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

                   A S I A   P A C I F I C

           Tuesday, October 23 2001, Vol. 4, No. 207

                         Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Public Offer Opens
CONSOLIDATED RUTILE: Reduces Capital
ENERGY EQUITY: West Kimberly Energy Project's PPA Terminated
GOODMAN FIELDER: Tom Park Takes Helm As Chief Executive
HORIZON ENERGY: Senior Debt Service Reserve Increase

PACIFIC DUNLOP: NAB Becomes Substantial Holder
QANTAS AIRWAYS: S&P Affirms 'BBB+' Rating; Outlook To Negative


C H I N A   &   H O N G  K O N G

PACIFIC CENTURY: Withdraws European Call Warrants Listing
PEARL ORIENTAL: Chairman's Share Disposal Likely
PEARL ORIENTAL: Updates BOEA's Statutory Demand Letter Status
POLY MINE: Winding Up Petition Pending
RRC LIMITED: Faces Winding Up Petition

SKY CHAMPION: Winding Up Petition Hearing Set
TIANJIN CAPITAL: Notice of EGM Amendments Posted
WAH TAK FUNG: Independent Shareholders' Approval Obtained


I N D O N E S I A

ASTRA INT'L.: Appoints ABN Amro As Advisor To Astra Agro Sale
UNITED TRACTORS: To Sell Entire Shares In Berau Coal


J A P A N

DAIEI INCORPORATED: Amusement Park Sale To Aid Debt Reduction
HITACHI, LTD: Semiconductor Business Reconstruction Necessary
HUIS TEN: Theme Park Closure Part Of Rehab Efforts
NISSAN MOTOR: Reducing Number Of Car Platform Plants
SONY CORPORATION: Sees Y40B 1H Losses Due To Phone Ops
TOKYO MUTUAL: Ends Rehabilitation, Restarts Operations

* OSAKA DAICHI/UTSUNOMIYA SHINKIN FILE FOR BANKRUPTCY *


K O R E A

ASIANA AIRLINES: To Sell W200B In Affiliate's Stakes
DAEWOO ELECTRONICS: Plant Sued By EXIM Bank Over US$20M
DAEWOO MOTOR: Posts W35B 3Q Operating Profit
HYUNDAI HEAVY: Spin-Off From Hyundai Group Planned
HYUNDAI MOTOR: Selection Of Alabama Plant Not Final

KOREA ELECTRIC: Moody's Assigns `Baa3' Rating To Y25B Bond
SAMSUNG ELECTRONICS: Posts 3Q Results, First-Ever Op Loss


M A L A Y S I A

LIEN HOE: Posts Defaulted Loan Stocks Status
MALAYSIAN GENERAL:Proposed Extension Application Still Pending
MBF HOLDINGS: Enters Management Services Agreement With LHRM
PENAS CORP.: Requisite Announcement Extension Request Pending
RHB CAPITAL: Shuts Down Philippine Stock Brokerage Operations

RHB CAPITAL: Updates Material Litigation Against Carta Bintang
S & P FOOD: Delists Shares, Replaces CEPAT's Stakes
S & P FOOD: Implements Corporate Restructuring Exercise
PAN MALAYSIAN: Soo Lay Buys Shares
TASTY BAKERY: Winding-Up Petition Sought By Malayan Flour

TRANS CAPITAL: Court Grants 9-Month Restraining Order
TRANSWATER CORP.: Disposes Of Three Shop Office Building Units


P H I L I P P I N E S

ALL ASIA: BSP, SEC Joint Audit Sought By IFC
RFM CORPORATION: Confident In Cosmos Sale To SMC


S I N G A P O R E

CAPITALAND LIMITED: Posts Investment Increase In Unit
I-ONE.NET: Posts Notice Of Shareholder's Interest


T H A I L A N D

EMC POWER: Updates Sale Of Convertible Bonds
PRECHA GROUP: SET Suspends Securities Trading
TPI POLYOI: Petition For Business Reorganization Filed

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Public Offer Opens
----------------------------------------
Australian Magnesium Corporation officially launched Monday its
$500 million capital raising for the Stanwell Magnesium Project.

AMC will begin a national advertising campaign tonight featuring
motor racing identity Dick Johnson to raise awareness of the
public offer and highlight how Magnesium use in cars is expected
to treble by the end of the decade.

"Whilst AMC sees itself as a national project inspired through
collaborative CSIRO research and is relatively well known in
Queensland it is not a household brand name like a number of
large public offers in recent years," said Chairman Dr J Roland
Williams.

"The advertising campaign is designed to support the offer in a
crowded media market," he said.

"I believe the AMC Offer provides a balance of stability,
distribution and capital growth potential for investors.

"Our desire is to raise awareness, ensure people look at AMC
with fresh eyes, speak with their broker and simply judge for
themselves the merits of the Stanwell Magnesium Project and
AMC," he said.

AMC's $500 million public offer ($525 million with
oversubscriptions) is for an issue of Distribution Entitled
Securities at an issue price of $0.80 per security payable in
two installments - $0.50 upon application and a final
installment of $0.30 per security on 31 January 2003.

Security holders will be entitled to six semi-annual payments of
3.2 cents per security until November 2004. The Distributions
equate to 12.8 percent of the first installment payment and 8
percent once fully paid. The timing of the distributions is
structured to cover the project's planned construction phase.

The Joint Lead Managers to the offer are ABN AMRO Rothschild,
JBWere and ABN AMRO Morgans. Macquarie Financial Services is
also a broker to the issue.

The AMC Offer is scheduled to close on 16 November 2001.

AMC will begin sending prospectuses to 55,000 AMC and Normandy
Mining Limited shareholders Monday and has opened an information
line for public requests for a prospectus. The AMC Security
Offer help line is 1 800 227 022

For further comment and clarification, please contact:
Simon Jamison Australian Magnesium Corporation Limited
Ph: +61 7 3335 8500


CONSOLIDATED RUTILE: Reduces Capital
------------------------------------
Monday Consolidated Rutile Limited (CRL) undertook a capital
reduction of $86.016 million, in accordance with Section 258F of
the Corporations Law. The reduction represents capital no longer
represented by available assets.

The company's accumulated loss position was a legacy of the
company's investments in Sierra Leone, which have now been sold.
Under the Section 258F reduction, a total of $86.016 million has
been transferred from the balance of accumulated losses to the
share capital account.

The net asset and cash positions of the company, and the number
of shares on issue, remain unchanged. Accordingly, shareholder
approval is not required.


ENERGY EQUITY: West Kimberly Energy Project's PPA Terminated
------------------------------------------------------------
Energy Equity Corporation Ltd (EEC), further to its announcement
on 5 October 2001 regarding the West Kimberley Energy Project, a
joint venture between EEC and Woodside Petroleum Ltd
subsidiaries, Energy Equity (West Kimberley) Pty Ltd and
Woodside West Kimberley Energy Pty Ltd, informed Friday that the
Joint Venture has been notified by Western Power Corporation
that it has elected to terminate the Power Purchase Agreement
(PPA) as a result of the Conditions Precedent not being met by
29 September 2001.


GOODMAN FIELDER: Tom Park Takes Helm As Chief Executive
-------------------------------------------------------
Jon Peterson, the Chairman of Goodman Fielder Limited, announced
Monday that Tom Park began his work as Chief Executive Officer
and Managing Director of the company.

Peterson said Tom Park is an outstanding chief executive with
more than 20 years experience in the international and domestic
food industry and will lead Goodman Fielder into its next stage
of development.

"Tom was previously Chief Executive Officer at Southcorp and
before that Executive Vice President for Kraft in Australia and
the Asia Pacific region," Peterson said. "He also held senior
positions with General Foods in Australia, the United States and
United Kingdom."

Park said he is delighted to be joining Goodman Fielder and
is looking forward to working with the management team to
develop the company further as Australasia's leading retail
branded food business.

As previously announced, the former Chief Executive, David
Hearn, will now step down as Chief Executive Officer and Managin  
Director of the company.

Peterson said the Board of Directors valued the contribution
that David Hearn had made over the last six years.

"The Board expresses its appreciation to David Hearn for his
leadership over the last six years in re-positioning the company
into a more focused portfolio of businesses delivering improved
margins," Peterson said. "David has agreed to stay for a short
period of time to assist Tom Park with a range of transitional
issues to ensure a smooth hand-over."


HORIZON ENERGY: Senior Debt Service Reserve Increase
----------------------------------------------------
Horizon Energy Investment Management Limited (HEIML), the
Responsible Entity for Horizon, advised that as anticipated in
its June 2001 quarterly update and 2001 Annual Report, Loy Yang
Power partnership (LYP) is required to increase the Senior Debt
Service Reserve requirement from 3 months of debt repayments to
six months.

HEIML noted that the increase in debt service reserve
requirement occurred due to debt service coverage ratio triggers
and does not constitute an Event of Default under the LYP
financing documents.

The increase in Senior Debt Service Reserve requirement will
result in approximately $100 million of additional surplus
project cashflow being accumulated into the senior debt service
reserve account.

This takes priority over payments to Junior Debt and will result
in further capitalization of Junior Debt payments until the
reserve reach the required level. The capitalization of LYP
Junior Debt was specifically provided for under the LYP
financing documents.


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 percent).


QANTAS AIRWAYS: S&P Affirms 'BBB+' Rating; Outlook To Negative
--------------------------------------------------------------
Standard & Poor's affirmed Friday its triple-'B'-plus/'A-2'
ratings on Qantas Airways Ltd. following the company's
announcement Thursday that it will increase capital expenditure
by A$1.5 billion in fiscal 2001 to take delivery of 17 new
aircraft for its domestic operation from January 2002. At the
same time, however, the rating outlook has been revised to
negative from stable.

Underpinning Qantas' ratings is the expectation that Qantas will
be able to weather a moderate downturn in its international
operation, given its newfound strength in its domestic market,
following the recent collapse of major rival Ansett. The
delivery of 15 new narrow body aircraft from January 2002, and
the flexibility that exists in its existing fleet, should enable
Qantas to retain a minimum 65 percent-70 percent share of its
home market (currently at an unsustainably high 85 percent-90
percent).

Nonetheless, the potential for a greater-than-expected downturn
in its international operations is a key risk to its near-term
operating and financial performance. "Although these new
aircraft will enable Qantas to retain a dominant position in its
home market, and improve its cost structure, the company's
commitment to an expanded capital program at a time of severe
weakness in its industry is likely to place additional pressure
on is cash flow protection ratios," said Jeanette Ward,
director, Corporate & Infrastructure Finance Ratings.

Indeed, with Qantas' capital investment program now likely to be
as much as A$7.5 billion in the next three years, its debt
burden will rise considerably, despite its forthcoming A$450
million institutional equity raising, its proposed share
purchase scheme for retail shareholders, and an active dividend
reinvestment program.

Consequently, an improvement in Qantas' funds from operations
(FFO) to debt (less its security deposits) from the mid-20
percent area will be constrained in the next one to two years
despite its stronger domestic operations (24.0 percent in 2001).
A rating downgrade could result if Qantas' FFO to debt falls
below the mid-20 percent area.


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C H I N A   &   H O N G  K O N G
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PACIFIC CENTURY: Withdraws European Call Warrants Listing
---------------------------------------------------------
Pacific Century CyberWorks Limited requested that market
participants note that listing of the 2001 European style (cash
settled) call warrants relating to issued ordinary shares of
HK$0.05 each in the Company, issued by Credit Lyonnais Financial
Products (Guernsey) Limited (stock code: 1711), was withdrawn
after the close of business Monday (22/October/2001).


PEARL ORIENTAL: Chairman's Share Disposal Likely
------------------------------------------------
Pearl Oriental Holdings Limited (the Company) has noted the
recent increase in the price and trading volume of its shares
and stated that the directors (the "Directors") of the Company
are not aware of any reasons for such increase.

The Company has been informed by Wong Kwan, the Chairman and
Chief Executive of the Company, that he commenced preliminary
discussions with a new independent third party in late afternoon
of Saturday, 20 October 2001, in respect to a possible disposal
of all or part of his stake in the Company.  

The discussions are at a very preliminary stage and up to the
present moment, no concrete terms, including the price and the
percentage of shareholding that may be disposed of, have been
determined and the discussion may or may not lead to a concluded
transaction or result in an introduction of a new controlling
shareholder and a general offer to the shareholders under the
Takeovers Code.  

The discussions between Wong and a potential party still
continue.

The Directors also announced that Yuen Hon Ming, Edwin resigned
as executive director of the Company with effect from 20 October
2001 due to his health problem. Wen Carson resigned as
independent non-executive director of the Company with effect
from 19 October 2001 due to his professional commitment as a
practicing lawyer which requires frequent traveling aboard.

The Directors are also pleased to announce that Siu King Nin,
Peter and Mr Leung Tze Hang David have been appointed as an
executive director and an independent non-executive director of
the Company with effect from 22 October 2001 and 19 October 2001
respectively.  

Leung has over 20 years' of experience in property development
and investment.  He is the managing director of 401 Holdings
Limited, a listed company on the Stock Exchange.  Siu has more
than 30 years' experience in banking business and was previously
the Assistant General Manager of Industrial and Commercial Bank
of China (Asia) Limited, previously known as Union Bank of Hong
Kong Limited.  Before joining the Company, he has acted an
executive director in several listed companies in Hong Kong.

Save as disclosed herein and the announcements dated 17 and 18
October 2001, the Directors confirmed that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither are the Directors aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

Shareholders of the Company and potential investors are advised
to exercise caution when dealing in the shares in the Company.


PEARL ORIENTAL: Updates BOEA's Statutory Demand Letter Status
-------------------------------------------------------------
After the issue of a statement under paragraph 39.2 of the
Listing Agreement in relation to the increase in price and
trading volume of Pearl Oriental Holdings Limited's (the
Company) shares on 18 October 2001, the Company received a new
statutory demand letter issued on behalf of The Bank of East
Asia, Limited demanding debt payment within 21 days.

This fresh statutory demand is in place of the statutory demand
issued by BOEA against the Company on 12 October 2001. Pursuant
to the Companies Ordinance, the 21-day period is calculated from
the date of receipt of such statutory demand at the registered
office of the Company. As at the date of this announcement, the
Company has not been informed that the Statutory Demand was
received at its registered office (in Bermuda). The position of
the Company and Pearl Century Limited as stated in the
announcement dated 17 October 2001 remains unchanged and the
Company and PCL will consider challenging the Statutory Demand
and any relating winding-up petitions.

The Company has been informed by BOEA on 18 October 2001 that
four tender offers for the sale of "Genesis" on the Peak were
received. BOEA has indicated that it is yet to decide on whether
to accept any of the offers.

The Company received a written offer on 19 October 2001, which
is subject to contract, for the acquisition of the Company's
interest in Pearl Oriental Centre which is subject to a tender
sale scheduled to close on 12 November 2001. The offer was
presented to relevant mortgagee banks for their approval. They
will provide their opinions on the proposed sale as soon as
practicable following receipt of a proposal in respect of the
distribution of sale proceeds by them.

The Company will keep the public informed of further development
in respect of the aforesaid issues. Shareholders of the Company
and potential investors are advised to exercise caution when
dealing in the shares of the Company.

Reference is made to the announcement dated 17 October 2001 (the
"Announcement") regarding the new development with the Company's
creditor banks, the tender sale of the property "Genesis"
located at 23 Severn Road, The Peak, Hong Kong ("Genesis") which
closed on 18 October 2001 and the discussions of Mr Wong Kwan,
the Chairman and Chief Executive of the Company, with a
potential third party on a possible disposal of all or part of
his shareholding in the Company.

After a statement under paragraph 39.2 of the Listing Agreement
was disseminated by the Company through the Teletext of the
Stock Exchange on 18 October 2001 at the request of the Stock
Exchange, the Company had on the same day received at its
principal place of business in Hong Kong a fresh statutory
demand letter issued on behalf of The Bank of East Asia, Limited
(BOEA) demanding payment of its debt within 21 days (the
"Statutory Demand". As per legal advice, pursuant to the
Companies Ordinance, the 21-day period should be calculated from
the date of receipt of such statutory demand at the registered
office of the Company. As at the date of this announcement, the
Company, having made inquires, has not been informed that the
Statutory Demand was received at its registered address (in
Bermuda).

Except for the date of issuance and correctly addressing the
Statutory Demand to the Company this time, the content of the
fresh Statutory Demand is the same as the demand received on 12
October 2001 as mentioned in the Announcement and the position
of the Company and Pearl Century Limited ("PCL" as stated in the
Announcement remains unchanged. The Company and PCL may
challenge the Statutory Demand and any related winding-up
petitions presented by BOEA for substantially the same reasons
mentioned in the Announcement save for the Statutory Demands
being incorrectly addressing to the Company.

In regard to the closure on 18 October 2001 of the tender sale
of Genesis, the Company was informed by BOEA on the same day, 18
October 2001, that four tender offers were received. BOEA has
indicated that it has yet to decide on whether to accept any of
the offers. However, BOEA and the receivers have refused to
disclose to the Company and PCL any other details about the
tender.

The Company received a written offer, on 19 October 2001, which
is subject to contract, for the acquisition of the Company's
interest in Pearl Oriental Centre comprising of 9 and a half
office floors, 28 car parking spaces, the external walls and
roof top together with the naming rights of Pearl Oriental
Centre (collectively referred to as "Pearl Oriental Centre").
Pearl Oriental Centre is subject to a tender sale which is
scheduled to close on 12 November 2001. The offer was disclosed
during a meeting held on 19 October 2001 with all creditor banks
of the Company to the related mortgagee banks for their
approval. A proposal on how the sale proceeds are to be
distributed amongst the relevant mortgagee banks is to be
provided to them shortly. The mortgagee banks expressed that
they will consider the offer together with a distribution
proposal and will provide their opinions on the proposed sale as
soon as practicable.

The sales of Genesis and/or Pearl Oriental Centre, if concluded,
will constitute notifiable transactions for the Company under
the Listing Rules. The Company will keep the public informed of
further development in respect of the aforesaid issues.

The Directors believed that if transactions for the sale of
Pearl Oriental Centre and/or Genesis are concluded, the Company
will still retain a sufficient level of business operations
which principally includes property investment and development
as well as telecommunications businesses to warrant the
continued listing of the Company's shares on the Stock Exchange
under paragraph 38 of the Listing Agreement.

Exceptional movement in price and trading volume of the
Company's shares.

                                           
POLY MINE: Winding Up Petition Pending
--------------------------------------
Poly Mine Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on January
2, 2002 at 9:30 am.

The petition was filed on September 3, 2001 by Wah Sun Finance
Limited whose registered office is situated at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong.


RRC LIMITED: Faces Winding Up Petition
--------------------------------------
Leo Burnett Limited is seeking the winding up of RRC LIMITED.
The petition was filed on August 2, 2001, and will be heard
before the High Court of Hong Kong on November 7, 2001 at 9:30
a.m.

Leo Burnett holds its registered office at 6th Floor, Cityplaza
3, 14 Tai Koo Wan Road, Hong Kong.


SKY CHAMPION: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Sky Champion Investment Limited is set
for hearing before the High Court of Hong Kong on November 14,
2001 at 9:30 am. The petition was filed with the court on August
7, 2001 by Sime Darby Motor Group Limited whose registered
office is situated at 28th Floor, East Wing, Hennessy Centre,
No. 500 Hennessy Road, Causeway Bay, Hong Kong.


TIANJIN CAPITAL: Notice of EGM Amendments Posted
--------------------------------------------------
The Board of Tianjin Capital Environmental Protection Company
Limited (the "Board") refers to the announcement of the Company
dated 25th September 2001 in relation to the resolutions to be
passed in the EGM (the "Announcement"), announced that
resolution No. 4 will be amended to include the approval,
ratification and confirmation of the revision to the Sewage
Water Processing Agreement pursuant to the Sewage Water Plants
Fee Agreement and the annual caps for this type of ongoing
connected transactions which will be put forward for approval by
the Independent Shareholders at EGM to be held on 12th November
2001.

Resolution No. 4 as stated in the original Notice of EGM will be
amended:

Original resolution No. 4: "To approve, ratify and
confirm the execution of the Sewage Water Plants Fee Agreement
entered into between the Company and Tianjin Sewage Company on
24th September 2001 and the annual caps for this ongoing
connected transactions;"

Revised resolution No. 4:  "To approve, ratify and confirm
(i) the execution of the Sewage Water Plants Fee Agreement
entered into between the Company and Tianjin Sewage Company on
24th September 2001 and the annual caps for this ongoing
connected transaction; and (ii) the revision to the Sewage Water
Processing Agreement pursuant to the Sewage Water Plants Fee
Agreement and the annual caps for this ongoing connected
transaction."


WAH TAK FUNG: Independent Shareholders' Approval Obtained
---------------------------------------------------------
The directors of Wah Tak Fung Holdings Limited (the "Company")
refer to the announcement dated 20 July 2001 (Announcement) and
the circular of the Company dated 3 October 2001 (Circular) in
relation to the acquisition of shares and subscription of new
shares in Hong Kong Satellite. The Acquisition constitutes a
major and connected transaction for the Company under the
Listing Rules. Unless the context requires otherwise, terms
defined in the Announcement and the Circular have the same
meaning when used in this announcement.

It was disclosed in the Circular that completion of the
Acquisition is conditional upon, amongst others, the Independent
Shareholders having passed the ordinary resolution approving the
Acquisition and the issue of the Consideration Shares in the
SGM. The SGM was convened on 19 October 2001 in which all
Independent Shareholders who attended the SGM voted in favor of
the ordinary resolution approving the Acquisition and the issue
of the Consideration Shares. Completion of the Acquisition is
expected to take place within three business days after the
other conditions in the Agreements are fulfilled or waived, as
applicable.


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I N D O N E S I A
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ASTRA INT'L.: Appoints ABN Amro As Advisor To Astra Agro Sale
-------------------------------------------------------------   
PT Astra International has appointed ABN Amro as financial
advisor to its plan to sell shares in PT Astra Agro Lestari,
IndoExchange reported Friday, referring to the company's
corporate secretary Aminuddin's letter to the Jakarta Stock
Exchange.

"The proposed sale of PT Astra Agro Lestari may take longer than
expected as investors focus on short-term priorities amid global
economic and security concerns arising from the US-led military
strikes on Afghanistan," he said.

He added that several companies including locally-listed PT
Indofood Sukses Makmur and Malaysia-based IOI Corp Bhd have
expressed interest in Astra Agro, but added that talks have been
informal so far.

The debt laden carmaker, which is currently 30 percent owned by
Singapore's Cycle & Carriage Ltd, might be forced to sell the
plantation unit to meet looming outstanding debt payments of
nearly $700m. Astra owns 64.67 percent of Astra Agro.


UNITED TRACTORS: To Sell Entire Shares In Berau Coal
----------------------------------------------------
PT United Tractors is planning to sell its entire 60 percent
stake in coal mining unit PT Berau Coal, IndoExchange reported
yesterday, citing the company's president Hagianto Kumala.
He said the stake sale is likely to be completed by early next
year, adding that PT BNP Paribas Peregrine has been appointed as
financial advisor for the sale.
He said the proposed stake sale is "in line with the company's
move to focus on its core business" of heavy equipment.
Proceeds from the sale will be used to repay the company's
debts, he added.


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J A P A N
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DAIEI INCORPORATED: Amusement Park Sale To Aid Debt Reduction
-------------------------------------------------------------
In order to reduce group interest-bearing debts, Daiei
Incorporated will sell its Yokohama Dreamland Amusement Park,
owned by its subsidiary Jujiya Co., to USS Co., Japan's largest
used car auctioneer for an estimated Y9 billion, News on Japan
reported yesterday.

The sale is the latest move by the supermarket giant to reduce
group interest-bearing liabilities by Y320 billion in the
current year through February 2002.

Yokohama Dreamland has been performing poorly due to tougher
competition with other urban recreational facilities. Park owner
Jujiya is still expected to post profits in the current fiscal
year despite its Y48 billion in interest-bearing debts, and
despite incurring a first-half net loss of Y1.6 billion.


HITACHI, LTD: Semiconductor Business Reconstruction Necessary
-------------------------------------------------------------
Hitachi, Ltd. (TSE:6501/NYSE:HIT) announced Friday that, with
rapid changes in the semiconductor market leading to a worsening
of its semiconductor business results, the Company is
implementing emergency management measures aimed at bringing
about an early improvement in the results of its semiconductor
operations.

There will be a focus on streamlining the management resources
of the semiconductor business, while vigorously implementing
measures for the future and carrying out extensive reforms of
how the business is managed.

First, there will be a transition from managing the business as
a general manufacturer of semiconductors, to managing it as a
group of businesses that each specialize in specific core
products.

Second, a business system will be constructed that makes profits
less susceptible to market conditions. This will mean focusing
on a business portfolio that is not readily affected by
fluctuations in market conditions, and changing to a structure
that enables fixed costs to be cut and that, during business
slowdowns, enables costs to be flexibly reduced by changing
fixed costs to variable costs.

Hitachi is implementing these reforms with the aim of achieving
an early improvement in results that will move the semiconductor
business into the black in fiscal 2002, ending March 2003.

I. Selectivity and concentration in the semiconductor business

Hitachi will concentrate resources where it has strengths and
the markets are large, or in products and applications that have
high growth potential. The business portfolio will be comprised
of an application-specific business segment, and a commodity-
product business segment. Hitachi will select and concentrate
such a product and an application that will be achieved a top-
three ranking in the worldwide marketplace.

1. Application-specific business

In the application-specific business, the focus applications are
mobile and network systems, digital consumer products and car
information systems. Hitachi provides system solutions and
application-specific products to meet the needs of the leading
enterprises.

(1) Focusing products

Focusing products will be placed below. To expand sales and
profits of each of these products, young leaders will organize
special projects that encompass sales, development and
manufacturing.

a) Expanding sales of F-ZTAT(TM)microcontrollers

Resources will be concentrated to expand sales and profits of F-
ZTAT microcontrollers. The F-ZTAT is microcontrollers built-in
flash memory.

Hitachi will concentrate on developing F-ZTAT products of H8
series in the priority applications of optical disk products, PC
peripheral products, network systems, car accessories and home
appliances. Hitachi will concentrate on developing SuperH(TM)
series F-ZTAT products in the priority sectors of car engine
power trains, digital consumer products and industrial
equipment. Along with this, the development of products based on
0.18 micron m process line and smaller will be accelerated. The
number of product marketing personnel will be increased. Project
teams will be organized for North America, Europe, Asia and
Japan to enlarge market share on a worldwide market.

b) Strengthening development of application processors

Hitachi is strengthening development of the S-MAP(SuperH Mobile
Application Processor), with the aim of establishing it as a de
facto standard. For car information systems and digital consumer
products, Hitachi will develop application processors based on
the SuperH family, and provide corresponding software-based
systems solutions.

c) Focusing on memories for non-commodity products

Development resources are being shifted from multi-purpose
memories to non-commodity memories. Hitachi will focus on
Stacked-CSP products and MultiMediaCard(TM)(MMC) products with
security features. These products will be used mainly in next-
generation mobile phones with multimedia functions.

(2) Manufacturing Organizations

On the manufacturing side, the latest process technology will be
used to achieve volume production with high performance, short
turnaround times and lower costs at Trecenti Technologies, Inc.
(TTI), (Hitachinaka city, Ibaraki Prefecture), the N2 line in
Naka (Hitachinaka city, Ibaraki Prefecture) and Hitachi Nippon
Steel Semiconductor Singapore Pte. Ltd. (HNS) (Singapore).

a) Expanding the product lineup at TTI

With the world's first volume production operation to use 300 mm
wafers, TTI is a leading-edge facility with sub-0.18-micron m
line process technology. From October 2001, production of
systems LSIs, SuperH microprocessors, F-ZTAT microcontrollers,
flash memories, SRAMs and other products will be started
manufacturing at TTI.

b) Changing product lineup at HNS

In addition to providing Elpida Memory, Inc. with DRAMs, HNS has
started trial production of non-commodity products such as
SRAMs, flash memories, F-ZTAT microcontrollers, SuperH
microprocessors, with volume production scheduled to start
manufacturing in 1st half of fiscal 2002. DRAM production at HNS
will be reduced to match the demand. The number of employees has
been reduced from about 1300 at the end of March 2001, to about
1,000, and further cutbacks in the scale of operations will be
accompanied by further reduction in the size of the workforce.

2. Commodity-product business

Product groups to concentrate resources on will be selected from
among multi-purpose semiconductors (discretes, linear-ICs,
diodes, etc) and multi-purpose microprocessors. The lineups of
the selected product groups will be strengthened and improved to
increase the range of market coverage. Hitachi will establish
new company including subsidiaries, it will be established and
consolidated to integrate design and manufacturing of the
products concerned, in order to strengthen development and
reduce costs.

(1) Establishment of new company for multi-purpose
semiconductors

A part of the Multi-Purpose Semiconductor Group and Hitachi
Tohbu Semiconductor, Ltd. (Takasaki city, Gumma Prefecture) will
be consolidated to establish a new company that integrates the
development, design, manufacturing and sales of multi-purpose
semiconductors. The new company is scheduled to be established
in October 2002. The integration of everything from development
to sales will streamline the decision-making process, enhance
product developmental capabilities for customers. The products
that will be handled by the new company include analog ICs,
standard linears, high power amplifiers, standard logics, and
transistors. The sales target for fiscal 2004 is about 200
billion yen, compared to sales of about 160 billion yen in
fiscal 2000.

(2) Strengthening integration in the multi-purpose
microcomputers business

On October 1, an integrated organization for the design and
manufacture of multi-purpose microcomputers was established by
consolidated the multi-purpose microcomputer business and
Hitachi Hokkai Semiconductor, Ltd. (Kameda, Hokkaido). This is
expected to produce sales of about 160 billion yen in fiscal
2004, compared to about 130 billion yen in fiscal 2000.

II. Reorganizing manufacturing operations

Measures to streamline semiconductor business operations and
improve efficiency at manufacturing operations are being
implemented to reduce fixed costs and optimize production.

1. Consolidation and suspension of front-end manufacturing
processing

With respect to front-end operations, to optimize utilization of
TTI, Naka N2 and HNS lines, production on older lines with low
utilization rates is being transferred to newer lines. As a
result, by August 2002, the number of active lines will be
reduced from 19 to 12. Details of these moves are described
below.

(1) Kofu operation's K6 line used to manufacture microprocessors
for IC cards was temporarily suspended in July 2001, and
additionally one more line will be transferred to another line
in the same area by August 2002. The line concerned is used for
production of LCD drivers.

(2) At the Takasaki operation, production on one line will
betransferred to another line in the same area by December 2001.
The line concerned is used for production of RF ICs and logic
ICs for consumer products.

(3) At the Kodaira operation, a prototype manufacturing line was
closed in September 2001.

(4) At Hitachi Hokkai Semiconductor, production of one
production line at the Tsugaru operation, and of another line at
the Chitose operation, will each be transferred to another of
the company's lines, by December 2001 and March 2002,
respectively. H8 microprocessors are among products the lines
are used to produce.

(5) Naka operation's N1 line will be transferred to lines at
Kofu and elsewhere, by March 2002. The line is used in the
production of H8 microprocessors and ASICs.

2. Reduction of Back-end manufacturing processing bases

Reorganization and consolidation of back-end production bases
will reduce the number of bases from 13 to 8 by September 2002.

Along with this consolidation, operations will be shifted to
back-end manufacturing processing bases overseas. Specifically,
back-end processing of memory products, and of power transistors
will be transferred to Hitachi Semiconductor Suzhou Co., Ltd.
(HSSC) and Hitachi Semiconductor (Malaysia) (HISEM). This will
enable the merits of scale to be used to reduce costs. A design
center will be established within HISEM to develop new linear
products matched to the needs of Asian markets, and to reduce
costs. Details of these moves are described below.

(1) At Haguro Electronics Co., Ltd., the microprocessor back-end
manufacturing processing base at the Kubota works will be
transferred to the area of the parent company field, Hitachi
Yonezawa Electronics, by March 2003.

(2) At Akita Electronics Co., Ltd., the memory back-end
manufacturing processing base at the Yuwa works will be
transferred to Hitachi Yonezawa Electronics Co., Ltd. by March
2002. Also, the manufacture of semiconductor products at the
Tenno works for customers outside Hitachi will be transferred to
the Yuwa works, and the Tenno works will be closed. Akita
Electronics, also, on April 1, 2002, will be reorganized to an
engineering company and a manufacturing subsidiary that produces
semiconductors for outside customers.

(3) The back-end manufacturing processing base at the Tsugaru
facility of Hitachi Hi Components, Ltd. will be transferred to
the head-office works, by March 2002. The products concerned are
signal transistors.

(4) At the head-office works of Hitachi Tokyo Electronics Co.,
Ltd., part of the back-end manufacturing of LCD driver TCP
package products will be transferred to Kofu to establish, by
September 2002, a manufacturing organization that integrates
front-end and back-end operations for LCD drivers. Also, back-
end manufacturing processing base of multi-purpose
microprocessors will be transferred to Hitachi Hokkai
Semiconductor's Hakodate works and Hitachi Yonezawa by March
2002. Following the consolidation moves, the head-office works
will be expanded as a back-end mother-fab.

(5) At Kaohsiung Hitachi Electronics Co., Ltd., back-end
processing of power transistors will be transferred to HISEM by
September 2002. Kaohsiung Hitachi Electronics will continue to
produce power transistors for outside customers and LCD
products.

III.  Reducing fixed costs

Through the above measures, from the end of fiscal 2000 to the
end of fiscal 2001, the number of employees in Japan will be
reduced by approximately 3,100 on a consolidated basis, a figure
that includes employees moved to a different business group.
Taken together with the reduction in depreciation costs and the
like resulting from cutbacks in plant and equipment investment
and the consolidation of production bases, in fiscal 2001 this
will result in a considerable reduction in fixed costs of 25
percent or more.

SuperH is a trademark of Hitachi, Ltd. F-ZTAT is a trademark of
Hitachi, Ltd. MultiMediaCard is a trademark of Infineon
Technologies AG of Germany

    Outline of New Multi-Purpose semiconductor company

Company name                Pending decision

Head Office                 Gunma Prefecture, Japan
President                   Pending decision
Capital                     Pending decision
Sales                       200 Billion (The fiscal year ending
                            March 31 ,2004) Provisional
Employees                   Pending decision
Business                    Development, design, manufacture and
sales of multi-purpose
semiconductors

    Outline of consolidated companies

1. Hitachi Hokkai Semiconductor, Ltd.

Head Office                Hokkaido,Japan
President                  Sadao Yoneyama
Capital                    Y2.4 billion (100% owned by Hitachi
                           ,Ltd.)
Sales                      about Y100 billion (The fiscal year
                           ending March 31, 2001)
Employees                  2,300 as of March 31, 2001
Business                   Development, design, manufacture and
   Sales of semiconductors and
   Semiconductor application products

2. Akita Electronics Co., Ltd.

Head Office                Akita Prefecture, Japan
President                  Shunji Shimada
Capital                    4.8 billion yen (100% owned by
                           Hitachi ,Ltd.)
Sales                      Y66 billion (The fiscal year ending
                           March 31, 2001)
Employees                  1,000 as of March 31, 2001
Business                   Semiconductor back-end processing,
                           manufacture and sales of related
   software

3. Hitachi Yonezawa Electronics Co., Ltd.

Head Office                Yamagata Prefecture, Japan
President                  Hitoshi Horimuki
Capital                    Y3.3 billion 100% owned by Hitachi
,Ltd.
Sales                      Y53 billion (The fiscal year ending
March 31, 2001)
Employees                  700 as of March 31, 2001
Business                   Semiconductor back-end processing and
                           development, design, manufacture and
Sales of system board

4. Haguro Electronics Co., Ltd.

Head Office                Yamagata Prefecture, Japan
President                  Chihiro Mitsui
Capital                    90 million yen 100% owned by Hitachi
                           Yonezawa Electronics Co, Ltd.
Sales                      Y11 billion (The fiscal year ending
                           March 31, 2001)
Employees                  270 as of March 31, 2001
Business                   Semiconductor back-end processing,
                           manufacture of electronics
application products

5. Hitachi Tohbu Semiconductor, Ltd.

Head Office                Gunma Prefecture, Japan
President                  Natsuki Kogiso
Capital                    Y12.8 billion owned by Hitachi , Ltd.
Sales                      Y130.5 bln (The fiscal year ending
                           March 31, 2001)
Employees                  1,450 as of March 31, 2001
Business                   Development, design, manufacture and
                           sales of multi-purpose semiconductors

6. Hitachi Hi Components, Ltd.

Head Office                Aomori Prefecture, Japan
President                  Masataka Fukuyama
Capital                    Y60 million 100% owned by
                           Hitachi Thobu Semiconductor, Ltd.
Sales                      Y21.7 billion (The fiscal year ending
                           March 31, 2001)
Employees                  850 as of March 31, 2001
Business                   Manufacture of semiconductor(signal
                           transistor, modules)

7. Hitachi Tokyo Electronics Co., Ltd.

Head Office                Tokyo, Japan
President                  Yasuki Kuki
Capital                    Y6 bln 100% owned by Hitachi, Ltd.
Sales                      Y64.9 billion (The fiscal year ending
                           March 31, 2001)
Employees                  1,190 as of March 31, 2001
Business                   Manufacture and sales of
semiconductor devices and
semiconductor equipment

8. Trecenti Technologies,Inc.

Head Office                Ibaraki Prefecture, Japan
President                  Toshio Nohara
Capital                    Y30 billion Hitachi 60%
                           United Microelectronics Corporation
                           40% Employees about 400 as of
   March 31, 2001)
Business                   Manufacture and semiconductor
products using 300 wafers, and any
incidental business to this

9. Hitachi Nippon Steel Semiconductor Singapore Pte. Ltd.

Head Office                Tampines ,Singapore
President                  Kimihiro Ogawa
Capital                    Y29.48 billion (440M singapore$)
                           Hitachi 35% Nippon Steel 35%
                           Singapore EDB Investments Pte. Ltd.
30%
Employees                  1,262 as of March 31, 2001
Business                   The manufacture of memory

10. Hitachi Semiconductor Suzhou Co.,Ltd.

Head Office                Suzhou, China
President                  Yasuo Sugata
Capital                    US$29.962 million
                           Hitachi 81% Singapore EDB Investments
Pte. Ltd. 19%

Employees                  about 360 as of March 31, 2001
Business                   The design, manufacture, sales
provide related service

11. Hitachi Semiconductor (Malaysia) Sdn. Bhd..

Head Office                Penang, Malasia
President                  Hitoshi Ishimori
Capital                    84 million RM
                           Hitachi 90% Malaysia Permo dalan
Nasional Berhad 10%

Employees                  2,626 as of March 31, 2001
Business                   Manufacture of semiconductors

12. Kaohsiung Hitachi Electronics Co., Ltd.

Head Office                Takao, Taiwan
President                  Masazumi Hatoori
Capital                    336 billion NT 100%
                           owned by Hitachi , Ltd.
Employees                  about 1,700 as of March 31, 2001
Business                   Manufacture and Sales of liquid
                           crystal display devices, electron
   Guns for color cathode ray tubes and
   Semiconductors.


HUIS TEN: Theme Park Closure Part Of Rehab Efforts
--------------------------------------------------
Theme park operator Huis Ten Bosch Co., has finally closed its
Nagasaki Holland Village, after more than 18 years of operations
as part of the debt-ridden company's rehabilitation plans, News
on Japan reported yesterday.

The company previously announced the impending closure of the
park and 100 employees' imminent lay-offs. Opened in 1983, the
park drew 2 million visitors annually during its peak. However,
last year it drew only around 220,000 visitors. On its last day
of operation, it drew around 6,200 visitors.


NISSAN MOTOR: Reducing Number Of Car Platform Plants
----------------------------------------------------
Japanese automaker Nissan Motor Co. plans to decrease the number
of its car platform plants to eight from the current 15 by
fiscal year 2006, News on Japan reported October 22. Each
domestic plant is now handling only one or two platforms because
the development of new platforms will cost the company Y10
billion.

In order to enhance production efficiency, the company intends
to speedily increase output of cars using the same platform,
aiming for an average of 500,000 vehicles in contrast to the
100,000 made in fiscal 1999.

A restructuring plan is currently in effect. It calls for
reducing the number of platforms to 12 by fiscal 2002 from 24 in
fiscal 1999. The new goal is a more aggressive cost-cutting
measure.


SONY CORPORATION: Sees Y40B 1H Losses Due To Phone Ops
------------------------------------------------------
Sony Corporation predicts that it may incur group-based losses
totaling Y40 billion from its mobile phone operations for the
first half ended September 30, the Asian Wall Street Journal
reported Sunday.

In the April-June quarter alone, the company incurred losses
totaling Y13.1 billion due to the recall of faulty mobile phone
handsets.

On Monday, Sony's shares in the Tokyo Stock Exchange were
unmoved at Y5,040, while the benchmark Nikkei 225 Stock average
increased 0.3 percent to 10564.76.


TOKYO MUTUAL: Ends Rehabilitation, Restarts Operations
------------------------------------------------------
Tokyo Mutual Life will restart its operations on Monday under a
new corporate name, T&D Financial Life Insurance Co., the
announcement made immediately following a court declaration that
it has completed procedures for its rehabilitation, News on
Japan reported October 22.

Tokyo Mutual Life had filed for court protection under a special
rehabilitation law, saying that its liabilities exceeded its
assets by Y34 billion. The company was Japan's 16th largest life
insurance company in terms of assets.


* OSAKA DAICHI/UTSUNOMIYA SHINKIN FILE FOR BANKRUPTCY *
-------------------------------------------------------
Japan's Osaka Dai-ichi Shinkin Bank as well as another regional
bank, Utsunomiya Shinkin Bank will file for bankruptcy
proceedings, Reuters reported October 19.

These two Shinkin banks, local financial institutions that serve
small and medium-sized businesses, have been hit hard by the
Japan's prolonged economic problems. The current crisis brought
about by the recent terrorist attacks have further worsened
Japan's economic outlook, as corporate costumers struggle to
stay afloat.


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


ASIANA AIRLINES: To Sell W200B In Affiliate's Stakes
----------------------------------------------------
One of South Korea's two flag carriers, Asiana Airlines Co., is  
deep in negotiations with foreign investors for the sale of its
stakes in its catering business division and three other
affiliates, the Asian Wall Street Journal reported Sunday.

Although details, such as the size of the stakes to be sold and
identity of the possible buyers haven't been divulged yet, the
sale will reportedly take place by early December and the price
for the sale will be W200 billion.


DAEWOO ELECTRONICS: Plant Sued By EXIM Bank Over US$20M
-------------------------------------------------------
In an effort to collect a US$20 million loan, the Export Import
Bank of Korea (EXIM Bank) has sued Daewoo Electronic's Tianjan
plant, the Korea Times reported on Sunday.

Daewoo's Chinese subsidiary has reportedly ignored several
attempts to collect the debt, and also allegedly didn't inform
its largest creditor, EXIM Bank, on any details relating to its
sale.

The suit has sparked similar action from other creditors, which
could lead to complications for the parent company.


DAEWOO MOTOR: Posts W35B 3Q Operating Profit
--------------------------------------------
Daewoo Motor recently announced that it has posted a third
quarter operating profit of W35 billion, up 54 percent from the
W22.7 billion posted during the last quarter, the Asian Wall
Street Journal reported October 21, 2001.

It also posted a revenue of W1.209 trillion for the same
quarter, lower than the W1.35 trillion posted for the second
quarter of this business year.

The company didn't provide last year's figures to which to
compare the recent data.  


HYUNDAI HEAVY: Spin-Off From Hyundai Group Planned
--------------------------------------------------
South Korea's largest shipbuilder Hyundai Heavy Industries Co.
(HHI) has submitted a proposal to the government detailing its
separation from its parent group, Hyundai Group, the Asian Wall
Street Journal reported Friday.

HHI and another affiliate Hyundai Mipo Dockyard Co. may separate
from the Hyundai Group by the end of 2001, as part of the
group's restructuring plan. Following the separation, an
independent shipbuilding group shall be formed.

HHI however hasn't met all conditions necessary for the spin-
off, it has yet to sell some or all of its own stakes with other
Hyundai affiliates to comply with Korean laws. Under the law, a
company wanting to separate from its parent group should reduce
its stakes in other listed group affiliates to 3 percent or
lower.


HYUNDAI MOTOR: Selection Of Alabama Plant Not Final
---------------------------------------------------
Contrary to earlier reports that Hyundai Motor Co. Ltd. has
selected Montgomery, Alabama as a site for its future US car
plant, Hyundai officials said that the company hasn't yet
finalized the selection of any U.S. state or city as a possible
site for the said plant, Dow Jones reported October 19, 2001.

However, officials of Hyundai confirmed the visit made by Chief
Executive Kim Dong-jin with politicians from Alabama, including
Bobby Bright, mayor of Montgomery, Alabama.

Mayor Bright however issued an optimistic statement in a local
daily saying, "Montgomery is still in the hunt."


KOREA ELECTRIC: Moody's Assigns `Baa3' Rating To Y25B Bond
----------------------------------------------------------
Moody's Investors Service assigned Baa3 rating to the Y25
billion drawdown of Korea Electric Power Corporation (KEPCO')
under its US$1.6 billion Euro medium term note program. Rating
outlook is positive.

KEPCO's rating reflects the potential benefits that Moody's
expects current proposed industry reforms will bring to KEPCO,
by reducing its business risk profile and improving its
financial position in the medium term. The rating also reflects
the Korean government's intention to transform KEPCO to a fully
commercially run entity which may result in gradual distancing
of the government from the relationship with and operation of
KEPCO.

Moody's expects KEPCO's diminishing role in the competitive
power generation market and concentration on the more stable
transmission and distribution sectors will help reduce its
earning volatility. The government's intention to gradually
phase out tariff subsidies to industries and farmer will also
help KEPCO attain a better rate of return and improve its
financial position. Moreover, sale of non-core assets has helped
generate liquidity for KEPCO to meet its obligations.

KEPCO remains susceptible to interest rate and currency
volatility given its capital structure and reliance on imported
fuels. It also remains unclear how the foreign currency debts to
be retained by KEPCO will be handled and how tariffs,
particularly transmission and distribution will be determined.


SAMSUNG ELECTRONICS: Posts 3Q Results, First-Ever Op Loss
---------------------------------------------------------
Citing poor performance in its semiconductor division, and the
recent economic downturn, the world's largest chipmaker
announced that its net profits for the third quarter ended
September 30, drastically dropped 75 percent on year and 52
percent on the quarter to W420 billion, the Asian Wall Street
Journal reported Sunday. The figures for the third quarter are
contained below, with the operating profit for the third quarter
representing a loss, (380B in parenthesis).

(All figures in Korean won)
                       3Q 2001       2Q 2001         3Q 2000
Net Profit              420B          880B      not available
Operating Profit        18.2B         600B      not available
Pretax Profit           310B          950B            2.3T
Sales                   7.23T          8T             8.8T
Semiconductor
Operating Profit      (380B)         260B      not available


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


LIEN HOE: Posts Defaulted Loan Stocks Status
--------------------------------------------
Lien Hoe Corporation Berhad (Lien Hoe) revealed the current
status of the following defaults on the Loan Stocks as declared
by the trustee, Messrs Universal Trustee (Malaysia) Berhad in a
letter dated 3 October 2001 in accordance with KLSE Practice
Note No. 1/2001:

a. interest from 1 January 2000 to 17 August 2000 of
RM4,141,689.18

b. interest from 18 August 2000 to 5 September 2001 of
RM3,558,251.22

c. principal sum of RM43,817,871.00

Reasons for default in payments

As stated in our circular to loan stockholders dated 17 July
2000, the Company was adversely affected by the Asian financial
crisis, which resulted in the slowdown of the Malaysian economy
in general and the property market in particular. This has
affected the Company's ability to pay the Loan Stocks' principal
and interest when they fell due.

Measures taken to address the default

The Company had on 30 May 2000 received Securities Commission's
approval for its restructuring exercise which includes inter-
alia, a capital reduction and rights issue of warrants. An
amount of RM36.7 million arising from this exercise has been
earmarked for partial redemption of the Loan Stocks whilst the
balance of RM7.1 million and Loan Stocks interest of
approximately RM4.1 million will be repaid via bridging loan
from financial institutions. This loan, if approved, will be
secured by a charge over the Company's property known as
Kompleks Lien Hoe in Johor Baru valued at RM126.976 million as
at 4 May 1998.

The restructuring exercise has also been approved by the
shareholders of the Company at an extraordinary general meeting
held on 23 November 2000. Subsequently on 10 January 2001, the
High Court of Malaya granted its sanction for the capital
reduction, which forms an integral part of the restructuring
exercise of the Company. The capital reduction was completed on
15 February 2001 and the other components of the restructuring
exercise will be implemented sequentially thereafter.

In view of the depressing local stock market condition, which
may adversely affect the progress of implementation of the
restructuring exercise, the Company is actively pursuing a bonds
issue by way of securitization of Kompleks Lien Hoe as an
alternative plan. The bonds issue, if successful, will raise
sufficient cash for the Company to redeem the Loan Stocks plus
any accrued interest in full.
Financial and legal implications in respect of the default in
payments of the outstanding sums

Under the Company's proposed debt restructuring scheme as
facilitated by the Corporate Debt Restructuring Committee, Bank
Negara Malaysia, the major lenders to the Lien Hoe Group have
agreed to restructure the majority of the Group's debts. This
proposal has also the approval by the Securities Commission on
30 May 2000 and the shareholders approval on 23 November 2000.
Save as disclosed, there are no other significant financial and
legal implications in respect of the default.

Lines of action available to the security holders against the
Company

The Loan Stocks is secured by a charge over the Company's
property known as Kompleks Lien Hoe in Johor Baru valued at
RM126.976 million as at 4 May 1998. Loan stockholders will
continue to have a claim against the Company in respect of their
respective holdings of the Loan Stock. The rights of the
registered loan stockholders will continue to be protected by
the terms of the Trust Deed, as amended by the Amendment Trust
Deed, and will continue to be represented by the Trustee,
Universal Trustee (Malaysia) Berhad.


MALAYSIAN GENERAL:Proposed Extension Application Still Pending
--------------------------------------------------------------
Malaysian General Investment Corporation Berhad (MGIC or
Company) announced that Kuala Lumpur Stock Exchange's (KLSE)
decision on the Company's application on the Proposed Extension
is still pending.

On 30 August 2001, Arab-Malaysian Merchant Bank Berhad (Arab-
Malaysian), on behalf of the Company, announced the details of a
new restructuring scheme which involves, amongst others, a
proposed debt restructuring with the creditors of MGIC and two
(2) of its subsidiaries, MGIC Construction Sdn Bhd and Magic
Hill Resort Sdn Bhd and the proposed acquisition of the entire
issued and paid-up share capital of Trans MSB Sdn Bhd (TMSB)
(Proposed Restructuring Scheme).

Subsequently, on 4 September 2001, Arab-Malaysian, on behalf of
the Company, announced that MGIC has obtained an extension of
time of two (2) months from the KLSE from 20 August 2001 until
19 October 2001 to revise its regularization plan, make an
announcement on its revised plan to the KLSE and finally, submit
its revised plan to the regulatory authorities for approval.

Further to that announcement, Arab-Malaysian, on behalf of the
Company, would like to announce that the Company has on 12
October 2001 submitted an application to the KLSE for an
extension of time of one (1) month from 19 October 2001 until 19
November 2001 for the Company to submit its revised
regularization plan to the regulatory authorities (Proposed
Extension).

One of the conditions precedent of the conditional share sale
agreement for the proposed acquisition of TMSB Group stipulates
that the results of the due diligence on TMSB Group and MGIC
Group must be satisfactory to MGIC and the vendors of TMSB Group
respectively prior to the submission of the application on the
Proposed Restructuring Scheme to the Securities Commission. To-
date, the due diligence exercises on both the TMSB Group and
MGIC Group have been completed pending finalization of certain
issues which have arisen from the due diligence exercise. After
which, the Company intends to finalize the documentation for the
Proposed Restructuring Scheme and subsequently, submit the
application to the regulatory authorities latest by 19 November
2001.


MBF HOLDINGS: Enters Management Services Agreement With LHRM
------------------------------------------------------------
MBf Holdings Berhad (MBfH) informed that Melawati Management Sdn
Bhd (MMSB) has on 18 October 2001 entered into a Management
Services Agreement with Leisure Holidays Resorts Management Sdn
Bhd (LHRM) to appoint LHRM as the Consultant to administer,
conduct and manage the operations of Kelab Century Paradise
located at Jalan Melawati, 53100 Kuala Lumpur (the Club) for an
initial period of 3 years and with an option to renew for a
further 3 years.

Under the terms of the Agreement, the fees payable to LHRM shall
be:

Management Fee

For the first 6 months of this Agreement, RM20,000.00 per month
and thereafter, 10 percent of all income and proceeds of every
kind resulting or derived from the operations and management of
the Club, excluding taxes (Gross Operating Revenue) but shall
exclude subscription and bowling centre revenue or the sum of
RM25,000.00 per month, whichever is higher;

Profit Incentive Fee

Profit incentive fee of 10 percent of the Gross Operating
Revenue less operating costs, excluding taxes (Gross Operating
Profit) shall be payable per annum.

Background of the Club

Melawati Recreation Berhad (MRB) which is the owner of the Club,
has approval from the Registrar of Companies to sell 8,000 club
membership. There are currently 4,493 membership available for
sale. MMSB which operates and manages the Club is a wholly-owned
subsidiary of MRB which in turn is wholly-owned by MBf Property
Services Sdn Bhd (MBfPS). MBfPS is a wholly-owned subsidiary of
MBfH.

Prior to the aforesaid appointment, MMSB had appointed another
management company to manage the Club and the appointment was
terminated as there was no improvement in the operations of the
Club. The General Manager of the management company was then
retained by MMSB to manage the Club. He subsequently resigned
and MMSB was left with a vacancy in the key management position.

With the view to a long term plan to improve the Club and to
relaunch the sale of club membership which has been stagnant
since 1998, the Club will require the services of a management
company experienced in the hospitality industry with a proven
track record in sales and marketing. In this respect, LHRM has
been identified to manage the Club.

Information on MMSB

MMSB is involved in the management of the Club facilities and
has an authorized and paid-up capital of RM25,000.00 and RM2.00
respectively.

Information on LHRM

LHRM was incorporated on 14 March 1991 and is principally
involved in resort management services. It has an authorized and
paid-up capital of RM25,000.00 comprising 25,000 ordinary shares
of RM1.00 each.

Rationale for the Transaction

LHRM which has shown an interest in managing the Club, has a
strong sales team and network which could help to increase the
sale of club membership. In addition, its management team has
experience in club management.

Financial Effects

The transaction will not have any material financial effects to
the Group. However, it is hoped that the Club would contribute
positively to the Group in the future.

Interest of Directors, Substantial Shareholders and Persons
Connected to the Directors and Substantial Shareholders

Dato' Loy Teik Ngan who is the Chief Executive Officer and
Managing Director of MBfH is also a director and substantial
shareholder of LHRM. He has a direct and indirect shareholding
of 11,418,000 shares (0.99 percent) and 42,884,445 shares (3.73
percent) in MBfH.

Saved as disclosed, none of the other Directors, substantial
shareholders and persons connected to the directors and
substantial shareholders of MBfH has any interest, direct and
indirect in the above transaction.


PENAS CORP.: Requisite Announcement Extension Request Pending
-------------------------------------------------------------
On behalf of the Board of Directors of Penas Corporation Berhad
(Pencorp or the Company),  Arab-Malaysian Merchant Bank Berhad
(Arab-Malaysian) announced that the Company had on 18 October
2001, applied to the KLSE for an extension of time to release
the Requisite Announcement and is now pending the KLSE's
approval.

The Company was required to make a Requisite Announcement to the
KLSE of a plan to regularize its financial condition on or
before 19 October 2001.

On 8 August 2001, the Company announced that it has entered into
a new memorandum of understanding to invite Island Hospital Sdn
Bhd to participate in a proposal to regularize its financial
position. The Company has also received other proposals to
regularize its financial position. Pencorp is in the midst of
consultation with its major creditor to finalize the terms and
conditions of its plan.


RHB CAPITAL: Shuts Down Philippine Stock Brokerage Operations
-------------------------------------------------------------
RHB Capital Berhad (RHB Capital) informed that it is planning to
close the stock brokerage operations of Rashid Hussain
Securities (Philippines), Inc (RHS Philippines), an indirect
subsidiary of RHB Capital, subject to clearance of all legal and
regulatory requirements.

The cessation of operations of RHS Philippines is anticipated in
December 2001.

The cessation of operations of RHS Philippines is not expected
to have any material impact on the consolidated earnings of the
RHB Capital Group for the current financial year ending 30 June
2002.


RHB CAPITAL: Updates Material Litigation Against Carta Bintang
--------------------------------------------------------------
RHB Capital Berhad (RHB Capital)informed that a writ of summons
has been filed at the High Court of Malaya in Kuala Lumpur on 19
October 2001 against Carta Bintang Sdn Bhd, the vendor of SJ
Securities, for the recovery of the Deposit paid by RHB Capital
pursuant to the sale of shares agreement dated 7 November 2000
between Carta Bintang Sdn Bhd and RHB Capital for the sale and
purchase of shares in SJ Securities.

Reference is made to the announcement dated 25 September 2000
and 4 May 2001 wherein it was stated that RHB Capital will not
be proceeding with the proposed acquisition of SJ Securities Sdn
Bhd (SJ Securities).  


S & P FOOD: Delists Shares, Replaces CEPAT's Stakes
---------------------------------------------------
S & P Food Industries (M) Bhd (S&PFOOD) announced:

1. Cepatwawasan Group Berhad's (CEPAT) entire issued and paid-up
share capital comprising 188,834,915 ordinary shares of RM1.00
each arising from the Scheme, will be admitted to the Official
List of the Exchange in place of S&PFOOD shares which will be
delisted, and the listing of and quotation for these shares on
the Second Board under the "Plantation" sector will be granted
with effect from 9.00 a.m., Wednesday, 24 October 2001, on a
"Ready" basis pursuant to the Rules of the Exchange.

2. The Stock Short Name, Stock Number and ISIN Code of CEPAT's
ordinary shares are "CEPAT", "8982", and "MYL8982OO000"
respectively.

3. The reference price for CEPAT's ordinary shares is RM1.00 and
the trading limit will be 500 percent.

4. A moratorium has been imposed on the disposal of 90,392,462
shares representing 47.87 percent of the issued and paid-up
share capital in CEPAT held by the vendors of the Target
Companies whereby the said vendors are not permitted to sell,
transfer, or assign their respective shareholdings in CEPAT
which are under moratorium for one (1) year from the date of
listing o the CEPAT shares on the KLSE. Thereafter, the vendors
are allowed to sell, transfer or assign only a maximum of one-
third (1/3) per annum of their respective shareholdings which
are under moratorium.

Kindly be advised that the shares of CEPAT are prescribed
securities. Dealings in the shares should be carried out in
accordance with Securities Industry (Central Depositories) Act,
1991 and the Rules of Malaysian Central Depository Sdn Bhd.

Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the CEPAT shares.


S & P FOOD: Implements Corporate Restructuring Exercise
-------------------------------------------------------
S & P Food Industries (M) Bhd (S&PFOOD) and Cepatwawasan Group
Berhad  (CEPAT) are implementing a corporate restructuring
exercise (the Scheme) involving:

  *  Reduction of S&PFOOD's existing issued and paid-up share
capital of RM16,100,000 Comprising 16,100,000 ordinary shares of
RM1.00 each to RM8,050,000 comprising 8,050,000 ordinary shares
of RM1.00 each pursuant to Section 64 of the Companies Act, 1965
(Act), by the cancellation of RM0.50 of the par value of every
ordinary share of RM1.00 each of S&PFOOD in issue and thereafter
consolidating every two (2) ordinary shares of RM0.50 each into
one (1) ordinary share of RM1.00 each (S&P Consolidated Share);

  *  Scheme of arrangement between S&PFOOD, its shareholders and
CEPAT, under Section 176 of the Act, whereby the 8,050,000 S&P
Consolidated Shares will be exchanged with 8,050,000 ordinary
shares of RM1.00 each in CEPAT, on the basis of one (1) new
CEPAT ordinary share for every S&P Consolidated Share;

  *  Acquisition by CEPAT of equity interests in Cepatwawasan
Sdn Bhd, Syarikat Melabau Sdn Bhd, Wong Tet-Jung Plantations Sdn
Bhd, Razijaya Sdn Bhd, Prolific Yield Sdn Bhd, Sri Likas Mewah
Sdn Bhd, Kovusak Sdn Bhd, Minelink Sdn Bhd, Bakara Sdn Bhd,
Unival Enterprise Sdn Bhd, Sungguh Mulia Sdn Bhd, Suara Baru Sdn
Bhd, Gelang Usaha Sdn Bhd, Libarran Island Resort Sdn Bhd and
Ultisearch Trading Sdn Bhd (collectively known as "Target
Companies") for a total purchase consideration of RM160,141,193
to be satisfied by an issuance of 160,141,193 new CEPAT ordinary
shares of RM1.00 each at par;

  *  Proposed acquisition of an oil palm estate from Syarikat
P.H. Lim Sdn Bhd for a total purchase consideration of
RM5,732,650 to be satisfied by an issuance of 5,732,650 new
CEPAT ordinary shares of RM1.00 each at par; and

  *  Proposed settlement of amount owing to certain directors
and shareholders of the Target Companies amounting to
RM14,911,070 by the issuance of 14,911,070 new CEPAT ordinary
shares of RM1.00 each at par.


PAN MALAYSIAN: Soo Lay Buys Shares
----------------------------------
Pan Malaysian Industries Berhad (PMIB) informed Soo Lay Holdings
Sdn Bhd (Soo Lay ) purchased the ordinary shares of PMIB:

1) Date of dealing - 19 October 2001

2) Consideration of dealing - Average price of RM0.235 per share

3) Number of shares acquired - 40,000 ordinary shares of RM0.50
each

4) Percentage of issued share capital of PMIB - 0.002 percent


TASTY BAKERY:  Winding-Up Petition Sought By Malayan Flour
----------------------------------------------------------
Malayan Flour Mills Berhad revealed that it served a Notice
pursuant to Section 218 of the Companies Act 1965, on Tasty
Bakery (1985) Sdn Bhd on 3 April 2001. The notice required Tasty
Bakery to pay a sum of RM44,619.10, the amount due and owing in
respect to goods sold and delivered. A consent judgment was
obtained against Tasty Bakery in the Kuala Lumpur Sessions Court
Suit No. 52-3060-93 within twenty one (21) days from the service
of the notice, failing which Tasty Bakery would be deemed unable
to pay the judgment debt. Consequent action would be taken for
the winding-up of Tasty Bakery.

Over twenty one (21) days have elapsed but Tasty Bakery has
failed and neglected to pay the sum of RM44,619.10. Under the
circumstances, a Petition for the Winding-Up of Tasty Bakery by
the High Court was presented by the Company on 15 August 2001
and served to Tasty Bakery on 26 September 2001.


TRANS CAPITAL: Court Grants 9-Month Restraining Order
-----------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
announce that TCHB and its subsidiaries, Trans Capital Sdn Bhd
(TCSB) and Trans Capital Electronics Sdn Bhd (TCESB)were granted
a restraining order on 16 October 2001 under Section 176 of the
Companies Act, 1965 from the High Court of Penang.

The R.O. restrains and stays all further legal proceedings
against the company for a period of nine months from 24
September 2001.


TRANSWATER CORP.: Disposes Of Three Shop Office Building Units
--------------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad
(Transwater or Company) announced that the Company entered into
a Sale and Purchase Agreement (Agreement) with Denxan Holdings
Sdn Bhd (Purchaser) for the proposed disposal of its three units
of its shop office building (Properties) for a total cash
consideration of RM3,540,000 (Proposed Disposal).

INFORMATION ON THE PROPERTIES

The Properties are located at No. 81-83-85, Jalan SS25/2, Taman
Bukit Emas, Petaling Jaya, Selangor Darul Ehsan and comprise 3
individual lots of four-story shoplots held under HS(D) 31949PT
No. 6686, HS(D) 31950PT No.6687 and HS(D) 31951PT No. 6688 all
in the Mukim of Sungai Buluh, Daerah Petaling , Negeri Selangor
Darul Ehsan. The Properties were acquired on 30th March 1991 for
a total consideration of approximately RM2.00 million and are
currently being used as the Company's corporate office.

The Properties are freehold, with no restriction in interest and
are free from encumbrances.

No valuation has been carried out on the Properties and based on
the audited accounts as at 28th February 2001, the net book
value of the Properties is approximately RM1.74 million.

INFORMATION ON PURCHASER

The Purchaser is a private limited company incorporated in
Malaysia and having its registered office at Suite 405, 4th
Floor, Magnum Plaza, 128 Jalan Pudu, 55100 Kuala Lumpur. The
authorized share capital of the Purchaser is RM1,000,000
comprising of 1,000,000 ordinary shares of RM1.00 each of which
710,000 shares have been issued and fully paid. The principal
activity of the Purchaser is investment holding.

DETAILS OF THE PROPOSED DISPOSAL

The Company has entered into an Agreement with the Purchaser for
the proposed disposal of the Properties free from all
encumbrances but subject to the Purchaser entering into a
tenancy agreement with the Company for a period of 3 years with
an option to renew for another 2 years. The tenancy of the
Properties will commence from the date of completion of the
Proposed Disposal.

The cash consideration was arrived at based on a "willing buyer
willing seller basis".

The cash proceeds from the Proposed Disposal will be used to
repay borrowings and for working capital of the Transwater
Group.

Pursuant to the Agreement, the terms of payment for the Proposed
Disposal shall be as follows:

(a) a deposit of RM354,000 or 10 percent of the cash
consideration upon the execution of the Agreement; and

(b) the balance of RM3,186,000 shall be payable within 90 days
from date of the Agreement (Balance Payment Period).

If the balance cash consideration is not paid by the Purchaser
within the Balance Payment Period, the said period shall be
extended for a further 30 days in which event, the Purchaser
shall pay the Company interest on the balance cash consideration
at 10 percent per annum calculated on daily basis during the
extended period until full payment of the outstanding cash
consideration.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal represents an opportunity for the Company
to realize its investment to raise the much needed cash to repay
borrowings and for working capital of the Group.

EFFECTS OF THE PROPOSED DISPOSAL

On Share Capital and Substantial Shareholders

The Proposed Disposal will not have any effect on the issued and
paid-up share capital and substantial shareholders'
shareholdings of Transwater.

On Earnings

The Proposed Disposal will result in an exceptional gain of
approximately RM1.66 million.

In addition, the net cash proceeds from the Proposed Disposal
will result in an interest savings of about RM289,000 per annum
based on the assumed interest rate of 8.5 percent per annum.
However, the Proposed Disposal will not have any material net
effect on the earnings of the Transwater Group as interest
savings from the Proposed Disposal will offset the rental
payable for the lease of the Properties.

On Net Tangible Assets

The Proposed Disposal will reduce the net tangible liabilities
per share of Transwater from RM1.08 per share based on the
audited accounts as at 28 February 2001 to 95 sen per share.
CONDITION OF PROPOSED DISPOSAL

The Proposed Disposal is not subject to any relevant government
authorities'/ shareholders' approval.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors, substantial shareholders or persons
connected with them has any interest, direct or indirect, in the
Proposed Disposal.

DIRECTORS' OPINION

The Directors are of the opinion that under the present
circumstances, the Proposed Disposal is in the best interest of
the Transwater Group.

SECURITIES COMMISSION POLICIES AND GUIDELINES ON ISSUE/OFFER OF
SECURITIES (SC GUIDELINES)

The Proposed Disposal does not depart from any policies of the
SC Guidelines.

DOCUMENT FOR THE INSPECTION

The Agreement is available for inspection at the Registered
Office of the Company during normal office hours from Mondays to
Fridays (except for public holidays) for a period of 14 days
from the date of this Announcement.


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


ALL ASIA: BSP, SEC Joint Audit Sought By IFC
--------------------------------------------
As an objection to the rehabilitation of All Asia Capital and
Trust Co., the International Finance Corp. (IFC), has asked the
Securities and Exchange Commission (SEC) as well as the Bangko
Sentral ng Pilipinas (BSP) to work together on a joint audit of
the ailing investment house, the Philippine Daily Inquirer
reported Sunday.

IFC, the investment arm of the World Bank, alleges that its
US$20 million investment in All Asia was "stolen" by its
directors and officers.

The purpose of the audit then is to determine the veracity of
IFC's claims. IFC has a 7 percent stake in All Asia. It also has
an outstanding loan to the company amounting to US$17 million.

Previously, All Asia had filed for a petition for the suspension
of debt payments and rehabilitation. The petition was
subsequently granted the court, which appointed former SEC
associate commissioner Danilo Concepcion as receiver.

To recall, the SEC ordered All Asia to its stop operations last
year after it was found to have violated some of the country's
securities laws.


RFM CORPORATION: Confident In Cosmos Sale To SMC
------------------------------------------------
Despite impending valuation issues, RFM Corporation remains
confident that the sale of the food giant's bottling co., Cosmos
Bottling Corp., to San Miguel Corporation will push through very
soon, the Inquirer News Service reported on October 21, 2001.

This move comes as a surprise to analysts considering that SMC
has lowered its offer for the purchase of Cosmos from the
original "enterprise value" of P15 billion.

RFM officials also denied reports that it was considering
selling the bottling company instead to US-based Pepsico Inc.,
saying that negotiations are still ongoing with SMC.

Rumors have it that San Miguel wanted to lower the valuation of
Cosmos by P3 billion, sparking allegations that RFM was
considering Pepsico as an alternative buyer.


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


CAPITALAND LIMITED: Posts Investment Increase In Unit
-----------------------------------------------------
The Board of Directors of CapitaLand Limited ("CapitaLand")
announced that CapitaLand has increased its aggregate investment
in IP Thai Property Fund (the "Fund"), the owner of Lake Point
Executive Apartments & Executive Serviced Apartments and a
townhouse at Sukhumvit, as follows:

(1) IP Property Fund Asia Limited ("IPPFA") (a 20 percent-owned
associated company of CapitaLand which is co-managed and co-
sponsored by CapitaLand and ING Real Estate) has, through 7
wholly-owned subsidiaries, increased its aggregate investment in
the Fund from Bt872.5 million to Bt886.5 million through the
subscription of an additional Bt14 million (approximately S$0.55
million) of investment units.

(2) The Ascott Group Limited ("The Ascott") (a 68.92 percent-
owned subsidiary of CapitaLand) has, through three wholly-owned
subsidiaries, increased its aggregate investment in the Fund
from Bt373.9 million to Bt379.9 million through the subscription
of an additional Bt6 million (approximately S$0.23 million) of
investment units.

The above subscriptions of additional investment units in the
Fund, for purposes of refurbishing apartment units at Tower A of
Somerset Lake Point in Bangkok, were made by the existing unit-
holders in proportion to their existing unit-holdings in the
Fund. CapitaLand has an aggregate interest of 34.67 percent in
the Fund through IPPFA and The Ascott respectively, which
remains unchanged after the increase.


I-ONE.NET: Posts Notice Of Shareholder's Interest
-------------------------------------------------
I-One.Net International Ltd., posted a notice of Substantial
Shareholder Fong Kah Kuen @ Foong Kah Kuen's interests, on
October 20. The announcement:

Notice Of Changes In Substantial Shareholder's Interests

Name of substantial shareholder: Fong Kah Kuen @ Foong Kah Kuen
Date of notice to company: 19 Oct 2001
Date of change of interest: 18 Oct 2001
Name of registered holder: Hong Leong Finance Nominees Pte Ltd
Circumstance giving rise to the change: Sale initiated by
financial institution to meet obligations

Shares held in the name of registered holder

No. of shares of the change: 120,000
Percent of issued share capital: 0.03
Amount of consideration
per share excluding brokerage,
GST, stamp duties,
clearing fee: S$0.055
No. of shares held before change: 880,000
Percent of issued share capital: 0.19
No. of shares held after change: 760,000
Percent of issued share capital: 0.16

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed           Direct
No. of shares held before change:  92,878,000       42,880,000
Percent of issued share capital:      20.1             9.28
No. of shares held after change:   92,878,000       42,760,000
Percent of issued share capital:      20.1             9.26
Total shares:                      92,878,000       42,760,000


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


EMC POWER: Updates Sale Of Convertible Bonds
--------------------------------------------
EMC Power Co., Ltd., the Plan Administrator of EMC Public
Company Limited (EMC), has issued and sold the first EMC's
convertible bonds which is due to be redeemable in the year of
2011.

The total amount of the convertible bonds is Bt50,000,000,
divided into 50,000 units, a unit of which is Bt1,000
denomination, offering to the Financial Institution Creditors
Groups 1 and 2.  

Bangkok Bank Public Company Limited bought all of the
convertible bonds on October 19, 2001.


PRECHA GROUP: SET Suspends Securities Trading
---------------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities of
Precha Group Public Company Limited (PRECHA) to be listed
securities on the SET after finishing capital increase
procedures, starting from 24 October 2001.

However, PRECHA is a listed company under REHABCO sector and is
in the rehabilitation process; therefore, the SET has still
suspended trading all securities of PRECHA until the causes of
delisting are eliminated.

Name                              :  PRECHA
Issued and Paid up Capital
         Old                      :  Bt744,000,000
         New                      :  Bt1,112,325,990
Allocate to                       :  Existing Shareholders
Ratio                             :  1:1  
Price Per Share                   :  Bt0.10
Exercise / Payment Date           :  17 - 21 September 2001


TPI POLYOI: Petition For Business Reorganization Filed
------------------------------------------------------
TPI Polyoi Company Limited's (DEBTOR), producer of petrol
chemical, Petition for Business Reorganization was filed to the
Central Bankruptcy Court:

     Black Case Number 479/2543

     Red Case Number 534/2543

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

Debts Owed to the Petitioning Creditor: Bt805,558,008.06

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 9.30am. 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


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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