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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

           Monday, October 22 2001, Vol. 4, No. 206

                         Headlines



A U S T R A L I A

JAMES HARDIE: Requests De-listing As Scheme Is Completed
KRESTA HOLDINGS: Sells Ven Lu Ree Shares
NETCOMM LIMITED: Loss Of Major Investor Forces Closure Of Unit
PACIFIC DUNLOP: NAB Becomes Substantial Holder
SOLUTION 6: Posts Notice Of Director's Interests

TRANSURBAN GROUP: AGM To Revolve Around Restructuring Approval
UECOMM LIMITED: Appoints New Chief Financial Officer
UECOMM LIMITED: Responds To A Takeover Offer Press Report


C H I N A   &   H O N G  K O N G

CENTURY LEGEND: Posts Option Agreement
DENTON DEVELOPMENT: Hearing Of Winding Up Petition Set
GUANGNAN (HOLDINGS): Applies Extension To Dispatch Circular
HOFORD TRADING: Winding Up Sought By Dah Chong
INNOVATIVE INTERNATIONAL: Requests Trading Suspension

JOIN WINNER: Winding Up Petition Hearing Set
PACIFIC CENTURY: Listing Withdrawn
PEARL ORIENTAL: Wind Up By Bank Of East Asia Possible


I N D O N E S I A

* IBRA Posts CCAS IV, Tranche I Progress Report


J A P A N

FUJITSU LIMITED: Talks Ongoing Regarding IBM Partnership
FUJITSU LIMITED: Profit Target Not Achieved
KDDI: Directors' Income Cut By 10%
NISSAN MOTOR: Predicts Profit Of US$1.5B

* S&P Downgrades Four Japanese Retailers, Affirms 13 Others


K O R E A

DAEWOO CORPORATION: Unit Selling Myanmar Gas Block Stake
HYNIX SEMICONDUCTOR: Posts W1.62T 3Q Loss
HYNIX SEMICONDUCTOR: Creditors May Raise Debt-Equity Swap
HYUNDAI GROUP: HMM To Separate From Hyundai Group
HYUNDAI MOTOR: Montgomery, AL Tapped As Possible Plant Site

HYUNDAI PETROCHEMICAL: Creditors Will Name New Managers
SHINHAN BANK: Denies Seoulbank Sale Report


M A L A Y S I A

ABRAR CORPORATION: KLSE Further Extends Announcement Deadline
BESCORP INDUSTRIES: SA Proposes Restructuring Via TF Cybron
GEAHIN ENGINEERING: Updates GDSB Disposal Status
INDAH WATER: MVRB Clarifies Issues
KIARA EMAS: Executes Proposed Scheme MoU With Excellent

KUALA LUMPUR: Unit, Talasco Enter Proposed Disposal SSA
PARIT PERAK: Enters MoU With White Knights
PLANTATION & DEVELOPMENT: KLSE Grants Extension Request
SENG HUP: Posts Defaulted Payment Update
SOUTH PENINSULAR: MITI Approves Proposed Acquisition


P H I L I P P I N E S

NATIONAL POWER: Auctions US$41M Coal Requirements
RFM CORPORATION: Tycoon Tan Seeks RFM Stake
RAMCAR INCORPORATED: Proposes Debt-For-Asset Exchange Deal


S I N G A P O R E

CAM INTERNATIONAL: Posts Creditors' Meeting Results
EASYKNIT HOLDINGS: Completes Debt Restructuring
VICKERS CAPITAL: Posts Book Closure Notice


T H A I L A N D

ITALIAN-THAI: Restructuring Should Not Affect Airport Project
NAKORNTHAI STRIP: S&P Withdraws 'D' Debt Rating
RAIMON LAND: Posts New Contact Address
TPI ENERGY: Petition For Business Reorganization Filed
TPI POLENE: Creditors To Discuss Deal With Cemex This Week

     -  -  -  -  -  -  -  -

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


JAMES HARDIE: Requests De-listing As Scheme Is Completed
--------------------------------------------------------
James Hardie Industries Limited (the Company) will be removed
from the official list of the Australian Stock Exchange Limited
at the close of trading on Monday, 22 October 2001. The Company
has requested de-listing under listing rule 17.11, following
completion of the scheme of arrangement between the Company and
James Hardie Industries NV.


KRESTA HOLDINGS: Sells Ven Lu Ree Shares
----------------------------------------
Kresta Holdings Limited announced it entered into an agreement
on 27th September, 2001 whereby all shares in Ven-Ru-Lee Limited
(New Zealand) will be sold in consideration for cancellation of
7,000,000 shares in Kresta Holdings Limited, subject to
shareholder approval, and the payment of NZ$115,740. The
purchasers are parties associated with R A Playle.

If shareholders do not approve the shares' cancellation, the
Purchasers will pay NZ$250,000 or the market price of those
Kresta shares in the five trading days prior to 31 December,
2001, whichever is the lesser.

Kresta Holdings Limited is a retailer of window dressings and
furnishings. During the 12 months ending 30 June 2001, the
company has experienced losses totalling A$0.28 per share. The
company has not paid any dividends during the previous six
fiscal years.


NETCOMM LIMITED: Loss Of Major Investor Forces Closure Of Unit
--------------------------------------------------------------
The Board of NetComm Limited decided to close down its embryonic
broadband carrier subsidiary business after a proposed deal to
sell a majority interest to a North American investor collapsed
Wednesday.

"Recognizing the general market unease with the
telecommunications sector, and the additional uncertainties
created by September 11, while we remain a firm believer in the
potential for broadband services, we do not think it is in the
best interests of our shareholders to continue bearing the sole
funding responsibility for this project. We are naturally
disappointed given the advanced state of the project however,
the Board did not think it prudent to burden the existing
business once allocated funds had been utilized and no immediate
funding alternative was apparent," NetComm Managing Director,  
David Stewart said.

NetComm has invested approximately $3 million in the broadband
carrier subsidiary, including a carrier license, key personnel,
commercial agreements with Telstra and a pilot network.

The Chief Financial Officer (CFO), Chief Technical Officer (CTO)
and Director of Sales (DoS) of NetComm Limited announced their
resignations from the Company following this decision.

Vicki Potts, CFO, Rob Gillan, CTO and Chris Hignett (DoS), were
all deeply involved in the broadband carrier business. They were
recruited specifically to oversee the business' strategic
development and implementation.

Stewart thanked the departing executives for their hard work and
diligence. Stewart also thanked NetComm's carrier partners, in
particular its key technology partner Cisco, for their support
and involvement in the project. Cisco provided all of the IP,
DSL and network management technologies for the NetComm project.

"We had a great team, some great partners, along with a unique
and compelling strategy. Unfortunately the time was not right
for the implementation of this business."

NetComm has a well-established business in communications and
networking hardware.

"We have a number of growth options for this business, which we
continue to pursue with vigor," Stewart said.

The Company plans as many as 16 new product launches over the
coming year, including the introduction of broadband products to
Australia and New Zealand.


PACIFIC DUNLOP: NAB Becomes Substantial Holder
----------------------------------------------
National Australia Bank Limited Group became a substantial
shareholder in Pacific Dunlop Limited on 10 October 2001 with a
relevant interest in the issued share capital of 63,325,274
ordinary shares (6.81%).


SOLUTION 6: Posts Notice Of Director's Interests
------------------------------------------------
Solution 6 Holdings Limited posted this notice:
                   
NOTICE OF DIRECTOR'S INTERESTS
Section 205G of the Corporations Law

UPDATING NOTICE

   Name of Director       Peter Ritchie

   Name of Company        Solution 6 Holdings Limited

   Date of Last
   Notification to ASX    24/07/2001

   Date Director's
   Interest Changed        5 October to 16 October 2001
  
"I have a relevant interest in the following securities of the
company or related bodies corporate:

Type of security:  Ordinary Shares
Number of securities: 504,427
                                                                    
Purchase of 196,493 Ordinary Shares in the name of the Ritchie
Family Super Fund in which I have a relevant interest.
Purchase of 33,898 Ordinary Shares under the Solution 6
Deferred Share Plan

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate: - "


TRANSURBAN GROUP: AGM To Revolve Around Restructuring Approval
--------------------------------------------------------------
Transurban obtained court approval to hold a scheme meeting for
a corporate restructure. The restructure will enable Transurban
to implement the release from the "single purpose" restriction
negotiated with the State of Victoria and announced on 19
September 2001.

In summary, the restructure will involve a scheme of arrangement
to establish new holding vehicles above the existing Transurban
company and trust.

The restructure is intended to:

* quarantine the existing CityLink vehicles: Transurban City
Link Limited (CityLink Company) and the Transurban City Link
Unit Trust (CityLink Trust), from the new activities of the
Group, leaving them and their assets as a single purpose
business focused on Melbourne City Link;

* allow the existing CityLink tax benefits to be maintained for
Security Holders;

* provide flexibility to raise debt and equity for the pursuit
of future projects and investments; and

* allow the different risk profiles associated with:

- investment in mature infrastructure assets; and

- sponsoring, developing and operating new toll road and tolling
related infrastructure projects, to be held in separate
corporate entities, with the flexibility to increase shareholder
value by independently listing those vehicles if appropriate.

Transurban will seek approval of the restructure from its
Security Holders at a meeting to be held in conjunction with its
AGM on 27 November 2001. A detailed Information Memorandum will
be provided to Security Holders with notices of meeting shortly.


UECOMM LIMITED: Appoints New Chief Financial Officer
----------------------------------------------------
The Chief Executive Officer of Uecomm Limited, Peter McGrath,
has announced the appointment of Peter Dawson to the position of
Chief Financial Officer.

Dawson has been seconded to Uecomm after five years with United
Energy, where he held the position of General Manager, Risk and
Business Performance, and was a member of the United Energy
Leadership Team. He has had 25 years accounting and audit
experience. Prior to joining United Energy, Dawson spent 12
years with Coopers and Lybrand in Australia and the United
States, and six years with Transfield. He holds a Bachelor of
Business degree in Accounting and is a Fellow of the Institute
of Chartered Accountants in Australia.

The departing Chief Financial Officer, Geoff Chandler, will be
assisting in the handover process until mid November 2001.
During his resignation announcement, McGrath thanked Chandler
for his contribution to the business.

Further additions to the Uecomm executive team announced Friday
include Duncan Wallace, who will immediately assume the position
of Director, Customer Operations; Dr Tomy Ng, Director, Networks
and Technology; and Dean Tognella, Director, Commercial and
Business Development. Responsibility for national sales remains
with Mark Norman.

Wallace has more than 16 years experience in the
telecommunications industry in Australia and Asia, and has been
promoted from the position of National Network Manager. Dr Ng
joined Uecomm 16 months ago, and has 19 years working experience
in the Telecommunication and IT industries, gained in Australia,
Japan,  UK, and the US. Dean Tognella recently joined Uecomm
from Connect Pty Ltd, a subsidiary of AAPT Limited, where he
provided commercial and strategic analysis across the
operational business units. He also  gained strategic
telecommunications experience during a 6 year career with
PricewaterhouseCoopers.

CEO McGrath said that the combination of industry and commercial
experience within the executive team will be invaluable in
Uecomm's drive to develop itself as a leading provider of
broadband data and internet services in Australia.

"The depth of both telecommunications experience and general
business management in Uecomm's executive team is substantial.
The group is well equipped to implement the Company's strategic
plan which we believe will realize benefits for both
shareholders and current and future customers."


UECOMM LIMITED: Responds To A Takeover Offer Press Report
---------------------------------------------------------
Uecomm Limited is aware of a press article published Thursday
morning referring to a proposed takeover bid for all of the
shares in Uecomm at $0.11 per share.

Uecomm received the attached letter Wednesday outlining a
conditional proposal.  The proposal appears to have been leaked
to the media.

The Company advised that the proposal will be considered by its
Board of Directors and a response will be provided in due
course.


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


CENTURY LEGEND: Posts Option Agreement
--------------------------------------
Century Legend (Holdings) Limited announced that on 18 October,
2001, the Board was advised by Ng Kwan (Mr. Ng), Madam Fu Cheng
Wai (Madam Fu) and Tsang Chiu Mo, Samuel (Mr. Tsang) that they  
entered into an agreement (the "Option Agreement"), pursuant to
which Mr. Ng and Madam Fu have each agreed to grant the CLL Call
Option and the Company Call Option (the "Call Options") to Mr.
Tsang, and Mr. Tsang has agreed to grant to each of Mr. Ng and
Madam Fu both the CCL Put Option and Company Put Option (the
"Put Options") in respect of the Company Option Shares and the
CLL Option Shares (as defined below). Details of the Option
Agreement are set out below.

OPTION AGREEMENT DATED 18TH OCTOBER, 2001

1. Parties

(i) Mr. Ng:

Mr. Ng is interested in 22,500 shares or 45% of the issued share
capital of Century Legend Limited ("CLL"), which was established
in the British Virgin Islands with limited liability and is the
controlling shareholder of the Company. The sole material asset
of CLL is its beneficial interest in 868,389,900 issued shares
of the Company (the "Shares"), representing approximately 50.5%
issued share capital of the Company.

(ii) Madam Fu:

Madam Fu is interested in 22,500 shares or 45% of the issued
share capital of CLL.

(iii) Mr. Tsang:

Mr. Tsang holds 5% of the issued share capital of CLL. Mr. Tsang
is an executive director of the Company.

The remaining 5% shareholding of CLL is beneficially held by Mr.
Tsang Chiu Ching, the brother of Mr. Tsang and also an executive
director of the Company.

2. Consideration:

HK$1 for each of the Put Options and the Call Options.

3. CLL Call Option:

Mr. Tsang has the right to require each of Mr. Ng and Madam Fu
to sell to him (or his nominee) their respective interests in
22,500 shares in the issued share capital in CLL (CLL Option
Shares) for a consideration of HK$10,160,161.83 payable to each
of Mr. Ng and Madam Fu.

4. Company Call Option:

Mr. Tsang has the right to require each of Mr. Ng and Madam Fu
to sell to him (or his nominee) 390,775,455 Shares ("Company
Option Shares") at a total consideration of HK$10,160,161.83,
equivalent to HK$0.026 per Company Option Share (which
represents a discount of 10.34% to the closing price of the
Shares of HK$0.029 as quoted on The Stock Exchange of Hong Kong
Limited on 18th October, 2001).

The Company Option Shares being the respective attributable
interests of Mr. Ng and Madam Fu in the Company, which
equivalent to approximately 22.71% of the issued share capital
of the Company.

In the event that the Company Call Option is exercised, Mr. Ng
and Madam Fu both agree and undertake to procure CLL to
distribute all the Shares beneficially held by its to its
shareholders proportionally.

5. CLL Put Option:

Each of Mr. Ng and Madam Fu has the right to require Mr. Tsang
to purchase the CLL Option Shares from Mr. Ng and Madam Fu for a
consideration price of HK$10,160,161.83 payable to each of Mr.
Ng and Madam Fu.

6. Company Put Option:

Each of Mr. Ng and Madam Fu has the right to require Mr. Tsang
to purchase the Company Option Shares from Mr. Ng and Madam Fu
for a total consideration of HK$10,160,161.83, equivalent to
HK$0.026 per Company Option Share.

In the event that the Company Put Option is exercised, Mr. Ng
and Madam Fu both agree and undertake to procure CLL to
distribute all the Shares beneficially held by it to its
shareholders proportionally.

7. Exercise of Options:

Either the CLL Call Options or the Company Call Options may be
exercised by Mr. Tsang in respect of all but not partial of the
45,000 CLL shares, being the aggregate of the CLL Option Shares
held by each Mr. Ng and Madam Fu, or 781,550,910 Shares, being
the aggregate of the Company Option Shares held indirectly by
each Mr. Ng and Madam Fu (as the case may be) at any time from
the date of the Option Agreement and prior to 17th April, 2002
(the "Option Period").

Either the CLL Put Option or the Company Put Option may be
exercised jointly but not severally by Mr. Ng and Madam Fu in
respect of all but not partial of the 45,000 CLL shares, being
the aggregate of the CLL Option Shares held by each Mr. Ng and
Madam Fu, or 781,550,910 Shares, being the aggregate of the
Company Option Shares held indirectly by each Mr. Ng and Madam
Fu (as the case may be) at any time during the Option Period.

Both Call Options and Put Options must be exercised prior to
17th April, 2002 or any other day as may be agreed by all
parties to the Option Agreement, after which the Put Options and
the Call Options lapse.

8. Completion:

Completion shall take place within 7 days (or on any other day
as the parties may agreed) after the serving of an option
exercise notice.

9. Assignment:

Mr. Tsang is entitled to assign his right under the Option
Agreement to any third parties controlled by him or parties
acting in concert him.

10. Adjustment clause:

The number of shares in CLL and shares in the Company subject to
the Option Agreement will be adjusted in the event of any
changes in the issued share capital of the Company, including
consolidation of Shares, capitalization issues and capital
distribution, prior to the expiry of the Option Agreement.

For the avoidance of doubt, the Option Agreement stipulates that
the voting rights in respect of the Company Option Shares will
not be transferred to Mr. Tsang unless and until either the Call
Options or the Put Options (as the case may be) are exercised
and the sale and purchase of the CLL Option Shares or Company
Option Shares (as the case may be) is completed in accordance
with the Option Agreement.

GENERAL

In the event that the rights attaching to the aforesaid options
are exercised and the sale and purchase of the CCL Option Shares
or Company Option Shares (as the case may be) is completed, Mr.
Tsang may be obliged under the Code on Takeovers and Mergers
(the "Takeovers Code") to make a general cash offer for all the
issued Shares in the Company not already owned by him or parties
acting in concert with him.

The Put Options and the Call Options may or may not be
exercised. An obligation to make a general cash offer to all
issued shares of the Company may arise if the Put Options or
Call Options (as the case may be) are exercised and the sale and
purchase of the CLL Option Shares or Company Option Shares (as
the case may be) is completed. Shareholders should exercise
caution when dealing in the shares in the Company.

It is not expected that there will be any change in the business
or management or directors of the Company and its subsidiaries
as the result of the Option Agreement.


DENTON DEVELOPMENT: Hearing Of Winding Up Petition Set
------------------------------------------------------
The petition to wind up Denton Development Limited is set for
hearing before the High Court of Hong Kong on October 24, 2001
at 9:30 am.

The petition was filed with the court on July 27, 2001 by Sin
Hua Bank Limited, Hong Kong Branch, (whose undertakings have
been succeeded by Bank of China (Hong Kong) Limited whose
registered office is situated at Bank of China Tower, 1 Garden
Road, Central, Hong Kong.)  


GUANGNAN (HOLDINGS): Applies Extension To Dispatch Circular
-----------------------------------------------------------
Guangnan (Holdings) Limited the is still finalizing the
Circular, in particular the relevant financial information of
Zhongyue Industry Material to be included in the Circular, and
the legal opinion from the PRC legal adviser of the Company on
the titles of the properties of Zhongshan Shan Hai Industrial.
The Company has applied to the Stock Exchange for an extension
of time for dispatch of the Circular to a date on or before 5th
November, 2001.

Reference is made to the announcement made by the Company dated
27th September, 2001 (the Announcement). Unless otherwise
stated, terms defined in the Announcement shall have the same
meanings when used herein.

Under Rule 14.13(2) and 14.29(2) of the Listing Rules, a
circular (the Circular) containing details of the Acquisition is
required to be posted by the Company to its Shareholders within
21 days after publication of the Announcement. The Directors
announced that due to additional time required to finalize the
Circular, in particular the relevant financial information of
Zhongyue Industry Material to be included in the Circular, and
the legal opinion from the PRC legal adviser of the Company on
the titles of the properties of Zhongshan Shan Hai Industrial,
the Company has, therefore, applied to the Stock Exchange for an
extension of time for the dispatch of the Circular to a date on
or before 5th November, 2001.


HOFORD TRADING: Winding Up Sought By Dah Chong
----------------------------------------------
Dah Chong Hong Limited is seeking the winding up of Hoford
Trading Limited. The petition was filed on September 24, 2001,
and will be heard before the High Court of Hong Kong on January
16, 2002.

Dah Chong holds its registered office at 8th Floor, 20 Kai
Cheung Road, Kowloon Bay, Hong Kong.


INNOVATIVE INTERNATIONAL: Requests Trading Suspension
-----------------------------------------------------
At the request of Innovative International (Holdings) Limited
(the Company), trading in its shares has been suspended,
effective from 2:30 p.m. Friday 19 October 2001. An announcement
in relation to the outcome of the discussion between the Company
and the Financial Creditors after the lapse of the Debt
Restructuring Agreement is pending.


JOIN WINNER: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Join Winner Trading Limited is scheduled
for hearing before the High Court of Hong Kong on January 16,
2002 at 10:00 am. The petition was filed with the court on
October 4, 2001 by Santal Limited, whose registered office is
situated at Room 408-409, Houston Centre, 63 Mody Road,
Tsimshatsui, Kowloon, Hong Kong.


PACIFIC CENTURY: Listing Withdrawn
----------------------------------
Pacific Century CyberWorks Limited requested market participants
to note that the 2001 European Style (Cash Settled) Call
Warrants listing, relating to existing issued ordinary shares of
HK$0.05 each of the Company issued by Credit Suisse First Boston
(stock code: 2135), will be withdrawn after the close of
business Friday 19 October 2001.


PEARL ORIENTAL: Wind Up By Bank Of East Asia Possible
-----------------------------------------------------
Debt-ridden property investor Pearl Oriental Holdings is in more
trouble, with Bank of East Asia, demanding the repayment of a
HK$323M debt by November 1.  The creditor bank has the right to
resort to court action to have the company wound-up if repayment
is not made by the deadline.

Analysts say it is uncertain whether Pearl Oriental could meet
the demand that depends on successful sales of its property
assets and current negotiations with its major shareholder and
chairman Wong Kwan over a possible sale of his controlling
stake.

As of August 31, Pearl Oriental's bank indebtedness was
HK$1.35B, mainly due to over-expansion before the property
slump. The company reported a HK$243.5M loss in the first half
of this year.  Pearl Oriental said it and its subsidiary Pearl
Century received statutory demand letters on October 12 for the
repayment of the debt owed to Bank of East Asia within 21 days
from the date.  If the demands are not satisfied in the period,
the bank would be at liberty to present a petition to court to
wind-up Pearl Oriental.


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


* IBRA Posts CCAS IV, Tranche I Progress Report
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) commences the
Corporate Core Asset Sales (CCAS IV) Tranche II. The program
which commenced through an open tender will offer 11 (eleven)
corporate core assets as a result of restructuring process that
comprises of term loans, bonds, and convertible bonds.

I. The Corporate Core Asset Sales IV(CCAS-IV) Tranche II

In CCAS IV Tranche II, IBRA offers portfolio core assets in IDR
and USD with value based on the Restructuring Credit Agreement
worth Rp2.014 trillion and US$72.371 million (see table at
http://www.bankrupt.com/misc/corp_asset_portfolio.doc).This  
amount may be change subject to on-going payments received by
IBRA.

The current sales program is open to domestic and foreign
investors. Eligible Indonesian investors shall be a legal entity
that possesses necessary licenses to acquire and maintain loans,
bonds, and equity in Indonesia. Eligible foreign investor shall
be a legal entity in the country of their domicile and is based
on the laws of their country of domicile and the Laws of
Indonesia may acquire and maintain loans, bonds, and equity in
Indonesia.

Prospective investors in need of further information about CCAS
IV Tranche II program shall request a copy of the Information of
Memorandum after signing the Confidentiality Agreement and pay
an administration fee. Interested investors must submit to IBRA
a Letter of Interest along with their respective Company
Profile, the latest annual Financial Report, and a copy of
Company Establishment by November 20, 2001. The prospective
investors who have met the aforementioned requirements may
proceed to the due diligence process as from October 23, 2001
and submit their final bid on November 21, 200. The winner will
be announced on January 28, 2002.

II. The Development of CCAS Tranche I

In the midst of the investment climate which is not conducive,
investors interested in CCAS IV Tranche I shows quite
significant development. As many as 20 investors are declared
eligible to carry out due diligence. Investors who expressed
their interest come from various countries in Asia, Europe, and
the United States. It shows that the investor interest is still
high. Investors are expected to submit their offer on October
31, 2001. The winner announcement is scheduled for December 3,
2001.

Besides Direct Selling program, CCAS is part of IBRA's effort to
accelerate the rehabilitation of its corporate assets portfolio.
The workout of these corporate portfolios is one of the top
priorities of IBRA's LWO Division-AMC, considering their
significant book value and the relatively small number of
debtors.


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


FUJITSU LIMITED: Talks Ongoing Regarding IBM Partnership
--------------------------------------------------------
Fujitsu Ltd. and IBM Corp. are currently negotiating a proposed
agreement involving the joint development and use of software as
well as technical cooperation for computer servers, the Japan
Times reported Friday.

Aside from a Fujitsu statement saying that both companies are
planning to cooperate in a wide range of areas, including
ventures in individual businesses, no further specifics
regarding the negotiations were reported.

The arrangement would aim to reduce costs for both companies by
more than Y30 billion, amid a depression on sales of personal
computers and hardware products.

Reports of a tie-up surfaced last September when Fujitsu
President Naoyuki Akikusa met with IBM President and COO Samuel
Palmisano in a top-level discussion to start negotiations.

It is expected the two parties will reach an accord before the  
year's end.


FUJITSU LIMITED: Profit Target Not Achieved
-------------------------------------------
Fujitsu Ltd. has reportedly missed its latest profit target of
Y80 billion and is only expected to break even on an operating
basis for the year until March, News on Japan reported Thursday.

Analysts earlier predicted this recent dip in profit targets and
some said the company could end up with an operating loss due to
the current information technology slump.

The company's full-year operating earnings, according to the
report, would fall to "zero", a far cry from the Y80 billion
initially projected for the same period. A year ago, Fujitsu an
operating profit of Y244 billion was achieved.

In July of this year, Fujitsu expected a consolidated net loss
of 220 billion yen for 2001/02 after a Y280 billion yen
extraordinary charge for an encompassing restructuring program,
which entailed cutting 16,400 jobs, or roughly 10 percent of its
workforce.


KDDI: Directors' Income Cut By 10%
----------------------------------
In order to enhance management responsibility for its earnings,
KDDI Corp., through its president, reduced the company's
directors salaries by 10% for a three-month period starting Oct.
1, News on Japan reported Friday.

Explaining the need for the salary cuts, Tadashi Onodera, KDDI
president said, "The biggest reason is that while we are now
forecasting a group pretax profit of Y70 billion for this fiscal
year, we had pledged to investors and others that we would aim
for Y110 billion. Even though there are factors behind this, it
raises questions about our management ability."

Onodera wants to ingrain a deeper sense of management
responsibility over company earnings, and he believes that the
measure will instill a stronger commitment among management to
achieve the firm's earnings forecasts.


NISSAN MOTOR: Predicts Profit Of US$1.5B
----------------------------------------
Despite its weak sales and the recent economic downturn, Nissan
Motor Co. predicted an increase in its operating and net profit
for the half year just ended, due apparently to the success of
its cost-cutting measures, according to a Thursday News on Japan
report.  

The Japanese automaker forecast a group operating profit of Y187
billion for the April-September period, up 39 percent from its
previous prediction of Y164 billion.

Moreover, company officials say that net profit for the period
will most likely be Y230 billion, again up 34 percent from the
last year's forecast.

For the current business year, the restructuring automaker has
forecast Y350 billion in operating profit and Y330 billion in
net profit.

This sort of progress has shown the company's ability to
withstand extremely difficult market conditions.


* S&P Downgrades Four Japanese Retailers, Affirms 13 Others
-----------------------------------------------------------
Standard & Poor's lowered Wednesday its ratings on Japanese
retailers Daiei Inc., Izumiya Co. Ltd., Matsuzakaya Co. Ltd.,
and Uny Co. Ltd. At the same time, the 'AA+' long-term rating on
Ito-Yokado Co. Ltd. was placed on CreditWatch with negative
implications. The 'A-1+' short-term rating on Ito-Yokado, the
ratings on Ito-Yokado's U.S. subsidiary 7-Eleven Inc., and the
ratings on 13 other Japanese retailers were affirmed (see list
below).

The various ratings actions follow a comprehensive review of the
domestic retail industry. Overall, the credit quality of Japan's
retail sector remains under pressure from the cumulative effect
of recurring recessions coupled with the slow pace of structural
reform. Larger stores and new formats are gaining market share
at the expense of older formats, including small shops.

Moreover, given the prospects for deflation, higher
unemployment, and faltering consumer confidence in Japan, even
the best performers in the industry cannot be sanguine about
their businesses. Major restructuring lies ahead for many
sectors of the Japanese economy, and the retail sector will be
buffeted as the effects of these changes filter through to
consumers. At the same time, the retail industry must grapple
with its own need to eliminate inflexible and high cost
structures, excessive competition in many markets, and
constraints imposed by retailing laws.

The September 2001 bankruptcy of Mycal Corp. is likely to
contribute to a tightening of lending practices, which could
exacerbate the problems facing the retail sector. Those banks
and bond investors that seemingly failed to appreciate the
dangers of lending to Mycal--despite evidence of risky business
and financial strategies in the prior several years--are likely
to be more sensitive to risk in the retail sector, especially
with regard to weaker companies. In summary, risk in Japan's
retail industry will remain high, with the smartest, nimblest,
and financially strongest players most likely to gain at the
expense of those that fail to keep pace.

General merchandise retailers have been under the greatest
pressure. The downgrade of Daiei to 'CCC+pi' from 'B-pi'
reflects the difficult challenge the company will face in
reducing its debt burden and strengthening its earnings. The
risk of a default by Daiei is not certain, given that the
company has made some progress in restructuring, and, more
importantly, continues to receive explicit support from its four
main lenders, which reportedly provide the substantial majority
of its debt funding.

However, it appears increasingly likely that the successful and
sustainable restructuring of the company can only be achieved
with some debt forgiveness or deferrals that Standard & Poor's
may define as a default or selective default. The risks to
creditors of Daiei's extremely high debt leverage will be
compounded by the difficult operating environment over the next
few years.

Even retailers of higher credit quality, such as Ito-Yokado and
Uny, have suffered progressive declines in profitability at
their general merchandising stores. This was the main factor in
the downgrade of the ratings on Uny to 'A-/Negative/A-2' from
'A/Negative/A-1', and the placement of the 'AA+' rating on Ito-
Yokado on CreditWatch negative. The performance of both Ito-
Yokado and Uny has become increasingly dependent on convenience
store subsidiaries, (7-Eleven for Ito-Yokado, and Circle K for
Uny). Even after a likely one or two notch downgrade of the
rating on Ito-Yokado following a more detailed review, the
company will still have the strongest credit quality of any
Japanese retailer and among the strongest of retailers globally.

The lowering of the rating on regional superstore operator
Izumiya to 'BB+pi' from 'BBB-pi' was based on the increasingly
competitive operating environment in Osaka, the location of
Izumiya's headquarters and major branches, which contributed to
rapid deterioration in the company's profitability and cash flow
generation.

The credit quality of Japan's department stores generally
remains weak. In contrast to superstore operators, deterioration
has generally been held in check by restructuring efforts that
drove improvements in cash flow coverage and lowered debt
leverage. However, Matsuzakaya is one exception. The rating on
the company was lowered to 'B+pi' from 'BB-pi', reflecting its
chronically weak profitability. Matsuzakaya's performance has
suffered in particular from heightened competition in Nagoya,
the location of its flagship stores.

Department stores are vulnerable to a collapse in the hitherto
surprisingly strong demand for certain luxury items, such as
high-end, imported brand-name products. Further weakness in the
economy, rising unemployment, and fragile consumer confidence
could finally puncture this spending "bubble". Department stores
also face new more nimble competition from specialty apparel
companies, such as Fast Retailing Co. Ltd. (A-/Stable/--),
Japan's leading retailer of casual wear under the UNIQLO brand.

A credit comment on the Japanese retail industry entitled
"Credit Quality of Japanese Retailers Under Pressure From Weak
Consumer Spending, Slow Structural Reforms", is available on
RatingsDirect, Standard & Poor's premier Web-based credit
analysis system at www.ratingsdirect.com.

RATINGS LOWERED
Daiei Inc.
Corporate credit rating CCC+pi

Izumiya Co. Ltd.
Corporate credit rating BB+pi

Matsuzakaya Co. Ltd.
Corporate credit rating B+pi

Uny Co. Ltd.
Corporate credit rating A-/Negative/A-2
Commercial paper A-2

RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

Ito-Yokado Co. Ltd.
Corporate credit rating AA+/Watch Neg
Senior unsecured AA+/Watch Neg

RATINGS AFFIRMED

Ito-Yokado Co. Ltd.
Short-term Corp credit rtg A-1+

7-Eleven Inc.
Corporate credit rating BBB/Stable
Sub debt BBB-
CP (Gtd: Ito-Yokado Co. Ltd.) A-1+

Fast Retailing Co. Ltd.
Corporate credit rating A-/Stable

Aeon Co. Ltd.
Corporate credit rating BBB+pi

Aoki International Co. Ltd.
Corporate credit rating BBB-pi

Aoyama Trading Co. Ltd.
Corporate credit rating BBBpi

Seiyu Ltd.
Corporate credit rating B-pi

Heiwado Co. Ltd.
Corporate credit rating BBB-pi

Takashimaya Co. Ltd.
Corporate credit rating BB+pi

Isetan Co. Ltd.
Corporate credit rating BB+pi

Mitsukoshi Ltd.
Corporate credit rating Bpi

Marui Co. Ltd.
Corporate credit rating A-pi

Hankyu Department Stores Inc.
Corporate credit rating BBBpi

Daimaru Inc.
Corporate credit rating BBpi

Tokyu Department Store Co. Ltd.
Corporate credit rating B-pi


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


DAEWOO CORPORATION: Unit Selling Myanmar Gas Block Stake
--------------------------------------------------------
Daewoo International Corp., spun off from Daewoo Corporation
December last year, is currently in the final stages of talks
with India's ONGC Videsh Ltd.(ONGC), Gas Authority of India Ltd.
(GAIL), and Korea Gas Corp. (Kogas), to sell stakes in the
natural gas exploration block A-1 in Myanmar. The talks are set
to end this week, and the signing of the contract expected in
November, according to a Thursday Asian Wall Street Journal
report.

The Daewoo Corp. unit hopes to sell a 20 percent stake in the
block to ONGC, 10 percent to GAIL, and another 10 percent to
Kogas. The company is in need of partners to assist it in
developing the block.

To recall, Daewoo was granted rights to develop the block
offshore, northwestern Myanmar by the Myanmar government.


HYNIX SEMICONDUCTOR: Posts W1.62T 3Q Loss
-----------------------------------------
The world's third-largest memory chip maker, Hynix Semiconductor
Inc., has posted its largest ever quarterly loss estimated to be
around W1.62 trillion this third quarter, compared to a net
profit of W66 billion posted during the same period of last
year, the Asian Wall Street Journal reported Thursday.

Citing a sharp industry downturn, the company also posted an
operating loss of W531 billion, compared to a profit of W646
million posted a year earlier.

The loss is significantly larger than earlier analyst estimates,
which was pegged at W1 trillion.


HYNIX SEMICONDUCTOR: Creditors May Raise Debt-Equity Swap
---------------------------------------------------------  
After meeting Wednesday to discuss rationalization plans for
ailing Hynix Semiconductor Inc., creditors of the Korean memory
chip maker plan to increase their debt-for-equity swap for the
latter from W3 trillion to W3.8 trillion, the Korea Herald
reported Friday.

The creditors have also discussed plans to extend W500 billion
out of the W1 trillion in fresh loans promised to the ailing
firm.

The bailout proposal was a result of mounting uncertainties on
whether the Korean firm will be able to generate W500 billion in
a rights offering and initiate self-rescue programs as planned.


HYUNDAI GROUP: HMM To Separate From Hyundai Group
-------------------------------------------------
Korea Herald reported Friday that creditors of Hyundai Merchant
Marine (HMM) successfully forced the company's controlling
interests to push for efforts to separate the shipping firm from
its ailing parent company Hyundai Group.

Creditors have also prodded HMM's controlling interests to
withdraw financial support for Hyundai units such as Hynix
Semiconductor and dispose of its stakes in other Hyundai Group
units and affiliates.

HMM's independence from its parent company is seen as a
necessary condition precedent for the injection of funds by its
creditors. Creditors recently agreed to underwrite bonds to be
issued by HMM in November and December to refinance maturing
debts.

Previously, HMM President Kim Chung-shik submitted his
resignation, following the Hyundai Group's refusal to honor his
request to withdraw support to its other units.


HYUNDAI MOTOR: Montgomery, AL Tapped As Possible Plant Site
-----------------------------------------------------------
The Hyundai Motor Group has reportedly chosen Montgomery City in
Alabama as its most preferred site for its proposed U.S. car
plant venture, aimed at easing trade pressure, the Korea Herald
reported on October 19.

Hyundai Motor President and CEO Kim Dong -Jin, according to the
report, met with Montgomery mayor Bobby Bright recently to
discuss the proposed car plant. Discussions supposedly focused
on Montgomery's commitment and provision of benefits for the
care plant.

The proposed car plant is expected to create about 2,000 jobs,
according to Mayor Bright. The Korean company is still in the
process of studying south of the city as a possible site for the
plant.

Hyundai and Kia Motors last week unveiled a plan to build a
joint automotive plant in the United States as part of its
efforts to quell mounting trade pressure from Washington.


HYUNDAI PETROCHEMICAL: Creditors Will Name New Managers
-------------------------------------------------------
New managers for Hyundai Petrochemical Co. will be named by
creditors of the ailing company this year, during the course of
implementing a debt rescheduling plan, which totals to W2
trillion won, the Korea Herald reported Friday.

Creditors plan to install new management as soon as the shares
owned by controlling interests have been retired. Shares of the
majority shareholder will be canceled and the company's capital
reduced, all within the month. This allows the creditors to
install the said management before the year ends.

Controlling interests for Hyundai Petrochem include Hyundai
Heavy Industries (49.87 percent), Hyundai Engineering and
Construction (11.63 percent), Hyundai Corp. (6.95 percent),
Hyundai Mipo Dockyard (3.04 percent), Hynix Semiconductor (1.60
percent) and Hyundai Department Store at 1.34 percent.

Following a general meeting Wednesday, the creditors announced
the granting of a two-trillion-won debt-rescheduling program for
the troubled company. The program calls for the granting of a
debt-for-equity swap of W300 billion following the retirement of
the stakes of the controlling interests by Hynix creditors.


SHINHAN BANK: Denies Seoulbank Sale Report
------------------------------------------
Shinhan Bank on Thursday denied a report saying the government  
asked its holding company unit, Shinhan Financial Group, to
purchase ailing Seoulbank, the Asian Wall Street Journal
reported October 18.

The local, online Edaily report said the holding unit is
considering the deal, as requested by the Korean government. The
same report also said that as a condition for acquiring
Seoulbank, Shinhan had asked the government to sell back some of
the ailing firm's bad assets and for Seoulbank to lay-off some
of its employees.

A bank spokesman said, in denying the report that "The
government didn't ask us to buy Seoulbank and we never intended
to consider buying Seoulbank."


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


ABRAR CORPORATION: KLSE Further Extends Announcement Deadline
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that on 17 October 2001 sought the approval
of the Kuala Lumpur Stock Exchange (Exchange) for a further
extension of two (2) months until 31 December 2001 (the Further
Extension) to make the Requisite Announcement .

The Further Extension sought by the Company was due to
unforeseen circumstances, as the White Knight, the Company and
their advisors had to revisit the financial projections impact
relating to the Company's restructuring scheme, as a result of
the 11 September 2001 attack on United States and all the
subsequent events.

As such, due to the impending deadline of 22 October 2001 for
the Company to comply with the requirement of paragraph 5.1 of
PN 4/2001, it is envisaged that the Company may not be able to
release its Requisite Announcement by 22 October 2001.

The Further Extension of time will allow the Company to finalize
and to announce the full details of its corporate and debt
restructuring exercise in its Requisite Annnouncement.


BESCORP INDUSTRIES: SA Proposes Restructuring Via TF Cybron
-----------------------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB) announced
that Bescorp Industries Berhad (Special Administrators
Appointed) (BIB or the Company) proposes to undertake a
corporate and debt restructuring scheme via a newly incorporated
company, TF Cybron Sdn Bhd (formerly known as Saujana Progresif
Sdn Bhd) (TF Cybron). TF Cybron, which will assume the listing
status of BIB, proposes to undertake the following inter-
conditional proposals, which have been approved by Pengurusan
Danaharta Nasional Berhad on 15 October 2001 in accordance with
Section 45(2) of the Pengurusan Danaharta Nasional Berhad Act,
1998:

   (a) Proposed Share Exchange;

   (b) Proposed Debt Restructuring;
   
   (c) Proposed Cybron Hldgs Acquisition;

   (d) Proposed Transfer of Listing.

An exemption from the mandatory take-over offer to acquire the
remaining shares in TF Cybron not held by Liew Sew Yee @ Lew Sew
Yee, a vendor in relation to the Proposed Cybron Hldgs
Acquisition (Proposed Exemption) will also be sought from the
Securities Commission (SC).

In order to meet the 25 percent public shareholding spread
requirement of the SC and the Kuala Lumpur Stock Exchange
(KLSE), an offer for sale will be undertaken in conjunction with
the above proposals (Proposed Offer for Sale).

Upon completion of the implementation of the above proposals,
BIB and its subsidiaries (except for Waktu Cerah Sdn Bhd) are
proposed to be liquidated (Proposed Liquidation).

The above proposals are collectively hereinafter referred to as
the "Proposed Corporate and Debt Restructuring Scheme".

DETAILS OF THE PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME

Proposed Share Exchange

The Proposed Share Exchange involves the proposed acquisition by
TF Cybron of the entire equity interest of 19,000,000 ordinary
shares of RM1.00 each in BIB through the exchange of 950,000 new
shares of RM0.50 each in TF Cybron (TF Cybron Shares) on the
basis of one (1) new TF Cybron Share for every twenty (20)
existing BIB shares of RM1.00 each held. The 950,000 TF Cybron
Shares shall be issued together with 190,000 free detachable
warrants on the basis of one (1) free warrant for every five (5)
TF Cybron Shares issued.

The indicative terms of the warrants, which will be traded
separately on the KLSE, are listed in Table 1 at
http://www.bankrupt.com/misc/Bescorp.html

Proposed Debt Restructuring

The Proposed Debt Restructuring is to be implemented between BIB
and the unsecured bank creditors, trade and non-trade creditors,
contingent creditors of BIB and all other creditors which are
provided with corporate guarantees from BIB (Creditors) pursuant
to the restructuring of debts totaling RM180,664,033 owing by
BIB as at 30 June 2000 (subject to proof of debt) being the cut-
off date in determining the total debts owing to its Creditors
(Total Debts), will be settled as follows:

(i) proposed waiver of all charges, interest and penalty charges
accruing after the cut-off date of 30 June 2000;

(ii) proposed settlement of RM71,140,000 as follows:

   (a) 20 percent of the Total Debts which amounts to
RM36,140,000 will be settled through the proposed issue of
30,116,667 new TF Cybron Shares at an issue price of RM1.20 per
share together with 6,023,333 free warrants on the basis of one
(1) warrant for every five (5) TF Cybron Shares, as partial
settlement of Total Debts;

   (b) 19.37 percent of the Total Debts which amounts to
RM35,000,000 will be settled through the proposed issue by TF
Cybron of RM35,000,000 nominal amount of 1 percent3-year
irredeemable convertible unsecured loan stocks (ICULS), as
partial settlement of Total Debts;

   (c) proposed issue of 5,833,333 free warrants on the basis of
one (1) warrant for every RM6.00 nominal value of debts which
amount shall be equivalent to the total nominal amount of ICULS
issued in (b); and

   (d) the remaining debt of RM109,524,033 which remains
unsettled will be entitled to rank in the distribution of
proceeds from the realization of the assets of the BIB Group,
following the liquidation of BIB and its subsidiaries (except
for Waktu Cerah Sdn Bhd).

The indicative terms of the ICULS are listed in Table 2 at
http://www.bankrupt.com/misc/Bescorp.html

The details of the debts of BIB and its Creditors are set out in
Table 3 at http://www.bankrupt.com/misc/Bescorp.html

Proposed Cybron Hldgs Acquisition

The Proposed Cybron Hldgs Acquisition involves the proposed
acquisition by TF Cybron of 100 percent equity interest in
Cybron Holdings Berhad (Cybron Hldgs). The Proposed Cybron Hldgs
Acquisition is conditional upon the completion of the Proposed
TFE Acquisition, which is in turn, conditional upon the
completion of the Proposed TFPPI Acquisition, as set out below:

- Proposed TFE Acquisition - the proposed acquisition by Cybron
Hldgs of 100 percent equity interest in Thong Fook Electronics
Sdn Bhd (TFE); and

- Proposed TFPPI Acquisition - the proposed acquisition by TFE
of 50 percent equity interest in TFP Precision Industries Sdn
Bhd (TFPPI).

(i) Proposed Cybron Hldgs Acquisition involves TF Cybron
acquiring the entire enlarged issued and paid-up share capital
of Cybron Hldgs comprising 71,004,593 ordinary shares of RM1.00
each (of which 39,684,467 shares are to be issued pursuant to
the Proposed TFE Acquisition). The purchase consideration of
RM316,912,000 will be wholly satisfied by an issue of
264,093,333 new TF Cybron Shares at an issue price of RM1.20 per
share together with 52,818,667 free detachable warrants on the
basis of one (1) free warrant for every five (5) TF Cybron
Shares.

A sale and purchase agreement in relation to the Proposed Cybron
Hldgs Acquisition was entered into between the vendors of Cybron
Hldgs shares ("Cybron Hldgs Vendors"), TF Cybron and BIB on 15
October 2001. To date, only 99.1 percent of the Cybron Hldgs
Vendors have signed the sales and purchase agreement. In the
event the other Cybron Hldgs Vendors do not sign the sale and
purchase agreement, TF Cybron would be entitled, pursuant to
Section 180 of the Companies Act, 1965, to compulsorily acquire
the remaining equity interest in Cybron Hldgs.

Details of the Cybron Hldgs Vendors, their respective
shareholdings in Cybron Hldgs and the number of TF Cybron Shares
to be issued to them pursuant to the Proposed Cybron Hldgs
Acquisition are set out in Table 4 at
http://www.bankrupt.com/misc/Bescorp.html

The purchase consideration was arrived at after taking into
consideration, inter-alia, the historical and future earnings
prospects of the enlarged Cybron Hldgs group.

Cybron Hldgs was incorporated under the Companies Act, 1965 on
13 April 1993. Its present authorized share capital is
RM100,000,000 comprising 100,000,000 ordinary shares of RM1.00
each, of which 31,320,126 ordinary shares of RM1.00 each have
been issued and fully paid. Cybron Hldgs is principally an
investment holding company. Its subsidiary companies and their
principal activities are set out in Table 5 at
http://www.bankrupt.com/misc/Bescorp.html.A summary of the key  
financial information on Cybron Hldgs and its subsidiary
companies (Cybron Hldgs Group) for the past five FYE 31 March
1997 to 2001 is set out in Table 6 at
http://www.bankrupt.com/misc/Bescorp.html

(ii) Proposed TFE Acquisition involves Cybron Hldgs acquiring
the entire issued and paid-up share capital of TFE comprising
4,000,002 shares of RM1.00 each (of which 4,000,000 shares of
RM1.00 each are to be issued pursuant to the Proposed TFPPI
Acquisition) for a purchase consideration of RM177,116,000 to be
wholly satisfied by an issue of 39,684,467 new Cybron Hldgs
shares of RM1.00 each at an issue price of RM4.46 per share.

A share sale agreement and a supplement share sale agreement in
relation to the Proposed TFE Acquisition was entered into
between Liew Siew Yee @ Lew Siew Yee, Ho Kwang Yoon and Cybron
Hldgs on 13 June 2001 and 10 September 2001 respectively.

TFE was incorporated under the Companies Act, 1965 on 15 October
1990. Its present authorized share capital is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each, of which 2
shares of RM1.00 each have been issued and fully paid. The
principal activity of TFE is investment holding. A summary of
the key financial information on TFE for the past five FYE 31
December 1996 to 2000 is set out in Table 7 at
http://www.bankrupt.com/misc/Bescorp.html

(iii) Proposed TFPPI Acquisition involves TFE acquiring 50
percent equity interest in TFPPI comprising 4,000,000 shares of
RM1.00 each for a purchase consideration of RM31,154,624 to be
wholly satisfied by an issue of 4,000,000 new TFE shares of
RM1.00 each at an issue price of RM7.79 per share.

A shares sale and purchase agreement in relation to the Proposed
TFPPI Acquisition was entered into between Liew Siew Yee @ Lew
Siew Yee and TFE on 22 May 2001.

TFPPI was incorporated in Malaysia under the Companies Act, 1965
on 15 October 1990. Its present authorized share capital of
RM25,000,000 comprising 25,000,000 ordinary shares of RM1.00
each, of which 8,000,000 ordinary shares of RM1.00 each have
been issued and fully paid. The principal activities of TFPPI is
the manufacturing of precision tools and moulds, and high-end
plastic components for supply to the electronic, information and
communication technology industries. A summary of the key
financial information on TFPPI for the past five FYE 31 December
1996 to 2000 is set out in Table 8 at
http://www.bankrupt.com/misc/Bescorp.html

Cybron Hldgs, TFE and TFPPI are hereinafter collectively
referred to as the "Acquiree Companies".

The shares of the Acquiree Companies are to be acquired free
from all charges, liens, and other encumbrances and with all
rights, dividends and distributions declared, made and paid as
from the completion date upon the terms and conditions provided
for in the agreements.

Proposed Exemption

Upon completion of the Proposed Cybron Hldgs Acquisition, Liew
Sew Yee @ Lew Sew Yee will hold approximately 43.2 percent of
the enlarged issued and paid-up share capital of TF Cybron.
Pursuant to Part II of the Malaysian Code of Takeovers and
Mergers 1998 (Code), Liew Sew Yee @ Lew Sew Yee will be required
to extend a mandatory take-over offer for the remaining TF
Cybron Shares not already owned by him. An exemption from the
obligation to undertake a mandatory take-over offer will be
sought from the SC under Practice Note 2.9.3 of the Code.

Proposed Offer For Sale

In order to achieve the 25 percent public shareholding spread
requirement of the SC and the KLSE, certain vendors of the
Acquiree Companies and the Creditors, propose to undertake a
renounceable offer for sale of 37,500,000 TF Cybron Shares at an
offer price of RM1.20 per share together with 7,500,000 free
detachable warrants on the basis of one (1) free warrant for
every five (5) TF Cybron Shares offered to the shareholders of
BIB and employees of Cybron Hldgs and TFPPI, details of which
are as follows:

   (i) certain vendors of the Acquiree Companies to offer a
total of 33,300,000 TF Cybron Shares together with 6,660,000
warrants attached thereon; and

   (ii) the Creditors to offer a total of 4,200,000 TF Cybron
Shares together with 840,000 warrants attached thereon.

Proposed Transfer Of Listing

Upon completion of the above proposals, the listing status of
BIB on the Second Board of the KLSE shall be transferred to TF
Cybron. Hence, BIB will be delisted from the Official List of
the Second Board of the KLSE. TF Cybron will simultaneously seek
a transfer of listing to the Main Board of the KLSE.

Proposed Liquidation

Upon completion of the Proposed Share Exchange, Proposed Debt
Restructuring, Proposed Cybron Hldgs Acquisition, Proposed
Transfer of Listing, Proposed Exemption and Proposed Offer for
Sale, the SAs will commence the liquidation of the BIB Group
(except for Waktu Cerah Sdn Bhd). The Proposed Liquidation would
only commence upon full satisfaction of all cost and expenses of
administration and restructuring expenses which are payments
required to be made under the law for the purpose of preserving
value, including the expenses incurred pursuant to the Proposed
Corporate and Debt Restructuring Scheme.

Inter-Conditionality

The Proposed Share Exchange, the Proposed Debt Restructuring,
the Proposed Cybron Hldgs Acquisition, the Proposed Exemption,
Proposed Offer for Sale and Proposed Transfer of Listing are
inter-conditional upon one another. Upon completion of the
implementation of the above proposals, BIB and its subsidiaries
(except for Waktu Cerah Sdn Bhd) are proposed to be liquidated.

Ranking of the New TF Cybron Shares

The new TF Cybron Shares to be issued pursuant to the Proposed
Corporate and Debt Restructuring Scheme and upon exercise of the
warrants and conversion of the ICULS, will upon issue, rank pari
passu in all respects with the existing TF Cybron Shares except
that such new TF Cybron Shares shall not rank for any dividends,
rights, allotments or other distribution declared prior to the
allotment of such new TF Cybron Shares.

RATIONALE FOR THE PROPOSED CORPORATE AND DEBT RESTRUCTURING
SCHEME

The BIB Group has been saddled with losses since 1996. This in
turn has caused the BIB Group to experience capital deficiency
and financial distress. The Group is presently insolvent and
unable to fulfill its obligations to its Creditors. As at 31
December 2000, the BIB Group have net current liabilities of
RM204.28 million and shareholders' deficit of RM181.9 million.

The Proposed Corporate and Debt Restructuring Scheme has been
formulated to avoid what would otherwise be the inevitable
liquidation of the BIB Group, which would have resulted in the
existing shareholders of BIB and the Creditors suffering
substantial losses in their respective investments and
indebtedness in the Company. The above proposals are to address
and resuscitate the financial as well as operational viability
of the BIB Group, through the injection of profit generating
assets via TF Cybron and the winding-up of the existing non-
viable business of BIB.

PROSPECTS OF THE ACQUIREE COMPANIES AND RISK FACTORS

Prospects of the Acquiree Companies

The businesses of the Acquiree Companies are diversed ranging
from manufacturing activities to providing technology solutions
to public sector institutions of higher learning involving
ministries, universities, transportation and utility services;
medical services covering hospitals and medical centers. The
manufacturing activity can be further categorized into the
design and fabrication of precision moulds, tools and dies and
stamped components and the fabrication and manufacture of
precision plastic components. As the manufactured products are
supplied to other industries that manufacture a wide range of
electrical, electronic and communication products, the prospects
of the Acquiree Companies are largely dependent on the prospects
of those industries.

According to Bank Negara Malaysia, Press Release dated 23 August
2001, "The Malaysian economy registered a real GDP growth of 0.5
percent in the second quarter of 2001 (3.1 percent in the first
quarter). The manufacturing sector, notably the electronics
industry, was adversely affected by the downturn in the global
electronics cycle, which was more pronounced than anticipated.
Growth in all the other sectors remained in the positive
territory ...

Looking ahead, the Malaysian economy will continue to be subject
to the vagaries of the global business cycle. As an open, trade-
oriented economy, the slowdown in the external environment will
have an impact on the domestic economy. While slower growth is a
matter of some concern, it is important to recognize that
Malaysia's underlying economic fundamentals remain on track for
sustainable long-term growth."

Risks Factors

The following are some of the risk factors in relation to the
Proposed Corporate and Debt Restructuring Scheme (which may not
be exhaustive):

   (i) Marketability of TF Cybron Shares, ICULS and warrants

Prior to the issuance of TF Cybron Shares, ICULS and warrants,
there have been no public market for these shares, convertible
securities and warrants. Despite the fact that TF Cybron shall
be taking over the listing status of BIB, there can be no
assurance of the market value of TF Cybron Shares, ICULS and
warrants, and that an active market for these shares,
convertible securities and warrants will develop upon its
listing or if developed, that such a market can be sustained.

   (ii) Business Risk

The Acquiree Companies, like any other businesses, are subject
to certain risks inherent in its business which include, amongst
others, entry of new players, constraints in labor supply,
increase in production costs, changes in business and credit
conditions, fluctuations in foreign exchange rates, introduction
of new technologies and collectibles of debts.

   (iii) Political and Economic Risk

The operations of the Acquiree Companies are closely linked to
the economic fundamentals and political stability of Malaysia,
Singapore and Thailand. Any adverse developments in the
political and economic environment and uncertainties in these
countries may materially and adversely affect the financial
performance of the Acquiree Companies. These include risk of
war, global, regional or national economic downturn and
unfavorable changes in government policies.

   (iv) Dependence on Key Personnel

The future success of the Acquiree Companies are dependent upon
the abilities and continuing efforts of the existing executive
directors and senior management of the Acquiree Companies. The
loss of key members of the Acquiree Companies may adversely
affect the Acquiree Companies' continuing ability to compete.
The future success of the Acquiree Companies will also depend
upon its ability to attract and retain skilled personnel.

EFFECTS OF THE PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME

The effects of the Proposed Corporate and Debt Restructuring
Scheme on BIB and TF Cybron are as follows:

On Issued and Paid-Up Share Capital

The effects of the Proposed Corporate and Debt Restructuring
Scheme on the issued and paid-up share capital of BIB and TF
Cybron are shown in Table 9 at
http://www.bankrupt.com/misc/Bescorp.html

On NTA

The proforma effects of the Proposed Corporate and Debt
Restructuring Scheme on the NTA of BIB Group and TF Cybron based
on the audited balance sheets as at 31 December 2000 are
illustrated in Table 10 at
http://www.bankrupt.com/misc/Bescorp.html

On Substantial Shareholding

The effects of the Proposed Corporate and Debt Restructuring
Scheme on the shareholdings of the substantial shareholders
(holding an interest of 5 percent and above) of BIB and TF
Cybron are set out in Table 11 at
http://www.bankrupt.com/misc/Bescorp.html

On Earnings

Barring unforeseen circumstances, the Proposed Corporate and
Debt Restructuring Scheme is expected to be completed in the
second half of 2002 and is expected to contribute positively
towards the future earnings of the restructured group.

On Gearing

The gearing of the TF Cybron Group is expected to improve upon
completion of the Proposed Corporate and Debt Restructuring
Scheme.

APPROVALS REQUIRED

The Proposed Corporate and Debt Restructuring Scheme is subject
to, inter-alia, the following approvals:

   (i) the SC;

   (ii) the Foreign Investment Committee;

   (iii) the Ministry of International Trade and Industry;

   (iv) the KLSE for the following:

     - transfer of the listing status of BIB to TF Cybron; and

     - listing of and quotation for the new TF Cybron shares,
ICULS and warrants, as the case may be, to be issued pursuant to
the Proposed Corporate and Debt Restructuring Scheme, and the
new TF Cybron shares arising from the exercise and conversion of
the warrants and ICULS respectively, if any.

Under Section 47(3) of the Pengurusan Danaharta Nasional Berhad
Act 1998, the approval of shareholders of BIB is not required
for the Proposed Corporate and Debt Restructuring Scheme.

INTEREST OF DIRECTORS OF BIB, SAs, SUBSTANTIAL SHAREHOLDERS AND
PERSONS CONNECTED TO THEM

To the best knowledge of the SAs, none of the Directors of BIB,
the SAs, substantial shareholders of BIB and/or persons
connected to them has any interest, direct or indirect, in the
Proposed Corporate and Debt Restructuring Scheme.

OPINION OF THE SAs

The SAs are of the opinion that the Proposed Corporate and Debt
Restructuring Scheme is in the best interest of the Company and
for the benefit of all stakeholders given the current
circumstances and predicaments of the Company.

ADVISER

MIMB has been appointed by the SAs to act as Adviser to the
Company in relation to the Proposed Corporate and Debt
Restructuring Scheme.

APPLICATION TO THE SC

In accordance with paragraph 5.1 of Practice Note No. 4/2001 of
the Listing Requirements of the KLSE, an application to the SC
in relation to the Proposed Corporate and Debt Restructuring
Scheme will be submitted within two (2) months from the date
hereof.

INFORMATION CIRCULAR TO SHAREHOLDERS

An information circular to shareholders setting out the details
of the Proposed Corporate and Debt Restructuring Scheme will be
dispatched to the shareholders of BIB in due course.

DOCUMENTS FOR INSPECTION

The conditional agreements in relation to the Proposed
Acquisitions are available for inspection at the office of the
SAs at Business Suite 19A-30-2, Level 30, UOA Centre, No. 19
Jalan Pinang, 50450 Kuala Lumpur during normal office hours from
Monday to Friday (except public holidays) from the date hereof
until approval from all relevant authorities have been obtained.


GEAHIN ENGINEERING: Updates GDSB Disposal Status
------------------------------------------------
The Board of Directors of Geahin Engineering Berhad (GEB) had
affirmed the following transactions in respect of the disposal
of a subsidiary, Geahin Development Sdn. Bhd. (365679-M) (GDSB)
(GDSB):

   i) An allotment of 800,000 new ordinary shares of RM1.00 each
to Mr. Chiew Chee Hwa @ Khoo Chee Hwa at par by way of
capitalizing RM800,000 out of the total amount of RM1,800,000
owing to him pursuant to the First Share Subscription Agreement
dated 03.01.2001;

   ii) An allotment of additional 700,000 ordinary shares of
RM1.00 each to Mr. Chiew Chee Hwa @ Khoo Chee Hwa at par by way
of capitalizing RM700,000 out of the total amount of RM1,000,000
owing to him pursuant to the Second Share Subscription Agreement  
dated 10.01.2001; and

   iii) Inter-conditional upon (i) and (ii), GEB disposed of the
entire 1,000,000 ordinary shares of  RM1.00 each in GDSB to Mr.
Chiew Chee Hwa @ Khoo Chee Hwa for cash consideration of  
RM510,523 only based on the NTA value as shown in the latest
audited accounts available  pursuant to the Sale Shares
Agreement dated 23.01.2001.

Upon completion of the above, GDSB will cease to be a subsidiary
of GEB.

Current Status of GDSB

Other than the intended development on the said land which has
now been aborted due to unfavorable market condition, GDSB
remains doormat.

Rationale of the Disposal

To avoid possible hefty penalty to be imposed by Mr. Chiew Chee
Hwa @ Khoo Chee Hwa due to undue delay by GDSB in repaying the
total outstanding sum of RM1,800,000 owing to him and to reduce
the unnecessary operating cost for GDSB, the said disposal is in
the best interest of GDSB and of the
Group as a whole.

Financial Effects on Earnings and NTA

The said disposal is not expected to have any substantial impact
on the Earnings and NTA of the Group for the financial year
ending 31st December 2001.

Interest of Directors, substantial shareholders and persons
connected to them

The Directors, substantial shareholders and the persons
connected to them have no whatsoever interests
in the said disposal of shares.

Approvals from relevant authorities

Not required.

GEB has an authorized capital of RM25,000,000 and a paid-up
capital of RM19,999,000.

As at 31st December 2000, GEB has a negative group net tangible
assets (NTA) of RM49,325,566. On the basis of GEB's negative
group NTA position, the disposal of 1,000,000 ordinary shares in
GDSB pursuant to Paragraph 10.04, 10.05 and 10.06 of the Listing
Requirements may not applicable.


INDAH WATER: MVRB Clarifies Issues
----------------------------------
Multi Vest Resources Berhad (MVRB) clarified that MVRB had, on
11 May 2001 announced to the Exchange that it entered into a
Shareholders Agreement with Thames Water Overseas Limited (TWOL)
and Nilamas Corporation Sdn Bhd (NCSB)on 10 May 2001. The equity
structure of Puas Emas Sdn Bhd has been revised:

MVRB - 35%
TWOL - 30%
NCSB - 35%

With regards to "buying IWK from the government" as appearing in
The Sun article, MVRB informed the Exchange that Puas Emas had
in August 2001 submitted a proposal to the Government to acquire
100% equity interest in Indah Water Konsortium Sdn Bhd (IWK)
(the Proposal).

Subsequently, Puas Emas had received a letter of intent from the
Government, whereby Puas Emas is allowed to conduct a due-
diligence review on IWK and is required to submit a detailed
technical and financial proposal to the Government, subject to
the terms and conditions to be agreed between the Government and
Puas Emas.

Currently, Puas Emas is in the midst of finalizing the details
of the Proposal and as such it is premature to comment on the
other matters pertaining to the Proposal as reported in the said
Article. When the status of the Proposal is more definite, the
Company will make further announcement on the Proposal to the
Exchange at the appropriate time pursuant to the Exchange's
Corporate Disclosure Policy.


KIARA EMAS: Executes Proposed Scheme MoU With Excellent
-------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad (Kiara Emas or
Company), Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian)
announced that on 17 October 2001, Kiara Emas entered into a
Memorandum Of Understanding (MOU) with Excellent Avenue (M) Sdn
Bhd (Excellent) in relation to a Proposed Scheme to regularize
its financial condition.

FURTHER APPLICATION TO KLSE FOR EXTENSION OF TIME

As Kiara Emas is an affected listed issuer pursuant to Practice
Note 4/2001 issued by the Kuala Lumpur Stock Exchange (KLSE),
the Company will make an application to the KLSE for a further
extension of time to make its Requisite Announcement of its plan
to regularize its financial condition, within two (2) months
from the date of this announcement.

Prior to this, the KLSE had approved an extension of two (2)
months from 23 August 2001 to 22 October 2001 to enable Kiara
Emas to make its Requisite Announcement.

SALIENT TERMS OF THE MOU

The salient terms of the MOU are:

   (a) Each of the parties will in good faith use its best
endeavors to conclude negotiations leading to the finalization
and execution of all the agreements in respect of the Proposed
Scheme within three (3) months from the date of the MOU (Lockout
Period);

   (b) During the Lockout Period, the parties will negotiate
exclusively with each other only in respect of the Proposed
Scheme. Each of the parties agrees that it shall not during the
Lockout Period negotiate with any other party;

   (c) The MOU represents the good faith, understanding and
statement of intention of the parties to proceed further with
their negotiations and as such, is not intended to have any
legally binding effect save with respect to the agreement as to
exclusive negotiation during the Lockout Period;

   (d) Proposed Scheme

The Proposed Scheme would include the following components,
which will be inter-conditional upon each other and will be
subject to all relevant approvals:

     (i) Incorporation of a new holding company (Newco) for the
purpose of being the new holding company of Kiara Emas and
eventually to assume the listing status of Kiara Emas;

     (ii) Proposed capital reduction of the existing issued and
paid-up share capital of Kiara Emas from RM39,999,999 comprising
39,999,999 ordinary shares of RM1.00 each to RM7,999,999
comprising 39,999,999 ordinary shares of RM0.20 each through the
cancellation of RM0.80 of the par value of the RM1.00 of each
existing ordinary share, thereby reducing the par value to
RM0.20 per share;

     (iii) Proposed consolidation of 5 ordinary shares of RM0.20
each in the capital of Kiara Emas after the proposed capital
reduction into 1 ordinary share of RM1.00 each; and

     (iv) Proposed scheme of arrangement between Kiara Emas, its
shareholders and the Newco whereby the shareholders of Kiara
Emas will exchange their ordinary shares in Kiara Emas for the
equivalent value of new ordinary shares of RM1.00 each in Newco.
Immediately upon completion of this scheme, Kiara Emas will
become a wholly-owned subsidiary of Newco.

   (e) Proposed acquisition by Newco of approximately 90.9 % of
the equity interest, comprising 50,192,602 ordinary shares of
RM1.00 each, in Stone World Sdn Bhd (Stone World) from
Excellent;

   (f) Proposed exemption of Excellent and parties acting in
concert with it from the obligation to extend a mandatory offer
for the remaining Newco shares not held by them upon completion
of the proposed acquisition of equity interest in Stone World;
and

   (g) Transfer of listing status of Kiara Emas to Newco upon
completion of the Proposed Scheme.

INFORMATION ON STONE WORLD

Stone World was incorporated in Malaysia under the Companies
Act, 1965 on 6 September 1991 as a private limited company. It
has an authorized capital of RM100,000,000 comprising
100,000,000 ordinary shares of RM1.00 each, and an issued and
paid-up capital of RM55,214,143 comprising 55,214,143 ordinary
shares of RM1.00 each. Its principal activities are the
manufacture, supply and installation of stone products. Its
subsidiaries are set out in Table 1 at
http://www.bankrupt.com/misc/kiara_emas_t1.doc
The substantial shareholders and directors of Stone World and
their respective shareholdings are set out in Table 2 at
http://www.bankrupt.com/misc/kiara_emas_t2.doc  
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors or substantial shareholders of Kiara Emas
or persons connected with them has any interest, direct or
indirect, in the Proposed Scheme.

Mr. Loh Chen Peng who is an existing director of Kiara Emas, was
a past director of Stone World and its subsidiary, Stone World
Marketing Sdn Bhd. However, Mr. Loh Chen Peng did not have any
interest in the said companies.
APPOINTMENT OF ADVISER

Kiara Emas has appointed Arab-Malaysian as its Adviser for the
Proposed Scheme.

FULL ANNOUNCEMENT UPON EXECUTION OF AGREEMENTS

A full announcement will be made upon the execution of the
agreements in respect of the Proposed Scheme.


KUALA LUMPUR: Unit, Talasco Enter Proposed Disposal SSA
-------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
appointed) (KLIH) announced that KLIH, via its wholly-owned
subsidiary, Kuala Lumpur Industries Berhad (Special
Administrators appointed) (KLIB), had on 16 October 2001,
entered into a conditional share sale agreement (SSA) for the
proposed disposal of its 100% equity interest in The People's
Insurance Co. (M) Bhd (PICM) to Talasco Insurance Bhd (Talasco)
for a cash consideration of RM80,000,000.

INFORMATION ON PROPOSED DISPOSAL

History and Business of PICM

PICM was incorporated in Malaysia as a private limited company
on 8 May 1976. It was converted into a public limited company on
7 May 1997. The present authorized share capital of PICM is
RM100,000,000 divided into 100,000,000 ordinary shares of RM1.00
each of which 80,000,000 ordinary shares of RM1.00 each have
been issued and fully paid-up. PICM is principally involved in
the underwriting of all classes of general insurance business.

Information on KLIB, the Vendor of PICM

PICM is a wholly-owned subsidiary of KLIB, which in turn is
wholly-owned by KLIH. KLIB, originally known as Kuala Lumpur
Properties Limited, was incorporated in Malaysia on 25 October
1963 as a private limited company. It was converted into a
public limited company on 23 January 1964 and it assumed its
present name on 7 September 1970.

The present authorized share capital of KLIB is RM200,000,000
divided into 200,000,000 ordinary shares of RM1.00 each of which
65,538,000 ordinary shares of RM1.00 each have been issued and
fully paid-up. KLIB is principally involved in investment
holding.

Pursuant to the powers set out under Section 23 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (Danaharta Act),
Special Administrators were appointed by Pengurusan Danaharta
Nasional Berhad (Danaharta) for KLIH on 30 June 2000.
Subsequently, Special Administrators were also appointed for
KLIB and three (3) other subsidiaries of KLIH on 27 October
2000. The Special Administrators of KLIB are preparing a
proposal pursuant to Section 44 of the Danaharta Act (Proposal).

Principal Terms and Conditions of the SSA

On 16 October 2001, KLIB had entered into the SSA with Talasco
for the Proposed Disposal. Under the SSA, KLIB will dispose of
its 100% equity interest in PICM, comprising 80,000,000 ordinary
shares of RM1.00 each to Talasco for a cash consideration of
RM80,000,000.

Talasco had earlier paid an earnest deposit amounting to
RM1,700,000 to the Special Administrators of KLIB pursuant to a
tender exercise involving the disposal of PICM. Upon execution
of the SSA, Talasco has paid a sum of RM14,300,000 as the
balance of the 20% of the purchase consideration of RM80,000,000

Simultaneous with the execution of the SSA, Talasco shall place
a sum of RM64,000,000 into a fixed deposit with Malayan Banking
Berhad as designated by Danaharta Managers Sdn Bhd. (DMSB). DMSB
currently holds the PICM shares as security for a credit
facility of KLIH. Upon completion of the SSA, Talasco shall pay
the balance of 80% of the purchase consideration amounting to
RM64,000,000 by uplifting and crediting the said fixed deposit
into a bank account maintained by DMSB or its nominees.

Basis of Arriving at the Consideration

The valuation of PICM was arrived at on a willing-buyer willing-
seller basis after taking into account the net tangible assets
of PICM, the future earnings of PICM and comparative valuation
of other general insurance companies in Malaysia. The purchase
consideration also represents the best cash offer of
RM80,000,000 received by the Special Administrators of KLIB from
Talasco pursuant to a restrictive open tender exercise involving
the disposal of PICM. Talasco's bid for the 100% equity interest
in PICM was accepted by the Special Administrators of KLIH on 28
August 2001.

Utilization of Disposal Proceeds

The total gross disposal proceeds of RM80,000,000 arising from
the Proposed Disposal shall be mainly utilized towards defraying
costs incidental to the Proposed Disposal and for part
settlement of the amounts owing by KLIB to DMSB.

Cost of Investment

The original cost of investment for the PICM shares held by KLIB
is RM98.6 million, whilst the net carrying value in the books of
KLIB is RM75 million.

Assumption of liabilities

There is no assumption of liabilities by KLIB nor KLIH in
respect of the Proposed Disposal.

INFORMATION ON TALASCO

Talasco was incorporated in Malaysia under the Companies Act,
1967 as a private limited company on 21 November 1973. It was
subsequently converted into a public company and assumed its
present name on 24 September 1996. The authorized capital of
Talasco is RM100,000,000 divided into 100,000,000 ordinary
shares of RM1.00 each, which have been fully issued and paid-up.
Talasco is principally engaged in the underwriting of life and
all classes of general insurance business.

(Source : Public announcement of Idris Hydraulic (Malaysia)
Berhad dated 13 September 2001)

RATIONALE FOR THE PROPOSED DISPOSAL

PICM is currently not in compliance with the solvency margin and
minimum paid-up capital requirements imposed under Section 46(1)
and Section 18 of the Insurance Act, 1996 respectively. The KLIH
Group is not in a position to assist PICM in meeting those
requirements in the immediate future. In concurrence with the
requirements and views of Bank Negara Malaysia (BNM), and given
the circumstances, it was considered that the Proposed Disposal
would be in the interest of all parties concerned. The Proposed
Disposal is expected to improve the net tangible liabilities
position of the KLIH Group as shown in Table 1 below. The
Proposed Disposal would also raise cash which the KLIH Group can
utilize to repay some of its debts.

FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of KLIH as the Proposed Disposal is a cash
transaction. The Proposed Disposal is expected to result in a
gain on disposal of approximately RM12.3 million to KLIH Group
(based on the unaudited management accounts of KLIH Group as at
31 December 2000). The proforma effects of the Proposed Disposal
on the NTA of KLIH Group after the Proposed Disposal are set out
in Table 1 at http://www.bankrupt.com/misc/kuala_lumpur.doc

CONDITIONS OF THE SSA

The SSA shall be conditional upon the approvals of the following
parties being obtained:

   (a) the BNM, which was obtained on 9 October 2001;

   (b) the Securities Commission (if required);

   (c) the Foreign Investment Committee to be obtained by
Talasco;

   (d) Danaharta to the Proposal pursuant to Section 46(4) of
the Danaharta Act;

   (e) the shareholders of Talasco and/or Talasco; and

   (f) any other relevant authority.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

To the best knowledge of KLIH and the Special Administrators of
KLIH, none of the directors, substantial shareholders of KLIH
nor persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.

RECOMMENDATION

After taking into consideration the current financial position
of the KLIH Group and the rationale for the Proposed Disposal,
the Special Administrators of KLIH are of the opinion that the
Proposed Disposal is in the best interest of the KLIH Group and
its creditors.

DOCUMENTS AVAILABLE FOR INSPECTION

A copy of the SSA will be available for inspection by the
shareholders of KLIH during normal business hours at the
registered office of the Company at 11th Floor, Wisma KLIH, 126
Jalan Bukit Bintang, 55100 Kuala Lumpur, from Mondays to Fridays
(except public holidays) for a period of two (2) weeks from the
date of this announcement.


PARIT PERAK:  Enters MoU With White Knights
-------------------------------------------
The Board of Directors of Parit Perak Holdings Berhad (PPHB)
announced that on 18 October 2001, Dato' Mohd Nadzmi Bin Mohd
Salleh, Chan Poh Kim and Richard Kuah Ah Eng (collectively
referred to as "the White Knights") and PPHB, entered into a
Memorandum of Understanding (MoU), wherein PPHB and the White
Knights are desirous to propose a scheme involving, an asset
injection to formulate and propose a restructuring scheme for
PPHB and its subsidiaries (Proposed Restructuring Scheme).

PPHB and the White Knights agree to execute a formal agreement
incorporating all the terms and conditions agreed between the
parties within 30 days from the date of the MOU or such later
date as may be mutually agreed upon by the parties in writing.

The assets to be injected comprise:

   i) A 70-room hotel, namely Ocean Hotel Singapore with its
address at No. 5, Lorong 6, Geylang, Singapore;

   ii) An Office building known as Wisma Nusantara located at
Jalan Puncak Lot 1186, Section 57, Town and District of Kuala
Lumpur, Wilayah Persekutuan. Total net lettable area
approximately 8731.7 square meters; and
iii) An office building known as Wisma Bumi Raya located at
Jalan Raja Laut, Lot 1700/1703/1704, Section 46, Town of Kuala
Lumpur. Total net lettable area approximately 9,916 square
meters.

The White Knights also agree to use their respective reasonable
endeavors to procure ownership of additional assets for the
purposes of injecting into PPHB within the 30-day time frame.

The details of the Proposed Restructuring Scheme are still being
finalized.


PLANTATION & DEVELOPMENT: KLSE Grants Extension Request
-------------------------------------------------------
Plantation & Development (Malaysia) Berhad (P&D or the Company),
informed that the Kuala Lumpur Stock Exchange (KLSE), on 16
October 2001, approved the extension as proposed.

An earlier announcement dated 19 September 2001, whereby Arab-
Malaysian Merchant Bank Berhad, pursuant to the Proposed Scheme,  
applied to the KLSE to extend the time frame for the Company to
obtain the remaining approvals from the relevant authorities to
31 October 2001.  


SENG HUP: Posts Defaulted Payment Update
----------------------------------------
The default by Seng Hup Corporation Bhd (Special Administrators
Appointed) (SHCB) as at 30 September 2001 amounted to
RM54,886,008 made up of principal sums, plus RM20,434,534 in
interest for revolving credit facilities, trade financing and
overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as of 30 September
2001, defaulted USD2,280,000, made up of a principal sum plus
USD901,129 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loan amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM1,572,864 and RM404,686 respectively as at 30 September 2001.

There are no other new developments in regard to this Practice
Note.

Please check http://www.bankrupt.com/misc/seng_hup.xlsto see  
details on its default in payment.


SOUTH PENINSULAR: MITI Approves Proposed Acquisition
----------------------------------------------------
South Peninsular Industries Berhad's Board of Directors advised
that the Ministry of International Trade and Industry (MITI) had
via its letter dated 15 October 2001 approved the Proposed
Acquisition of 22,500 ordinary shares of RM1.00 each
representing 15% of the total issued and paid-up share capital
of S.P.I. Plastic Industries (M) Sdn Bhd, a 85% owned subsidiary
of the Company (Proposed Acquisition).

An announcement will be made upon the completion of the Proposed  
Acquisition.


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


NATIONAL POWER: Auctions US$41M Coal Requirements
-------------------------------------------------
The state-run power company, National Power Corp. (Napocor)
auctioned off the first of its coal supply requirements for the
year 2002 worth $41 million, the Asian Wall Street Journal
reported Thursday.

Bids were submitted electronically by coal suppliers from
Indonesia and China last week. The bidding results will be
forwarded to Napocor board and the National Economic and
Development Authority (NEDA) for approval.

Four Napocor coal-fired plants will benefit from the auction:
the Batangas coal-fired thermal plant in Calaca, the 700-
megawatt Pagbilao power plant, the 600-MW Masinloc coal-fired
plant, and the 1,200-MW Sual plant.


RFM CORPORATION: Tycoon Tan Seeks RFM Stake
-------------------------------------------
Filipino Tycoon Lucio Tan, through his Foremost Farms Inc., is
interested in venturing into the meat processing market by
acquiring a stake in RFM Corporation, the Asian Wall Street
Journal reports Thursday.

Foremost Farms is currently seeking ways to compensate for the
loss of its largest customer, Purefoods-Hormel Co., which
recently integrated its operations with San Miguel Corporation.

San Miguel already has its own meat processing company, Monterey
Foods Corp.


RAMCAR INCORPORATED: Proposes Debt-For-Asset Exchange Deal
----------------------------------------------------------
In an effort meet payments for its massive loans, stockholders
of Ramcar Inc. will contribute assets worth at least P6.5
billion which will be offered to creditor-banks, the Asian Wall
Street Journal reported on October 18.

The purpose of the asset contributions is to reduce the vehicle
battery manufacturer's total debt burden of P8 billion to less
than P2 billion through a debt-for-asset swap.

Creditors, however, are skeptical on the value and quality of
the assets being offered by the stockholders. Ramcar's two
largest creditors are Bank of the Philippine Islands, which has
an exposure worth P2.2 billion and Land Bank of the Philippines,
exposed to a total of P1 billion.


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


CAM INTERNATIONAL: Posts Creditors' Meeting Results
---------------------------------------------------
The Board of Directors of CAM International Holdings Ltd
announced that at the Creditors' Meeting held Friday, these  
resolutions were passed by the requisite majority pursuant to
Section 210(2) of the Companies Act, Cap. 50:

(1) that approval be and is hereby given for the Company and its
creditors to enter into the amended Scheme of Arrangement dated
3 October 2001, pursuant to Section 210 of the Companies Act,
Cap. 50; and

(2) that SG Trust (Asia) Ltd be and is hereby appointed as the
Share Escrow Agent (as defined in the amended Scheme of
Arrangement dated 3 October 2001).

The amended Scheme of Arrangement will be subject to the
subsequent approval of the High Court of Singapore. A
shareholders' circular in respect of, inter alia, the
transactions contemplated in the amended Scheme of Arrangement
will be prepared and submitted to the Singapore Exchange
Securities Trading Limited in due course.


EASYKNIT HOLDINGS: Completes Debt Restructuring
-----------------------------------------------
The Board of Directors of Easyknit International Holdings
Limited, incorporated in Bermuda, announced on October 18 2001,
the completion of its debt restructuring with respect to certain
creditor banks.

The debt restructuring agreement was announced on October 15
2001 and the signing of the Debt restructuring agreement took
place last Oct 18 2001.

No further details were mentioned.


VICKERS CAPITAL: Posts Book Closure Notice
------------------------------------------
Vickers Capital Limited announced a closure of its books
pursuant to its merger with Vertex Venture Holdings. The full
text of the announcement is follows:

NOTICE IS HEREBY GIVEN that, subject to the Scheme being
sanctioned and the reduction of the ordinary share capital of
the Company as set out in the Scheme being confirmed by the High
Court of Singapore (the "Court Approval"), the transfer books
and register of members of the Company will be closed from 5:00
p.m. on 6 November, 2001 ("Books Closure Date"), up to 5:00
p.m. on 7 November, 2001, for the purpose of determining
entitlements of VCap Shareholders under the Scheme.

A further announcement as to whether the Court Approval has been
obtained will be made after the hearing for the Court Approval,
which is presently fixed for 29 October, 2001.

Unless otherwise defined, terms used in this Announcement shall
have the same meanings as defined in the document dated 17
September, 2001, which has been dispatched to VCap Shareholders.

Under the Scheme, VCap Shareholders will receive the Cash
Consideration and New VVH Shares on the following basis:

For every 1,000 VCap Shares : Cash Consideration of S$236.131064
and 356.043750 New VVH Shares

The amount of Cash Consideration which an Entitled VCap
Shareholder will receive shall be based on the number of VCap
Shares held, with the resultant fraction of a cent being rounded
upwards to the nearest one cent.

The actual number of New VVH Shares which an Entitled VCap
Shareholder will receive will be calculated such that the
resultant fraction of a New VVH Share will be disregarded. All
fractions of New VVH Shares shall be aggregated and sold by VVH
and the net proceeds therefrom shall be distributed among the
respective Entitled VCap Shareholders in due proportion (except
that no amount of less than S$10 shall be distributed to any of
such Entitled VCap Shareholders) and any amount of such net
proceeds not distributed shall be for the benefit of VVH.

Settlement and Registration Procedures

(a) Entitled VCap Shareholders whose VCap Shares are not
deposited with CDP

Entitlements to the Cash Consideration and the New VVH Shares
will be determined on the basis of the Entitled VCap
Shareholders (not being Depositors), and their holdings of VCap
Shares appearing in the Register of Members on the Relevant
Date, which is 7 November, 2001. VCap Shareholders who have not
already done so, are requested to take the necessary action to
ensure that the VCap Shares owned by them are registered in
their names as at the commencement of the Books Closure Date,
that is, at 5:00 p.m. on 6 November, 2001.

The last date for VCap Shareholders (not being Depositors) who
wish to deposit their certificates relating to their VCap Shares
with CDP is 31 October, 2001 at 5:00 p.m., being seven Market
Days prior to the commencement of the trading of the New VVH
Shares, on 12 November 2001 at 9:00 a.m.

(b) Entitled VCap Shareholders whose VCap Shares are deposited
with CDP

Entitlements to the Cash Consideration and the New VVH Shares
will be determined on the basis of the Entitled VCap
Shareholders (being Depositors) and the number of VCap Shares
standing to the credit of their Securities Accounts on the
Relevant Date.

Within 10 Market Days of the Effective Date, CDP shall make
payment of the Cash Consideration to each Depositor based on his
holding of VCap Shares as at the Relevant Date.
CDP will debit from each relevant Securities Account, the
relevant Depositor's holding of VCap Shares and credit such
Securities Account with the relevant number of New VVH Shares.
Subsequently, CDP will send a notification letter to each
Depositor confirming the number of New VVH Shares credited to
his Securities Account.

Important Events and Dates

VCap Shareholders should note the following events and dates:-

Event Date
  
Last day of trading of VCap Shares Thursday, 1 November, 2001
Cessation of trading of VCap Shares Friday, 2 November, 2001
Books Closure Date Tuesday, 6 November, 2001 at 5:00 p.m.
Relevant Date Wednesday, 7 November, 2001
Effective Date Thursday, 8 November, 2001
Commencement of trading of VVH Shares Monday, 12 November, 2001
Delisting of VCap Shares Monday, 12 November, 2001

Further announcements will be made by the Company if it should
become necessary for any of these dates to be changed.

Trading in Odd Lots of VVH Shares

Trading in odd lots of VVH Shares is possible on SGX-ST. Hence,
VCap Shareholders who receive odd lots of New VVH Shares
pursuant to the Scheme will be able to trade such odd lots on
the SGX-ST.

In order to improve the liquidity of the trading in odd lots of
VVH Shares, arrangements have been made with five securities
brokerages, namely DBS Vickers Securities (Singapore) Pte Ltd,
G. K. Goh Stockbrokers Pte Ltd, Kim Eng Securities Pte Ltd, OUB
Securities Pte Ltd and UOB Kay Hian Private Limited
("Designated Brokers"), to trade odd lots of VVH Shares at a
reduced brokerage commission, details of which are as follows:

Brokerage Commission

Designated Broker      For CPF Trades       For Cash Trades

DBS Vickers Securities    S$15                  S$15
(Singapore) Pte Ltd       

G. K. Goh Stockbrokers    S$30                  S$20

Pte Ltd Kim Eng           S$20                  S$20
Securities Pte Ltd     

OUB Securities Pte Ltd(1) S$30                  S$15

UOB Kay Hian              S$15                  S$15
Private Limited

Note:

(1) The reduced brokerage commission of OUB Securities of S$15
for cash transaction is only for its existing clients.

The Designated Brokers will facilitate the trading in odd lots
of VVH Shares, on a best efforts basis, for a period of 10
Market Days, commencing on the first day of trading of VVH
shares on the SGX-ST (being 12 November, 2001) to 26 November,
2001 (both dates inclusive). VCap Shareholders are advised to
contact the Designated Brokers for further information relating
to the trading in odd lots of VVH Shares.


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


ITALIAN-THAI: Restructuring Should Not Affect Airport Project
-------------------------------------------------------------
Italian-Thai Development Plc's (ITD) sizeable debts should have
no bearing on Japan Bank for International Co-operation's (JBIC)
financial support for the airport project, AFX-ASIA reported
Thursday citing Japan's ambassador to Thailand, Nobutoshi Akao.

"We've already committed up to Bt45 billion finance the
passenger terminal and concourse. As long as the Thai government
and the New Bangkok International Airport Co (NBIA) say there is
no problem, I don't think the JBIC is in a position to reject
(the bid winner) due to the company's debt problem," he said.

ITD offered the lowest quote to build the terminal and concourse
at the new airport. The ITD-led consortium submitted a bid of
Bt36.66 billion, compared to a Bt49.21 billion bid submitted by
a joint-venture led by Shimizu Corp, a Bt40.73 billion bid by
Taisei-Mitsubishi and a Bt45.67 billion bid by Ch. Karnchang.

But doubts exist as to whether or not the Italian-Thai
consortium could proceed with the work as Italian-Thai is in the
midst of restructuring Bt20 billion of debts.

"ITD's debt restructuring plan had nothing to do with the
bidding terms and it would not affect the progress of work at
the new international airport," the Transport and Communications
Ministry confirmed.


NAKORNTHAI STRIP: S&P Withdraws 'D' Debt Rating
-----------------------------------------------
Standard & Poor's withdrew Thursday its long-term corporate
credit rating on Nakornthai Strip Mill Public Co. Ltd. (NSM).

At the same time, the ratings on the senior mortgage notes and
senior subordinated mortgage notes issued by NSM Steel
(Delaware) Inc., and guaranteed by NSM, were withdrawn.

The rating withdrawals are a result of the prolonged debt
restructurings at the company. All of the company's ratings have
been 'D' (default) since 1999.


RAIMON LAND: Posts New Contact Address
--------------------------------------
Raimon Land Public Company Limited informed that effective
November 1st, 2001, the Company will move to new office at:

22nd Floor Unit 2201-3
The Millennia Tower
62 Langsuan Road, Lumpini
Pathumwan, Bangkok 10330
Tel:  0-2651-9600-4
Fax:  0-2651-9614


TPI ENERGY: Petition For Business Reorganization Filed
------------------------------------------------------
TPI Energy Company Limited's (DEBTOR) Petition for Business
Reorganization was filed to the Central Bankruptcy Court:

   Black Case Number 478/2543

   Red Case Number 533/2543

Petitioner: THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED     
            by EFFECTIVE PLANNERS COMPANY LIMITED
    : TPI ENERGY COMPANY LIMITED by Mr. Peter Kotard

Debts Owed to the Petitioning Creditor: Bt369,404,208.55

Planner: Effective Planner Company limited

Date of Court Acceptance of the Petition: June 16, 2000

Date of Examining the Petition: July 19, 2000 at 9.00 AM

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: July 28, 2000

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

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

Appointment Date of the Creditors' Meeting for the Plan
Consideration: November 23, 2000 at 15.00 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:
December 28, 2000

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

Contact: Mr. Chanin Tel 6792525 Ext. 121


TPI POLENE: Creditors To Discuss Deal With Cemex This Week
----------------------------------------------------------
TPI Polene Plc's (TPIPL) steering committee of creditors will
again this week to discuss an investment deal in TPIPL with  
CEMEX, S.A. de C.V., AFX-Asia reported Friday quoting an
unidentified creditor.

"The steering committee also sent out its letters to all
creditors that there will be a meeting of the steering committee
this week," the creditor source said.

Separately, Kasemsit Pathomsak of CLSA Securities (Thailand),
TPIPL's financial adviser, told AFX-Asia that CEMEX has not yet
withdrawn from the investment deal in TPI Polene.

CEMEX said that its revised offer presented to TPIPL's steering
committee is no longer effective as it did not receive a
satisfactory answer from the steering committee.

"Even though, the revised offer is no longer effective, the
original terms remain effective. If there is a discussion
between TPIPL's steering committee and CEMEX, the negotiation
should be based on the original terms," Kasemsit said.

Under the proposal presented to creditors on Sept 25, CEMEX will
inject US$300 million 1.35 billion shares in TPIPL. The proceeds
of US$180 million will be used to buy back debt and the balance
of US$120 million will be used to repay Bt6 billion unpaid
interest. For the remaining debt of US$560 million, CEMEX
proposed two options to creditors. Under the first option, debt
would be reduced by 36 percent before upfront payment while the
second option sees debt reduced by 12 percent before
rescheduling for another seven years.


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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