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

                   A S I A   P A C I F I C

            Tuesday, November 27 2001, Vol. 4, No. 231

                         Headlines



A U S T R A L I A

AUSTRALIAN MAGNESIUM: Provides Entitled Securities Information
DAVNET LIMITED: Signs Share Sale Agreement With NTTAus
IOCOM LIMITED: Requests Shares Trading Halt
MAXIS CORP.: Director Stepanian Resigns, Watson Fills Post
MAXIS CORPORATION: Posts Chairman`s AGM Shareholders Address

SCANBOX ASIA: Share Placement Reaches 6M Shares
TERRAPLANET LIMITED: Posts AGM Results
UIH AUSTRALIA: S&P Lowers Rating To `D' On Missed Payment


C H I N A   &   H O N G  K O N G

BOND STAR: Winding Up Petition Set For Hearing
COSMOS GOOD: Faces Winding Up Petition
FOURSEAS.COM LIMITED: Trading Volume Increase Inexplicable
KIN DON: Price & Turnover Movements Unanticipated
PEARL ORIENTAL: No Remarkable Change In Statutory Demand Status

WING LUNG: Winding Up Petition To Be Heard


I N D O N E S I A

DANAMON BANK: Settles All Obligations To IBRA


J A P A N

CHUO MITSUI: Posts Y37B Group Net Loss
DAIEI INCORPORATED: Plans Electronics, Appliances Sales Cuts
DAIWA BANK: 'BB+/B' Ratings Still on CreditWatch
ISUZU MOTORS: Cost Cutting Will Leave 3,000 More Jobless
MIZUHO HOLDINGS: Three Top CEO's To Resign By April 2002

MYCAL CORPORATION: Moody's Lowers Ratings To C from Caa3
TAISEI MARINE: Collapse Prompts S&P To Give `R' Rating
UFJ HOLDINGS: Y2T Readied To Cover Possible Bad-Debt Losses


K O R E A

ASIANA AIRLINES: Will Issue W250B In ABS'
DAEHAN FIRE: To Slash Capital To Avail Of Bailout
HYNIX SEMICONDUCTOR: Handset Unit Sold To PANTECH Consortium
HYNIX SEMICONDUCTOR: To Sell Off STN-LCD Unit For W75B
HYUNDAI ENGINEERING: Creditors To Decide On Capital Increase

HYUNDAI MERCHANT: Plans To Sell Seoul HQ For W100B
KOREA INDUSTRIAL: Granted Court Receivership
KOREA LIFE: Implementing Different Process To Select Buyer
KOREAN AIR: Slated To Receive A W140-Billion Loan


M A L A Y S I A

CONSTRUCTION AND SUPPLIES: KLSE OKs Time Extension Requests
CHASE PERDANA: KLSE Grants Two-Month RA Extension Application
JASATERA BERHAD: Submits Relevant Applications To SC
KUALA LUMPUR: Applies For Further RA Time Extension
MBF HOLDINGS: KLSE Approves Proposed SOA Time Extension

PARIT PERAK: MoU Extended
REKAPACIFIC BERHAD: Securities Delisted From KLSE Official List
SATERAS RESOURCES: CIMB Resigns As Company Adviser
SUNWAY CONSTRUCTION: Files Originating Summons Against Atlas
SUNWAY HOLDINGS: Holders' Meeting To Be Held On Nov 27

TAJO BERHAD: Updates Defaulted Payment Status


P H I L I P P I N E S

MAYNILAD WATER: Loan Talks Resumed
METRO PACIFIC: Ayala Offers Metro Rail Stake, Cash For Boni
NATIONAL POWER: Privatization Delay Won't Affect Assets Sale
RFM CORPORATION: Cosmos Stake Sold For P11B


S I N G A P O R E

BBR HOLDINGS: Winds Up Subsidiary
CAPITALAND LIMITED: Declares Property Sales To Employees
CREATIVE TECHNOLOGY: Posts Shareholder's Interests Changes
HONG LEONG: Changes In Shareholder's Interests Announced
OAKWELL ENGINEERING: Fleet Withdraws Winding Up Petition


T H A I L A N D

EASTERN WIRE: Reports Share Offering Results
MODERN HOME: Petition For Business Reorganization Filed
NATIONAL FINANCE: Reports Preferred Shares Exercise
PROPERTY PERFECT: Clarifies Operation Results

     -  -  -  -  -  -  -  -

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


AUSTRALIAN MAGNESIUM: Provides Entitled Securities Information
--------------------------------------------------------------
Australian Magnesium Limited's posted further information on
Distribution Entitled Securities:

* The Company confirms that they have completed the allotment of
the Distribution Entitled Securities on the 22nd November 2001.

* The date of allotment and number of securities for which
quotation is sought is the 22nd November 2001 - 660,258,713
securities.

* The Company confirms that allotments have taken place on the
issuer sponsored and the chess sub registers.

* The issued capital of the Company following allotment is
111,003,447 Ordinary Shares and 660,258,713 Distribution
Entitled Securities.

* A statement of the percentage of the total holding of the 20
largest holders of this class of security is attached

DISTRIBUTION SCHEDULED OF THE ADDITIONAL SECURITIES:

       NO HELD                          DES SHAREHOLDERS

       1-1,000                                   0
   1,001-5,000                               7,192
   5,001-10,000                              7,131
  10,001-100,000                             7,751
100,O0l and OVER                               329

           TOTAL                            22,403

                                      QUANTITY      % OF TOTAL
NAME                                                 HOLDINGS

RBC Global Services Australia
Nominees Pty Limited                   75,000,000       11.36
Queensland Investment Corporation       31,250,000        4.73
Zurich Australia Limited                16,684,090        2.53
AMP Life Limited                        15,484,368        2.35
Leveq Nominees Pty Ltd                  13,483,500        2.04
Chase Manhattan Nominees Limited        10,873,276        1.65
Argo Investments Limited                10,000,000        1.51
National Nominees Limited                9,895,775        1.50
Westpac Custodian Nominees Limited       8,489,221        1.29
Westpac Custodian Nominees Limited
Cogent Nominees Pty Limited        5,329,357        0.81
Clem Jones Pty Ltd                       5,000,000        0.76
Suncorp General Insurance Limited        3,815,000        0.58
Laref Pty Limited                        3,190,000        0.48
Suncorp Life & Superannuation Limited    3,141,000        0.48
ANZ Nominees Limited                     3,010,000        0.46
NSF Nominees Pty Ltd                     3,000,000        0.45
Warnford Nominees Pty Limited            2,488,911        0.38
Arrow Resources Investment Limited       2,488,910        0.38
MLC Limited                              2,073,200        0.31
TOTAL                                  230,696,608       34.94


DAVNET LIMITED: Signs Share Sale Agreement With NTTAus
------------------------------------------------------
Davnet Limited (Davnet or the Company) announced Monday that it
entered an agreement with NTT Australia Pty Ltd. (NTTAus)
pursuant to which Davnet will sell to NTTAus its 51 percent
shareholding interest in DavTel for $16 million cash (the Share
Sale Agreement Following the sale, DavTel will become a 100
percent subsidiary of NTTAus.

The principal terms of the agreements announced were:

(i) NTTAus will acquire 51 percent of DavTel from Davnet, the
consideration being payable in cash to Davnet at completion.

(ii) The shareholders' agreement between Davnet and NTTAus in
regard to their investments in DavTel will be terminated.

The terms of the share sale to NTTAus are set out in a binding,
conditional agreement. The principal conditions are that:

(i) Davnet shareholders approve the sale in general meeting;

(ii) NTTAus receives approval from the Foreign Investment Review
Board; and

(iii) Completion to take place no later than the date 15 days
after the conditions precedent are satisfied, and in any event
no later than 28 February 2002.

The required shareholders' meeting is expected to take place by
the final week of January 2002, and completion of the
transaction shortly thereafter.

Davtel will repay to the Company its outstanding loan balances
in accordance with the conditions set forth in the Share Sale
Agreement.

ABOUT NTTAUS

NTTAus is a wholly-owned subsidiary of NTT Communications
Corporation, (NTT Com) which is an international arm of NTT
Group. NTTCom provides long distance and international
telecommunication services reaching over 200 countries
worldwide. Davnet's Board welcomes the commitment of the
worldwide NTT Group to maintaining DavTel as a successful
provider of telecommunications networking capacity to its
business customers.

SEQUENCE OF EVENTS AND DAVNET'S FINANCIAL POSITION

The sequence of events leading to the Share Sale Agreement were:

* As has been announced previously and as set out in the
Company's annual report dated 28 September 2001, Davnet is in a
difficult period of its corporate life.

* By way of recent background, The Investment Company of China
(ICC), as an existing investor in Davnet, was approached in late
July 2001 by the previous Davnet board and management and
invited to mount a rescue plan. ICC agreed in early August to
make available a loan facility to Davnet (up to $3 million in
the period to 15 November 2001), pending a restructuring of
Davnet's financial position on the usual terms and conditions.

* As previously advised, the Board of Davnet has been reviewing
the asset holdings and group structure in the light of the
substantial losses incurred under the previous management during
the financial year ended 30 June 2001.

* The Notice of Annual General Meeting was sent to shareholders
on 26 October. The Notice included a resolution re issuing
convertible notes to a wholly-owned subsidiary of ICC. The note
issue was effectively designed to replace loan funds advanced by
Denford Enterprises Limited (Denford), a subsidiary of ICC,
under a loan facility entered into on 11 August 2001.

* Subsequent to dispatch of that Notice, ICC obtained
confirmation that significant representations and warranties
provided by Davnet's previous board and management in its loan
agreement with Davnet were incorrect, relating to, inter alia,
tax liabilities and lease commitment guarantees. Denford
notified the Company of the default and is entitled to demand
immediate repayment of its loan.

* It also became apparent that Davnet needed funding
significantly beyond ICC's agreed limits.

* As a consequence, the proposed convertible note issue to ICC
will not proceed. Shareholders were due to vote on the proposed
note issue at the Company's annual general meeting on 27
November 2001. The resolution in this regard will be withdrawn
from the meeting. In a related context, Davnet will not go ahead
with a proposed rights issue which was to follow the note issue.

* The Board has been actively pursuing available alternatives
for Davnet, including a merger of Davnet and DavTel, a partial
sale and associated refinancing of Davnet's interest in DavTel,
and alternative fund raisings for Davnet itself.

* The Company voluntarily suspended trading in its shares during
negotiations on these alternatives while an outcome was sought
to accommodate the changed circumstances and in the best
interests of shareholders.

* Negotiations with NTTAus continued, resulting in Monday's
announcement.

* In all of the circumstances, the Board of Davnet believes that
it is in the best interests of Davnet shareholders to sell the
51 percent shareholding in DavTel to NTTAus on the terms
negotiated. NTTAus, as 100 percent owner of DavTel, would be in
a better position to properly develop the business of DavTel in
the longer term.

Notwithstanding Denford's ability to demand immediate repayment
of the loan funds, it has, whilst reserving its rights, worked,
and is working, with Davnet to seek the best outcome for the
Company. As a result of the negotiations between Davnet and
NTTAus, leading to  Monday's announcement, Denford has agreed
not to demand immediate repayment of the loan (approximately $3
million presently), and it has been agreed that the loan
together with other undisputed liabilities and back taxes will
be repaid by Davnet from cash received from NTTAus and DavTel
pursuant to Monday's announced transactions.

In addition, to assist planning Davnet's future, ICC has agreed
to maintain its representation on the Davnet Board (subject to
shareholders confirming those appointments at the forthcoming
AGM), pending completion of the Share Sale Agreement.

RATIONALE FOR TRANSACTION

Background: As shareholders would be aware Davnet, under a
previous board and management, incurred a loss of $120 million
and a diminution of net assets to $21 million as at 30 June
2001. In the weeks following June 2001, the Company's cash burn
rate continued, principally due to excessive overhead costs and
severe losses in overseas operations. As a consequence the
Company's net asset backing continued to decline. A significant
measure of stability was added to the Company with the new Board
and the loan facility from Denford. The closure of overseas
operations was concluded and drastic cost-cutting measures
undertaken at head office level, including all new Directors
agreeing to work for no fees.

However it became recently apparent that the Company needed
significantly more funding than earlier anticipated. One factor
was that, as a shareholder of Davtel, the Company had to either
continue funding its share of Davtel capital requirements or
face progressive dilution of its shareholding in Davtel.

It is now clear that the Company cannot meet its share of
Davtel's ongoing funding requirement.

In the short-time frame available to them, the Davnet directors
have considered a number of alternatives available to them to
recapitulate the company. As noted above, these alternatives
included a merger of Davnet and DavTel including the
introduction of new capital, a sale of a smaller stake in DavTel
and associated refinancing, and alternative fund raisings for
Davnet itself. A feature of the DavTel shareholder agreement
with NTTAus is that prior to December 2002 Davnet is unable to
seek third-party bidders for its stake in DavTel. This limited
the Company's ability to negotiate with parties other than
NTTAus.

The sale of 51 percent of DavTel for cash at a value in excess
of that
implied in a recent independent valuation of DavTel, presented
itself as the most appropriate alternative in the time frame.

ANNUAL GENERAL MEETING ON 27 NOVEMBER

In view of developments a number of resolutions contained in the
Notice of Annual General Meeting shall be withdrawn. The only
resolutions in the Notice to be put to the Meeting will be those
that relate to (i) confirmation of appointment of four existing
directors (Resolutions 1 to 4), and; (ii) approval of previous
issues of shares and options (Resolution 7).

GENERAL MEETING IN REGARD TO THE SHARE SALE AGREEMENT

As mentioned above, one of the conditions of the Share Sale
Agreement is that Davnet shareholders approve the sale. This
requirement arises under the Australian Stock Exchange's Listing
Rule 11, which deals with companies disposing of their main
undertaking. The DavTel shareholding is Davnet's major asset. In
this regard Davnet will prepare a Notice of Meeting and
Explanatory Memorandum, setting out more fully the future
direction of Davnet to be sent to shareholders in December. A
general meeting will be held in mid to late January.

FUTURE OPERATIONS OF DAVNET

Pro forma, on completion of the above the transactions Davnet
would hold:

(i) 100 percent of eData Group, which generates over $22 million
in annual sales; and

(ii) net cash after settling undisputed liabilities.

Pending the sale being approved, Davnet directors will continue
to review the prospects of Davnet under a number of broad
scenarios, including:

(i) utilizing the net cash balances in the Company to earn a
return for shareholders,

(ii) realizing remaining assets and distributing net cash
balances to shareholders,

(iii) re-capitalizing the Company for future growth under a
revised business plan which takes into account opportunities
available in the current market, and

(iv) seeking a prospective buyer for the Company's shares. At
the present time, discussions are continuing with ICC and third
parties in regard to opportunities, but no decisions have been
made by the Board as to the optimal direction of the Company.

The Board will report to shareholders further at a date prior to
or during the proposed General Meeting planned for January 2002.


IOCOM LIMITED: Requests Shares Trading Halt
-------------------------------------------
The securities of Iocom Limited (the Company) will be placed in
pre-open, at the request of the Company, pending the release of
an announcement by the Company. Unless ASX decides otherwise,
the securities will remain in pre-open until the earlier of the
commencement of normal trading on Wednesday, 28 November 2001 or
when the announcement is released to the market.

Iocom Limited requested a trading halt of its shares for one
day pending an announcement that may affect share price.

The announcement will refer to the proposed acquisition of a
business.

The release of the pending announcement will signify the end of
the trading halt. Iocom is not aware of any reason why the
trading halt should not be granted.


MAXIS CORP.: Director Stepanian Resigns, Watson Fills Post
----------------------------------------------------------
The Board of Maxis Corporation Limited advised that Mr Sepp
Stepanian has tendered his resignation as a Director of the
Company effective immediately. The Board has regretfully agreed
to accept his resignation and wished him well in his personal
pursuits and thanks him for his contribution to the Board and in
particular for his support during the recent difficult months.

Mr Stepanian was the founding Director of the ABT Group of
Companies which he commenced 16 years ago and was acquired by
Maxis in July 2000. Indirectly he remains a substantial
shareholder of Maxis via his holding and Directorship in SWF
Investments Pty Limited.

In the interim, the Board has invited Mr Lindon Watson to fill a
casual vacancy on the Board and has received his consent in
writing to that effect.

Mr Watson is the General Manager of Maxis' subsidiary NDT Pty
Limited (Managed Networks) and comes with many years of
management and technical experience in the industry. During the
difficult months recently faced by the Maxis Group, Mr Watson
was instrumental in keeping performance and service levels of
Managed Networks at the highest possible level and through a
disciplined approach has created considerable efficiencies and
savings within his area of responsibility, without compromising
staff morale. The Board is confident that his presence on the
Board, in the interim, will serve the Group well.

Mr Watson's, appointment will become effective immediately after
the Annual General Meeting of the Company to be held at 10.30 AM
on Monday 26 November 2001.


MAXIS CORPORATION: Posts Chairman`s AGM Shareholders Address
------------------------------------------------------------
Maxis Corporation Limited posted Chairman Vaz Hovanessian
address to shareholders at the Annual General Meeting:

"In July last year, Maxis acquired the ABT Group with a clear
objective of becoming a leading integrated provider of network
and telecommunications solutions and hardware, outsourcing and
IT services in the corporate and government areas nationwide,
and in the residential market in rural and regional Australia.

"We had identified a gap in the market in the Remote Areas to
provide an affordable high speed 2-way internet access using
satellite technology, a service not provided by any supplier at
that time. The ABT Group, through its procurement division and
Managed Networks, had considerable infrastructure and the
technical team to support our goal. We therefore felt confident
in the commercial viability of our objective and believed we had
the business plan and resources necessary to achieve it.

"Despite our recent difficulties and the changes in the global
and economic environment, this objective has not changed.
Nevertheless, the problems of the recent months and some
unhelpful and anti-competitive government initiatives in our
markets in regional Australia, have caused us to rethink part of
our strategy. Accordingly, we have had to change our business
focus away from the residential market to the corporate and
government markets, reflecting the recent creation of an anti-
competitive environment and government sanctioned monopoly in
the Remote Areas, something which I will have more to say on,
later in this address.

"However, our hardships have only increased our resolve to
succeed, and with a much-reduced overheads base, we still
believe we have the ability to be a substantial and important
player in this market.

"Just by way of brief background, the current management does
not believe that the company was insolvent or lacked prospects
at the time of the appointment of the Administrators and
Receiver. To date, some $2.2 million has been spent on
Administration costs, Receivership, legal fees, additional non-
statutory audits and in defending the ASIC action to wind up
your Company. Yet despite these costs, under the Deed of Company
Arrangement, the DOCA, negotiated with the Administrators and
the Receiver, secured creditors have already received 100 cents
in the dollar and unsecured creditors are expected to get up to
several fold more than under a liquidation.

"What is interesting is that the expected shortfall to the
unsecured creditors is believed to be substantially less than
the $2.2 million spent to date. Therefore, it was possible that
with better cash flow management, some timely cost cutting,
possibly a small fundraising and the sale of non-core assets, we
could have avoided the Administrations. This does not include
the considerable goodwill and value lost within the group, in
particular in the demise of ABT Supplyline; the procurement and
systems integration division, which had a successful history and
client base developed over 15 years.

"However, having come substantially through it, it is now more
important to focus on restoring shareholder value rather than
reflecting on the past. Instead, I should comment on the good
that has come of it.

"Today, we are a leaner and meaner organization, with a
motivated and "hungry for business" management. With almost no
new capital since April this year, we have managed to pay $2.15
million of the $2.8 million owing under the DOCA. And just since
July this year, we have earned some $800,000 in EBITDA from our
operations despite a loss in Heartland of some $200,000.

"But, and this is a big but, we have a hard road ahead of us. We
are currently too dependent on a reliable but single client and
a contract which has some 13 months before it runs out. We are
working hard to win the renewal of the contract and are
confident that our proposal will be as good as any alternative
supplier's. We also have a building that is half empty and we
would love to fill it with lots of new employees and new
business. Our strategy, concurrent with trying to win new
business, is to grow partly by acquisition and use our
underutilized resources and our skilled technical and management
team to reduce the costs of and grow any new business we
acquire, in order to restore value for shareholders. I am
mindful however, that even here we are going to be hampered by
two things;

(i) the lack of additional funds for acquisition; and

(ii) the lack of value in our paper until we are re-listed on
the ASX

"However, do not be dismayed, because we are not. We are quite
confident of writing new business soon and have identified
several already. We have all infrastructure that is valuable to
any profitable business that is in a business complementary to
our own and needs to grow without additional capital
expenditure. Our acquisition strategy will be scaled up over the
next few weeks and we are hopeful of identifying several
suitable businesses and consummating a transaction at the right
price, before the financial year is out.

HEARTLAND COMMUNICATIONS

"In my opinion, the brightest star with the most potential that
remains in our organization, (and my team and I are quite proud
of having saved it from liquidation) is Heartland. Although
currently running at an average loss of some $40,000 to $45,000
per month, this is a substantial reduction from the $350,000 to
$400,000 monthly cash burn it was experiencing this time last
year. I am confident that, this time next year, it will be cash
flow positive.

"Heartland's infrastructure is unique and has many applications
for remote and regional areas but has also some strategic
applications in urban areas which we have identified and are
already beginning to focus upon.

"An unfortunate set back has been the granting by the Federal
government of the Local Call Access Tender in remote Australia,
in what is referred to as the Extended Zone, to Telstra, which
has created a virtual monopoly in an area where we had a focus
and had invested a lot of time, money and energy to establish a
market and were beginning to make good inroads.

"What this tender has meant is that Telstra, with the $150
million in funds it has received, it can now provide at no cost,
two-way satellite equipment to customers and provide Internet
access at lower cost than we can, driving us out of that market.
The cost of providing free installed equipment is $5,000 to
$6,000 per customer, which Heartland cannot afford without the
subsidy. We believe the government's action is anti-competitive
and has encouraged, in fact it has arguably created, a monopoly
in that market. We have written to the Prime Minister and many
of the sitting politicians, but judging from the many "receipt
only" type acknowledgements, I do not believe they have
understood the commercial injustice they have done.
Nevertheless, we will pursue our line of argument and ironically
we have great sympathy from extended zone customers who may be
the beneficiaries of the subsidy, but who are farsighted enough
to see what lack of competition will do to innovation,
investment and opportunity for employment in their region.

"But our "must do or die strategy" which has been forced upon
us, our commitment and motivation, and the old adage "necessity
is the mother of invention" has led us to identify opportunities
and markets for Heartland we had ignored or not realized the
existence of before.

"My belief is that Heartland will once again establish itself in
the market and it is quite possible that a year or two from now,
it is Heartland that will add the most value for shareholders.
However, this will most likely not happen without some
additional investment in equipment, technical manpower and
shareholder support. We will therefore be seeking to raise funds
in the near future, shortly after our shares are re-listed.

ASX RE-QUOTATION

"It is now an appropriate time to provide some details about our
efforts to get our securities re-quoted on the ASX.

"In our settlement with the ASIC, we agreed that we would not
make an application to the ASX for re-quotation until we had
carried out an independent review of our books and provided an
independent audit of our accounts and summary of a business plan
to the market. This we did in September, when PKF released their
comprehensive 140-page report. Subsequently, we have had
considerable correspondence with ASX in an attempt to have our
shares re-quoted.

"The latest written response we had from the ASX set out three
criteria to be met before re-quotation being:

1. The retirement of the Receiver and Manager to Australian
Business Technologies Pty Limited and the payment to Compaq of
100 cents in the dollar, as required under the DOCA,

2. Agreement to lodge quarterly cash flow statements, Appendix
4Cs, each quarter in accordance with Listing Rule 4.7B; and

3. The lodgment of consolidated audited accounts as at the date
of retirement of the Receiver and Manager, when we technically
re-gain control of each of our subsidiaries.

"We believe payment has been made by the Administrators which
was sufficient to meet the Company debts due to Compaq in full
and that the Receiver and Manager has subsequently all but
signed the form to retire, pending the completion of some minor
administrative paperwork. We have letters to that effect from
him and we have provided copies of same to the ASX.

"We have written to the ASX agreeing to their request to lodge
quarterly cash flow statements.

"In respect to yet another set of audited accounts, we have
asked the ASX to consider that only in September they received
two sets of audited accounts including a pro-forma consolidation
of all our subsidiaries and a comprehensive report from PKF for
the year ended 30 June 2001. We have therefore maintained that
it should be sufficient that we lodge interim consolidated
accounts prepared by management and checked for technical
accuracy by our auditors, rather than a full audit.

"Subject to ASX agreeing to this request and given there will be
no other objections raised by the ASX, I hope that it is only a
matter of days before we are re-quoted. The re-listing will
practically complete the re-birth of Maxis, which will
facilitate the continued recovery of the Company.

THE STAFF AT MAXIS

"I just want to now take this opportunity to thank the staff who
have remained loyal to us through our ordeal, for their tireless
efforts in helping restore the fortunes of the Company. They
possess many and diverse skills and have unstintingly given
their best throughout the difficult and uncertain times over the
recent past. Last year, shareholders approved an employee share
option plan which is yet to be utilized to retain our good
staff. I am sure you will not begrudge the issue of shares and
or options under this, in the near future, to reward their
loyalty.

"Finally, I would like to say that whilst it is unfortunate that
Administrators and a Receiver were appointed to some of the
subsidiaries of Maxis, it is nevertheless rare in recent
Australian Corporate history where a Public Company has been
faced with the difficulties we have, including a very concerted
and rigorous effort by the ASIC to wind up the company, and that
company has managed to:

1. Reach a satisfactory arrangement to retire the
Administrators,

2. Pay out 100 cents in the dollar to secured creditors,

3. Pay considerably more to unsecured creditors than would have
been paid under a liquidation scenario,

4. Cause the Receiver to retire,

5. Save the majority of the businesses for the benefit of
shareholders,

6. Return an over budget profit in the first quarter of
management regaining control,

7. Get a clean bill of health from the court appointed
independent auditors; and most importantly,

8. Satisfy the ASIC sufficiently to withdraw its case.

"Ladies and gentlemen, I thank you for your attendance and I
trust you have found the address informative. The Board and I
are available to answer any questions you may have."


SCANBOX ASIA: Share Placement Reaches 6M Shares
-----------------------------------------------
The Board of Directors of Scanbox Asia Pacific Limited (SAPL)
advised that they have made a share placement of 6,000,000
shares at a price of 10 cents per share to clients of
stockbroker ABN AMRO Morgans.

Funds raised will be applied towards working capital, to
replenishing amounts expended in the relocation, restoration and
acceleration of the upgrading of our film library.

This will also enable the Company to enhance sales growth and
consider new acquisitions.


TERRAPLANET LIMITED: Posts AGM Results
--------------------------------------
Terraplanet Limited advised the results of resolutions
considered by  shareholders of Terraplanet Limited at the Annual
General Meeting held at 4.00 pm Friday:

RESOLUTION 1

Election of Sandra Yates as a director of the Company - CARRIED
Proxies for 19,743,031 Against 0. Open 156,475

RESOLUTION 2

Election of David Baker as a director of the Company - CARRIED
Proxies for 19,533,031 Against 4000. Open 156,475

RESOLUTION 3

Election of Fred Brenchley as a director of the Company -
CARRIED
Proxies for 19,743,031 Against 0. Open 156,475

RESOLUTION 4

Election of Warren Eades as a director of the Company - CARRIED
Proxies for 19,743,031 Against 0. Open 156,475

RESOLUTION 5

Appointment of PKF International as auditors of the Company -
CARRIED
Proxies for 19,741,031 Against 2000. Open 156,475

RESOLUTION 6

Fixing of Non-Executive Directors Fees at $170,000 per annum -
CARRIED
Proxies for 19,622,031 Against 18,000. Open 156,475


UIH AUSTRALIA: S&P Lowers Rating To `D' On Missed Payment
---------------------------------------------------------
Standard & Poor's lowered its long-term ratings on UIH
Australia/Pacific Inc. (UIH AP) to `D' from `CCC'. The ratings
affected are UIH AP's corporate credit rating and the rating on
its US$488 million senior discount notes due 2006. At the same
time, the ratings are removed from CreditWatch where they were
placed on Aug. 22, 2001. This rating action follows the failure
by UIH.


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


BOND STAR: Winding Up Petition Set For Hearing
----------------------------------------------
The petition to wind up Bond Star Development Limited will be
heard before the High Court of Hong Kong on January 23, 2002 at
9:30 am.

The petition was filed with the court on October 10, 2001 by Lo
Wo, Lo Tai and Lo Lan of Nanhai Shi, Guangdong Province,
People's Republic of China.


COSMOS GOOD: Faces Winding Up Petition
--------------------------------------
The petition to wind up Cosmos Good Limited is set for hearing
before the High Court of Hong Kong on December 19, 2001 at 10:00
am.

The petition was filed with the court on August 28, 2001 by Hua
Chiao Commercial Bank Limited (whose undertakings have been
succeeded by Bank of China (Hong Kong) Limited by virtue of the
Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167
whose registered office is situated at Bank of China Tower, 1
Garden Road, Central, Hong Kong.


FOURSEAS.COM LIMITED: Trading Volume Increase Inexplicable
----------------------------------------------------------
The Directors of Fourseas.com Limited (the Company) have noted
the recent increase in the price and trading volume of the
shares of the Company on 23rd November 2001 and stated that the
Company is not aware of any reasons for such movement.

The Company also informed that the controlling shareholder of
the Company, Giant Glory Assets Limited, placed 300,000,000
shares, representing 7.73 percent of the issued share capital of
the Company to investors. Their owners are independent of and
not connected with any of the Directors, Chief Executive or
substantial shareholders of Fourseas.com or its subsidiaries or
any of their respective associate.


KIN DON: Price & Turnover Movements Unanticipated
-------------------------------------------------
Kin Don Holdings Limited noted the recent increases in the price
and the trading volume of the shares of the Company and stated
that we are not aware of any reasons for such increases.

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.


PEARL ORIENTAL: No Remarkable Change In Statutory Demand Status
---------------------------------------------------------------
Pearl Oriental Holdings Limited announced earlier this month
that one of the Company's creditor banks had verbally informed
Mr Wong Kwan that it would not take any action in furtherance of
the Statutory Demand for at least a further 10 days following 13
November 2001. The 10 day period has now expired and in view
that one of the potential purchasers had submitted a proposal to
the creditor bank for the treatment of the indebtedness, the
Company is not aware of any proceedings in furtherance of the
Statutory Demand having been taken by the creditor bank.

As to date, developments concerning the Statutory Demand and the
in-depth discussions between Mr Wong Kwan and one of the
potential buyers regarding the possible disposal of Mr Wong
Kwan's stake are substantially the same as disclosed in the 19th
Announcement. Saved as aforesaid, developments concerning
discussions between Mr Wong Kwan and other potential buyers are
still continuing, but no concrete terms, including the price and
the percentage of shareholding that may be disposed of, have
been determined.

As to date, developments concerning the sale of "Genesis" (as
referred to in the Company's announcement dated 5 November 2001
(the "5th Announcement")) and the indebtedness due to the
related creditor bank are substantially the same as disclosed in
the 5th Announcement, the Company will endeavor to continue
discussions with those interested potential purchasers with a
view to achieving a better offer price for the disposal of
Genesis. The disposal of Genesis, if concluded, will constitute
a notifiable transaction for the Company under the Listing Rules
and may be subject to Rule 4 of the Takeovers Code.

Developments concerning the possible sale of Pearl Oriental
Center (as referred to in the 19th October Announcement) are
substantially the same as disclosed in the 19th Announcement.

The Company will make further announcements if there is any
material development in respect of the Statutory Demand, the
sale of Pearl Oriental Center, the discussions with potential
buyers regarding the possible sale of Mr Wong Kwan's stake and
the possible connected transactions.

The Company will immediately inform the public if the creditor
bank initiates any legal action against the Company.


WING LUNG: Winding Up Petition To Be Heard
------------------------------------------
The petition to wind up Wing Lung Building Materials Company
Limited is scheduled for hearing before the High Court of Hong
Kong on January 2, 2002 at 9:30 am.

The petition was filed with the court on September 3, 2001 by Ho
Ching Kwong of No. 2, 2ndFloor, Pak Dor Luk Village, Sai Kung,
New Territories, Hong Kong.


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


DANAMON BANK: Settles All Obligations To IBRA
---------------------------------------------
PT Bank Danamon Tbk. (BDMN) has settled its obligation to pay
the liquidity support extended by the Indonesian Bank
Restructuring Agency (IBRA), Bisnis Indonesia reported Monday,
citing Corporate Secretary, Sonny Wahyubrata.

Wahyubrata said BDMN has paid the interest on bailout funds
worth Rp5.129 trillion, which includes principal worth Rp3.02
trillion and interests after tax at Rp1.36 trillion.

Aside from IBRA liquidity settlement, the bank has also settled
the interests of the government's bailout funds worth Rp749.8
billion.

Earlier, BDMN with the approval of IBRA and the Finance Ministry
has settled the principal payment of Rp9.47 trillion.

BDMN plans on 28 December 2001 to pay dividends in cash to
holders of A and B series shares. The amount of dividends to be
distributed is Rp5,85 per share for those who had registered
their names in the list of shareholders on 19 December 2001.

The bank also plans on 2002 to expand credits of up to Rp7
trillion and reduce its fixed rate recapitalization bond
composition.

"Until this November, the credit growth had been very good, it
has already reached more than Rp9 trillion from only Rp5.6
trillion last January," BDMN President Director Arwin Rasyid
said.

>From that amount, most are performing, he added. Bank Danamon's
non-performing loans (NPL) is below 10 percent following
aggressive credit restructuring program. (08)


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


CHUO MITSUI: Posts Y37B Group Net Loss
--------------------------------------
Chuo Mitsui Trust & Banking Co. has announced that it has posted
a net loss of Y37.37 billion for the six ended September 30, as
compared to a net profit of Y7.67 billion posted during the same
period a year ago, the Asian Wall Street Journal reported
Monday.

Furthermore, Chuo Mitsui also announced a pretax loss of Y33.29
billion on revenues of Y235.68 billion for the six months ended
September 30 as compared to year-ago pretax profits of Y25.40
billion on revenues of Y312.62 billion.

For the full-year ending March 2002, Chuo Mitsui expects to post
a net loss of Y220 billion and a pre tax loss of Y280 billion.


DAIEI INCORPORATED: Plans Electronics, Appliances Sales Cuts
------------------------------------------------------------
As it suffers from poor sales and huge interest-bearing debts,
ailing supermarket operator Daiei Inc plans to stop selling home
electronics and appliances such as televisions, refrigerators,
and washing machines at more than 150 of its roughly 250 (nearly
two-thirds) outlets over the next three years, NewsOnJapan
reports on Monday.

The vacant floor space resulting from the stoppage will be used
either to be leased to outside tenants or simply to market
apparel. Daiei officials were not available for comment
regarding the matter.

Daiei also intends to spin off the parent's home electronics and
appliances business, which should subsequently take over
operations at the 100 stores that are to continue handling such
products.

Daiei Electro Corp and Media Solutions Co, Daiei units that
operate the electronics and appliances businesses of some Daiei
stores, will be liquidated by March 2002.


DAIWA BANK: 'BB+/B' Ratings Still on CreditWatch
------------------------------------------------
Standard & Poor's revised its CreditWatch listing on the double-
'B'-plus long term and single-'B' short-term ratings on Daiwa
Bank Ltd. to developing from positive (see list below). A rating
on CreditWatch with developing implications could be raised,
lowered, or affirmed.

The CreditWatch revision follows Standard & Poor's downgrade of
Asahi Bank Ltd. (BBB-/Watch Neg/A-3), with which Daiwa is
currently undertaking consolidation and expects to establish a
common holding company within fiscal 2001 (ending March 31,
2002).

Standard & Poor's believes that any benefits that Daiwa can
expect from consolidation with Asahi are declining due to
Asahi's deteriorating credit standing. In addition, Daiwa's weak
asset quality and relatively large exposure to the stock market
may continue to further damage the bank's financial standings
amid the prolonged economic slowdown.

In October 2001, Daiwa revised its forecast downward, with
expectations of net consolidated losses of �140 billion for the
first half of fiscal 2001 (ended Sept. 30, 2001) mainly due to
increased credit costs and aggressive write-offs of its
unrealized losses in its equity holdings. Nevertheless, the
bank's asset quality and financial flexibility remain weak and
may further impede the restructuring of its balance sheet.

In resolving the CreditWatch placement, Standard & Poor's will
continue to assess the impact of the consolidation on Daiwa,
particularly the final organizational structure that the two
banks plan to establish, as well as the implications for Daiwa
of Asahi's weakened credit standing.


ISUZU MOTORS: Cost Cutting Will Leave 3,000 More Jobless
--------------------------------------------------------
Isuzu Motors Ltd is planning another round of job cuts involving
around 3,000 employees, both in and outside of Japan, PRNewsAsia
reported November 25.

In March of this year, Isuzu decided to cut a quarter of its
total workforce or about 9,700 jobs, as well as shut down a
truck plant, in an effort to stop two years of losses. The auto-
maker intends to slash personnel costs by a whopping Y90
billion.


MIZUHO HOLDINGS: Three Top CEO's To Resign By April 2002
--------------------------------------------------------
Believing that Mizuho Holdings Incorporated should "renew its
executive team to start fresh", the three top Chief Executive
Officers of the Mizuho Financial Group holding company have
decided to give up their jobs in order the revamp the executive
lineup, according to NewsOnJapan on Saturday. The company has
been saddled with bad debts.

President Katsuyuki Sugita, Chairman Yoshiro Yamamoto and
Chairman Masao Nishimura, heads of the three merging partners
forming the Mizuho Financial Group, Dai-Ichi Kangyo Bank, Fuji
Bank and Industrial Bank of Japan (IBJ), have been serving as
CEOs for Mizuho Holdings.

In another effort to lower the average age of the company's top
executives, Mizuho is planning to unseat six vice-presidents
simultaneously.

The Mizuho group expects to book about Y2 trillion in losses as
a result of its disposition of non-performing loans this fiscal
year.


MYCAL CORPORATION: Moody's Lowers Ratings To C from Caa3
--------------------------------------------------------
Moody's Investors Service has downgraded Mycal Corporation's
(MYCAL) senior unsecured long-term debt ratings to C from Caa3.
This rating action concludes the review initiated on September
14, 2001. At the same time, Moody's also has placed AEON Co.,
Ltd.'s (AEON) Baa3 senior unsecured long-term debt ratings under
review for possible downgrade.

These rating actions are prompted by the announcement that MYCAL
withdrew from rehabilitation under the Civil Rehabilitation Law,
and filed for court protection from creditors under the
Corporate Rehabilitation Law on November 22, 2001, and that AEON
will be a sponsor company to MYCAL.

MYCAL's ratings were downgraded based on Moody's concern that
expected loss for the bondholders will be significant compared
with the rehabilitation under the Civil Rehabilitation Law.

Moody's review on AEON will focus on how the company's
management and financial strategy will be affected by support
extended to MYCAL. The review will also consider the potential
benefits of AEON's strategies to expand its operating franchise
through MYCAL's store network.

AEON CO., LTD., renamed from JUSCO CO., LTD. in August 2001,
headquartered in Chiba, Japan, is one of Japan's leading
retailers. MYCAL Corporation is one of Japan's major retailers.
The company filed for corporate rehabilitation under the Civil
Rehabilitation Law on September 14, 2001, and filed for court
protection under the Corporate Rehabilitation Law on November
22, 2001.


TAISEI MARINE: Collapse Prompts S&P To Give `R' Rating
------------------------------------------------------
Standard & Poor's revised its financial strength and long-term
counterparty credit rating on Taisei Marine & Fire Insurance Co.
to 'R' from triple-'Bpi' following an announcement that the
insurer has filed for court protection.

The rating action reflects the unexpected collapse of Taisei
under the weight of unforeseen and massive claims stemming from
the Sept. 11 terrorist attacks in the U.S. and the crash of an
American Airlines jet in November 2001.

The announcement that Taisei's losses stemming from such claims
are expected to total Y74.4 billion, or about two-and-a-half
times the amount previously provided by the Marine and Fire
Insurance Association of Japan Inc.'s for the domestic industry
as a whole, could not be anticipated.

Moreover, the net exposure apparently held by Taisei--which is
over one-and-a-half times the size of the insurer's capital
base--denotes extraordinarily aggressive internal risk
management practices.

An insurer rated 'R' is under regulatory supervision owing to
its financial condition. During regulatory supervision, the
regulators may have the power to favor one class of obligations
over others or pay some obligations and not others. The rating
does not apply to insurers subject only to nonfinancial actions
such as market conduct violations.


UFJ HOLDINGS: Y2T Readied To Cover Possible Bad-Debt Losses
-----------------------------------------------------------
UFJ Holdings Inc. announced that it has set aside Y2 trillion,
to cover possible loan losses for this year, the Asian Wall
Street Journal reported on Friday.

The move has been described as the "Japanese banking world's
most aggressive plan yet to purge bad debts", the amount set
aside being almost equivalent to 4 percent of UFJ Holdings'
total loan portfolio.

Sumitomo Mitsui Banking Corp. had made a similar announcement
saying that it would write off Y1 trillion in potential loan
losses, and record a group net loss of Y150 billion for the
fiscal year.

As a result of the huge write-offs, UFJ will post a consolidated
net loss of Y600 billion for the year ending March 31 and cancel
dividend payments on common stock.


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


ASIANA AIRLINES: Will Issue W250B In ABS'
----------------------------------------
In an effort to finance its operations and refinance maturing
bonds, Asiana Airlines will issue some W250 billion in five-year
asset-backed securities which will be issued December 3,
according to a November 26 Korea Herald report.

Although Asiana, the smaller of Korea's two national flag
carriers, hasn't decided on details such as coupons, the issues
are to be backed by future receivables from travel agencies and
income from its cargo business.

Lead managing the intended ABS issue would be Korea Development
Bank and Korea Exchange Bank. Both banks will also guarantee the
bond alongside Hanvit Bank and Chohung Bank.


DAEHAN FIRE: To Slash Capital To Avail Of Bailout
-------------------------------------------------
As part of its government-led bailout, Daehan Fire & Marine
Insurance Co. is currently being forced to reduce its capital,
the Korea Herald reported on Saturday.

The government bailout, which will include the company's
subsequent W42 billion sale to Daehan Cement Co., will provide
up to W100 billion in public funds to the Korean insurer after
the latter writes down its previous capital.

Daehan Fire will hold its shareholders meeting in early December
to appoint new management.

Last February, Daehan Fire's debt exceeded its assets by W40.8
billion. Daehan's sale is part of the government's efforts to
recoup some of the W148.3 trillion spent on rebuilding the
financial industry.


HYNIX SEMICONDUCTOR: Handset Unit Sold To PANTECH Consortium
------------------------------------------------------------
Hynix Semiconductor Inc.'s handset subsidiary, Hyundai Curitel
has been acquired by a consortium led by mobile handset producer
PANTECH, and KTB network, a venture capitalist, as reported by
the Digital Chosun on Sunday.

Hyundai Curitel is the third largest handset maker in Korea and
its annual sales hover around the W1 trillion mark on the
average.

The consortium has already signed a formal contract to pay W47.6
billion in cash for Hyundai Curitel's equity and take over all
the company's debts.

Through the acquisition, PANTECH is set to compete with LG
electronics with its increased handset production capacity of
900,000 units a month.


HYNIX SEMICONDUCTOR: To Sell Off STN-LCD Unit For W75B
------------------------------------------------------
Hynix Semiconductor Incorporated has agreed to sell its STN-LCD
(supertwistnematic-liquid crystal display) unit to Hyundai LCD,
a joint venture created by Semicon Engineering Co. and Beijing
Orient Electronics (BOE), for W75 billion, according to the
Korea Herald yesterday.

The first W40-billion payment is set to be made November 30 and
the remainder will be transferred by the end of March next year
after due diligence.

Launched last November 16, Hyundai LCD is jointly owned by
Semicon Engineering Co. (35 percent), BOE (45 percent) and Hynix
(15 percent). The joint venture's employees own the remaining 5
percent.

Hynix intends to use the sell-off money to boost its fragile
cash flow. For the first nine months of the year, Hynix posted a
W3.7 trillion, due to a continued slump in the chip industry.
Presently, the company is now saddled with more than US$6
billion in debt.


HYUNDAI ENGINEERING: Creditors To Decide On Capital Increase
------------------------------------------------------------
Creditors of Hyundai Engineering and Construction (HEC) are
planning to meet November 27 to decide whether to approve a
debt-to-equity swap worth W1.4 trillion and a capital increase
totaling W750 billion, the Korea Herald reported Monday. The
Korean Company's creditors will also discuss how to roll over
debts maturing before the end of the year to 2004.  Of the total
corporate bonds bought by creditors, some W200 billion will be
extended for a year.


HYUNDAI MERCHANT: Plans To Sell Seoul HQ For W100B
--------------------------------------------------
In order to repay some of its debt, Hyundai Merchant Marine Co.
Ltd. announced that it is negotiating with 2-3 foreign companies
to sell its Seoul headquarters and branch office building for a
reported W100 billion, PRNewsAsia reported Friday.

Hyundai Merchant purchased its headquarters at a value of W40
billion and the building has a current book value set at W60
billion.

Company officials said that the sale should be concluded
sometime before the year ends.


KOREA INDUSTRIAL: Granted Court Receivership
--------------------------------------------
A management rationalization plan submitted by Korea Industrial
Development Co. has been approved under court receivership by
the Seoul District Court under the condition that the rights of
the creditors, which have refused the plan, will be guaranteed,
the Korea Herald reported yesterday.

In order to guarantee the protection of creditor rights, all
loans should be paid by the year 2003 with a fixed 10 percent
interest even if the company is liquidated.

Following its bankruptcy due to the real estate industry's
recession, Korea Industrial filed for court receivership last
March.


KOREA LIFE: Implementing Different Process To Select Buyer
----------------------------------------------------------
Korea Life Insurance will be sold by an unusual method, wherein
a buyer will be selected directly to sign a memorandum of
understanding (MoU) without undergoing the process of selecting
first priority negotiating partners, according to a Monday
report of the Korea Herald.

According to an official of the Ministry of Finance and Economy,
the course of action has been selected because Korea Life has
been injected with huge amounts of public funds, and the method,
"would most effectively recoup the taxpayer's money."

The Ministry's original plan was the selection of one or two
priority negotiating partners through the lead manager of the
sale, Merrill Lynch, and allowed the potential buyers of Korea
Life to launch due diligence on the life insurer last month.

However, the Ministry changed its mind regarding the method
because priority negotiators will mean exclusive negotiations,
something which can lead to less satisfactory results.


KOREAN AIR: Slated To Receive A W140-Billion Loan
-------------------------------------------------
As part of a government pledge to help airline companies
overcome the recession brought about by the September 11
terrorist tragedy, Korean Air will receive a loan of W140
billion early December, the Korea Herald reported yesterday,
citing the Ministry of Construction and Transportation.  Asiana
Airlines, Korea's second largest national carrier, is also
scheduled to receive W110 billion.

The funds will be funneled through the Korea Development Bank
early next month. Under the deal, the loans should be repaid
within the next eight years, although both airline companies
don't have to repay on the principal within the first three
years.


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


CONSTRUCTION AND SUPPLIES: KLSE OKs Time Extension Requests
-----------------------------------------------------------
On behalf of the Board of Director of Construction And Supplies
House Berhad (CASH), Alliance Merchant Bank Berhad, formerly
known as Amanah Merchant Bank Berhad (Alliance), announced that
the Company has sought approval of the KLSE for a further
extension of two (2) months up to 25 January 2002 for CASH to
make the requisite announcement. This further extension is to
allow the Company to complete the valuation exercise for the
various assets proposed to be acquired by CASH in connection
with its scheme to regularize its financial position.

On 26 February 2001, the Company announced that CASH is
considered an "affected listed issuer" pursuant to Practice Note
4/2001 issued by the KLSE.

On 20 September 2001, the Company announced that the KLSE
granted an extension of up to 25 October 2001 for CASH to meet
the requirement of paragraph 5.1 (a) of Practice Note No.
4/2001, i.e. to make the "requisite announcement".


CHASE PERDANA: KLSE Grants Two-Month RA Extension Application
-------------------------------------------------------------
Chase Perdana Berhad (The Company) announced that on 23 November
2001, Kuala Lumpur Stock Exchange (KLSE) approved its
application and granted an extension of 2 months from 24 October
2001 to 23 December 2001 to announce the Requisite Announcement
(RA) to the KLSE.


JASATERA BERHAD: Submits Relevant Applications To SC
----------------------------------------------------
Jasatera Berhad (Jasatera or the Company), pursuant to the
announcement dated 13 November 2001, obtained the KLSE's
approval for an extension of one (1) month to submit its plan to
regularize its financial condition by 23 November 2001.

Pursuant thereto, Public Merchant Bank Berhad (PMBB), on behalf
of the Board of Directors announced that the Company has
submitted the relevant applications to the Securities
Commission.


KUALA LUMPUR: Applies For Further RA Time Extension
---------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
Appointed) (the Company) informed that the Company has applied
for a further extension to 24 January 2002 to make the Requisite
Announcement (RA) to the Exchange for public release, pursuant
to Practice Note No. 4/2001 of the Listing Requirements of the
Kuala Lumpur Stock Exchange.

The application was made on 15 November 2001 in view of the
delay in finalizing the Proposed Corporate Restructuring Within
The Framework Of Pengurusan Danaharta Nasional Berhad Act, 1998
(Workout Proposal).


MBF HOLDINGS: KLSE Approves Proposed SOA Time Extension
-------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of MBf Holdings Berhad (MBf-H or Company
MBf-H, announced that the Kuala Lumpur Stock Exchange has, by
its letter dated 23 November 2001, granted an extension of a two
(2) month period from 27 October 2001 to 26 December 2001 for
MBf-H to obtain all the necessary approvals from the regulatory
authorities for the proposed schemes of arrangement (Proposed
SOA).

Alliance, on behalf of MBf-H, had on 12 September 2001,
announced that the Foreign Investment Committee has approved the
Proposed SOA, subject to the Company obtaining the approval of
the Securities Commission (SC) for the Proposed SOA.

The Proposed SOA is currently pending the approvals from the
following regulatory authorities:

  (1) the SC; and

  (2) the Bank Negara Malaysia.


PARIT PERAK: MoU Extended
-------------------------
The Board of Directors of Parit Perak Holdings Berhad announced
that the Company, Dato' Mohd Nadzmi Bin Mohd Salleh, Chan Poh
Kim and Richard Kuah Ah Eng on 15 November 2001 had agreed to
extend the Memorandum of Understanding (MOU) which expired on 18
November 2001 to 31 December 2001.

The details of the Proposed Restructuring Scheme are still being
finalized and accordingly, will be announced upon its
finalization and execution of the formal agreement.


REKAPACIFIC BERHAD: Securities Delisted From KLSE Official List
---------------------------------------------------------------
The Board of Directors of Rekapacific Berhad (the Company)
refers to its earlier announcement dated 15 November 2001 and
wished to state:

1. On 12 November 2001, the Board lodged an appeal on the
decision to de-list the securities of the Company from the
Official List with the Kuala Lumpur Stock Exchange KLSE (the
Appeal).

2. The Exchange has informed the Company that due to the late
submission by the Company of further documents in respect of the
Appeal, the Exchange was not able to deliberate on the Appeal
prior to 23 November 2001.

3. The Exchange has further notified the Company that the
removal of the securities of the Company from the Official List
on 23 November 2001 will be deferred pending the decision on the
Appeal by the Exchange.


SATERAS RESOURCES: CIMB Resigns As Company Adviser
--------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), announced
that CIMB has resigned as acting adviser to Sateras Resources
(Malaysia) Berhad (Sateras or Company) regarding the Proposed
Settlement of RM254,170,157 debts owing to identified creditors
of the Sateras Group (Proposals), effective immediately.


SUNWAY CONSTRUCTION: Files Originating Summons Against Atlas
------------------------------------------------------------
Sunway Construction Berhad (formerly known as Sungei Way
Construction Berhad) (SunCon) informed that SunCon, on 20th
November 2001, filed an Originating Summons in the Kuala Lumpur
High Court against Atlas Corporation Sdn Bhd (Company No:
275578-T) (the First Defendant), Suite D-3-1, Tower D, Pantai
Plaza, No 5 Jalan 4/83A, Off Jalan Pantai Baru, 59200 Kuala
Lumpur.

An Originating Summons was also filed against Malaysia Building
Society Berhad (Company No: 9417-K), Tingkat 11, Wisma MBSB, No
48 Jalan Dungun, Damansara Heights, Peti Surat 11506, 50748
Kuala Lumpur.

Background

Under the Originating Summons, SunCon claims against the
Defendants and/or seeks the determination of the court on the
following:

1. SunCon, at all material times to remain as the Main
Contractor of the project known as "Cadangan Membina Bangunan
Pejabat Mengandungi Blok A-20 Tingkat, Blok B-19 Tingkat, Blok
C-18 Tingkat, Blok D and E-17 Tingkat dan Blok F-30 Tingkat
Dengan 3 Paras Tempat Letak Kereta Bawah Tanah Di atas Lot 2508
hingga 2511, 4096 dan 4099, Lebuhraya Persekutuan, Mukim Kuala
Lumpur" (Project) until SunCon's works on the Project has been
ascertained and duly certified.

2. Pursuant to the Letters of Award and the Formal Contract, the
First Defendant has up to the date of filing paid to SunCon, the
sum of RM131,815,142.46 for works done by SunCon for and on
behalf of the First Defendant on the Project.

3. Based on the Letters of Award and the Formal Contract, the
payment of the sum of RM18,331,230.77 has been certified by the
First Defendant, which has at the date of filing not been paid
by the First Defendant to SunCon fully or partially.

4. An order that the Board of Surveyors, Malaysia appoint a
qualified independent quantity surveyor registered with the
Board of Surveyors, Malaysia to ascertain and certify works
executed by SunCon pursuant to the Letters of Award and the
Formal Contract estimated at RM10,406,292.90 (or alternatively
to be ascertained on a quantum meruit basis) which at the date
of filing has not been ascertained nor certified from the First
Defendant as well as any other valuations as may be required.

5. SunCon has delivered and/or surrendered a substantial portion
of the work site at the Project to the First Defendant although
payment for work done in respect of the same has not been paid
for by the First Defendant.

6. SunCon is entitled to retain possession of the balance of the
Project site (containing the unpaid certified works and/or the
uncertified works) as the Main Contractor of the Project and/or
in enforcement of a Builder's Lien or under a Resulting Trust.

Application for Injunction

SunCon has inter alia also applied for an interim injunction by
Summon In Chambers (Ex-Parte) to prevent the Defendants from
employing and/or appointing the services of any party other than
SunCon from completing and/or continuing SunCon's work as the
Main Contractor of the Project until the work has been
ascertained and duly certified.

SunCon has on 21 November 2001, through its solicitors, David
Lingam & Co. obtained an injunction against the Defendants.

The inter-parte hearing by both parties has been fixed on 10
December 2001.

Financial Effect

The legal proceedings, if successful, would have positive
financial impact on the Group in view of the fact that adequate
provision has been made for this.


SUNWAY HOLDINGS: Holders' Meeting To Be Held On Nov 27
------------------------------------------------------
The Board of Directors of Sunway Holdings Incorporated Berhad
(Company) announced that a meeting of the holders of the ECB
(the Bondholders) will be held on 27 November 2001 for the
purpose of considering and passing the resolution to approve the
amendments of the terms and conditions applicable to the ECB.

The salient terms and conditions applicable to the ECB, which
are proposed to be amended, includes:

   (a) paying half of the accrued redemption premium on 11
December 2001;

   (b) capitalizing the balance of the accrued but unpaid
redemption premium;

   (c) repaying the principal sum outstanding (including the
capitalized redemption premium amount) according to Schedule 1
found at http://www.bankrupt.com/misc/Sunway_Holdings.doc

   (d) extending the final maturity date of the ECB from 11
December 2001 to December 2005;

   (e) adjusting the applicable interest rate from a fixed to
floating rate as per Schedule 2 found at
http://www.bankrupt.com/misc/Sunway_Holdings.doc

   (f) introducing an option for eligible Bondholders to make
Ringgit denominated term loans available to the Company for the
sole purpose of enabling the Company to purchase a proportionate
number of ECB held by the relevant Bondholder, subject to
approval by Bank Negara Malaysia; and

   (g) removing the Bondholders' conversion right.


TAJO BERHAD: Updates Defaulted Payment Status
---------------------------------------------
Tajo Berhad (Tajo) provided an update on the details of all the
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001.

Please check http://www.bankrupt.com/misc/Taho_Bhd.doc
for details of the defaulted payments.

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to our previous announcements dated 22 October
2001, 12 September 2001, 16 August 2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to :

1. Revise its regularization plan;

2. Make a revised Requisite Announcement to KLSE; and

3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule :

1st progress report by 15 November 2001;
2nd progress report by 15 December 2001;
3rd progress report by 15 January 2002; and
4th progress report by 15 February 2002.

On 15th November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE.

Announcements will be made in due course on the progress of
Tajo's regularization plan.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 October 2001, in
relation to the payments which are in default and are the
subject matter of the restructuring scheme is RM203,386,344.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


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


MAYNILAD WATER: Loan Talks Resumed
----------------------------------
In order to effectively finance its operations as well as pay
off maturing obligations, BenPres Holdings unit, Maynilad Water
Services announced it has resumed talks with its foreign
creditor banks regarding a planned US$350 million term loan,
ABS-CBN News reported Sunday.

A Maynilad official said that the firm's foreign creditors
including, Citibank N.A., Barclays Capital, BNP Paribas, and
Tokai Bank of Japan have reacted positively to the loan
proposal.

The loans would be set aside to partly finance the company's
capital expenditure and pay off maturing obligations,
specifically unpaid concession fees to the Metropolitan
Waterworks and Sewerage System.

Moreover, the loans would also partly finance around US$80
million in new investments, as required by its concession
agreement with the government.

Maynilad Water operates the west concession area covering about
60 percent of the entire Metro Manila area.


METRO PACIFIC: Ayala Offers Metro Rail Stake, Cash For Boni
-----------------------------------------------------------
In exchange for Metro Pacific's controlling stake in Fort
Bonifacio Global City project, Ayala Land Inc. is offering its
15.8 percent stake in Metro Rail Transit Corp (MRTC) aside from
a cash amount, according to a Monday PRNewsAsia report.

However, Metro Pacific isn't reportedly interested in the offer
because it needs more cash to settle its debts. An unnamed
source said, "The group needs cash and it can't sell the MRTC
shares should it decide to accept the offer. And besides,
infrastructure is not Metro Pacific's expertise, so the offer
obviously will not be acceptable to Metro Pacific."


NATIONAL POWER: Privatization Delay Won't Affect Assets Sale
------------------------------------------------------------
Government officials said that should there be a delay in the
mandated privatization of the ailing state-controlled National
Power Corporation (Napocor), it is unlikely the sale of its
assets will be put at risk, ABS-CBN News reported on November

As a precaution, the Power Sector Assets and Liabilities
Management (PSALM) is currently implementing certain pre-
marketing initiatives, described as the "soft-selling" of
Napocor's assets to potential foreign investors.

The formal invitation or road show to prospective investors to
join in the privatization of Napocor is set to kick off in the
first week of December. However, since the implementing rules
and regulations (IRR) for the privatization law has yet to be
finalized, schedule would likely face a delay.


RFM CORPORATION: Cosmos Stake Sold For P11B
-------------------------------------------
After months of initial negotiations, RFM Corporation announced
it has finally sold its 83.2 percent stake in Cosmos Bottling
Corporation for P11.6 billion to The Coca-Cola Company unit
Atlantic Industries and San Miguel Corporation unit Coca-Cola
Bottlers Philippines Incorporated, PRNewsAsia reported on
Monday.

Cosmos was sold for less than its original value, pegged at P14
billion. The transaction will be closed 30 days after
contracting parties sign a definitive sale and purchase
agreement this Friday.


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


BBR HOLDINGS: Winds Up Subsidiary
---------------------------------
The Board of Directors of BBR Holdings Ltd. (Company) announced
on November 23 that its 75.5 percent-owned subsidiary, BBR
Geotechnic (S) Pte Ltd (BBR Geotechnic), is to be wound up by an
Order of Court made under the Companies Winding Up petition No.
600295 of the year 2001.

Appointed Joint and Several Liquidators were Lim Lee Meng and
Chee Yoh Chuang of Chio Lim & Associates care of 95 South Bridge
Road, no. 07-28 Pidemco Center, Singapore 058717.

As mentioned in an announcement made on November 10, 2001, the
impact on the financial position of the Company would be that
the equity investment of the Company in BBR Geotechnic amounting
to S$1.675 million would be written off. Full provision of this
amount had been made in the financial statements ended December
31, 2000.


CAPITALAND LIMITED: Declares Property Sales To Employees
--------------------------------------------------------
The Board of Directors of CapitaLand Limited (CapitaLand),
pursuant to Clause 1006(4)(b) of the Singapore Stock Exchange
Listing Manual, announced:

(a) Australian subsidiary, the Australand Holdings Ltd (AHL)
Group has sold properties developed by AHL to two of its
employees; and

(b) China wholly-owned subsidiary, CapitaLand China Holdings Ltd
has sold a property developed by its subsidiary, Shanghai Xin Li
Property Development Co., Ltd, to one of its employees.

CapitaLand also announced that the sales are within the
guidelines for such transactions approved by the Audit
Committee. The Audit Committee has determined that the number
and terms of the sales are considered to be fair and reasonable,
and in the best interest of CapitaLand and its minority
shareholders.


CREATIVE TECHNOLOGY: Posts Shareholder's Interests Changes
----------------------------------------------------------
Creative Technology Limited declared on November 23, a notice of
changes affecting substantial shareholder The Capital Group of
Companies Inc.'s deemed interests. The changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: The Capital Group Companies,
Inc.
Date of notice to company: November 21, 2001
Date of change of shareholding: October 20, 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: 11,000
Percent of issued share capital: 0.015
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$14.1064
No. of shares held before change: 1,169,950
Percent of issued share capital: 1.626
No. of shares held after change: 1,180,950
Percent of issued share capital: 1.641

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed     Direct
No. of shares held before change:  3,837,170
Percent of issued share capital:   5.333
No. of shares held after change:   3,848,170
Percent of issued share capital:   5.349

Total shares:

No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest


HONG LEONG: Changes In Shareholder's Interests Announced
--------------------------------------------------------
Hong Leong Singapore Finance Limited announced on Friday, a
notice of changes in substantial shareholder, Kwek Holdings Pte
Ltd.'s deemed interests. The changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Kwek Holdings Pte Ltd
Date of notice to company: November 23, 2001
Date of change of deemed interest: November 22, 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
for account of Welkin Investments 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: 91,000
Percent of issued share capital: 0.021
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$1.4662
No. of shares held before change: 1,743,000
Percent of issued share capital: 0.405
No. of shares held after change: 1,834,000
Percent of issued share capital: 0.426

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed    Direct
No. of shares held before change:  206,262,758      0
Percent of issued share capital:    47.93      0
No. of shares held after change:   206,353,758      0
Percent of issued share capital:    47.951      0

Total shares:         206,353,758      0

Note:
Percent of issued share capital is based on the Company's issued
share capital of 430,340,464 shares of S$1.00 each as of
November 22, 2001.


OAKWELL ENGINEERING: Fleet Withdraws Winding Up Petition
--------------------------------------------------------
The Board of Directors of Oakwell Engineering Limited announced
on November 23 that pursuant to the Court's sanction of the
Scheme of Arrangement on November 9, 2001, Fleet National Bank
has withdrawn its winding up petition against the Company.

To recall, Oakwell Engineering has been faced with a winding-up
petition by Fleet National Bank over debts of about S$5 million
(15 percent of its total liabilities to bank creditors), and has
appealed for grace period in order to propose a restructuring
plan to its creditors.


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


EASTERN WIRE: Reports Share Offering Results
--------------------------------------------
Eastern Wire Public Company Limited announced:

1. Information relating to the share offering

Class of shares offered :  new ordinary shares
Number of shares offered :  200,000,000 shares
Offered to   :  Existing shareholders by way
       of the right offering at the
       ratio of 1 existing share to
       11 new ordinary share

Price per share   :  Bt0.001 per share
Subcription and payment period :  November 5-9, 2001

2. Result of the share sale

[   ]  totally sold
[ / ] partly sold, with 141,697,963 shares remaining.

The Company will deal with the remaining shares as follows:

   * To allocate the remaining shares to all existing
shareholders on right offering by 1 existing share to 7 new
ordinary shares, sale price per share Bt0.001.

   * Subscription and payment period on November 28-30, 2001.

   * The closing of shareholders register in order to suspend on
October 22, 2001.

As if there is the number of shares remaining from right
offering,  Plan Administrator will be allocated the rest
to other shareholders as the Business Rehabilitation Plan.

3. Detail of the share sale

Thai Investors:
Juristic Persons, Number of persons:  3
Number of shares subscribed: 41,500,410
Percentage of total shares offered for sale: 71.18

Natural:
Persons,  Number of persons: 226
Number of shares subscribed: 15,657,627
Percentage of total shares offered for sale: 26.86

Foreign Investors :
Juristic, Persons Number of persons:2
Number of shares subscribed: 1,089,000
Percentage of total shares offered for sale: 1.87

Natural:
Persons, Number of persons: 1
Number of shares subscribed: 55,000
Percentage of total shares offered for sale: 0.09

Total Number of persons: 232
Total Number of shares subscribed: 58,302,037
Total Percentage of total shares offered for sale: 100.00

4. Amount of money received from the share sale

Total amount  : Bt58,302
Less     : expenses -

Net amount received : Bt58,302


MODERN HOME: Petition For Business Reorganization Filed
-------------------------------------------------------
Real estate developer Modern Home Development Public Company
Limited's (DEBTOR), Petition for Business Reorganization was
filed in the Central Bankruptcy Court:

   Black Case Number 671/2543

   Red Case Number 705/2543

Petitioner: MODERN HOME DEVELOPMENT PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt7,091,287,381.26

Planner: Modern Home Planner Company Limited

Date of Court Acceptance of the Petition: August 30, 2000

Date of Examining the Petition: September 25, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 25, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 2, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: October 17,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: January 17, 2001

Planner postponed the date of submitting the Plan #1st: February
17, 2001

Appointment date for the Meeting of Creditors to consider the
plan: April 11, 2001 at 9.30 am. Grand Ball Room, 7th Floor,
Thongtara Hotel, Charoenkrung Road

The Meeting of Creditors had passed a special resolution
accepting the reorganization plan

Court has postponed the date for the plan consideration to June
29, 2001 at 9.30 AM

Court had issued an Order Withdrew the reorganization plan for
calling on the new meeting of creditors

The New Meeting of Creditors had passed the resolution accepting
the reorganization plan pursuant to Section 90/46

Court had issued the order accepting the reorganization plan :
September 27, 2001 and Appointed Modern Home Planner Company
Limited to be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
October 9, 2001

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

Contact: Miss Amornrhat Tel, 6792525 ext 132


NATIONAL FINANCE: Reports Preferred Shares Exercise
---------------------------------------------------
National Finance Public Company Limited reported that in
November 2001, the preferred-shareholder subscribed to convert
preferred-shares to common shares:

1. Number of subscribers is one, with 4,650 preferred shares
exercise, so the outstanding preferred shares decrease from
25,086 shares to 20,436 shares and the outstanding common shares
increase from 1,333,128,917 shares to 1,333,133,567 shares.

2. The details of the Company's capital fund is:

  * The paid-up capital is Bt13,331,540,030.
  * The total issued and sold shares are 1,333,154,003 shares
  * The issued and sold common shares are 1,333,133,567 shares
  * The issued and sold preferred shares are 20,436 shares


PROPERTY PERFECT: Clarifies Operation Results
---------------------------------------------
Property Perfect Public Company Limited (PERFEC) clarified the
results of its financial performance for the period since
January 1 to 2 October, 2001. The Company reported net gain of
Bt4,334 million compared with net loss for the amount of Bt1,166
million reported in the period of 9 months ended September 30,
2001. The increase in net gain for amount of Bt5,500 million was
a result from:

1.  The Company recorded more loss from additional liability
according to the Rehabilitation Plan in the amount of Bt47
million. The Company reversed the provision for liabilities
arising from claims for settlement of debts in the amount
of Bt220 million as income of the current period due to the
Company has set aside a Bt240 million provision. Subsequently,
the Comptroller in Bankruptcy announced part of the balance of
the Company's indebtedness to its creditors, of which the amount
was less than the amount claimed by creditors.

2.  Gains on exchange in the amount of Bt182 million due to
using the exchange rates pronounced by the Bank of Thailand as
of February 19, 2001 according to the Rehabilitation Plan.

3.  Interest expenses decreased in the amount of Bt607 million
due to calculating as of February 19, 2001 according to the
7Rehabilitation Plan.

4.  Gains on Debt Restructuring in the amount of Bt4,538
million. These resulted from the creditors' waiving part of the
indebtedness in the amount of B40 million, decreasing provision
for convertible debentures redemption in the amount of Bt410
million, decreasing provision for loss on investment in
associated company in the amount of Bt613 million, decreasing
total accrued interest in the amount of Bt3,978 million, and
recording more deferred accrued interest expenses in the amount
of Bt503 million.

As the result of net profit Bt5,500 million and the settlement
of share premium and capital reserve against retained deficit in
the amount of Bt3,277 million, the retained in the deficit
amount of Bt15,991 million as of September 30, 2001 is decreased
to Bt7,214 million.

Together with the change of Unsecured debt of Bt6,912 million to
Unsecured debt awaiting conversion, treated as equity
securities, the shareholders' equity of Bt(11,936) million as of
September 30, 2001 becomes 476 million as of October 2, 2001.


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza, Jerros Dolino, Editors.

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

This material is copyrighted and any commercial use, resale or
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