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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

          Wednesday, October 31 2001, Vol. 4, No. 213

                         Headlines



A U S T R A L I A

ANALYTICA LIMITED: Posts Top 20 Largest Quoted Shareholders
BEACONSFIELD GOLD: General Meeting to be Held On November 21
DAVNET LIMITED: Posts Directors' Letter, Notice of AGM
ENERGY EQUITY: Existing Shareholders Offered New Shares
ENERGY EQUITY: Posts Chairperson R S Punch Share Offer Letter
INVESTORS FORUM: ASIC Freezes Assets, Suspends License
PRESTON RESOURCES: Posts Bulong Operations' Production Report


C H I N A   &   H O N G  K O N G

G-PROP HOLDINGS: Price, Turnover Movements Unexplainable
GALA FAIR: Petition To Wind Up Pending
GUANGDONG INVESTMENT: Subsidiary Enters Conditional Agreement
HINET HOLDINGS: Unaware of Reasons for Share Price Decrease
NAM FONG: Auctions Certain Investment Properties
NAM FONG: Winding Up Petition Hearing Set For January 2002
WILSHIRE INTERNATIONAL: Hearing of Winding Up Petition Set


I N D O N E S I A

BANK UNIBANK: Frozen, Under IBRA's Receivership
PERUSAHAAN LISTRIK: Seeks Foreign Loans To Finance Projects


J A P A N

HOKURIKU BANK: Suspends Government Dividend Payments
ISUZU MOTORS: Reduces Previous Loss Forecast
MATSUSHITA ELECTRIC: Unit Posts H101 Net Loss
MITSUBISHI ELECTRIC: Posts Y20.38B Pretax Loss


K O R E A

DAEWOO ELECTRONICS: Shareholders Approve Capital Reduction Plan
HYNIX SEMICONDUCTOR: New Bailout Proposal Revealed
HYUNDAI ELECTRIC: Creditors Put Up Consultative Panel
HYUNDAI ENGINEERING: Creditors Freeze Debt Payments
HYUNDAI MOTOR: 10.6% Drop Projected For 2002 Car Sales
HYUNDAI MOTOR: Plans to Build China Auto-Parts Plant
KOHAP LIMITED: Creditors to Separate Core Ops to Form New Corp


M A L A Y S I A

ACTACORP HOLDINGS: Evaluates Proposed Restructuring Terms
AUTOWAYS HOLDINGS: Misses RA Deadline, Requests New Extension
BESCORP INDUSTRIES: Posts Change in Boardroom Notice
CSM CORPORATION: In Talks With Investors for Asset Injection
GEAHIN ENG'G: Seeks Detailed Workout Scheme Prep Extension
HAI MING: Awaits KLSE's Reply on RA Time Extension
KELANAMAS IND.:Majority Creditors OK Debt Settlement Agreement
MANCON BERHAD: RO Expires, New Restructuring Plan In Works
MBF HOLDINGS: Unit Appoints LHRM as Resort's Management Co
REPCO HOLDINGS: Accepts Consortium's Workout Proposal
SAP HOLDINGS: Serves Winding-Up Notices From Aima Construction


P H I L I P P I N E S

NATIONAL POWER: Increases Power Rates
PICOP RESOURCES: DENR OKs TLA, To Continue Operations


S I N G A P O R E

CAPITALAND LIMITED: Unit Announces Changes In Management
GK GOH: Suspends Philippine Unit Operations
SEMBCORP LOGISTICS: Posts Changes in Substantial Shareholding
SEMBCORP LOGISTICS: Posts Changes in Temasek Interests


T H A I L A N D

KRISDAMAHANAKORN PUBLIC: Posts Q201 Rehab Plan Progress
PETCHBURI TERMINAL: Files Petition for Business Reorganization
TPI POLENE: Siam City Board Approves Investment


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


ANALYTICA LIMITED: Posts Top 20 Largest Quoted Shareholders
-----------------------------------------------------------
Analytica Limited posted its top 20 largest quoted shareholders and
optionholders as of October 3, 2001:

DISTRIBUTION OF OPTIONS AS AT 03/10/2001

     RANGE OF HOLDINGS       NO OF        % OF
                            HOLDERS       ISSUED CAPITAL

           1 -   1,000          120         0.13
       1,001 -   5,000          553         2.32
       5,001 -  10,000          512         4.97
      10,001 - 100,000          430        16.13
     100,001  and over           87        76.45

                 TOTAL        1,702       100.00


TOP TWENTY LARGEST QUOTED SHAREHOLDERS AS AT 03/10/2001


NAME                                               NUMBER      %

Rural Finance Corporation of Victoria        15,250,000    17.95
Tantallon Pty ltd                            11,896,200    14.00
Janine Lillian Alexander                      5,000,000     5.90
Herbal Research Laboratories Pty Ltd          5,000,000     5.90
Rennin Consultancy Inc                        4,012,500     4.72
Julex Pty Ltd                                 1,886,600     2.22
Microcaps Limited                             1,500,000     1.76
Patrick Geoffrey Handbury & Helen Patricia    1,250,000     1.47
Handbury
Coletry Pty Limited                           1,000,000     1.18
Harris Johnsson Nominees Pty Ltd              1,000,000     1.18
Walter McNally                                1,000,000     1.18
United Tribes of America Inc                  1,000,000     1.18
PN Lawrence Pty Ltd                             950,000     1.12
Zero Management Pty Limited                     923,000     1.08
Luke Christopher Whelan                         900,000     1.06
Graeme Burke                                    780,000     0.92
Telco & Technology Pty Ltd                      750,000     0.88
Paul James Adams                                620,000     0.73
Susan Lynette Munn                              500,400     0.59
Jackson Hole Pty Ltd                            500,000     0.59

TOTAL                                        55,718,700    65.58

TOP TWENTY LARGEST QUOTED OPTIONHOLDERS AS AT 03/10/2001

NAME                                               NUMBER      %

Eight Investment Pty Ltd                        384,000     4.74
Clicktrade Investments Pty Ltd                  146,925     1.18
Carstock Nominees Pty Ltd                       100,000     1.23
Eight Investment Pty Ltd                        100,000     1.23
Grid Investments Pty Ltd                        100,000     1.23
Himalo Pty Limited                              100,000     1.23
Robert Marsh                                    100,000     1.23
Taupo Holdings Pty Ltd                          100,000     1.23
Taupo Holdings Pty Ltd                          100,000     1.23
Premier Custodian Pty Limited                    75,000     0.93
Jennifer Mary Malloch                            62,575     0.77
Astral Investments Pty Ltd                       60,000     0.74
Dewberry Enterprises Ltd                         60,000     0.74
Telco & Technology Pty Ltd                       60,000     0.74
Clara Lombardo                                   52,500     0.65
Briery Trading Ltd                               52,000     0.65
William Ashman & Warren Promnitz                 50,000     0.62
Corporate Link Australia Pty Ltd                 50,000     0.62
Decmar Pty Ltd                                   50,000     0.62
Jolliffe Family Holdings Pty Ltd                 50,000     0.62

TOTAL                                         1,853,000    22.88


BEACONSFIELD GOLD: General Meeting to be Held On November 21
------------------------------------------------------------
R J C Catto of Beaconsfield Gold NL issued this general meeting notice:

"I attach a notice of General Meeting in regard to the above company of
which you are a shareholder. You may be aware that Receivers and Managers
were appointed to the company by Bank West on 25 June 2001. Since that time
it is by no means apparent that the remaining Directors have achieved
anything in terms of facilitating arrangements which might put value back
into our shares. Certainly there has been no communication with shareholders
and as time passes and the Receiver advertises "our" asset for sale my real
concern is that the asset, principally in the form of a share in the Joint
Venture, will
be sold to others who will have no interest in delivering any
residual value to the existing shareholders.

"A fairly similar picture exists in regard to the other Joint Venture party
Allstate Exploration NL where an administrator has been appointed by its
directors. Again communication with Allstate shareholders as to what is
happening is minimal.

"I, like a number of other Beaconsfield Gold shareholders, am of the view
that a complete change in the Board is really necessary at this time. New
faces, capable of conducting negotiations with bankers, receivers,
administrators, and potential equity and debt providers, may be able to put
value back into our equity. Some time ago, the Sydney boutique merchant bank
Westchester Corporate Finance indicated a preparedness to work on a
contingent fee basis. Discussions to date with the incumbent Board in terms
of effecting changes in the Board, which changes Westchester also believes
are necessary, have achieved little.

"Some weeks ago several shareholders holding in excess of 5% of the shares
delivered a notice under the Corporations Act that they propose to call a
meeting of shareholders at least two months thence. The Directors have not
sought to convene any meeting, and so we are proceeding to convene the
meeting ourselves and at our expense.

"We ask that you forward your proxies as soon as possible so that we may be
able to establish to the current Directors that it is the wish of the
forthcoming meeting that there be a change. We believe it is in everyone's
interests if the Board changes sought occur as soon as possible, and we
would much prefer to see the changes made well before the date of the
proposed meeting.

"We believe that the future of the company can be best ensured by the
involvement of motivated, forward thinking individuals who are not
associated in the minds of future lenders and equity providers with the past
events which got the company in its present predicament. As a result of this
meeting it is important that a clear change of control be established for
all to see. Please don't accept the line that the proposed new directors are
taking the company and all its value. At the moment the company has no value
and without decisive action we will be left with nothing but a full tax
write-off.

"If you have an email address, we would appreciate if you were able to send
it to us together with information about holdings for which you speak. We
should then be able to communicate with you by email in future. We see that
as a method of reducing costs and improving communications with all those
who are interested and would like to know more of the future developments.

"The mining operations at Beaconsfield continue and we believe that gold
production has been pleasantly high. The problem is of course that the value
from that production is accruing principally for the benefit of the
accountants, lawyers and bankers and the sooner actions can be taken which
bring the assets under the direct control of the Directors for the benefit
of the shareholders, in a manner in which the bankers are sufficiently
placated, the better.

"There is no doubt that there will be a need for further equity into the
project but these are aspects of "the going forward" which will be decided
by the Directors once they are in a position to know the full position of
the company.

"Should you have any questions I am able to be contacted on (02) 9251 6200
which number goes to my pager after hours."

BEACONSFIELD GOLD NL (RECEIVER AND MANAGER APPOINTED)

By order of the members of Beaconsfield Gold (Receiver and Manager
Appointed) (the Company) named below who together hold at least 5 percent of
the votes that may be cast at a general meeting of the Company, and in
accordance with section 249F of the Corporations Act.

Notice is hereby given that a general meeting of the members of
Beaconsfield Gold NL (Receiver and Manager Appointed) will be held at The
Rugby Club, First Floor, 31A Pitt Street, Sydney, New South Wales 2000 on
Wednesday 21 November 2001 at 10.00am.

BUSINESS

To consider, and if thought fit, pass as ordinary resolutions:

APPOINTMENT OF NEW DIRECTORS

1. That Christopher Bruce Ryan, having consented to his nomination as a
director of the Company and having signified his candidature for office in
accordance with regulation 97 of the Constitution of the Company, be and is
hereby appointed a director of the Company.

2. That Philip Francis Bruce, having consented to his nomination as a
director of the Company and having signified his candidature for office in
accordance with regulation 97 of the Constitution of the Company, be and is
hereby appointed a director of the Company.

3. That Gordon Bradley Elkington, having consented to his nomination as a
director of the Company and having signified his candidature for office in
accordance with regulation 97 of the Constitution of the Company, be and is
hereby appointed a director of the Company.

REMOVAL OF DIRECTORS

4. That John Jost be removed from office as a director of the
Company, effective immediately.

5. That Michael Trumbull be removed from office as a director of the
Company, effective immediately.

6. That John Miedecke be removed from office as a director of the Company,
effective immediately.

7. That any person other then John Jost, Michael Trumbull, John
Miedecke, Christopher Ryan, Philip Bruce and Gordon Elkington holding office
as a director of the Company at the time of passing of this resolution, be
removed from office as a director of the Company, effective immediately.


DAVNET LIMITED: Posts Directors' Letter, Notice of AGM
------------------------------------------------------
Davnet Limited posted:

LETTER FROM DIRECTORS

"This Information Memorandum contains a number of components, all of which
are important and should be considered. Immediately following this letter
you will find a Notice of Annual General Meeting, an Explanatory Memorandum
and an Independent Expert's Report. A loose-leaf Proxy Form is also included
in the package, as is the Annual Report.

"As you may be aware from a series of announcements to the ASX, your Company
proposes to issue convertible notes (with options) to Cravelle (Belgium) SA
(Cravellea wholly owned subsidiary of The Investment Company of China (ICC),
and, potentially, to other parties. The convertible note issue is part of a
re-capitalization of Davnet Limited, a process which commenced on 10 August
2001 when the ICC Group, an investor group with minority shareholding
interests in Davnet agreed to lend funds to Davnet.

"As the proposed issue of convertible notes and options potentially would
give the ICC Group a relevant interest in over 20% of the voting shares of
the Company, and as the issue involves Davnet placing in excess of 15% of
its capital, in accordance with the Corporations Act and the ASX Listing
Rules, the issue of those securities trust be approved by Davnet
shareholders in general meeting.

"It is important for Shareholders to understand the background to this
proposal. In brief, the issue is of a minimum of $3 million of convertible
notes (with attached options) to the ICC Group and, at the ICC Group's
election, up to a further $2 million to be issued to the ICC Group or to
investors nominated by the ICC Group. The ICC Group will pay for the notes
it receives by using funds advanced under the existing loan facility it has
in place with the Company, which are repayable upon any issue of securities
by the Company. In addition, if necessary, the ICC Group and other investors
will also provide a cash top-up to the extent that the subscription amount
for the notes is greater than the funds advanced under the existing loan
facility. The convertible note issue is primarily a replacement of the ICC
Group's short term loan facility with a longer term (three year) facility
which has a right of conversion to equity.

"An important adjunct to the convertible note issue is that if the issue is
approved by Davnet shareholders at the annual general meeting, then Davnet
intends to proceed with a rights issue of ordinary shares. The ICC Group has
stated its intention to underwrite $2 million of that rights issue (such
amount to include taking up its entitlements). Any underwriting by
the ICC Group would be on the basis of an underwriting agreement, the terms
of which have not been negotiated or prepared as at the date of this
Information Memorandum. The final decision to proceed with a rights issue,
and the terms of such issue, will depend on an assessment by the Board of
Davnet of all relevant circumstances prevailing at the time, including the
review of asset holdings and group structure currently in progress.

"If the convertible note issue is not approved, your Board is unlikely to
proceed with the rights issue referred to above, and would need to further
consider the Company's continuing funding arrangements.

"The purpose of the Information Memorandum is to provide you with the
necessary information to assist you in deciding whether to approve the
convertible note issue and the other matters at the annual general meeting
of the Company to be held on 27 November 2001.

"The Company commissioned an Independent Expert's Report from PKF Corporate
Advisers Pty Limited ("PKF"), which addresses the arguments for and against
the convertible note issue. In conclusion, PKF's opinion is that the
transaction is fair and reasonable to Shareholders of the Company not
associated with the ICC Group and that on balance it provides the Company
and its Shareholders with significant advantages. PKF's findings are
contained in the Independent Expert's Report, and summarized in Section 3.4
of the Explanatory Memorandum.

"Details of each of the resolutions, including those relating to the
convertible note issue, appointment of directors, issuing options to
directors and ratifying previous issues of shares and options, are set out
in Section 2 of the Explanatory Memorandum and also in the Notice of
Meeting.

"Each of the Directors who are independent of the ICC Group, being Messrs
Walker, Rule and Simart recommends that shareholders approve resolution 6.

"If you are unable to attend the general meeting, please complete and return
the enclosed proxy form."

  NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of members of  Davnet
Limited (ACN 067 682 928) (the Company) will be held at 12  noon (Sydney
time) on Tuesday 27 November 2001 at the ASX Exchange  Square Auditorium, 20
Bridge Street, Sydney, New South Wales, to  conduct the following business.

The Notice of Meeting is incorporated in an Information Memorandum, which
includes an Explanation Memorandum. Defined terms used in this Notice of
Meeting have the meanings given in the Explanatory  Memorandum.

BUSINESS

REPORTS

FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2001

To receive and consider the Financial Statements and Reports of the
directors and auditor for the year ended 30 June 2001.

RESOLUTIONS

1. CONFIRMATION OF APPOINTMENT OF EDWARD RULE

To consider and if thought fit, pass the following resolution as an
ordinary resolution: "That Mr Edward Rule's appointment as a director of the
Company to  fill a casual vacancy on 10 August 2001 be confirmed."

Information about the candidate appears in the Annual Report
accompanying the Information Memorandum, and information about this
resolution appears in the Explanatory Memorandum.

2. CONFIRMATION OF APPOINTMENT OF JEAN-MARIE SIMART

To consider and if thought fit, pass the following resolution as an
ordinary resolution: "That Mr Jean-Marie Simart's appointment as a director
of the Company  to fill a casual vacancy on 10 August 2001 be confirmed."

Information about the candidate appears in the Annual Report
accompanying the Information Memorandum, and information about this
resolution appears in the Explanatory Memorandum.

3. CONFIRMATION OF APPOINTMENT OF ALEXANDER ADAMOVICH

To consider and if thought fit, pass the following resolution as an ordinary
resolution: "That Mr Alexander Adamovich's appointment as a director of the
Company to fill a casual vacancy on 17 August 2001 be confirmed."

Information about the candidate appears in the Annual Report
accompanying the Information Memorandum, and information about this
resolution appears in the Explanatory Memorandum.

4. CONFIRMATION OF APPOINTMENT OF WILLIAM KOCASS

To consider and if thought fit, pass the following resolution as an ordinary
resolution: "That Mr William Kocass' appointment as a director of the
Company to fill a casual vacancy on 17 August 2001 be confirmed."

Information about the candidate appears in the Annual Report
accompanying the Information Memorandum, and information about this
resolution appears in the Explanatory Memorandum.

5. APPOINTMENT OF DAVID RICHMOND

To consider and if thought fit, pass the following resolution as an ordinary
resolution: "That, subject to the passing of Resolutions 6, Mr David
Richmond be  appointed as a director of the Company with effect from the end
of the annual general meeting."

Information about the candidate and this resolution appears in the
Explanatory Memorandum.

6. ISSUE OF SECURITIES TO CRAVELLE (BELGIUM) SA AND OTHERS

In accordance with Listing Rule 7.1 of the Listing Rules of the
Australian Stock Exchange Limited and section 611 item 7 of the
Corporations Act (Cth) 2001, to consider and if thought fit, pass the
following resolution as an ordinary resolution:

"That the Company is authorized to issue and allot:

(a) up to 166,666,667 convertible notes in aggregate to Cravelle
(Belgium) SA (Cravelle) and Other Investors (as that term is defined in the
Explanatory Memorandum), at an issue price of 3 cents each, convertible at
any time up to the third anniversary of their date of issue, (and any
ordinary shares issued on the conversion of those convertible notes in
accordance with their terms of issue); and

(b) up to 166,666,667 options in aggregate to Cravelle and Other
Investors to subscribe for up to 166,666,667 ordinary shares
exercisable at 3 cents each at any time up to the third anniversary of their
date of issue (and any ordinary shares issued on the exercise of those
options in accordance with their terms of issue); and

(c) up to 40,000,000 ordinary shares in aggregate to Cravelle, Other
Investors and (if any) other Noteholders (as that term is defined in the
Explanatory Memorandum), at 3 cents (being the maximum number of shares
which may be issued in satisfaction of interest payable on the convertible
notes described in paragraph (a)),

on the terms and conditions set out in the Convertible Note
Subscription Agreement described in the Explanatory Memorandum, and

(d) the shares the subject of the options issued to Equity Partners  Asia
Limited (EPA) and the shares the subject of the options that  may be issued
to Alexander Adamovich referred to in resolutions 7(b) and 8(b)
respectively, as a result of which Cravelle, EPA and Alexander Adamovich and
each of their associates potentially will obtain in aggregate a relevant
interest in 431,333,334 ordinary shares in the capital of the Company if all
of the convertible notes described above are issued to Cravelle and
converted by Cravelle and all of the options issued to EPA described above
are exercised by EPA and all of the other options described above are issued
to Cravelle and Alexander Adamovich and exercised by Cravelle and Alexander
Adamovich and all of the shares described above are issued to Cravelle.
Companies with which Cravelle is associated currently have relevant
interests in 9,591,368 ordinary shares. The contemplated issue of securities
to Cravelle and Alexander
Adamovich and the potential issue of ordinary shares to EPA upon the
exercise of options would increase the potential voting power in the Company
of Cravelle, EPA and Alexander Adamovich and their associates to more than
20%, irrespective of whether the voting power of any of the abovementioned
parties or any other member of the Company may have changed between:

(i) the date of this Notice of Meeting and the date of the Annual General
Meeting; and

(ii) the date of the Annual General Meeting and the date that the
convertible notes and options described above are issued."

7. APPROVAL OF PREVIOUS ISSUES OF SHARES AND OPTIONS

In accordance with Listing Rules 7.4 of the Listing Rules of the
Australian Stock Exchange Limited, to consider and, if thought fit, to pass
the following resolution as an ordinary resolution:

"That the Company approves the allotment and issue of:

(a) 13,265,852 ordinary shares in the Company; and

(b) 55,000,000 options over ordinary shares in the Company (and any ordinary
shares issued on the exercise of those options in accordance with their
terms of issue),

at the dates, to the persons and on the terms described in the
Explanatory Memorandum."

8. ISSUE OF OPTIONS TO DIRECTORS

In accordance with Listing Rules 7.1 and 10.11 of the Listing Rules of the
Australian Stock Exchange Limited, to consider and, if thought  fit, to pass
the following resolutions 8(a) through 8(f) as ordinary  resolutions:

"That, on the basis that the named persons are directors of the
Company at the date of the proposed allotment and issue, the Company
approves the allotment and issue of options (totaling 20,000,000) to the
directors and proposed director of the Company as set out below (and any
ordinary shares issued on the exercise of those options in accordance with
their terms of issue) at the date and on the terms described in the
Explanatory Memorandum:

DIRECTOR                             NO. OF OPTIONS

(a) W Kocass                            3,000,000
(b) A Adamovich                         3,000,000
(c) J-M Simart                          3,000,000
(d) E Rule                              3,000,000
(e) J Walker                            3,000,000
(f) D Richmond (proposed director)      5,000,000


ENERGY EQUITY: Existing Shareholders Offered New Shares
-------------------------------------------------------
Energy Equity Corporation Ltd (EEC or the Company) is making a
non-renounceable pro-rata Share Offer of New Shares to existing
Shareholders on the basis of 1 New Share for every 4 Shares held at 5.00 pro
(WST) on Thursday 8 November 2001 (Record Date) at an issue price of $0.0665
per New Share (Share Offer).

A maximum of approximately 170,405,133 New Shares will be issued
pursuant to this Prospectus (Share Offer).

There is no minimum subscription to the Share Offer.

PROSPECTUS

SHARE OFFER

A non-renounceable pro rata offer of 1 New Share for every 4 Shares at an
issue price of $0.0665 per Share to raise up to $11,331,941.

This offer is underwritten to a value of $10 million by Energy World
International Ltd, subject to the approval of members at the Annual General
Meeting to be held on 30 November 2001

PURPOSE OF THE SHARE OFFER

If the Share Offer is fully subscribed the Company will issue
approximately 170,405,133 New Shares pursuant to this Prospectus to raise
approximately $11,331,941 before costs of the Issue.

The purpose of the Share Offer is to provide funding for the
Company's working capital needs, further debt reduction and repay loans
drawn down pursuant to a Convertible Loan Agreement provided by the
Company's largest shareholder - Energy World International Ltd (EWI).

PROPOSED TIMETABLE

Announcement of Share Offer                    26 October 2001
Lodgment of Prospectus with ASIC and ASX       29 October 2001
Record date for determining entitlements        8 November 2001
Prospectus and Entitlement and Acceptance Form 12 November 2001
dispatched to Shareholders

Annual General Meeting                         30 November 2001
Closing Date                                    7 December 2001
Anticipated date for allotment and issue of    14 December 2001
New Shares

Subject to the Listing Rules of ASX, the Directors reserve the right to
extend the Closing Date for the Share Offer.


ENERGY EQUITY: Posts Chairperson R S Punch Share Offer Letter
-------------------------------------------------------------
Energy Equity Corporation Limited posted Chairperson R S Punch letter to
shareholders:

"The Annual General Meeting on 29 November 2000 approved a capital raising
of $35 million by way of a Convertible Note and Share Subscription facility
and a further $25 million capital raising. The capital raising of $35
million was successfully concluded and $34.450 million converted into
ordinary shares as at 30 June 2001. The remaining notes of $550,000 have
been repaid.

"Your Company now proposes to activate the second stage of its capital plan
with an equity raising of $11.331 million, which forms part of the $25
million equity raising by way of a non-renounceable rights issue of 1 new
share for every 4 shares held as at 8 November 2001 at an issue price of
$0.0665 cents per share. The funds will be used for working capital, further
debt reduction and repayment of loans from EWI of $2,080,000 drawn down as
at 26 October 2001 from a Convertible Loan Agreement provided by EWI of up
to $10 million.

"The Company's major shareholder, Energy World International Ltd (EWI) have
underwritten the Share Offer to the value of $10 million. EWI have advised
the Company that they intend to take up their full entitlement.

"Your attention is drawn to the information contained in this
Prospectus and the Annual Report and Notice of Annual General Meeting that
has been distributed to all Shareholders.

"The Company's Annual General Meeting is to be held on 30 November 2001, at
which time the Company can provide an update for all shareholders of
activities prior to the closing date of the Share Offer of 7 December 2001.

"The Directors commend your participation in the Share Offer."


INVESTORS FORUM: ASIC Freezes Assets, Suspends License
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has obtained
orders from the Supreme Court of New South Wales, freezing the assets of
Australian Investors Forum Pty Ltd and suspending its dealer's license.

The Court orders also freeze the assets of Dennis Ralph Anthony, Martin
Lloyd-Cocks, Dominic Luvara, Peter Victor Topperwien and Bud Shaheen and a
number of companies owned and controlled by them. The orders also require
the five men to surrender their passports.

Australian Investors Forum is a licensed securities dealer and it runs an
investment club offering members placements in new company floats.

ASIC commenced the ex-parte proceedings to protect investors' funds.

Some $2.5 million of investors' money was raised for investment in
Australian Investors Forum and a related company. ASIC alleges that, without
the investors' knowledge, millions of shares in those companies have been
issued at a 99.95 per cent discount to companies owned or controlled by
Messrs Anthony, Lloyd-Cocks, Luvara and Topperwien.

ASIC also alleges that Mr Anthony is an undischarged bankrupt who controls
Australian Investor Forum and a number of related companies. ASIC alleges
that some investors' money has been improperly used to pay Mr Anthony's
bankruptcy debts of approximately $150,000.

ASIC also alleges that Australian Investors Forum has paid substantial
amounts of money from its trust account and general trading account to
related companies in circumstances where there is no justification for the
payments.

ASIC has also initiated proceedings against Sage Global Fund Ltd, a publicly
listed company whose directors are Messrs Lloyd-Cocks, Luvara and
Topperwien. ASIC alleges that Sage Global Fund has paid $560,000 of
investors' funds to an Australian Investors Forum-related company,
Techlogica Pty Ltd, which has no business, employees or assets.


PRESTON RESOURCES: Posts Bulong Operations' Production Report
-------------------------------------------------------------
Preston Resources Limited posted Bulong Operations Pty Ltd production report
for September 2001:

Nickel and cobalt dispatched for sale amounted to 603 and 31 tonnes
respectively. Circuit inventories of nickel decreased by about 51tonnes for
the month. Plant throughput was affected by mechanical availability in the
leach circuit with unscheduled maintenance being required as a consequence
of blockages of the autoclave feed pumps. Restrictions in the partial
neutralization circuit also affected plant performance.

The recently introduced roster system has shown its effectiveness in many
areas including safety and training.

Modifications to the ore preparation circuit have resulted in
rejection of waste material and consequent upgrading of leach feed Ni and Co
values.

SAFETY AND ENVIRONMENT

Two significant injuries occurred during the month. One incident
resulted in an operator receiving an electric shock. He was admitted to
hospital for observation and discharged the following day. The second
incident involved a sprained ankle, which resulted in the operator being
placed on light duties.

PRODUCTION

Production statistics for the month of September are shown in this table:

THIS MONTH

ACTUAL          PLAN        VARIANCE      VARIANCE          UNIT
                                              (%)
                                                          INPUTS
38,749    45,036        -6,287         -14.0%     Leach Feed (t)
1.74       1.81         -0.07          - 3.9%     Ni Grade (%)
0.134      0.116         0.018          15.6%     Co Grade (%)
                                                         OUTPUTS
603,384  683,214       -79,830         -11.7%     Ni (t)
31,839    41,093       - 9,254         -22.5%     Co (t)

YTD

ACTUAL          PLAN        VARIANCE      VARIANCE          UNIT
                                             (%)
                                                          INPUTS
118,791   128,587        -9,796         -7.6%     Leach Feed (t)
1.78        1.80         -0.02          -1.3$     Ni Grade (%)
0.127       0.109         0.018         16.4%     Co Grade (%)
                                                         OUTPUTS
1,691,466  1,899,454     -207,988        -10.0%    Ni (t)
92,110     107,832       -15,721         -14.6%    Co (t)

Nickel metal output was below plan due to:

* Poor leach throughput   (14 percent below budget)

* Lower leach feed grades ( 4 percent below budget)

* Lower plant recovery    ( 2 percent below budget)

Leach plant availability was higher than plan, at 93.7 percent.

603 tonnes of nickel were available for sale, including a drawdown from
inventory of 51 tonnes. New metal produced for the period was 552 tonnes.

MINING COSTS

The contract mining costs were below budget due to the change in the mining
schedule and resultant bulk mining of waste material from Foundry pit at
reduced unit rates compared to scheduled ore movement. The material movement
reduced was changed due to credit constraints with the contract assay
laboratory and reduced grade control data reporting from Gala pit.

Minor grade control activity due to lack of ore movement from Gala also
reduced costs.

A cost accrual for crushing and screening activities carried out in August
was costed to equipment hire in the Mine Planning area, resulting in a cost
over run in this area.

LEACH PLANT COSTS

Total costs were down by 8 percent on budget at $2,195,048. This was mainly
associated with a reduction in acid usage.

Unit costs for leach were $56.64 per tonne of ore leached, against a plan of
$53.00 per tonne. Unit costs were higher than plan due to the lower leach
throughput achieved this month.

REFINERY COSTS

The refinery costs were under-budget (3 percent) for September, mainly as a
result of the lower than planned metal output.

Labor costs were 5 percent under-budget despite an unbudgeted $23,000
maintenance labor re-allocation.

Reagents were 14 percent under-budget, again as a result of the lower than
planned metal output.

MAINTENANCE COSTS

Maintenance costs for the month were $225,000 over budget, at
$909,000. The main areas that contributed to this cost overrun were ore
prep, leaching and CCD/PN. Ore preparation and leaching cost over runs
resulted from major works completed during the month and materials ordered
for the shutdown. CCD/PN costs are mainly attributed to pump parts, as a
large number of pumps required rebuilding during the month.

PRODUCTION SERVICES COSTS

Overall costs were under budget by 51 percent, predominantly due to a
reversal of charges incorrectly allocated to process control maintenance
last month.

COMMERCIAL COSTS

SUPPLY

Supply Costs were under budget by $55,000 (43 percent) for the month. The
main variance being in the freight area where invoices of $32,000 were not
accrued for the month. This will show as a variance in October. Salary costs
are also below budget and account for a difference of $23,000.

HUMAN RESOURCES

Costs were $12,000 (69 percent) under budget. Salary costs in this area are
reduced due to the Senior Human Resources Advisor taking maternity leave.
Advertising, recruitment and relocation costs are still below budget due to
the low activity in recruitment of senior personnel.

SITE ADMINISTRATION

Overall costs for the month are $54,000 (13 percent) over budget. The major
contributors to the variance are penalties and fines, where $29,000 was
incurred for the late payment of tax to the State Revenue Department. Audit
fees are in excess of budget by $10,000 and an adjustment for year 2000
workers compensation insurance contributed $48,000.

REVENUE                SEPT-2001
                         A$'000

Nickel sales              5,440
Cobalt sales                563

METAL PRODUCTION

Estimates of quarterly metal output, through to March 2002 are shown in the
table following,

QUARTER ENDING                      NICKEL                COBALT
                                            (IN TONNES)

September 30, 2001                  1,900                   108
December 31, 2001                   2,040                   145
March 31, 2002                      2,073                   151
June 30, 2002                       1,892                   139

OUTLOOK

Throughput in early October continued to be affected by mechanical
performance of the leach plant. Numerous blockages of feed pumps to the
autoclave reduced leach availability and output will be further affected by
the commencement of a planned major shutdown commencing at the end of
October. Many of the tasks to be undertaken during the shut down will
contribute to improved plant performance.

Information in this report that relates to Mineral Resources or Ore
Reserves is based on information compiled by Lindsay Cahill who is a  Member
of the Australian Institute of Mining and Metallurgy. Lindsay Cahill is a
full time employee of Preston Resources Ltd and has sufficient experience
which is relevant to the style of liberalization and type of deposits under
consideration and to the activity undertaken to qualify as a competent
person as defined in the 1999 Edition of the "Australasian Code for
Reporting of Mineral and Ore Resources".


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


G-PROP HOLDINGS: Price, Turnover Movements Unexplainable
--------------------------------------------------------
The board of directors (Board) of G-Prop (Holdings) Limited have noted the
recent increases in the price and trading volumes of the shares of the
Company and wish to state that the Board is not aware of any reasons for
such increases.

The Board also 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 is the Board 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.


GALA FAIR: Petition To Wind Up Pending
--------------------------------------
The petition to wind up Gala Fair Company Limited is set for hearing before
the High Court of Hong Kong on November 7, 2001 at 9:30 am.

The petition was filed with the court on July 31, 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.


GUANGDONG INVESTMENT: Subsidiary Enters Conditional Agreement
-------------------------------------------------------------
Guangdong Investment Limited announced that on 26 October 2001, a
wholly-owned subsidiary of the Company, GD Properties, entered into a
conditional agreement with Yue Gang whereby GD Properties agreed to sell to
Yue Gang a 55.2 percent interest in GZ Panyu for a consideration of
RMB220,890,000, exclusive of a 2001 interim dividend (in respect of such
55.2 percent interest agreed to be sold) already declared by GZ Panyu prior
to the date of the SP Agreement and payable to GD Properties notwithstanding
Completion.

Under the SP Agreement, Yue Gang may (subject to the relevant governmental
and/or regulatory approval in the PRC) sub-sell all or part of the 55.2
percent interest in GZ Panyu to third parties and/or one or more of its
subsidiaries on or before Completion at not less than the Acquisition Price.
Furthermore, in the event that Yue Gang sub-sells Yue Gang's Interest at a
unit price higher than the Acquisition Price on or before Completion, GD
Properties is entitled to any premium arising in respect thereof.

Completion of the SP Agreement is conditional upon the satisfaction (or
applicable waiver(s)) of all conditions precedent set out therein. These
include, obtaining the approval of the Independent Shareholders (including,
inter alia, continuation of and/or modifications to the Company's
obligations under the Guarantee and the Deed of Undertaking on Completion),
the relevant regulatory/governmental authorities in the PRC and in Hong Kong
in respect of the Disposal under the SP Agreement and compliance with the
requirements of the Steering Committee (if any).

Immediately following the Completion, GD Properties will hold 24.8 percent
interest in GZ Panyu. The parties to the SP Agreement also agreed to
endeavor, on or subsequent to Completion of the Disposal, to change the
legal status of GZ Panyu to a general estate and property development
company with limited liability or a non-Sino-foreign co-operative joint
venture company with limited liability permitted to engage in general
development of properties in the PRC in addition to Riverside Garden and
subsequently to a joint stock limited liability company principally engaging
in general estate and property development.

Yue Gang owns approximately 55.52 percent of the Company through its direct
wholly owned subsidiary, GDH, and its Associates. Yue Gang is therefore a
substantial shareholder of and a Connected Person to the Company and the
sale by GD Properties (a wholly-owned subsidiary of the Company) of its
interest in GZ Panyu to Yue Gang, and the intended subsequent implementation
of the Related Events constitute connected transactions of the Company under
the Listing Rules.

Since the Consideration for the Disposal exceeds HK$10,000,000 or 1.0
percent of the Modified Asset Value of the GDI Group, the Disposal will
require Independent Shareholders' approval whereby Yue Gang and its
Associates are required to abstain from voting on the relevant Shareholders'
resolutions. A circular containing details of the SP Agreement and the
matters contemplated thereunder, the advice from the independent board
committee of the Company and from an independent financial adviser, together
with a notice of an extraordinary general meeting of the Company to be held
to consider and approve the Disposal and the Related Events, will be
dispatched to the Shareholders as soon as practicable.

I. DISPOSAL OF A 55.2 PERCENT INTEREST IN GZ PANYU

SALE AND PURCHASE AGREEMENT DATED 26 OCTOBER 2001 (SP AGREEMENT)

(1) Vendor : GD Properties

(2) Purchaser : Yue Gang

PARTICULARS OF GZ PANYU

GZ Panyu is a Sino-foreign co-operative joint venture established in the PRC
in 1991. GZ Panyu is currently owned as to 80 percent by the Company through
its wholly-owned subsidiary, GD Properties, and as to 20 percent by the
Joint Development Company. Other than its interest in GZ Panyu, the Joint
Development Company is independent of the Company and/or any of the
directors, chief executive, substantial shareholders of the Company and/or
of any of its respective subsidiaries and/or associates. GZ Panyu's
principal activity is the property development and investment of Riverside
Garden in the PRC. GZ Panyu also holds a 80 percent interest in (Panyu
Riverside Garden Property Management Limited), the management company of
Riverside Garden.

The unaudited consolidated net asset value of the GZ Panyu Group as at 30
June 2001, based on its latest available management accounts prepared in
accordance with Hong Kong Generally Accepted Accounting Principles (HKGAAP),
is approximately HK$355,145,000. The unaudited consolidated net profits
attributable to the joint venture partners of GZ Panyu prepared in
accordance with HKGAAP for the two financial periods meaning the twelve
month period ended on 31 December 2000 and the six month period ended on 30
June 2001 are approximately HK$61,939,000 and HK$40,467,000 respectively.

PARTICULARS OF THE SP AGREEMENT

General Terms

Pursuant to the SP Agreement, GD Properties has agreed to sell to Yue Gang a
55.2 percent interest in GZ Panyu (which is exclusive of a 2001 interim
dividend, in respect of Yue Gang's Interest (as defined hereinafter),
already declared by GZ Panyu prior to the date of the SP Agreement and
payable to GD Properties notwithstanding Completion) for a consideration of
RMB220,890,000 (Consideration). The Consideration is payable to GD
Properties in full on Completion. The Consideration was negotiated on an
arm's length basis and determined by reference to the discounted cash flow
approach applied to the cash flow projection of the GZ Panyu Group for the 5
year period ending on 31 December 2005. An independent valuation report
prepared by an independent valuer will be included in the circular to be
dispatched by the Company to the Shareholders.

Under the SP Agreement, the parties agreed that Yue Gang may (subject to the
relevant governmental and/or regulatory approval in the PRC) sub-sell all or
part of the 55.2 percent interest in GZ Panyu it had agreed to purchase (Yue
Gang's Interest) to third parties and/or one or more of its subsidiaries on
or before Completion at not less than the Acquisition Price. If any of Yue
Gang's Interest is sold at a unit price in excess of the Acquisition Price
on or before Completion to third parties and/or one or more of its
subsidiaries, the relevant premium amount shall be given to GD Properties
unconditionally.

Guarantee and the Deed of Undertaking

In consideration of the provision of mortgage loan facilities by a
commercial bank (1st Mortgage Bank) to certain purchasers of Riverside
Garden properties, the Company has, under the Guarantee, undertaken to pay
to the 1st Mortgage Bank the amount owing by, inter alia, such purchasers of
Riverside Garden properties under the relevant security documents in the
event that any of such purchasers of Riverside Garden properties fails to
satisfy and/or discharge its or their obligations thereunder.

As of 31 August 2001, the total amount of outstanding indebtedness in
respect of which the Company may become liable under the Guarantee was
approximately HK$209,000. Immediately following the Completion, the interest
of the GDI Group in GZ Panyu will be decreased to 24.8 percent. Accordingly,
the parties have agreed to endeavor to procure a change to the terms of the
Guarantee to the effect that the Company's potential liabilities shall be
reduced to 24.8 percent (severally) and that Yue Gang shall undertake to pay
75.2 percent (severally) of the relevant contingent liabilities.

In the event that the 1st Mortgage Bank does not accede to the aforesaid
arrangement or the 1st Mortgage Bank imposes any term in respect to the
aforesaid arrangement, which is not acceptable to the Company, Yue Gang
shall provide a counter-guarantee in respect of the potential liabilities of
the Company of up to 75.2 percent. In the event that the Company shall have
the benefit of any counter-guarantee in respect of its potential liabilities
as against any third party (i.e. other than Yue Gang) under the Guarantee, a
pro rata portion of such benefits shall be assigned to Yue Gang, after the
adjustment has been made to the Company's potential liabilities as
aforesaid.

Shareholders are reminded that there is no assurance that the above
arrangement will be successfully implemented before Completion. In any
event, the Company seeks the approval by the Independent Shareholders of the
aforesaid arrangements as part of the SP Agreement or failing which, the
continued obligations of the Company under the Guarantee after Completion.

In consideration of the provision of mortgage loan facilities by the
Guangzhou branch of a commercial bank("2nd Mortgage Bank") to certain
purchasers of Riverside Garden properties, the Company has, under the Deed
of Undertaking with the 2nd Mortgage Bank, undertaken to pay to it, inter
alia, 80 percent of the amount owing by, inter alia, GZ Panyu and/or such
purchasers of Riverside Garden properties under the relevant security
documents in the event that GZ Panyu and/or any of such purchasers of
Riverside Garden properties fails to satisfy and/or discharge their
obligations thereunder.

As of 31 August 2001, the total amount of outstanding indebtedness in
respect of which the Company may become liable under the Deed of Undertaking
was approximately HK$948,000. Immediately following the Completion, the
interest of the GDI Group in GZ Panyu will be decreased to 24.8 percent.

Accordingly, the parties have agreed to endeavor to procure a change to the
terms of the Deed of Undertaking to the effect that the Company's potential
liabilities shall be reduced to 24.8 percent (severally) and that Yue Gang
shall undertake to pay 55.2 percent (severally) of the relevant contingent
liabilities.

In the event that the 2nd Mortgage Bank does not accede to the aforesaid
arrangement or the 2nd Mortgage Bank imposes any term in respect of the
aforesaid arrangement which is not acceptable to the Company, Yue Gang shall
provide a counter-guarantee in respect of the potential liabilities of the
Company of up to 69 percent (i.e. the proportion the interest in GZ Panyu
sold to Yue Gang under the SP Agreement bears to the interest in GZ Panyu
held by GD Properties prior to the Disposal).

In the event that the Company shall have the benefit of any
counter-guarantee in respect of its potential liabilities as against any
third party (i.e. other than Yue Gang) under the Deed of Undertaking, a pro
rata portion of such benefits shall be assigned to Yue Gang, after the
adjustment has been made to the Company's potential liabilities as
aforesaid. Shareholders are reminded that there is no assurance that the
above arrangement will be successfully implemented before Completion.

In any event, the Company seeks the approval by the Independent Shareholders
of the aforesaid arrangements as part of the SP Agreement or failing which,
the continued obligations of the Company under the Deed of Undertaking after
Completion.

COMPLETION OF THE SP AGREEMENT

Under the SP Agreement, Completion is to take place within 3 Business Days
of the satisfaction (or applicable waiver(s)) of the following conditions
precedent to the SP Agreement, which in any event shall not be later than
the Long Stop Date (unless extended by the parties by mutual agreement):

(1) (a) approval of the Disposal as set out in the SP Agreement by the
Independent Shareholders of the Company (including a waiver by GD Properties
of its right of pre-emption in relation to the sub-sale and/or nomination by
Yue Gang of Yue Gang's Interest in accordance with the terms of the SP
Agreement and approval of the Company's obligations under the Deed of
Undertaking and Guarantee or modifications thereof in accordance with the
provisions of SP Agreement after the Completion);

(b) any other requirements/rules of The Stock Exchange of Hong Kong Limited
and/or other relevant regulatory authorities, if any, having been complied
with;

(2) fulfillment of the requirements of Steering Committee under the Master
Override Agreement regarding the Disposal, if any; and

(3) (a) consent by the Joint Development Company to a waiver of its right of
pre-emption (including its right of pre-emption in respect of Yue Gang's
Interest in any sub-sale of Yue Gang's Interest permitted under the SP
Agreement by Yue Gang and/or nomination by Yue Gang, if any), to the
Disposal and execution of an amended or restated joint venture contract;

(b) the board of directors of GZ Panyu approving the Disposal and the
corresponding amendments to the articles of association of GZ Panyu;

(c) GZ Panyu or the parties to the SP Agreement receiving the relevant
authorization, consent or approval documents issued by the original
approving regulatory PRC authority for the Disposal (including any sub-sale
of Yue Gang's Interest permitted under the SP Agreement by Yue Gang and/or
nomination by Yue Gang, if any), the amended joint venture agreement and the
amended articles of association of GZ Panyu (including compliance with the
requirements, if any, of the relevant PRC regulatory authority to terminate
the existing joint venture agreement and articles of association for
Sino-foreign co-operative joint venture, and to re-enter into a new joint
venture agreement and articles of association for domestic enterprise (i.e.
as the percentage of foreign ownership of GZ Panyu will be less than 25
percent after the Disposal); and

(4) the acceptance by the relevant PRC authority of the relevant filings
required for all necessary changes to the business registration of GZ Panyu
resulting from the Disposal and amendment to the articles of association of
GZ Panyu.

PROVIDED THAT the parties may by mutual agreement in writing waive any of
the above conditions precedent or extend the Long Stop Date, except that for
the conditions precedent referred to in paragraphs (1)(a) and (1)(b), such
waiver shall not apply.

RELATED EVENTS

The parties have agreed to endeavor to take all reasonable steps to procure
changes in respect to the following matters on or after Completion:

(a) if the circumstances so permit, changing the legal status of GZ Panyu
from a project company to a general estate and property development company
with limited liability or a non-Sino-foreign co-operative joint venture
company with limited liability permitted to engage in general development of
properties in the PRC in addition to Riverside Garden; thereafter

(b) if the circumstances so permit, changing the legal status of GZ Panyu to
a joint stock limited liability company.

REASONS FOR THE DISPOSAL AND USE OF THE PROCEEDS

The Company and its subsidiaries (GDI Group) underwent a comprehensive
restructuring of its business, finance and management in 2000. The GDI Group
is committed to a business strategy with particular emphasis on utilities
and infrastructure. As a result, it is in line with the GDI Group's business
strategy to decrease its interest in GZ Panyu. Immediately following
Completion, the GDI Group will hold a 24.8 percent interest in GZ Panyu.

Further, GZ Panyu is at present a project company that is permitted to
pursue an approved project only, namely the property development and
investment of Riverside Garden. The land available for development by GZ
Panyu in respect of Riverside Garden is likely to be fully utilized within
the next 3 years. As such, it is in the best interests of the GDI Group to
secure the prospect of continuing growth and development of GZ Panyu by
seeking a conversion of the legal status of GZ Panyu into a general estate
and property development company or a non-Sino-foreign co-operative joint
venture company with limited liability permitted to engage in general
development of properties in the PRC in addition to Riverside Garden. To
qualify GZ Panyu for such a conversion under the relevant PRC regulations,
GZ Panyu must first become a limited liability company with the percentage
of foreign ownership not exceeding 25 percent of its interest.

The Directors believe that the entering into of the SP Agreement and
completion of the matters contemplated thereunder will be beneficial to and
in the best interests of the GDI Group. The proceeds of the Disposal will be
used to reduce the indebtedness of the GDI Group.

APPROVAL BY THE INDEPENDENT SHAREHOLDERS OF THE COMPANY

Yue Gang (together with its Associates) as at the date of this announcement,
holds an approximately 55.52 percent interest in, and is a substantial
shareholder of the Company. Accordingly, Yue Gang is a Connected Person to
the Company and the entering into the SP Agreement and the matters
contemplated thereunder constitutes a connected transaction for the Company
under the Listing Rules. Since the Consideration for the Disposal exceeds
HK$10,000,000 or 1.0 percent of the Modified Asset Value of the GDI Group,
the Disposal will require Independent Shareholder's approval whereby Yue
Gang and its Associates are required to abstain from voting on the relevant
Shareholders' resolutions.

An independent board committee has been appointed to advise the Independent
Shareholders on the terms of the SP Agreement and the matters contemplated
thereunder and whether they are fair and reasonable so far as the
Independent Shareholders are concerned. An independent financial adviser has
also been appointed to advise the independent board committee in respect of
the SP Agreement and the matters contemplated thereunder.

GENERAL

A circular containing, among other things, further information on the
transaction and a notice to convene an extraordinary general meeting of the
Company to be held to consider and approve the proposed transaction will be
dispatched to the Shareholders as soon as possible.

II. ANTECEDENT CONNECTED TRANSACTION

Pursuant to an agreement dated 11 October 2001 between GZ Panyu and a
commercial bank (Bank) established in the PRC and a further agreement dated
11 October 2001 between the Bank and the Joint Development Company, the Bank
at the direction of GZ Panyu has agreed to advance the sum of RMB10,000,000
to the Joint Development Company.

Accordingly, financial assistance was granted by GZ Panyu to the Joint
Development Company. On the basis that the Joint Development Company was a
substantial shareholder of GZ Panyu and therefore constituted a Connected
Person to the Company, the provision of financial assistance by GZ Panyu to
the Joint Development Company constituted a connected transaction for the
Company under the Listing Rules. An announcement dated 11 October 2001 was
made by the Company setting out details of the connected transaction.

After the Completion of the Disposal as described under section I above, GZ
Panyu ceases to be a subsidiary of the Company. Therefore, the provision of
financial assistance by GZ Panyu to the Joint Development Company shall no
longer constitute a connected transaction for the Company under the Listing
Rules.

DEFINITIONS

"Acquisition Price" means approximately RMB400,163 for every 0.1 percent
interest in GZ Panyu.

"Associates"  has the meaning ascribed thereto under the Listing Rules.

"Business Day"   a day other than a Saturday or a Sunday on which banks in
Hong Kong are open to the general public for business.


"Company   Guangdong Investment Limited, the ordinary shares of which are
listed on the Stock Exchange.

"Completion"  completion of the Disposal pursuant to the terms of the SP
Agreement.

"Connected Person" has the meaning ascribed thereto under the Listing Rules.

"Deed of Undertaking" a deed of undertaking granted by the Company to the
2nd Mortgage Bank dated 21 September 1998.

"Directors"   the directors of the Company.

"Disposal"   the disposal by the Company through its wholly-owned
subsidiary, GD Properties, of a 55.2 percent interest in GZ Panyu, to Yue
Gang (or its transferees/nominees) in accordance with the terms and
conditions of the SP Agreement.

"GDH"    GDH Limited, the immediate holding company of the Company.

"GZ Panyu"    (Guangzhou Panyu Yue Hai Real Estate Limited), a Sino-foreign
co-operative joint venture established in the PRC currently owned as to 80
percent by the Company through its wholly-owned subsidiary, GD Properties,
and as to 20 percent by the Joint Development Company.

"GD Properties"  Guangdong Properties Holdings Limited (formerly known as
Niceduty Development Limited), a wholly-owned subsidiary of the Company.

"GZ Panyu Group"  GZ Panyu and its subsidiary.

"Guarantee"   the guarantee dated 15 November 1996 by the Company in favor
of the 1st Mortgage Bank.


"Hong Kong"   the Hong Kong Special Administrative Region of the People's
Republic of China.

"Independent Shareholders" the Shareholders of the Company, other than Yue
Gang and its Associates, and any connected person (as defined in the Listing
Rules) of the Company interested in the SP Agreement.

"Joint Development Company" the holder of 20 percent interest in GZ Panyu.

"Listing Rules"  The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited.

"Long Stop Date"  31 December 2001.

"Modified Asset Value" HK$17,478,051,000 as at 30 June 2001, being the
modified asset value of the GDI Group and the substitute of references to
the book value of the net tangible assets in rules 14.24(5) and 14.25(1) of
the Listing Rules for connected transactions calculated in accordance with
the modified assets test under the Modified Calculation Concession, details
of which are set out in the announcement made by the Company dated 26
September 2001.

"Modified Calculation Concession"  has the meaning ascribed to it in the
announcement by the Concession Stock Exchange dated 24 August 2001.

"Master Override Agreement" the agreement entered into, inter alia, among
certain GDI Group companies and the direct bank creditors dated 15 December
2000 in relation to the restructuring of certain debts of the GDI Group.

"PRC"    The People's Republic of China.

"Related Events" includes the change of legal status of GZ Panyu (i) from a
project company to a general estate and property development company with
limited liability or a non-Sino-foreign co-operative joint venture company
with limited liability permitted to engage in general development of
properties in the PRC in addition to Riverside Garden and (ii) subsequently
to becoming a joint stock limited liability company.

"RMB"   Renminbi, the lawful currency of the PRC.

"Shareholders"  holders of ordinary share(s) of HK$0.50 each in the share
capital of the Company.

"Steering Committee" the steering committee of the Company's financial
creditors constituted pursuant to the Master Override Agreement.

"Stock Exchange"  The Stock Exchange of Hong Kong Limited.

"Yue Gang"   (Guangdong Yue Gang Investment Holdings Company Limited).


HINET HOLDINGS: Unaware of Reasons for Share Price Decrease
-----------------------------------------------------------
HiNet Holdings noted the recent decreases in the price of the shares of the
Company and stated that the Company is not aware of any reasons for such
decreases.

The Company also 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 is the Board 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.


NAM FONG: Auctions Certain Investment Properties
------------------------------------------------
The Board of Directors (the Board) of Nam Fong International Holdings
Limited has become aware from a Guangzhou newspaper on 22nd October 2001
that a notice was published in respect to an auction to be held on 30th
October 2001 for the sale of certain shop premises with an aggregate gross
floor area of approximately 4,732 square meters located at zone 2C of Liwan
Plaza, Guangzhou, China (the "Premises") pursuant to a judgement made on 1st
November 1999, as reported in the interim report for the period ended 30th
June 2001. The Premises are wholly owned by Guangzhou Sui Nan Property
Development Company Limited, a wholly-owned and one of the major operating
subsidiaries of the Company primarily engaged in the business of property
investment (Sui Nan).

On July 1997, Sui Nan entered into a loan agreement with a bank in Hong Kong
for a loan facility of approximately HK$80 million, secured by the Premises
(the "Agreement"). On 1st November 1999, as a result of Sui Nan's failure to
meet the balance payments due under the Agreement, the bank commenced legal
proceedings against Sui Nan and obtained possession of the Premises for the
recovery of outstanding balance payment in the sum of approximately HK$32
million together with interest thereon.

On 6th December 2000, the Guangzhou Municipal Court instructed a firm of
professional valuers to carry out a valuation on the Premises as of 10th
November 2000. The Premises were valued at approximately HK$112 million on
an open market basis with a forced sale value of approximately HK$84
million. The valuer also recommended that the latter be used as the initial
auction price for the Premises. Any surplus arising from the disposal of the
Premises after deducting interest and other charges will be refunded to Sui
Nan.

The Board has also been informed that Sui Nan is now in the process of
settlement negotiations with the bank and to defer the date of auction of
the Premises. Further announcement will be made on the development of this
matter and/or the results of the auction as and when appropriate.


NAM FONG: Winding Up Petition Hearing Set For January 2002
----------------------------------------------------------
Nam Fong International Holdings Limited, in reference to the announcement
made by the Company on 23rd October 2001 in relation to a winding-up
petition served against the Company by a creditor, confirmed that the
Petition has been received and that it is to be heard at the High Court on
23rd January 2002.

The Company will continue negotiating with the creditor for settlement of
the outstanding amount and withdrawal of the Petition. In the event no
negotiations with the creditor can be reached by 23rd January 2002, the
shares of the Company may be suspended on 23rd January 2002 pending the
outcome of the hearing of the Petition. Further announcement will be made by
the Company to inform the shareholders and the public with regard to the
progress of negotiations with the creditor as and when necessary.

Shareholders of the Company and investors should exercise caution when
dealing in the shares of the Company.


WILSHIRE INTERNATIONAL: Hearing of Winding Up Petition Set
----------------------------------------------------------
The petition to wind up Wilshire International Limited is scheduled to be
heard before the High Court of Hong Kong on November 7, 2001 at 9:30 am. The
petition was filed with the court on August 3, 2001 by The Kwangtung
Provincial Bank, 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.


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


BANK UNIBANK: Frozen, Under IBRA's Receivership
-----------------------------------------------
Bank Indonesia (BI) governor decree No. 3/9/KEP.GBI/2001 dated 29 October
has declared operations of PT Bank Unibank Tbk. frozen. The bank is now
under the receivership of Indonesian Bank Restructuring Agency, Bisnis
Indonesia reported Tuesday.

Senior BI deputy governor Anwar Nasution and IBRA chief I Putu Gede Ary Suta
jointly made the announcement Monday. The depositors are urged to remain
calm, as they will be able to withdraw their deposits in Bank Danamon on 5
November 2001, given they can produce their IDs and proof of deposits.

BI executive Siti Ch. Fadjrijah admitted that Unibank should have been
handed over to IBRA in June 2001 but due to the absence of fund guarantees
in account 502, it was delayed. Anwar Nasution, in the same way, said the
delay was due to technical reasons, not negligence.

Between June 2001 and 29 October the bank's management were told to sell
assets to cope with its liquidity problems, said Fadjrijah.

"The previous owner of the bank, Sukanto Tanoto, channeled 51% of the bank's
assets to his own business group Raja Garuda Mas (RGM)," said Nasution.

"Since 1998 payment ceased and BI changed its management and injected
capital. But the bank's performance worsened and in November 2000 it came
under BI's special supervision,"  Fadjrijah said.

Unibank's performance worsened since 1998 as it failed to deal with its
export payments.


PERUSAHAAN LISTRIK: Seeks Foreign Loans To Finance Projects
-----------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) is seeking foreign loans to finance power
generation projects in a bid to avoid power shortages in Java and Bali in
2004, Jakarta Post reported yesterday, citing PLN president Eddie Widiono.

"Borrowing was inevitable as the company did not have sufficient internal
funds to finance the projects. We have to seek foreign funds...no other
choice," he said.

Since the 1997 economic crisis, PLN's financial health has rapidly weakened
year by year, making it almost impossible to implement expansion programs.

By the end of this year, PLN hopes to have started the building of a new
Muara Karang generating unit with a capacity of 700 MW, which will require
US$300 million in funds, Widiono said.

"The company would rely on the government funding to build generating units
for regions outside Java and Bali," Widiono added.


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


HOKURIKU BANK: Suspends Government Dividend Payments
----------------------------------------------------
Hokuriku Bank announced plans to skip dividend payments for preferred shares
held by the government in the current fiscal year through March 2002, the
Asian Wall Street Journal reported Monday.

Such a move will likely lead to a government intervention in the bank's
management. If a bank omits full-year dividends for preferred shares, the
government is entitled to intervene through the exercise of voting rights or
by converting shares into common stock.

Hokuriku Bank is the second bank from among those injected with public funds
in 1999 and 2000, to become unable to pay dividend for preferred shares. The
first one was Ashikaga Bank.

In July of 1999, the regional bank was granted Y75 billion in public funds
to replenish its capital.

Hokuriku now expects to post a group net loss of Y117B for this fiscal year,
drastically lower than the Y10.5 billion group net profit foreseen earlier.
For this business year, the bank also expects to post a Y120 billion parent
pretax loss and a Y117 billion parent net loss.

As part of its restructuring efforts, Hokuriku Bank plans to increase cuts
in the number of its employees, as well as branches and affiliates
companies.


ISUZU MOTORS: Reduces Previous Loss Forecast
--------------------------------------------
PrnewsAsia reported on Monday that Isuzu Motors Ltd. is expecting to post a
pretax loss of Y9 billion in the first half to September, down significantly
from the previous forecast of Y20 billion.

The company also revised its revenue forecast to Y760 billion, up Y10
billion from the original estimate of Y750 billion.
The company's net loss forecast remains unchanged however at Y25 billion.

The company expects a profit at the operating level for the first half.
Isuzu has been posting losses for the past two years and posted a group net
loss of Y66.8 billion in the latest fiscal year to March.


MATSUSHITA ELECTRIC: Unit Posts H101 Net Loss
---------------------------------------------
Matsushita Electric subsidiary Victor Company of Japan, more widely known as
JVC, announced that it has incurred a consolidated net loss of Y20.42
billion during the April-September first half of fiscal 2001, up from the
original forecast of Y19.5 billion made last month for the same period,
according to a report by Kyodo News on Monday.

For the fiscal first half of last year, JVC posted a Y5.68 billion
consolidated net loss on group sales of Y443.30 billion,

In related developments, the Asian Wall Street Journal reported on Monday
that Standard & Poor's lowered its long-term rating on JVC to 'BBB'- from
'BBB'+. The ratings agency also lowered its short-term rating on the company
to 'A-3' from 'A-2'.The outlook on the long-term rating is negative.


MITSUBISHI ELECTRIC: Posts Y20.38B Pretax Loss
----------------------------------------------
For the half-year ended September 30, Mitsubishi Electric Corporation posted
a group pre-tax loss of Y20.38 billion compared to last year's group pre-tax
profit of Y125.06 billion. The company's group operating profit was also
down to Y9.95 billion, compared to last year's figure of Y95.18 billion, the
Asian Wall Street Journal reported Monday.

The company also posted a parent pre-tax loss of Y14.88 billion for the
half-year ended September 30, as compared to last year's parent pre-tax
profit of Y63.16 billion. A parent net loss of Y42.69 billion was also
recorded, significantly down from last year's parent net profit of Y7.21
billion.


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


DAEWOO ELECTRONICS: Shareholders Approve Capital Reduction Plan
---------------------------------------------------------------
In return for a creditor-approved financial bailout, shareholders of South
Korea's Daewoo Electronics Co. passed a company plan to reduce capital to
W118.4 billion from the current W829 billion, with every seven shares
reduced to one, according to a Monday Asian Wall Street Journal report.

The proposed bailout, which included a conversion of W735.3 billion in debt
into equity, did not sit well with minority shareholders, with some even
declaring that they will take legal action against the approved reduction.


HYNIX SEMICONDUCTOR: New Bailout Proposal Revealed
--------------------------------------------------
Hynix Semiconductor's main creditor Korea Exchange Bank (KEB) recently
proposed a new bailout plan for the troubled chip manufacturer, this move
made amid continuing reluctance of several creditor banks to inject new
loans to the Korean company, the Korea Herald reported on October 30.

The proposed bailout plan invites creditors who are against extending new
loans to Hynix, to write off 70 percent of their Hynix exposures and convert
the remainder into equity. But some banks however, found the debt write off
ratio too high prompting KEB to start revising it.

The initial W3 trillion originally planned for the debt-for-equity swap will
be raised to W4 trillion. All creditors who concur with the swap arrangement
would purchase Hynix's bonds convertible to its common stock.

The new bailout plan will be discussed in a creditor meeting set for today.
"However the meeting may be postponed as some banks are reluctant to extend
new loans to Hynix", a KEB official said.

According to the same official, the implementation of the new bailout
program depends upon the approval of creditors accounting 75 percent of
Hynix's debt.


HYUNDAI ELECTRIC: Creditors Put Up Consultative Panel
-----------------------------------------------------
In compliance with the Corporate Restructuring Promotion Law, creditors of
Hyundai Engineering and Construction Co. (HEC) have set up a creditor
consultative council on Monday, Korea Herald reported yesterday.

A creditor steering committee, comprised of seven financial institutions,
was also established. The financial institutions include, Korea Exchange
Bank, Kyobo Life Insurance Co. and Hyundai Securities.

In line with the law, the creditors have agreed to put a one-month
moratorium on HEC debts in order to facilitate the immediate approval of a
new bailout program for the company.

The rescue program calls for a W1.4 trillion won debt-for-equity swap, as
well as a rights offering amounting to W750 billion to be underwritten by
the creditors.


HYUNDAI ENGINEERING: Creditors Freeze Debt Payments
---------------------------------------------------
South Korean creditors of Hyundai Engineering & Construction Co. have agreed
to freeze the company's debt repayments until November 28, in order to give
them time to sort out issues regarding a previous W2.9 trillion-bailout
package approved last March, the Asian Wall Street Journal reported on
October 29.

No details on the amount of the debt to be frozen were released, but company
sources revealed that Korea's largest construction company did not have any
maturing corporate bonds during the stated period.

By the end of September, Hyundai Engineering's debt-to-equity ratio stood at
300.8 percent and its total debt amounted to W2.25 trillion.

Bank creditors have already converted some W1.4 trillion of the company's
debt for equity. Some non-bank creditors, as well as investment trust
companies however, have refused to cooperate with the banks declaring that
they don't want to increase their exposure to the company.


HYUNDAI MOTOR: 10.6% Drop Projected For 2002 Car Sales
------------------------------------------------------
Due to a slumping American economy and waning consumer confidence, Korean
automaker Hyundai Motor may experience a drop in its U.S. car sales of a
projected 10.6 percent for the year 2002, the Korea Herald reported
yesterday quoting a brokerage forecast report.

The company's local automotive sales have also slid 6.3 percent in 2002, as
the General Motors-controlled Daewoo Motor is eating into the Korean market.

The brokerage report noted, "In the U.S. market, aggressive marketing by the
Big Three automakers, including free financing and price cuts, will force
Hyundai to expand the portion of marketing in entire sales to 9.7 percent,
up 0.3 points from this year."


HYUNDAI MOTOR: Plans to Build China Auto-Parts Plant
----------------------------------------------------
South Korean automaker Hyundai Motor Co. revealed plans to build an
automotive parts plant in China with hopes of cutting costs, the Asian Wall
Street Journal reported on Monday.

The construction of the plant may start as early as next year. By using
China's labor force and materials, Hyundai hopes to reduce its production
cost.

Early this month, Hyundai Motor Co. was planning to issue W200 billion of
three-year corporate bonds to repay W155 billion
of corporate bonds maturing in November and also settle other
debts.


KOHAP LIMITED: Creditors to Separate Core Ops to Form New Corp
--------------------------------------------------------------
The creditor banks of Kohap Limited, currently undergoing restructuring
under the Corporate Restructuring Acceleration Law, have decided to separate
the core operations of the company to form a new corporation, The Korea
Herald reported Saturday.

This move separates Kohap's industrial material makers PX, PTA, PIC, SSP and
OX operations from the core business and integrates it into a new
corporation, which would be completed by the end of the year.

Operations not included in the process will be either sold off or
liquidated, according to Kohap's creditor group.

The resulting entity will consist of assets totaling W1.14 trillion,
liabilities worth W686.3 billion and capital of W457.5 billion. The newly
born corporation will have a sound debt ratio of around 150 percent.


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


ACTACORP HOLDINGS: Evaluates Proposed Restructuring Terms
---------------------------------------------------------
Southern Investment Bank Berhad (SIBB), on behalf of the Board of Directors
of Actacorp Holdings Berhad (AHB or the Company) announced that the KLSE, on
19 September 2001, approved (KLSE Approval) an extension of two (2) months
from 26 August 2001 to 25 October 2001. The extension will enable AHB to
make an announcement to the KLSE of a detailed proposal, the implementation
of which will enable AHB to regularize its financial condition to warrant
continued trading and/or listing on the Official List (Requisite
Announcement).

At present, AHB is in the process of assessing the terms of a proposed
restructuring scheme for the rescue of the Company.

In view of the above, SIBB announced that an application was made to the
KLSE on even date for a further extension of time of three (3) months for
AHB to make the Requisite Announcement.


AUTOWAYS HOLDINGS: Misses RA Deadline, Requests New Extension
-------------------------------------------------------------
On behalf of the Board of Directors of Autoways Holdings Berhad (AHB or the
Company), Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) announced
that the Company is unable to make the Requisite Announcement by 25 October
2001 as AHB is still in the midst of finalizing the Proposed Restructuring
Scheme.

The Company wrote to the Kuala Lumpur Stock Exchange (KLSE) on 19 October
2001 for a further extension of two (2) months to make the Requisite
Announcement. Currently, the application is pending the KLSE's approval.


BESCORP INDUSTRIES: Posts Change in Boardroom Notice
----------------------------------------------------
Bescorp Industries Berhad posted the following Change in Boardroom Notice:

Date of change : 26/10/2001
Type of change : Resignation
  Boardroom
Designation  :  Chairman
Directorate  :  Independent & Non Executive
Name    :  DATO' MOHD IBRAHIM BIN MOHD ZAIN
Age    :  58
Nationality  :  MALAYSIAN

Qualifications  :

1. MBA from the University of Ohio, USA
2. Graduateship from the British Institute of Management
3. Diploma in Marketing from the Institute of Marketing, United
Kingdom

Working experience and occupation :

1965 - Lecturer in Management and Marketing at the Institute Teknologi MARA
1971- Head of School of Business Studies at the Institute Teknologi MARA
1973 - Dean of Academic Affairs
1974 - Council Member of Institute Teknologi MARA
1998 till to date - Director of Institute Teknologi MARA
1978 - 1981 - Chief Executive of Amanah-Chase Merchant Bank Berhad
1982 - 1985 - Chief Executive of Oriental Bank Berhad
1985 - 1989 - Chief Executive Setron (M) Berhad
1988 - 1991 - Chairman of Bank Kerjasama Rakyat (Malaysia) Berhad
1991 - 1998 - Executive Chairman of Pan Malaysia Industries Berhad
1998 till to date - Director of Pan Malaysia Industries Berhad
1991 - 1996 - Director of Naval Dockyard Sdn Bhd
1992 till to date - Deputy Chairman of Metrojaya Berhad
1996 till to date - Director of K & N Holdings Berhad
1997 - 22 October 2001 - Director of Taylor's Education Berhad

Directorship of public companies (if any):

Pan Malaysia Industries Berhad
Metrojaya Berhad
K & N Kenanga Holdings Berhad
Pan Malaysia Capital Bhd
Pan Malaysia Holdings Bhd
Chemical Company of Malaysia Berhad

Family relationship with any director and/or major shareholder of the listed
issuer  :  None
Details of any interest in the securities of the listed issuer or its
subsidiaries  :  None


CSM CORPORATION: In Talks With Investors for Asset Injection
------------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Berhad (CSM or the
Company), Arab-Malaysian Merchant Bank Berhad announced that the Company is
unable to make the Requisite Announcement by 25 October 2001 as CSM is still
in discussions with prospective investors on potential assets for injection.

In view of the above, the Company wrote to the Kuala Lumpur Stock Exchange
(KLSE) on 8 October 2001 for a further extension of time to 31 December 2001
to make the Requisite Announcement. Currently, the application is still
pending the KLSE's approval.


GEAHIN ENG'G: Seeks Detailed Workout Scheme Prep Extension
----------------------------------------------------------
The Directors of Geahin Engineering Berhad announced:

1. The Company had on 3rd September 2001 received an approval from the Kuala
Lumpur  Stock Exchange (the Exchange) for an extension of time till 25th
October 2001 to submit  the corporate restructuring plan under Paragraph 5.1
of the Practice Note No.4/2001.

2. Due to a change in composition of the Investment Board of Lembaga Tabung
Haji (LHJ) till 24th October 2001, we did not receive any respond from LHJ
to confirm their continued interest in the proposed restructuring exercise.

3. Henceforth, on 25th October 2001, the Directors have decided to work with
Ornapaper Industry (M) Sdn. Bhd. (201386-K) for a Restructuring Scheme.

In this respect, the Company have applied to the Exchange for an extension
of time for a  further three (3) months from 25th October 2001 to submit the
detailed Restructuring Scheme  to the Exchange and other relevant
authorities on behalf of the Company by our Merchant Banker.


HAI MING: Awaits KLSE's Reply on RA Time Extension
--------------------------------------------------
Hai Ming Holdings Berhad (HAIMING or the Company) is currently in the midst
of finalizing the debt settlement agreement with the Company's bank lenders.
The Company had on 22 October 2001 via Public Merchant Bank Berhad, applied
to the KLSE for an extension of another one month up to 25 November 2001
(Extension) to comply with the requirements of paragraph 5.1 (a) of PN4. The
Company is currently awaiting the KLSE's reply on its request for the
Extension.

The Board of Directors of HAIMING will advise upon the finalization and
signing of the debt settlement agreement.

Background:

On 26 February 2001, HAIMING announced that the Company is an affected
issuer pursuant to PN4 (First Announcement). In this respect, pursuant to
paragraph 5.1 (a) of PN4, the Company is required to make an announcement to
the KLSE of a plan to regularize its financial condition within six (6)
months from the date of the First Announcement (Requisite Announcement )
i.e. by 25 August 2001.

On 16 August 2001, HAIMING had applied to the KLSE for an extension of time
to make the Requisite Announcement as negotiations with the Company's bank
lenders were still on-going. Subsequently, on 19 September 2001, the KLSE
approved the Company's application for an extension of time to 25 October
2001 to make the Requisite Announcement.


KELANAMAS IND.:Majority Creditors OK Debt Settlement Agreement
--------------------------------------------------------------
The Board of Directors of Kelanamas Industries Berhad (KIB or the Company),
in relation to the announcements made by the Company on 14 September 2000
and 29 November 2000, announced that sufficient approvals from the all
required Majority Creditors has been obtained to extend the Debt Settlement
Agreement and ASSEC Debt Settlement Agreement (both dated 29 November 2000).
The extension is for a further period of six (6) months, commencing from 29
August 2001, in order for KIB to obtain the relevant approval required for
the Proposed Rescue Cum Restructuring Scheme.


MANCON BERHAD: RO Expires, New Restructuring Plan In Works
----------------------------------------------------------
Mancon Berhad informed the Kuala Lumpur Stock Exchange that the Restraining
Order (RO) secured by the Company which was premised on the previous
restructuring scheme, was valid for a period of three (3) months effective
from 12 June 2001 and expired on 11 September 2001.

The Company is formulating a revised restructuring scheme which will form
the basis for a fresh application of a new RO.


MBF HOLDINGS: Unit Appoints LHRM as Resort's Management Co
----------------------------------------------------------
MBf Holdings Berhad (MBfH) informed the Kuala Lumpur Stock Exchange
(Exchange) that its wholly-owned subsidiary namely MBf Property Services Sdn
Bhd (MBfPS) has appointed Leisure Holidays Resorts Management Sdn Bhd (LHRM)
as the management company of Paradise Malacca Village Resort, Malacca (the
Resort) sited on the land held under Title No. H.S. (M) 2/77 P.T. Lot No.
PTMT A2/01/2766, Mukim Bukit Katil, District of Melaka.

LHRM will provide maintenance and management services to the building,
facilities, infrastructure and common areas of the Resort for the unit
owners.

Background of the Resort

MBfPS, which is the registered owner of the master title of the Resort, had
in 1992 entered into Sale and Purchase Agreement of a Lease of Hotel
Apartment suites (SPA of Lease) in the Resort with purchasers (also referred
to as unit owners). Subsequently, MBf Hotels (M) Sdn Bhd (MBf Hotels) had
entered into a total of 347 sublease agreements with unit owners of the
Resort in return for an annual 8% guaranteed return (GR) over a period of 3
years with an automatic renewal option for another 3 years, expiring in
years 2000 and 2001 in order to operate the Resort as a hotel.

MBf Hotels, however, incurred substantial losses in the operation of the
Resort, which had ceased operations on 28 August 2000.

It is not in the interest of MBfPS and MBf Hotels to manage the Resort in
the light of the current economic environment.

Information on MBfPS

MBfPS is principally involved in property management and has an authorized
and paid-up capital of RM2,000,000.00.

Information of MBf Hotels

MBf Hotels is involved in the management of hotels and holiday resorts and
has an authorized and paid-up capital of RM25,000.00 and RM2.00
respectively. It is a wholly-owned subsidiary of Paradise Hotel & Resort
International Limited, which in turn is wholly-owned by MBf Equities Sdn Bhd
(MBfE). MBfE is a wholly-owned subsidiary of MBfH.

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 is currently operating eight other resorts in Malaysia and has the
relevant expertise to manage the Resort.

The appointment of LHRM will help to protect the interest of the unit owners
as the Resort which had been closed since August 2000 will deteriorate
without proper care and maintenance. It would be important to maintain the
Resort to protect the value of the assets.

In addition, LHRM has 50 units of the apartments at the Resort and it is in
their interest to ensure that the Resort is operating.

Financial Effects

The transaction will not have any material financial effects on the Group.

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%) and 42,884,445
shares (3.73%) in MBfH.


REPCO HOLDINGS: Accepts Consortium's Workout Proposal
-----------------------------------------------------
The Special Administrators (SA) of Repco Holdings Berhad (Repco) announced
that they have, on behalf of Repco, accepted the participation proposal from
a Consortium comprising Alsirat Sdn Bhd and Gateway Attempt Sdn Bhd (the
Consortium) as the basis of a proposed corporate and debt restructuring
scheme (Proposed Workout). Further, the SA, on behalf of Repco, have entered
into a Definitive Agreement with the Consortium today to record the key
features of agreement as the basis of the Proposed Workout.

The Proposed Workout would include, inter-alia, these key features:

   1) setting up of a new company (NewCo) to take over the business, assets
and undertakings of Repco;

   2) transfer of listing status of Repco to NewCo;

   3) internal group re-organization;

   4) injection of foreign leisure and gaming businesses into NewCo; and

   5) debt restructuring that involves addressing the debts of the secured,
unsecured and other creditors and all contingent liabilities of Repco and
all its subsidiary companies.

The Proposed Workout will be subject to all requisite approvals, consents or
waivers being obtained from the relevant regulatory authorities and in
accordance with the provisions of the Pengurusan Danaharta Nasional Berhad
Act 1998.

Further details of the Proposed Workout will be announced in due course.


SAP HOLDINGS: Serves Winding-Up Notices From Aima Construction
--------------------------------------------------------------
Sap Holdings (SAP) Berhad announced that SAP and three (3) of its
subsidiaries were, on 25th October 2001, served with two Winding-Up Notices
by Aima Construction Sdn Bhd (AIMA) both dated 17th October 2001 made
pursuant to Section 218(1)(e) of the Companies Act, 1965 demanding payment
of the sums of RM1,227,420.43 from SAP and SAP Air Hitam Properties Sdn Bhd
and RM1,459,853.74 from SAP, SAP Leisure And Resort Sdn Bhd respectively
within 21 days from date of receipt of the Notices by SAP and the three
subsidiaries.

The solicitors will immediately apply for an injunction to prevent the
filing of any winding-up petition against SAP and the subsidiaries. Our
solicitors are of the opinion that their demand is totally baseless and
wrong in law.


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


NATIONAL POWER: Increases Power Rates
-------------------------------------
National Power Corporation announced that an additional P0.05 per
kilowatt-hour will be charged for electricity distributors starting
November, the ABS-CBN News Service reported yesterday.

Consumer analysts noted that such an increase, "as a rule of thumb", could
translate to an increase of P5.85 per kilowatt-hour in the retail rate
charged by the distributor.

Napocor's transmission assets are up for sale this month in the government's
efforts to privatize the ailing state-owned power company. The final auction
for the sale of the transmission assets is nearing completion. Only the
final list of bidders for the state-owned power company's industrial
all-risk insurance policy has yet to be completed.


PICOP RESOURCES: DENR OKs TLA, To Continue Operations
-----------------------------------------------------
Picop Resources, Inc. announced the continuation of its operations following
Department of Environment and Natural Resources Secretary Heherson Alvarez's
approval of its Timber Licensing Agreement (TLA) that allows the company
access to its raw wood materials. The announcement is as follows:

Picop Resources, Inc. (PCP) informed the Exchange that on 26 October 2001,
PCP received from DENR Secretary Heherson T. Alvarez, a notice that the
conversion of PCP'S forestland under TLA 43 had been approved.

This development provides the basis for a long-term assurance of wood supply
to PCP's pulp and paper mill.

PCP still has to hear from the DENR their clarification on the issues of
planted tree ownership and harvesting in its IFMA 35, the main source of
PCP's wood raw material for newsprint.

The company will restart its various operations and as progress is made in
the market, production volume will be increased.


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


CAPITALAND LIMITED: Unit Announces Changes In Management
--------------------------------------------------------
The Board of Directors of CapitaLand Limited subsidiary the Ascott Group
Limited wishes to announce that Mr. Dennis Foo Moo Seh has ceased to act as
joint Company Secretary starting Oct 29, 2001. He has also relinquished his
role as Chief Corporate Officer, and Mr. Benett Theseira, currently the
Chief Investment Officer of the Company, has assumed the role of Chief
Corporate & Investment Officer on the same date. Ms. Chia Lee Meng, the
joint Company Secretary, will continue in her current role as Company
Secretary of The Ascott Group Limited.

Following the Company's recent acquisition of the Oakford serviced residence
chain in Australia, Mr. Dennis Foo has been appointed as Managing Director
(Australasia) to lead the Company's business in Australia and New Zealand.
With the above changes, the Company's Executive Management Committee will be
reconstituted as of October 29, 2001, to comprise the following members

Mr. Kee Teck Koon, Managing Director/Chief Executive Officer
Mr. Cameron Ong Ah Luan, Chief Operating Officer
Mr. Eu Mun Leong, Chief Financial Officer
Mr. Benett Theseira, Chief Corporate & Investment Officer


GK GOH: Suspends Philippine Unit Operations
-------------------------------------------
The Board of Directors of G. K. Goh Holdings Limited (GKGH) announced on
October 29 that G. K. Goh Securities (Philippines), Inc (GKGSP), a wholly
owned subsidiary of the company incorporated in the Philippines, will
temporarily suspend its business operations with effect from 30th November
2001.

The operations of GKGSP have been adversely affected by weak stock market
volume in recent years. Excluding restructuring costs, GKGSP is expected to
contribute a loss of approximately S$1.4 million for financial year 2001.
While the Arroyo administration has brought about much positive change in
the Philippines, the Board of GKGH does not expect Philippines stock market
conditions to improve sufficiently in the near term to sustain the
operations of GKGSP.

Concurrently, the GKGH Group is implementing a broad-based cost-reduction
exercise. This has involved streamlining a number of business processes, and
reducing capacity in certain areas affected by technology change and lower
stock market volumes. Together with the suspension of the Philippine
business, this will result in the loss of approximately 60 jobs.
Restructuring costs in total are expected to be approximately S$2 million.

Additionally, staff at all levels have been asked to accept salary
reductions. Senior executives of the Group are taking the lead with pay
reductions of between 20 percent and 30 percent.

In aggregate, it is expected that recurrent overheads will decrease by
approximately 12 percent. This downsizing, though painful, is necessary
because of the significantly weaker business environment in our main
markets, with reduced market turnover magnifying the impact of lower
commission rates. It has been planned as a once-off restructuring,
sufficient to address the weak market conditions we have been experiencing.
If business conditions improve more swiftly than we presently envisage, the
Board intends to compensate continuing staff for their reduction in income
through an ex-gratia payment.

In releasing the interim results in September, the Board raised the
possibility that the Group might not be profitable for the full year. Taking
into account restructuring costs, a full-year operating loss for the 2001
financial year is now likely.


SEMBCORP LOGISTICS: Posts Changes in Substantial Shareholding
-------------------------------------------------------------
Sembcorp Logistics Limited announced yesterday a notice of changes in the
substantial shareholding of the Capital Group Companies Incorporated. The
full announcement:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: The Capital Group Companies,
                                 Inc.
Date of notice to company: 29 Oct 2001
Date of change of deemed interest: 29 Oct 2001
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 300,000
Percent of issued share capital: 0.04
Amount of consideration
per share excluding
brokerage, GST, stamp
duties, clearing fee: S$1.5918
No. of shares held before change: 55,418,400
Percent of issued share capital: 6.51
No. of shares held after change: 55,718,400
Percent of issued share capital: 6.55

Holdings of Substantial Shareholder including direct and deemed interest
                                   Deemed             Direct
No. of shares held before change: 87,779,200
Percent of issued share capital:    10.31
No. of shares held after change:  88,079,200
Percent of issued share capital:    10.35
Total shares:                     88,079,200


SEMBCORP LOGISTICS: Posts Changes in Temasek Interests
------------------------------------------------------
Sembcorp Logistics Limited posted on October 30 a notice of changes
detailing the changes in the deemed substantial shareholding of Temasek
Holdings. The notice:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Temasek Holdings (Private)
   Limited
Date of notice to company: 29 Oct 2001
Date of change of deemed interest:
Name of registered holder: CDP: DBS Vickers Securities
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 43,000
Percent of issued share capital: 0.01
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee:
No. of shares held before change:
Percent of issued share capital:
No. of shares held after change:
Percent of issued share capital:

Holdings of Substantial Shareholder including direct and deemed interest
                                    Deemed             Direct
No. of shares held before change: 536,332,912
Percent of issued share capital:     63.03
No. of shares held after change:  536,375,912
Percent of issued share capital:     63.04
Total shares:                     536,375,912

Notes:

I. Date of Change of Deemed Interest and consideration per
   share:

   a) 13,000 shares at S$1.4980 on October 22, 2001.
   b) 30,000 shares at S$1.50 on October 23, 2001

II. The percentage of issued share capital was calculated based
    on 850,880,496 shares issued.


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


KRISDAMAHANAKORN PUBLIC: Posts Q201 Rehab Plan Progress
-------------------------------------------------------
Krisdamahanakorn Public Company Limited (KMC) and financial advisor Finansa
Securities Limited (Finansa) have analyzed KMC's auditor report of 2nd
quarter of 2001 compared with KMC's financial projection under the
rehabilitation plan and would like to report the progress of the
rehabilitation plan and operating performance of 2nd quarter of 2001:

Operating performance of normal property development business is lower than
the projected figures of 2nd quarter of 2001. Sales of property and revenues
from construction services are 59.41 percent and 36.53 percent lower than
the projection, respectively. Management fee income is 143.74 percent higher
than the projection. Revenue from interest income and rental income are
58.38 percent and 55.58 percent higher than the projection. Revenue from
golf course and other income are 10.60 percent and 34.27 percent lower than
the projection.

However, cost of sales and construction services are 72.52 percent lower
than the projection due to decrease in sale of property and revenue from
construction service. Actual gross profit margin is 63.95 percent, which is
31.99 percent higher then the projection since KMC emphasizes on selling
high profit margin products. Selling and administration expenses are 11.47
percent lower than the projection.

Therefore, the operating income before interest expenses is Bt42.90 million,
which is Bt7.67 million or 21.76 percent higher than the projected figure at
Bt35.23 million.

Background:

KMC was notified by the SET on March 5, 1999 regarding the classification of
being delisted by the SET. KMC has notified the SET regarding its intention
to rehabilitate the company and has appointed Finansa to be a financial
advisor for preparing of KMC's rehabilitation plan.

Finansa has prepared KMC's rehabilitation plan with the cooperation of KMC
and Ernst & Young Office Limited (E&Y) as KMC's auditor who reviewed KMC's
financial projection over the 2-year rehabilitation plan from 3rd quarter of
2000 to 2nd quarter of 2002.

The extraordinary shareholders' meeting No. 1/2000 of KMC has resolved to
approve the rehabilitation plan on October 16, 2000.  By the request of KMC
under the conditions of the SET, KMC's shares were resumed their trading on
the SET on December 7, 2000.

Since then, KMC and Finansa have submitted the progress reports of
rehabilitation plan of 3rd and 4th quarter of 2000 and 1st quarter of 2001
to the SET.


PETCHBURI TERMINAL: Files Petition for Business Reorganization
--------------------------------------------------------------
The Petition for Business Reorganization of Petchburi Terminal Company
Limited (DEBTOR), engaged in oil containers and harbor rental, was filed to
the Central Bankruptcy Court:

     Black Case Number 547/2543

     Red Case Number 584/2543

Petitioner: PETCHBURI TERMINAL COMPANY LIMITED 1ST
            BANGKOK BANK PUBLIC COMPANY LIMITED 2ND

Debts Owed to the Petitioning Creditor: Bt 7,078,320,505.38

Planner: Piphat and Association Office Limited

Date of Court Acceptance of the Petition: July 13, 2000

Date of Examining the Petition: August 7, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of Planner: August
7, 2000

Announcement of Court Order for Business Reorganization and Appointment of
the Planner in Matichon Public Company Limited and Siam Rath Company
Limited: August 15, 2000

Announcement of Court Order for Business Reorganization and Appointment of
the Planner in Government Gazette: September 5, 2000

Deadline for Planner to submit the Business Reorganization Plan to Official
Receiver: December 5, 2000

Planner Postponed the date to submit the Business Reorganization Plan #1st:
January 5, 2001

Appointment Date of the Creditors' meeting for the Plan Consideration: March
2, 2001 at 9.30 am. Convention Room no. 1103, 11th Floor Bangkok Insurance
Building, South Sathorn Rd.

Meeting of Creditors had a special resolution accepting the reorganization
plan

Court had postponed the date of the hearing for considering the plan: April
9, 2001 at 13.30 PM.

Court had issued an Order for Accepting the reorganization plan: April 9,
2001 and appointed PetchBuri Management Company limited to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization Plan in
Matichon Public Company Limited and Siam Rath Company Limited: April 20,
2001

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

Contact: Miss Kanjana Tel,  6792525 ext 133


TPI POLENE: Siam City Board Approves Investment
-----------------------------------------------
Siam City Cement Public Company Limited (the Company) notified that its
Board of Directors' Meeting No. 58, which was held on 29 October 2001 at
15.00 hrs at 22nd Floor, Ploenchit Tower, 898 Ploenchit Road, Khwaeng
Lumpinee, Khet Pathumwan, Bangkok, had passed this resolution:

Approved the proposed investment in TPI Polene Public Company Limited
(TPIPL) by the Company, and authorized Mr. Paul Hugentobler and Mr. Veraphan
Teepsuwan, the Vice Chairmen to have the power to jointly do any act and
thing necessary for investment in TPIPL, including without limitation:

  * to negotiate with the creditors of TPIPL on terms and conditions of an
investment transaction including the amendment of the Business
Reorganization Plan and the Master Restructuring Agreement of TPIPL, the
determination of the financial conditions,

  * to obtain waiver or approval from the Company's bondholders,

  * to procure any financial support for the investment in TPIPL by the
Company from any person as appropriate,

  * to prepare, amend, revise, execute and deliver the proposal,
the terms and conditions of the said investment, the loan agreements and any
other documents and/or agreements with the creditors of TPIPL, a plan
administrator of TPIPL and/or any person in relation thereto.


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

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