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

                   A S I A   P A C I F I C

            Tuesday, October 16 2001, Vol. 4, No. 202

                         Headlines



A U S T R A L I A

ANSETT: ANZ Updates Recapitalization Conditions Satisfaction
JAMES HARDIE: Admitted To ASX Official List
JAMES HARDIE: Commences First Day Of ASX Trading
PACIFIC DUNLOP: Posts Meeting Results
SKYWEST AIRLINES: Declares Rescue No Longer Required

SOLUTION 6: Posts Notice Of Annual General Meeting
TENNYSON NETWORKS: CEO Accepts Appointment To Board
UECOMM LIMITED: Posts Progress Report


C H I N A   &   H O N G  K O N G

EBO (HONG KONG): Winding Up Petition Hearing Set
FULBOND HOLDINGS: Enters Subscription Agreement With UniSVR
JADE VIEW: Petition To Wind Up
MANDARIN RESOURCES: Appoints Directors
MING FAT: Hearing Of Winding Up Petition Set
OLYMPIC MARK: Winding Up Sought By Sin Hua


I N D O N E S I A

TRANS PACIFIC: To Resume Construction Late This Year


J A P A N

HUIS TEN: IBJ Forgives Y33B Debt
JAPAN AIRLINES: Forecasts Group Net Loss Of Y40B
JAPAN AIRLINES: To Add Special Flight Charge To Cover Costs
MATSUSHITA ELECTRIC: Expects Y68B Net Loss
MYCAL CORPORATION: Wal-Mart Still Possible Takeover Candidate

* Fitch Lowers Japanese Investment Banks' Ratings
* Moody's Changes Outlook For Several Japanese Life Companies


K O R E A

DAEWOO MOTOR: GM Speeds Up Due Diligence Study
HYNIX SEMICONDUCTOR: Creditors Demand Debt Purchase
HYNIX SEMICONDUCTOR: Issued Loans Not Against WTO Rules
HYNIX SEMICONDUCTOR: Selling Production Facilities To Pay Debts
HYUNDAI ENGINEERING: Creditors Set To Re-Approve Bailout Plan

HYUNDAI MERCHANT: Expected to Suffer Huge Losses
HYUNDAI MOTOR: Maintains U.S. Retail Car Prices
SAMSUNG GROUP: Unit Gets US$350 Saudi Arabian Order
SEOUL BANK: Buyers Interested In Takeover
SSANGYONG CEMENT: Still Seeking Buyer For Insurance Unit


M A L A Y S I A

ABRAR CORPORATION: PwC's Wai Fun Replaces SA Wee Ning
ASSOCIATED KAOLIN: Danaharta Appoints Yap Wai Fun As SA
AUSTRAL AMALGAMATED: Plaintiff Withdraws Legal Proceedings
AYER HITAM: EGM To Be Held On October 29
GENERAL CORPORATION: Unit Voluntary Winds Up
IDRIS HYDRAULIC: Talasco Gets Proposed Acquisition Approval

KRETAM HOLDINGS: Proposed Debt Exercise Under CDRC's Review
NCK CORPORATION: Posts Info On Units' Appointment Of SA
PAN PACIFIC: Updates Payment Default Status
PERDANA INDUSTRI: New Special Administrator Appointed
SRIWANI HOLDINGS: Posts Creditors' Meeting Results
TAN CHONG: Winding-Up Petition Struck


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Forecasts P2.4B Net Loss For Year
METRO PACIFIC: Denies Talks With Ayala On Global City Sale
NATIONAL POWER: U.S. Firm Interested In Assets Acquisition


S I N G A P O R E

CAPITALAND: Launching New Real Estate Investment Unit
RAFFLES HOLDINGS: Cuts 5-8% Management Pay
L&M GROUP: Placement Agreement Mutually Terminated


T H A I L A N D

NEP REALTY: Notifies BODs' Meeting Resolutions
SANYO UNIVERSAL: Moves Head Office
THAI POLYURETHANE: Petition For Business Reorganization Filed
TPI POLENE: Clarifies Issues On SCCC Investment Proposal
TPI POLENE: Gets ISO 9001 V2000, TIS 18001 Certification

     -  -  -  -  -  -  -  -

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


ANSETT: ANZ Updates Recapitalization Conditions Satisfaction
------------------------------------------------------------
Ansett Australia's parent, Air New Zealand advised that
considerable further progress has been made towards satisfaction
of the conditions precedent to its recapitalization.

Late on Friday 12 October, the Federal Court of Australia made
orders approving the Memorandum of Understanding the Company has
entered into with the Voluntary Administrators of the Ansett and
Hazelton Groups. The Memorandum of Understanding is now
unconditional and it is expected that payment of the A$150
million required to be made by the Company to the Voluntary
Administrators will be made early this week.

The Company has also reached agreement with its key bank
financiers in relation to their ongoing support. It is expected
that that agreement will be formally confirmed Monday.

Following that formal confirmation, all of the substantial
conditions precedent to the making of the NZ$300 million loan by
the Crown (which includes the A$150 million to be paid to the
Voluntary Administrators) will have been either satisfied or
waived. It is therefore expected that that loan will be made
early this week.


JAMES HARDIE: Admitted To ASX Official List
-------------------------------------------
James Hardie Industries NV was admitted to the Official List of
Australian Stock Exchange Limited on Friday, 12 October 2001.

Official Quotation of the following securities will commence at
10.30 EST on Monday, 15 October 2001.

450,871,162      Ordinary shares fully paid

Security Code: JHX

James Hardie Industries N.V. also confirmed that:

a) all conditions precedent to the implementation of the scheme
of arrangement of JHIL (the Scheme) under which JHIL will become
a wholly owned subsidiary of James Hardie Industries NV (JHI NV)
have been either waived or satisfied and the Scheme (including
the issue of shares, to be quoted, in JHI NV) will proceed; and

b) JHIL is in compliance with ASX Listing Rule 3.1 at the time
that JHI NV is admitted to the official list (assuming admission
occurs on 12 October 2001).


JAMES HARDIE: Commences First Day Of ASX Trading
------------------------------------------------
James Hardie began trading on the Australian Stock Exchange
Monday under its new corporate structure and a new ASX code,
JHX.

The company's new structure will allow James Hardie to generate
higher returns for shareholders as the group continues to expand
internationally, than were possible under its old structure.

Shareholders overwhelmingly approved the restructuring at a
meeting in late September, with 98 percent of votes cast in
favor of the plan.

The new parent company, James Hardie Industries NV, which will
be commonly known as James Hardie, replaces James Hardie
Industries Limited, which has traded on the ASX since 1951 with
the ASX ticker symbol HAH.

James Hardie's primary listing will be on the ASX where the
stock will continue to trade in Australian dollars. Most of the
trading in James Hardie is expected to continue to occur on the
ASX and the group has retained its ASX/S&P index weighting on
the ASX at 100 percent.

The introduction of the new structure involves very few
practical changes for shareholders and virtually no changes for
employees and customers.

The group will retain its operational headquarters in
California, its corporate and Asia Pacific regional management
office in Sydney and has established a new registered office in
Amsterdam.

A secondary listing of American Depositary Receipts (ADRs) on
the New York Stock Exchange (NYSE) is expected to occur next
Monday, October 22, 2001. The NYSE listing is aimed at improving
James Hardie's access to international capital markets and to
provide greater flexibility for financing growth in the future.

James Hardie's Chief Executive Officer, Peter Macdonald said the
new structure achieves a range of key strategic objectives for
the group and its shareholders.

"For some years now James Hardie has been searching for a way to
ensure that our predominantly Australian shareholders will
receive the highest possible returns from the international
success of our fiber cement business," said Macdonald.

"Our new structure will achieve this, ensuring that we can
sustain a global tax rate of 25-30 percent over the long term,
similar to that of the companies with whom we compete in both
the product and capital markets.

"Our lower tax rate will increase after-tax returns to
shareholders. This means we will have additional funds available
for dividends or for reinvestment in the growth of our fiber
cement business.

"Australian ownership remains a key part of the James Hardie
story. Almost 90 percent of our shares are owned by Australians
and our primary stock exchange listing remains in Australia.

"The international growth of our fiber cement business is also
heavily dependent on Australia.

"Our Global Research & Development Center is in Sydney and it is
at this facility that the next generations of our unique
technology will be developed for application around the world.

"Over the next 5 years we will invest more than $75 million at
the Sydney-based R&D Center to create a continuous pipeline of
innovation and scientific breakthroughs that we believe will
have significant commercial potential in the world's major
building products markets.

"The global market potential for our products, using our
Australian-developed fiber cement technology, is many times
larger than our current worldwide sales," said Mr Macdonald.

The financial benefits arising from the new structure will more
than offset the implementation costs within the first year.

"James Hardie will be essentially the same company with the same
assets, board, management and organizational structure. We will
be pursuing the same growth strategy," Macdonald said.

"Our strategy is focused entirely on becoming the global leader
in fiber cement, using our proprietary, Australian technology.

"Cement-cement is enabling James Hardie to become an Australian
success story in major international markets. This new structure
will ensure that our Australian shareholders share to the
greatest possible extent in that success," Macdonald said.


PACIFIC DUNLOP: Posts Meeting Results
-------------------------------------
Pacific Dunlop Limited advised that at the Annual General
Meeting of the Company held Friday, resolutions for the re-
election of three Directors were carried: in respect to S C H
Kay and H J Elliott on a show of hands, and in respect to I E
Webber on a poll.

SECTION 251AA(1)(a) OF THE CORPORATIONS ACT

In accordance with the above section, in respect of each
resolution in the Notice of Meeting, the proxy appointments
specified that:

With respect to the re-election of S C H Kay as a Director of
the Company:

i)  the proxy is to vote for the resolution;   213,002,601 votes
ii) the proxy is to vote against the resolution; 4,542,101 votes
iii)the proxy is to abstain on the resolution;   4,636,048 votes
iv) the proxy may vote at the proxy's
discretion.      180,982,607 votes

Total number of proxy votes exercisable by all
proxies validly appointed:                     398,527,309 votes

With respect to the re-election of Mr I E Webber as a Director
of the Company:

i)  the proxy is to vote for the resolution;   211,917,518 votes
ii) the proxy is to vote against the resolution; 6,478,575 votes
iii) the proxy is to abstain on the resolution   3,734,279 votes
iv)  the proxy may vote at the proxy's
discretion        181,033,081 votes

Total number of proxy votes exercisable by all
proxies validly appointed:                     399,429,174 votes

With respect to the re-election of Mr H J Elliott as a Director
of the Company:

i)  the proxy is to vote for the resolution;   212,426,613 votes
ii) the proxy is to vote against the resolution; 6,025,825 votes
iii) the proxy is to abstain on the resolution;  3,699,837 votes
iv)  the proxy may vote at the proxy's
discretion.       121,011,178 votes

Total number of proxy votes exercisable by all
proxies validly appointed:                     399,463,616 votes

SECTION 251AA(1)(b) OF THE CORPORATIONS ACT

In accordance with the above section, in respect of the re-
election of I E Webber as a Director of the Company, the total
number of votes cast on the poll were:

(i)  in favor of the resolution - 270,606,335 votes; and

(ii) against the resolution -  7,993,285 votes.

There was no other business, Ordinary or Special.


SKYWEST AIRLINES: Declares Rescue No Longer Required
----------------------------------------------------
The Administrator of Skywest Airlines Pty Ltd advised the
Chairman of Portman Limited (Portman) Monday that the $1 million
Standby Facility offered by Portman to assist in getting Skywest
operational again, is no longer required.

Portman was pleased to have been able to assist with the
resurrection of Skywest and now advised that the standby
facility has been formally withdrawn.


SOLUTION 6: Posts Notice Of Annual General Meeting
--------------------------------------------------
Notice is given that the Annual General Meeting of Solution 6
Holdings Limited will be held at 10:00am on Thursday 15 November
2001, at the Ballroom, Four Points Hotel, 161 Sussex Street,
Sydney NSW 2000.

BUSINESS

1. FINANCIAL STATEMENTS AND REPORTS

To receive the Financial Report of Solution 6 Holdings Limited
and its controlled entities and the Reports of the Directors and
the Auditor for the financial year ended 30 June 2001.

2. ELECTION OF DIRECTOR

To consider and, if thought appropriate, pass the following
resolution as an Ordinary Resolution:

That Andrew Day, a director retiring from office in accordance
with the Constitution of Solution 6 Holdings Limited, being
eligible, is re-elected a director of Solution 6 Holdings
Limited.


TENNYSON NETWORKS: CEO Accepts Appointment To Board
---------------------------------------------------
Tennyson Networks Ltd announced that Leigh Coleman, the
Company's Chief Executive Officer, has accepted an invitation to
join the Board, with immediate effect.

Coleman was appointed as the Company's CEO on 6 August 2001 and
is an experienced executive with a strong track record of
international business development and Strategic management.


UECOMM LIMITED: Posts Progress Report
-------------------------------------
Uecomm Limited has announced that it is targeting 2001 full year
revenues of $45 million and that at the end of September 2001,
revenues amounted to $25.1 million (unaudited) with further
ongoing contracted service revenues of $6.5 million through to
31 December 2001.

The Company also indicated that approximately $13.4 million of
the $45 million revenue target is dependent on the timing of and
the conversion of a number of sales opportunities by financial
year-end.

The Company is pursuing a number of large sales opportunities.
In order for the Company to achieve the targeted revenue of $45
million it will have to convert the large identified sales
opportunities to billable revenue this year. Recognition of
revenue from such contracts this year will depend on the terms
of those contracts and the extent of work completed by the
Company prior to financial year-end.

Given the very uncertain economic environment that currently
exists, which is leading customers to rethink their plans
and delay commitments, it is not possible to predict revenues
for the 2001 financial year with any degree of certainty. To the
extent, however, that the large sales opportunities referred to
above are not converted to billable revenue in 2001, then full
year revenue will be closer to $31.6 million than the $45
million target.

As of 25 June 2001, the Company announced a projected half-year
net loss after tax of approximately $18 million; the actual half
year net loss after tax was $18.9 million and this was announced
on 31 July 2001. Based on full year projected revenue of $50
million, the 25 June 2001 announcement stated that EBITDA for
the full year would be a loss of approximately $12.5 million.

The actual EBITDA for the Company will depend not only on the
2001 full year revenues achieved, but also on the extent of any
possible write down of the carrying value of assets and
investments following review for the preparation of the year-end
financial statements. It is not therefore possible at this time
to forecast with any degree of certainty the likely EDITDA for
the full 2001 year. To the extent that the Company is able to
calculate projected full year EBITDA, the Company does expect
that the EBITDA loss for the year will be substantially greater
than the $12.5 million loss projected in the announcement of 25
June 2001.


================================
C H I N A   &   H O N G  K O N G
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EBO (HONG KONG): Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Ebo (Hong Kong) Limited is scheduled for
hearing before the High Court of Hong Kong on November 7, 2001
at 9:30 am. The petition was filed with the court on August 3,
2001 by Cheung Kai Man of 1st Floor, No. 17, Kwun Mun Estate,
Tui Min Hoi, Sai Kung, New Territoires, Hong Kong.


FULBOND HOLDINGS: Enters Subscription Agreement With UniSVR
----------------------------------------------------------
Fulbond Holdings Limited exercised the Option on 11th October,
2001 pursuant to which Senbond will, subject to conditions,
acquire a 51 percent equity interest in Fusheng from STJ for a
total consideration of NT$55.50 million (equivalent to
approximately HK$12.77 million). The consideration for the
Acquisition will be satisfied as to NT$15.00 million (equivalent
to approximately HK$3.45 million) in cash and as to the balance
of NT$40.50 million (equivalent to approximately HK$9.32
million) by the issue of the Convertible Note by the Company.

The Convertible Note will be non-interest bearing, has a
maturity period of two years and be convertible into new Shares
at an initial conversion price of HK$0.04 per Conversion Share
(subject to adjustments) at any time after the issue of the
Convertible Note until the maturity date of the Convertible
Note.

The Conversion Shares represents approximately 3.06 percent of
the existing issued share capital of the Company and
approximately 2.97 percent of the issued share capital of the
Company as enlarged by the issue of the Conversion Shares.

The initial conversion price of HK$0.04 per Conversion Share
represents a discount of 20.0 percent to the closing price of
the Shares of HK$0.05 on 10th October, 2001 (being the last
trading day of the Shares prior to the date of the exercise of
the Option and the suspension of the trading of the Shares
pending the release of this announcement) and a discount of
approximately 5.0 percent to the average closing prices of the
Shares of HK$0.0421 for the 10 consecutive trading days up to
and including 10th October, 2001.

On 11th October, 2001, the Company entered into the Subscription
Agreement with UniSVR. As part of a fund raising exercise being
undertaken by UniSVR which involves the issue of a total of
6,800,000 new UniSVR Shares to potential investors, UniSVR has
conditionally agreed to allot and issue to the Company and the
Company has conditionally agreed to subscribe for up to
5,440,000 new UniSVR Shares at an issue price of NT$12.5
(equivalent to approximately HK$2.9) per Subscription Share.

The actual number of UniSVR Shares to be subscribed by the
Company will depend on the level of exercise by UniSVR's
existing shareholders and employees of their pre-emptive rights.
Depending on the number of UniSVR Shares to be subscribed by the
Company, the maximum total subscription price payable by the
Company for the Subscription Shares will be NT$68.0 million
(equivalent to approximately HK$15.6 million).

The maximum number of 5,440,000 Subscription Shares represents
approximately 15.5 percent of the existing issued share capital
of UniSVR and approximately 13.0 percent of the issued share
capital of UniSVR as enlarged by the issue of the 6,800,000 new
UniSVR Shares.

Dr. Yang has granted the Put Option to the Company pursuant to
which the Company may request STJ to acquire such number of
Subscription Shares to be subscribed by the Company under the
Subscription Agreement at NT$10 per UniSVR Share (equivalent to
approximately HK$2.3) at any time after the issue of the audited
financial statements of UniSVR for the year ending 31st
December, 2003 but before 31st December, 2004 if the audited
profit and loss accounts of UniSVR for the year ending 31st
December, 2003 show an audited net loss (after deduction of
taxation, extraordinary items and minority interests) of more
than zero.

* The Acquisition constitutes a share transaction of the Company
under the Listing Rules. Both the Acquisition and the
Subscription constitute connected transactions of the Company
which are subject to the approval of the Independent
Shareholders. The Independent Board Committee has been
established to advise the Independent Shareholders regarding the
Acquisition and the Subscription. An independent financial
adviser will be appointed to advise the Independent Board
Committee in relation to the Acquisition and the Subscription.

A circular containing further details of the Acquisition and the
Subscription, the recommendation of the Independent Board
Committee and the letter of advice from an independent financial
adviser to the Independent Board Committee, together with the
notice of the SGM will be dispatched to the Shareholders as soon
as practicable.

Trading in the Shares on the Stock Exchange was suspended at the
request of the Company with effect from 10:00 a.m. on Thursday,
11th October, 2001 pending the release of this announcement. An
application has been made to the Stock Exchange for the
resumption of the trading of the Shares with effect from 10:00
a.m. on Friday, 12th October, 2001.

THE ACQUISITION

Background

As disclosed in the Company's circular dated 5th February, 2001
in relation to its financial and corporate restructuring, STJ
has on 1st February, 2001 granted the Option for the Company to
acquire its 51 percent equity interest in Fusheng within a
period of two years from completion of the aforesaid
restructuring. On 11th October, 2001, the Company exercised the
Option and Senbond will acquire that 51 percent interest in
Fusheng from STJ on the terms and conditions set out below.

Assets to be acquired

51 percent of the registered capital of Fusheng.

The principal activities of Fusheng are the manufacture and sale
of medium density fiberboard for use in a variety of furniture
and building materials applications. The remaining 49 percent
interest in Fusheng is held by Shenyang Heavy Machinery Plant
("SHMP"), a stated-owned enterprise in the PRC. Based on the
financial statements audited by Fusheng's auditors in the PRC,
the audited loss before and after taxation of Fusheng for the
year ended 31st December, 1999 was approximately RMB1.04 million
(equivalent to approximately HK$0.98 million), while the audited
net profit before and after taxation of Fusheng for the year
ended 31st December, 2000 was approximately RMB4.17 million
(equivalent to approximately HK$3.93 million). The audited net
asset value of Fusheng as at 31st December, 2000 was
approximately RMB30.10 million (equivalent to approximately
HK$28.40 million).

The existing board of directors of Fusheng consists of 7 members
of which 3 are nominated by SHMP and 4 are nominated by STJ. The
Company intends to nominate 4 representatives to the board of
directors of Fusheng in place of those nominated by STJ after
completion of the Acquisition.

Consideration

The aggregate consideration for the Acquisition is NT$55.50
million (equivalent to approximately HK$12.77 million), of
which:

(i) NT$3.00 million (equivalent to approximately HK$0.69
million) will be satisfied by cash on the approval of the
Acquisition by the Independent Shareholders;

(ii) NT$12.00 million (equivalent to approximately HK$2.76
million) will be satisfied by cash on completion of the
Acquisition; and

(iii) the balance of NT$40.50 million (equivalent to
approximately HK$9.32 million) will be satisfied by the issue of
the Convertible Note by the Company on completion of the
Acquisition.

The consideration for the Acquisition was determined at the time
of the grant of the Option and was arrived at after arm's length
negotiation with reference to the consideration of NT$55.50
million (equivalent to approximately HK$12.77 million) paid by
STJ for acquiring its 51 percent interest in Fusheng and the net
asset value of Fusheng as at 31st December, 2000 attributable to
the 51 percent interest to be acquired by Senbond of
approximately RMB15.35 million (equivalent to approximately
HK$14.48 million).

Conditions precedent

Completion of the Acquisition is conditional on:

(i) the approval of the Acquisition by the Independent
Shareholders;

(ii) if required, the consents of relevant PRC government
authorities being obtained; and

(iii) the Stock Exchange granting the listing of, and permission
to deal in, the Conversion Shares.

Completion

Completion of the Acquisition will take place on the date
falling 5 business days after the date on which the above
conditions are satisfied or waived, or such other later date as
may be agreed by the Company and STJ.

Principal terms of the Convertible Note

Principal amount : HK$9,315,000

Conversion : The entire principal amount of the Convertible Note
will be convertible into new Shares by the holder thereof at an
initial conversion price of HK$0.04 per Conversion Share
(subject to adjustments) at any time after the issue of the
Convertible Note until the maturity of the Convertible Note. The
initial conversion price represents a discount of 20.0 percent
to the closing price of the Shares of HK$0.05 on 10th October,
2001 (being the last trading day of the Shares prior to the
exercise of the Option and the suspension of the Shares pending
the release of this announcement) and a discount of
approximately 5.0 percent to the average closing prices of the
Shares of HK$0.0421 for the 10 consecutive trading days up to
and including 10th October, 2001.

Redemption : The entire principal amount of the Convertible
Note, if not converted, will be redeemed in full after two years
from date of issue.

Interest : Non-interest bearing.

Conversion Shares : On the basis of the initial conversion price
of HK$0.04 per Conversion Share, a total of 232,875,000 Shares
will fall to be issued upon the exercise in full of the
subscription rights attaching to the Convertible Note. The
Conversion Shares represent approximately 3.06 percent of the
existing issued share capital of the Company and approximately
2.97 percent of the issued share capital of the Company as
enlarged by the issue of the Conversion Shares.

Rights of Conversion Shares : The Conversion Shares, when
issued, will rank pari passu with all other Shares then in issue
and will be entitled to all dividends and other distribution the
record date of which falls after the date of issue of the
Conversion Shares.

Listing : No listing will be sought for the Convertible Note on
the Stock Exchange or any other stock exchange. An application
will be made by the Company to the Stock Exchange for the
listing of and permission to deal in the Conversion Shares.

Voting : The holder of the Convertible Note will not be entitled
to attend or vote at any meetings of the Company by reason only
of it being a holder of the Convertible Note.

Transferability : The Convertible Note is not transferable or
assignable.

THE SUBSCRIPTION AGREEMENT

Date of the Subscription Agreement: 11th October, 2001

Parties

The Company, Dr. Yang and UniSVR.

Number of UniSVR Shares to be subscribed by the Company

As part of a fund raising exercise being undertaken by UniSVR
which involves the issue of a total of 6,800,000 new UniSVR
Shares to potential investors, UniSVR has conditionally agreed
to allot and issue to the Company and the Company has
conditionally agreed to subscribe for up to 5,440,000 new UniSVR
Shares, representing approximately 15.5 percent of the existing
issued share capital of UniSVR and approximately 13.0 percent of
the issued share capital of UniSVR as enlarged by the issue of
the 6,800,000 new UniSVR Shares. The actual number of UniSVR
Shares to be subscribed by the Company will depend on the level
of exercise by existing shareholders and employees of UniSVR of
their pre-emptive rights.

The Subscription Shares will rank pari passu in all respects
with all existing UniSVR Shares, including as to the right to
receive dividends and distributions declared, made or paid by
UniSVR on or after the date of the issue of the Subscription
Shares.

Information on UniSVR

The UniSVR Group is principally engaged in the provision of
information technology (IT) outsourcing services through the
Internet including information software design, data and
information processing, information system management and
related services. Dr. Yang is beneficially interested in
approximately 11.9 percent of the existing issued shares in
UniSVR, while his family members and relatives are interested in
a further 27.1 percent of the existing issued shares in UniSVR
in aggregate. The remaining 61.0 percent interest in UniSVR is
held by around 300 investors and employees of UniSVR who are all
independent of and not connected with the directors, chief
executives or substantial shareholders of the Company or its
subsidiaries or any of their respective associates.

The audited consolidated loss of the UniSVR Group for each of
the two years ended 31st December, 1999 and 2000 were
approximately NT$27.1 million (equivalent to approximately
HK$6.2 million) and NT$124.9 million (equivalent to
approximately HK$28.7 million) respectively. The audited
consolidated net asset value of the UniSVR Group as at 31st
December, 2000 was approximately NT$313.5 million (equivalent to
approximately HK$72.1 million).

Subscription price

NT$12.5 (equivalent to approximately HK$2.9) per Subscription
Share, or an aggregate subscription price of up to NT$68.0
million (equivalent to approximately HK$15.6 million) for a
maximum of 5,440,000 Subscription Shares to be subscribed by the
Company.

The terms of the Subscription Agreement were negotiated on an
arm's length basis between the Company and UniSVR after taking
into consideration the future prospects and future earnings
potential of UniSVR's operations.

Condition

Completion of the Subscription Agreement is conditional on the
approval of the Subscription Agreement by the Independent
Shareholders.

Completion

Completion of the Subscription Agreement will take place on the
5th business day after the condition of the Subscription
Agreement referred to above has been satisfied (or such other
date as may be agreed between the Company and UniSVR). If the
condition to the Subscription Agreement is not fulfilled by 31st
December, 2001, the Subscription Agreement will lapse.

Put Option

Pursuant to the Subscription Agreement, Dr. Yang has granted the
Put Option for the Company to sell to STJ such number of UniSVR
Shares subscribed by the Company under the Subscription
Agreement on the following terms and conditions:

1. the Company has the right (but not obligation) to request
STJ to purchase its interest in UniSVR by serving a written
notice to Dr. Yang at any time after the issue of the audited
financial statements of UniSVR for the year ending 31st
December, 2003 but before 31st December, 2004 if the audited
profit and loss accounts of UniSVR for the year ending 31st
December, 2003 show an audited net loss (after deduction of
taxation, extraordinary items and minority interests) of more
than zero;

2. the consideration for the sale and purchase of the UniSVR
Shares under the Put Option will be NT$10 (equivalent to
approximately HK$2.3) per UniSVR Share in cash; and

3. completion of the sale and purchase of the UniSVR Shares
under the Put Option shall take place on the tenth business day
following the date when the exercise notice is served by the
Company to Dr. Yang.

The terms of the Put Option including the consideration per
UniSVR Share are negotiated between Dr. Yang and the Company on
arm's length basis. The exercise by the Company of its rights
under the Put Option will constitute a connected transaction of
the Company and the transaction will be subject to the relevant
requirements of the Listing Rules.

REASONS FOR THE ACQUISITION AND THE SUBSCRIPTION

The principal activities of the Group are the manufacture and
sale of timber products, such as blockboard and other board,
high-density fiber doorskins and flooring, plywood and
furniture. The Group successfully completed a financial and
corporate restructuring in April 2001 pursuant to which GIIL
became the controlling shareholder of the Company and the
financial position of the Group has been restored. As stated in
the Company's circular dated 5th February, 2001 relating to the
financial and corporate restructuring, it is the intention of
GIIL that the business of the Group after the restructuring will
be divided into two distinct business units - the existing
timber business and other high technology related business. In
July, 2001, the Group has entered into an agreement with Z-Com,
Inc. pursuant to which Z-com, Inc. agrees to manufacture
wireless LAN products for the Group on an original equipment
manufacturing basis for worldwide distribution. This move marks
the first step of the Group in its business diversification from
its traditional timber-related business into the high technology
arena.

The production facilities of Fusheng are located close to the
facilities of Shenyang Fuyang Wood-Based Panel Ltd. ("Fuyang")
which is a 40 percent associated company of the Company, and the
principal activities of Fusheng are complementary to the
business of Fuyang. The Directors expect Fusheng to contribute
positively to the timber operations of the Group and the
Acquisition is expected to create synergy for Fuyang's
operations in terms of marketing, purchasing and other savings
in operating costs and overheads.

In view of the increasing dependence on IT operation for
enterprises and the complexity and depth in IT as well as the
shortage of experienced IT personnel, the Directors believe that
there is a growing trend for enterprises to outsource their IT
functions to companies specializing in IT services for cost and
reliability reasons. The Directors believe that the IT
outsourcing business will enjoy the highest growth rate among
different segments of the IT industry. Since its commencement of
operations in 1998, UniSVR has built up an experienced
management and technical team in providing IT services to its
clients and has maintained close relationship with major IT
companies in the United States. UniSVR has its own data center
and application-specific service platforms which enable
enterprise customers to timely deploy IT functions in multi-
locations without high investment in their own hardware,
software and experience IT personnel. It has also developed its
proprietary server farm architecture and platform technology. In
addition to using UniSVR's service to meet Group's own long term
IT requirements, the Directors consider that the Company could
leverage on the established infrastructure and expertise of
UniSVR to participate in the fast growing IT industry in a scale
and manner that is manageable and prudent in light of the
Group's operational and financial capability.

The Directors (other than the Independent Board Committee, who
has yet to receive the advice of an independent financial
adviser and have therefore not formed an opinion) consider that
the terms of the Acquisition and the Subscription Agreement are
fair and reasonable and in the interests of the Company and the
Shareholders as a whole.

The cash consideration payable for the Acquisition and the
Subscription of approximately HK$19.1 will be funded from
internal resources of the Group which were raised by the Company
in a placing of Shares completed in September 2001.

GENERAL

The Acquisition and the Subscription constitute connected
transactions of the Company by virtue of Dr. Yang's controlling
interest in STJ and his substantial shareholding interest in
UniSVR. As at the date of this announcement, STJ is interested
in 38,138,706 Shares (approximately 0.5 percent of the existing
issued share capital of the Company) while GIIL is interested in
4,172,370,084 Shares (approximately 54.9 percent of the existing
issue share capital of the Company). STJ, GIIL and their
associates (as defined in the Listing Rules) will abstain from
voting in respect of their shareholdings in the Company on the
resolutions to be proposed at the SGM to approve the Acquisition
and the Subscription.

The Independent Board Committee, comprising Professor Edward S.
Yang and Mr. Tim, Chan Ting-Fung, has been formed to advise the
Independent Shareholders in respect of the Acquisition and the
Subscription. An independent financial adviser will be appointed
to advise the Independent Board Committee in respect of the
Acquisition and the Subscription. A circular containing, among
others, further details of the Acquisition and the Subscription,
the recommendation of the Independent Board Committee and the
letter of advice from the independent financial adviser to the
Independent Board Committee, together with the notice of the
SGM, will be sent to the Shareholders as soon as practicable.

Trading in the Shares on the Stock Exchange was suspended at the
request of the Company with effect from 10:00 a.m. on Thursday,
11th October, 2001 pending the release of this announcement. An
application has been made to the Stock Exchange for the
resumption of the trading of the Shares with effect from 10:00
a.m. on Friday, 12th October, 2001.

DEFINITIONS

"Acquisition" the acquisition of 51 percent equity interest
in Fusheng by the Company pursuant to the exercise of the Option

"Company" Fulbond Holdings Limited, a company incorporated in
Bermuda with limited liability and the securities of which are
listed on the Stock Exchange

"Convertible Note" the convertible note with principal
amount of HK$9,315,000 to be issued by the Company to STJ
pursuant to the exercise of the Option

"Conversion Share(s)" the new Share(s) which may fall to be
issued upon exercise of the subscription rights attaching to the
Convertible Note by the holder thereof

"Directors" the directors of the Company

"Dr. Yang" Dr. Yang Ding-Yuan, Chairman of the Company

"Fusheng" Shenyang Fusheng Medium Density Fiber Board Company
Limited, a sino-foreign joint venture company established in the
PRC

"GIIL" Global Innovation Investment Limited, a company
incorporated in the Cayman Islands and the controlling
shareholder of the Company and 70 percent of the shares of which
are controlled by Dr. Yang and his family members

"Group" the Company and its subsidiaries

"Hong Kong" the Hong Kong Special Administrative Region of the
PRC

"Independent Board Committee" Professor Edward S. Yang and Mr.
Chan Ting-Fung, both of whom are independent non-executive
Directors

"Independent Shareholders" Shareholders other than STJ, GIIL
and their respective associates (as defined in the Listing
Rules)

"Listing Rules" the Rules Governing the Listing of Securities
on the Stock Exchange

"Option" an option granted by STJ to the Company pursuant to
a deed of undertaking dated 1st February, 2001 for the Company
to acquire its 51 percent equity interest in Fusheng

"PRC" the People's Republic of China

"Put Option" the option granted by Dr. Yang to the Company
for the Company to sell such number of UniSVR Shares to be
subscribed by the Company under the Subscription Agreement to
STJ

"Senbond" Senbond Building Materials Limited, a company
incorporated in Hong Kong and a wholly-owned subsidiary of the
Company

"SGM" a special general meeting of the Company to be convened at
which resolutions will be proposed to consider and, if thought
fit, to approve the Acquisition and the Subscription

"Share(s)" ordinary share(s) of US$0.001 each in the capital of
the Company

"Shareholder(s)" holder(s) of the Shares

"STJ" S.T.J. Technology Limited, a company incorporated in the
British Virgin Islands and wholly owned by Dr. Yang and his son,
Mr. Yang Yi-Hsien

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"Subscription" the subscription by the Company of the
Subscription Shares pursuant to the terms of the Subscription
Agreement

"Subscription Agreement" the conditional agreement dated
11th October, 2001 entered into between the Company and UniSVR
in relation to the Subscription

"Subscription Share(s)" the new UniSVR Share(s) to be subscribed
by the Company pursuant to the terms and subject to the
conditions of the Subscription Agreement

"UniSVR" UniSVR Global Information Technology Corp, a company
incorporated in Taiwan

"UniSVR Group" UniSVR and its subsidiaries

"UniSVR Share(s)" ordinary share(s) of NT$10 each in the share
capital of UniSVR

"HK$" Hong Kong dollars, the lawful currency in Hong Kong

"NT$" New Taiwanese dollars, the lawful currency in Taiwan

"RMB" Renminbi, the lawful currency in PRC
independent of the Lender and the Borrower.

Date of Entrusted Loan Mandate: 11 October 2001

Date of Entrusted Loan Lending Agreement: 11 October 2001

The Loan:  RMB10,000,000

(approximately HK$9,423,000 applying an exchange rate as at 30
September 2001 of HK$1.00 : RMB1.0612)

Interest Rate Payable by the Borrower

The interest is charged on monthly basis at a fixed rate of 4
percent per annum. The interest rate may be varied, subject to
change in the statutory lending rate by the Government of the
PRC or any change as requested by the Lender and agreed to by
the Borrower.

All interest due from the Borrower in respect of the Loan shall
be paid to the Bank and deposited by the Bank into an account
maintained with the Bank and designated by the Lender.

Term

Subject to prepayment, the Loan and any outstanding interest
payable shall be paid on 12 April 2002. The term of Loan may be
renewed at maturity by agreement between the Lender and the
Borrower.

Prepayment

Prepayment of part or all of the Loan shall be made by the
Borrower:

1. within 14 days of receiving notice in writing from the
Lender to do so; or

2. if the Borrower so requests and the Lender so agrees.

Surcharge

The Lender and Borrower shall each pay a monthly surcharge to
the Bank of 0.06 percent per annum on the balance of the Loan
outstanding.

REASONS FOR THE FINANCIAL ASSISTANCE

The Lender currently has certain amounts of idle cash (the
"Available Funds") deposited with banks in the PRC. The current
Renminbi deposit interest rate is approximately 1.7 percent per
annum.

The Arrangement will enable the Lender to better utilize the
Available Funds and to receive a more favorable return on the
Loan amount.

The directors of the Company (including the independent non-
executive directors) have considered the Arrangement and
consider that the Arrangement is fair and reasonable and on
normal commercial terms and that the Arrangement will be of
benefit to the Company and its subsidiaries (the "Group") as a
whole as it allows the Group to better utilize the Available
Funds and increase the Group's net interest income.

CONNECTED TRANSACTION

The Borrower holds a 20 percent equity interest in the Lender
which, in turn, is a non-wholly owned subsidiary of the Company.
Accordingly, the Borrower is a connected person of the Company.

The provision of financial assistance by the Lender to the
Borrower pursuant to the Arrangement constitutes a connected
transaction for the Company under the Rules Governing the
Listing of Securities on the Stock Exchange (the "Listing
Rules").

The total amount of the financial assistance which will be made
available by the Lender to the Borrower under the Arrangement is
RMB10 million which represents less than (i) HK$10 million and
(ii) HK$174,781,000, being the monetary threshold of 1 percent
of the modified asset value of the Group as at 30 June 2001 as
determined under the modified assets test under the Modified
Calculation Concession. Shareholders and investors are reminded
that the Company has been granted approval by the Stock Exchange
to apply the Modified Calculation Concession in relation to
notifiable transactions in accordance with the guidelines issued
by the Stock Exchange as described in the announcements dated 3
May 2001 and 24 August 2001 in relation to issuers with negative
or negligible net tangible assets and should refer to the
announcements made by the Company on 29 May 2001 and 26
September 2001 respectively.

Pursuant to Chapter 14 of the Listing Rules, the approval of the
shareholders of the Company is not required in respect of the
Arrangement.

Details of the Arrangement are required to be disclosed by way
of this press announcement.

In addition, details of the Arrangement will be disclosed in the
next published annual report and accounts of the Company.


JADE VIEW: Petition To Wind Up
------------------------------
The petition to wind up Jade View Holdings Limited is scheduled
to be heard before the High Court of Hong Kong on November 21,
2001 at 9:30 am. The petition was filed with the court on August
9, 2001 by Sek Kin Hon of Room 1041, 10th Floor, Nam Yat House,
Nam Shan Estate, Kowloon, Hong Kong.


MANDARIN RESOURCES: Appoints Directors
--------------------------------------
The Board of directors (the "Board") of Mandarin Resources
Corporation Limited (the "Company") announced that Chan Kin
Sang, a non-executive director of the Company, and Clive William
Baker Oxley OBE, ED, an independent non-executive director of
the Company, were appointed as executive directors of the
Company, effective 11th October, 2001.

The Board is also pleased to announce the appointment of Lau
Kwok Hung as an executive director of the Company, effective  
11th October, 2001.


MING FAT: Hearing Of Winding Up Petition Set
--------------------------------------------
The petition to wind up Ming Fat Investment Company Limited is
set for hearing before the High Court of Hong Kong on December
12, 2001 at 10:00 am. The petition was filed with the court on
August 23, 2001 by Cheng Tsan Ting of Room 413, Wang Lok House,
Lok Fu Estate, Kowloon, Hong Kong.


OLYMPIC MARK: Winding Up Sought By Sin Hua
------------------------------------------
Sin Hua Bank Limited is seeking the winding up of Olympic Mark
Company Limited. The petition was filed on July 27, 2001 and
will be heard before the High Court of Hong Kong on October 24,
2001.

Sin Hua Bank Limited, Hong Kong Branch, whose undertakings have
been succeeded by Bank of China (Hong Kong) Limited, holds it
registered office at Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


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


TRANS PACIFIC: To Resume Construction Late This Year
----------------------------------------------------
The construction of the troubled petrochemical center PT Trans
Pacific Petrochemical Indotama (TPPI) is expected to resume at
the end of this year, Jakarta Post reports Monday citing
Pertamina President Baihaki Hakim.

"Pertamina agreed to participate in the project with a 15
percent stake, and a formal deal was expected to be signed soon.

"As soon as a deal that the bankers require has been signed, the
funds (to finance the project) can be disbursed," Hakim said.

Construction of TPPI halted in early 1998 in the wake of the
regional economic crisis.

It needed US$400 million to resume construction of the remaining
40 percent of the project. Pertamina has agreed to provide its
products to help raise the needed cash via a product swap
scheme.

TPPI was originally owned by local conglomerate Tirtamas Group,
which was forced to transfer its stake to the Indonesian Bank
Restructuring Agency (IBRA) to help repay its debts to the
government.

Foreign investors, after injecting some $700 million into the
project, have been reluctant to resume financing amid the
country's economic and social problems.


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


HUIS TEN: IBJ Forgives Y33B Debt
--------------------------------
The Industrial Bank of Japan, main creditor of Huis Ten Bosch
Co., has agreed to waive Y33.1 billion in debts incurred by the
amusement park operator, the Japan Times reported Sunday.

The troubled amusement park operator has also asked its other
creditor banks to grant a five-year grace period for it to pay
the principal. Industry sources say that the other creditor
banks are also poised to accept the offer.

The waiver brings the amount already forgiven by IBJ to a total
of Y53.3 billion, as it previously waived Y20.2 billion in
loans.


JAPAN AIRLINES: Forecasts Group Net Loss Of Y40B
------------------------------------------------
Japan Airlines (JAL) expects a group net loss of Y40 billion to
March 31, citing a sharp fall in international air travel after
the September 11 terrorist attacks. The company, which earlier
projected a net profit of Y25 billion, also lowered its
consolidated operating forecast to a loss of Y50 billion this
financial year from a previous forecast of Y43 billion profit.  
The company said it would cut an additional 600 jobs on top of
the 700 already announced.

The operating loss for the full year would be its first since
1997.  "The terror attacks on the United States have greatly
reduced demand for international travel," JAL said.  Airlines
worldwide are facing increased insurance costs and waning demand
after the September 11 attacks. Analysts say JAL is the most
exposed Japanese carrier because it offers the most
international flights.

The airline said it would skip its full-year dividend payment,
originally forecast at three yen. Lat year, JAL paid a dividend
of four yen.  JAL also lowered its group revenue targets by .6
percent to 1.6 trillion yen from an earlier forecast of 1.77
trillion yen.


JAPAN AIRLINES: To Add Special Flight Charge To Cover Costs
-----------------------------------------------------------
In order to help cover additional costs brought about by the
airline hijackings in the U.S., Japan Airlines Co Ltd, plans to
put an additional special charge for flights on its domestic and
international routes, News on Japan reports Friday.

Starting October 22, the nation's largest carrier will charge an
additional US$5 for international flights, and on November 1,
Domestic fares are slated to increase by Y500 or US$4.12 per
passenger.


MATSUSHITA ELECTRIC: Expects Y68B Net Loss
------------------------------------------
Matsushita Electric Industrial expects a Y68 billion net loss in
the lat half-year, up more than 50 percent from a forecast made
in July, Reuters reports. The maker of Panasonic and National
brand goods placed a large part of the blame on appraisal losses
on its securities holdings as Japanese stocks slid steadily in
recent months. The company left its revenue estimate for the
half-year to September 30 unchanged at Y3.38 trillion.


MYCAL CORPORATION: Wal-Mart Still Possible Takeover Candidate
-------------------------------------------------------------
U.S. retail giant Wal-Mart is one of the five firms left as
possible candidates for the takeover of the failed Mycal
Corporation, after the latter purposely reduced the number of
candidates.

News on Japan reported October 12 that some twenty companies
originally signified their intention to take over the failed
supermarket chain.

The News on Japan report, which cited a Japanese newspaper,
indicated that although the names of the firms were not
disclosed, Wal-Mart and Aeon Corp., Japan's leading retailer,
were among the most qualified candidates because of their better
offers.


* Fitch Lowers Japanese Investment Banks' Ratings
-------------------------------------------------
Fitch, the international rating agency, lowered Thursday the
Individual ratings of the major Japanese securities companies -
Daiwa, Nomura and Nikko - to 'C/D' from 'C' and also changed the
Long-term Rating Outlook on the two Daiwa group companies listed
below to Negative from Stable. At the same time, ratings have
been assigned to the new domestic securities companies formed by
Nomura and Nikko. These rating actions are:

Daiwa Securities SMBC: Individual rating lowered to 'C/D' from
'C'; Outlook for the Long-term rating of 'A-' (A minus) is
revised to Negative

Daiwa Securities Group Inc.: Individual rating lowered to 'C/D'
from 'C'; Outlook for the Long-term rating of 'BBB+' is revised
to Negative

Nomura Holdings Inc. (formerly Nomura Securities Co., Ltd.):
Individual rating lowered to 'C/D' from 'C'; Support rating
lowered to '5' from '4'

Nomura Securities Co. Ltd.: assigned Individual rating of 'C/D'
and Support rating of '4'

Nikko Cordial Corp. (formerly Nikko Securities Co., Ltd.)
Individual rating lowered to 'C/D' from 'C' and Support rating
lowered to '5' from '4'.

Nikko Cordial Securities Co.: assigned Short-term rating of
'F2', Individual 'C/D' and Support '4'.

Japanese securities houses enjoyed recovering market conditions
and good performance in the 18 months through March 2001. Since
then conditions in the Japanese capital markets have turned
negative and the outlook for the rest of the year is cloudy,
amidst deteriorating economic conditions worldwide and
structural change in Japan. For this reason, the performance
based Individual ratings for all of these companies are lowered
to 'C/D' from 'C' and the Long-term rating Outlook for these two
Daiwa group companies is changed to Negative from Stable. (Note
that the Nomura and Nikko companies do not have Long-term
ratings from Fitch.)

Both the Nomura and Nikko Groups converted to holding company
structures effective October 1, 2001. Fitch's basic policy is to
maintain a one notch differential in Support ratings between the
holding company and registered securities broker/dealers. In
keeping with this policy, Support ratings for both Nomura
Holdings Inc. (formerly Nomura Securities Co., Ltd.) and Nikko
Cordial Corp. (formerly Nikko Securities Co., Ltd.) were lowered
to '5' from '4'.

Concurrent with converting to holding company structures, both
Nomura and Nikko established new lead Japanese securities
companies. Nomura Securities Co. Ltd. is a registered Japanese
securities company established to conduct domestic securities
business and perform various other functions for the Nomura
Group as a whole, including finance, corporate planning, legal,
compliance and investor relations. Nikko Cordial Securities Co.
is a registered Japanese securities company established by the
Nikko Cordial Group to conduct their domestic securities
business. Ratings assigned to these two new companies are as
noted above.


* Moody's Changes Outlook For Several Japanese Life Companies
-------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of four
life insurance companies, Dai-ichi Mutual Life Insurance Company
(Dai-ichi Life), Fukoku Mutual Life Insurance Company (Fukoku
Life), Meiji Life Insurance Company (Meiji Life), and Sumitomo
Life Insurance Company (Sumitomo Life) and placed the ratings of
Yasuda Mutual Life Insurance Company (Yasuda Life) for possible
downgrade.

These rating actions reflect Moody's belief that Japan's current
business and operating environment is negatively affecting the
solvency of Japanese life insurance companies. In Moody's view,
the sluggish stock market is directly affecting the
capitalization and investment yields of these firms, while the
weak economy is lowering consumer confidence, resulting in slow
sales of new policies and a decline of policies in force.

In Moody's view, a weak business environment is slowing the
recovery of the Japanese life industry. The industry has been
faced with a negative spread between their investment and
liability yields, and with a decline of business. These problems
remain unsolved, and an additionally lowered capital buffer
gives little room for companies to make strategic investments
for the future.

The rating agency views capital as one of the most important
elements of financial strength for Japanese life insurers;
however, capital is not the only factor in our rating analysis.
Moody's ratings incorporate a variety of qualitative and
quantitative factors. Other factors include the quality of
management as well as investment portfolio risks and
profitability by line of business.

Moody's believe it will be increasingly important over the
medium term for life insurers to limit the potential downside
risks within their investment portfolios in order to maintain
stable credit profiles. As regulators raise their level of
surveillance on the industry, companies will be required to
identify their business and investment risk in more
sophisticated terms.

Therefore, effective risk management around pricing,
underwriting, investments, and interest rate risk will become
increasingly important to Moody's in gauging the potential
volatility of companies' earnings and, thus, their financial
flexibility and strength.

These companies were affected by an outlook change:

The Dai-ichi Mutual Life Insurance Company (Dai-ichi Life):
Outlook changed to stable from positive, A3 insurance financial
strength rating remains unchanged.

Fukoku Mutual Life Insurance Company (Fukoku Life): Outlook
changed to negative from stable, A3 insurance financial strength
rating remains unchanged.

Meiji Life Insurance Company (Meiji Life): Outlook changed to
negative from stable, A2 insurance financial strength rating
remains unchanged.

Sumitomo Life Insurance Company (Sumitomo Life): Outlook changed
to negative from stable, Baa1 insurance financial strength
rating remains unchanged.

The following company's rating was placed under review:

The Yasuda Mutual Life Insurance Company (Yasuda Life): A2
insurance financial strength rating placed under review for
possible downgrade.

Dai-ichi Life, Fukoku Life, Meiji Life, Yasuda Life are all
headquartered in Tokyo. Sumitomo Life is headquartered in Osaka.

Moody's Insurance Financial Strength Ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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


DAEWOO MOTOR: GM Speeds Up Due Diligence Study
----------------------------------------------
Creditors of the ailing Daewoo Motor said Sunday that General
Motors (GM) will speed up the due diligence study of the Korean
automaker and is set to begin formal contract negotiations for
the acquisition of the latter on Monday, the Korea Herald
reports Monday.

Daewoo officials have already handed over documents that the
American auto giant has requested, documents such as records of
the company's first-half performance, bond and debt documents
and financial statements, all of which are very needed for the
speedy completion of the due diligence study currently being
conducted.

Topics for the formal takeover negotiations include confirmation
of Daewoo's assets and debts, evaluation of the company's
contract relations with other businesses both at home and
outside the country, the reevaluation of its business potential
and lastly, the study of Daewoo's 24 overseas production and
sales corporations whose shares GM will take over.


HYNIX SEMICONDUCTOR: Creditors Demand Debt Purchase
---------------------------------------------------
Three creditor banks of Hynix Semiconductor Inc., namely
Kyongnam Bank, Kwangju Bank and HSBC Holdings PLC, made use of
an option to demand that the other creditors buy the three
banks' debt exposure to the Korean chipmaker, the Asian Wall
Street Journal reported Friday.

In order to properly prepare for bailout plans, all creditors of
Hynix agreed on October 4 to freeze the company's total debt of
W8.64 trillion for three months.

The three creditor banks mentioned have opposed the latest
bailout plan and are seeking not to take part in any further
bailout measures. According to the new corporate restructuring
law, Hynix creditors who are opposed to the proposed bailout
plan may demand within a specified time that the other creditors
buy their debt exposure.

Kwangju is a creditor of W19.5 billion of Hynix's debt, while
HSBC's Seoul office has W8.5 billion. Kyongnam is currently owed
W7.6 billion. Creditors are expected to meet and discuss buying
the debt exposure from the three banks, but no date has yet been
set.


HYNIX SEMICONDUCTOR: Issued Loans Not Against WTO Rules
-------------------------------------------------------
South Korea's Trade Minister Hwang Doo-yun said last weekend
that the loans issued by state-controlled banks to the ailing
Hynix Semiconductor Inc. don't violate any regulation made by
the World Trade Organization, the Asian Wall Street Journal
reported Oct 14, 2001.

Hwang reasoned that banks who came under the state's control
since the country's reform process brought about by the 1997
Asian Crisis operate "autonomously" and the controversial loans
were given to Hynix under "commercial considerations".

The World Trade Organization prohibits the Korean government
from subsidizing or injecting funds into a particular company of
a slumping industry as this would create unwarranted state
intervention into a particular international industry.


HYNIX SEMICONDUCTOR: Selling Production Facilities To Pay Debts
---------------------------------------------------------------
In order to sustain its operations amid the ongoing crisis and
to pay its massive debts, Hynix Semiconductor Inc. is currently
in talks with more than one Chinese company to sell some of its
12 wafer production facilities, the Asian Wall Street Journal
reported Friday.

Shougang Group, one of China's largest state-owned companies, is
rumored to be a potential buyer, although it refuses to confirm
this.

A Chinese delegation is expected to tour the company's
production sites in Icheon, Chongju, and Kumi within the month
of October.


HYUNDAI ENGINEERING: Creditors Set To Re-Approve Bailout Plan
-------------------------------------------------------------
In line with the amended corporate restructuring promotion law,
Hyundai Engineering and Construction Co. creditors will convene
a consultative council this week to re-approve a W2.15 trillion
bailout, the Asian Wall Street Journal reported Sunday.

The consultative council is set to approve the freezing of the
debts of Hyundai Engineering for a month. The proposed bailout
also includes a debt-to-equity swap of W1.4 trillion and a
rights offering of W750 billion.

Previously, 12 creditors of the cash-strapped company have
failed to implement bailout promises worth a total of W192.5
billion.


HYUNDAI MERCHANT: Expected to Suffer Huge Losses
------------------------------------------------
An analyst of brokerage Hanwha Securities predicted that Hyundai
Merchant Marine (HMM) will inevitably suffer huge losses this
year due to a decrease in operating profitability, rising in
financial costs and foreign exchange losses, the Korea Herald
reported Saturday.

The same analyst said although HMM was seen to have benefited
from the September 11 terrorist attacks due to the high
proportion of its non-regular liner services whose fees
rebounded from a downward trend following the attacks, there
would also be a limit to the said rebound. He further added that
HMM's container services may pull down the company's
profitability because the current shipping fees are well below
last year's average.

HMM's financial costs for this year will exceed W500 billion,
due mainly to the company's excessive borrowing. Hyundai
Marine's net foreign currency-denominated debt also amounts to
W2.6 trillion.


HYUNDAI MOTOR: Maintains U.S. Retail Car Prices
-----------------------------------------------
Standing by its low-price-high-quality strategy, Hyundai Motor
has decided to maintain its 2002 U.S. retail prices for major
export models at this year's levels, according to an October 13
Korea Herald report.
  
A spokesman for the Korean automaker said the company will be
able to absorb additional costs if it simplifies the model
lineup.

Hyundai's Santa Fe SUV model will be priced at US$17,999, its
three-door Accent subcompact for US$8,999, while the basic model
of compact Sonata will retail at US$15,499.


SAMSUNG GROUP: Unit Gets US$350 Saudi Arabian Order
---------------------------------------------------
The Asian Wall Street Journal reported Sunday that officials of
Samsung Engineering Company confirmed that the Samsung Group
subsidiary has secured a construction order for a US$350 million
gas plant from a Saudi Arabia firm, Saudi Polyolefins Company.

A consortium composed of Samsung Engineering and U.S. based ABB
Lummus will build propane dehydrogenation and polypropylene
production facilities in Al-Jubail, 60 kilometers away from
Saudi Arabia's capital Riyadh. The construction set to be
completed by January 2004 on a turnkey basis.


SEOUL BANK: Buyers Interested In Takeover
-----------------------------------------
After the Public Fund Management Committee decided to end its
negotiations with Deutsche Bank Capital Partners for the
acquisition of Seoul Bank after four long months of bargaining,
potential domestic buyers are slowly signifying their intentions
to acquire the failed Korean bank.

The Korea Herald reported Saturday that the candidates include
three recognizable Korean financial institutions, the Tongyang
Group, Korea Exchange Bank (KEB) and Chohung Bank (CHB).

In addition to the buyers already mentioned, other financial
institutions such as Kyobo Life Insurance Company as well as the
Dongwon Group also expressed their interest in the acquisition
of the state-owned bank.

Officials of Seoul Bank said however, that it hasn't accepted
any bid proposals from any of the abovementioned companies.


SSANGYONG CEMENT: Still Seeking Buyer For Insurance Unit
--------------------------------------------------------
Ssangyong Cement Company will continue its efforts to find a
buyer for its managerial stake in subsidiary Ssangyong Fire &
Marine Insurance Company even though another stakeholder is
currently involved in a stock exchange scandal, the Korea Herald
reports October 13.

Officials of the construction giant said that although G&G
Restructuring, recently implicated in the recent scandal of yet
another entrepreneur in the Kosdaq market, holds a 24 percent
stake in Ssangyong Fire, the stake cannot infringe on Ssangyong
Cement's managerial rights.


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


ABRAR CORPORATION: PwC's Wai Fun Replaces SA Wee Ning
-----------------------------------------------------
Abrar Corporation Berhad announced that Yap Wai Fun of
PricewaterhouseCoopers has been appointed as Special
Administrator (SA) of the Company, effective 10 October 2001 by
Pengurusan Danaharta Nasional Berhad, pursuant to Section 24 of
the Pengurusan Danaharta Nasional Berhad Act 1998. Wai Fun will
replace Gong Wee Ning who ceased to be the Special Administrator
of the Company on 8 October 2001.


ASSOCIATED KAOLIN: Danaharta Appoints Yap Wai Fun As SA
-------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) informed Yap Wai Fun of PricewaterhouseCoopers has
been appointed as Special Administrator of the Company with
effect from 10 October, 2001 by Pengurusan Danaharta Nasional
Berhad (Danaharta) under Section 24 of the Pengurusan Danaharta
Nasional Berhad Act 1998. Wai Fun will replace Gong Wee Ning who
has ceased to be the Special Administrator of the Company on 8
October, 2001.


AUSTRAL AMALGAMATED: Plaintiff Withdraws Legal Proceedings
----------------------------------------------------------
Austral Amalgamated Berhad, Special Administrators Appointed
(AAB), announced the legal proceedings against Danau Kota
Development Sdn. Bhd (DKD) were discontinued by the Plaintiff.
The High Court of Malaya issued a notice of discontinuance on 24
August, 2001.

Reference is made to the previous announcement by AAB on 5 July,
2001 whereby it was made known that DKD, a wholly owned
subsidiary of AAB, was served with a Writ of Summons in respect
to July 4 2001 legal proceedings initiated by Lembaga Hasil
Dalam Negeri, (Plaintiff) claiming a sum of RM5,901,276.27.


AYER HITAM: EGM To Be Held On October 29
----------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad's (AHT or Company)
Extraordinary General Meeting (EGM) will be held at the Hibiscus
Room, Level One, Swiss-Garden Hotel Kuala Lumpur, 117, Jalan
Pudu, 55100 Kuala Lumpur on Monday, 29 October 2001 at 10.00
a.m.

The full text of the Notice of EGM is found at
http://www.bankrupt.com/misc/Ayer_Hitam_EGM.doc


GENERAL CORPORATION: Unit Voluntary Winds Up
--------------------------------------------
General Corporation Berhad announced that its inactive
subsidiary, NIC Far East Sdn. Bhd. ceased to be subsidiary of
GCB Group by virtue of a voluntary winding up on 16 May 2001.
Since its incorporation, the company never commenced operations.


IDRIS HYDRAULIC: Talasco Gets Proposed Acquisition Approval
----------------------------------------------------------
Idris Hydraulic (Malaysia) Bhd (IHMB or the Company), further to
the announcement made on 29 August 2001, revealed that its
wholly-owned subsidiary, Talasco Insurance Berhad (Talasco) has
obtained approval from Bank Negara Malaysia for:

(a) Proposed acquisition of the entire equity interest in The
People's Insurance Co. (M) Berhad (PICM) from Pengurusan
Danaharta Nasional Berhad (Danaharta) by Talasco for a total
purchase consideration of RM80,000,000.

(b) The merger between Talasco and PICM upon completion of the
said acquisition.

(c) Talasco shall place a fixed deposit of RM64 million being
the balance of 80 percent of the purchase consideration with a
designated bank as guarantee payment to Danaharta in compliance
with Section 53 of the Insurance Act 1996.

(d) An extension period of twelve (12) months from the date of
the signing of Shares Sale Agreement in accordance with Section
46(1) of the Act.


KRETAM HOLDINGS: Proposed Debt Exercise Under CDRC's Review
-----------------------------------------------------------
On behalf of the Board of Directors of Kretam Holdings Berhad
(KHB), Alliance Merchant Bank Berhad (formerly known as Amanah
Merchant Bank Berhad) announced that the proposed debt
restructuring exercise of KHB was accepted under the purview of
the Corporate Debt Restructuring Committee (CDRC) on 5 October
2001.

Further details of the proposed debt restructuring scheme will
be announced once the scheme has been mutually agreed upon
between the creditors and KHB.


NCK CORPORATION: Posts Info On Units' Appointment Of SA
-------------------------------------------------------
NCK Corporation Bhd made the following announcement as required
under Chapter 9 of the KLSE Listing Requirements in relation to
the appointment of Special Administrators (SA) to NCK Metal Sdn
Bhd, Ng Choo Kwan & Sons Hardware Sdn Berhad, Fook Chuan Trading
Sdn Bhd, NCK Aluminium Extrusion Sdn Bhd and NCK Wire Products
Sdn Bhd (Subsidiaries) which are all subsidiaries of NCK
Corporation Berhad.

a) Date of Appointment and Particulars of Special Administrators

On 11 October 2001, YBhg Dato' Nordin Bin Baharuddin, Mr Adam
Primus Varghese Bin Abdullah and Madam Wong Lai Wah, all
partners of Ernst & Young, 4th Floor, Kompleks Antarabangsa,
Jalan Sultan Ismail, 50250 Kuala Lumpur were appointed as SA.

b) Details of the event leading to the appointment of Special
Administrators

NCK Corporation Berhad is currently under SA and both NCK
Corporation Berhad and the Subsidiaries are in default of its
loan obligations. The appointment of SA over the Subsidiaries is
provided under the Pengurusan Danaharta Nasional Berhad Act 1998
(Danaharta Act). The appointment has been approved by Pengurusan
Danaharta Nasional Berhad (Danaharta)'s Oversight Committee, a
three member committee with one representative each from the
Ministry of Finance, Securities Commission and Bank Negara
Malaysia

c) Terms of Reference of the Special Administrators

The SA will assume control and management of the assets and
affairs of the Subsidiaries with effect from the date of their
appointment.

The SA will prepare a workout proposal as soon as reasonably
practicable, which will be examined by the Independent Advisor
(IA). The IA's role is to review the reasonableness of the
proposal, taking into consideration the interests of all
creditors (whether secured or unsecured) and shareholders.

If Danaharta approves the proposal prepared by the SA, the SA
will call for a meeting of secured creditors to consider and
vote on the proposal. A majority in value of secured creditors
present and voting at the meeting must approve the proposal
before it can be implemented. Relevant regulatory approvals must
also be obtained.

d) The financial and operational impact of the aforesaid
appointment of the group, if any

The appointment of SA over the subsidiaries is not expected to
have any immediate financial and operational impact on the
Group.

e) The effect of the appointment on the business operations of
the listed issuer

The appointment of SA over the Subsidiaries is not expected to
have any impact on the business operation. The Company is
expected to continue to operate as usual under the supervision
of SA.

However in order to preserve the assets of the Company until the
SA are able to complete their task, a 12 months moratorium will
take effect from the date of appointment. During that period, no
creditor may take action against the Subsidiaries.

f) The steps taken or proposed to be taken by the listed issuer
in respect of the appointment of the Special Administrators

No steps are expected to be taken by the Company in respect of
the appointment of SA to the Subsidiaries.

g) The role of the Board of Directors in light of the
appointment of the Special Administrators

With the appointment of SA, the powers of the Board of Directors
are effectively suspended and only the SA can deal with assets
and affairs of the subsidiaries. Pursuant to the provision of
the Danaharta Act, SA shall be entitled to exercise all the
functions of the Board of Directors.


PAN PACIFIC: Updates Payment Default Status
-------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB),
announced the Default in Payment as of 30 September 2001 of PPAB
and its subsidiaries in accordance with the Practice Note No.
1/2001. Details are found at
http://www.bankrupt.com/misc/Pan_Pacific.xls

PPAB also informed that there is no material change in PPAB's
status of default in payment from the date of last announcement
until 30 September 2001.


PERDANA INDUSTRI: New Special Administrator Appointed
-----------------------------------------------------
Perdana Industri Holdings Berhad (Special Administrators
Appointed) announced that Yap Wai Fun of PricewaterhouseCoopers
has been appointed as Special Administrator of the Company with
effect from 10 October 2001 by Pengurusan Danaharta Nasional
Berhad under Section 24 of the Pengurusan Danaharta Nasional
Berhad Act 1998. Yap Wai Fun replaces Gong Wee Ning who ceased
to be the Special Administrator of the Company on 8 October
2001.


SRIWANI HOLDINGS: Posts Creditors' Meeting Results
--------------------------------------------------
On behalf of Sriwani Holdings Berhad (SHB or Company), Commerce
International Merchant Bankers Berhad (CIMB) announced the
results of the court-convened creditors meetings in respect of
the Proposed Scheme held on 10 October 2001:

   (i) one (1) class of each of the secured financial
institution lenders (Secured FI Lenders), partially secured
financial institution lenders (Partially Secured FI Lenders) and
unsecured financial institution lenders (Unsecured FI Lenders)
have resolved by a requisite majority vote in their respective
classes to adjourn the court-convened creditors meetings to a
later date to be determined;

   (ii) three (3) classes of the Secured FI Lenders have
rejected the Proposed Scheme by a requisite majority vote in
their respective classes;

   (iii) one (1) class of the unsecured scheme creditors has
approved the Proposed Scheme by a requisite majority vote; and

   (iv) the court-convened creditors meetings for two (2)
classes of the Unsecured FI Lenders, the hire purchase and lease
creditors and one (1) class of each of the Partially Secured FI
Lenders and unsecured scheme creditors have been adjourned by
the Chairman to a later date to be determined as the requisite
quorum for the meetings was not present.

As announced earlier on 19 April 2001, the High Court of Malaya
(High Court) has granted an order specifying inter alia, that
SHB is to convene separate meetings of its shareholders and with
each class of creditors included in the Proposed Scheme for the
purpose of considering and, if thought fit approve the Proposed
Scheme with or without any modifications within a period of six
(6) months from 18 April 2001, being the date of the order. In
view of Part (i) and (iv) above, CIMB on behalf of SHB, informed
that SHB will apply to the High Court for an extension of time
to convene such meetings that have been adjourned and meeting of
its shareholders in due course.

In addition, CIMB on behalf of SHB, informed that the other
elements of the Proposed Scheme are not inter-conditional upon
the successful implementation of the schemes for which the three
(3) classes of the Secured FI Lenders have rejected. The Board
of Directors of SHB is currently considering alternative
proposed compromise and settlement arrangements for the
aforesaid classes of the Secured FI Lenders.


TAN CHONG: Winding-Up Petition Struck
-------------------------------------
Tan Chong Consolidated Sdn. Bhd., informed that Tan Chong
Consolidated Sdn. Bhd., (TCC), a major shareholder of Tan Chong
Motor Holdings Berhad, has notified the company that the
winding-up petition filed on 21 May 2001 against TCC was struck,
with costs, on 9 October 2001.


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


BAYAN TELECOMMUNICATIONS: Forecasts P2.4B Net Loss For Year
-----------------------------------------------------------
Bayan Telecommunications Inc. Chief Finance Officer Gary Olivar
said that the debt-ridden communications firm is right on track
in achieving its target of incurring a net loss of only P2.4
billion, down from the P3.1 billion incurred last year, the
Inquirer News Service reported yesterday.

The company is eyeing an asset sale and a projected turnaround
in corporate data revenue to help achieve its target. Olivar
said that the company's international and corporate data
businesses are indeed very promising.

BayanTel is an affiliate of Philippine holding group Benpres
Holdings Corp.


METRO PACIFIC: Denies Talks With Ayala On Global City Sale
----------------------------------------------------------
Metro Pacific, in a disclosure to the Philippine Stock Exchange,
denied earlier reports that was engaged in talks with the Ayala
Group and other companies for the sale of its controlling stake
on the Fort Bonifacio Global City Project, the Asian Wall Street
Journal reported Monday.

Previously, an offer by Ayala Land to develop a portion of Fort
Bonifacio was rejected by Metro Pacific.

Metro Pacific, is continually looking for ways to gain
profitability. At the end of June, the company's total debt
stood at P24.2 billion. Around P10.8 billion of the debt is in
loans that will mature within one year.


NATIONAL POWER: U.S. Firm Interested In Assets Acquisition
----------------------------------------------------------
The Asian Wall Street Journal reported Monday that U.S. based
CalEnergy International is reportedly interested in acquiring
assets of the state-owned National Power Corporation (Napocor),
which will be up for sale next year as part of a privatization
plan initiated by the national government.

Management of the U.S. firm is still keen on acquiring assets of
Napocor despite the global economic downturn brought about by
the recent spate of events.

Napocor's transmission assets will be up for sale early next
year as part of the government's privatization strategy, as soon
as a final implementation plan is completed and approved by the
end of the year.

CalEnergy holds a 70 percent stake in CE Casecnan Water and
Energy Co., which holds a 20-year build-operate-transfer
contract for the multipurpose irrigation and hydropower
generation dam.


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


CAPITALAND: Launching New Real Estate Investment Unit
-----------------------------------------------------
Staying true to its goals of increasing fee-based income,
property company CapitaLand Ltd. said it is creating a new
business unit to develop real estate investments into financial
products for the capital market, which is to be called
CapitaLand Financials, the Asian Wall Street Journal reported
Friday.

Heading the new business unit will be CapitaLand Chief Financial
Officer, Hiew Yoon Khong. Succeeding him at his original post
will be Lui Chong Chee, formerly a managing director of Citicorp
Investment Bank Ltd.

With the new addition, Southeast Asia's largest real estate
player will have eight business units, including listed entities
Raffles Holdings Ltd. and Ascott Ltd.


RAFFLES HOLDINGS: Cuts 5-8% Management Pay
------------------------------------------
CapitaLand Limited, the holding company of Raffles Holdings
Limited, announced that nine senior Company and major subsidiary
executives will take pay reductions of between 5 and 8 per cent,
effective from November 2001 as part of the CapitaLand Group's
cost reduction exercise.


L&M GROUP: Placement Agreement Mutually Terminated
--------------------------------------------------
The Board of Directors of L&M Group Investments Limited ("L&M")
announced that the placement agreement entered into with Kim Eng
Securities (Pte) Ltd ("KES") on 27 July 2001 ("the Placement
Agreement") has been mutually terminated with effect from 12
October 2001.

Under the Placement Agreement KES had agreed to sell 44,430,000
new ordinary shares with a par value of S$0.10 each("New
Shares") in the capital of L&M, on a best efforts basis. To
date, no one has agreed to subscribe L&M offering, priced at
S$0.1938 per share under the Placement Agreement.


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


NEP REALTY: Notifies BODs' Meeting Resolutions
----------------------------------------------
Notifying the Resolutions of the Board of Directors Meeting.
To:  Director and Manager of The Stock Exchange of Thailand

The Board of Directors of NEP Realty and Industry Public Company
Limited informed that its Meeting No.8/2001 on October 12, 2001
passed important resolutions:

1. MR. PORNSAK KARNCHANACHARI's resignation from the post of
director and chairman, and appointed GEN. AKARADEJ SASIPRAPHA to
be the board of directors and chairman.

2. Approval for Mr. Nisan Prathanrasnikorn acting Managing
Director to be Managing Director


SANYO UNIVERSAL: Moves Head Office
----------------------------------
The Board of Directors of Sanyo Universal Electric Pcl. (SUE),   
on October 10, 2001, agreed to move its head office to No. 38
Premier Place Building 3rd Floor, Soi Premier 2, Sri Nakarin
Road, Nong Bon Sub-district, Pravej District, Bangkok10260, Tel:
0-2301-2400, 0-2301-2401, FAX : 0-2301-2402

The building is owned by Liquidation 1 Company Limited and under
management of Seri Center Management Company Limited, neither of
whom is directly a connected person with the company.

The transfer is effective October 29, 2001.


THAI POLYURETHANE: Petition For Business Reorganization Filed
-------------------------------------------------------------
Chemical substance producer Thai Polyurethane Industry Company
Limited's (DEBTOR), Petition for Business Reorganization was
filed in the Central Bankruptcy Court:

     Black Case Number 454/2543

     Red Case Number 515/2543

Petitioner: BANGKOK BANK PUBLIC COMPAMY LIMITED
          : THAI POLYURETHANE INDUSTRY COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt256,749,975.33

Planner: Effective Planner Company Limited

Date of Court Acceptance of the Petition: June 9, 2000

Date of Examining the Petition: July 10, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: July 10, 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 19, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 15,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: November 15, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: November 23, 2000 at 13.00 pm. 11th Floor,
Meeting room no. 1105, Bangkok Insurance Building, Sathorn Rd.

the Creditors' meeting had passed a resolution accepting the
Plan on November 23, 2000

Court hearing has been set on December 12, 2000 at 13.30 pm.

Court had issued the order accepting the reorganization plan:
December 15, 2000 and Appointed Effective Planner Company
Limited to be as the Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Matichon Public Company Limited and Siam Rath Company Limited
in December 28, 2000

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette in January 25, 2001

Contact: Mr. Anusit Tel 6792525 Ext. 122


TPI POLENE: Clarifies Issues On SCCC Investment Proposal
--------------------------------------------------------
TPI Polene Plc. (TPIPL), in reference to the request letter for
clarification regarding the submission of SCCC's proposal to
invest in TPIPL to the Creditors' Committee as per the SCCC's
letter Ref. No. Por. Nor. 549/2544 dated October 10, 2001,
notified that it has neither been aware of any information on
the SCCC's proposal to invest in TPIPL as invited by the
Creditors' Committee nor ever been informed in advance by the
Creditors' Committee on the above issue.

TPIPL, as the Plan Administrator, plans to raise equity of at
least USD 180 million pursuant to the Rehabilitation Plan as
approved by the Central Bankruptcy Court on February 9, 2001 and
appointed CLSA Singapore Pte. Ltd and Seamico Securities,
Plc. as its financial advisors for fund raising. Throughout the
process, TPIPL and the financial advisors have reported and
notified the Creditors' Committee including its Scheme Creditors
regarding all the details of fund raising from potential
strategic investors through the bidding process.

TPIPL and the financial advisors have taken steps to look for
and approached the potential strategic investors. After TPIPL
and the financial advisors had concluded the bidding process,
TPIPL has signed the Subscription Agreement with CEMEX, a
preferred bidder, since September 24, 2001. Under the
Subscription Agreement, Cemex agreed to invest USD 300 million
in TPIPL subject to certain terms and conditions stipulated in
the Subscription Agreement.

Subsequently, TPIPL and the financial advisors presented the
summary of the Subscription Agreement to TPIPL'' Scheme
Creditors on September 25, 2001. Currently, the above-mentioned
proposal is under consideration of the Creditors'' Committee
including the Scheme Creditors.


TPI POLENE: Gets ISO 9001 V2000, TIS 18001 Certification
--------------------------------------------------------
TPI Polene Plc. (TPIPL) on October 12, 2001 was awarded full-
cycle ISO 9001 Version 2000 Certification for its quality
management system and TIS 18001 Certification for its
occupational health and safety standards in respect of its LDPE
and EVA businesses from ISO accreditation organization.

As a consequence, TPIPL is the first cement manufacturer in
Thailand, awarded TIS 18001 in respect to its plastic resin
business. The award is related to the quality of life and
healthy environmental for its factory staff, as well as the
surrounding communities. These are considered positive
achievements, benefiting its organization, and it is a good step
toward developing and raising its industrial standard and
business potential to be competitive in both domestic and
international markets.


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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