/raid1/www/Hosts/bankrupt/TCRAP_Public/020123.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, January 23, 2002, Vol. 5, No. 16

                         Headlines

A U S T R A L I A

ANSETT AUSTRALIA: January 25 Tesna Sale Application Hearing Set
AUSTAR UNITED: Confirms 2001 Year End Result Speculation
BRISBANE BRONCOS: Panel Accepts Magic's Acquisition Request
CENTRAL NORSEMAN: Interest in New Company Appears Promising     
EARTH SANCTUARIES: Posts Change of Director`s Interest Notice

GOODMAN FIELDER: Discloses CEO's Presentation to Analysts
OMNI GROUP: February 11 General Meeting Scheduled
ONE.TEL: Lucent in Talks With Potential Buyers


C H I N A   &   H O N G  K O N G

HONG KONG CONSTRUCTION: Unit Faces Writ of Summons From TCL
HOT SPRING: Faces Winding Up Petition
KTP HOLDINGS: Sees No Reason For Increase Share Price
NAM HING: Winding Up Petition Pending
PEXLANDA INTERNATIONAL: Winding Up Petition Set For Hearing

SHUM YIP-UTC: Petition To Wind Up Scheduled
SINO VICTORY: Hearing of Winding Up Petition Set
WALOCK TRAVEL: Winding Up Sought By I&C Bank


I N D O N E S I A

HOLDIKO PERKASA: Sugar Transaction Closed for Rp1.16T
INDOMOBIL SUKSES: No Ties With Salim Group, Says Trimegah


J A P A N

DAIEI INC: Bailout Plan Consistent With Policy, Says FSA
DAIEI INC: S&P Rates 'CCpi' After Debt Restructuring Request
KOTOBUKIYA CO: Court Approves Rehabilitation Plans
NISSAN FIRE: Sees Y52.5B Pretax Loss
SEKISUI HOUSE: Loss Forecast Prompts Moody's Baa2 Debt Ratings
SHOUKSAN JUTAKU: Court To Begin Legal Proceedings

* Moody's Lowers Regional Banks's Deposit Ratings


K O R E A

HYNIX SEMICONDUCTOR: Micron Negotiations Ongoing
HYNIX SEMICONDUCTOR: Sells Main Building for W32B
HYUNDAI ENGINEERING: Targets US$1.8B Overseas Sales This Year
HYUNDAI INVESTMENT: Prudential Shows Takeover Interest
SEOULBANK: Govt Seeks Diverse Steps To Privatize Bank


M A L A Y S I A

HONG LEONG: Voluntarily Winds-Up Unit
KIARA EMAS: Proposals Still Under SC's Purview
LIEN HOE: Updates Defaulted Loan Stocks Status
METROPLEX BERHAD: In Talks With CDRC on Debt Restructuring
MYCOM BERHAD: FIC Grants Conditional Scheme Approval

OLYMPIA INDUSTRIES: Obtains Bank Negara's Scheme Approval
RAHMAN HYDRAULIC: Proposing Association Amendments at 86th AGM
RAPID SYNERGY: Disposes Investment for RM RM5,682,156.47
RESORTS WORLD: Strikes Off Dormant Wholly Owned Subsidiaries
SISTEM TELEVISYEN: MRCB Proposes Proposed Transfer Revision
TONGKAH HOLDINGS: Serves Writ of Summons Sought by Cheilchem


P H I L I P P I N E S

METRO PACIFIC: Agrees To Relocation Terms With PSE
PHILIPPINE AIRLINES: Opposing Cuts In Korea Flight Entitlements
RFM CORPORATION: Approves Cash Dividend Payouts To Shareholders


S I N G A P O R E

ASTI HOLDINGS: Post Shareholder's Interest Notice
CAPITALAND LIMITED: Restructures Strategic Business Units
IPCO INTERNATIONAL: Proposes Explomo Technical Acquisition
INNO-PACIFIC: Proposes Capital Reduction

T H A I L A N D

EASTERN STAR: Posts Selling Warrants Report      
SIAM SYNTECH: Increases Paid-up Capital   
SIAM SYNTECH: SET Grants Listed Securities
THAI BICYCLE: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: January 25 Tesna Sale Application Hearing Set
---------------------------------------------------------------
Mark Francis Xavier Mentha and Mark Anthony Korda, the
Administrators of Ansett Australia Limited (A.C.N. 004 209 410)
(All Administrators Appointed) filed an application to Federal
Court of Australia, Victorian District Registry, in relation to
the failed airline's sale to the Tesna syndicate headed by
Solomon Lew and Lindsay Fox. The application will be heard at
10:15 am on Friday, 25 January 2002. Go to
http://www.bankrupt.com/misc/TCRAP_Ansett0122.pdfto see the  
said application.


AUSTAR UNITED: Confirms 2001 Year End Result Speculation
--------------------------------------------------------
Austar United Communications Limited confirmed Tuesday, in
response to speculation regarding its 2001 year end result, that
its cash position as at 31 December 2001 was approximately
$103.2M, a reduction of $24.3M from $127.5M as at 30 September
2001.

This is a significant improvement over changes in prior
quarters, further details of which will be released to the
market at the end of January 2002. As previously announced,
Austar expects to achieve significant annualized savings, in the
order of $90M for 2002, as a result of the restructuring and
other improvement initiatives implemented during the 4th quarter
of 2001.

The company is estimating a preliminary full year EBITDA loss of
approximately $87M (unaudited), including the results of TVSN
Limited, management fees and foreign exchange losses, but before
one-off charges associated with the restructuring and other cost
saving initiatives announced on 4 December 2001 of approximately
$15M. Depreciation and amortization is estimated to be $217M
with net interest expense of approximately $24M. The directors
will also consider the carrying values of certain intangible
assets, including the company's spectrum licenses and goodwill.
Decisions in relation to those assets will not affect the
company's cash position as at 31 December 2001 or in the future.

As previously announced, the company continues to work
cooperatively with its banks to restructure its existing debt
facility to align it with current cash flow forecasts. The
revised terms of the existing facility will provide for the
company to execute its business plan without the need for
additional funding.

In relation to speculation surrounding negotiations with Singtel
Optus, the companies are continuing high level discussions
regarding the possibilities for an enhanced commercial
relationship. There have been no material developments since
Austar's last statement to the market on 14 November 2001.

For further information contact: Bruce Meagher, Head of
Corporate Affairs, 0412 254 690


BRISBANE BRONCOS: Panel Accepts Magic's Acquisition Request
-----------------------------------------------------------
The Takeover Panel advised Tuesday that it has accepted
undertakings from Magic Millions and BB Sports in relation to
the application from Magic Millions under section 657EA of the
Corporations Act requesting a review of the decisions in the
Brisbane Broncos Nos 1 and 2 proceedings.

The Review Panel had decided that the Cross Condition in BB
Sports' bid that the Magic Millions bid still be open at the
close of the BB Sports bid, could lead to unacceptable
circumstances, and created an unacceptable level of uncertainty
and disturbance in the market. However, with the undertakings
offered by the parties a declaration of unacceptable
circumstances and subsequent orders will be unnecessary.

The Review Panel was concerned that Broncos shareholders could
have had a major disturbance in the market for Broncos shares
but be left with no takeover offer. The Review Panel was
concerned that the BB Sports bid, with the Cross Condition,
could be a basis for Magic Millions relying on the provision in
section 670F of the Corporations Act and not proceeding with its
bid. In those circumstances it is likely that the defeating
condition in BB Sports' bid would be activated.

The Panel considered that the possibility of such an outcome
would detract from the confidence and certainty that the policy
of section 631 of the Act was intended to provide and would
detract from an efficient, competitive and informed market.

The Panel advised BB Sports that it would likely declare the
Cross Condition to be unacceptable. It said that it would
therefore be unreasonable to expect or require BB Sports to
proceed with its bid in the face of the Panel's opposition to
the Cross Condition. However, the Panel also advised that it
considered that it would be unreasonable to strike down the
Cross Condition and expect or require BB Sports to proceed with
its bid without the Cross Condition.

BB Sports has given the Panel an undertaking that it will not
proceed with the current bid with the Cross Condition, and will
not include a condition which has the same effect as the Cross
Condition in any future bid for Broncos, if BB Sports makes one.

The Review Panel advised BB Sports that although it would not
compel BB Sports to proceed with its current bid without the
Cross Condition, it would not object if BB Sports chose to do
so. BB Sports has advised the Review Panel that it will announce
by the end of Wednesday 23 January 2002 whether or not it will
proceed with its current bid without the Cross Condition.

The Panel also advised BB Sports that it would have no objection
to BB Sports making another bid for Magic Millions without a
condition to the same effect as the Cross Condition, whether on
terms similar or different to its current bid.

Magic Millions, for its part, has undertaken to proceed with its
bid, as announced on 29 November 2001, by Tuesday 12 February
2002, unless BB Sports or an associate announces a bid for
Broncos which Broncos shareholders would reasonably prefer to
the Magic Millions bid. This was in response to the Panel
indicating that Magic Millions only had a basis for not
proceeding with its announced bid if a superior, rival bid was
to be made.

The Panel said that it did not wish to be seen to be interfering
with the respective strategic positions that Magic Millions and
BB Sports had achieved by virtue of their takeover announcements
and conditions, but it wished to minimize the risk of the market
for Broncos shares being inflated by takeover announcements and
then left without any bid on foot.

The President of the Panel, Mr Simon McKeon, said that he was
very pleased with the outcome in a most unusual and complex
matter, and especially with the cooperative way the parties had
assisted the Panel resolve the issues.

The sitting Panel in this review application was Simon McKeon
(sitting President), Ian Ramsay and Carol Buys.

BACKGROUND

On 29 November 2001, Magic Millions announced to ASX that it
would make a takeover bid at 16 cents per share for 50% of each
shareholder's holding in Broncos. It said that the bid would be
conditional as to prescribed occurrences, but that it would not
be conditional as to acceptances. It nonetheless described Magic
Millions' intention as being to secure a better return for all
shareholders.

Magic Millions is 50% owned by Ognis Pty Limited (a company
controlled by Mr John Singleton). Ognis and Mr Singleton have a
relevant interest in 15.66% of Broncos shares. A subsidiary of
The News Corporation Limited has a relevant interest in 44.5% of
Broncos shares and for a number of years the News group has held
40% or more of the Broncos and many of the directors of Broncos
have been associated with the News group.

On 14 December BB Sports announced that it would bid for all of
the shares in Broncos at 17 cents, subject to prescribed
occurrences and a condition (Cross Condition) to the effect that
neither ASIC nor Panel action nor any other event should permit
Magic Millions to withdraw its bid or to make it other than in
accordance with the timing requirements of the Corporations Act
(as they stood at the time of the announcement). BB is a wholly-
owned subsidiary of The News Corporation Limited.

BB indicated that, if at the close of its own bid it was unable
to proceed to compulsory acquisition, it would consider
accepting the Magic Millions bid for any shares it had in excess
of a bare majority. On 14 December, BB lodged a bidder's
statement with ASIC and served a copy on Broncos.

On 17 December, Magic Millions announced that its bid for
Broncos would not proceed, because BB had announced its bid for
Broncos. It stated that, since the BB bid was at a higher price
than Magic Millions' bid, BB had announced that it did not
intend to accept the Magic Millions bid and News's relevant
interest in Broncos shares was now 44.91%, it was unlikely that
Magic Millions could achieve its primary objective of securing
control of Broncos. Not having posted offers pursuant to its
announcement, Magic Millions did not withdraw them.

On 3 January 2002, the Broncos 01 and 02 Panel decided that the
BB bid was required to proceed, but with an alteration to a
condition. The Panel decided that Magic Millions was under an
obligation under section 631 of the Act to continue with its bid
by 29 January, and its failure to do so by that time may give
rise to unacceptable circumstances and to liability in damages.
The Broncos 01 and 02 Panel decided, however, not to make orders
requiring Magic Millions to proceed.

The Broncos 01 and 02 Panel accepted an undertaking from BB to
modify the provisions of the Cross Condition to reduce the risk
that it would be a self defeating condition.

On 10 January 2002, Magic Millions applied for review of the
Broncos 01 and 02 decisions.


CENTRAL NORSEMAN: Interest in New Company Appears Promising     
-----------------------------------------------------------
As a result of the merger of Croesus Mining NL and Central
Norseman Gold Corporation Limited, WMC Limited (previously
CNGC's controlling shareholder) would have become the largest
single shareholder in Croesus. Since WMC indicated that it was
not a long-term holder of Croesus shares, given its previously
announced intention to dispose of all of its gold interests,
Croesus announced that all of the Croesus shares that would
otherwise have been held by WMC have been placed with a range of
institutional clients of Hartley Poynton.

Speaking on Tuesday, Mike Ivey, the Managing Director of Croesus
said:

"When we first announced the merger, a number of market
commentators suggested that the potential overhang of WMC's
shareholding could be an on-going problem. Despite this, we were
confident that the market would embrace the strengths of this
merger and that the new company would be attractive to a much
broader range of investors. This level of institutional support,
following close on the heels of Court approval of the merger on
what is only the second day of trading for the merged company,
is very encouraging."

On January 15, the company received approval from the
Supreme Court of Western Australia to implement a Scheme of
Arrangement that will result in the merger of the company with
Croesus Mining NL.


EARTH SANCTUARIES: Posts Change of Director`s Interest Notice
-------------------------------------------------------------
Earth Sanctuaries Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Earth Sanctuaries Limited

   ABN                      80 008 164 903

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         David Roy Macklin

   Date of last notice      18/01/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Indirect                 

Nature of indirect interest
(including registered holder)           Macnom Pty Ltd (The      
                                        David Macklin S/F Acc)   

Date of change                          15/01/2002

No. of securities held prior
to change                               40,000                   

Class                                   Ordinary fully paid      
                                        shares                   

Number Acquired                          4,000

Number disposed                              -

Value/consideration                     $656.00                  

No. of securities held after
change                                  44,000                   

Nature of change                        On market trade          

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      -                        

Nature of direct interest               -                        

Name of registered holder
(if issued securities)                  -                        

Date of change                          -

No. and class of securities to which
interest related prior to change        -                        

Interest Acquired                       -                        

Interest disposed                       -                        

Value/consideration                     -                        

Interest after change                   -


Last week, TCR-AP reported that the Company intends to undertake
a major restructuring of the Company in order to enhance and to
preserve shareholder value.


GOODMAN FIELDER: Discloses CEO's Presentation to Analysts
---------------------------------------------------------
Goodman Fielder Limited's posted the CEO Tom Park's presentation
given to market analysts:

"Good morning, I would like to begin by acknowledging Merrill
Lynch for hosting this briefing. I am delighted to be back in
the food industry and leading Goodman Fielder. I have been Chief
Executive now for only three months, but in that time, I have
had a chance to:

   * work with my team to develop a clear view of the
opportunities and challenges facing our strategies and us to
address them;

   * announce seven core principles that will drive our future
plans;

   * attend the Annual General Meeting and talk to shareholders;

   * and announce the review of our milling and mixing business
in Australia.

"I have also visited most of our manufacturing and sales sites
in Australia and New Zealand.  I would like to start by
outlining my initial impressions about the company.  I will
revisit the key elements of our strategic action plan, our seven
core operating principles and progress so far. I will then spend
some time outlining to you the basic shape of the earnings model
which I believe will work at Goodman Fielder and help us to
achieve our vision.

INITIAL IMPRESSIONS

"My first impressions are that Goodman Fielder has very good
people, brands and assets that provide a platform for improved
performance and returns to shareholders.  Much work has been
done to restructure the company and to leverage those assets to
improve performance - there was a lot to clean up, align and
improve from the early nineties.  However, there is still far
too much complexity and cost in the business that needs
addressing for us to be able to realize our potential.

"This will not require the major restructuring of previous years
but it will require focus, and hard work across our company to
bring in the processes and disciplines to realize savings, which
are available.  I am confident that if we stick to our strategy,
our straight forward earnings model will generate consistent
profit growth and improved shareholder returns.

TRANS-TASMAN FOOD COMPANIES

"It is important to remember that Goodman Fielder is the largest
food company in Australasia.  Size and scale provide a number of
benefits if we properly leverage those assets.  First, it means
scale economies in sourcing, logistics, manufacturing and
selling.  Second, it provides an opportunity to take category
leadership positions and build strategic partnerships with our
major customers.  In the past, Goodman Fielder has not been
structured to take advantage of these assets.

"I believe that business consolidation under the strategic
action plan will allow us to unlock productivity benefits and
focus more on leveraging these assets.

STRONG MARKET POSITIONS

"We also have very strong market positions across our businesses
in Australia and New Zealand.  The Scan Data shows healthy
market share positions.  This requires focus and commitment to
support it.  Our niche in some parts of the Pacific is also very
strong and we maintain significant market share in some
categories for example in Fiji, PNG and New Caledonia.

GREAT RETAIL BRANDS

"Our strong brand portfolio underpins our healthy category
positions.  These existing brands deserve greater investment
behind them to realize their full potential.  Our direct
marketing expenditure is relatively low, but more importantly,
these are great products with real benefits to communicate more
broadly.  Our relatively low marketing expenditure is also a
function of our current exposure in non-retail branded
activities. This will alter as we go forward.  As we increase
our brand support, we would also seek to lift core brand growth
rates.  Remember, core brand growth is profitable growth.

RECENT PERFORMANCE

"As I said before, there has been widespread restructuring in
the past few years.  That restructuring has focused on:

   * divesting non-core businesses such as European Foods and
Steggles;

   * improving our core businesses through bolt on acquisitions
such as Bunge Defiance;

   * and reducing duplication and excess capacity through site
closures and sales.

"This has seen modest improvements in the earnings before
interest and tax to sales margin and return on funds employed.
However, it has involved significant abnormals ($374 million in
past six years).  We have also seen costs rise and erode much of
the savings generated by the restructuring.

"As a result, earnings have been too volatile and returns to
shareholders inadequate. A more consistent and sustainable
business model is required.

STRATEGIC ACTION PLAN

"The Stratetic Action Plan announced back in March 2001, is the
last major restructuring and provides a platform to build a
better company. And our future commitment to no net abnormals
stands.  By focusing on our core retail branded businesses in
Australasia, we will leverage our strong market positions and
build greater equity and sustainability into our business.

"We will continue to simplify the business and work our core
assets harder whether they be brands or physical assets, while
requiring greater productivity in the process.

"This will improve returns and generate increased cash and
earnings to reinvest in the business, and provide returns to
shareholders.

OPERATING PRINCIPLES

"I'd now like to outline seven core operating principles my
staff and I have developed to drive our business forward.  They
form both a model of how we will manage our business and a
guideline for decision-making at all levels of our organization.

"First - as discussed, we will focus our resources on existing
core retail brands. We will work to grow them over time, while
reducing efforts spent on non-core activities. Without
Ingredients and Milling, our percentage of retail branded
businesses will rise significantly;

"Second - we will continue to simplify and streamline our
business to reduce complexity and allow our people to accomplish
the important things most economically. Reduced SKUs (stock
keeping units), improved systems and portfolio management will
all contribute. We will remove the excess complexity to allow
greater focus on productivity and effective brand management;

"Third - we need to free up the funds and time from our existing
business to provide the resources to grow our core brands. This
requires a company-wide effort on productivity as the primary
engine of future growth. Conversion costs, overhead reductions,
material management, yields, formulation savings, strategic
sourcing and reduced wastage are all being targeted for savings;

"Fourth - we will maintain an external focus to ensure our
activities are driving value for our customers and consumers and
thus building equity in our brands and our company over time. In
the past, our DIFOT (delivery in full on time) has not been
adequate and that is a top priority;

"Fifth - we must leverage our existing assets more actively and
effectively, whether they are our physical assets, our people
capabilities, or our existing brands. This will see best
practice shared across the group, capex held down and return on
funds employed improve over time;

"Sixth - we must have a powerful underlying commitment to the
basics of good business; safety for both employees and
consumers, a quality focus in all that we do, a true commitment
to customer service and rigorous attention to all compliance
issues. Over the past three years, our lost time injury
frequency rate has fallen from around 12/200,000 hours worked to
1.5 times today (an eighty per cent improvement);

"And finally we must have a total belief in the power of
teamwork to deliver specific results and superior outcomes and
we will invest in our people and their skills to equip them to
succeed.

"These seven core operating principles, along with the strategic
action plan, form the focus of our approach to our business
going forward and define the activities we are pursuing.

PROGRESS SO FAR

"There has been substantial progress this year:

   * in three months we completely re-organized the company. As
I said before, this consolidation will be very important in
driving improved performance;

   * we have put a completely new and younger management team in
place and reduced overheads in the process;

   * we have launched some important new umbrella brands;

   * we have lifted prices in core products such as bread and
margarine;

   * we have completed the sale of Starch and Germantown and
used the proceeds to reduce debt and fund the first tranche of
an on-market share buy-back;

   * and we are continuing with our program to divest non-core
businesses.

"We have also announced the review of our Australian milling and
mixing businesses to complete the major restructuring at Goodman
Fielder, increase our focus on retail branded businesses and
lift returns. And we remain committed to pursuing the sale of
the Leiner Davis business following the US Federal Trade
Commission's challenge to DGF Stoess' proposed acquisition.

"It's important to remember that there is clear value in this
transaction for both sets of shareholders, particularly as the
business results have strengthened during the end of the last
financial year continuing into a strong first half this year.

"These results are on the back of good work on our costs and a
well positioned product portfolio for now and into the future.

SIMPLIFIED STRUCTURE IN PLACE

"The re-organization has reduced the number of business units
from 10 to six (and eventually to four).  This simplification
has significantly reduced duplication of back office functions
and will generate significant cost savings this year.  It will
also allow us to reduce expenditure on corporate support and
IT systems.

"The consolidation will also improve the relationship we have
with our major customers by increasing our scale and
streamlining our logistics and paperwork costs.

NEW MANAGEMENT TEAM APPOINTED

"As part of the business consolidation, we have also appointed a
young and aggressive management team.  Most of the new
management team are in their early to mid forties.  

"Simon McDowall, head of our daily fresh baking business in
Australia, is still only thirty nine but has twenty years
experience with Bunge before joining Goodman Fielder. He
launched Helga's nationally and took it from a five to ten per
cent share.

"Rob Gordon, formerly head of Meadow Lea Foods, has just turned
forty and has been appointed Managing Director of GF Consumer
Foods. This is a billion dollar retail branded shelf stable
business - the biggest in Australia - with leading brands such
as Uncle Tobys, Meadow Lea and White Wings.

"Ron Vela has also just turned forty and has been promoted from
head of the successful Bluebird business to Managing Director of
our combined businesses in New Zealand - the biggest shelf
stable business in that country with icon brands such as Quality
Bakers, Ernest Adams and Bluebird.

"These are representative of a new generation of managers at
Goodman Fielder who are determined to improve performance and
shareholder returns.

RENEWED FOCUS ON OUR RETAIL BRANDS

"As part of our strategy to focus on our existing brands and
drive improved margins out of the business, we launched three
new umbrella brands this year:

   * 'Mighty Soft' bread was launched in Australia to bring
together the three regional brands of Buttercup in NSW,
Sunicrust in Victoria and Country Bake in Queensland. This has
already allowed us to standardize packaging but more importantly
will create Australia's largest bread brand with various support
programs. There was a similarly successful program in New
Zealand in the late 90s when the Quality Bakers brand was
relaunched.

     - Uncle Tobys 'break free' has brought together a range of
existing and new products as part of an adult snacking concept
that will target health and convenience concerns of consumers.

     -Uncle Tobys 'Flakes Plus' also brings together our
existing range of flake cereal products under one banner.

"We have also relaunched other products, such as Bluebird
Original chips in New Zealand, which generated a thirteen per
cent increase in sales volumes over the past year.

"These examples highlight what we can do with our existing
brands to drive cost savings and improved sales.

RESTRUCTURING PROGRAM

"We have started the final phase of the restructuring program
under the Strategic Action Plan. So there will be a positive mix
impact within our sales number.  We have already sold Starch and
Germantown and used the proceeds to reduce debt and fund the
first phase of the on-market share buy-back.  And we remain
committed to the second tranche share buy-back once the
funds are available.

"In December last year, we also announced plans to identify a
strategic partner for our milling and commercial mixing business
in Australia. We expect the process to take between six to
twelve months to complete.

"The proceeds from these initiatives will enhance our future
financial flexibility and provide a range of options including
strategic investments for growth or possible capital return to
shareholders consistent with our operating principles.

PRODUCTIVITY - ENGINE OF GROWTH

"As a relatively mature industry we do not expect big top line
growth. As a result, we are targeting modest but sustainable
overall sales growth, stronger growth from our core retail
brands while reflecting some declines as we lower our focus on
non-core activities.

"Driving our model, we will focus on significant productivity
improvements as the engine of growth from every part of the
business to:

   * generate funds for reinvestment in our brands to provide
core brand growth;

   * underpin mix improvement;

   * provide support for pricing;

   * and provide sustainability in our operating profit growth.

"These productivity improvements will come from simplification,
conversion cost savings, formulation, yield and material
management, strategic purchasing and overhead contraction.
Programs are progressing on plan with further upsides possible.

"We will also improve our return on funds employed through the
combination of asset sales and improved capex management, with a
target in excess of fifteen per cent in the next two to three
years. In combination with the share buy-back this will also
sustain healthy earnings per share growth compounding around ten
per cent in the next few years.

GF VISION

"There is much hard work to be done to fully deliver this model
over the next couple of years but we are well progressed in the
restructuring and productivity activities to underpin it.  This
productivity driven model fuelling our retail brand growth will
achieve our objective of improved operating performance and
shareholder return on a consistent and sustainable basis.

"This is the first step towards achieving our vision of becoming
the leading food company in Australasia and the Pacific.

"Thank you."


OMNI GROUP: February 11 General Meeting Scheduled
-------------------------------------------------
Omni Group Limited (the Company) advised that a general meeting
of Omni Group Limited ABN 68 004 240 313 (Company) will be held
on 11 February 2002 in the boardroom of Hall Chadwick on level
29, St Martins Tower, 31 Market Street, Sydney, NSW at 11.00am
for the purpose of transacting the business set out in this
Notice of Meeting.

AGENDA

1. ACQUISITION OF E-CONTROL PTY LIMITED

To consider, and if thought fit, pass the following the
following resolution:

"To approve:

   (a) the Company making a change to its activities in
accordance with Listing Rule 11.1 of the Listing Rules of the
Australian Stock Exchange Limited; and

   (b) the Company entering into and performing its obligations
in respect of the E-Control Transactions defined and described
in the Explanatory Memorandum accompanying the Notice of Meeting
convening the meeting at which this resolution is considered
including,

Without limitation, the acquisition of all of the issued shares
in E-Control Pty Limited ABN 29 087 433 369 by the Company and
the issue of 130,700,000 ordinary fully paid shares in the
Company to the shareholders of E-Control Pty Limited as
consideration for the purchase of the shares in E-Control Pty
Limited."

2. ISSUE OF SHARES TO SHAREHOLDERS OF E-CONTROL PTY LIMITED
   AND ACQUISITION OF SHARES BY RELATED PARTIES

"To approve in accordance with:

   (a) Listing Rules 7.1, 10.1 and 10.11 of the listing Rules of
the Australian Stock Exchange Limited; and

   (b) Chapter 2E and Item 7 of section 611 of the Corporations
Act,

the issue, on or before the date which is one month after this
resolution is passed, of 130,700,000 ordinary shares in the
Company in total representing the consideration for the transfer
to the Company of 130,700,000 shares in E-Control Pty Limited to
each of the persons named in column 1 the number of shares
referred to in column 6 of Table 1 included in the explanatory
notes to the Notice of Meeting convening the meeting at which
this resolution is considered."

3. ISSUE OF SHARES TO CREDITORS OF E-CONTROL PTY LIMITED

If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution:

"To approve, in accordance with Listing Rule 7.1 of the Listing
Rules of the Australian Stock Exchange Limited, the issue, on or
before the date which is three months after this resolution is
passed, of 12,683,188 ordinary fully paid shares in the Company
at an issue price of $0.40 per share to the E-Control Creditors
defined and specified in the Explanatory Memorandum accompanying
the Notice of Meeting convening the meeting at which this
resolution is considered in order to capitalize debts of
$5,073,275 owing by E- Control Pty Limited."

4. ISSUE OF SHARES UNDER A PROSPECTUS

If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution:

"To approve, in accordance with Listing Rule 7.1 of the Listing
Rules of the Australian Stock Exchange Limited, the issue on or
before three months after the date on which this resolution is
passed of up to 30 million ordinary fully paid shares in the
Company at an issue price of $0.40 per Share to investors under
a prospectus to be issued in respect of the Company for the
purpose of raising up to $12 million to be used as specified in
the Explanatory Memorandum accompanying the Notice of Meeting
convening the meeting at which this resolution is considered
including the issue of 10 million ordinary fully paid shares to
Liao Ning Construction Group Limited."

5. INCREASE IN REMUNERATION OF NON-EXECUTIVE DIRECTORS

To consider, and if thought fit, pass the following resolution:

"To approve in accordance with the Listing Rule 10.17 of the
Listing Rules of the Australian Stock Exchange Limited and the
Company's Constitution an increase of $100,000 in the maximum
annual remuneration of the Company's non-executive directors to
$250,000 per annum to be divided between them in such
proportions as the directors of the Company determine."

6. CHANGE OF C0MPANY NAME

If Resolution 1 is passed, to consider, and if thought fit, pass
the following resolution as a special resolution:

"That the Company change its name from Omni Group Limited to
ECSI Limited."

7. AMENDMENT OF COMPANY CONSTITUTION

To consider, and if thought fit, pass the following resolution
as a special resolution:

"That the constitution of the Company be amended in accordance
with the Explanatory Notes to the Notice of Meeting convening
the meeting at which this resolution is considered, with
immediate effect."


ONE.TEL: Lucent in Talks With Potential Buyers
----------------------------------------------
Lucent Technologies is in negotiations with local and
international buyers interested in the mobile phone network of
the collapsed One.Tel, AAP reports, citing a Lucent's
spokeswoman, adding that details of a possible sale is to be
announced within the next two weeks.

Hutchison Telecommunications is in talks to buy some of
One.Tel's base stations while Telstra and Optus are also
reportedly having discussions with Lucent.

A spokesperson for Optus was not immediately available.
A spokeswoman for Telstra said the carrier would not comment on
"any pending deals or commercial transactions".

Lucent has been working with ABN Amro on selling the network,
for which some analysts have said it could be difficult to
attract buyers as Lucent used different technology than others
in the industry.


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


HONG KONG CONSTRUCTION: Unit Faces Writ of Summons From TCL
-----------------------------------------------------------
Hong Kong Construction (Holdings) Limited confirmed that on 16
January 2002, a writ of summons was issued by TCL Piling
Specialist Limited (TCL) against Hong Kong Construction (Works)
Limited, a wholly owned subsidiary of the Company claiming for
the sum of HK$55,663,290.74 and interest thereon (the
Proceeding), being the alleged remuneration for the piling works
done by TCL in relation to the construction of West Rail Tuen
Mun Center Station.

The Board of Directors of the Company (the Board) is currently
consulting legal advice regarding the Proceeding and considering
the appropriate course of action to be taken, including but not
limited to filing a defense and counter-claim against TCL. Since
the Proceeding is at a very early stage, the Board is of the
view that its impact on the financial position of the Company
and its subsidiaries as a whole is yet to be assessed.


HOT SPRING: Faces Winding Up Petition
-------------------------------------
The Petition To Wind Up Hot Spring Limited will be heard before
the High Court of Hong Kong on January 30, 2002 at 10:30 am. The
petition was filed with the court on November 6, 2001 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Hong Kong.


KTP HOLDINGS: Sees No Reason For Increase Share Price
-----------------------------------------------------
The Directors of KTP Holdings Limited have noted the increase in
the price and trading volume of the shares of the Company on
21st January 2002 and stated that they are not aware of any
reasons for such increase save as

   (1) disclosed in the announcement made by the Company dated
17th January 2002 concerning the special distribution of HK$0.15
per share; and

   (2) the disposal of 630,000 shares of the Company,
representing approximately 0.17% of the existing issued share
capital of the Company in the open market on the even date by
Wonder Star Securities Limited (Wonder Star), being the
controlling shareholder of the Company and interested in
approximately 77% of the existing issued share capital of the
Company.

Wonder Star is wholly-owned by Mr. Lee Chi Keung, Russell, a
director of the Company.

The Directors confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the board of Directors (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.

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


NAM HING: Winding Up Petition Pending
-------------------------------------
Nam Hing Electric Wire & Cable Manufacturing Co. Limited is
facing a winding up petition, which is slated to be heard before
the High Court of Hong Kong on March 6, 2002 at 9:30 am.

The petition was filed on December 15, 2001 by Merryrich
Industrial Limited whose registered office is situated at 9th
Floor, Kam Chung Factory Building, 30-38 Lam Tin Street, Kwai
Chung, New Territories, Hong Kong.


PEXLANDA INTERNATIONAL: Winding Up Petition Set For Hearing
-----------------------------------------------------------
The petition to wind up Pexlanda International Limited is
scheduled to be heard before the High Court of Hong Kong on
February 6, 2002 at 10:00 am.

The petition was filed with the court on December 3, 2001 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of Hua Chiao Commercial Bank Limited by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167) whose registered office is situated at 14th Floor, Bank of
China Tower, No. 1 Garden Road, Hong Kong.


SHUM YIP-UTC: Petition To Wind Up Scheduled
-------------------------------------------
The petition to wind up Shum Yip-Utc (HK) Company Limited is set
for hearing before the High Court of Hong Kong on February 6,
2002 at 10:00 am.  The petition was filed with the court on
December 6, 2001 by Pau Kai Man trading as Master Company (a
firm) of Room 7, 23/F., Block C, Garden Rivera, Shatin, New
Territories, Hong Kong.  


SINO VICTORY: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Sino Victory International Limited is
scheduled for hearing before the High Court of Hong Kong on
February 6, 2002 at 10:00 am.

The petition was filed with the court on December 7, 2001 by
Bank of China (Hong Kong) Limited (the successor of all the
undertakings of Hua Chiao Commercial Bank Limited by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167) whose registered office is situated at 14th Floor, Bank of
China Tower, No. 1 Garden Road, Hong Kong.


WALOCK TRAVEL: Winding Up Sought By I&C Bank
--------------------------------------------
Industrial and Commercial Bank of China (Asia) Limited (formerly
known as Union Bank of Hong Kong Limited) is seeking the winding
up of Walock Travel Limited.

The petition was filed on November 27, 2001, and will be heard
before the High Court of Hong Kong on February 6, 2002 at 9:30
am. Industrial and Commercial Bank holds its registered office
at ICBC Tower, 122-126 Queen's Road Central, Hong Kong.


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


HOLDIKO PERKASA: Sugar Transaction Closed for Rp1.16T
-----------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko
Perkasa (Holdiko), a holding company established pursuant to the
Shareholding Settlement Agreement between IBRA and the Salim
Group, announced Monday the closing of the sale of Holdiko's
100% effective ownership in the Sugar Group to PT Garuda
Pancaarta Consortium for Rp1.16 trillion. This transaction
represents IBRA/Holdiko's largest asset disposal for 2001.

"We are pleased to have closed and received the funds for our
largest asset sale transaction of 2001," said Scott Coffey,
Director of Holdiko. "We believe that the winning bidder's
commitment to further develop the Sugar Group in the future to
conduct community development programs, will contribute to the
enhancement of the national sugar industry in general," he
further added.

Gunawan Jusuf, Direktur PT Garuda Pancaarta commented, "It is of
our interest and effort to increase the national sugar
productivity as such through the sugar industry and this sugar
plantation."

PT Garuda Pancaarta Consortium is a private investment group
currently engaged in diversified investment activities in
Indonesia.

The sale process of Sugar Group commenced last August and
implemented a two-tier open tender process. Nine short-listed
investors from the preliminary bidding stage proceeded to the
due-diligence stage, and six submitted their final and binding
bids in mid November 2001. PT Garuda Pancaarta Consortium
submitted the highest bid of Rp1.16 trillion as announced by
IBRA/Holdiko on 29 November 2001. PT Pricewaterhouse Coopers FAS
acted as financial advisor to Holdiko for this transaction.

The Sugar Group consists of two holding companies, PT Inti
Petala Bumi and PT Eka Primaguna Perkasa, which holds
investments in cane plantations sugar factories and an ethanol
distillery. Located in the Lampung province of South Sumatra,
together the companies form an integrated (upstream and
downstream) sugar producer.

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended
by Bank Central Asia (BCA) to companies affiliated to the Salim
Group. As part of the settlement agreement with IBRA, the Salim
Group transferred shares and assets in more than 100 operating
companies to PT Holdiko Perkasa.

As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.

The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and dispose of their assets and collateral.


INDOMOBIL SUKSES: No Ties With Salim Group, Says Trimegah
---------------------------------------------------------
The consortium of investors led by PT Trimegah Securities Tbk
(Trimegah Consortium) that recently acquired 72.63% equity
shareholding of PT Indomobil Sukses Intemasional Tbk.
(Indomobil) from The Indonesian Bank Restructuring Agency (IBRA)
and PT Holdiko Perkasa (Holdiko) through an open bid tender
process, publicly disclosed the members of the consortium and
their intention to restructure and change the Board of
Commissioners of Indomobil.

"None of the members of the Trimegah Consortium is affiliated
with the Salim Group," stated Notariza Taher, Senior Vice
President of PT Trimegah Securities Tbk, who formed the
consortium by attracting international and domestic investors
and acts as financial advisor. "We have conducted our own due
diligence of our clients and are satisfied that they are not
affiliated with the Salim Group. Furthermore, the Trimegah
Consortium have signed a letter of undertaking that they are not
in any way affiliated to the Salim Group," he further explained.  
The ultimate beneficiary interest of Trimegah Consortium are
held by Multi Intemasional Group 20.0%, Parallax Capital
Management 36.8% and shareholders of Lautan Luas Group 43.2%.

Multi Intemasional Group is a Surabaya based group of business
with multi-diversified investments in property, building
materials, motorcycle and spare parts. Parallax Capital
Management (Parallax), - a regional fund management based in
Singapore. Lautan Was Group is one of the largest chemical
distribution and manufacturing companies in Indonesia. "We
believe that our investment in Indomobil will give a good
return," said Eugene Park representing Parallax one of the
member of Trimegah Consortium.

It is natural with the revised shareholding structure, for the
Trimegah consortium to place its representative on the Board of
Commissioners of Indomobil. At present the Trimegah Consortium
is in intensive discussion with Indomobil's existing Management
Team by interviewing key managers to determine appropriate
strategies going forward, both on the overall strategic
direction as well as on the day-to-day implementation level. The
shareholders meeting to approve the change of management and the
restructuring plan of management and the restructuring plan of
Indomobil will be held accordingly in the near future.

The Trimegah Consortium intends to review the capital and
business structure of Indomobil, which it deems critical to the
future of Indomobil. Currently Indomobil group has outstanding
consolidated debts of approximately Rp4.2 trillion. "We
understand that only approximately a quarter of the amount need
to be restructured," said Notariza, acting as financial
advisor to the Trimegah Consortium.

A business restructuring plan is currently also being prepared
to eventually be discussed with the principals such as Suzuki,
to anticipate changes in the automotive industry caused by
deregulations and upcoming Asean Free Trade Area policy. These
factors have increased the level of competition among automotive
and related industry players in Indonesia.

Indomobil is the holding company of a fully integrated group of
companies that is engaged in automotive and automotive-related
businesses, whose shares are listed and traded on the Jakarta
Stock Exchange and Surabaya Stock Exchange with a total
996,502,680 shares. Indomobil's current shareholding structure
consists of PT Cipta Sarana Duta Perkasa (72.63%), PT Tritunggal
Intipermata (20.47%) and the balance of 6.9% is held by various
shareholders including public shareholders whose individual
ownership is less than 5%.

Indomobil through its 69 subsidiaries acts as sole agents for
automotive principals, assembler of automotive components,
distributor and retailer of automotive products, and provide
auto financing and after sales services. Automotive products
distributed by its subsidiaries consist of well-known brands
such as Suzuki, Nissan, Mazda, Hino, Volvo, Audi, Volkswagen,
and SsangYong.


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


DAIEI INC: Bailout Plan Consistent With Policy, Says FSA
--------------------------------------------------------
Financial Services Agency Commissioner Shoji Mori said a
rehabilitation plan unveiled Friday by troubled retailer Daiei
Inc is consistent with the government's program to push
structural reforms for banks and business firms through, Kyodo
News reported on Tuesday.

"We feel it's the kind of rehabilitation that is consistent
with the government's policy," Mori said.

Shares in the company, listed in Tokyo Stock Exchange (TSE)
closed at a four-month high of Y165, up Y39 from Thursday's
close, reflecting investor relief over the future of the firm,
which has been struggling under the weight of some Y2.3 trillion
in interest-bearing group debts.


DAIEI INC: S&P Rates 'CCpi' After Debt Restructuring Request
------------------------------------------------------------
Standard & Poor's lowered on January 21 its corporate credit
rating on Japanese superstore operator Daiei Inc. to double-
'Cpi' from triple-'C'-minus-pi. The downgrade follows the
company's announcement on January 18 that it has officially
requested a debt-for-equity exchange and forgiveness of a
portion of its loans from its three major creditor banks. The
total amount of debt affected by the restructuring is expected
to be Y300 billion. In addition, the restructuring plan includes
a 100% cut in the banks' holdings of Daiei's preferred stock--
amounting to Y120 billion--and a 50% cut in the company's common
shares.

The rating on Daiei will be lowered to 'SD' when either an
exchange of debt for common or preferred equity or debt
forgiveness is effected. The 'SD' rating will indicate that
Daiei's debt restructuring, affecting only certain bank debt,
constitutes a selective default under Standard & Poor's
criteria.

If adopted, the total corporate restructuring package extended
to Daiei could support the company in improving its credit
standing.


KOTOBUKIYA CO: Court Approves Rehabilitation Plans
--------------------------------------------------
The Kumamoto District Court has approved the rehabilitation
proceedings for Kotobukiya Co. and its two affiliates under the
civil corporate revival law, Japan Times reported Tuesday,
citing unnamed company officials.

The move makes it possible for the company to launch full-fledge
rehabilitation efforts, such as finding sponsor firms and
shutting down unprofitable stores, the officials said.
Kotobukiya is demanded to submit a draft rehabilitation plan to
the court by May 5.

The troubled supermarket chain operator revealed earlier this
month that it plans to cut the 2,200 employees on regular
payroll, planning to re-hire those seeking jobs under different
contractual terms. The scheme also calls for closing 44 of the
supermarket's 134 retail outlets. Kotobukiya filed for court
protection from creditors on December 19 with total group
obligations of Y295.9 billion.


NISSAN FIRE: Sees Y52.5B Pretax Loss
------------------------------------
Nissan Fire & Marine Insurance Co announced that it has more
than doubled its group pretax loss estimate for fiscal 2001 due
to reinsurance contracts concluded by a U.S. insurance agent,
Kyodo News and AFX News reported on Tuesday. The company said
its pretax loss for the fiscal year through March 31 would come
to Y52.5 billion, more than double the Y23.5 billion losses it
forecast on December 7 in 2001.

Following the forecast earnings downgrade, the firm said it
would omit payment of final and annual dividends for the year to
March 2002. Under the earlier financial forecast, the firm had
planned on an Y7.00 dividend payout.


SEKISUI HOUSE: Loss Forecast Prompts Moody's Baa2 Debt Ratings
--------------------------------------------------------------
Moody's Investors Service confirmed Sekisui House, Ltd.'s
(Sekisui House) Baa2 senior unsecured long-term debt ratings.
The rating outlook remains positive.

The ratings were confirmed following Sekisui House's
announcement to post a consolidated net loss of Y84 billion for
the current fiscal year ending January 2002, as a result of its
realization of approximately Y100 Billion in revaluation losses
from its holdings of land for sale. Moody's said the revaluation
losses do not change the economic reality of Sekisui House's
balance sheet and are already reflected in the current rating.

Sekisui House, Ltd., Japan's top prefabricated house supplier,
is headquartered in Osaka, Japan.


SHOUKSAN JUTAKU: Court To Begin Legal Proceedings
-------------------------------------------------
The Tokyo District Court has decided to begin Shokusan Jutaku
Sogo Co.'s legal proceedings under the Civil Corporate Revival
Law, Japan Times reported on January 22. The major builder of
custom-made houses said the court ordered the company to submit
its rehabilitation plan by April 5. The company filed for court
protection from creditors on January 13 with unconsolidated
obligations of Y13.5 billion.

Shokusan Jutaku took the legal action under the fast-track
legislation for corporate rehabilitation after abandoning
efforts to fix itself. The company revealed sales of Y42 billion
and Y1.7 billion net loss on a consolidated basis for the fiscal
year that ended in March 2001. The firm has 740 workers, 530 of
whom are regular employees.


* Moody's Lowers Regional Banks's Deposit Ratings
-------------------------------------------------
Moody's Investors Services has lowered the long and short term
deposit ratings of five Japanese regional banks with E bank
financial strength ratings (BFSR) to Ba1/Not Prime from
Baa3/Prime 3. At the same time, Moody's downgraded the senior
unsecured, as well as senior and junior subordinated obligations
of those regional banks. The outlook for these ratings remains
negative. Moody's has also revised the rating outlook of major
banks from stable to negative.

The ratings of these regional banks were downgraded:

Ashikaga Bank, Ltd.: long and short-term deposit ratings to
Ba1/Non-Prime from Baa3/Prime-3, unsecured senior debt rating to
Ba2 from Ba1.
Hokkaido Bank, Ltd.: long and short-term deposit ratings to
Ba1/Non-Prime from Baa3/Prime-3
Kiyo Bank, Ltd.: long and short-term deposit ratings to Ba1/Non-
Prime from Baa3/Prime-3
Fukuoka City Bank, Ltd.: long and short-term deposit ratings to
Ba1/Non-Prime from Baa3/Prime-3
Hokuriku Bank, Ltd.: long and short-term deposit ratings to
Ba1/Non-Prime from Baa3/Prime-3
Hokuriku International Cayman Limited: senior and junior
subordinated debt rating to B1/B3 from Ba2/B1

The rating outlook for these major banks has been revised to
negative:

Bank of Tokyo-Mitsubishi Limited.
Mitsubishi Trust and Banking Corporation
Sumitomo Mitsui Banking Corporation
Dai-Ichi Kangyo Bank, Ltd.
Fuji Bank, Ltd.
Industrial Bank of Japan, Ltd.
Yasuda Trust and Banking, Co., Ltd.
UFJ Bank Limited.
UFJ Trust Bank Limited.
Chuo Mitsui Trust and Banking Co., Ltd.

Moody's considers the Japanese banking system to be in a grossly
inadequate financial shape to meet the new challenges from a
changing systemic support mechanism. In Moody's view, the
Japanese banking system still has many financially very weak
players (as indicated by their E and E+ bank financial strength
ratings), despite the government capital injections in 1999 and
major banks' recent accelerated efforts for asset quality
improvement.

Moody's expects that substantial support will ultimately be
necessary to improve their capitalization to satisfactory
levels. The longer the resolution of the problem, the more
economically insolvent the banks will become, which will raise
the ultimate bailout cost to a substantial level. In Moody's
view, at such time of reckoning, there is a possibility that the
resolution cost could be shared with creditors, like
bondholders, under a new systemic support framework.

The downgrades of deposit ratings of E rated regional banks
reflect their extremely weak financial fundamentals and the
resulting greater vulnerability to a possible negative impact
from the forthcoming change in the support mechanism. The single
notch downgrade for deposit rating reflects Moody's lower
expectation that deposit obligations of those regional banks
will continue to receive adequate levels of systemic support in
a stress situation.


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


HYNIX SEMICONDUCTOR: Micron Negotiations Ongoing
------------------------------------------------
Hynix Semiconductor Chief Executive Park Chong Sup left for the
U.S. for the fourth round of talks with Micron, DebtTraders
analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300), report.

"It seems the talks will be more concrete this time. Creditors
will become Hynix' largest shareholder after swapping W3
trillion ($2.3 billion) of its W8.64 trillion ($6.6 billion) of
debt into shares," says Fan and Berselli.

Hyundai Semiconductor's 8.625% bond due in 2007 (HYUNS2) trades
between 58 and 63. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS2


HYNIX SEMICONDUCTOR: Sells Main Building for W32B
-------------------------------------------------
Hynix Semiconductor Inc. has completed the sale of its main
building in southern Seoul to a Catholic teaching institute for
W44 billion ($32 million), raising money to lessen debt that
threatened to drive it out of business, Bloomberg reported
Tuesday. The company has brought up a total of W1.48 trillion it
has raised in asset sales. Hynix will receive payment for the
14-story building by April.

In 2001, Hynix promised creditors it would raise at least W1
trillion by selling non-semiconductor assets in return for two
multibillion-dollar bailouts.


HYUNDAI ENGINEERING: Targets US$1.8B Overseas Sales This Year
-------------------------------------------------------------
Hyundai Engineering & Construction Co Ltd (HEC) will aim to
achieve overseas sales of US$1.8 billion in 2002 and to obtain
overseas orders worth US$1.8 billion, in a move to increase
overseas revenue and to turn profitable this year, AFX News said
on Monday.

The company expects more than US$1 billion in orders in foreign
countries by the first quarter. It will focus on engineering
procurement, partnerships with international players, and
profitable construction projects.

TCR-AP reported this week that HEC has sold a total of 1 million
pyeongs of Seosan Farm to farmers in Gangwon Province. The move
would aim to prop up its struggling financial status in 2000.
The company signed a sales contract with 27 farmers for the land
at W22 billion.

Debttraders reports that Hyundai Engineering & Construction's
0.125% convertible bond due in 2004 (HYUNENC) trades between 65
and 75. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNENC


HYUNDAI INVESTMENT: Prudential Shows Takeover Interest
------------------------------------------------------
Prudential Insurance Co., the US insurance group, has announced
to the Korean government that it is interested in acquiring
equities in the Hyundai Investment Trust Management Corp. and
its two other sister firms, Digital Chosun reported Sunday
citing a high-ranking government official.

Financial Supervisory Commission chairman Lee Keun-young said
that W.L. Ross Co., another leading member firm of the AIG-led
consortium, and two other large-sized financial firms have also
shown interest in the Hyundai financial firms. The FSC will
distribute information on the financial details of and the
results of prior due diligences on the Hyundai units to these
foreign firms soon.


SEOULBANK: Govt Seeks Diverse Steps To Privatize Bank
-----------------------------------------------------
The government will draw up and implement diverse steps to
privatize Seoulbank and other nationalized banks at the earlier
possible time, Yonhap Television News and AFX News reported on
January 21, quoting Finance Economy Minister Jin Nyum.

Jin stressed that the government might sell part of its stakes
in banks via the issues of exchangeable bonds and other types of
overseas bonds as part of their privatization plan. Jin said the
government is now in view of selling Seoulbank to a consortium
led by local conglomerates or merging the firm with other
profitable banks.


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


HONG LEONG: Voluntarily Winds-Up Unit
-------------------------------------
Hong Leong Industries Berhad (the Company) informed that Joint
Steel Works Sdn Bhd (JSW), a wholly-owned subsidiary of Guolene
Packaging Industries Berhad (GPIB) which in turn is a subsidiary
of the Company, has been placed under Member's Voluntary
Winding-up pursuant to Section 254(1)(b) of the Companies Act,
1965. Mr Ling Kam Hoong of Messrs Ling Kam Hoong & Co., No. 6-1,
Jalan 3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala
Lumpur has been appointed as liquidator of JSW on 21 January
2002.

JSW has ceased its business operations since October 2001 and
there are no future plans to activate it.

GPIB's cost of investment in JSW since 27 June 1997 is
RM3,655,267.82.

There is no loss arising from the voluntary winding-up of JSW.

The voluntary winding-up of JSW does not have any material
impact on the net tangible assets and earnings per share of the
HLI Group for the financial year ending 30 June 2002.


KIARA EMAS: Proposals Still Under SC's Purview
----------------------------------------------
Kiara Emas Asia Industries Berhad (Kiara Emas or Company), in
reference to the letter from the Kuala Lumpur Stock Exchange
(Ref: KA-020118-25459) dated 18 January 2002 and appended below
the additional information as required in the aforementioned
letter:

1. The Proposals have not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities; and

2. The Redeemable Convertible Unsecured Loan Stocks will be
redeemed at 100% of their nominal value.

The "PROPOSALS" include:

  * Proposed Shareholders' Scheme;
  * Proposed Debt Settlement;
  * Proposed Disposal;
  * Proposed Acquisition;
  * Proposed Restricted Issue;
  * Proposed Special Issue;
  * Proposed Mandatory Offer; And
  * Proposed Transfer Of Listing


LIEN HOE: Updates Defaulted Loan Stocks Status
----------------------------------------------
Lien Hoe Corporation Berhad announced that there is no change in
the status with regard to the default on the Redeemable Secured
Loan Stocks Due August 2000 (Loan Stocks) as announced
previously on 20 December 2001, save for:

   1. The proposed rights issue of warrants, which was planned
as the principal source of funds for the redemption of the Loan
Stocks, has been aborted by the Company on 31 December 2001 as
it is considered to be no longer feasible under the prevailing
condition of the stock market. Notwithstanding the cancellation
of the proposed rights issue of warrants, the Company is working
on other refinancing options to address the default in payment.

   2. A writ of summons dated 27 December 2001 under the Kuala
Lumpur High Court Suit No. The trustee served D2-22-2231-2001 on
the Company for the Loan Stocks alleges that the Company has
defaulted in the terms of repayment of the Loan Stocks.


METROPLEX BERHAD: In Talks With CDRC on Debt Restructuring
----------------------------------------------------------
Metroplex Berhad (MB) is still actively negotiating with its
lenders to restructure its debts under the ambit of the
Corporate Debt Restructuring Committee (CDRC).

MB will make a further announcement to the Kuala Lumpur Stock
Exchange once a workout proposal is finalized and a debt
restructuring agreement is entered into between MB and its
lenders.

Profile

Metroplex and its Group of Companies is engaged in various
operations. Its hotel and leisure business includes resort and
gaming operations at Subic Bay in the Philippines, Legend Hotel
in Kuala Lumpur as well as cruise and casino operations under
the Empress Cruise Lines.

Under its property investment and development unit, the better
known assets are The Mall and projects such as Pantai Hills
Estate, Pantai Hills Flats, and Pantai Towers. Originally around
Kuala Lumpur and in the Klang Valley, projects have expanded to
Batang Kali, Pahang where the Legend Farmstead is being
developed. Besides these developments, the Company has also in
its pipeline the Baron Court and the Carlton Court condominiums
at Taman Kosas in Ulu Langat, Selangor.


MYCOM BERHAD: FIC Grants Conditional Scheme Approval
----------------------------------------------------
Mycom Berhad (Mycom and/or the Company) informed that approval
was received from Bank Negara Malaysia on 18 January 2002 for
the Company to accept a novation of the foreign credit
facilities of US$10.6million from LC(BVI) Ltd, a sub-subsidiary
of Olympia Industries Berhad under the Proposed Restructuring
Scheme(Scheme).

In addition, the Company received conditional approval from the
Foreign Investment Committee (FIC) in respect to the amended
Scheme. Approvals from the Ministry of International Trade &
Industry and the Securities Commission are still pending.


OLYMPIA INDUSTRIES: Obtains Bank Negara's Scheme Approval
---------------------------------------------------------
The Board of Olympia Industries Berhad's (Olympia or the
Company) received approval from Bank Negara Malaysia in respect
to the revised proposed restructuring scheme (Scheme) including
the novation of US$10.6 million from LC (BVI) Ltd, a sub-
subsidiary of Olympia, to Mycom Berhad.

The Board also announced that it received conditional approval
from the Foreign Investment Committee in respect to the amended
Scheme submitted on 8 December 2001.


RAHMAN HYDRAULIC: Proposing Association Amendments at 86th AGM
-------------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (the
Company or RHTB) (Special Administrators Appointed) announced
that the Company will table its Proposed Amendments To The
Articles Of Association Of The Company (Proposed Amendments)
at the forthcoming Adjourned Eighty Sixth Annual General Meeting
(AGM) of the Company to be convened at a later date instead of
the forthcoming Extraordinary General Meeting (EGM).

A Circular to Shareholders detailing the Proposed Amendments
together with the Notice of the Adjourned Eighty Sixth AGM, will
be dispatched to the stockholders of the Company in due course.


RAPID SYNERGY: Disposes Investment for RM RM5,682,156.47
--------------------------------------------------------
The Board of Directors of Rapid Synergy Berhad (RSB) announced
that RSB, on 18 January 2002, disposed of 10,139,465.51 units of
its investment in Phileo IncomeEXTRA Fund (PIEF) to PhileoAllied
Unit Trust Management Bhd (PUTM) for a total cash consideration
of R5,682,156.47 at a price of 0.5604 per unit. PIEF is a money
market income fund managed by PUTM, a wholly owned subsidiary of
Phileo Allied Berhad. For the six months period to 30 June 2001
PUTM made a profit after tax of RM20,896,000 based on the total
of 1,060,139,000 units issued.

The cash consideration for the disposal was arrived at based on
the market closing price on 18 January 2002 and to be paid in
one full payment within four working days. The closing price is
calculated based on the net asset value as of 18 January 2002.
PUTM will bear the cost of bank commission if any.

The transaction was agreed upon and completed on 18 January 2002
through the submission of the Liquidation Form.

RATIONALE FOR THE TRANSACTION

The disposal provides the opportunity to realize capital gain
and the proceeds to be utilized for working capital.

FINANCIAL EFFECTS OF THE TRANSACTION

The original cost of the investment by RSB in PIEF totaling
RM5,247,000 was made on 12 June 2000, 1 August 2000 and 20
December 2000 at an average price of 0.5362 per unit. The gain
to RSB arising from the disposal was RM435,156.47. This
represents an improvement in earnings per share and net tangible
assets of 2.2 sen to the RSB Group of which 0.6 sen was
reflected in the accounts for the year ended 31 December 2000
and 1.5 sen is to be reflected in the accounts for the year
ending 31 December 2001.

The disposal will not have any effects on the issued and paid-up
share capital of RSB or on the substantial shareholdings of RSB.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS AND PERSON
CONNECTED TO DIRECTORS AND MAJOR SHAREHOLDERS

None of the Directors and/or major shareholders and/or persons
connected with a director or major shareholder of RSB has any
interest, direct or indirect in the Disposal.

STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors is of the opinion that the said
transaction is in the best interest of the RSB Group.

APPROVAL

The above transaction is not subject to the approval of
shareholders or any government authority.

DOCUMENTS FOR INSPECTION

The Liquidation Form for the sale is available for inspection at
the Registered Office of RSB at Suite 2-1,2nd Floor, Menara
Penang Garden, 42A Jalan Sultan Ahmad Shah, 10050 Penang during
normal working hours from Mondays to Fridays (except public
holidays) within 14 days from the date of this announcement.


RESORTS WORLD: Strikes Off Dormant Wholly-Owned Subsidiaries
------------------------------------------------------------
Resorts World Berhad, on 21 January 2002, applied to the
Registrar of Companies (ROC) for the striking off of the names
of the following wholly-owned Company subsidiaries from the
Register of the ROC pursuant to Section 308 of the Companies
Act, 1965:

   1. First World Leisure Sdn Bhd
   2. First World Food Services Sdn Bhd
   3. First World Management Services Sdn Bhd
   4. First World Entertainment Sdn Bhd
   5. First World Theme Park Sdn Bhd
   6. First World Equities Sdn Bhd   
   7. Rantau Cempaka (M) Sdn Bhd
   8. Dutabay Sdn Bhd
   9. Twinsurf Sdn Bhd
   10. Nippontech Resources Sdn Bhd }

* 7 is a wholly-owned subsidiary of Sierra Springs Sdn Bhd,
which in turn is a wholly-owned subsidiary of the Company

* 8-9 are wholly-owned subsidiaries of Resorts World Properties
Sdn Bhd (Formerly known as Star Cruise Properties Sdn Bhd), a
wholly-owned subsidiary of Genting Administrative Services Sdn
Bhd, which is a wholly-owned subsidiary of Lafleur Limited,
which is a wholly-owned subsidiary of Resorts World Limited,
which is a wholly-owned subsidiary of Sierra Springs Sdn Bhd,
which in turn is a wholly-owned subsidiary of the Company.

This action is not expected to have any material effect on the
earnings and net tangible assets of the Group for the financial
year ending 31 December 2002.


SISTEM TELEVISYEN: MRCB Proposes Proposed Transfer Revision
------------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3) and
Malaysian Resources Corporation Berhad (MRCB), Arab-Malaysian
Merchant Bank Berhad (Arab-Malaysian), in respect of the
Proposed Corporate Restructuring Scheme (Corporate Proposals),
announced that MRCB proposes to revise the purchase
consideration for the proposed transfer of The New Straits Times
Press (Malaysia) Berhad (NSTP) (Proposed Transfer of NSTP). On
21 January 2002, MRCB entered into a supplementary agreement to
effect the adjustments to the purchase consideration of NSTP.

Further, MRCB also proposes to adjust the basis and number of
Irredeemable Convertible Unsecured Loan Stocks (ICULS) to be
offered pursuant to the restricted offer for sale of ICULS to
Profitune Berhad (Newco) shareholders.

The aforesaid revision and adjustments are proposed in order to
maintain the same settlement and demerger ratio as announced on
8 October 2001 following the reduction of the debts to be
restructured by TV3 from RM714.4 million to RM644.9 million.

The amount of indebtedness of TV3 owing to creditors under the
proposed TV3 debt restructuring scheme (TV3 Scheme Creditors)
based on cut-off date as at 31 August 2000 has reduced from the
sum of RM714.4 million to RM644.9 million to reconcile the total
debt outstanding with the earlier proof of debt exercise
undertaken by TV3. The downward adjustment is also due to
certain debts owed by TV3 (including accruals), which have been
reclassified and therefore no longer represented debts owed by
TV3 for the purpose of the proposed TV3 scheme of arrangement.
In addition, payments have been made to certain essential
creditors to ensure that TV3 is able to continue its
broadcasting operation, which constitutes its core business.

Following the reduction in the debts owed to TV3 Scheme
Creditors, the terms of certain proposals as announced earlier
will be adjusted accordingly. The ensuing sections set out the
details of the adjustments to the Corporate Proposals.

Further to the announcement dated 8 October 2001, MRCB had
obtained the sealed court order dated 3 December 2001 to convene
meetings for the purpose of approving MRCB Schemes of
Arrangement pursuant to the application made under Section 176
of the Companies Act, 1965. In addition, MRCB had also obtained
the sealed court order dated 5 December 2001 to convene meetings
for the purpose of approving the Scheme of Arrangement and
Amalgamation pursuant to Sections 176 and 178 of the Companies
Act, 1965 in respect of MRCB Multimedia Consortium Sdn Bhd.

Further to the announcement dated 22 October 2001, TV3 had
received the sealed court order dated 5 December 2001 to convene
meetings for the purpose of approving the TV3 Scheme of
Arrangement pursuant to the application made under Section 176
of the Companies Act, 1965.

Also, on behalf of MRCB and TV3, Arab-Malaysian is pleased to
announce that Gabungan Kesturi Sdn Bhd, being the Placee for the
Proposed Bonds with Warrants Issue, had on 4 January 2002
executed the letter of intent in relation to the subscription of
the Proposed Bonds with Warrants Issue.

PROPOSED ADJUSTMENTS

Pursuant to the reduction in the TV3's debts, adjustments are
proposed to be made to the Corporate Proposals. Save for the
revisions set on table 1 at
http://www.bankrupt.com/misc/TCRAP_Sistem0122.html,there are no  
further adjustments or modifications to the Corporate Proposals
from that which was announced on 8 October 2001. Notwithstanding
the aforesaid proposed revisions, the settlement ratio to the
TV3 Scheme Creditors as announced on 8 October 2001 will be
maintained.

Effects of the Revisions

Please refer to Table 2, Table 3 and Table 4 set at
http://www.bankrupt.com/misc/TCRAP_Sistem0122.htmlfor the  
effects of the Corporate Proposals on MRCB, Newco and TV3 on
Share Capital, Shareholding Structure and NTA, respectively.

Earnings

The revisions to the Corporate Proposals are not expected to
have any material effect on the earnings of TV3 for the year
ending 31 August 2002 as the Corporate Proposals are expected to
be completed in the 3rd quarter of 2002.

APPLICATION TO THE SECURITIES COMMISSION

The application to the relevant authorities will be submitted
before 22 February 2002.


TONGKAH HOLDINGS: Serves Writ of Summons Sought by Cheilchem
------------------------------------------------------------
Tongkah Holdings Berhad (THB or the Company) on 15 January 2002,
served with a Writ of Summons dated 24 December 2001, together
with the Statement of Claim dated 22 December 2001, as the
second Defendant named on the case, Kuala Lumpur High Court Suit
No. D6-22-2206-2001, Cheilchem Industries Sdn Bhd -Vs- Tongkah
Moulding Technologies Sdn Bhd And Tongkah Holdings Berhad.

The action is brought about by Cheilchem Industries Sdn Bhd
(Plantiff) against Tongkah Moulding Technologies Sdn Bhd, a
former subsidairy of THB, (TMT) for indebtedness arising from
the non-payment for goods supplied by the Plaintiff to TMT and
against THB for assurance of payment should TMT be in default.
The total sum claimed amounts to RM5,075,273.83, not including
interest until the date of settlement.

No hearing date has been fixed, but the Company is required to
enter appearance within eight days of service of the Writ. The
suit has been referred to the Company's solicitors with
instructions to enter appearance on behalf of the Company.


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


METRO PACIFIC: Agrees To Relocation Terms With PSE
--------------------------------------------------
The Philippine Stock Exchange and Metro Pacific Corp (MPC) has
agreed on the terms of the bourse's relocation to the Fort
Bonifacio Global City, Business World and AFX News reported
January 18.  Under the deal, a new corporation will be created,
the shares of which will be turned over to the PSE over a 10-
year period, making the PSE the sole owner of the property. In
the meantime, the shares will be in escrow.

MPC will construct a new building with a gross floor area of
12,000 square meters at the site, which the PSE must use as its
new headquarters for at least five years, while Metro Pacific
promotes the Global City as a new financial district.

TCR-AP reported earlier this month that Metro Pacific Corp.
(MPC) missed a payment of $90 million in advances owed to parent
First Pacific Co. Ltd. due last December 31. MPC did not ask for
a prior extension believing it could raise cash through the sale
of other properties in Fort Bonifacio (Metro Manila) as well as
its entire stake in the project.

Debttraders reports that Metro Pacific Corporation's 2.500%
convertible bond due in 2003 (METPAC) trades between 124 and
125.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC


PHILIPPINE AIRLINES: Opposing Cuts In Korea Flight Entitlements
---------------------------------------------------------------
Philippine Airlines Inc (PAL) will oppose the Civil Aeronautics
Board's plan to cut its entitlements on flights to Seoul, saying
it had invested heavily in developing its South Korean service,
AFX News reported Friday.

According to PAL, the Board is taking away flights allocated to
PAL to permit another local carrier to offer three Manila-Seoul
flights. The airline stressed that two of its Cebu-Seoul flights
will be cancelled beginning February.

TCR-AP reported earlier this month that Chief Operating Officer
Avelino L. Zapanta said PAL's losses, due to the September
terrorist attacks in the United States, were more than three
times what was expected at P684 million.


RFM CORPORATION: Approves Cash Dividend Payouts To Shareholders
---------------------------------------------------------------
RFM Corporation announced that it has approved cash dividend
payouts to shareholders worth P2 billion, Manila Bulletin
reported on January 21. The move aims to give shareholders a
portion of the gains from the recent sale of soft drinks unit
Cosmos Bottling Corp to San Miguel Corp. and The Coca Cola Co.

The Cosmos deal was prized at P14 billion plus potential cash
dividends of close to P1 billion of which RFM's shareholdings
accounted for 83.2 percent. It said all holders of RFM common
stock on record as of February 11, 2002 would be eligible for
the dividend, with the ex-date set on February 6. Payment was
scheduled for February 20. The food beverage firm said it was
open to potential merger and acquisition opportunities after
raising funds from the sale of its unit.

TCR-AP reported last month that RFM president Jose Concepcion
III confirmed that RFM's current restructuring program hasn't
ended with the sale of Cosmos. He said, "The year 2002 is not
the right time to expand. We will still be disposing of other
businesses which we think should not be a part of our
portfolio."


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


ASTI HOLDINGS: Post Shareholder's Interest Notice
-------------------------------------------------
Asti Holdings Limited posted a notice of changes in substantial
shareholder Flextech Holdings Ltd's interests:

Date of notice to company: 18 Jan 2002
Date of change of interest: 16 Jan 2002
Name of registered holder: Flextech Holdings Limited
Circumstance giving rise to the change: Others
Please specify details: Please see notes below

Shares held in the name of registered holder
No. of shares of the change: 143,292,145
% of issued share capital: 67.89
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: Nil
No. of shares held before change: 0
% of issued share capital: 0
No. of shares held after change: 143,292,145
% of issued share capital: 67.89

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed       Direct
No. of shares held before change:  143,292,145  0
% of issued share capital:         67.89        0
No. of shares held after change:   0            143,292,145
% of issued share capital:         0            67.89

Total shares:                      0            143,292,145
No. of Warrants: 17,911,518

Note:

1. Acceptance of 143,292,145 shares and 17,911,518 warrants in
the share capital of ASTI Holdings Limited (ASTI) as repayment
of loan owing by STI Holdings Limited (In Members' Voluntary
Liquidation) (STI Bermuda) to Flextech Holdings Limited
(Flextech) and capital distribution in specie to Flextech
pursuant to the liquidation of STI Bermuda.

2. As a result of note (1) above, Flextech's deemed interests in
ASTI through STI Bermuda ceased on January 16, 2002. Flextech
now holds ASTI's interests directly.

TCR-AP reported that Mr. Joseph Au, the founder and executive
chairman of Asti Holdings Limited's parent Flextech Holdings,
has assumed the role of executive chairman of Asti on January 2.
Mr. Au, who owns 15.6 percent of Flextech, which in turn owns 68
percent of ASTI, aims to rescue the company from the current
difficult industry conditions and to bring it back to
profitability.


CAPITALAND LIMITED: Restructures Strategic Business Units
---------------------------------------------------------
CapitaLand Limited announced on January 21 that that CapitaLand
Fund Management will be merged with CapitaLand Financial to
create a more integrated real estate based financial services
unit, to be called CapitaLand Financial. This new unit,
comprising property fund management and property financial
services, will be a fee-based earning unit.

This enlarged business unit will also drive the asset light
strategy and will be a significant growth driver. CapitaLand
Financial will capitalize on its experience in innovative real
estate financial products. A recent example is the Peridot
Investments transaction of S$200 million of residential sales
receivables, which has been acclaimed as the best securitization
issue by a regional financial publication. It will actively seek
opportunities to bring more of such innovative real estate based
financial products and services to meet the various needs of the
market.

The present CapitaLand Commercial will remain as a business unit
with an extensive portfolio of commercial assets in Singapore
and gateway cities. Under this restructuring, this will be the
asset-based unit comprising commercial property investment and
property development.

Mr. Ed Ng, currently CEO of the Commercial and Fund Management
business units, will be appointed Executive Vice President
(Corporate) of CapitaLand Limited with effect from 1 February
2002. Mr. Ng brings with him varied international experience to
expand CapitaLand's international reach.

Mr Hiew Yoon Khong, with effect from 1 February 2002, will be
heading CapitaLand Commercial and CapitaLand Financial as Chief
Executive Officer. Formerly Chief Financial Officer of
CapitaLand, and until recently CEO of CapitaLand Financial, Mr
Hiew has a strong understanding of the real estate business and
also brings with him extensive experience in the origination of
and investments in real estate based financial products.

Mr Liew Mun Leong, President and CEO of CapitaLand said, "We
would like to both strengthen our financial product development
capability, and broaden our international presence. By
integrating the property financial and property fund management
business units, we will realize better synergies, ensure more
effective execution and have a sharper focus as a fee income
earning business unit. At the same time, we also need to ensure
that we maintain a steady course to broaden our international
reach."

About CapitaLand

CapitaLand is one of the largest listed property companies in
Asia. Headquartered in Singapore, the multi-national company has
property, hospitality and property-related products and services
spanning more than 50 cities around the world. Its diversified
business interests cover commercial and industrial buildings,
residential, serviced residences, hotels, property funds, real
estate financials and property services. The Company leverages
on its significant asset base and market knowledge to develop
fee-based businesses.

CapitaLand Commercial is one of the largest business units of
the CapitaLand Group. It owns, develops and manages an extensive
portfolio of commercial properties in Singapore and other
gateway cities including Shanghai, Hong Kong, Tokyo, Kuala
Lumpur and London.

CapitaLand Financial, previously CapitaLand Fund Management, was
set up to capitalize on its real estate capabilities to exploit
opportunities between real estate and the capital market,
investing and transforming real estate into quality financial
products, with the aim of increasing fee-based income for the
Group. CapitaLand Financial works closely with CapitaLand
Commercial and other business units to identify attractive and
stable assets for injection into new property funds to meet the
different risk-return profiles of investors. It will continue to
pursue sector specific and regional funds targeting local and
international investors.

For more information, please contact:
Basskaran Nair
SVP, Communications
Tel: 8233 554


IPCO INTERNATIONAL: Proposes Explomo Technical Acquisition
----------------------------------------------------------
The Board of Directors of IPCO International Limited (IPCO or
the Company) announced that on 21 January 2002 the company
entered into a conditional sale and purchase agreement
(Conditional S&P) with Messrs. Ngooi Yim Sang, Lim Yoon Pin @
Lim Kong Hing and Lee Kim Chye Joseph (collectively referred to
as the Vendors), to acquire approximately 60 percent of the
issued and paid-up share capital of Explomo Technical Services
Pte Ltd (Explomo or the Acquiree Company), comprising of 252,600
ordinary shares of S$1.00 each.

Under the Conditional S&P, IPCO shall acquire approximately 60%
of the issued and paid-up share capital of Explomo for a
purchase consideration of S$9,000,000, which shall be satisfied
in full via the issue and allotment of 42,857,143 ordinary
shares of S$0.20 each in IPCO (Shares) at the issue price of
S$0.21 per Share (Consideration Shares). Apart from the
satisfaction of the purchase consideration via the allotment and
issuance of the Consideration Shares, the Company pursuant to
the Conditional S&P, reserves the right to satisfy in cash all
or part of the purchase consideration attributable to the
Consideration Shares.

Background Information Of Explomo

Explomo, incorporated on 2 December 1988 in Singapore, is a
service and supply company dealing with explosives, ammunition
and related products. It is one of a few companies in this
region that is almost totally dedicated to this highly
specialized field of activity. This dedication permits Explomo
to offer a broad spectrum of services relating to explosives and
ordnance management and also to meet the needs of its customers.
Explomo's customers range from the military, police (local and
foreign) and the commercial sector as well.

Explomo's core business activities are as follows:

(a) Demilitarisation work

This involves the disassembly of obsolete or unserviceable
ordnance from military inventory into non-military and non-
explosives components. The explosives materials are disposed of
by burning, using a specialized explosives incinerator equipped
with the state of the art air pollution control filtration
system.

Ordnance removed from contaminated sites are also demilitarized
through such system. This entire system is designed with
Austrian technology and built in modular containers for ease of
transportation to any worksite in the world. Currently, this
entire equipment is located at Explomo's worksite in Taiwan.

Work is now in progress to create an additional demilitarization
facility near Singapore to cater for the expected demands in the
region.

Explomo also handles the disposal by demolition of obsolete and
unserviceable explosives and ordnance for the local defense
industries and also the commercial industries in Singapore.
Since 1990 all major contracts involving such work in Singapore
were executed by Explomo.

(b) Unexploded Explosive Ordance/Object (UXO) detection and
clearance

This involves the clearance and removal of ordnance and residue
from active ranges. Explomo provides such services to the
military since 1997 and is still the current contractor. Explomo
is one of the few companies in the region to carry out such
projects.

Explomo has also carried out detection of ordnance projects. Of
significance are the Woodlands checkpoint, the reclamation
projects around Jurong Island and ordnance contaminated areas in
Malaysia also.

(c) Sales of Explosives and Ordnance

Explomo is also the distributor of commercial explosives and
accessories in the region. Such explosives are used extensively
in infrastructure development projects as well as quarries and
mining industries in Malaysia.

Explomo represents ordnance and related equipment manufacturers
such as Arsenal Corp (Bulgaria), Mohawk Inc. (USA), Schonstedt
Inc. (USA) and RUAG (Switzerland) to supply ordnance and related
equipment and systems to the region.

(d) Consultancy

Explomo also provides seminars and courses on bomb threats and
related security protective measures as well as provides
consultancy work and conducts physical bomb sweep for security
firms.

(e) Pyrotechnics

Explomo is also involved in the explosives used for the
entertainment industry by providing choreography, execution and
supply of pyrotechnics and fireworks display. The Acquiree
Company also provides pyrotechnics for special effects in
concerts, movie productions, etc.

Some of the significant projects executed by Explomo are the
supply and execution of the 1997, 1998, 1999 and 2000 National
Day Fireworks and the annual Singapore River Hong Bao
Celebration.

Explomo participates actively in local and international
conventions and seminars to keep abreast of current trends and
development in the field of ordnance and explosives.
Explomo's employees comprise of ex-service military ordnance and
explosives specialists from the Singapore Armed Forces and
United States Navy. The current Board of Directors are also
former military ordnance and explosives specialist.

Based on the audited financial performance of Explomo, for the
financial year ended 31 December 1999 and 2000, Explomo gained a
profit after taxation of S$22,759 and S$99,694 respectively. The
net assets of the Acquiree Company for the financial year ended
1999 and 2000 was S$273,409 and S$481,103 respectively. However
the results for 31 December 2001 significantly improved based on
Explomo's unaudited management accounts for the financial year
ended 2001 where the profit after taxation was approximately
S$2.32 million with net assets of approximately S$2.82 million.

Consideration

The purchase consideration of S$9,000,000 was arrived at based
on a "willing buyer, willing seller" basis, taking into
consideration the future earnings potential of the Acquiree
Company. The entire purchase consideration shall be satisfied
entirely via the issuance and allotment of 42,857,143 new Shares
to the Vendors at the issue price of S$0.21 per Share. As
mentioned above, the Company also reserves the right to satisfy
in cash all or part of the purchase consideration attributable
to the Consideration Shares. The issue price of S$0.21 per Share
was arrived at based on a "willing buyer, willing seller"
basis, taking into consideration the prevailing market price of
the Shares prior to the announcement of the Proposed
Acquisition.

The issue price of S$0.21 per Share represents a premium of
approximately 68.0% and 62.8% respectively over the closing
market price of S$0.125 and the five-day weighted average
closing price of S$0.129 of 18 January 2002, being the latest
practicable date prior to the announcement of the Proposed
Acquisition.

The Consideration Shares will be credited as fully paid and
shall rank pari passu in all respects with each of the existing
Shares except that they will not rank for any dividend declared
or to be declared by the Company for the year ended 30 April
2001. The Consideration Shares represent approximately 5.49
percent of the enlarged issued and paid-up share capital of IPCO
of S$156,039,751 comprising 780,198,755 Shares (assuming the
outstanding share options and warrants are not exercised).

Rationale For The Proposed Acquisitions

Pursuant to the Company's announcement dated 31 July 2001, the
Directors of IPCO stated that in current circumstances, they do
not foresee significant improvement in the performance of the
IPCO Group at current levels of operations. However, this
Proposed Acquisition would serve as a long-term investment
opportunity, which would serve to expand IPCO's core business as
well as to enhance the prospects of the IPCO Group and its value
to the shareholders.

The Directors of IPCO Group believe that the Proposed
Acquisition will benefit the Company as a whole and widen its
earning base as well as improve its cashflow. Based on the
financial effects of the Proposed Acquisition on a group basis,
it is expected that the Proposed Acquisition will positively
affect the current loss per share.

The Proposed Acquisition represents a horizontal service line
expansion in terms of the Company's engineering division. For
instance, one of IPCO's subsidiaries offer services, which
relate to the rehabilitation of sewerage pipes in its
engineering division. Upon the successful implementation of the
Proposed Acquisition, IPCO will be able to complement this
service line by offering hazardous waste disposal services for
unexploded bombs and ammunition, etc. as well as the
demilitarization services. Pursuant to the Company Chairman's
statement in the Annual Report 2001, it was stated that the IPCO
Group will not rule out future acquisitions to spearhead growth
and strengthen corporate development and growth potential,
especially in new technology venture. The Directors of IPCO
believe that the Proposed Acquisition would in effect enhance
the services offered by the IPCO Group and would be one such
acquisition that would spearhead corporate development and
growth.

The Acquiree Company has also been profitable for the last three
years, especially for its financial year ended 31 December 2001
(based on its unaudited management accounts) where the Acquiree
Company made a pre-tax profit of approximately S$3.07 million.

Additionally, the Board of Directors of IPCO believe that there
is good prospects for Explomo around the region in countries
such as Australia, Malaysia, Indonesia, Korea and Japan as there
are not many companies within this region that offer similar
services as the Acquiree Company thus resulting in Explomo
operating in a niche market.

Other Salient Terms

Pursuant to the Conditional S&P, the Vendors warranted that the
Adjusted Net Profit (defined as "the profit of Explomo before
tax and extraordinary")  of Explomo for each financial years
ending 2001 and 2002 shall not be less than S$3,000,000 in each
year (Profit Warranty). In the event that the Profit Warranty is
not met, the Vendors will be required to pay the shortfall in
cash (which shall include any loss) to the Company. The Profit
Warranty shortfall shall not be taken into account for any
shortfall to the extent that it is less than S$50,000 for each
of the warranted financial years.

Under the Conditional S&P, the Vendors are not allowed to
dispose of or or charge or agree to dispose of charge or create
any interest in the Consideration Shares for a period of one (1)
year except in this manner:

   (a) One-third of the Consideration Shares 6 months after
completion date;

   (b) Two-third of the Consideration Shares 9 months after
completion date; and

   (c) The balance thereof on the anniversary of the completion
date.

Conditions Precedent

The completion of the Proposed Acquisition is conditional upon,
inter-alia, the following:

   1. The execution of a demilitarization contract with an
entity in Asia.

   2. The issue of a letter of credit for the full sum of the
Contract in favor of Explomo by the entity under the terms and
conditions of the Contract;

   3. The passing at a general meeting (if so required) of the
Company of resolutions in relation to the Proposed Acquisition;

   4. The approval of the issue, allotment and admission to the
Official List by the Singapore Exchange Securities Trading
Limited (SGX-ST) of the Consideration Shares (if so required);

   5. Such approval as may be required by any governmental
and/or statutory authorities;

   6. The Company being satisfied in all respects prior to
Completion with the results of its enquiries into the financial
and other affairs of Explomo;

   7. The execution of the service contracts by Explomo in
respect to the employment of Mr. Lee Kim Chye Joseph as Managing
director, Mr. Lim Yoon Pin alias Lim Kong Hing and Mr. Hgooi Yim
Sang as executive directors, and such person as shall be
nominated by the Company who shall be employed as the joint
managing director; and

   8. A copy of the audited financial accounts of Explomo for
the financial year ended 31 December 2001 certified by Explomo's
auditors.

In the event that any of the conditions precedent of the
Conditional S&P are not fulfilled by 30 April 2002 or any other
agreed upon date, the Conditional S&P shall lapse. In the event
that a shareholders' agreement is required for the Proposed
Acquisition, the completion date shall be extended by one (1)
month from the date of the shareholders' meeting but no later
than 30 June 2002.

Effect Of The Proposed Acquisitions

The following describes the financial effects of the Proposed
Acquisition in terms of IPCO's share capital, Net Tangible
Assets and earnings taking into account the exercise and the
non-exercise of all exercisable options and warrants(1) of the
Company can be viewed at:

http://info.sgx.com/webcorannc.nsf/413aa2d90e391def4825655300242
a8f/59686534d7c15d1748256b48003c7bc6?OpenDocument

   (1) The exercisable options and warrants of the Company based
on its 30 April 2001 Annual Report comprises of the following:

     (i) Outstanding IPCO Employee's Share Option Scheme as at
30 April 2001 amounting to approximate 53,194 IPCO ordinary
shares at an exercise price of US$1.82 each. The period of
exercise is from 24 September 1999 to 23 September 2002. An
exchange rate of US$1:S$1.85 is assumed; and

     (ii) 11,861,102 issued and outstanding IPCO warrants
expiring on

17 December 2002 which entitles the warrant holders to subscribe
for 11,861,102 IPCO ordinary shares of S$0.20 each at US$1.30
per share. An exchange rate of US$1:S$1.85 is assumed.

   (2) The Issued Share Capital is pursuant to the completion of
the private placement exercise as announced on 31 July 2001.

   (3) The NTA before Proposed Acquisition takes into account
the proceeds from the June 2001 private placement.

* Please note that the Explomo's financial statements utilized
for the financial effects have a different year-end to IPCO's
year end. Explomo's year-end financial statements are for the
year ended 31 December 2001 and are based on extracts of
management accounts.

Directors' And Substantial Shareholders' Interests In The
Proposed Acquisitions

None of the Directors nor substantial shareholders of the
Company have any interest or are deemed to be interested in the
Proposed Acquisition.

Directors' Responsibility Statement

The Directors of the Company (including those who have been
delegated supervision of this Announcement) have taken all
reasonable care to ensure that the facts stated and opinions
expressed in this Announcement are accurate and fair and that no
material facts have been omitted, and they jointly and severally
accept responsibility accordingly.


INNO-PACIFIC: Proposes Capital Reduction
----------------------------------------
The Board of Directors announced on January 21, 2002 that it
would again like to propose a capital reduction exercise to
reduce the par value of each ordinary share in the capital of
the Company from $0.20 to $0.01 and to reduce the share premium
account of the company from $40,903,456.42 to $22,277,018.91
(the "Proposed Capital Reduction"). An application to the SGX-
ST has been made Tuesday for its approval for the Proposed
Capital Reduction.

In April 2001, the Board of Directors of the Company announced
their proposal to reduce the capital of the Company from $0.20
to $0.01 and to reduce the share premium account of the company
from $40,903,456.42 to $22,277,018.91.

In May 2001, the Board of Directors announced that the Singapore
Exchange Securities Trading Limited (SGX-ST) had given its
approval for the listing and quotation of 312,600,769 ordinary
shares of $0.01 each upon the aforementioned capital reduction
taking effect. However, no extraordinary general meeting was
convened to approve the aforementioned capital reduction.

Details of the Proposed Capital Reduction

If approved, the Proposed Capital Reduction will be carried out
pursuant to Section 73 of the Companies Act, Chapter 50 of
Singapore (the Companies Act) whereby the Company's resultant
issued and paid-up share capital will be reduced from
$62,520,153.80 divided into 312,600,769 Shares of $0.20 each to
$3,126,007.69 divided into 312,600,769 Shares of $0.01 each and
the Company's share premium account will be reduced from
$40,903,456.42 to $22,277,018.91.

The Capital Reduction will be effected, inter alia, as follows:

   (a) Reducing the nominal value of all Shares, both issued and
unissued, from $0.20 to $0.01each;

   (b) In relation to (a) above, canceling the paid-up share
capital by an amount of $0.19 on each of the 312,600,769 shares
which have been issued and are fully paid-up, or credited as
fully paid-up;

   (c) Canceling an amount of $18,626,437.51 standing to the
credit in the share premium account of the Company; and

   (d) Forthwith upon the Capital Reduction taking effect:

     (i) An amount equal to $78,020,583.62, being the credit
arising on the Capital Reduction taking effect will be applied
in writing-off the accumulated losses of the Company as at 31
December 2000. The Capital Reduction would have the effect of
reducing the authorized share capital of the Company from $120
million to $6 million; and

     (ii) The authorized share capital of the Company will be
increased to its former capital of $120 million by the creation
of an additional 11,400,000,000 Shares of $0.01 each.

There will be no change in the number of Shares held by
Shareholders immediately after the Capital Reduction nor will
the Capital Reduction entail the distribution of any assets to
Shareholders. The Capital Reduction will also not involve the
diminution of any liability in respect of unpaid capital or the
payment to any Shareholder of any paid-up capital of the Company
or the payment of any sum standing to the credit of the share
premium account of the Company.

Rationale for the Proposed Capital Reduction

The reason for proposing the Capital Reduction is primarily due
to the Company's accumulated losses of approximately $78
million. The cancellation of a substantial part of the capital
of the Company which is permanently lost or no longer
represented by available assets would rationalize the Company's
balance sheet such that the nominal value of the Company's
ordinary shares will reflect more accurately the financial
position of the Company.

The Capital Reduction of the Company will also facilitate future
equity-related fund-raising to recapitalize, strengthen the
balance sheet of the Company and return the Company to a firmer
financial footing.

The proposed Capital Reduction will not have any effect on the
earnings, NTA and gearing of the Group, as the Capital Reduction
is an accounting procedure that cancels the portion of the value
of the issued and paid-up share capital, which is permanently
lost or unrepresented by available assets.

Approval of the Proposed Capital Reduction

The Proposed Capital Reduction is subject to, inter alia:

     (a) The in-principle approval from the SGX-ST;

     (b) Approval of Shareholders at an extraordinary general
meeting (EGM) to be convened at a later date; and

     (c) The confirmation of the High Court of the Republic of
Singapore.

The above-mentioned approvals may be subject to conditions,
which may vary the terms of the Proposed Capital Reduction as
set out herein.

Proposed Adoption of New Articles

The Directors are also proposing that the Company adopts new
Articles of Association (New Articles) in place of its existing
Articles of Association (Existing Articles). The Existing
Articles were last amended in June 1992. Since then, there have
been several changes to both the Companies Act and the Listing
Manual. The Directors are therefore proposing that the Company
amends the Existing Articles to keep up with the changes in the
Companies Act and the Listing Manual. In lieu of making
consequential alterations throughout the Existing Articles, the
Directors are proposing that the Company adopts the New Articles
in place of the Existing Articles.

An application has also been made Tuesday to the SGX-ST and to
The Central Depository (Pte) Limited for their approval of the
New Articles. The proposed adoption of the New Articles is
subject to the approval of the Shareholders at an EGM to be
convened at a later date.

A circular to Shareholders setting out details of the Proposed
Capital Reduction and the New Articles to be adopted and the
notice convening the EGM will be dispatched to Shareholders once
the relevant approvals from SGX-ST have been obtained.


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


EASTERN STAR: Posts Selling Warrants Report      
-------------------------------------------
Eastern Star Real Estate Public Company Limited reported the
result of Estar-w1 allotment during 24-28 December 2001.  The
details are:

1. Information of Warrants Subscription

  Types of Securities Subscribed     : Warrants
  Total Number of Warrants Subscribed : 115,069,455 units
  Allot to   : Existing Shareholder whose names
    appeared on the registration book at
      the closing date on 5  April 2001,
and those who subscribed new shares
during 9-13 July 2001 in the ratio of 1
      new share per 3 units of warrants.
Price per Unit    :    Bt0.05
Warrants Subscription and Payment Date   : 24-28 December 2001

2. The Outcome of Selling Warrants

[ x ]  Complete Warrants Subscription
[   ]  Partial Subscription with balance of     nil    units
unsubscribed.   

3. Details of Warrants

Exercise Ratio and Price: 1 Warrant has a right to purchase
        1 common share at price Bt2.00 each.
Warrants Type : Fix the name of warrant holder and can be
    transferable.
Term    :  5 years (the last exercise date is 29December 2006.)
     The warrants are exercisable on last business day of
     every 3 months by notifying the intention within 14
         days prior to each exercise date during 9.00 a.m. to
           3.30 p.m. of any business day.  The first and last
     exercise date shall be on 29 March 2002 and 29
     December 2006 respectively.

4. Details of Subscription

THAI        INVESTORS   FOREIGN   INVESTORS   TOTAL        
Private     Individual  Private   Individual               
Company                  Company                           

Number of Purchaser          
15       1,074         3          17        1,109  

Number of Subscribed Warrants      
73,673,528  37,368,112   114,996   3,912,819  115,069,455  

Percentage of total Warrants subscribed         
64.03       32.47      0.10        3.40       100.00  

5. Money Received from Subscription Warrants

Total money received from subscribed warrants Bt5,753,472.75  
Less Fees for financial and legal advisory      Bt1,750,000.00  
Offering of the rights warrants' granting fee   Bt53,500.00  
Filing fee                                      Bt73,621.45          
Prospectus and warrants certificate printing    Bt59,973.50          
The application fee for listing securities      Bt32,100.00  
Front-end fee for listing securities            Bt32,100.00  
Net Money Received      Bt3,752,177.80


SIAM SYNTECH: Increases Paid-up Capital   
---------------------------------------      
Siam Syntech Planner Co., Ltd, Plan Administrator of Siam
Syntech Construction Public Company Limited (SYNTEC or the
Company), pursuant to Central Bankruptcy Court's ordered
approving Business Reorganization Plan on March 30, 2001, has
already proceeded to registered capital from Bt3.97 million to
Bt400 million to reserve for debt-to-equity conversion and for
the new investor.  

At present, the paid-up capital of SYNTEC has been increased
from Bt3,970,570 to Bt346,833,670 by issued new shares
34,286,310 shares at par value of Bt10 per share, totally
Bt342,863,100 as at December 27, 2001.

The shares were allocated, 30 million shares to Richee Venture
Holding Company Limited at par value of Bt10. per share, totally
Bt300 million, and debt-to-equity conversion 4,286,310 shares to
creditors group 6, 7 and 9 at par value of Bt10 per share,
totally Bt42,863,100. Plan Administrator had informed the
allocation of new share issued through Thailand Securities
Depository Co., Ltd., the Company's registrar.

The Company is encountering some difficulties in proceeding with
the debt-to-equity conversion because some creditors have not
yet submitted the information necessary for shares issuing and
most of foreign bondholders (creditors' group 9) are living
abroad and could not be contacted. These bondholders claimed
their debt through Trustee. Anyway, the Bankruptcy Court has
ordered to extend debt-to-equity conversion period until all
those shares has been successfully allocated. The Plan
Administrator will complete the paid-up capital as soon as
possible.
        

SIAM SYNTECH: SET Grants Listed Securities
-----------------------------------------
Starting from January 23, 2002, the Stock Exchange of Thailand
(SET) allowed the securities of Siam Syntec Construction Public
Company Limited (SYNTEC) to be listed on the SET after finishing
capital increase procedures.

However, SYNTEC is a listed company under REHABCO sector and
is in the rehabilitation process, therefore, the SET has still
suspend trading all securities of SYNTEC until the causes of
delisting are eliminated. Anyway, the company could request the
SET to allow continued trading under the REHABCO category after
it completed the conditions specified by the SET.
         
Name                       : SYNTEC
Issued and Paid up Capital
     Old                   : Bt3,970,570
     New                   : Bt346,833,670
Allocate to                : - Richee Ventures Holding Co., Ltd.
                                30,000,000 shares
                       - Finance institution creditors under the
                         Business Reorganization Plan of the
                         company 4,286,310 shares
Ratio                        : -
Price per share              : Bt10
Payment Date                 : December 21-25, 2001


THAI BICYCLE: Business Reorganization Petition Filed
----------------------------------------------------
Bicycles and bicycle parts producer Thai Bicycle Industry
Company Limited (DEBTOR) filed its Petition for Business
Reorganization in the Central Bankruptcy Court:

   Black Case Number 54/2544

   Red Case Number 133/2544

Petitioner: THAI BICYCLE INDUSTRY COMPANY LIMITED #1st, HUAY
CHUN RICE TRADING COMPANY LIMITED #2nd, MR. SAMAND OPRANSAWONG
#3rd, THAI MILITARY BANK PUBLIC COMPANY LIMITED #4th & AYUDAYA
BANK PUBLIC COMPANY LIMITED #5th

Planner: T.B.I. Planners Company Limited

Debts Owed to the Petitioning Creditor: Bt513,640,485

Date of Court Acceptance of the Petition: January 29, 2001

Date of Examining the Petition: February 26, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: February 26, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: March 5, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: March 29, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: June 29, 2001

Planner postponed the date of submitting the reorganization plan
#1st to July 29, 2001

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to September 28, 2001 at 9.30 am.
Convention Room 1103, 11th Floor, Bangkok Insurance Building,
South Sathorn Road

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

Court had issued the order accepting the reorganization plan on
December 11, 2001 and Appointed T. B. I. 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:
December 24, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: January 15, 2002

Contact: Miss Kanjana Tel, 6792525 ext 133


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
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