Limited.

Settlement

Remittances in the form of cheques for the appropriate amounts
(rounded to the nearest cent) will, subject to the terms and
conditions of the Voluntary Offer, be despatched, by ordinary
post, to the accepting Shareholders (or their designated agents,
as they may direct, in the case of Shareholders whose Offer
Shares are not deposited with the Central Depository (Pte)
Limited) and at the risk of such accepting Shareholders, within
21 days of the date of receipt of acceptances of the Voluntary
Offer which are complete in all respects and are received after
5:00 p.m. on 3 September 2001, but before 3:30 p.m. on the Final
Closing Date. Shareholders who accept the Voluntary Offer before
3:30 p.m. on the Final Closing Date will receive the
consideration due to them sooner than if the Offeror acquires
their Ong Asia Shares compulsorily pursuant to Section 215(1) of
the Act.

Responsibility Statement

The Directors of the Offeror (including any who may have
delegated detailed supervision of this Announcement) have taken
all reasonable care to ensure that the facts stated in this
Announcement are fair and accurate and that no material facts
have been omitted from this Announcement, and they jointly and
severally accept responsibility accordingly.


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


ALPHATEX INDUSTRIES: Business Reorg Filed In Bankruptcy Court
-------------------------------------------------------------
The Petition for Business Reorganization  of Alphatex Industries
Company Limited (DEBTOR), engaged in textile industry, was filed
in the Central Bankruptcy Court:

     Black Case Number 415/2543

     Red Case Number 468 /2543

Petitioner: ALPHATEX INDUSTRIES COMPANY LIMITED

Debts Owed to the Petitioning Creditor:  Bt1,100,799,109.52

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 July 3, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 1,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: November 1, 2000

Planner postponed the date for submitting the Plan #1st:
December 1, 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 13.30 pm. 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 23,
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 March 2, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette in March 29, 2001

Contact: Mr. Chat Tel 6792525 Ext. 124


MODERN HOME: Summarizes Rehabilitation Plan
-------------------------------------------
Modern Home Development Plc. (M-Home), in reference to the
approval by the Central Bankruptcy Court (the Court) of its
Rehabilitation Plan (the Plan) on October 27, 2001, summarized:

1. Debt restructuring

Secured Debt

Class 1 Financial Creditors, the Asset Management Corporation
(AMC), and Bondholders of Modern Home Debenture # 2 (Debenture #
2)

  * All accrued interest liabilities are to be restructured at
7.5 percent per annum and considered Creditors in Class 2 and
Class 3.

  * Assets collatterized are to be swapped at the entire amount
of outstanding.  The assets are to be transferred to Debenture  
# 2 through the Special Purpose Vehicle Company namely M-Home
SPV# 1, the syndicated lenders through the Special Purpose
Vehicle Company namely M-Home SPV# 2 and other secured creditors
directly.

  * The remaining outstanding principal balances after assets
transferred will be paid on similar basis as the Creditors in
Class 2, Class 3, Class 4 and Class 5 by debt to asset swap
through the Special Purpose Vehicle Company namely M-Home SPV# 3
and conversion of the debts to the ordinary shares.

Unsecured Debt

Class 2 Financial Creditors as well as the Asset Management
Corporation (AMC), and Class 3 Bondholders of Modern Home
Debenture # 1 (Debenture # 1)

  * All accrued interest liabilities are to be restructured at
7.5 percent per annum.

  * All outstanding debts are to be repaid by transferring all
remaining assets in the Company after repayments to the
Creditors in Class 1, 8, 9, 10 and 11 through the Special
Purpose Vehicle Company namely M-Home SPV# 3 and conversion of
the debts to the ordinary shares.

Class 4 SWAP Creditor
  * All accrued interest liabilities are to be forgiven.  Fifty
per cent of the outstanding  principal is to be forgiven.  The
outstanding balance is to be repaid by transferring all  
remaining assets in the Company after repayments to the
Creditors in Class 1, 8, 9, 10 and 11 through the Special
Purpose Vehicle Company namely M-Home SPV# 3 and conversion of
the debts to the ordinary shares.

Class 5 Trade Creditors
  * All accrued interest liabilities are to be forgiven.  The
outstanding balances are to be repaid by transferring all
remaining assets in the Company after repayments to the
Creditors in Class 1, 8, 9, 10 and 11 through the Special
Purpose Vehicle Company namely M-Home SPV# 3 and conversion of
the debts to the ordinary shares.

Class 6 Customers of M-Home's Development Projects
  * All accrued interest liabilities are to be forgiven.

  * After 30 days of the approval date of the Plan, repayment
procedure of the outstanding is required to inform by the
Creditors in this Class whether to proceed in accordance with
original contracts or convert the debts to the ordinary shares.
Class 7 Corporate Guarantee Made by M-Home

  * Shares of The Thai Agro Exchanged Co., Ltd. will be pledged
to the Creditor through the Special Purpose Vehicle Company
namely M-Home SPV# 4.

Class 8 Government Agencies, Class 9 Professional Fee, Class 10
Juristic Companies, and Class 11 The Employees
  * All accrued interest liabilities are to be forgiven.  The
outstanding balances are to be settled in the ordinary course of
business by transferring the remaining assets in the Company
after repayments to the Creditors in Class 1.

2. Equity

  * Capital Reduction #1 will be proceeded within 30 days of the
approval date of the Plan or the appropriate time frame.   The
paid-in ordinary shared will be reduced to Bt20,100 for the
amount of 62,010 shares at par value of Bt10

  * To extent necessary for the debt to equity conversion,
Capital Raising #1 will be proceeded within 7 days after the
Capital Reduction #1 or the appropriate time frame.  The
enlarged total share capital after the increase of share capital
will not exceed Bt 5,000,000,000.

  * Within 7 days after the Capital Raising #1 or the
appropriate time frame, Capital Reduction #2 will be completed.

  * Issuance of ordinary shares to new investors within 15 days
after the Capital Reduction #2 or the appropriate time frame.
The enlarged total share capital after the increase of share
capital will not exceed Bt350,000,000 for the amount of
35,000,000 shares at par value of Baht10. As a result of the
increase in share capital, the new shareholder structure
comprise new investors (75 percent) and the Creditors as well as
the existing shareholders (25 percent)

3. Dividend Policy. No dividends are permitted during the
rehabilitation plan implementation.

4. Plan Administrator.  - Modern Home Planner Company Limited.

5. Completion of Rehabilitation Plan Implementation.  One year
after the acknowledgement of the Plan Administrator on the
approval Plan by the Court with further extension in accordance
with the Act.


SUPALAI PUBLIC: Reports On CD Convertible Right Exercise
--------------------------------------------------------
Supalai Public Company Limited reported on the Exercise of the
Conversion Right of the Convertible Debentures on October 10,
2001:

1. Information on the Exercise of the Conversion Right of the
Convertible Debentures

Type of shares offered   :       Ordinary shares
Number of share issuance :       3,887,600 shares
from exercise of the
conversion right
Offered to               :       Kiatnakin Finance Public
Company Limited
Conversion price         :       Bt20.95 per share
Conversion date          :       October 3, 2001

2. Details of the Exercise of the Conversion Right of the
Convertible Debentures

[x]    Totally exercise
[ ] Partly exercise with        N/A         shares remaining.

3. Details of the Exercise of the Conversion Right of the
Convertible Debentures

                     Thai Investor      Foreign Investor   Total
               Juristic   Individual  Juristic Individual
                 person                 person
Number of persons     1           -        -        -        1
Number of shares     3,887,600    -        -        -  3,887,600
issuance from
exercise of
conversion right
Percentage of         100.00      -        -        -     100.00
total shares
offered for
conversion right

4. Amount of Money Received from the Exercise of the Conversion
Right of the Convertible Debentures

None. The ordinary shares have been issued from the exercise of
the conversion right of the convertible debentures in accordance
with the debt restructuring agreement.


THAI ENGINE: Exempted To Submit Financial Statement
---------------------------------------------------
Thai Engine Manufacturing Public Company Limited (the company)
informed that its shares are under temporary suspension from
trading in the Stock Exchange of Thailand (SP sign). The company
is in the process of rehabilitation under the Bankruptcy Act
B.E. 2483 (A.D. 1940), which matches the criteria to be exempted
from submitting the quarterly financial statement prescribed in
the aforementioned Notification.

The period to be exempted will begin from the Quarter 3 of 2001
onward and end at the time when the shares of the company start
to be traded in the Stock Exchange of Thailand again (SP sign
has been removed) or rehabilitation process of the company has
been completed, whenever comes first.

The company will subsequently notify the Office of the
Securities and Exchange Commission as the progress proceeds.


TPI POLENE: SCCC Posts Investment Proposal Info
-----------------------------------------------
Siam City Cement Public Company Limited (SCCC or Company)
informed on SCCC's proposal to invest in TPI Polene Public
Company Limited (TPIPL):

SCCC (with the support of its major shareholders) has submitted
a proposal expressing its interest to invest in TPIPL (Proposal)
to the Creditor's Committee of TPIPL pursuant to the invitation
of said Committee. The said Proposal may be subject to further
amendments depending on the response from the Creditor's
Committee of TPIPL.  In any event, the implementation of the
final Proposal will require the approval of the Board of
Directors of the Company, Tipple's creditors and the Plan
Administrator and the parties involved have to agree upon the
terms and conditions of all relevant agreements.

The Company will further inform the SET on this matter upon the
execution of the definitive agreements.


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
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                      *** End of Transmission ***