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

                        A S I A   P A C I F I C

                 Thursday, March 29, 2001, Vol. 4, No. 62


                               Headlines



A U S T R A L I A

HIH INSURANCE: QBE To Shoulder HIH Claims
PACIFIC DUNLOP: Announces Revised Restructuring Bid
WINE MARKET: Foster's Announces Takeover Bid


C H I N A   &   H O N G  K O N G

BEIJING LIGHTBUS: Restructuring Plans Requested
SAIC MULTIPLE: Reorganize Or Face Expulsion
SHANGHAI SHUANGLU: Ordered To Submit Restructuring Plans


I N D O N E S I A

ASIA PULP: Sinar Mas Denies Govt Order To Reorganize
TIMOR PUTRA: Gov't Threatens Seizure To Satisfy Debt


J A P A N

FUJI BANK: S&P's Downgrades Ratings To `BB-'
FUJIKO COMPANY: Owes Y2.9B To Bank
INDUSTRIAL BANK: S&P Downgrades Rating To `BB'
SUMITOMO BANK: Preferred Rating Down To `BB', Says S&P
TOKYO MUTUAL: Moody's Downgrades Rating To Caa2
TSUMURA & COMPANY: Liquidates Two N. American Subsidiaries


K O R E A

DAEWOO ELECTRONICS: To Dispose Of Non-Core Units
HANIL LIFE: Panel To Discuss Plight Of Insurers
HYUNDAI ENGINEERING: Incurs W2.9 Trillion Loss
REGENT MERCHANT: Submit Merger Plan, FSC Says


M A L A Y S I A

ANSON PERDANA: Announces Approval Of Composite Bid
HAI MING: Terminates Debt Deal With Bank
LIEN HOE: Informs Defaults of Payments
TENAGA NASIONAL: US$600M Notes Gets S&P's 'BBB' Rating


P H I L I P P I N E S

MAYNILAD WATER: Gets Debt Service Moratorium


S I N G A P O R E

ASIA PULP: China Assets "Highly Likely" To Be Sold


T H A I L A N D

CAPITAL NOMURA: Posts Half-Year Net Losses Of Bt51.12 Million
CROWN SEAL: Announces Omission of Dividend Payment
INTERNATIONAL ENGINEERING: To Issue 15M Shares To Raise Capital
KRISDAMAHANAKORN PUBLIC: Reports Progress Of Rehab Plan


     -  -  -  -  -  -  -  -  -  -


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


HIH INSURANCE: QBE To Shoulder HIH Claims
-----------------------------------------
QBE Insurance has concurred with HIH provisional liquidator Tony
McGrath that it would honor travelers' claims, among other
liabilities of the failed insurance group, The Australian
reported Wednesday.

QBE, according to the report, has also agreed to take on policy
liabilities of HIH New Zealand, but excluding the ones written
under the FAI or New Zealand's credit policies.

Last week, McGrath released a decision to dishonor travel claims
cover by the 9-month moratorium on all claims against HIH, The
Australian report said.

With its downfall two weeks ago, HIH estimated a loss of $800
million. Before that, HIH positioned itself as Australia's
leading professional indemnity insurer taking 30 percent market
share. It enjoyed a coverage spanning across the legal, medical,
accounting, financial planning and real estate industries.


PACIFIC DUNLOP: Announces Revised Restructuring Bid
---------------------------------------------------
Pacific Dunlop Limited announced yesterday, in a press release to
the Australian Stock Exchange, that following a further review of
its remaining portfolio of businesses and of its financial
position and outlook, and taking into account the views of its
shareholders, it had decided to withdraw its proposal to separate
its businesses into two independent publicly listed companies.

The company has now decided to investigate options for the
divestment of the Pacific Brands business, as an alternative to
the separation proposal, and has appointed Deutsche Bank AG to
assist with this process. In the event the Pacific Brands
business is divested, the core operating business of Pacific
Dunlop will be Ansell.

The Pacific Brands business occupies leading market positions in
Australia and New Zealand in the clothing, footwear, sporting
goods and household products segments and has annual sales of
approximately $1.5 billion.

The company is proceeding as planned with the sale of its
automotive distribution business, Pacific Automotive, and its
remaining non-core assets and is currently reviewing options for
South Pacific Tyres with its partner, The Goodyear Tire & Rubber
Company of the USA.

In considering alternatives for the divestment of Pacific Brands
and in selling Pacific Automotive and other non-core assets, the
directors of Pacific Dunlop are determined to ensure that maximum
value is realized for shareholders. Accordingly, divestments will
only be undertaken on an orderly basis.

The issue of further returns of capital to shareholders and the
form of any capital return will be reviewed in due course having
regard to the quantum and timing of proceeds from asset
divestments and to the need to balance prudently the interests of
shareholders, debt providers and other relevant stakeholders.

                      Board And Management

The Chairman, Mr John Ralph, said that in view of the changed
circumstances, the planned departure of the Managing Director and
Chief Executive Officer, Mr Rod Chadwick, has been brought
forward and he will now leave the company at the and of this
week.

"The board appreciates Mr Chadwick's outstanding dedication,
leadership and commitment during a most difficult few years. His
colleagues wish him well for the future," Ralph said.

A non-executive director of the company, Mr Tony Daniels, has
been appointed acting Chief Executive Officer and in this
capacity as Managing Director will oversee the divestment
process. Daniels is a former Managing Director of Tubemakers of
Australia and has been a director of Pacific Dunlop since 1997.

Following the divestment of Pacific Automotive and Pacific
Brands, it would be intended to make changes to the composition
of the Pacific Dunlop Board that would make it appropriate for an
international healthcare company operating out of the United
States.

                        Profit Outlook

The deterioration in economic conditions in global and domestic
markets and the continuing weakness of the Australian dollar has
continued to affect the company's trading and the level of the
company's borrowings and interest costs expressed in Australian
dollar terms. The economic downturn is also delaying the flow-
through of the benefits of the profit improvement initiatives,
which have been put in place throughout the company.

Due to the uncertainty of the economic climate and of the timing
to complete the asset divestment program, the company's trading
results for the second half are difficult to anticipate at this
stage. However, in the absence of any significant improvement in
conditions, the directors expect the second half profit before
non-recurring items to be some 20 percent to 30 percent below the
first half.

Ralph said, "The Board recognizes the challenges this program is
imposing on the people of Pacific Dunlop and is confident they
will respond as they have to challenges in the past."


WINE MARKET: Foster's Announces Takeover Bid
--------------------------------------------
In a press release Foster's Brewing Group Limited announced
Tuesday at the Australian Stock Exchange that its wholly owned
subsidiary, Cellarmaster Wines Pty Limited, will make a cash
offer of 35 cents per share to acquire all the ordinary shares in
Wine Planet Holdings Limited to which it is not currently
entitled. Foster's presently owns approximately 25 percent of
Wine Planet, through Cellarmasters.

If successful in its bid to acquire Wine Planet, Foster's
intention is to focus the business activities in offshore
markets.

Foster's President and CEO, Mr Ted Kunkel said, "The acquisition
will allow Foster's to reconstruct Wine Planet into an
international wine e-tailing business in support of our European
and Asian wine clubs."

"We will look at a range of options in relation to the Australian
assets. However, if the offer is successful, Foster's will not
continue to operate the Wine Planet domestic e-tailing business
in its own right," he said.

The Wine Planet board has confirmed that it will recommend the
offer to its shareholders, and the independent directors, who
collectively hold 23 percent of the issued shares of Wine Planet,
have also stated that they intend to accept the offer in respect
of their own shares, in the absence of a higher offer.

Foster's believes the offer is fair and reasonable. The offer
values Wine Planet equity at approximately $56 million compared
to its market capitalization of approximately $35 million at last
Friday's close. The offer represents a premium of:

* 59 percent to last Friday's closing share price of 22 cents;
and

* 49 percent to the volume weighted average share price over the
three month period to last Friday of approximately 23 cents.

Mr Kunkel said: "This is a highly attractive offer which we
believe provides Wine Planet shareholders with a cash offer at a
premium to what they would otherwise be able to realize."

The acquisition will be funded using existing debt facilities.
However, Foster's cash outlay of approximately $42 million
broadly equates with the cash in the business.

The offer is subject to a number of conditions, which are set out
in Appendix 1 (attached). The offer will be open for one month,
unless extended.

Full details of the offer will be set out in Foster's bidder's
statement, expected to be lodged shortly and dispatched to Wine
Planet shareholders in April.


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


BEIJING LIGHTBUS: Restructuring Plans Requested
-----------------------------------------------
China's securities regulators are giving the loss-making company,
Beijing Lightbus, until April 30 to submit restructuring plans or
face expulsion from the market, the official Xinhua News Agency
reported, citing the China Securities Regulatory Commission.  The
deadline underscores a new push to take action against companies
that are essentially bankrupt, though they continue to trade.


SAIC MULTIPLE: Reorganize Or Face Expulsion
----------------------------------------------
China's securities regulators are giving SAIC Multiple Trading,
until April 30 to submit restructuring plans or face expulsion
from the market, the official Xinhua News Agency reported, citing
the China Securities Regulatory Commission.  The deadline
underscores a new push to take action against companies that are
essentially bankrupt, though they continue to trade.



SHANGHAI SHUANGLU: Ordered To Submit Restructuring Plans
--------------------------------------------------------
Shanghai Shuanglu Electric has until April 30 to submit
restructuring plans or face expulsion from the market by China's
securities regulators, the official Xinhua News Agency reported,
citing the China Securities Regulatory Commission.  The deadline
underscores a new push to take action against companies that are
essentially bankrupt, though they continue to trade.


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


ASIA PULP: Sinar Mas Denies Govt Order To Reorganize
----------------------------------------------------
Sinar Mas Group, the controlling group of Asia Pulp & Paper
Company, denied reports that it received orders from the
Indonesian government to restructure Asia Pulp's debts in a
month's time, said a Bloomberg report on Tuesday.

The report quoted company spokesman Yan Partawijaya saying: "The
Indonesian government has no relation to the settlement of Asia
Pulp's debts. It's not true that there's a one-month deadline."
Most of Asia Pulp's operations are based in Indonesia.  

Asia Pulp is currently negotiating for debt rescheduling
following legal actions against the company made by its
creditors.


TIMOR PUTRA: Gov't Threatens Seizure To Satisfy Debt
----------------------------------------------------
The Indonesian government is threatening PT Timor Putra's senior
executives, commissioners and shareholders that their assets will
be confiscated should the company's assets be valued short of the
R3.2 trillion in back taxes owed to the government, Jakarta Post
reported Wednesday. The car company's assets are undergoing
valuation process conducted by the office of Hadi Poernomo,
Director General of Taxes.

Earlier in the month, Timor received a court order from the
Supreme Court requiring the company to pay its taxes and duties.
The court order junked a prior deal of Kia Motor with Indonesian
Bank Restructuring Agency (IBRA) to subject Timor Putra's $521.5
million debts to restructuring procedures. That same deal
would've made IBRA owner of 69 percent of a resulting joint
venture company PT Kia Timor Motor.


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


FUJI BANK: S&P's Downgrades Ratings To `BB-'
--------------------------------------------
Standard and Poor's Corporation downgraded the preferred stock
rating of Fuji Bank Limited to BB- from BB, citing risk of
failure to give out dividend payments by the end of the fiscal
year, AFX reported Monday.  

Regarding the ratings S&P said, "The downgrades indicate an
increased risk of payment default on the preferred instruments
due to the nature of Japanese law governing payment on preferred
stock.

"In addition, the [bank's] financial flexibility is under
pressure from ongoing high credit costs and the introduction of
more rigorous accounting rules amid the weak stock market, to
which the [bank's] maintain large exposure.

"The introduction of mark-to-market accounting in fiscal 2001
will heighten the vulnerability of Japanese banks' distributable
profits to fluctuations in the domestic stock market.

"Given the significantly increased vulnerability of the [bank's]
distributable profits, the rating tolerance for this uncertainty
is limited.

"The introduction of mark-to-market accounting in fiscal 2001
will heighten the vulnerability of Japanese [bank's]
distributable profits to fluctuations in the domestic stock
market.

"Given the significantly increased vulnerability of the [bank's]
distributable profits, the rating tolerance for this uncertainty
is limited.

"However, precise details of the scheme have not been unveiled.

"Any capital infusion by the government into the [bank] would not
directly reduce the risk of their preferred instruments because
such capital would be booked as either paid-in capital or capital
surplus, which cannot be used for dividend payments under
Japanese law."


FUJIKO COMPANY: Owes Y2.9B To Bank
----------------------------------
Chuo Mitsui Trust and Banking Company (TSE:8408), as reported in
the Monday edition of Jiji Press, said that troubled midsize
contractor Fujiko Company owes the finance institution a total of
Y2.9 billion in claims.

Debt-laden Fujiko applied last Friday for court protection from
creditors at the Tokyo District Court, as covered by the
corporate rehabilitation law.


INDUSTRIAL BANK: S&P Downgrades Rating To `BB'
----------------------------------------------
Industrial Bank of Japan Ltd received a downgraded rating on its
preferred stock from Standard & Poor's. The rating dropped to BB
from BB+. S&P cited the risk that the bank might fail to
distribute dividends at the end of the fiscal year, AFX reported
on Monday.

Standard & Poor's said the outlook was negative, while the debt
ratings were affirmed.


SUMITOMO BANK: Preferred Rating Down To `BB', Says S&P
------------------------------------------------------
The preferred stock rating of Sumitomo Bank plunged to BB from
BB+, according to rating agency Standard & Poor's Corporation.
Tokai Bank Limited got a BB- from BB, AFX reported.

"The downgrades indicate an increased risk of payment default on
the preferred instruments due to the nature of Japanese law
governing payment on preferred stock," S&P said.


TOKYO MUTUAL: Moody's Downgrades Rating To Caa2
-----------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength rating of Tokyo Mutual Life Insurance Company (Tokyo
Life) to Caa2 from Caa1. The rating outlook of the company has
been changed to negative from developing.

Tokyo Life filed for protection from creditors in Tokyo District
Court on March 23, under a special exemption of the Corporate
Rehabilitation Law. Tokyo Life had unrealized losses of Y94.0
billion in its investment portfolio of marketable securities in
general account as of September 30, 2000 and its investment
portfolio has been negatively affected by further declines in the
Japanese stock market. According to the Financial Services Agency
of Japan, Tokyo Life's estimated negative net worth as of March
2001 is Y34.1 billion.

Tokyo Life had been negotiating with Daiwa Bank and other
companies about the possible introduction of Foundation Funds
into Tokyo Life and about possible alliances with foreign
investors. Those negotiations did not reach an agreement.

Full protection of death benefit will expire at the end of March
2001, moreover, in Moody's view, policyholders of saving-type
products are likely to see a sharp reduction of guaranteed rates.

The failure of Tokyo Life has re-focused attention on key issues
the Japanese life industry faces; improvement of investment
portfolios, the build up capital and business franchises, and
business alliances with insurance and/or other financial services
companies.

Tokyo Mutual Life Insurance Company, headquartered in Tokyo, is
the 14th largest Japanese life insurance company. Tokyo Life had
total assets of Y1.0 trillion as of September 30, 2000.


TSUMURA & COMPANY: Liquidates Two Subsidiaries
----------------------------------------------
Tsumura & Co. (TSE:4540), a producer of Chinese herbal medicines,
announced Monday that by Friday liquidation proceedings of two
North American subsidiaries will be completed, Jiji Press Monday
edition reported. The two subsidiaries winding up are Tsumura
International Inc and Tsumura Canada Inc. The former, based in
Englewood, New Jersey produces bath and toiletry goods; the
latter has its base in Ontario, Canada and trades U.S. company's
produce.

Belae Brands Inc, a manufacturer of health care products based in
Arizona, bought the two companies' goodwill and assets earlier,
Jiji said.

It also reported that Tsumura & Co. stressed that this
liquidation process of the subsidiaries would not impact its
revenues in the current year, which ends this week.


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


DAEWOO ELECTRONICS: To Dispose Of Non-Core Units
------------------------------------------------
Daewoo Electronics Company reiterated that it will sell off 10
non-core units by the end of the year's first half, as part of
its work out plan.  

According to Digital Chosun, Daewoo President Chang Ki-young
announced on Tuesday that restructuring is likely to happen,
adding that details of the sale of these 10 businesses will be
announced when asset valuation, conducted by financial adviser
KPMG, is finished in April.

The sale of core businesses to foreign investments will also be
the best option after the sale of the non-core operations, Chang
said in the Chosun report.

He also disclosed that Daewoo had finalized talks with Hanwha and  
Gwang Electronics, for the sale of their diffusion sector and of
the non-memory semiconductor sector, respectively.


HANIL LIFE: Panel To Discuss Plight Of Insurers
-----------------------------------------------
The Public Fund Management Committee, a private-governmental
panel to supervise public fund use, is meeting Wednesday, March
28, to discuss the issues and plight of three troubled life
insurers and how these will be dealt with, Korea Herald reported
on Tuesday. The three life insurers are Hanil Life Insurance,
Hyundai Life Insurance, and Samshin Life Insurance.

Last week, the members of the committee met but failed to decide
on the matters concerning these life insurers, the Herald said.


HYUNDAI ENGINEERING: Incurs W2.9 Trillion Loss
----------------------------------------------
Hyundai Engineering & Construction Company (HECC) reported that
it incurred a record loss of W2.9 trillion for the year 2000,
Bloomberg reported Wednesday. The figure, the report said, was
attributed to the unpaid debts from its Iraqi ventures.

HECC, considered the country's largest construction company, owes
a total of W4.5 trillion in debts, and has sought court
protection from creditors including the Korean Exchange Bank.

Citing an HECC finance official, Bloomberg also reported that the
company will negotiate with creditors for a debt-to-equity swap,
while government officials will conduct discussions on means to
resolve the company's financial woes.


REGENT MERCHANT: Submit Merger Plan, FSC Says
---------------------------------------------
The Financial Supervisory Commission (FSC) asked Regent Merchant
Bank to tender, by the month's end, documents pertaining to its
merger plans with Tong Yang Merchant Bank, Korea Herald reported
on Tuesday. The FSC is expected to release its decision to accept
or reject the bank's management improvement plans no later than
April 8.

The bank is also required to submit the following: a memorandum
of agreement signifying the merger, a letter of consent
pertaining to the merger from the Tong Yang's controlling
shareholder, and plans to secure funds.

On January 9, Regent Merchant Bank received a management
improvement order, which ordered the troubled institution to
propose improvement plans including fund-raising plans and merger
or liquidation plans.



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



ANSON PERDANA: Announces Approval Of Composite Bid
--------------------------------------------------
Anson Perdana Berhad, through its Board of Directors, announced
at the Kuala Lumpur Stock Market on Tuesday that both the Scheme
B (Unsecured Lenders and Scheme D (Plantation Lenders), of the
proposed composite scheme of arrangement pursuant to Section 176
of the Companies Act, 1965, have been approved at the adjourned
court convened creditors' meeting held on March 27.

A majority representing more than 75 percent in value approved
the schemes.


HAI MING: Terminates Debt Deal With Bank
----------------------------------------
Alliance Merchant Bank Berhad announced in a press release on
Tuesday at the Kuala Lumpur Stock Exchange that Hai Ming Holdings
Berhad's (KLSE:HAIMING) debt agreement with a consortium of
lenders had been terminated on March 21, 2001, due to non-
fulfillment of certain conditions precedent in the agreement.

                       Background

Hai Ming was incorporated on August 20, 1985 in Malaysia as a
private limited company. It was converted to a public company on
November 30, 1991. It was first listed in the Kuala Lumpur Stock
Exchange (Second Board) on June 14, 1994.

The Hai Ming Group is principally involved in the manufacture of
paper products and the wholesale of paper, paper products and
stationery. The Group's factories are located in Klang, Shah
Alam, Ipoh, Kuching and Kota Kinabalu.

Currently, its total production capacity is estimated at 26,000
metric tons per annum. It has manufacturing operations in Hubei,
China, through a subsidiary, Hai Ming Capital. Approximately 95
percent of the Group's turnover is derived locally while the
balance is derived from exports to Singapore, Hong Kong, Brunei,
Australia and New Zealand.

              Principal Activities and Products

Napkins, facial tissue, toilet paper, kitchen towels, hand-roll
towels, jumbo-roll towels, photostating paper of various sizes
(e.g. A4, B4, F4 and A3 size), note pads, hard-cover exercise
books, examination pads, computer forms, NCR paper, masking
tapes, industrial tapes, bottled and mineral water, instant
noodle, dried food and sport products under "Victor" brand.


LIEN HOE: Informs Defaults of Payments
--------------------------------------
Lien Hoe Corporation Berhad (KLSE:LIENHOE) posted at the Kuala
Lumpur Stock Exchange the following announcement dated March 22,
2001, to keep the loan stockholders informed of the current
status of the following defaults pertaining to the Loan Stocks of
Lien Hoe in accordance with KLSE Practice Note No. 2/98:

a. Loan Stocks interest from 1 January 2000 to 30 June 2000;
b. Loan Stocks interest from 1 July 2000 to 17 August 2000; and
c. Maturity and redemption of Loan Stocks due 17 August 2000

1. Reasons for default in payments: As stated in our circular to
loan stockholders dated 17 July 2000, the company was adversely
affected by the Asian financial crisis, which resulted in the
slowdown of the Malaysian economy in general and the property
market in particular. This has affected the company's ability to
pay the Loan Stocks' principal and interest when they fell due.

2. Measures taken to address the default: The company had on May
30, 2000 received Securities Commission's approval for its
restructuring exercise which includes inter-alia, a capital
reduction and rights issue of warrants. An amount of RM36.7
million arising from this exercise has been earmarked for partial
redemption of the Loan Stocks whilst the balance of RM7.1 million
and Loan Stocks interest of approximately RM4.1 million will be
repaid via bridging loan from financial institutions. This loan,
if approved, will be secured by a charge over the company's
property known as Kompleks Lien Hoe in Johor Baru valued at
RM126.976 million as at 4 May 1998.

The restructuring exercise has also been approved by the
shareholders of the Company at an extraordinary general meeting
held on 23 November 2000. Subsequently on 10 January 2001, the
High Court of Malaya granted its sanction for the capital
reduction, which forms an integral part of the restructuring
exercise of the company. The capital reduction was completed on
15 February 2001 and the other components of the restructuring
exercise will be implemented sequentially thereafter.

In view of the depressing local stock market condition, which may
adversely affect the progress of implementation of the
restructuring exercise, the company is actively pursuing a bonds
issue by way of securitization of Kompleks Lien Hoe as an
alternative plan. The bonds issue, if successful, will raise
sufficient cash for the company to redeem the Loan Stocks plus
any accrued interest in full.


3. Financial and legal implications in respect of the default in
payments of the outstanding sums: Under the company's proposed
debt restructuring scheme as facilitated by the Corporate Debt
Restructuring Committee, Bank Negara Malaysia, the major lenders
to the Lien Hoe Group have agreed to restructure the majority of
the Group's debts. This proposal has also the approval by the
Securities Commission on 30 May 2000 and the shareholders
approval on November 23, 2000. Hence, there are no significant
financial and legal implications in respect of the default.


4. Lines of action available to the security holders against the
company: The Loan Stocks is secured by a charge over the
company's property known as Kompleks Lien Hoe in Johor Baru
valued at RM126.976 million as at 4 May 1998. Loan stockholders
will continue to have a claim against the company in respect of
their respective holdings of the Loan Stock. The rights of the
registered loan stockholders will continue to be protected by the
terms of the Trust Deed, as amended by the Amendment Trust Deed,
and will continue to be represented by the Trustee, Universal
Trustee (Malaysia) Berhad.

                         Background

Lien Hoe Corporation Berhad was incorporated on March 22, 1969 as
Lien Hoe Industries Bhd. It has been listed at the Kuala Lumpur
Main Board (Properties) since July 16, 1970.

Originally the company (LHC) and its subsidiaries were engaged in
the manufacture and trading of building materials. In 1982 and
1983, Peak Hua Holdings Bhd (PHH), a company involved in real
estate and securities investment, acquired the majority
shareholding in LHC. LHC then embarked on a restructuring
exercise, which resulted in diversification into property
development in June 1983. Distribution of scientific/medical
supplies was added in mid-1988 as was the manufacture of kitchen
cabinets and knock down furniture.

In 1988 the company ceased to be a subsidiary of PHH. Subsequent
to a scheme of financial restructuring in 1990, LHC branched into
property investment and management through acquisitions. Over the
years, LHC has ventured into timber logging and hotel property.

Currently, the Group is in the process of implementing its
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries Sdn
Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring and rights issue of
warrants. The SC has approved the scheme on March 30, 2000.


TENAGA NASIONAL: US$600M Notes Gets S&P's 'BBB' Rating
------------------------------------------------------
A Credit Wire release revealed that on March 27, Standard &
Poor's assigned its triple-'B' foreign currency rating to Tenaga
Nasional Bhd's US$600 million 7.625 percent senior unsecured
notes due 2011. At the same time, Standard & Poor's affirmed its
triple-'B' corporate credit rating on Tenaga. The outlook on the
corporate credit rating is stable.  



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


MAYNILAD WATER: Gets Debt Service Moratorium
--------------------------------------------
Maynilad Water Services Inc., the cash-strapped water supplier of
the Lopez Group, received a debt service moratorium while the
government has yet to decide on Maynilad's bid to re-negotiate
for water concession, the Philippine Star reported on Tuesday.
According to Maynilad president Rafael Alunan, the petition is
already with the Cabinet panel.

Alunan also said that Maynilad could not continue its debt
servicing anymore. He added that the Manila Water and Sewerage
System (MWSS) had already been formally informed about it.

The company is currently suffering from severe cash flow problems
begun by the plunge of the peso back in 1997, Alunan said in the
Star report. Maynilad is laden with over P4.8 billion in bridge
loans from various foreign banks, all due this month. Other than
this, it has short-term guaranteed loans amounting to P3.1
billion and some P2.7 billion in loans maturing within the year.

Maynilad incurs monthly revenues reaching P200 million, but which
Alunan said are short of breaking even with its monthly operating
costs reaching P250 million.

Aside from the maturing bridge loans, Maynilad also has to settle
P3.1 billion worth of short-term guaranteed loans and some P2.7
billion worth of maturing debts from March to December 2001,
representing the debts it inherited from the MWSS when the
service area was privatized.

Alunan said that Maynilad's P200-million monthly revenues are not
even enough to finance its operating costs estimated to reach
P250 million every month, the Star reported.


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


ASIA PULP: China Assets "Highly Likely" To Be Sold
--------------------------------------------------
Asia Pulp & Paper Company's (PAP) assets in China, with an
estimated valued of about US$2.6 billion, are "highly likely" to
be sold, said the Asian Wall Street Journal, citing a report
released by JP Morgan Tuesday.

Listed in New York, with operations in China, Indonesia, and
India, APP has been suffering from a financial crisis, as it is
deep in debts and obligations totaling US$12 billion. Its March 2
announcement said the company had appointed JP Morgan as its
adviser, particularly on the sale of certain assets in order to
produce funds.  

JP Morgan, the Journal said, reported that APP China is "most
likely near-term source of cash."

"We believe that outright 100 percent sale of China is now highly
likely, as APP would be hard pressed to sell a joint venture in
its current condition," JP Morgan further said in its report.

APP China, the Journal said, has short-term debt of US$1.2
billion, long-term debt of US$1.6 billion as of June 30, 2000. It
has net debt of US$1.8 billion, taking into account its cash
deposits of US$1 billion.


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


CAPITAL NOMURA: Posts Half-Year Net Losses Of Bt51.12 Million
-------------------------------------------------------------
Capital Nomura Securities Public Company Limited reported on
Tuesday to the Stock Exchange of Thailand that for the half-year
ended February 28, 2001 the company incurred Bt51.122 million in
net losses, as opposed to the same period in the preceding year's
net income of Bt95.483 million.

The company posted total operations expenses of Bt263.84 million,
or a drop by 12.26 percent from Bt300.716 million of the same
period in the previous year. Its net securities business income,
after expenses on borrowings, fees and services, registered
Bt215.315 million, or a drop by about 49 percent from Bt423.612
incurred in the same period of the preceding year.


CROWN SEAL: Announces Omission of Dividend Payment
--------------------------------------------------
Crown Seal Public Company Limited posted a notice at the Stock
Exchange of Thailand that the board of directors resolved to
propose the non-payment of dividend for the year 2001 owing to
the company's accumulated losses.

This resolution will be presented for approval at the ordinary
general meeting scheduled on April 30, 2001 at 10 a.m. at
Ballroom A Room, Hilton International Bangkok at Nai Lert Park, 2
Wireless Road, Kwaeng Lumpini, Khet Patumwan, Bangkok.

In the meeting the following agenda will be considered:

1) To Adopt of Minutes of the Extraordinary General Meeting of
Shareholders Session no.1/2001;

(2) To Acknowledge the Board of Directors' 2000 Annual Report;

(3) To approve the Balance Sheet and the Statement of Income,
ending 31st December 2000;
           
(4) To Consider the Allocation of Profit & Loss and to refrain
from payment of Dividend for year 2000;

(5) To Elect Directors to replace those retired by rotation;

(6) To Appoint Auditor and to fix the annual Auditor Fee for
2001; and

(7) Other Business (If Any).

The board also resolved to set closing the date of the
registration book for shareholders' right to attend the ordinary
general meeting on Tuesday April 10, 2001 at 12.00 p.m. until the
conclusion of the mentioned ordinary general meeting.


INTERNATIONAL ENGINEERING: To Issue 15M Shares To Raise Capital
---------------------------------------------------------------
The board of International Engineering (IE) has decided to issue
15 million shares at Bt10 each to Krung Thai Bank (KTB) to raise  
capital included in its debt-restructuring plan, the Nation
reported on Wednesday. IE owes over Bt1 billion to KTB. The
amount was a debt guarantee provided to affiliate M-Group.

The report also said that the company would allot 5 million
ordinary shares at Bt20 each to debenture holders. With the
concurrence of the board, the company would ditch 9 million units
of ordinary share-purchase warrants, which are surfeit of the
sale to Inter Business Restructuring Co Ltd. This resulted in the
reduction of registered capital by Bt90 million from Bt1.32
billion.

These resolutions will have to seek the shareholders' approval,
the Nation report said.


KRISDAMAHANAKORN PUBLIC: Reports Progress Of Rehab Plan
-------------------------------------------------------
Krisdamahanakorn Public Company Limited (SET:KMC) released
to the Stock Exchange of Thailand on March 28, 2001, the
following progress report on the company's rehabilitation plan
and operating performance for the 4th quarter of 2000:

In reference to the rules and regulations of the Stock Exchange
of Thailand (SET) regarding the rehabilitation plan, any company
under rehabilitation (REHABCO) that its rehabilitation plan is
approved by its shareholders is required to retain a financial
advisor to providing the report on its operating performance in
each quarter during the period of the rehabilitation plan.

                          Introduction

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

Finansa has prepared KMC's rehabilitation plan with the
cooperation of KMC and Ernst & Young Office Limited (E&Y) as
KMC's auditor who reviewed KMC's financial projection over the 2-
year rehabilitation plan from 3rd quarter of 1999 to 2nd quarter
of 2001.

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

                        The Progress Report

KMC and Finansa have analyzed KMC's auditor report of 4th quarter
of 2000 compared with KMC's financial projection under the
rehabilitation plan and would like to report the progress of the
rehabilitation plan and operating performance of 4th quarter of
2000 as follows:

Operating performance of normal property development business
outperforms the projected figures of 4th quarter of 2000.  
Revenues from sales of property and construction services are
58.43 percent and 510.98 percent higher than the projection.
Revenues from property management, interest income, rental
income, and golf course are 58.39 percent, 153.57 percent, 20.75
percent, and 13.33 percent higher than the projection,
respectively. Only other income is 44.01 percent lower than the
projection.

Cost of sales and construction services is 151.41 percent higher
than the projected figure due to increase in sales of property
and revenue from construction services. Selling and
administration expenses are 18.83 percent higher than the
projection since the intensive marketing strategies have been
implemented. It has been shown as the continuous advertising
campaigns.

Gross profit is 246.08 percent higher than expected. Actual gross
margin is 33.76 percent compared to the projected one at 27.02
percent. Operating profit before interest expenses at Bt26.24
million is higher than the projected operating loss before
interest expenses at Bt18.06 million.  The intensive marketing
strategies, including continuous sales promotions and advertising
campaigns, has not only taken the significant part in generating
the operating profit, but also regained the brand recognition and
customers' acceptance. In addition, cost of sales and
construction services and selling and administration expenses are
closely monitored and controlled.

Although KMC has completed the debt restructuring with another
financial institution in 4th quarter of 2000, interest expenses
are 373.90 percent higher than the projection since the debt
restructuring with 5 other creditors is not completed as
expected.  KMC has to realize high interest expenses based on
existing high interest rates and loan amounts. However, part of
interest expenses incurred in 3rd and 4th quarters of 2000 will
be reversed to profit from debt restructuring after the debt
restructuring is completed.  Interest expenses booked by KMC in
3rd and 4th quarters will not be taken into consideration in debt
restructuring with creditors.

In considering the extraordinary items occurred in 4th quarter of
2000, reversal of revenue from sales, reversal of cost of sales,
reversal of revenue from construction services, and reversal of
cost of construction services due to contract termination are
higher than the projection since the incomplete contract
terminations in 3rd quarter as mentioned in previous report have
been completed in the 4th quarter of 2000 and the rest in 2001.
The incomplete debt restructuring has caused the increase of
accrued interest expenses and the lower profit from debt
restructuring on the book of KMC.  As a consequence, the actual
extraordinary items are different from the projected figures.

Furthermore, as mentioned in E&Y auditing report for the year
2000, KMC is preceding the requirements specified in the debt
restructuring agreements with creditors (the Requirements), which
include converting debt to equity and debt to assets. Although
KMC has completed the debt restructuring with many creditors, the
actions to meet the Requirements consume longer time than
projected.  However, the financial statement of KMC will resume
to be as the projection whenever KMC completes its actions to
meet the Requirements.

KMC has increased its paid-up capital in 4th quarter for
Bt1.04223 billion, divided to 42.57 million common shares and
61.65 million preferred shares.  In addition, the advance from
preferred shares subscription of Bt293.25 million would be
registered as paid-up preferred share capital in 1st quarter of
2001.

Generally, the extraordinary items from contract termination and
debt restructuring, which are not realized in 3rd and 4th
quarters of 2000 will be realized in 2001.  Operating performance
in property development business is outstanding.  Revenues from
sales and construction services as well as operating profit are
well above the projected figures.



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

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