/raid1/www/Hosts/bankrupt/TCRAP_Public/011107.mbx        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, November 7 2001, Vol. 4, No. 218

                         Headlines



A U S T R A L I A

ANSETT: ANstaff May Lodge Bid For Airline This Week
AUSTRALIAN INVESTORS: Court Appoints Interim Receiver
BREATHE GROUP: Shareholders Approve Sale To Armeadon Group
GENERAL GOLD: Posts Notice of Director's Interests
HARRIS SCARFE: To Finalize Sale Deal

JAMES HARDIE: CBA Ups Stake To 14.23%
NORMAN WINES: Tandou Limited Purchases Monash Winery
PACIFIC DUNLOP: Posts PDPAM Unquoted Shares, Holding Changes


C H I N A   &   H O N G  K O N G

EVER RICH: Winding Up Petition Scheduled
FIRST PACIFIC: Secures US$200M Loan Facility To Repay Bonds
FULL FORTRESS: Winding Up Petition Hearing Set
KTP HOLDINGS: Dispatches Capital Reorg, SGM Notice Circular
PEARL ORIENTAL: Kwan's Stake Sale Negotiations "Preliminary"


I N D O N E S I A

SINAR MAS: IBRA Wins Approval For Exchange Of Hedge Bonds


J A P A N

NAGASAKIYA: Closure Of Thirty Stores Scheduled
NIPPON TELEGRAPH: Moody's Changes Rating Outlook To Negative
SHINSEI BANK: FSA Commissioner Denies Exerting Pressure
TOSHIBA CORP: S&P Places Ratings On CreditWatch Negative

*Teikoku Databank Issues September Corporate Bankruptcy Report


K O R E A

DAEWOO MOTOR: U.S. Attacks Blocks Middle East Exports
HYNIX SEMICON: Creditors Eye Tax Breaks For Debt Write-Offs
HYNIX SEMICONDUCTOR: Selling Off Hyundai Curitel
KOREAN AIR: Assets, ABS Sales Expected To Raise W700BB
KOREA LIFE: Posts W270 Billion Profit

LG INDUSTRIAL: Net Loss Shrinks To W70.9 Billion
KOREA TELECOM: Plans to Sell 3-4% of 13.4% Stake In SK Telecom


M A L A Y S I A

ABRAR CORPORATION: KLSE's Reply On Extension Appeal Pending
ARTWRIGHT HOLDINGS: FIC, MITI Approve Proposals
AUSTRAL AMALGAMATED: Proposes Scheme Modifications
CHASE PERDANA: British Virgin Registry Strikes Off Unit
CSM CORP.: KLSE OKs Two-Month Requisite Announcement Extension

GADEK CAPITAL: KLSE's Extension Request Reply Pending
LAND & GENERAL: SC Grants Proposed BAB Swap
MAY PLASTICS: No Significant Change On Proposals Status
RAHMAN HYDRAULIC: KLSE Grants Proposed Workout Scheme Approval
RNC CORP: Updates Proposed Debt Restructuring Scheme Status

SAP HOLDINGS: Files Aima Construction Suit Appeal
UH DOVE: Awaits Creditor Banks SA Time Extension Approval


P H I L I P P I N E S

METRO PACIFIC: 69.6% Bonifacio Stake On Block
NATIONAL BANK: Tan Agreement Finalization Pending


S I N G A P O R E

GOLDEN AGRI: Accepts BII Bank Repayment, Security Package
GOLDEN AGRI: Appoints Three Additional Independent Directors
GOLDEN AGRI: Shareholders Renew IPT Mandate
KEPPEL CORPORATION: Court Approves Proposed Capital Reduction
HONG LEONG: Posts Changes In Kwek Holdings' Deemed Interests

SEMBCORP LOGISTICS: Posts Changes In Capital Group Interests
THAKRAL CORPORATION: High Court Sanctions Scheme Of Arrangement


T H A I L A N D

DATAMAT PUBLIC: Capital Reduction Holders Registration Set
SAMITIVEJ PUBIC: Completes Debt Restructuring
THAIWAH PUBLIC: Files Business Reorganization Petition

     -  -  -  -  -  -  -  -

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


ANSETT: ANstaff May Lodge Bid For Airline This Week
----------------------------------------------------
The Ansett employee syndicate, known as ANstaff, is likely to
secure funding, allowing it to lodge a formal takeover bid for
the airline this week, AsiaPulse reported Monday.

The proposal will be the first firm offer administrator Andersen
has received.

An ANstaff spokesman said a meeting is scheduled for group
leaders and financial partners this week. ANstaff will present a
proposal to Andersen before Friday, when final details will be
made public.

The syndicate will talk to staff this week to finalize details
of a plan whereby employees are going to be asked to take a 10
per cent salary cut in return for company shares.

Andersen confirmed Monday a breakthrough was expected to be
announced this week.

The news comes days after Australian stevedore, Lang Corp,
emerged as the fourth potential bidder for Ansett assets and
precedes the airline's extension of flights to Launceston.


AUSTRALIAN INVESTORS: Court Appoints Interim Receiver
-----------------------------------------------------
The Supreme Court issued orders Friday appointing Alexander
McIntosh of KPMG as interim receiver to Australian Investors
Forum Pty Ltd, Sage Global Fund Ltd and a number of related
companies.

Mr McIntosh's appointment was by consent of the parties and
without admission of liability. Mr McIntosh will provide a
report to the court on Thursday 22 November 2001.

The matter is scheduled before the court on Monday 26 November
2001. Until then, AIF's operations continue to be suspended and
the orders freezing the assets of AIF, Sage Global, Dennis
Anthony, Martin Lloyd-Cocks, Dominic Luvara, Peter Topperwien,
Bud Shaheen and related companies remain in place.


BREATHE GROUP: Shareholders Approve Sale To Armeadon Group
----------------------------------------------------------
Shareholders of Breathe Group Limited (BRE) approved Monday the
sale of the mobile telephony retail operations of BRE in
Australia and New Zealand to Armeadon Pty Limited and Armeadon
(NZ) Limited or Armeadon). The approvals were provided in
accordance with Listing Rules 10.1 and 11.2 of the Listing Rules
the Australian Stock Exchange Limited and sections 208,217 and
227 inclusive of the
Corporations Act 2001.

Shareholder approval was a condition precedent to the sale,
which was completed following the conclusion of the shareholder
meeting.

The sale was also conditional on the resignation of Graham
Hosking as Managing Director and Chief Executive Officer of BRE
and as a director of Telecell Pty Ltd, Mobiletronics
Communications (Aust) Pty Ltd and Mobiletronics (NZ) Limited,
members of the Breathe Group of companies. These resignations
are now effective, and the BRE directors took this opportunity
to thank Mr Hosking for his contribution to BRE.

Mr Hosking and his team have worked diligently and tirelessly
throughout the year to achieve this outcome; it has been a very
difficult year for the mobile telecommunications industry
generally and directors greatly appreciate their efforts and
loyalty under extremely trying circumstances.

Following approval of the sale, the directors of Breathe now
intend to concentrate on seeking to expand its messaging service
business and also identifying and pursuing other opportunities
as they arise.

For further information please contact Philip Cornish, Chairman
(03) 9820 2670.


GENERAL GOLD: Posts Notice of Director's Interests
--------------------------------------------------
General Gold Resources NL posted this notice:

NOTICE OF DIRECTOR'S INTERESTS
Section 205G of the Corporations Law

INITIAL NOTICE

   Name of Director       Peter Reynold Ironside

   Name of Company        General Gold Resources NL

   Date of Appointment    24/07/2001

"I have a relevant interest in the following securities of the
company or a related body corporate:

Type of security: Fully Paid Shares
Number of securities: 1,000,000

Type of security: Unlisted Options
Number of securities: 500,000

Shares and unlisted options are held by a Company in which I
hold an equity interest and were issued pursuant to the
Reconstruction Deed dated 07/05/2001 as consideration for
services rendered.

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


HARRIS SCARFE: To Finalize Sale Deal
------------------------------------
The Chief Executive of collapsed Harris Scarfe Ltd., Robert
Atkins, is in final negotiations to acquire the failed retailer
through a management buyout, Asian Wall Street Journal reported
Tuesday, referring to an Australian Financial Review report.

The collapsed company was in the hands of receivers in April.
The company now has fixed assets worth A$70 million and stock
valued at A$70 million.


JAMES HARDIE: CBA Ups Stake To 14.23%
-------------------------------------
Commonwealth Bank of Australia (CBA) increased its relevant
interest in James Hardie Industries Limited on 05 July 2001,
from 54,569,831 fully paid ordinary shares (13.12 percent) to
58,717,434 fully paid ordinary shares (14.12 percent).


NORMAN WINES: Tandou Limited Purchases Monash Winery
----------------------------------------------------
Tandou Limited Directors announced that contracts have been
exchanged with the receivers and manager of Normans Wines for
the purchase of Monash Winery through its wholly owned
subsidiary Tandou Wines Pty Limited.

The winery has processed up to 21,000 tonne in previous vintages
whereas Tandou plans to limit intake in its first year to
selected growers of quality grapes and operate at a crush
between 6,000 and 10,000 tonnes for the bulk wine market. The
reduced intake will facilitate a quality focus with a winery
upgrade planned into the future as the business grows and
develops.

Key staff from the winery will be retained and an experienced
marketing person engaged to promote sales of bulk wine.

Tandou is implementing a new grape payment system with
substantial advance payments. Final proceeds will be distributed
to growers on the basis of final pooled sales by variety and
quality, after all costs are met. This transparent system is
designed to reward growers according to the market place.

Further details of this transaction and the expected positive
impact on Tandou's future will be released following settlement.


PACIFIC DUNLOP: Posts PDPAM Unquoted Shares, Holding Changes
------------------------------------------------------------
Pacific Dunlop Limited advised that during the past month,
options, in respect to 600,000 un-issued ordinary shares in the
Company under the PDPAM heading have lapsed. The concerned party
is no longer a Company employee.

The number of options on issue under this heading is now
2,010,000. This number will be reflected in the Company's next
monthly lodgment.

Meanwhile, Maple-Brown Abbott Limited increased its relevant
interest in Pacific Dunlop Limited on 01 November 2001, from
84,621,400 ordinary shares (8.23 percent) to 85,906,936 ordinary
shares (9.23 percent).


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


EVER RICH: Winding Up Petition Scheduled
----------------------------------------
The petition to wind up Ever Rich International Development
Limited is scheduled for hearing before the High Court of Hong
Kong on January 16, 2002 at 10:00 am.

The petition was filed with the court on September 28, 2001 by
Bank of China (Hong Kong) Limited, (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance, of Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.


FIRST PACIFIC: Secures US$200M Loan Facility To Repay Bonds
-----------------------------------------------------------
The Board of Directors of First Pacific Company Limited (First
Pacific) announced that First Pacific has secured a HK$1.56
billion (US$200 million), two-year term loan facility from ING
Bank NV, with definitive documentation expected to be signed
shortly. Drawdown is anticipated to take place after signing
subject to satisfaction of conditions precedent.

Under the terms of the facility, First Pacific will be able to
drawdown the loan in order to meet partially its obligations to
repay in full the outstanding US$332 million of convertible
bonds issued by its wholly-owned subsidiary, First Pacific
Capital (1997) Limited, which are due on 27th March, 2002. The
balance of the bonds repayment will be funded from First
Pacific's existing internal cash resources and asset disposals
previously announced on 20th August, 2001 and 1st November,
2001.


FULL FORTRESS: Winding Up Petition Hearing Set
----------------------------------------------
The petition to wind up Full Fortress Limited is scheduled for
hearing before the High Court of Hong Kong on November 21, 2001
at 9:30 am. The petition was filed with the court on August 9,
2001 by Bank of China (Hong Kong) Limited, (the successor
corporation to The Kwangtung Provincial Bank pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance, of Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


KTP HOLDINGS: Dispatches Capital Reorg, SGM Notice Circular
-----------------------------------------------------------
KTP Holdings Limited announced that a circular, containing
details of the Capital Reorganization and the notice convening
the SGM, has been dispatched to the Shareholders on 3rd November
2001.

Expected timetable for the Capital Reorganization

The expected timetable for the Capital Reorganization has been
revised as follows:

Latest time for lodging
proxy forms for the SGM  10:00 a.m. Saturday, 24th November 2001

Date of the SGM          10:00 a.m. Monday, 26th November 2001

Effective date of the
Capital Reorganization   10:00 a.m. Tuesday, 27th November 2001

Dealings in Adjusted
Shares commences                    Tuesday, 27th November 2001

Free exchange of certificates
for Shares for certificates
for Adjusted Shares commences       Tuesday, 27th November 2001

Free exchange of certificates for
Shares for certificates for Adjusted
Shares ends                         Monday, 31st December 2001


PEARL ORIENTAL: Kwan's Stake Sale Negotiations "Preliminary"
------------------------------------------------------------
Pearl Oriental Holdings Limited (the Company) was informed by Mr
Wong Kwan, the Chairman and Chief Executive of the Company, that
he commenced preliminary discussions on 24 October 2001 with an
independent third party in respect to a possible disposal of all
or part of his 50.17 percent Company stake.

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

The professional advisers of the two potential purchasers
mentioned in the Company's previous announcements dated 17 and
22 October 2001 (the "Announcements") have commenced due
diligence investigations on the Company and its subsidiaries
(collectively the "Group"). Save as aforesaid, the discussions
between Mr Wong and the two potential purchasers mentioned in
the Announcements are still continuing with developments
substantially the same as previously disclosed in those
Announcements with no concrete terms, including terms relating
to price and percentage of shareholding that may be disposed of,
have been agreed.



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


SINAR MAS: IBRA Wins Approval For Exchange Of Hedge Bonds
---------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA), on 2 November
2001, won approval from the State Minister for State-Owned
Enterprises to exchange a portion of the bonds formerly used for
the restructuring of PT. Bank Internasional Indonesia, Tbk (BII)
with hedge bonds.

In effect, IBRA will soon implement the bonds' exchange with all
loans owned by the Sinar Mas Group at BII by early next week.

The transfer of all Sinar Mas Group loans to IBRA will certainly
improve the performance of BII. The activities of BII will also
be more focused on its intermediary function.

Such significant steps show the government's commitment to
restructuring the banking sector as well as protecting the
government's 57 percent stake ownership BII and enhance the
public confidence in the national banking sector. It is expected
that such steps will improve the performance of BII.


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


NAGASAKIYA: Closure Of Thirty Stores Scheduled
----------------------------------------------
Nagasakiya Co, a failed supermarket chain operator, will close
some 30 of its 84 outlets. The Company will select mostly small
and midsize stores that are unlikely to climb out of the red.
Closure is planned for the end of next January as part of its
rehabilitation program, Japan Today reported on November 6.


NIPPON TELEGRAPH: Moody's Changes Rating Outlook To Negative
------------------------------------------------------------
Moody's Investors Service has cut ratings outlook on Japanese
telecommunications giant Nippon Telegraph & Telephone (NTT) to
negative from stable on profitability fears in the face of stiff
competition, AFP reported.

NTT's Aa1 senior unsecured long-term debt and that of subsidiary
NTT finance Japan were highlighted for the downgrade, but giant
mobile phone operator NTT DoCoMo, 64.1 percent owned by NTT, was
not affected, the New York-based credit rating agency said.


SHINSEI BANK: FSA Commissioner Denies Exerting Pressure
-------------------------------------------------------
Monday Financial Services Agency (FSA) commissioner Shoji Mori
denied a U.S. press report released in late September that he
used his position to urge Shinsei Bank to continue lending to
specific borrowers, Japan Today reported on November 6.

Mori said, "There is no such fact" that he had exerted
pressure, at lawmakers' request, on Shinsei president Masamoto
Yashiro to continue extending loans to four companies.


TOSHIBA CORP: S&P Places Ratings On CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Monday placed its triple-'B'-plus long-term
and 'A-2' short-term ratings on Toshiba Corp. on CreditWatch
with negative implications.

The CreditWatch listing reflects increasing concerns over
Toshiba's ability to recover its profitability, as well as the
company's ability to service its financial commitments at a
level commensurate with the current ratings.

Toshiba intends to contain its debt at current levels through
measures such as asset sales. However, the company's capital
structure is expected to deteriorate significantly, owing to a
higher-than-expected net loss, which will erode its capital
base. Moreover, Toshiba's weakened earnings-generating ability
is significantly impairing its profitability and cash flow
protection.

Worse-than-expected conditions in the IT industry have forced
Toshiba to substantially lower its initial profitability
forecasts for the second half of fiscal 2001, and hence its
results for the full fiscal year (ending March 2002). On Oct.
26, 2001, the company announced a projected operating loss of
110 billion and a projected net loss of 200 billion for fiscal
2001. In August 2001, the company had forecast an operating
profit of zero, and a net loss of 115 billion.

Standard & Poor's will resolve the CreditWatch placement after
evaluating the effectiveness of Toshiba's business restructuring
measures. In addition, Standard & Poor's will assess the
company's ability to strengthen, or at least maintain, its
competitiveness, and recover its profitability over the longer
term.

RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

Toshiba Corp.
Long-term corp credit rtg     BBB+
Short-term corp credit rtg    A-2
Sr unsecd debt                BBB+
CP                            A-2

Toshiba America Inc.
Long-term corp credit rtg     BBB+
Short-term corp credit rtg    A-2

Toshiba America Capital Corp.
Sr unsecd debt
(Gtd: Toshiba Corp. and Toshiba America Inc.)     BBB+
CP (Gtd: Toshiba Corp. and Toshiba America Inc.)  A-2

Toshiba Capital (Asia) Ltd.
Long-term corp credit rtg             BBB+
Sr unsecd debt                        BBB+
CP (Gtd: Toshiba Corp.)               A-2

Toshiba International Finance (Netherlands) B.V.
Sr unsecd debt
(Gtd: Toshiba Corp.)                  BBB+
CP (Gtd: Toshiba Corp.)               A-2

Toshiba International Finance (U.K.) PLC
CP (Gtd: Toshiba Corp.)               A-2


*Teikoku Databank Issues September Corporate Bankruptcy Report
--------------------------------------------------------------
Teikoku Databank America, corporate credit research reports,
databases and market research reports provider, issued the
September report on Corporate Bankruptcy in Japan:

The number of bankruptcies in September (1,568 cases) decreased
2.7 percent over the last month (1,612 cases), but it increased
4.4 percent compared to the corresponding month last year (1,502
cases). The past 3 months, the number was decreasing in
comparison to the same month last year. September marked the
forth-highest level of bankruptcies since the end of the World
War II in the month of September.

Total liabilities in September ($25,010.86 million) increased
308.1 percent over the last month ($6,128.76 million), and they
increased 287.7 percent compared to the same month in the year
2000 ($6,451.56 million). It exceeded 3 trillion yen ($25,000
million) after an interval of 11 months and marked the second
worst in the month of September since the end of World War II.

Major corporate bankruptcies in September (liabilities: million,
$ = 120 yen)

Company                 Type of         Liabilities
   Summary Address         Business        $11,568.03
   1 Mycal Corporation     General
     Osaka-shi, Osaka      Merchandise
                           Stores

   2 Mycal General         Office          $3,521.38
     Development Co., Ltd.  Space
     Osaka-shi, Osaka      Leasing

   3 Nihon View Hotel KK   Hotels          $666.67
     Taito-ku, Tokyo

   4 KK Mycal Kyoyu        Office Space    $546.63
     Osaka-shi, Osaka      Leasing

   5 KK Heart Real Estate  Office Space    $531.36
     Osaka-shi, Osaka      Leasing

   6 Benkan Corporation    Plumbing Supply $472.78
     Ohta-ku, Tokyo        Manufacturing

   7 Dac Vivre Co.,Ltd.    Department      $443.41
     Sendai-shi, Miyagi    Stores

   8 KK Otaru Bay City     Office Space    $410.13
     Kaihatsu              Leasing
     Otaru-shi, Hokkaido

   9 KK Mycal Kyushu       General         $370.50
     Fukuoka-shi, Fukuoka  Merchandise
                           Stores

  10 KK Mycal Tohoku       General         $323.83
     Sendai-shi, Miyagi    Merchandise
                           Stores

  11 Kitamura Toushin KK   Office Space    $235.00
     Minato-ku, Tokyo      Leasing

  12 Kitaohji Toshi        Office Space    $199.31
     Kaihatsu KK           Leasing
     Kyoto-shi, Kyoto

  13 Yuwa Service KK      Insurance        $185.00
     Shibuya-ku, Tokyo    Premium
                          Collection

  14 Mycal Ist Co.,Ltd.   General          $169.97
     Osaka-shi, Osaka     Restaurants

  15 KK Ongaku No Mori    Resort Hotel     $123.04
     Kobuchizawa-cho,
      Yamanashi

Some 118 corporations in September 2001, which carried a
liability of over one billion yen ($8.33 million), reported
bankruptcy. The above listed companies are the top 15 corporate
bankruptcies with the highest liabilities.

According to Teikoku Databank America, many Japanese companies
are losing viability as the economic slump in Japan continues.
As a result, unexpectedly, major Japanese corporations are
filing for bankruptcy.


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


DAEWOO MOTOR: U.S. Attacks Blocks Middle East Exports
-----------------------------------------------------
Daewoo Motor's exports to the Middle East were blocked by the
U.S. bombardment on Afghanistan. The automaker signed a deal
with a socialist country in the region for the provision of
10,000 Nubiras, but since the U.S. military action, shipping to
the country has been stopped, Korea Times reported on November
15.

Daewoo's facilities in Kunsan, North Cholla Province reportedly
handed over 3,200 units to the country in early September and
planned to export other 3,800 units on September 25, but the
shipping has been delayed so far due to the war. A foreign
shipping company is reported to have backed out of the delivery
contract with Daewoo, citing security concerns.

The remaining sum of 3,000 units, contracted to be aboard on
October 25, is not yet in the pipeline as prospects are still
gloomy.

Meanwhile, the Kunsan facilities laid off 1,000 employees,
including temporary workers and job trainees, as sales were
crumpling until Daewoo clinched the deal with the Middle Eastern
country.

A Daewoo official said, "We won the contract after an intense
competition with Japan's Toyota. We just hope the on-going
conflict in the region comes to an end as soon as possible."


HYNIX SEMICON: Creditors Eye Tax Breaks For Debt Write-Offs
-----------------------------------------------------------
Hynix Semiconductor Inc's creditor banks, including Kookmin
Bank, Shinhan Bank, Hana Bank and KorAm Bank, plan to call on
the government to give them tax breaks in return for debt write-
offs against the chipmaker, Korea Herald reported on November 6.

A Shinhan official said, "We are to request that the Financial
Supervisory Service and other government agencies exempt us from
corporate income taxes against the debt write-offs granted to
Hynix." Accordingly, the government will be able to grant
corporate tax exemptions since it took a similar move when Hana
Bank wrote off its loans to Hyundai Engineering and Construction
Co, citing a provision of law that corporate tax exemptions can
be granted to financial institutions writing off their loans to
a bankrupt company.

Korea Exchange Bank and Hanvit Bank agreed to grant a debt-for-
equity swap of around W4 trillion to Hynix and extend nearly
W700 billion in fresh loans. The five banks earlier refused to
participate in a fresh bailout program for Hynix, which included
the extension of new loans, and opted to write off their lending
to the company.


HYNIX SEMICONDUCTOR: Selling Off Hyundai Curitel
------------------------------------------------
Hynix Semiconductor's spin-off company, Hyundai Curitel,
specializing in mobile handset manufacturing, will be sold off
to a foreign firm next week at the latest, Korea Herald reported
on November 5, which quoted a company official. Three foreign
firms, including Toshiba of Japan, recently completed a due
diligence investigation on the firm.

Hyundai Curitel, which was spun off from Hynix on July 1, was
established with capital of W40 billion won and the company
targets W1.3 trillion won in sales revenue this year.

The official said, "We believe Hynix will sell off its entire
stake in Hyundai Curitel," denying the rumor that Toshiba has
been decided upon as the buyer. He added, "The buyer has yet to
be decided. Negotiations have been going smoothly so we expect
the talks to come to an end in mid-October."


KOREAN AIR: Assets, ABS Sales Expected To Raise W700BB
------------------------------------------------------
Korean Air plans to secure W700 billion ($538 million) in funds
by the end of this year by selling real estate, airplanes and
asset-backed securities (ABS) in order to raise W130 billion,
W53.7 billion and W500 billion respectively, Korea Herald
reported on November 5. The W700 billion is anticipated to meet
its financial needs as it issued W300 billion in bonds October
8.

A company spokesman said, "We need to secure liquidity to
improve our financial structure which was crumpled following the
September 11 terrorist attacks in the United States."

The airline will be able to issue ABS by next month, following
consultations with lead managers Shinhan Bank and Korea
Development Bank. The airline company has already secured W82.5
billion through the sale of its educational institute building
in Seoul to a corporate restructuring real estate investment
trust (CR-REIT). It plans to sell other properties in Korea and
overseas, including an apartment for its staff in Hong Kong and
golf course memberships.

The company has already sold two airplanes valued at W36.5
billion and is in the process of selling three F100s and leasing
out four aircraft. It is counting on saving W25 billion in
personnel expenses by laying off 20 percent of its management
and staff, cutting both domestic and overseas air routes and
restructuring its organization.


KOREA LIFE: Posts W270 Billion Profit
-------------------------------------
Korea Life Insurance Co. posted a net profit of W269.9 billion
in the first half of fiscal year 2001, between April and
September this year, Korea Herald reported on November 6, 2001.
The figure is a sharp turnaround from a loss of W232.4 billion
recorded during the same period last year.

A company official said, "We switched to the black and recorded
a good performance during the April-September period as we
managed assets stably."

The life insurer reportedly collected W4.27 trillion in
insurance premiums and paid W3.07 trillion in claims, chalking
up an operating profit of W504.5 billion won, he added.

The company registered an investment profit of W643.9 billion in
the six-month period, while its solvency margin ratio improved
to 11.5 percent as of September 2001 from minus 603.8 percent
six months earlier.


LG INDUSTRIAL: Net Loss Shrinks To W70.9 Billion
------------------------------------------------
LG Industrial Systems incurred a net loss of W70.9 billion on a
sales revenue of W570.5 billion ($438 million) during the third
quarter of the year. The company's net loss decreased by 44
percent from last year, while its sales increased 3 percent,
Korea Herald reported on November 6, 2001.

The company's operating and ordinary losses shrank 36 percent
and 60 percent, totaling W21 billion and W50.6 billion,
respectively. The losses dwindled due to an increase in marginal
profits stemming from sales growth and reductions in financial
expenses.

The company's operating profit would have been W91 billion,
ordinary profit W61.4 billion and net profit at W41.1 billion,
had the write-off of business rights that don't involve cash
been set aside.

The company thus trimmed its W1.24 trillion debt at the end of
June this year to W750 billion won as of the end of September
2001 by selling 8.32 million shares in LG Card and 1.46 million
shares of Dacom to pay off its debts.


KOREA TELECOM: Plans to Sell 3-4% of 13.4% Stake In SK Telecom
--------------------------------------------------------------
Korea Telecom Corp plans to sell a 3-4 percent stake from its
13.4 percent equity interest in SK Telecom Co, with the stake to
be sold either back to SK Telecom or on the market by the end of
the year, PRNewsAsia reported on November 1, which cited AFX-
Asia.

A company spokesman said, "We are considering selling 3-4
percent of our SK Telecom stake by the end of the year" and the
company will eventually sell the remaining stake depending on
market conditions.


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


ABRAR CORPORATION: KLSE's Reply On Extension Appeal Pending
-----------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that it had on 17 October 2001 sought the
approval of the Kuala Lumpur Stock Exchange (KLSE) for a further
extension of two (2) months until 31 December 2001 (the Further
Extension) to allow the Company to finalize and to announce the
full details of its corporate debt restructuring exercise (the
Workout Proposal) in its Requisite Announcement since the
Company shall not be able to release its Requisite Announcement
by 22 October 2001.

The above was consequent to the Exchange granting the Company on
3 September 2001 with an extension of time of two (2) months
from 23 August 2001 to 22 October 2001 to enable the Company to
release its Requisite Announcement.

The Company had on 11 September 2001 and 16 October 2001
submitted to the KLSE with the detailed progress reports on the
developments and / or latest status of the Company's
regularization exercise in respect of its plan to regularize its
financial condition, as requested by the KLSE.

The Further Extension requested by the Company from the KLSE was
mainly due to unforeseen circumstances as the White Knight, the
Company and their advisors had to revisit the impact on the
financial projections relating to the Company's Workout Proposal
as a result of the 11 September 20001 attack on United States
and all the subsequent events that followed.

The KLSE's reply to the Company's appeal for the Further
Extension is currently pending.


ARTWRIGHT HOLDINGS: FIC, MITI Approve Proposals
-----------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad), on behalf of the Board of Directors of Artwright
Holdings Berhad (AHB or Company), announced that the Foreign
Investment Committee (FIC), via its letter dated 31 October
2001, approved these proposals:

(i) disposals of a piece of land held under issue document of
title H.S. (D) 97304, P.T. 32347 in the district of Petaling,
Selangor Darul Ehsan and all buildings, structures and factory
erected together with the equipment and machinery owned by
Artwright Technology Sdn Bhd (ATSB) to Rengard Industries Berhad
(Rengard) for a total cash consideration of USD17,500,000
(RM66,500,000) (Proposed Disposals);

(ii) the subscription of 25,000 and 75,000 new Rengard ordinary
shares of RM1.00 each representing 25 percent and 75 percent of
the enlarged issued and paid-up share capital of Rengard by AHB
and Steelcase Inc. respectively, for a subscription sum of
USD4,375,000 (RM16,625,000) and USD13,125,000 (RM49,875,000)
respectively; and

(iii) the issuance of 1,908,994 new ordinary shares of RM1.00 in
AHB at an issue price of RM1.89 per share as settlement of the
secured debts and the unsecured debts totaling RM3,608,000 to
the secured creditors and the unsecured creditors (Proposed Debt
to Equity Conversion).

The approval of the FIC is subject to the following conditions:

(i) AHB shall increase its Bumiputera equity content to at least
30 percent before 31 December 2003;

(ii) the approval of Bank Negara Malaysia shall be obtained; and

(iii) the approval of the Securities Commission shall be
obtained.

In addition, the Ministry of Trade of International Trade and
Industry (MITI) has, vide its letter dated 1 November 2001,
approved the following proposals:

(i) the Proposed Disposals; and

(ii) the Proposed Debt to Equity Conversion.

The approval of the MITI is subject to the following conditions:

(i) ATSB shall surrender its manufacturing license; and

(ii) Rengard shall submit an application to the Malaysian
Industrial Development Authority to obtain a manufacturing
license for its manufacturing projects.


AUSTRAL AMALGAMATED: Proposes Scheme Modifications
--------------------------------------------------
Austral Amalgamated Berhad - Special Administrators Appointed
(the Company) announced that essential modifications have been
proposed to the Company's Scheme of Arrangement and
Reconstruction (the Scheme), which is to regularize its
financial condition. The Scheme, prior to the proposed
modifications, had been approved by the Securities Commission
(SC) on 16 April, 2001.

The Independent Advisor for the Scheme, RHB Sakura Merchant
Bankers Berhad, has reviewed the proposed modifications and
confirmed that the proposed modifications are reasonable taking
into consideration the interests of the creditors and
shareholders of the Company, and three of its subsidiary
companies under the Scheme i.e. Danau Kota Development Sdn. Bhd.
- Special Administrators Appointed, Likas View Sdn. Bhd. -
Special Administrators Appointed and Profound View Sdn. Bhd. -
Special Administrators Appointed (collectively referred to as
"the Scheme Companies"). The Independent Advisor further
confirmed that a meeting of the secured creditors of the Scheme
Companies to approve the proposed modifications pursuant to
Section 48(2) of the Pengurusan Danaharta Nasional Berhad Act,
1998 ("Danaharta Act") would not be required. The SC had been
notified of the proposed modifications of the Scheme on 16
October, 2001.

Pursuant to the Section 48(7) of the Danaharta Act, upon receipt
of the above confirmation from the Independent Advisor, the
Company shall now implement the proposed modifications, which
shall be binding on the members and creditors of the Scheme
Companies and all person affected by the Scheme.

The details of the SC's approval of the Scheme and the proposed
modifications of the Scheme were announced by the Company on 20
April, 2001 and 16 October, 2001 respectively.

Further, SC has via a letter dated 5 October, 2001, approved an
extension of time until 16 April, 2002 for the implementation of
the Scheme, as announced by the Company on 8 October, 2001.


CHASE PERDANA: British Virgin Registry Strikes Off Unit
-------------------------------------------------------
Chase Perdana Berhad (the Company) informed that Acehigh
Investments Limited (AIL), a wholly-owned subsidiary of the
Company has been struck off from the Registry of British Virgin
Island effective from 1 November 2001.

AIL is a company incorporated in British Virgin Island with
issued and paid-up capital of US$2.00 (equivalent to RM7.60).

AIL has not commenced operation since the date of its
incorporation and AIL does not intend to commence or carry on
business in the near future.



CSM CORP.: KLSE OKs Two-Month Requisite Announcement Extension
--------------------------------------------------------------
The Board of Directors of CSM Corporation Berhad (CSM or the
Company) stated that the Kuala Lumpur Stock Exchange has, via
its letter dated 2 November 2001, granted the Company an
extension of 2 months from 26 October 2001 to 25 December 2001
to make the Requisite Announcement (RA).

There has been no change to the status of the Company's plans to
regularize its financial condition further to the monthly status
announcement made on 1 November 2001.


GADEK CAPITAL: KLSE's Extension Request Reply Pending
-----------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the Board of Directors of Gadek Capital Berhad (Gadek Capital
or the Company) (Board) had on 6 August 2001 revealed that:

   (a) Gadek Capital is an affected listed issuer having an
inadequate level of operations under paragraph 2.1, subparagraph
(b)(bb) of PN10; and

   (b) In view of the announcements dated 13 March 2001 and 27
April 2001 together with the submission to the relevant
authorities dated 30 April 2001, Gadek Capital has complied with
the provisions of paragraph 6, subparagraph (a) and (b)
respectively of PN10.

In accordance with paragraph 6, subparagraph (c) of PN10, Gadek
Capital must obtain all approvals necessary for the
implementation of the proposed restructuring (as set out in the
6 August 2001 announcement) within four (4) months from the date
of the submission or in Gadek Capital's case, four (4) months
from the Effective Date. Gadek Capital had obtained the relevant
approvals within the aforesaid four (4) months for the
aforementioned proposed restructuring.

However, as the Company has announced and submitted to the
relevant authorities, revisions (which are pending approvals) to
the restructuring scheme (Revised Proposals) on 15 October 2001
and 26 October 2001 respectively, the Company has on 31 October
2001 applied to the KLSE for an extension of three (3) months
from 1 November 2001 to 1 February 2002 for the Company to
obtain all the relevant approvals for the implementation of the
Revised Proposals.

Presently, the Company is awaiting the KLSE's reply regarding
the extension request. An appropriate announcement will be made
upon receipt of the KLSE's decision.


LAND & GENERAL: SC Grants Proposed BAB Swap
-------------------------------------------
On behalf of the Board of Directors of Land & General Berhad
(L&G or the Company), Commerce International Merchant Bankers
Berhad (CIMB) announced that the Securities Commission (SC) has
on 1 November 2001 approved, without any variations:

   (i) Offer by L&G to the Scheme Creditors (as defined herein)
a total of 29,634,164 ordinary shares of BAB of RM1.00 each in
BAB (BAB Shares), owned by L&G and its wholly-owned subsidiary,
Bestform Limited Sdn. Bhd. (Bestform), at RM7.00 per BAB share;
and

   (ii) Divestment of BAB Shares by L&G and Bestform pursuant to
implementation of the proposed settlement of approximately
RM207.4 million of the total indebtedness by L&G to the Scheme
Creditors via swapping with the BAB Shares.

"Scheme Creditors" comprise the financial institution lenders of
L&G and certain financial institution lenders of Bandar Sungai
Buaya Sdn. Bhd., a wholly owned subsidiary of L&G, and Islands
Helicopter Services Pty. Ltd., a 49 percent owned associate
company of L&G, to whom corporate guarantees/letter of support
have been provided by L&G, and convertible bond holders of L&G.

The approval of the SC on the Proposed BAB Swap is subject to
the following conditions:

   (i) CIMB is required to inform the SC of the actual number of
BAB shares being offered to the Scheme Creditors pursuant to the
Proposed BAB Swap;

   (ii) Full disclosure must be made in the circular to
shareholders of L&G and the announcement to be made by L&G in
relation to the said SC's approval, of the possibility of the
Proposed BAB Swap resulting in new substantial shareholders or
shareholder having controlling interest in BAB;

   (iii) L&G can only implement the Proposed BAB Swap after the
approval of the Foreign Investment Committee (FIC) is obtained;
and

   (iv) L&G shall comply with all other conditions governing the
Proposed BAB Swap as prescribed in the Policies and Guidelines
on the Issue/Offer of Securities issued by the SC.

In view of the above, L&G wishes to further inform of the
possibility that the Proposed BAB Swap may result in new
substantial shareholders or shareholder having controlling
interest in BAB.

The Proposed BAB Swap is presently subject to approvals being
obtained from the following:

   (i) the shareholders of L&G at an Extraordinary General
Meeting (EGM) to be convened;

   (ii) Malaysian Central Depository Sdn. Bhd. for the transfer
of BAB Shares to the relevant eligible Scheme Creditors;

   (iii) the FIC;

   (iv) Bank Negara Malaysia; and

   (v) any other relevant authorities.


MAY PLASTICS: No Significant Change On Proposals Status
-------------------------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI)
announced that the status of the proposed rescue cum
restructuring scheme comprising composite schemes of arrangement
pursuant to section 176 of the Companies Act 1965 and various
related proposals  (Proposals) has not changed as announced on 1
October 2001.

The Company has to-date obtained the following approvals from
the following authorities/parties to implement the Proposals:

  * Securities Commission on 23 June 2000, 7 November 2000, 27
July 2001 and 14 September 2001;

  * Ministry of International Trade and Industry on 19 November
1999 and 7 June 2000;

  * Foreign Investment Committee on 22 October 1999 and 30 May
2000;

  * Shareholders, warrantholders and scheme creditors of MPI on
22 December 2000;

  * The High Court of Malaya pursuant to Section 176 of the
Companies Act, 1965 on 26 February 2001.

  * The KLSE's approval-in-principle on 4 May 2001 for admission
of KSU Holdings Berhad (KSUH) to the Official List of the Second
Board of KLSE and the initial listing and quotation of the
KSUH's shares and KSUH warrants on the Second Board of KLSE; and
the additional listing of and quotation for new shares in KSUH
to be issued pursuant to the exercise of the KSUH Warrants.

The Company is in the process of implementing the Proposals.


RAHMAN HYDRAULIC: KLSE Grants Proposed Workout Scheme Approval
--------------------------------------------------------------
On behalf of Rahman Hydraulic Tin Berhad (Special Administrators
Appointed) (RHTB or the Company), the Special Administrators
announced that the KLSE, by their letter dated 1 November 2001,
has approved an extension of another two months from 5 October
2001 to 4 December 2001 for the Company to obtain all necessary
approvals from the regulatory authorities on the Proposed
Restructuring Scheme.


RNC CORP: Updates Proposed Debt Restructuring Scheme Status
-----------------------------------------------------------
RNC Corporation Berhad announced that the status of the Proposed
Corporate and Debt Restructuring Scheme (PRS) is:

(a) The PRS is still pending the approval of Kuala Lumpur Stock
Exchange (KLSE) for the listing and quotation for the ordinary
shares, Redeemable Convertible Secured Loan Stocks (RCSLS) and
Redeemable Convertible Unsecured Loan Stocks (RCULS) on the Main
Board Of KLSE pursuant to the PRS; and

(b) The Special Administrators and Affin Merchant Bank Berhad
are in the midst of preparing an Information Circular detailing
the approved PRS, which will be sent out to shareholders in due
course after the receipt of clearance from the KLSE on the
content of the circular.


SAP HOLDINGS: Files Aima Construction Suit Appeal
-------------------------------------------------
SAP Holdings Berhad (SAP), updated status on the following suit:

Alor Setar High Court Civil Suit No: 22-123-2001
Aima Construction Sdn Bhd vs SAP Holdings Berhad and SAP Air
Hitam Properties Sdn Bhd

SAP revealed that an application by SAP to set aside the Ex
Parte injunction obtained by Aima Construction Sdn Bhd was, on
30th October 2001, dismissed with cost by the High Court Alor
Setar.

The Company instructed its solicitors to file an immediate
appeal to the Court of Appeals. They have been advised by the
solicitors that they have a chance to be successful in the said
appeal.


UH DOVE: Awaits Creditor Banks SA Time Extension Approval
---------------------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of UH Dove Holdings Berhad (the Company) in respect of
the Proposed Rescue cum Debt Restructuring Scheme (Proposals) of
the Company, announced that the Company has submitted a plan to
regularize its financial condition to the Securities Commission
(SC), the Foreign Investment Committee (FIC) and the Ministry of
International Trade and Industry on 28 February 2001.
Subsequently, the Board made the following announcements in
relation to the Proposals:

Date of Announcement    Subject Matter

1 June 2001 FIC has via its letter dated 26 April 2001
stated that it has no objection to the
Proposal subject to the condition that the
bumiputera equity of the Company be
increased to at least 30 percent before 30
June
2002 and that the Proposals to acquire
land in Muar, Johor from Miramas Realty
Sdn. Bhd. and Multiple Launch Sdn. Bhd. be
re-submitted separately to FIC after the
completion of the restructuring and
payment of debt of the Company.

3 August 2001  The Exchange has via its approval letter
dated 2 August 2001 granted an extension
of two (2) months from 28 June 2001 to 27
August 2001 to enable the Company to
obtain all necessary approvals from the
regulatory authorities.

15 August 2001 FIC has via it letter dated 14 August 2001
given its approval on the Company's
application in respect of the Proposed
Rescue cum Debt Restructuring subject to
the increase in bumiputera equity to 30
percent
by 30 June 2002.

27 August 2001 MITI has via its letter dated 23 August
2001 given its approval on the Company's
application in respect of the Proposals
subject to the increase in bumiputera
equity in U.H. Industries Sdn. Bhd., a
wholly-owned subsidiary of the Company to
30 percent by 22 August 2003 in compliance
with
the terms and conditions of its
Manufacturing Licence.

19 September 2001 The Exchange has via its approval letter
dated 18 September 2001 granted a further
extension of two (2) months from 28 August
2001 to 27 October 2001 to enable the
Company to obtain all necessary approvals
from the regulatory authorities.

1 October 2001  The SC has on 28 September 2001 evening
via its approval letter dated 28 September
2001 granted a conditional approval on the
Company's Proposals.

5 October 2001 The Company has determined 5 October 2001
as its share price fixing date for the
issuance of the new shares pursuant to the
Proposals.

The Company, Miramas Development Sdn. Bhd. and the creditor
banks had held a Corporate Debt Restructuring Committee Meeting
at Bank Negara on 3 October 2001 to deliberate and discuss on
the extension of the Approval Period of the Settlement Agreement
(SA) and certain variations on the terms thereof.

The implementation of the Proposals is also subject to the
vendors of the acquiree companies/assets agreeing to the terms
and conditions of the SC's approval letter dated 28 September
2001.

The Vendors of the acquiree companies/assets (Vendors) are
currently finalizing their cause of appeal and will follow up
with a formal letter of appeal on certain terms of the SC's
Approval Letter.

The Company is also awaiting the final decision from the
creditor banks on the extension of the Approval Period of the SA
and certain variations on the terms thereof.

Upon the extension of the SA, the respective Sale and Purchase
Agreements in relation to the acquisition of the acquiree's
companies/assets will be extended in conjunction thereto.


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


METRO PACIFIC: 69.6% Bonifacio Stake On Block
---------------------------------------------
Metro Pacific Corporation (MPC) is determined to sell its 69.6%
stake in property subsidiary Bonifacio Land Corp. (BLC) to
interested investors, BusinessWorld reported November 5. MPC is
a subsidiary of Hong Kong-based First Pacific Co. Ltd.

Sale proceeds are expected to enable MPC to repay the
Larouge loan in full and meet its other obligations as they fall
due. Larouge B.V. is a wholly-owned subsidiary of First Pacific.

First Pacific said MPC has completed its review of strategic
options for BLC and has appointed Dutch investment bank ING
Barings as adviser for its BLC stake sale.

BLC is a 55% stake owner in Fort Bonifacio Development Corp.,
the joint-venture company formed with the government for the
development of a 155-hectare portion of a the former Fort
Bonifacio military base in Taguig (southeastern Metropolitan
Manila) into a new business district.


NATIONAL BANK: Tan Agreement Finalization Pending
-------------------------------------------------
The terms of an agreement with Lucio Tan on the "reverse
privatization" plan for Philippine National Bank (PNB) is
expected to be finalized by the government as early as this
week, ABS-CBN News reported on November 5, which quoted Finance
Secretary Jose Isidro Camacho.

The agreement will cover the conversion price for shares that
Tan will give up and to be absorbed by the government under a
debt-to-equity conversion scheme, management control of PNB,
settlement of PNB's obligations to the government and a joint
sale of shares by the government and Tan in the future.

Camacho said, "We expect negotiations to finalize the terms [of
the agreement with Tan] to happen quickly. It's possibly this
week, but give us until next week."

Tan has reportedly agreed to reduce PNB's par value from P60 to
P40 a share, at which price the government would get some of
Tan's shares. They also agreed on having equal shareholdings and
on a mechanism to appoint their representatives in PNB
management.

Under the emerging agreement between the government and Tan, up
to PhP10 billion of a PhP25-billion loan extended to PNB by PDIC
and the Bangko Sentral could be swapped with outstanding loan
receivables of the bank from the national government. Another
portion will be converted into equity. The rest will likely be
restructured as an eight-year loan.


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


GOLDEN AGRI: Accepts BII Bank Repayment, Security Package
---------------------------------------------------------
The board of directors of Golden Agri-Resources Ltd (GAR), in a
November 2 joint press statement with Asia Food & Properties
Limited (AFP), announced they have accepted the repayment and
security package proposed by BII Bank Limited, Cook Islands (the
"Proposal"). The terms were finalized and approved by the
board, following the completion of several months of due
diligence carried out by the companies' legal advisors, Shook
Lin & Bok and financial advisors, Deloitte & Touche.

1. GENERAL TERMS

The Proposal comprises a principal security of a pledge over
shares. In addition, there is an additional security of an
assignment of loan. The Proposal was tabled following the
request of the Independent Directors and Boards of AFP and GAR
for BII Bank Limited, Cook Islands to provide additional
security to the repayment plan, that was previously disclosed by
the companies.

(i) Security over Shares

The principal security consists of pledges of direct and
indirect interest of 42.5 percent in the shareholdings of P. T.
Pembangunan Deltamas and P. T. Puradelta Lestari ("Project
Companies). The Project Companies will jointly undertake the
integrated development of "Kota Deltamas"1 comprising
residential, commercial and industrial properties on a land area
of 3,000 hectares.

Itochu Corporation and Nissho Iwai Corporation of Japan, the 50
percent shareholders in the Project Companies, have made an in-
principle commitment of shareholder loans totaling US$21 million
towards the further funding of Kota Deltamas.

(ii) Assignment of Loan

In addition, the AFP Group has been assigned a loan of more than
Yen 27 billion (approximate US$226 million) to the Project
Companies.

(iii) Interest on Deposits

The interest on the deposits is 0.25 percent over the average of
the DBS and UOB US Dollar deposit rates for six months.

The AFP Group also enjoys the benefit of bank facilities granted
by various third party financial institutions, which amounted to
US$107 million as at end June this year. These facilities were
ultimately secured by, inter alia, stand-by letters of credit
granted by BII Bank Limited, Cook Islands.

The Independent Financial Advisor advised the Independent
Directors and Board that based on the factual information
currently available, the Proposal is one that may be reasonably
considered and accepted, particularly as the companies are not
in anyway compromising their rights to recover the deposits. The
Proposal is purely additional to the rights the companies
already have. This is because the companies have expressly
reserved the right to require BII Bank Limited, Cook Islands to
pay the full amount of deposits at any time.

2. CONCLUSION

After careful consideration of the terms and the current
operating environment, the Board and Independent Directors
resolved by this Proposal, that the deposits could be further
safeguarded and secured, which was in the best interests of the
shareholders.

The decision by the Board and Independent Directors to accept
the Proposal was based on three important considerations.
According to the Board and Independent Directors, the immediate
priority interest of the companies and minority shareholders was
to safeguard and recover the deposits.

Further, under this Proposal, the AFP Group companies' existing
legal rights to recover the outstanding deposits and in
connection with the deposits continue to be reserved and remain
unaffected. This means that the AFP Group companies' will be
able to, or upon any default of the terms of the Proposal to,
take legal action to recover the deposits, as well as exercise
any additional rights given under the Proposal.

The legal documents for the Proposal comprising a Restructuring
Deed and Security Sharing Deed were signed today.

3. GENERAL BACKGROUND

As at end March this year, the AFP Group's (excluding the GAR
Group) cash and time deposits with BII Bank Limited, Cook
Islands were US$71 million. The GAR Group's cash and time
deposits with the bank were US$226 million. BII Bank Limited,
Cook Islands, which was facing liquidity problems, had proposed
the following repayment schedule to the AFP Group and GAR Group
over a five-year period:

Date                   AFP Group        GAR Group       AFP
Group
                       (excluding GAR)  US$'000         Total
                       US$'000                          US$'000
By 30 April 2002       7,000            20,000          27,000
By 31 October 2002     5,000            20,000          25,000
By 30 April 2003       5,000            20,000          25,000
By 31 October 2003     6,500            30,000          36,500
By 30 April 2004       6,500            30,000          36,500
Within 24 months
from 30 April 2004   41,000           106,000         147,000
Total                 71,000           226,000         297,000

By end October this year, the AFP Group (excluding the GAR
Group) withdrew US$21 million and the GAR Group withdrew US$10
million. The total repayment of US$31 million has exceeded the
first proposed repayment of US$27 million for the AFP Group, for
the period from May 2001 to April 2002. The AFP and GAR Groups
have not been placing further or fresh deposits with BII Bank
Limited since end November last year.

4. APPOINTMENT OF NEW INDEPENDENT DIRECTORS

The boards of AFP and GAR also announced the appointment of
three additional independent directors, Dr Hong Hai, Mr P T Hong
and Mr Foo Meng Kee. The appointment will increase the number of
independent directors to the Board and enhance the corporate
governance of each company. The Board noted that the companies
would benefit from the wide corporate and commercial experience
and expertise of Dr Hong, Mr Hong and Mr Foo.


GOLDEN AGRI: Appoints Three Additional Independent Directors
------------------------------------------------------------
The board of directors of Golden Agri-Resources Ltd (GAR)
announced the appointment of three additional independent
directors, Dr Hong Hai, Mr Hong Pian Tee and Mr Foo Meng Kee
with effect from 2 November 2001. Their appointment will
increase the number of independent directors to the board and
enhance the corporate governance of the company, which will
benefit from the wide corporate and commercial experience and
expertise of Dr Hong, Mr Hong and Mr Foo.

Following the appointments of the three additional directors,
the full board of GAR will now be comprised of:

Franky Oesman Widjaja - Chairman & Chief Executive Officer
Muktar Widjaja - Director & President
Frankle (Djafar) Widjaja - Director & Vice President
Hendrik Tee - Director & Vice President
Tan Siauw Liang - Director & Chief Operations Officer
Willie Sia Siew Kiang - Director, Chief Financial Officer
& Member, Audit Committee
Lew Syn Pau - Director & Chairman, Audit Committee
K. Shanmugam - Director & Member, Audit Committee
Gabriel Seeyave - Director
Yee Foon Leung Dat Wan - Director
Dr Hong Hai - Director
Hong Pian Tee - Director
Foo Meng Kee - Director


GOLDEN AGRI: Shareholders Renew IPT Mandate
-------------------------------------------
Golden Agri-Resources Ltd (GAR) shareholders, at its 31 July
2001 annual general meeting, renewed the interested person
transactions mandate (the "IPT Mandate") as:

(a) That pursuant to Chapter 9A of the Listing Manual of the
Singapore Exchange Securities Trading Limited, approval be and
is hereby given to the Company, its subsidiaries and associated
companies or any of them to enter into any of the transactions
falling within the types of Interested Person Transactions set
out in the Company's Circular relating to the revisions to, and
renewal of, mandate for transactions with Interested Persons
dated 14 June 2000 (the "Circular"), with any party who is of
the class of Interested Persons described in the Circular,
provided that such transactions are conducted on commercial
terms which are not prejudicial to the interests of the
shareholders of the Company and in accordance with the
guidelines of the Company for Interested Person Transactions as
set out in the Circular, and

(b) That the Directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing all such documents as may be required) as
they may consider expedient or necessary or in the interests of
the Company to give effect to this Resolution.

Appendix 2 of the Company's Circular to Shareholders dated 14
June 2000 sets out the transactions and interested persons which
include "the placement of deposits with and the borrowing of
loans from P.T. Bank Internasional Indonesia Tbk, Bank
International Ningbo and certain other financial institutions in
which our Interested Persons have an interest". The renewal of
the IPT Mandate was "without affecting the realization of the
deposits" as disclosed in paragraph (4) of the Auditors' Report
and Note 31(b) to the consolidated financial statements, and
"the Board of Directors of the Company will not place any
further or fresh deposits with BII Bank Limited." [GAR Annual
Report 2000, page 98]

No further or fresh deposits have been placed with BII Bank
Limited, Cook Islands since end November 2000 nor will any
further or fresh deposits be placed.

2. Board Appointment of Financial Advisors and Legal Advisors

At the annual general meeting of 31 July 2001, the Board
informed shareholders that financial advisors would be appointed
to advise the Board on the proposals made to reschedule and
secure the repayment of the Deposits and legal advisors would be
appointed to provide legal advice and documentation.

On 6 September 2001, the Board announced that they had appointed
Deloitte & Touche as an Independent Financial Advisor to advise
the Company on the proposals by BII Bank Limited, Cook Islands
to repay and secure repayment of the Deposits held by them and
that the law firm of Shook Lin & Bok had been appointed to work
with the independent financial advisors to prepare the legal
documentation.

3. Deposits

As of 31 March 2001, Asia Food & Properties Ltd (AFP) Group's
(excluding the GAR Group) and GAR Group's cash and time deposits
with BII Bank Limited, Cook Islands, were US$71 million and
US$226 million respectively.

By 31 October 2001, the AFP Group (excluding the GAR Group)
withdrew US$21 million and the GAR Group withdrew US$10 million.
The total repayment of US$31 million has exceeded the proposed
first repayment of US$27 million for the AFP Group, for the
period from May 2001 to April 2002.

4. Financial Advice and Valuation on Security Package

The principal security consists of pledges of direct and
indirect interest of 42.5% in the shareholdings of P.T.
Pembangunan Deltamas and P.T. Puradelta Lestari (the Project
Companies) which are jointly undertaking the integrated
development of "Kota Deltamas" comprising residential,
commercial and industrial properties on 3,000 hectares of land
at Bekasi Regency, West Java, 37 km east of Jakarta (the
Development Project).

The Independent Financial Advisors, Deloitte & Touche have,
based on the valuation report issued by P.T. Insal-Utama, an
Indonesian licensed valuer approved by Badan Pengawas Pasar
Modal (BPPM), reported the discounted value of the direct and
indirect secured portion representing 42.5 % of the Development
Project as at 30 April 2001 was US$175 million. The valuers have
also estimated the value of the secured portion of the
Development Project upon full completion in 2020 to be US$699.42
million.

Accordingly, the value of the Development Project is expected to
increase over the period of the development, whilst the
outstanding Deposits will decrease as they are being repaid. BII
Bank Limited, Cook Islands, had proposed to repay to the AFP
Group, US$27 million between May 2001 and April 2002, but has to
date repaid US$31 million and has confirmed its intention to
repay a further US$10 million by 31 December 2001.

The 50% shareholders in the project companies of the Development
Project are Itochu Corporation and Nissho Iwai Corporation of
Japan who are each 25% shareholders of the Project Companies.
Both Itochu Corporation and Nissho Iwai Corporation have in
principle committed shareholder loans of US$21 million towards
the further funding of the Development Project.

The AFP Group also enjoys the benefit of bank facilities granted
by various third party financial institutions, which amounted to
US$107 million as at 30 June 2001. These facilities were
ultimately secured by, inter alia, standby letters of credit
granted by BII Bank Limited, Cook Islands.

The Independent Financial Advisors, Deloitte & Touche, have
advised, based on the factual information currently available,
that the security package is one that the Independent Directors
may in the circumstances reasonably consider and accept,
particularly as the companies are not in anyway compromising
their rights to recover the Deposits. The security package is
purely additional to the rights the company already have. This
is because the companies have expressly reserved the right to
require BII Bank Limited, Cook Islands to pay the full amount of
Deposits at any time.

5. Independent Directors and Board Resolution

The Independent Directors and Board have noted the following:

(a) that the immediate priority interest of the Company and
minority shareholders is to recover the Deposits;

(b) that the AFP Group companies' existing legal rights to
recover the outstanding Deposits and in connection with the
Deposits continue to be reserved and remain unaffected; and

(c) that upon demand by the Security Agent or the Majority
Companies (as defined in the Restructuring Deed described below)
or upon any default of the Restructuring Deed, the AFP Group
companies will continue to be able to take legal action to
recover the Deposits, as well as exercise additional rights over
the new security.

The Independent Directors and Board having regard to the
Independent Financial Advisor's report and all relevant
circumstances including the market and environment relating to
the Groups' business and operations, have accepted the security
package and resolved that it is in the best interests of
shareholders that the outstanding Deposits be further
safeguarded and secured with the following restructuring and
security arrangements which agreements have been signed today,
with the emphasis that whilst these arrangements add to the
rights of AFP and GAR, neither company is in any way giving up
existing rights.

SCHEDULE

   RESTRUCTURING AND SECURITY AGREEMENTS

      Restructuring Deed

         The Restructuring Deed has been executed between BII
Bank Limited, Cook Islands and each of the respective AFP Group
and GAR Group companies, which have outstanding Deposits with
BII Bank Limited, Cook Islands ("Group Companies").

        Under the Restructuring Deed, BII Bank Limited, Cook
Islands undertakes to repay the Deposits pro rata to the Group
Companies in accordance with the following schedule so that the
aggregate amounts stated will be repaid by the dates against
which such amounts are set out.

Date                 AFP Group        GAR Group     AFP Group
                     (excluding GAR)  US$'000       Total
                     US$'000                        US$'000
By 30 April 2002     7,000            20,000        27,000
By 31 October 2002   5,000            20,000        25,000
By 30 April 2003     5,000            20,000        25,000
By 31 October 2003   6,500            30,000        36,500
By 30 April 2004     6,500            30,000        36,500
Within 24 months
from 30 April 2004  41,000          106,000       147,000
Total                71,000          226,000       297,000

The Restructuring Deed provides for the repayment of principal
and interest, and contains other standard clauses in a
restructuring document (e.g. warranties, covenants, events of
default, acceleration, additional security, etc.). The
Restructuring Deed comes into effect on the Effective Date when
all conditions precedent has been satisfied. Under the
Restructuring Deed, the Deposits of the respective Group
Companies are to be paid together with interest at the rate of
0.25 % above the average of the US Dollar fixed deposit rate for
6-month tenor for comparable amounts quoted by DBS Ltd and
United Overseas Bank Ltd from the Effective Date. Prior to the
Effective Date as defined in the Restructuring Deed, interest on
outstanding Deposits has been accrued at higher rates than
available in the market.

The obligations of BII Bank Limited, Cook Islands, under the
Restructuring Deed are secured by the security as described
below. The Restructuring Deed is governed by Singapore law with
submission to settlement of disputes through arbitration in
Singapore under the Singapore International Arbitration Center
Rules.

SECURITY SHARING DEED

AFP to be Security Agent for AFP Group and GAR Group Companies

In connection with the Restructuring Deed, (i) BII Bank Limited,
Cook Islands; (ii) the AFP Group and GAR Group Companies; (iii)
the security providers named therein; and (iv) the Security
Agent have entered into a Security Sharing Deed to:

(a) postpone the rights of BII Bank Limited, Cook Islands to
those security assets which have previously been granted as
security to BII Bank Limited, Cook Islands to the rights of the
AFP Group and GAR Group Companies;

(b) regulate the sharing of the securities in proportion to
their outstanding Deposits;

(c) regulate the rights and obligations of each party to the
security arrangement; and

(d) appoint AFP as the security agent and trustee for the AFP
Group and GAR Group Companies.

The Security Sharing Deed is governed by Singapore law with
submission to settlement of disputes through arbitration in
Singapore under the Singapore International Arbitration Center
Rules.

SECURITY

The additional security provided comprises:

(a) Pledges of 34 % of the issued and outstanding shares of each
of the Project Companies ( P.T. Pembangunan Deltamas and P.T
Puradelta Lestari) held by Linsville Limited and Jermina
Limited;

(b) Pledges of all issued and outstanding shares of Linsville
Limited and Jermina Limited and of 53.125% of the issued and
outstanding shares of P.T. Sumber Arusmulia which owns 16% of
the shares of the Project Companies; and

(c) An assignment by ACF Solutions Holding Limited (incorporated
in Mauritius, which is the sole holding company of Linsville and
Jermina) of loans amounting to Japanese Yen 27,397,291,582 made
by ACF Solutions Holding Limited to the Project Companies.

ABOUT GOLDEN AGRI-RESOURCES LTD

Listed on the Singapore Exchange in 1999, Golden Agri-Resources
Ltd. (GAR) is one of the largest private palm oil plantations in
the world. Its operations are located in Indonesia.

With a total planted area of 276,000 hectares, the company's
primary activities include the cultivation and harvesting oil
palm trees, collecting fresh fruit bunch and processing these
into crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening. GAR operates 18 palm-oil processing mills, two
refineries and four kernel crushing mills. GAR's half-year
turnover for the period ended 30 June 2001 was approximately
US$142 million.

GAR is 55 percent owned by SGX listed Asia Food & Properties Ltd
(AFP), an investment holding company with operating businesses
in agri-resources, food and properties. Listed on the SGX in
1997, AFP's principal operations are located in Indonesia,
China, Singapore and Malaysia. The AFP Group of Companies
employs more than 60,000 people with strong local, regional and
international knowledge and experience. AFP reported a half-year
turnover of S$659 million for the period ended 30 June 2001.

For further information, please contact:

Mee-Wah Tan
Corporate Affairs Director
Golden Agri-Resources Ltd
Tel: +65-3295 707
Fax: +65-3295 709
E-mail: corpaff@afp.com.sg


KEPPEL CORPORATION: Court Approves Proposed Capital Reduction
-------------------------------------------------------------
The directors of Keppel Corporation Limited announced that the
High Court of Singapore has confirmed the proposed capital
reduction of the par value of each ordinary share of the Company
from $1.00 to $0.50 (Capital Reduction) and the proposed capital
distribution to shareholders of $0.50 in cash (Capital
Distribution) for each issued ordinary share held as at the
books closure date notified below.

The Capital Reduction will take effect as of the date when a
copy of the Order of Court confirming the Capital Reduction is
lodged with the Registrar of Companies and Businesses for
registration which is expected to take place on Friday, 23
November 2001.

Notice of Closure of Books of Members

To: Holders of Ordinary Shares of S$1.00 each

Notice is hereby given that the Transfer Books and the Register
of Members of the Company will be closed from 5.00 pm on
Wednesday, 21 November 2001 to 22 November 2001, both days
inclusive, for the purpose of determining ordinary shareholders'
entitlement to the Capital Distribution. Duly completed
transfers received by the Company's registrar, B.A.C.S. Pte Ltd
of 63 Cantonment Road, Singapore 089758 up to the close of
business at 5.00 pm on 21 November 2001 will be registered to
determine shareholders' entitlement to the Capital Distribution.
The cheques for payment of the shareholders' entitlement to the
Capital Distribution will be dispatched to shareholders within
10 market days from 22 November 2001.

Notice of Closure of Register of Preference Shareholders

To: Holders of US$350,000 2% Redeemable Convertible Cumulative
Preference Shares (RCCPS)

NOTICE IS HEREBY GIVEN that the Register of Preference
Shareholders will be closed from 5.00 pm, 21 November 2001 to 22
November 2001, both days inclusive, being the period during
which the Share Transfer Books and the Register of Members of
the Company will be closed for the purpose of determining
ordinary shareholders' entitlement to the Capital Distribution,
and to adjust the conversion price of RCCPS from S$7.10 to
S$6.11, arising from the Capital Distribution. The RCCPS will
not be convertible during the period of closure of the Register
of Preference Shareholders.

Notice of Adjustment of Conversion Price of RCCPS

To: Holders of RCCPS

Notice is hereby given that pursuant to Article 4A(2)(n) of the
Articles of Association of the Company, the conversion price of
outstanding RCCPS that have not been converted by 5.00 pm on 21
November 2001 (being the date of closure of the Register of
Preference Shareholders) will be adjusted due to the Capital
Distribution. The conversion price of RCCPS would be adjusted
from S$7.10 to S$6.11 per RCCPS. The above adjustment is
expected to be effected on 23 November 2001.


HONG LEONG: Posts Changes In Kwek Holdings' Deemed Interests
------------------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of changes
in substantial shareholder Kwek Holdings Pte ltd's deemed
interests:

Notice Of Changes In Substantial Shareholder's Deemed Interests
Name of substantial shareholder: Kwek Holdings Pte Ltd (KH)

Date of notice to company: 05 Nov 2001
Date of change of interest: 02 Nov 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
                           (Citibank Nominees) for account of
                           Welkin Investments Pte Ltd (Welkin)

Circumstance giving rise to the change: Others
Please specify details: Open Market Purchase

KH has deemed interest in these shares held in the name of the
registered holder, Citibank Nominees for account of Welkin, a
wholly-owned subsidiary of Hong Leong Investment Holdings Pte.
Ltd.

Shares held in the name of registered holder
No. of shares of the change: 93,000
% of issued share capital: 0.022
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.3966
No. of shares held before change: 1,170,000
% of issued share capital: 0.272
No. of shares held after change: 1,263,000
% of issued share capital: 0.293

Holdings of Substantial Shareholder including
direct and deemed interest
                                  Deemed         Direct
No. of shares held before change: 205,689,758    0
% of issued share capital:        47.797         0
No. of shares held after change:  205,782,758    0
% of issued share capital:        47.818         0
Total shares:                     205,782,758    0

Note: % of issued share capital is based on the Company's issued
share capital of 430,340,464 shares of $1.00 each as at 2
November 2001.

HONG LEONG SINGAPORE FINANCE LIMITED

Hong Leong Singapore Finance Limited posted a notice of changes
in substantial shareholder Hong Leong Investment Holdings Pte
Ltd (HLIH) as follows:

Name of substantial shareholder: Hong Leong Investment Holdings
                                 Pte. Ltd. (HLIH)
Date of notice to company: 05 Nov 2001
Date of change of interest: 02 Nov 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
                           (Citibank Nominees) for account of
                           Welkin Investments Pte Ltd (Welkin)

Circumstance giving rise to the change: Others
Please specify details: Open Market Purchase

HLIH has deemed interest in these shares held in the name of the
registered holder, Citibank Nominees for account of Welkin, a
wholly-owned subsidiary of HLIH.

Shares held in the name of registered holder
No. of shares of the change: 93,000
% of issued share capital: 0.022
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.3966
No. of shares held before change: 1,170,000
% of issued share capital: 0.272
No. of shares held after change: 1,263,000
% of issued share capital: 0.293

Holdings of Substantial Shareholder including
direct and deemed interest
                                  Deemed      Direct
No. of shares held before change: 106,081,582 99,608,176
% of issued share capital:        24.651      23.146
No. of shares held after change:  106,174,582 99,608,176
% of issued share capital:        24.672      23.146
Total shares:                     106,174,582 99,608,176

Note: % of issued share capital is based on the Company's issued
share capital of 430,340,464 shares of $1.00 each as at 2
November 2001.


SEMBCORP LOGISTICS: Posts Changes In Capital Group Interests
------------------------------------------------------------
Sembcorp Logistics posted a notice of changes in the deemed
substantial shareholding of The Capital Group of Companies,
Inc.:

Notice Of Changes In Deemed Substantial Shareholding
Name of substantial shareholder: The Capital Group Companies,
Inc.

Date of notice to company: 05 November 2001
Date of change of deemed interest: 02 November 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: 250,000
% of issued share capital: 0.03
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.5880
No. of shares held before change: 56,010,400
% of issued share capital: 6.58
No. of shares held after change: 56,260,400
% of issued share capital: 6.61

Holdings of Substantial Shareholder including
direct and deemed interest
                                  Deemed Direct
No. of shares held before change: 88,371,200
% of issued share capital:        10.38
No. of shares held after change:  88,621,200
% of issued share capital:        10.41
Total shares:                     88,621,200


THAKRAL CORPORATION: High Court Sanctions Scheme Of Arrangement
---------------------------------------------------------------
Thakral Corporation Ltd announced that, following the requisite
approval obtained at the creditors' meeting held on 24 October
2001, the High Court of Singapore has by an Order of Court dated
2 November 2001 sanctioned the Company's scheme of arrangement
pursuant to Section 210(3) Companies Act (Chapter 50).

The Company said it will proceed with the implementation of the
first stage of its debt restructuring plan (details announced
back on 29 June 2001), i.e. the debt buy-back exercise, and will
keep the public advised accordingly.


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


DATAMAT PUBLIC: Capital Reduction Holders Registration Set
----------------------------------------------------------
Datamat Public Company Limited announced that the Extra Ordinary
General  Meeting  of Shareholders #1/2544's resolution held on
24th  September 2001 approved to reduce the capital amount
6,704,653  shares out of 13,409,305 shares with balance at
6,704,652 shares of Baht10  each and  any  fraction from capital
reduction is to be disregarded.

As to date, the Board of Director's Meeting No. 7/2544 held on
5 November 2001 has resolved that the closing  date  of  the
company shareholder registration for the capital reduction will
be held the 20th of November 2001 at 12.00 a.m.


SAMITIVEJ PUBIC: Completes Debt Restructuring
---------------------------------------------
Samitivej Pubic Public Company Limited notified that the Company
has completed the debt restructuring process and has already
made payments to its foreign creditors.

In addition, the creditors of the Company have withdrawn the
lawsuit filed against the case out of its record. More details
will appear in the financial statements of the Company for the
3rd quarter of the year 2001.


THAIWAH PUBLIC: Files Business Reorganization Petition
------------------------------------------------------
Thaiwah Public Company Limited's (DEBTOR), engaged in
manufacturing and selling cassava products, and investing in
many types of businesses, Petition for Business Reorganization
was filed in the Central Bankruptcy Court:

     Black Case Number 569/2543

     Red Case Number 624/2543

Petitioner: THAIWAH PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt6,829,314,000

Planner: Thaiwah Group Planner Company Limited

Date of Court Acceptance of the Petition: July 26, 2000

Date of Examining the Petition: August 21, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: August 21, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 25, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 14,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 14, 2000

Appointment Date of the Creditors' meeting for the Plan
Consideration: January 23, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Creditors' meeting has a special resolution accepting the
plan

Court hearing has been set on February 1, 2001 at 9.00 am.

Court postponed the date of the hearing: February 14, 2001

Court Order for Accepting the reorganization plan: February 14,
2001 and appointed Thaiwah Group Planner Company Limited to be
the Plan Administrator

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

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

Contact: Mr. Thummalort Tel, 6792525 ext 122


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
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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