/raid1/www/Hosts/bankrupt/TCRAP_Public/020108.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

            Tuesday, January 8, 2002, Vol. 5, No. 5

                         Headlines


A U S T R A L I A

INTERNOVA TRAVEL: ASIC Commences Investigation Into FOGI
PMP LTD: S&P Affirms `BB+' Rating; Off Watch, Outlook Negative
PRESTON RESOURCES: Bulong Nickel Project Acquisition Completed
PRESTON RESOURCES: Issues Bulong Operation Production Report
SMARTWORLD CORPORATION: Posts Deed Of Company Arrangement

TELEZON LIMITED: Executes DCA; ASIC Postpones AGM To April 30
TRANSURBAN GROUP: Releases Dec 2001 Traffic, Revenue Data


C H I N A   &   H O N G  K O N G

CHINA CONSTRUCTION: Director Hai-Wong Resigns; Moves Head Office
E & M ENGINEERING: Winding Up Petition Pending
FUJIAN INT'L.: Closure Prompts Moody's To Downgrade Ratings To C
GENIUS GROUP: Winding Up Petition To Be Heard
HIGH APEX: Winding Up Sought By Bank Of China

INTERNATIONAL INFOTECH: Winding Up Petition Set For Hearing
KIN DON: Narrows Operations Net Loss To HK$20,805
MANDARIN RESOURCES: Exceptional Turnover Movement Unanticipated
OPTISTORAGE (H.K.): Faces Winding Up Petition


I N D O N E S I A

PANCA OVERSEAS: Court Rejects IFC's Second Bankruptcy Appeal
SAMUDRANAYAKA GRAHAUNGGUL: Gives IBRA US$10.50M Debt Settlement
SEMEN CIBINONG: JSX Lifts Trading Suspension


J A P A N

CHUO MITSUI: Logs Bad-Loans Criteria
ISUZU MOTORS: GM Working To Ward Off Bankruptcy


K O R E A

DAEWOO MOTOR: Takeover Deal Finalization Drags On
DAEWOO ENGINEERING: Wins US$80M Nigerian Gas Project
HYNIX SEMICONDUCTOR: Asset Evaluation To Be Concluded This Week
HYNIX SEMICONDUCTOR: Recovering On Back Of Rising Chip Prices

* Ailing Firms Seek Voluntary Workout Program


M A L A Y S I A

ASSOCIATED KAOLIN: Debt Workout Proposals Approval Pending
CHASE PERDANA: Updates Defaulted Payment Status
COUNTRY HEIGHTS: Enters Supplemental Settlement Agreement
KUALA LUMPUR: Gets Nod From Creditors On Workout Proposals
MALAYSIAN GENERAL: Seeks KLSE's Debt Scheme Extension Approval

MAN YAU: Posts Proposed Rescue/Restructuring Scheme Status
MAY PLASTICS: Implements Proposed Debt Scheme Proposals
NCK CORPORATION: Reveals Proposed Amended Articles
PLANTATION & DEVT.: KLSE OKs Proposed Scheme Time Extension
RNC CORPORATION: Updates Proposed Debt Workout Scheme Status

TAJO BHD: Negotiations With `White Knight' Underway
TAT SANG: Seeks Financial Statement Submission Time Extension


P H I L I P P I N E S

COSMOS BOTTLING: Reappoints Panajon As President
UNITRUST DEVELOPMENT: Bank Declares Bank Holiday
UNITRUST DEVELOPMENT: Top Officials Blamed For Bank Collapse


S I N G A P O R E

HONG LEONG: Shareholder's Deemed Interests Changes Released
SPH ASIAONE: Shareholders Approve Privatization Plan
WEE POH: Unit's Creditors' Meeting To Convene Feb 8


T H A I L A N D

EASTERN WIRE: Registration Dept Okays Paid-up Capital Increase
MEDIA OF MEDIAS: Lists 2002 Holiday
TAMBA INDUSTRY: Files Business Reorganization Petition To Court
THAI TELEPHONE: Reports On Warrant Exercise   

     -  -  -  -  -  -  -  -

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


INTERNOVA TRAVEL: ASIC Commences Investigation Into FOGI
--------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), advised that ASIC has commenced a
formal investigation into the affairs of Financial Options Group
Inc Pty Ltd (FOGI) and related entities.

FOGI defaulted on its payment obligations to the liquidator of
Internova Travel Pty Ltd, which previously traded as Traveland,
in December 2001, leading to the resale of the business to a
substitute purchaser at a substantially reduced price.

"ASIC has been making enquiries about this matter since the
original sale collapsed", Mr Knott said.

"However, we have now uncovered additional concerns about the
conduct of FOGI's investment and futures business. We have
reason to believe that there are deficiencies in the business
and have commenced a formal investigation into the group's
affairs. The extent of any deficiency is as yet undetermined but
forms part of the investigation," Mr Knott said.

ASIC has issued this public statement to confirm that an
investigation is active but will not comment further on
operational issues at this time.


PMP LTD: S&P Affirms `BB+' Rating; Off Watch, Outlook Negative
--------------------------------------------------------------
Standard & Poor's affirmed on Monday its `BB+' long-term
corporate credit rating on PMP Ltd. At the same time, the rating
was removed from CreditWatch where it was placed on July 2,
2001. The outlook is negative.

This rating action follows completion of a A$20.35 million new
equity injection from Seven Network Ltd. (SNL, not rated) and
the recent sale of PMP's domestic magazine assets into a 50/50
joint venture with SNL. Importantly, this latter transaction
raised an initial A$65 million, which was applied to debt
reduction and also included a A$65 million put option over PMP's
remaining 50 percent share of the joint venture, which can be
put to SNL in August 2002.

"Although PMP's cash flow protection measures are currently weak
for the rating, the company has a number of opportunities to
reduce its high debt levels in the next 12 months," said Paul
Draffin, associate, Corporate & Infrastructure ratings. "PMP's
primary strategy is to divest its U.K. magazine business, Attic
Futura, which is expected to generate sufficient proceeds to
reduce debt to levels more consistent with the rating."
Importantly, if PMP is unable to complete the sale of the U.K.
assets in a timely manner, the put option over its domestic
magazine joint-venture investment provides a contingent
mechanism to reduce debt. In the near term, however, PMP
continues to be impaired by its limited financial flexibility,
caused by restrictive bank covenants, onerous financing costs,
and a short debt-maturity profile.

Despite cyclical weakness, PMP's core printing operations, which
account for the majority of group earnings, continue to generate
satisfactory cash flows. Furthermore, closure or divestment of a
number of PMP's noncore, start-up, or loss-making media
activities during 2001 should further enhance cash flow
generation. As a consequence, PMP is likely to continue to fund
modest debt reduction from cash flow, and this should improve
significantly if economic conditions improve in the next few
years. In addition, although the Australian magazine market
remains difficult, the new ownership structure is expected to
facilitate a modest improvement in magazine earnings in the near
term through cross media opportunities with SNL.

"The negative outlook reflects the uncertainties surrounding the
timing and proceeds of the U.K. asset sale, PMP's limited near-
term financial flexibility, and continued soft trading
conditions in magazine publishing and commercial printing,"
added Mr. Draffin. "However, a successful sale of the U.K.
assets or exercise of the SNL put option, together with a
successful renegotiation of PMP's medium-term debt facilities,
could see PMP's outlook revised to stable in the next six months
to 12 months."


PRESTON RESOURCES: Bulong Nickel Project Acquisition Completed
--------------------------------------------------------------
Preston Resources Limited (the Company) completed the
acquisition of the Bulong Nickel Project in 1998 and commenced
commissioning and operation of the plant in December of that
year. The acquisition was funded by the issue of US$185 million
in Senior Secured Notes redeemable in 2008. The commissioning
and delays in reaching design capacity have been well documented
and the subject of previous announcements. To ensure the
continued operation of the plant, it has been necessary to
obtain additional funding to meet working capital requirements.
Most of this funding has been provided by Barclays Bank Plc.

Due to the cashflow shortfalls created by lower than budgeted
metal output and additional costs of plant rectification work,
Bulong has not been in a position to repay interest on it's
Senior Secured, Notes since the second interest payment in
December 1999. The Company has continued to negotiate with
Barclays and the holders of the Senior Secured Notes to enable
the operation to continue to progress to it's design capacity
and prevent the operation and the Company suffering the fate of
some other industry competitors.

On 21 December, 2001, the Company announced it had reached
agreement with more than 75 percent by value of the holders of
the Senior Secured Notes to terms governing the restructuring of
the Bulong debt. Bulong will be released from most of it's
obligations under the existing working capital facilities and
the existing indenture governing the terms of the Senior Secured
Notes in consideration for issuing 95 percent of the capital in
Bulong Operations Pty Ltd to Barclays and the noteholders. The
above undertakings will be given effect by way of a Scheme of
Arrangement which will require approval of the Western
Australian Supreme Court, approval of Preston shareholders in so
far as the Scheme relates to disposal of shares in Bulong
Operations Pty Ltd and approval of the noteholders to the
changes in the notes.

The Company, together with it's advisers and secured creditors
is preparing the necessary legal documentation to make
application to the Western Australian Supreme Court for the
Scheme of Arrangement. It is anticipated that this documentation
will be completed in late January and matters contained therein
which are material to Preston shareholders, will be distributed
in preparation for it General Meeting. That meeting will be
convened prior to the Scheme of Arrangement being approved by
the Supreme Court and will be primarily for shareholders to
approve of the disposal of 95 percent of the issued capital in
Bulong Operations Pty Ltd (BOP). It should be noted that the
Scheme of Arrangement is between Preston's subsidiary, BOP and
the secured creditors.

Under the terms of existing finance arrangements, the Company's
100 percent subsidiary, Marlborough Nickel Pty Ltd (being the
owner of the Marlborough Nickel Project) provides security for
Bulong's currency and metal hedge facilities in place with
Barclays. The Currency facilities are presently significantly
out of the money. The Marlborough security position is not being
amended under the terms of the Scheme of Arrangement but will be
dealt with in due course.

Unsecured creditors, being mainly trade creditors of Bulong,
will be advantaged by the improved financial position of the
Bulong operation following implementation of the Scheme of
Arrangement. It is the intention of the Board to undertake
requirements necessary for the Company to apply to have its
stock re-quoted on the ASX after successful completion of the
Scheme of Arrangement.


PRESTON RESOURCES: Issues Bulong Operation Production Report
------------------------------------------------------------
Preston Resources Limited announced that plant performance
during November was adversely impacted upon by a scheduled shut
down and subsequent recommissioning issues. 259 tonnes of nickel
and 11 tonnes of cobalt were dispatched for sale. Performance
into December has continued to improve and in particular metal
losses have been reduced improving metallurgical recovery.

SAFETY AND ENVIRONMENT

The safety performance continued to improve this month with the
Significant Injury Frequency Rate 12 month moving average
falling to 108 (October 12 Month Moving Average "MMA" was 111).

The focus on incident reporting continues to be maintained, in
an effort to identify hazards prior to personnel incurring any
injury.

PRODUCTION

Production statistics for the month of November are:

PRODUCTION
                        THIS        THIS        YTD         YTD
PERFORMANCE INDICATORS  MONTH       MONTH      ACTUAL     TARGET
                        ACTUAL      TARGET

Leach Feed dt         24,435      47,038     176,039     211,820
Leach Feed %Ni          1.68       1.743        1.79        1.78
Leach Feed %Co         0.141       0.137       0.130       0.120
Ni metal Output t      259.4       721.5     2,459.1     3,176.6
Co metal Output t      11.03       53.29      143 49      201.14
Ni Inventory change t   63.5       0.000        84.8           -
Co Inventory change t   -4.7       0.000        -0.8           -
Plant Recovery %Ni      77.4        88.0        80.5        84.0
Plant Recovery %Co      18.1        83.0        62.2        79.4

Key:  t = tonnes,  dt = dry tonnes

Nickel and cobalt production was low due to the semi-annual
major shutdown on the processing plant. The shut down was
rescheduled from early October and commenced on the 30th October
and maintenance was completed by the 6th November.
Recommissioning and heat-up lasted until the 8th November, when
acid was again introduced to the autoclave.

Plant availability immediately post the shut down was lower than
planned with a number of unrelated mechanical failures resulting
in further plant down time. Nickel recovery was lower than
previous months, as a result of the extended plant heat-up and
the erratic plant performance post shutdown. Nickel circuit
stocks rose significantly during the month, a consequence of the
shutdown and the lack of anodes in the tankhouse, which has left
the tankhouse short of a number of commercial electrowinning
cells. This situation was subsequently rectified in December.

MINING

Mine production activities were carried out in the Albion-2,
Federal, Foundry and Gala pits. A total of 305,641 bank cubic
meters was mined from the three pits.

80,000 tonne of high-grade clay rich material was mined from the
Albion-2 and Gala pits stockpiled for ore drying activity.

Re-handle consisted of 54,500 wet tonnes of high-grade ore
relocated from intermediate stockpiles to drying pads and plant
feed stockpiles.

Grade Control activities comprised trenching in the Foundry,
Albion-2 and Gala pits, and drilling in the Federal pit.

LEACH PLANT

A total of 24,433 dry tonnes at a grade of 1.74 percent Ni was
fed to the ore leach circuit at an average throughput of 51.8
tonnes per hour (tph). Leach plant availability was 65.5
percent. The down time was associated with the major scheduled
shutdown (26.7 percent) and a number of maintenance failures on
startup.

During November the ore preparation circuit had an availability
of 50.2 percent. A majority of the downtime was associated with
the major scheduled shutdown. The ore preparation circuit
performed well for the remainder of the month. The production
rate of 67.6 tph was restricted by the ore leach performance.
The ore preparation feed grade was 1.51 percent Ni, which
equated to an upgrade ratio of 1.15.

The major work in ore leach during the shutdown was the
descaling of the heater vessels, descaling of the autoclave,
major refurbishment of the autoclave acid feed pumps, repairs to
the first stage flash top nozzle, bypassing of the leach
discharge tank and general inspections of all vessels.

The autoclave scale was only 30 to 50mm thick reducing the
descaling time required. Only minor corrosion was noted and
repairs easily affected in compartment one of the autoclave. The
autoclave extraction was lower than planned at 90.0 percent due
to the time required for heat up after the shutdown, and
difficulty of re-commissioning the acid feed pumps.

CCD wash recovery was low at 88.3 percent (excluding raffinate)
due to the dredging of solids from the pregnant liquor solution
(PLS) being discharged to tails by pumping through the CCD. This
subsequently resulted in a loss of metal to tails and lack of
steady state conditions caused by ore leach.

Deviations in PLS quality were observed on several occasions due
to the failure of both limestone and lime dosing valves,
resulting in increased crud production in the refinery.
Replacement of the dosing valves will be completed by January
2002.

REFINERY

Nickel and cobalt treated were well below plan as a result of
the delayed shutdown and subsequent re-commissioning
difficulties. Output of both metals was significantly below plan
for the following reasons:

* the low input.

* building inventory, particularly in the tankhouse post shut.

* cobalt recovery was 19.7 percent due to severe crud in cobalt
SX after poor quality feed and the poor performance of the
cobalt sulfide precipitation plant.

Refinery availability at 68 percent was adversely affected by
re-scheduling the maintenance shut down.

Cobalt solvent extraction recovery was 91.8 percent and
availability 73.4 percent.

Nickel solvent extraction recovery was 96.2 percent and
availability 68.0 percent. Considerable improvement in circuit
performance has been achieved as a result of the extractant
change-out undertaken during the shutdown.

Cobalt production for November was 11.0 tonnes, 5.2 tonnes as
cobalt cathode and 5.8 tonnes of cobalt contained in sulfide.
The latter was produced as a consequence of the product being
unsuitable for further production of cathode due to high
impurity levels. Soluble and solid cobalt losses were very high
as a result of poor quality strip liquor and control problems
around the precipitation section.

The availability of nickel electrowinning (Ni EW) was 65.8
percent. A current efficiency of 68 percent was achieved during
November. Start-up after completion of the scheduled shut was
difficult as a result of tenor and temperature fluctuations.
This resulted in most of the starter sheets harvested being poor
quality for a week after the start-up. These poor quality
starters together with high iron and copper levels produced poor
quality commercial cathode. Eight cells were taken off line as a
result of limited anode stocks.


SMARTWORLD CORPORATION: Posts Deed Of Company Arrangement
---------------------------------------------------------
Smartworld Corporation Ltd (SWC), posted the letter of L Nilant,
Joint Deed Administrator of the Company, of Clout & Associates
Chartered Accountants:

LETTER FROM CLOUT & ASSOCIATES CHARTERED ACCOUNTANTS

SMARTWORLD CORPORATION LTD ACN 009 162 949 (SUBJECT TO A DEED OF
COMPANY ARRANGEMENT) (SWC OR THE COMPANY)

I refer to SWC, and enclose a copy of a letter, which was
forwarded to ASX Perth on 14 December 2001 concerning execution
by the Company of a Deed of Company Arrangement (the Deed).

The essential terms of the Deed provide that all of the assets
of the Company, with the exception of Prospecting Licences
15/3784 and 15/3805, be transferred to a separate fund (the
Fund) and realized for the benefit of creditors. On passage of
the resolutions for recapitalization of the Company which are
set out in the enclosure, an amount of $230,000 is to be paid
into the Fund, and a further $30,000 will be paid to the Fund
within 7 days of the Company being reinstated to official
quotation on ASX. The Deed is conditional on the agreement of
members of SWC to the resolutions proposed.

On 3 December 2001, the creditors of the Company accepted a
proposal for a Deed of Company Arrangement (the Deed), submitted
by David Christian Steinepreis on behalf of an Investor
Syndicate. The Deed was executed by all parties, and is now in
force pursuant to Section 444B of the Corporations Act 2001.

For the information of ASX and of the members of the Company, I
advise that the Deed is conditional on the approval by the
members of SWC to the passage of certain resolutions to be
considered at an Extraordinary Shareholders Meeting.

I set out below the relevant provisions of the Deed:

9 EXTRAORDINARY SHAREHOLDERS MEETING

9.1 Within 45 days of the Commencement Date, the Deed
Administrators must convene at Steinepreis' cost (excluding the
time costs of the Deed Administrators and their solicitors), in
accordance with this deed and the Company's constitution, an
extraordinary general meeting of the members of the Company
which meeting must be chaired by one of the Deed Administrators
or any person nominated by them.

9.2 Steinepreis must prepare and deliver to the Deed
Administrators, in time to enable the Extraordinary Shareholders
Meeting to be convened in accordance with this clause all
reports, circulars and notices required to enable the
Extraordinary Shareholders Meeting to be convened in accordance
with the Company's Constitution and the resolutions to be
proposed at the meeting. The Deed Administrators may make such
changes to any documents delivered by Steinepreis as they may in
their absolute discretion see fit and notify Steinepreis of any
changes the Deed Administrators require to these documents.
After any such changes are made, Steinepreis will be responsible
for sending to all persons entitled to be notified of the
holding of the Extraordinary Shareholders Meeting all documents
required by the Act and the Company's constitution to enable the
meeting to be validly convened and held. If Steinepreis is not
permitted by the Act or the constitution to take the steps
contemplated by this clause he must cause those steps to be
taken by such person or persons as are authorized to take these
steps pursuant to the Act and and/or the Company's constitution.

9.3 At the Extraordinary Shareholders Meeting, the chair must,
if the resolutions are put in accordance with the Company's
constitution, call for the members to vote on the following
resolutions (which shall be interdependent):

9.3.1 Approval to the consolidation of the capital of the
Company on the basis of 1 share for every 5 issued shares both
issued and unissued.

9.3.2 Approval to the issue and allotment of up to 100,000,000
ordinary shares at an issue price of $0.0023 per share,
following the consolidation of capital, to raise up to $230,000
for working capital. The determination of the allottees is at
the sole discretion of Steinepreis.

9.3.3 Approval to the issue and allotment of up to a further
103,000,000 ordinary shares at an issue price of up to $0.01 per
share, following the consolidation of capital, to raise up to
$1,030,000 for working capital. The determination of the
allottees is at the sole discretion of Steinepreis.

9.3.4 Approval to the transfer of such of the Assets as are
capable of being assigned to the Trustee pursuant to Listing
Rule 11.2 of the ASX.

9.3.5 Approval for the appointment of persons nominated by
Steinepreis as directors of the Company, when this Deed has been
completed and approval for the removal of the directors in
office at the date of the Extraordinary Shareholders Meeting.

9.3.6 Approval to changes to the constitution of the Company to
give effect to the above proposals or to update the constitution
in compliance with the Corporations Act and/or Listing Rules of
the ASX.

9.3.7 Approval to change the name of the Company, (if required
by Steinepreis).

9.3.8 Any other approvals required to give effect to the objects
of this deed or as required by the ASX or ASIC.

9.4 The Extraordinary General Meeting must be held within 90
days of the Commencement Date.

The Commencement Date referred to above is 14 December 2001.

Should you have any queries in relation to this matter please
contact either myself or, in my absence, Brendan Buckley of this
office.


TELEZON LIMITED: Executes DCA; ASIC Postpones AGM To April 30
-------------------------------------------------------------
L A Fitzgerald, appointed Joint and Several Deed Administrator
of Telezon Limited (the Company) on 28 September 2001, announced
that the Company has executed a Deed of Company Arrangement
(DCA). The commencement date for the DCA was 31 December 2001.

Mr Fitzgerald advised that the Australian Securities and
Investments Commission has granted extension of time to hold the
Annual General Meeting (AGM) until 30 April 2002. The financial
reports have been delayed as a consequence of the
administration. The extension of time was granted to allow
additional time to finalize the financial reports of the
company.

The extension will allow for more information to be available to
shareholders prior to the AGM being convened.


TRANSURBAN GROUP: Releases Dec 2001 Traffic, Revenue Data
---------------------------------------------------------
Transurban Group advised that average daily transaction volumes
for the month of December 2001 are set out below.

The descriptions of the toll zones used in the table are
consistent with those used in the Transurban prospectus.

Toll Zone                            l Days           Weekdays

Tullamarine Freeway, Moreland
Road to Brunswick Road                97,570            111,513
(Zone 1)

Racecourse Road to Dynon Road (Zone 2) 63,549             72,696

Bolte Bridge (Zone 3)                  57,364             65,105

Domain and Burnley Tunnels(1)         
(zones 4 & 8)                          68,936             79,592

Batman Avenue, Swan Street to
Flinders Street (Zone 5)               11,566             14,194

Batman Avenue, Punt Read to Swan Street
(Zone 6)                               16,450             20,108

Burnley Tunnel plus Monash Freeway,
between Burnley Street and Punt Road(2) 98,491           114,798
(Zones 7 & 8)

Monash Freeway, between Toorak Road
and Burnley Street (Zone 9)           100,200            116,586   
    
TOTAL ALL ZONES                       514,126            594,591

Notes:

(1) This zone is referred to as "Zone 4 / Domain Section" in the
Transurban prospectus.

(2) This zone is referred to as "Zone 5 / SE Arterial (Punt Rd
to Burnley St)" in the Transurban prospectus.

The trends since opening in usage of the individual zones of
Western Link and the Southern Link are shown in the attached
table.

Average transaction volumes for all days and for weekdays in
December decreased by 6.6 percent and 4.3 percent respectively,
relative to November. This reflects the seasonal decrease in
usage during the Christmas holiday period.

Prior to the commencement of the holiday period, the 5 day
moving average of weekday transactions reached 648,816, 3.1
percent above the level at the end of November. New daily highs
were also established during the month on both Links. Total
daily transactions peaked for the month at 698,653 (Western Link
- 292,624; Southern Link - 406,029) on 14 December 2001.

Toll revenue for December was $18.5 million ($16.8 million net
of GST liability). The average toll revenue per transaction for
the month was $1.16.

G R Phillips
COMPANY SECRETARY

MONTHLY TRANSACTION DATA BY TOLL ZONE

WESTERN LINK            DAILY AVERAGE TRANSACTIONS FOR WEEKDAYS

               TOLL         TOLL         TOLL         TOTAL ALL
MONTH            ZONE 1       ZONE 2       ZONE 3         ZONES

November 2001    116,555      76,136       67,420       260,111
                    5.5%        6.1%         6.0%          5.8%

December 2001     111,513      72,696       65,105       249,314
                    -4.3%       -4.5%        -3.4%         -4.2%

Percentages refer to growth relative to the preceding month.
Data is for a full month unless otherwise stated.

Shading indicates highest recorded average for the zone.

POST OPENING OF BURNLEY TUNNEL

                        DAILY AVERAGE TRANSACTIONS FOR WEEKDAYS

        TOLL      TOLL     TOLL     TOLL     TOLL      TOTAL ALL
        ZONES 4   ZONE 5    ZONE 6   ZONE 7   ZONE 9      ZONES
           & 8                         & 8
November
2001    82,644   15,741    21,431   119,874  121,218     360,908
          3.3%     6.7%      4.1%      3.0%     2.3%        3.1%

December
2001    79,592   14,194    20,108   114,798  116,586     345,278
         -3.7%    -9.8%     -6.2%     -4.2%    -3.8%       -4.3%

Percentages refer to growth relative to the preceding month.
Data is for a full month unless otherwise stated.

Shading indicates highest recorded average for the zone.

TCR-AP reported on October 22, 2001 that Transurban obtained
court approval to hold a scheme meeting for a corporate
restructure. The restructure will enable Transurban to implement
the release from the "single purpose" restriction negotiated
with the State of Victoria and announced on 19 September 2001.


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


CHINA CONSTRUCTION: Director Hai-Wong Resigns; Moves Head Office
----------------------------------------------------------------
China Construction Holdings Limited announced that at a
board meeting of the Directors held on Friday, the resignation
of Dr Henry Hau-Wong Ho as a director of the Company was
accepted and confirmed to take effect 14 May 2001. The Directors
thanked Dr Ho for all his past contributions to the Company.

The Directors have resolved to move the head office of the
Company to Room 2111, Shun Tak Center, West Tower, 168-200
Connaught Road Central, Hong Kong.

The Directors have also resolved to terminate the service of Mr
Gary Kwok Ming Lun as Company Secretary, effective immediately,
and Mr Dominic Hin Cheung Hung has been appointed as Company
Secretary, with immediate effect.


E & M ENGINEERING: Winding Up Petition Pending
----------------------------------------------
E & M Engineering Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
January 30, 2002 at 11:30 am.

The petition was filed on the 23rd day of November 2001 by Shun
Cheong M & E Limited whose registered office is situated at Flat
201, Premier Center, 2nd Floor, 20 Cheung Shun Street, Kowloon,
Hong Kong.  


FUJIAN INT'L.: Closure Prompts Moody's To Downgrade Ratings To C
----------------------------------------------------------------
Moody's Investors Service lowered Fujian International Trust &
Investment Corporation's (FITIC) foreign currency debt and
deposits ratings to C from Caa3. The rating action was prompted
by the closure of FITIC by China's central bank, and reflects
our belief that the liquidation of FITIC will result in a modest
recovery rate for FITIC's foreign creditors and depositors.

FITIC is the main fund-raising and investment vehicle for the
Fujian provincial government in China. The trust company has
entered a liquidation process, according to a statement made by
the People's Bank of China. The closure of FITIC came as a part
of the Chinese government's efforts to consolidate the troubled
trust industry following the collapse of Guangdong International
Trust and Investment Corp (GITIC) in 1998.

FITIC's ratings are:

  * Long-term foreign currency debt: C (lowered from Caa3)

  * Long-term foreign currency deposit: C (lowered from Caa3)

  * Short-term foreign currency deposit: Not Prime (unchanged)

  * Financial strength: E (unchanged)

FITIC reported total assets of Rmb9.8 billion (US$1.2 billion)
as of December 31, 1998, but did not publish its financial
results from 1999 onwards.


GENIUS GROUP: Winding Up Petition To Be Heard
---------------------------------------------
The petition to wind up Genius Group International Limited is
scheduled for hearing before the High Court of Hong Kong on
January 30, 2002 at 11:30 am.

The petition was filed with the Court on November 22, 2001 by
Fortune Luck International Limited whose registered office is
situated at Rooms 905-7, Sands Building, No. 17, Hankow Road,
Tsimshatsui, Kowloon, Hong Kong; Chau Chi Wah, David and Ha Chun
Kwok, Dennis, both of No. 29 Hau Wong Road, Kowloon City,
Kowloon, Hong Kong.  


HIGH APEX: Winding Up Sought By Bank Of China
---------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
High Apex Limited. The petition was filed on January 9, 2002,
and will be heard before the High Court of Hong Kong on
September 18, 2001.

Bank of China (Hong Kong) Limited (the successor corporation to
Bank of China, Hong Kong Branch, pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) holds its
registered office at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


INTERNATIONAL INFOTECH: Winding Up Petition Set For Hearing
-----------------------------------------------------------
The petition to wind up International Infotech is scheduled to
be heard before the High Court of Hong Kong on January 23, 2002
at 10:00 am. The petition was filed with the Court on October
12, 2001 by Lau Sze Ming of Room 1807, Po Chi House, Po Lam
Estate, Junk Bay, New Territories, Hong Kong.  


KIN DON: Narrows Operations Net Loss To HK$20,805
-------------------------------------------------
Kin Don Holdings Limited announced on 7 January, 2002:

Year end date: 30/11/2001
Currency: HK$                                     (Audited)
                                 (Audited)        Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/12/2000   from 1/12/1999
                                 to 30/11/2001    to 30/11/2000
                                 ('000)           ('000)
Turnover                            : 1,681            17,375
Profit/(Loss) from Operations       : (20,805)         (91,556)
Finance cost                        : (12,249)         (20,623)
Share of Profit/(Loss) of Associates: -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                (44,690)
Profit/(Loss) after Tax & MI        : (8,767)          (155,792)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (0.44 cent)      (15
cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (8,767)          (155,792)
Final Dividend per Share            : NIL              NIL
(Specify if with other options)     : -                -
B/C Dates for Final Dividend        : -
Payable Date                        : -
B/C Dates for Annual General Meeting: 15/2/2002 to 18/2/2002    
  bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution      : N/A

Remark:

LOSS PER SHARE

The calculation of basic loss per share for the year ended 30
November 2001 is based on the net loss from ordinary activities
attributable to shareholders for the year of HK$8,767,000 (2000:
HK$155,792,000) and the weighted average of 1,974,226,444 (2000:
1,038,682,789) ordinary shares in issue during the year.  The
comparative amount of loss per share has been adjusted for the
Rights Issue of 2,975,186,217 shares of the Company during the
year.


MANDARIN RESOURCES: Exceptional Turnover Movement Unanticipated
---------------------------------------------------------------
The Board of Directors of Mandarin Resources Corporation Limited  
(Board) has noted the recent increase in the trading volume of
the Company's shares and stated that they are not aware of any
reasons for such increase.

The Board 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 matters discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price sensitive nature.

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


OPTISTORAGE (H.K.): Faces Winding Up Petition
---------------------------------------------
The petition to wind up Optistorage (H.K.) Company Limited is
set for hearing  before the High Court of Hong Kong on January
9, 2002 at 11:00 am. The petition was filed with the Court on
September 20, 2001 by Wing Wah Electric Works Company, operated
by Tsun Wah Engineering Company Limited whose principal place of
business is situated at Room 1009, Century Center, 44-46 Hung To
Road, Kwun Tong, Hong Kong.  


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


PANCA OVERSEAS: Court Rejects IFC's Second Bankruptcy Appeal
------------------------------------------------------------
Supreme Court Chairman Bagir Manan signed a document rejecting
the second judicial review appeal filed by International Finance
Corporation (IFC) on PT Panca Overseas' bankruptcy, IndoExchange
reports, for the reason that the law prohibits the court to make
a second judicial review on a same case.

Moreover, the case has been resolved out of court with the
approval of the majority of creditors, including the Hong Kong-
based Harvest Hero consortium. According to the document, "It is
evidence that creditors have approved the out-of-court debt
restructuring."

Under the debt-restructuring scheme approved by the majority of
the creditors, Panca Overseas will have to pay US$1.7 million or
13 percent of its debt to IFC.


SAMUDRANAYAKA GRAHAUNGGUL: Gives IBRA US$10.50M Debt Settlement
---------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has received
cash payment of US$D10.50 million or the equivalent of Rp81.88
billion from the debt settlement of PT Samudranayaka Grahaunggul
at the end of December 2001. The whole payment was received by
IBRA on 28 December 2001.

The US$ exchange rate determination of Rp7,800 for US$ 1 refers
to the FSPC Decree No. Kep. 01/K.KKSK/05/2001 dated 8 May 2001,
which stipulates that for cash settlement up to 31 December
2001, the state budget exchange rate is applied at Rp7,800.

Total obligation of PT Samudranayaka Grahaunggul was US$10.50
million or Rp1.88 billion, consisting of:

   * Principal USD9.73 or equivalent to Rp75.92 billion, and
   * Past due Interest, discounted by 75% , in the amount of
US$0.76 million or equivalent to Rp5.95 billion.

For this settlement, IBRA gave a 75% discount on past due
interest to PT Samudranayaka Grahaunggul refers to FSPC Decree
No. Kep. 01/K.KKSK/04/2001 dated 11 April 2001, where property
debtors with loan principal above Rp50 billion deserves a 75
percent discount on past due interest. This policy is also
applicable to debtors in office space business.

PT Samudranayaka Grahaunggul operates a building management
service and is the owner-manager of Graha Unilever building in
Jakarta.


SEMEN CIBINONG: JSX Lifts Trading Suspension
--------------------------------------------
The Board of Directors of the Jakarta Stock Exchange (JHX) has
lifted the suspension of PT Semen Cibinong (SMCB) stock trading
in all markets starting trading session I on Friday, January 4,
2002, after it received SMCB's audited financial report for the
first seven months of 2001, IndoExchange reported Thursday.

Bambang Aribowo, JHX's Division Head for stock trading said that
SMCB's financial report was audited with Unqualified Opinion.

Stock trading of SMCB was suspended because the company's
audited financial report received a disclaimer opinion for two
years in a row, i.e. in 1999 and 2000.


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


CHUO MITSUI: Logs Bad-Loans Criteria
------------------------------------
Chuo Mitsui Trust & Banking Co. has adopted interest rate-based
criteria to clear the definition of problem loans, the Japan
Times reported Saturday, citing unnamed bank officials.  

The bank officials said the trust bank has set base rates at the
short-term prime lending rate for loans of up to one year; the
prime plus 0.3 percentage point for loans of up to three years;
the prime plus 0.5 percentage point for loans of up to five
years; and the long-term prime rate for loans of more than five
years.

Loans whose contractual rates are lowered from the base rates
are treated as problem loans. The company had as of Sept. 30,
Y512.2 billion in loans with contractual terms relaxed or
principal or interest payments in arrears for over three months,
an increase of Y41.7 billion over the figure six months earlier.
The firm had, as of the same date, Y251.1 billion in loans to
borrowers at risk of failure, up Y66.9 billion.

In 2001 the company posts Y37.37 billion group net loss ending
September 30. For the full-year ending March 2002, it expects to
post a net loss of Y220 billion and a pre tax loss of Y280
billion.


ISUZU MOTORS: GM Working To Ward Off Bankruptcy
-----------------------------------------------
General Motors Corp. said it is making efforts to prevent the
possibility of bankruptcy for its troubled truck maker, Isuzu
Motors Ltd., Reuters said Sunday.

Isuzu, 49 percent owned by GM, has been beaten in both the stock
and bond markets over the past month as investors fretted over
credit risks for debt-ridden companies with links to weaker
banks. The Company introduced a three-year reform plan last May
aimed at cutting its debt load and cutting capacity.

The head of GM's Asia-Pacific operations, Rudy Schlais, said
General Motors did not intend to inject further capital into the
truck maker, but was positive of the support of Isuzu's banks.

Shares of Isuzu fell below the symbolic Y100 level in November
over worries whether it would be able to execute the turnaround
plan following a third straight year of financial losses.
Isuzu's main bank is Dai-ichi Kangyo Bank, a member of Mizuho
Holdings Inc. Isuzu has said that it has received a credit line
of Y50 billion from DKB, to cover the end of the current
business year to March.


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


DAEWOO MOTOR: Takeover Deal Finalization Drags On
-------------------------------------------------
The negotiations on General Motors' acquisition of Daewoo Motor
will restart at the end of this week and are likely to be
wrapped up on February, Korea Times said Sunday. The discussion
is expected to continue smoothly into the middle of next month,
unless the management-labor negotiations raise problems.

A row of scheduled press conferences held by ranking officials
testifies to GM's eagerness to finalize the negotiations. During
the conferences, they will focus on mapping out their plans for
running Daewoo Motor rather than explaining the ongoing
negotiations, an official at GM said.


DAEWOO ENGINEERING: Wins US$80M Nigerian Gas Project
----------------------------------------------------
Daewoo Engineering and Construction has won a deal from
Nigerian-Agip Oil Company to commit in two gas plant projects
for US$80.07 million, Asia Pulse reported on January 2. It calls
for the expansion of gas compression and injection systems at a
gas plant in Nigeria's Kwale-Okpai region, and the installation
of a 190-kilometer natural gas pipeline from the plant to the
Nigerian city of Rumuji.

On December 29 Daewoo creditors approved a plan to convert W866
billion in loans into equity in Daewoo, lowering the engineering
firm's debt ratio to the 200 percent level.


HYNIX SEMICONDUCTOR: Asset Evaluation To Be Concluded This Week
---------------------------------------------------------------
Micron Technology Inc. will conclude this week the process of
evaluating assets controlled by Hynix Semiconductor Inc. prior
to its possible merger with Hynix, Asia Pulse reports, citing
the chipmaker's Restructuring Committee.

The Committee stressed that financial consultants for Hynix and
Micron, Goldman Sachs and Salomon Smith Barney, should be able
to finalize their evaluation of the 13 manufacturing plants in
the country soon.

After the general value of the plants are established,
participants to the Hynix-Micron talks are expected to hold a
third round of discussion starting January 13 to iron out
outstanding issues. Hynix's restructuring committee was weighing
proposals made by the U.S. based company during earlier talks on
whether to sell off only the dynamic random access memory (DRAM)
production arm of Hynix, or the entire semiconductor
manufacturing business.

Micron had proposed to acquire 19 percent stake in Hynix's non-
DRAM businesses if a strategic alliance was struck. Related to
the negotiations, Hynix aims to reflect the recent rise in chip
prices during negotiations, while Micron said it will offer its
own shares as payment for buying up the Korean firms production
line.


HYNIX SEMICONDUCTOR:  Recovering On Back Of Rising Chip Prices
--------------------------------------------------------------
Hynix Semiconductor is likely to recover in its cash-strapped
management following the rise in the global chip prices this
year, Digital Chosun reports. The prices of 128-mega DRAM chips
increased 1.39 percent to US$2.9 Friday, marking the third
straight day that the prices have rallied.

The company posted W1 trillion in operational losses in 2001,
risking its survival. The new chip prices at the global markets
have surpassed the company's cash costs and that his company has
left behind for good its worst-ever management crisis last year,
a company official said. Market analysts said the breakeven
point for DRAM chip prices ranges from US$2.8 to US$3.

DebtTraders reports Hyundai Semiconductor's 8.250% bond due in
2004 (HYUNS1) trades between 62.000 and 68.000. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS1


* Ailing Firms Seek Voluntary Workout Program
---------------------------------------------
Creditors of three struggling firms, namely Shindongbang, Daewoo
Engineering and Construction Co. and Daewoo International, are
expected to encourage voluntary debt workout programs for them
during the first half of 2002, Korea Times said Sunday. The
number of ailing firms under debt workout programs decreased to
22, as 11 companies graduated from the programs by the end of
last year, the Financial Supervisory Service said on Saturday.
The number of companies under debt workout programs was 35 as of
the end of August 2001.


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


ASSOCIATED KAOLIN: Debt Workout Proposals Approval Pending
----------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrator
Appointed) Proposals relating to its Proposed Corporate and Debt
Restructuring Scheme are still pending approval from the
following regulatory bodies:

   (i) Foreign Investment Committee;
   
   (ii) Ministry of International Trade and Industry; and
  
   (iii) Securities Commission.

The Company also informed that the Exchange has approved the
Company's application for waiver from complying with Paragraph
15.10(1)(e) of the Listing Requirements for the duration of the
Special Administrators' (SAs) appointment subject to the
condition that the SAs provide a written undertaking to the
Exchange that at least one of the SAs (who is a member of the
Malaysian Institute of Accountants) will sit in all Audit
Committee meetings.

This letter was forwarded to the Exchange on 14 December, 2001.


CHASE PERDANA: Updates Defaulted Payment Status
-----------------------------------------------
Chase Perdana Berhad (The Company) updated on the status of its
default in the repayment of both the principal and interest of
all credit facilities granted by Financial Institutions set out
at http://www.bankrupt.com/misc/Chase_Perdana0107.xls

The Company also announced that a meeting with the Credit
Steering Committee was held on 4 December 2001 to discuss the
Scheme. Subsequently, a meeting with all Financial Institution
(FI' lenders was held on 13 December 2001 to finalize the
Scheme. Both meetings were held under the purview of the
Corporate Debt Restructuring Committee (CDRC).

Following the meeting on 13 December 2001, CDRC has requested
all FI lenders to revert with their approval-in-principal to the
Scheme by the first week of January. The Company is targeting to
finalize the Scheme and thereafter make the Requisite
Announcement as required under Paragraph 5.1(a) of PN4.


COUNTRY HEIGHTS: Enters Supplemental Settlement Agreement
---------------------------------------------------------   
On behalf of the Board of Directors of Country Heights Holdings
Berhad (CHHB or the Company)(Board), Arab-Malaysian Merchant
Bank Berhad (Arab-Malaysian) announced that the Company has
entered into a supplemental agreement dated 31 December 2001
(Supplemental Settlement Agreement) with Affin Merchant Bank
Berhad (AMBB), Mega Palm Sdn Bhd (MPSB) and Avenue Assets Berhad
(AAB) to vary certain terms and conditions of the Settlement
Agreement dated 14 November 2000 previously entered into among
CHHB, AMBB, AAB and MPSB pursuant to the Proposed Settlement
Agreement.

The Supplemental Settlement Agreement incorporated, amongst
others:

   1. Country Heights Properties Sdn Bhd (CHPSB), a wholly owned
subsidiary of CHHB, may proceed with the development and sale of
the Land subject to the terms and conditions of a development
agreement dated 23 October 2001 and as amended by any
supplemental agreement thereto, entered into between CHPSB and
MPSB.

   2. Pursuant to the said development agreement, the parties
agreed that 30 percent to 50 percent, as the case maybe, of the
proceeds received from a sale of a lot or parcel comprised in or
a building development unit constructed on the Land shall be
paid into an interest bearing account ("Redemption Account").
AMBB is, upon the issuance of RCSLS by CHHB pursuant to the
Proposals, authorized to distribute to the TL Lenders the money
held in the Redemption Account, in accordance with and subject
to the provisions of RCSLS trust deed.

   3. Pursuant to the SC's approval letter dated 6 September
2001, CHHB was to issue RM148.5 million nominal amount of RCSLS
and the balance of RM51.5 million was to be equally shared
between CHHB and AAB, to be settled by cash. AAB has indicated
that it is unable to pay the whole of its portion of RM25.75
million in cash (Half Difference). As such, the following has
been proposed. AAB shall settle the Half Difference:

     a) by the issuance of AAB Irredeemable Convertible
Unsecured Loan Stock (ICULS) on the terms and conditions
stipulated in the ICULS trust deed to be executed; and

     b) by the payment in cash of a sum equivalent to the Half
Difference less the value of any ICULS to be issued under (a)
above.

   4. Put option agreements shall be entered into between Tan
Sri Lee Kim Yew, a director and substantial shareholder of CHHB,
and each of the TL Lenders whereby Tan Sri Lee Kim Yew shall
grant a right to each TL Lenders to require Tan Sri Lee Kim Yew
to purchase their respective ICULS.

Pursuant to the Supplemental Settlement Agreement, AAB shall
submit an application to the SC and any other relevant
authorities, for approval for the issuance of the ICULS.

A copy of the Supplemental Settlement Agreement is available for
inspection during normal business hours at the Registered Office
of the Company from Mondays to Fridays (except public holidays)
for a period of two (2) weeks from the January 3, 2002.

The Proposals refers to the following:

  * Proposed Acquisition of 100 percent equity in Mega Palm Sdn
Bhd (MPSB) (Proposed Acquisition); and

  * Proposed Settlement Agreement


KUALA LUMPUR: Gets Nod From Creditors On Workout Proposals
----------------------------------------------------------
On behalf of the Board of  Kuala Lumpur Industries Holdings
Berhad (KLIH)(Special Administrators Appointed), Commerce
International Merchant Bankers Berhad, announced that the
workout proposals of KLIH and Bee Hin Holdings Sdn. Bhd.
(Special Administrators Appointed) have been approved by their
respective secured creditors on 20 December 2001 pursuant to
Section 46(4) of the Pengurusan Danaharta Nasional Berhad Act,
1998 (Act).

The workout proposal of Sistem Irama Sdn. Bhd. (Special
Administrators Appointed) (SI) was also approved by the secured
creditors of SI on 28 December 2001 pursuant to Section 46(4) of
the Act.


MALAYSIAN GENERAL: Seeks KLSE's Debt Scheme Extension Approval
--------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Malaysian General Investment Corporation Berhad (MGIC or
Company), announced that MGIC is still awaiting the KLSE's
decision on its extension of time application to formulate a new
Proposed Restructuring Scheme Involving a Debt Restructuring
with the Creditors of MGIC and Two (2) of its Subsidiaries, MGIC
Construction Sdn Bhd and Magic Hill Resort Sdn Bhd (Proposed
Restructuring Scheme).

Nonetheless, the Company is in the process of identifying and
securing new viable assets to enable the Company to formulate a
new restructuring proposal, which will help restore its
financial position and operational viability as a going-concern
and enable the Company to discharge its outstanding liabilities
in an equitable and orderly manner.

The Company will keep the shareholders informed of further
developments as and when events are finalized.

On 14 December 2001, Arab-Malaysian, on behalf of the Company,
announced that MGIC together with the vendors of Trans MSB Sdn
Bhd (TMSB) have mutually agreed not to proceed with the proposed
acquisition of the entire equity interest of TMSB and to
discharge all their obligations in relation thereto due to
failure to satisfy the conditions precedent to the conditional
share sale agreement dated 29 August 2001. It was also announced
that the Company has submitted an application to the Kuala
Lumpur Stock Exchange (KLSE) for an extension of time until 31
March 2002 to allow MGIC to identify a new asset and
subsequently, formulate a new restructuring scheme.


MAN YAU: Posts Proposed Rescue/Restructuring Scheme Status
----------------------------------------------------------
Man Yau Holdings Bhd, pursuant to paragraph 8.14 of the listing
requirements of the Kuala Lumpur Stock Exchange in relation to
the status of the proposed rescue/restructuring scheme,
announced:

1. The interest-servicing obligation by Nostalgic Properties Sdn
Bhd (NPSB) to Arab Malaysian Bank Berhad (AMBB) in respect of
its RM70.0 million Term Loan Facilities to NPSB is in default.
NPSB is negotiating with AMBB for a further deferment of its
interest-servicing obligation.

2. The petition for sanction of the following statutory schemes
as per the Notice of Meeting of Members and Creditors summoned
pursuant to an order of the High Court of Malaya dated 15
October 2001 and approved at the respective meetings of members
of Man Yau Holdings Berhad (MYHB) and meetings of creditors of
MYHB, Man Yau Plastic Factory (Malaysia) Sdn Bhd (MYPF) and Wang
Corporation Sdn Bhd (WC) held on 8 November 2001, had been
sanctioned by the Kuala Lumpur High Court on 6 December 2001:

   (a) Scheme of Arrangement between MYHB and its members.
   (b) Scheme A - Preferential Creditors of MYHB
   (c) Scheme B - Unsecured Creditors of MYHB
   (d) Scheme C - Preferential Creditors of MYPF
   (e) Scheme D - Unsecured Creditors of MYPF
   (f) Scheme E - Preferential Creditors of WC
   (g) Scheme F - Unsecured Creditors of WC

3. The Company, on 21 December, 2001, announced to the Exchange
the Notice of Book Closure pursuant to the Scheme of Arrangement
(SOA) of MYHB under Section 176 of the Companies Act 1965.

Pursuant to the SOA between MYHB and its shareholders, the
shareholders of MYHB will exchange all their existing ordinary
shares of RM1.00 each in MYHB (MYHB Shares) for new ordinary
shares in MY-Infotech (M) Berhad (formerly known as Kinta
Mestika Berhad) (MY-IT) on the basis of one (1) new MY-IT
ordinary share of RM1.00 each for every six (6) existing MYHB
Shares held as at 10 January 2002 (Entitlements).

The share transfer book and register of members of MYHB will be
closed from 10 January 2002 to 10 January 2002 for the purpose
of determining the Entitlements.


MAY PLASTICS: Implements Proposed Debt Scheme Proposals
-------------------------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI)
implemented the Proposed Rescue/Restructuring Scheme Comprising
Composite Schemes Of Arrangement Pursuant To Section 176 Of The
Companies Act 1965 And Various Related Proposals (The
Proposals):

   (a) Shares exchange pursuant to a scheme of arrangement (SOA)
under Section 176 of the Companies Act, 1965 (Act) between MPI,
its shareholders and KSU Holdings Berhad (KSUH), whereby the
existing shareholders of MPI are to exchange all their existing
ordinary shares of RM1.00 each in MPI (MPI share(s)) for new
ordinary shares of RM1.00 each in KSUH (KSUH share(s)) on the
basis of one (1) new KSUH share for every two (2) existing MPI
shares held (Shares Exchange);

   (b) Warrants exchange pursuant to a SOA under Section 176 of
the Act between MPI, its warrantholders and KSUH, whereby all
the 13,298,175 existing unexercised MPI warrants are to be
cancelled and replaced with 13,298,175 new KSUH warrants on the
basis of one (1) new KSUH warrant for every one (1) existing MPI
warrant held;

   (c) Restructuring of debts owing by the MPI group to the
unsecured lender banks/financial institutions, and hire-purchase
and lease creditors of the MPI group pursuant to composite
SOA under Section 176 of the Act between the MPI group, KSUH
(where relevant) and the said lender banks/financial
institutions and creditors concerned; and

   (d) Acquisition by KSUH of the entire issued and paid up
share capital of Earnest Equity Development Berhad (EEDB) and
Kembangan Alam Berhad (KAB), comprising 138,815,000 shares and
100,000 shares respectively, for a total purchase consideration
of RM 293,469,000, which are to be satisfied by the issue of
146,734,500 new, shares in KSUH at an issue price of RM2.00 per
share (EEDB/KAB Acquisitions).

The Company announced earlier that it obtained the approvals
from the relevant authorities/parties to implement the
Proposals. Prior to the listing of and quotation for the entire
issued and paid up share capital of KSUH on the Second Board of
the KLSE, KSUH will implement a non-renounceable offer for sale
of the rights to allotment of 33,701,033 new KSUH shares (which
represent a portion of the new KSUH shares to be issued to
certain vendors pursuant to the EEDB/KAB Acquisitions) to the
entitled shareholders of KSUH (being the MPI shareholders who
received their respective KSUH shares pursuant to the Shares
Exchange) at an offer price of RM2.00 per share on the basis of
five (5) KSUH shares for every two (2) KSUH shares held after
the Shares Exchange.

The Company will make further appropriate announcements from
time to time.


NCK CORPORATION: Reveals Proposed Amended Articles
--------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) (the
Company) wishes to announce:

1) PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF THE
COMPANY

a) INTRODUCTION

The Proposed Amendments is primarily to comply with the
applicable provisions of the recently revamped Listing
Requirements of the Kuala Lumpur Stock Exchange and to be in
line with the provisions of other relevant regulatory and
statutory requirements.

Details of the Proposed Amendments shall be published in a
Circular to Shareholders. The Circular together with the Notice
of Extraordinary General Meeting (EGM) shall be forwarded to the
shareholders of the Company at a later date.

b) DETAILS OF THE PROPOSED AMENDMENTS

Details of the Proposed Amendments shall be published in a
Circular to Shareholders. The Circular together with the Notice
of EGM shall be forwarded to the shareholders of the Company at
a later date.

c) RATIONALE FOR THE PROPOSED AMENDMENTS

The Proposed Amendments are primarily to bring the Articles of
Association in line with the Revamped Listing Requirements and
to include new provisions, which are necessary to take advantage
of new technology in the conduct of meeting.

d) APPROVAL REQUIRED

The Proposed Amendments are conditional upon approval from the
shareholders of the Company at the EGM to be convened.

e) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors, major shareholders and persons connected
with the Directors and/or major shareholders of the Company have
any interest, direct or indirect, in the Proposed Amendments.

f) BOARD OF DIRECTORS' RECOMMENDATION

The Directors, having considered all aspects of the Proposed
Amendments, are of the opinion that the Proposed Amendments is
in the best interest of NCK Group.

2) PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY
TRANSACTIONS

a) INTRODUCTION

Pursuant to paragraph 10.09 of the Revamped Listing
Requirements, the Company is required to seek shareholders'
mandate with regards to related party transactions of revenue or
trading nature, which are necessary for its day-to-day
operations. These recurrent related party transactions (RRPT)
are in the ordinary course of business and on terms not more
favorable to the related party than those generally available to
the public.

The authority to enter into RRPT is subject to the approval of
shareholders. The shareholders' mandate, if obtained, will
commence immediately upon the passing of the Ordinary Resolution
at the EGM and, unless revoked or varied at the EGM, will expire
at the conclusion of the next AGM. The shareholders' mandate for
the RRPT is subject to annual renewal in general meeting.

b) RATIONALE FOR AND BENEFITS OF THE RECURRENT RELATED PARTY
TRANSACTIONS

In view of the time sensitive and frequent nature of such RRPT
and that it may be impractical to seek shareholders' approval on
case to case basis before entering into such RRPT, the Board of
Directors are seeking shareholders' mandate pursuant to
paragraph 10.09 of the Listing Requirements for the RRPT and
allow the NCK Group to enter into such RRPT at arm's length and
on normal commercial terms and are not more favorable to the
related party than those generally available to the public and
are not to the detriment of the minority shareholders.

NCK Ceramic Marketing Sdn Bhd is a reliable supplier of ceramic
products required by the NCK Group for resale to its customers.
NCK Group has a long-standing relationship with NCK Ceramic
Marketing Sdn Bhd. This long established relationship has
benefited the NCK Group in terms of the goods provided as these
are priced competitively and the purpose of goods from NCK
Ceramic Marketing Sdn Bhd enables the NCK Group to achieve a
higher volume of turnover and better bargaining power with the
other suppliers, thus reducing the overall purchasing cost.

NCK has been occupying the existing premises since 1994 and the
tenancies have been renewed based on existing terms and
conditions. The current rental rate of RM0.90 per sf. is
competitive and is comparable to prevailing market rate for
properties in the same vicinity.

The obtaining of shareholders' approval on the Proposed
Shareholders' Mandate and the renewal of the same on an annual
basis would eliminate the necessity to convene separate general
meetings from time to time to seek shareholders' approval as and
when such RRPT arises thus reducing substantial administrative
expenses associated with the convening of such meetings.

c) APPROVAL REQUIRED

The Proposed Shareholders' Mandate is conditional upon approval
from the shareholders of the Company at the EGM to be convened.

d) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

The major shareholder of the Company, Ng Choo Kwan Holdings Sdn
Bhd and the directors, Mr Ng Choo Kwan, Mr Ng Cheng Kiat, Mr Ng
Kiat Bee, Mr Siow Chau @ Siau Chan Leong and Mr Ng Kiat Beng
shall abstain from voting in respect of their direct and
indirect interest in the Company and shall ensure that persons
connected with it and/or them will abstain from voting on the
resolution pertaining to the proposed mandate for RRPT in the
forthcoming EGM.

Save as disclosed, none of the Directors, major shareholders and
persons connected with the Directors and/or major shareholders
of the Company have any interest, direct or indirect, in the
Proposed Shareholders' Mandate.

e) BOARD OF DIRECTORS' RECOMMENDATION

The Directors, having considered all aspects of the Proposed
Shareholders' Mandate, are of the opinion that the Proposed
Shareholders' Mandate is in the best interest of NCK Group.

3) PROPOSED INCREMENT OF DIRECTORS' FEES FOR INDEPENDENT NON-
EXECUTIVE DIRECTORS

a) INTRODUCTION

At the forthcoming EGM of the Company, the Company proposes to
seek approval from the shareholders of the Company for the
Proposed Increment of directors' fees for independent non-
executive directors, namely Mr Yap Tat Meng and Madam Yong Shin
Ming.

Details of the Proposed Increment shall be published in a
Circular to Shareholders. The Circular together with the Notice
of EGM shall be forwarded to the shareholders of the Company at
a later date.

b) DETAILS OF THE PROPOSED AMENDMENTS

Details of the Proposed Increment shall be published in a
Circular to Shareholders. The Circular together with the Notice
of EGM shall be forwarded to the shareholders of the Company at
a later date.

c) RATIONALE FOR THE PROPOSED INCREMENT OF DIRECTORS' FEES FOR
INDEPENDENT NON-EXECUTIVE DIRECTORS

The Independent Non-Executive Directors namely, Mr Yap Tat Meng
and Madam Yong Shin Ming had been appointed as members of the
Nomination Committee and Remuneration Committee on 27 November
2001 in order to comply with the best practice provisions of the
Malaysian Code on Corporate Governance.

In view of the additional functions and heavier
responsibilities, it is proposed that each of the Independent
Non-Executive Directors' fees be increased from RM10,000.00 to
M18,000.00 per annum to be payable on a quarterly basis to each
of them.

d) APPROVAL REQUIRED

The Proposed Increment is conditional upon approval from the
shareholders of the Company at the EGM to be convened.

e) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors (except Mr Yap Tat Meng and Madam Yong
Shin Ming), major shareholders and persons connected with the
Directors and/or major shareholders of the Company have any
interest, direct or indirect, in the Proposed Increment.

f) BOARD OF DIRECTORS' RECOMMENDATION

The Directors, having considered all aspects of the Proposed
Increment, are of the opinion that the Proposed Increment is in
the best interest of NCK Group.


PLANTATION & DEVT.: KLSE OKs Proposed Scheme Time Extension
-----------------------------------------------------------
Plantation & Development (Malaysia) Berhad (P&D or the Company),
in references to the announcements dated 3 December 2001 and 2
January 2002 made by Arab-Malaysian Merchant Bank Berhad (Arab-
Malaysian), on behalf of P&D on the Proposed Debt and Equity
Restructuring Scheme (Proposed Scheme), announced that the
Company has obtained the approval from the KLSE through its
letter dated 2 January 2002 for an extension of two months' time
from 30 November 2001 to 31 January 2002 for the Company to
obtain the remaining approval from the relevant authorities on
the Proposed Scheme.


RNC CORPORATION: Updates Proposed Debt Workout Scheme Status
------------------------------------------------------------
RNC Corporation Berhad, in reference to the First Announcement
on 19th February 2001 on the Proposed Corporate and Debt
Restructuring Scheme (PRS) and the previous Monthly Status
Announcements since 1st March 2001, informed the status of the
PRS, as:

   (a) The Scheme is still pending the approval of the Kuala
Lumpur Stock Exchange (KLSE) for the listing and quotation of
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.

KLSE has approved the application for an extension of time until
30th June 2002:

   (a) to amend the Articles of Association; and

   (b) to obtain a general mandate for recurrent related party
transactions of a revenue or trading nature.


TAJO BHD: Negotiations With `White Knight' Underway
---------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Tajo Berhad (Tajo or the Company), advised that the Company is
still finalizing the terms and conditions of the proposed
acquisitions with its potential "white knight". As such there
has been no change in the status of the Company's plan to
regularize its financial condition since the last announcement
made by PMBB on 3 December 2001. Announcements will be made in
due course on the development of the above matters.

Background:

On 23 February 2001, the Board of Directors of Tajo (Board)
announced that Tajo is considered as an "affected listed issuer"
under Practice Note No. 4/2001.

In compliance with Section 4.1(b) of Practice Note 4/2001, with
regards to the monthly disclosure obligation of an affected
listed issuer (Monthly Announcement), PMBB announced, on behalf
of the Board of Tajo, on the status of Tajo's plan to regularize
its financial condition since the First Announcement as required
under Section 4.1(a) of Practice Note 4/2001.

On 11 May 2001, 1 June 2001, 1 August 2001 and 3 September 2001
respectively, the Company had made various Monthly Announcements
in relation to its plan to regularize its financial condition.

Subsequently, on 4 October 2001, the Company had announced that
two Deeds of Revocation had been entered into on even date with
regards to the Sale and Purchase Agreement (SPA) and Profit
Guarantee Agreement (PGA) entered into between Tajo and Kris
Angsana Sdn Bhd (KASB) dated 20 December 2000.

In view of the Deeds of Revocation, the proposed scheme of
arrangement announced by Tajo on 20 December 2000 and 19 January
2001 respectively, would not be implemented. PMBB, on behalf of
Tajo, on 10 October 2001, announced that the Company has
commenced negotiations with a new potential "white knight" which
would be integral to the debt restructuring of Tajo as well as
the plan to regularize its financial condition pursuant to
Practice Note 4/2001.


TAT SANG: Seeks Financial Statement Submission Time Extension
-------------------------------------------------------------
Tat Sang (Holdings) Berhad (herein referred as "the Company")
advised that in light of the late commencement of audit work
coupled with the long holidays due to festive seasons, the
Company has appealed to KLSE for a further extension for
submission of the Audited Accounts and Annual Report to 31
January 2002 and 31 March 2002, respectively.

Background:

The Company, on 15 November 2001 made an application for
extension of time to submit the Annual Audited Accounts and
Annual Report for the financial year ended 31 July 2001 to 31
January 2002 and 31 March 2002 respectively.

Pursuant to Paragraph 2.19 of the Listing Requirements, the
Company announced that KLSE has granted the Company an extension
of time of one (1) month until 31 December 2001 to submit the
Annual Audited Accounts pursuant to Paragraph 9.23 (b) of the
Listing Requirements via their letter dated 10 December 2001.

The Company was unable to comply with the above requirements due
to the appointment of Receivers and Managers by Malayan Banking
Berhad to the subsidiaries of the Company namely, Mercuries &
Muar Wooden Furniture Mfg Sdn. Bhd., Techmax Industry Sdn. Bhd.
and Jastaka Sdn. Bhd.. In view of the difficulties faced and
time required to prepare the Statement of Affairs, the
accountants of the said subsidiaries were unable to finalize the
accounts on a timely basis. Due to the tight deadline and time
constraint, the Company requires more time and endurance to
prepare the accounts and schedules of the subsidiaries and the
Group for audit purposes.


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


COSMOS BOTTLING: Reappoints Panajon As President
------------------------------------------------
Cosmos Bottling Corporation said Antonio Panajon was reappointed
as President of the firm for six months, while other Board
Directors resigned after the acquisition of San Miguel
Corporation (SMC), AFX said on Thursday. SMC had finalized its
takeover of RFM Corporation's 83.2 percent stake in Cosmos
through several block transactions in the stock market worth
P11.6 billion.

In a disclosure to the stock exchange, Cosmos said San Miguel
representatives were named to the board including Francisco
Eizmendi Jr, James Chestnut, James Harting and Genaro Lopez. San
Miguel corporate information officer Ferdinand Constantino was
also appointed corporate information officer for Cosmos.


UNITRUST DEVELOPMENT: Bank Declares Bank Holiday
------------------------------------------------
The central bank said Unitrust Development Bank declared a bank
holiday after heavy withdrawals in the past two weeks, AFX news
reported on January 4. The bank through its new management said
that the declaration is necessary to preserve the assets of the
bank and more importantly, the interests of all concerned.

Unitrust management aims to normalize its operations at the
earliest possible time. Unitrust has 13 branches, with total
deposits estimated at P400 million. In the past two weeks, the
withdrawals serviced by the bank reached over P100 million,
central bank deputy governor Alberto Reyes said. Central bank
governor Rafael Buenaventura said depositors' funds will be
covered by the Philippine Deposit Insurance Corp (PDIC).

Buenaventura said an investigation would take place to see
what's behind the declaration of the holiday. It will be up to
the central bank and the PDIC now to see what we can do to
protect depositors, he said.


UNITRUST DEVELOPMENT: Top Officials Blamed For Bank Collapse
------------------------------------------------------------
Several executives of Unitrust Development Bank have sought the
Central Bank of the Philippines (BSP) support in securing hold
departure orders for top officials of the closed bank, Business
World reported on January 7. An unnamed bank insider said the
hold departure orders will aid BSP in probing the collapse of
Unitrust, which suffered heavy depositor withdrawals late-
December.

Bank executives recommended the issuance of hold departure
orders on Unitrust's five directors and five corporate officers,
including Unitrust President Jose L. Apolinario, Jr. and
Executive Vice-President, Motuhiro Hagisaka.

A bank source said Unitrust's top officials facilitated the
release of P18 million in loans to bank officers and owners,
otherwise known as DOSRI (directors, officers, stockholders and
other related interests) loans. The whole amount, which the
insider said did not have proper documentation, was unsecured,
or not backed up by collateral. "All these loans were
undocumented. They were also granted without requiring any
collateral," the insider said. Of the total, the source said 70
percent or P13 million was extended to Japanese businessman
Genta Ogami, who is said to own Unitrust.


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


HONG LEONG: Shareholder's Deemed Interests Changes Released
-----------------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice Of Changes
In Substantial Shareholder's Deemed Interests as:

Name of substantial shareholder:     Kwek Holdings Pte Ltd
Date of notice to company:           04 Jan 2002
Date of change of deemed interest:   28 Dec 2001
Name of registered holder:           Hong Leong Corporation
Holdings Pte Ltd (HLCH)
Circumstance giving rise to the change:   Others

Pursuant to a corporate exercise undertaken by Hong Leong
Investment Holdings Pte. Ltd. to rationalize its various
businesses and companies under the Hong Leong Corporation
Limited (HLC) Group, resulting in a transfer of 19,685,812
shares in the Company from HLC to HLCH. HLC is an indirect
subsidiary of HLCH.

Shares held in the name of registered holder
No. of shares of the change:    19,685,812
% of issued share capital:      4.574
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee:      S$1.316
No. of shares held before change:     0
% of issued share capital:     0
No. of shares held after change:      19,685,812
% of issued share capital:      4.574

Holdings of Substantial Shareholder including direct and deemed
interest
      Deemed                                  Direct
No. of shares held before change:188,825,946      0
% of issued share capital:    43.878              0
No. of shares held after change:    208,511,758   0
% of issued share capital:    48.452              0
Total shares:     208,511,758                     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 28 December
2001.


SPH ASIAONE: Shareholders Approve Privatization Plan
----------------------------------------------------
Shareholders of SPH AsiaOne on Thursday approved the proposed
$45 million privatization plan by parent Singapore Press
Holdings, Business Times reported on January 4.

Media group SPH's move to privatize its 87.11 percent-owned
AsiaOne at 30 cents a share will result in a 10-cent growth in
its earnings per share - a result of the realization of some
$67.8 million of capital reserves from the unit's initial public
offering in 2000.

SPH expects to write off $30.8 million in goodwill for the
current year ending Aug 31, 2002. AsiaOne will be delisted on
Jan 24, subject to the approval of the High Court, while the
last day of trading will be Jan 16.


WEE POH: Unit's Creditors' Meeting To Convene Feb 8
---------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited (the
Company), in regard to the Court hearing on 4 January 2002 for
the Proposed Scheme of Arrangement between its subsidiary, W&P
Piling Pte Ltd (WPP), and its creditors, announced that the
hearing took place in the High Court of Singapore on 4 January
2002, and that the High Court has ordered:

   1. WPP shall convene a meeting of WPP's unsecured creditors
(the Creditors' Meeting) by 8 February 2002 for the purpose of
approving the proposed scheme of arrangement (the Scheme).

   2. All present, pending, contingent or fresh suits, actions
or proceedings against WPP or the enforcement or execution
against or recovery of any assets of WPP or monies due to WPP
(collectively, the "Proceedings") shall be restrained from 4
January 2002 except as otherwise provided in the Order of Court.

   3. Mr Chee Yoh Chuang of Chio Lim & Associates shall be
appointed by WPP as an independent accountant with special
functions. Mr Chee's term of appointment shall be from 4 January
2002 to the date the Court sanctions the Scheme or (in the event
that the requisite approval of the creditors is not obtained)
until the Creditors' Meeting at which such approval is not
obtained. The specific powers and functions of the independent
accountant have also been sanctioned by the High Court.

   4. The hearing of three petitions for the winding up of WPP
have been adjourned for six weeks pending the outcome of the
Creditors' Meeting.


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


EASTERN WIRE: Registration Dept Okays Paid-up Capital Increase
--------------------------------------------------------------
Eastern Wire Public Company Limited has already been approved
for a paid-up capital registration of Bt279,367,440 by the
Commercial Registration Department on December 27, 2001.
In accordance with the Company's Business Reorganization Plan
approved by the Central Bankruptcy Court on June 21, 2001, a
Plan Administrator was assigned to increase capital for existing
shareholders amount 200,000,000 shares and then decrease capital
(which increased) amount 190,000,000 shares by decreasing amount
of share for 100 shares remaining to 5 shares.  The net
increased capital remains amount 10,000,000 shares, then the
increase capital and decrease capital, after on above, equal to
Bt279,367,440.


MEDIA OF MEDIAS: Lists 2002 Holiday
-----------------------------------
Media of Medias Public Company Limited announced the holiday
schedule for the year 2002:

Tuesday       1   January    New Year's Day
Tuesday      26   February   Makha Bucha Day
Monday        8   April      Substitution Chakri Day
Monday       15   April      Song Kran Festival Day
Tuesday      16   April      Substitution Song Kran Festival Day
Wednesday     1   May        National Labor Day
Monday        6   May        Substitution Coronation Day
Monday       27   May        Substitution Visakha Bucha Day
Thursday     25   July       Buddhist Lent Day
Monday       12   August     H.M. The Queen's Birthday
Wednesday    23   October    King Chulalongkorn Day
Thursday      5   December   H.M. The King's Birthday
Tuesday      10   December   Constitution Day
Tuesday      31   December   New Year's Eve

TCR-AP reported on December 28, 2001 that Bankruptcy Court
has postponed the consideration for approving the Company's
Rehabilitation Plan from December 26, 2001 to January 15, 2002  
at 10.00 am.


TAMBA INDUSTRY: Files Business Reorganization Petition To Court
---------------------------------------------------------------
The Petition for Business Reorganization of Tamba Industry
Company Limited (DEBTOR), engaged in import and sale of chemical
products used in many industries was filed to the Central
Bankruptcy Court:

   Black Case Number 1056/2543

   Red Case Number 13/2544

Petitioner: TAMBA INDUSTRY COMPANY LIMITED

Planner: Mr. Paramiat Kajonvittaya

Debts Owed to the Petitioning Creditor: Bt60,839,128.48

Date of Court Acceptance of the Petition: December 19, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: January 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 29, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: February 22,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver: May 22, 2001

Planner postponed the date of submitting the reorganization plan
#1st to June 22, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to July 22, 2001

Appointment date for the Meeting of Creditors to consider the
plan: August 30, 2001 at 9.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had a resolution not accepting the
reorganization plan pursuant to Section 90/48

Court had issued an Order Cancelled the Petition for Business
Reorganization on September 25, 2001

Announcement of Court Order Cancelled the Petition for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: October 9, 2001

Announcement of Court Order Cancelled the Petition for Business
Reorganization in Government Gazette: October 25, 2001

Contact: Mr. Chat Tel, 6792525 ext 124


THAI TELEPHONE: Reports On Warrant Exercise   
-------------------------------------------      
Thai Telephone & Telecommunication Public Company Limited,
pursuant to the Company's Business Reorganization Plan dated
November 29, 2000, which had been approved by the Central
Bankruptcy Court on December 27, 2000, has allocated, at no
cost, 281,155,610 units of warrants, which give each holder the
right to subscribe for ordinary shares, to the entitled
creditors and to the Company's existing shareholders. The
warrants' term is 5 years, and 1 unit of warrants can be
exercised to purchase 1 ordinary share at Bt4.85 each from
October 1, 2001 to 17.00 hrs. of September 29, 2006. The details
of warrants' terms and conditions have been stated in the
Prospectus.

The Company informed that during the exercising period of
December 1-31, 2001, 3,445 units of warrants were exercised by 1
warrant-holder. Therefore, total amount of the unexercised
warrants is 281,151,340 units. The Company shall allocate 3,445
ordinary shares for this exercise and subsequently apply to the
Stock Exchange of Thailand for listing these new shares as
listed securities.


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-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***