TCRAP_Public/010405.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

                 Thursday, April 5, 2001, Vol. 4, No. 67


                               Headlines


A U S T R A L I A

BT RESOURCES: Voluntary Wind Up Possible
HARRIS SCARFE: Regulators To Probe Accounts Fiasco
NSW GRAINS: To Face Suit For $50-M Loss In Fiasco


C H I N A   &   H O N G  K O N G

GOLDEN REWARDS: Faces Petition To Wind Up
HIH INSURANCE (ASIA): Partners To Take Over Asian Unit
KING WAI: Faces Petition To Wind Up
T&Y CORPORATION: Petition To Wind Up
VINYARD LIMITED: Faces Winding Up Petition
WAN LEE: Faces Winding Up Petition


I N D O N E S I A

ASIA PULP: Plans To Meet With Creditors
DIPASENA CITRA: Responsible For Rehab Costs, IBRA Says


J A P A N

MITSUI LIFE: Rating Lowered To `BB'
NICHIMEN CORPORATION: To Post Y20-B Net Loss
TOKYO DOME: Posts Y10.46-B Group Net Loss
SUMITOMO LIFE: Gets Negative Rating From S&P
TOKYU STORE: Posts Y28.49-B Net Loss


K O R E A

HANIL LIFE: Condition Offered To Encourage Recovery
HYUNDAI GROUP: Loses W500-B In N. Korea Tourism Venture
KOHAP GROUP: Fails To Meet FTC Deadline
SSANGYONG GROUP: Face Disciplinary Action


M A L A Y S I A

ALUMETA INDUSTRIES: Winds Up Voluntarily
ESPRIT GROUP: Announces Status of Plan To Regularize
JUTAJAYA HOLDING: Bids For Debt Restructuring
OMEGA HOLDINGS: Reports On SPA With Broadland Garment
PANCARAN IKRAB: Status of Financial Reg Exercise Announced
PARIT PERAK: Reports Update Of Restructure Exercise
SISTEM TELEVISYEN: Status of Financial Reg Revealed


P H I L I P P I N E S

NATIONAL STEEL: Fate Rests On Taipan, Says Gov't


S I N G A P O R E

CYBERCAMPUS 21: Goes Into Voluntary Liquidation


T H A I L A N D

INTER FAR EAST: Reports Bt119-M Net Loss
MODERN HOME: Reports Bt898-M Net Loss
MODERN PLASTIC: Plans To Sell Off Core Assets
NTS STEEL: Sets Merger With Cementhai
PRASIT PATANA: Reports Net Loss Of Bt8.074-B
SIAM SYNTECH: Reports Progress Of Restructuring Plan
THAIENGINE MANUFACTURING: Posts Bt6.018-B Net Loss


     -  -  -  -  -  -  -  -  -  -

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


BT RESOURCES: Voluntary Wind Up Possible
----------------------------------------
BT Resources Management Limited announced yesterday at the
Australian Stock Exchange that the extraordinary general meeting
held yesterday passed a special resolution to consider voluntary
wind-up of the company. Consequently, shares of the company will
be suspended from trading at the close of trading on Tuesday
April 10, 2001.


HARRIS SCARFE: Regulators To Probe Accounts Fiasco
--------------------------------------------------
Harris Scarfe has called corporate regulators to probe into the
alleged multi-million-dollar accounting fiasco, The Age reported
yesterday. The manipulation in the accounts, reportedly, gave a
"false and misleading" picture of the retailer's financial
health.

Lindsay Maxsted and partner Michael Dwyer both of KPMG have been
appointed voluntary administrators, while accountants Ferrier
Hodgson have been appointed as standby receivers should the
company decide to go into receivership. Ferrier Hodgson were
appointed by ANZ Bank, the company's major creditor to which the
retailer owes nearly $70 million in long-term secured loans and
overdrafts.

Initial inquiries into the accounts, according to sources,
revealed that shareholder funds might have been overvalued at $45
million, which resulted in the drop of net assets value to $63
million from $108 million as shown in the half-year accounts
reported in mid-March.
  
It was found out last week, a company announcement at the
Australian Stock Exchange said, the discrepancies in the accounts
showed that the company's stocks position had been, for six
years, bloated, while its liabilities had been devalued.  

"While being aware of very difficult trading conditions, it was
only with the departure of senior management that the
irregularities became apparent," Harris Scarfe executive chairman
Adam Trescowthick said, in the same company announcement. He was
referring to Harris Scarfe's chief operating officer from 1999,  
Dan McLaughlin, who resigned last week.

According to administrator Dwyer some low-performing stores might
be advised to shut down, but only after the administrators have
determined trading patterns and plausibility to continue
operation of such stores.

The administrators are planning to hold a meeting with creditors
and suppliers before the start of next week.


NSW GRAINS: To Face Suit For $50-M Loss In Fiasco
-------------------------------------------------
Commonwealth Bank and agricultural lender Rabo Bank have decided
to take legal actions against NSW Grains Board's directors and
auditors to recoup losses amounting to $50 million, the Sydney
Morning Herald reported Monday. The two banks had extended a
credit line to the Board worth $350 million.

According to sources, the Herald reported, the two banks' lawyers
said that the banks were persuaded, complete with approval from
NSW Audit Office, by Board officials to grant the loans. A review
of the books conducted by PricewaterhouseCoopers disclosed that
there were irregularities in the transactions made by the board,
as some of them had not been reconciled for years.

Meanwhile, the Public Accounts Committee of the State Parliament,
which has conducted public consultations regarding NSW Grains'
collapse, is set to release its report in the next few weeks,  
Another agency called the Independent Commission Against
Corruption has started its own scrutiny into the issue.

Joe Tripodi, chairman of the Public Account Committee, said the
NSW Grains Board was "run like a tuckshop", as revealed in their
investigation, the Herald said.


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


GOLDEN REWARDS: Faces Petition To Wind Up
-----------------------------------------
Golden Rewards Limited faces a winding up petition filed in the
High Court of Hong Kong on February 7, 2001 by Hua Chiao
Commercial Bank Limited. The bank's registered office is at 88-98
Des Voeux Road Central, Hong Kong. The petition is scheduled to
be heard before the court on April 25, 2001 at 9:30 AM.


HIH INSURANCE (ASIA): Partners To Take Over Asian Unit
------------------------------------------------------
China Everbright and Standard Life Assurance will likely assume
29-percent stake of HIH Insurance (Asia) in the joint venture
Standard Life (Asia), South China Morning Post reported
yesterday.

The move will increase the stake of British insurer Standard Life
Assurance from 51 percent to 65 percent, while it bolsters China
Everbright's holding from 20 percent to 35 percent.

PricewaterhouseCoopers (PWC) partners Jan Blaauw and Peter
Whalley has yet to give its approval to the sell-off deal. The
two PWC partners are scheduled to be appointed by the Insurance
Authority on Monday, to handle the HIH subsidiaries, namely, HIH
Insurance (Asia), HIH Casualty & General Insurance, and FAI First
Pacific Insurance. All of which have been placed in the control
of the Insurance Authority upon the provisional liquidation of
the Australian parent company.

Blaauw, who has been receiving inquiries from policyholders since
the collapse of the HIH parent company, said a number of
companies have made inquiries on the sell-off of HIH businesses.


KING WAI: Faces Petition To Wind Up
-----------------------------------
King Wai Enterprise Holdings Company Limited is facing a winding
up petition filed at the High Court of Hong Kong on February 9,
2001 by  Standard Chartered Bank of 3rd Floor, 4-4A Des Voeux
Road Central, Hong Kong. The hearing is scheduled for April 25,
2001.


T&Y CORPORATION: Petition To Wind Up
------------------------------------
A petition for the winding up of T&Y Corporation Limited was
filed in the High Court of Hong Kong on February 12, 2001 by Sin
Hua Bank Limited whose principal place of business is 2A Des
Voeux Road Central, Hong Kong. The petition will be heard before
the Court at 10:00 AM on April 25, 2001.


VINYARD LIMITED: Faces Winding Up Petition
------------------------------------------
Vinyard Limited is facing a winding up petition at the High Court
of Hong Kong filed on January 13, 2001 by The China and South Sea
Bank Limited whose principal place of business is 136 Des Voeux
Road Central, Hong Kong. The petition will be heard before the
court on April 10, 2001 at 9:30 AM.


WAN LEE: Faces Winding Up Petition
----------------------------------
Wan Lee Fashion Limited is facing a winding up petition before
the High Court of Hong Kong on April 11, 2001 at 9:30 AM. The
petition was filed on January 30, 2001 by Sin Hua Bank Limited of
2A, Des Voeux Road Central, Hong Kong.


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


ASIA PULP: Plans To Meet With Creditors
---------------------------------------
Asia Pulp & Paper is starting negotiations with creditors on
Monday with the aim to establish new terms on its bonds, Hong
Kong Imail reported yesterday, citing a notice sent to creditors.

In the planned meeting, APP will give a briefing to creditors on
its outstanding debt, amounting to HK$93.6 billion, including a
schedule of negotiations with banks, export credit agencies,
suppliers and bondholders.

The creditors will meet at the Grand Ballroom of the Singapore
International Convention and Exhibition Centre.


DIPASENA CITRA: Responsible For Rehab Costs, IBRA Says
------------------------------------------------------
According to Raymond van Beekum, corporate secretary of
Indonesian Banking Restructuring Agency (IBRA), in Bisnis
Indonesia yesterday, PT Dipasena Citra Darmaja (DCD) should take
responsibility for operational and rehabilitation costs.

Beekum added DCD had put off its R1.1-trillion debt write-off due
to pond operations stoppage. "For Dipasena, IBRA is recommending
a write off in interest arrears worth Rp1.1 trillion on the
farmers.  The cultivation activities of the ponds have not been
in operation since end of 1999," he told Bisnis Tuesday.

Earlier, Dipasena's bid for debt restructuring worth R1.1
trillion interest arrears write-off was approved by the Financial
Sector Policy Committee, citing the welfare of farmers and their
families as reasons behind the approval.

FSPC has likewise approved to defray Dipasena's debt of Rp1.9
trillion.


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


MITSUI LIFE: Rating Lowered To `BB'
-----------------------------------
Standard & Poor's Monday lowered its counter-party credit and
insurer financial strength ratings on Mitsui Mutual Life
Insurance Company to double-'B' from double-'B'-plus, Standard &
Poor's CreditWire released.

The outlook on the counter-party credit rating remains negative.

The downgrade of Mitsui Life reflects the company's weakened
capitalization amid extreme volatility in the Japanese equity
market: The Nikkei index recently fell below 12,000 and closed
out fiscal 2000 at 12,999 last Friday, March 31, 2001--down 36
percent from one year earlier.

Mitsui Life's management has taken various initiatives to shore
up the company's capitalization, including issuing Y100 billion
in subordinated loans in February as well as arranging to raise
Y35 billion in additional 'kikin' funding (a form of subordinated
debt) in the current fiscal year, mostly from Mitsui group
companies.

The volatile equity market has significantly eroded the company's
capitalization. Although the company is still a major player in
the Japanese life insurance sector, its declining market share is
putting pressure on the company's earnings.

Such pressure will continue as long as current challenges in the
operating environment remain.


NICHIMEN CORPORATION: To Post Y20-B Net Loss
--------------------------------------------
Nichimen Corporation (TSE:8004) announced late last week that the
company predicts it will incur Y20 billion in consolidated net
loss for the fiscal year ending in March, opposed to its Y2.9-
billion profit in the preceding year, Asia Pulse reported Monday.
As a result, it will not distribute dividend payment for the
first time in 31 years.

Nichimen explained the expected net loss would result from its
extraordinary loss estimated at Y122 billion, particularly in
loan-loss reserves and securities valuation losses, which will
total about Y44 billion. From the sales of shares in subsidiaries
the company is expected to post extraordinary profits totaling
Y74 billion.

The group also forecasts a drop in sales by 13 percent to Y2.5
trillion. However, it believes that its operating profit will
likely climb by 12 percent to Y23 billion, attributable to a
sound gross profit margin, the Pulse said.


TOKYO DOME: Posts Y10.46-B Group Net Loss
-----------------------------------------
Tokyo Dome Corporation (TSE:9681) announced late last week that
the group registered a net loss amounting to Y10.46 billion for
the year ended January 2001, Asia Pulse reported Monday. The
company attributed this to the group's extraordinary losses
totaling Y21.9 billion coming from fixed-asset liquidations,
among others.

The amusement-park operator, however, posted a group sales of
Y107.2 billion or an increase by 4.6 percent, bolstered by the
opening of the Tokyo Dome Hotel in June. On the one hand, the
group's pretax profit plummeted by 70.1 percent to Y2.3 billion.  

Tokyo Dome is confident in its operations performance for the
current year ending January 2002, forecasting a hopeful Y1.5-
billion consolidated net profit. It also forecasts a dramatic
drop in extraordinary losses.

For the current year Tokyo Dome expects to make dividend payments
at Y3 per share. If so, it will be the first dividend payout in
four years.


SUMITOMO LIFE: Gets Negative Rating From S&P
--------------------------------------------
Standard & Poor's announced, through CreditWire, that the agency
has revised the rating outlook on Sumitomo Life Insurance Co. to
negative from stable. Sumitomo's counterparty credit rating drops
to `BBB-', while its financial strength rating gets `BBB'.  

The revised outlooks on Sumitomo Life reflect heightened concerns
over the company's susceptibility to stock market volatility
alongside increasing challenges in the operating environment for
the life sector in Japan.

Although the company is aggressively restructuring its balance
sheets, including the disposal of both domestic and overseas
assets carrying hidden losses, the impact of the stock market
downturn has offset these initiatives to a large extent.

The overall outlook on the Japanese life insurance industry
remains negative. Standard & Poor's expects the industry to
experience weak net business growth and poor earnings as a result
of volatile investment returns.

Further, industry-wide profit margins will come under mounting
pressure from pricing competition, balance sheet and franchise
restructuring, and ongoing consolidation among industry players.

Strong capitalization and financial flexibility are becoming
increasingly critical factors for Japan's life insurers as they
strive to operate in a rapidly changing environment, Standard &
Poor's said.


TOKYU STORE: Posts Y28.49-B Net Loss
------------------------------------
Tokyu Department Store Company (Tokyu) posted Y28.49 billion in
consolidated net loss for the year ending January 31, as opposed
to its net profit of Y14.79 billion for the same period in the
previous year, The Asian Wall Street Journal reported Monday.

As announced by the Japanese company, its group sales slipped to
Y504.78 billion in the most recent period. It incurred a group
pretax loss of Y6 billion, increasing by nearly 160 percent from
preceding year's Y2.34 billion incurred within the same period,
the Journal said. Its special losses also hiked up by nearly
twice as much as Y14.41 billion in the preceding year to Y31.05
billion.

Tokyu said that its parent sales dropped a little lower to
Y244.81 billion, due to economic uncertainty.

As part of Tokyu's focus shift to core operations, it has already
liquidated an unprofitable subsidiary. Another subsidiary, the
Hawaii-based Shikorkiya Inc., will also be sold.

Tokyu will slash its workforce by 9.8 percent for the period
starting April 20 to May 31, as part of its streamlining measures
by offering voluntary retirement, reducing annual labor costs by
Y1.1 billion, the Journal said.

Tokyu expects to generate a sales volume amounting to Y467
billion to produce a net profit of Y4.2 billion in the current
year ending January 31, 2002.


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


HANIL LIFE: Condition Offered To Encourage Recovery
---------------------------------------------------
The Financial Supervisory Commission is opening doors for ailing
Hanil Life Insurance to normalize management and business
operations but only when it is able to recover the excess of
loans given to Ssangyong Group, The Korea Herald reported
Tuesday. The condition will allow the failed insurer to conduct
its own self-rescue measures.

The FSC revealed its decision on Hanil Life, including the two
other failed insurers Hyundai and Samshin, in a Public Funds
Management Committee conference held on Monday. The FSC also
announced that it would revoke the business contracts of the two
other insurers, which would either be sold or liquidated.


HYUNDAI GROUP: Loses W500-B In N. Korea Tourism Venture
-------------------------------------------------------
Hyundai Group, according to an audit report by Samil Accounting,
incurred investment losses amounting to W500 billion in its Mt.
Kumgang tourism venture in North Korea, the Korea Herald reported
Tuesday. The same report warned that the tourism project is on
the brink of collapse.

The capital of the Hyundai Asan, the North Korean business arm,
in which Hyundai Engineering and Construction and other companies
of the Hyundai Group invested, has been totally depleted due to
mounting losses.

Samil's report deemed Hyundai Asan as non-viable due to
insolvency.

"Excessive tourism fee payments to the North and the falling
number of Mt. Kumgang tourists have driven Hyundai Asan into a
severe liquidity crunch," Samil remarked. "As countermeasures,
the group is negotiating a 50-percent cut in the tourism fee to
North Korea and asking the Seoul government to extend financial
support"

It was further suggested that both the North and South Korean
governments should offer support in a comprehensive rescue
operation of the venture.

An imminent danger already looms for Hyundai Asan venture, Samil
said, as it has already defaulted on its monthly tourism fees of
$4 million and $6 million for February and March, respectively.

The financial condition of the North Korean venture has had a  
domino effect on its investors, companies of the Hyundai Group,
as their finances continue to go down the drain.


KOHAP GROUP: Fails To Meet FTC Deadline
---------------------------------------
Kohap Group, one of Korea's chaebols under restructuring, was not
able to meet the March 31 deadline set by the Fair Trade
Commission (FTC) for the company to complete eliminating its
cross-debt guarantees to affiliates, Digital Chosun reported
yesterday. Kohap's guarantees is pegged at W5.3 billion.

For its failure, the conglomerate, which is one of the 30 biggest
in Korea, will face disciplinary action imposed by the FTC.


SSANGYONG GROUP: Face Disciplinary Action
-----------------------------------------
Ssangyong Group, which is one of Korea's 30 conglomerate giants,
is facing disciplinary action for having failed to meet the March
31 deadline set by the Fair Trade Commission (FTC) for the
elimination of cross-debt guarantees to affiliates, Digital
Chosun reported yesterday. The group's cross-debt guarantees
amount to W31 billion.

The FTC has yet to decide what disciplinary actions it will
impose on the conglomerate.

The FTC has, since 1998, ordered top-30 conglomerates to stop
extending new cross-debt guarantees to affiliates, including the
elimination of existing guarantees. Restructuring conglomerates
were given a March 31, 2001 deadline to complete elimination.


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


ALUMETA INDUSTRIES: Winds Up Voluntarily
----------------------------------------
Sin Kean Boon Group Berhad announced Tuesday at the Kuala Lumpur
Stock Exchange that on March 31, 2001, Alumeta Industries Sdn Bhd
(Alumeta) commenced winding up proceeding voluntarily. Alumeta is
a 51-percent-owned subsidiary of Sin Kean Boon - Sanwa (J.V.) Sdn
Bhd which, in turn, is a 60-percent-owned subsidiary of Sin Kean
Boon Metal Industries Sdn Bhd.

Sin Kean Boon Metal Industries Sdn Bhd is a wholly owned
subsidiary of Sin Kean Boon Group Berhad.

As Alumeta has ceased operations and remained dormant since
October 2000, the shareholders of the company had resolved via a
Special Resolution to wind up the company.

At the date of winding-up, Alumeta remained solvent.

The board of directors of Sin Kean Boon Group Berhad is also of
the opinion that the winding up of Alumeta will not have any
material impact on the group's earnings in 2001.


ESPRIT GROUP: Announces Status of Plan To Regularize
----------------------------------------------------
Esprit Group Berhad announced Monday at the Kuala Lumpur Stock
Exchange that the company is currently in the middle of
finalizing the explanatory statement to the creditors in
connection with the proposed scheme of arrangement. Full details
of the proposed scheme will be announced in due course upon
finalization of all relevant documents and the company will make
all necessary arrangements to convene both the creditors' and
members' meetings and its subsidiaries' creditors' meeting
pursuant to Section 176(1), Companies Act, 1965.


JUTAJAYA HOLDING: Bids For Debt Restructuring
---------------------------------------------
Jutajaya Holding Berhad announced Tuesday at the Kuala Lumpur
Stock Exchange that the majority of its lenders has agreed to
extend the expiry date of March 31, 2001 pursuant to the
compromise and settlement agreement dated January 11, 2000, by
another 3 months to June 30, 2001.

              Background

The company originated in 1955 as a family partnership in Pulau
Ketam, Selangor, dealing in fishing nets, boating equipment and
fishing gear. It served primarily the needs of the local
fisherfolk in the area and also several coastal towns within
Selangor until 1965 when the business was shifted to Klang. After
over 30 years of involvement in the marketing of fishing nets and
gear, the partners subsequently ventured into the manufacture of
fishing nets which led to the incorporation of the company.
Jutajaya obtained its manufacturing license to manufacture
fishing nets in December 1985.

The group's products have since extended to synthetic nettings,
ropes and twines. These products are mainly used in the fishing
industry, plantations, construction-related industries and
sporting activities.

In a rationalization exercise carried out in 1996, its net and
rope making operations were transferred to a subsidiary and the
company transformed into an investment holding company. The group
then diversified into property development via the acquisition of
a property development company within the same year. To further
branch into the construction sector, the group acquired Jutajaya
Buildtech Sdn Bhd (formerly known as Kemayan Construction Sdn
Bhd).

In July 1999, the company acquired 100 percent of Bidalan Teguh
Sdn Bhd, an investment holding company which owns a 70 percent
stake in Desiran Juta Sdn Bhd. Desiran has entered into a JVA
with Labuan Fisheries (M) Sdn Bhd to acquire the rights to
manage, upgrade, and rehabilitate a fisheries complex located in
Labuan for a period of 25 years commencing 8.12.98. The business
of Desiran includes manufacturing and sale of ice blocks, sale of
diesel to trawlers, processing and packaging of seafood products
and fishing. In the same year, the company acquired 71 percent in
Action Wear (M) Sdn Bhd, which is involved in the manufacturing
of sports apparel for the export market.


OMEGA HOLDINGS: Reports On SPA With Broadland Garment
-----------------------------------------------------
Omega Holdings Berhad announced Monday at the Kuala Lumpur Stock
Exchange that its conditional sale and purchase agreement (SPA)
entered into to acquire Broadland Garment Industries Sdn Bhd
(BGI) has expired.

On March 23, 2001, OHB and the vendors of BGI have agreed to
extend the SPA for a further six months subject to the following
conditions being fulfilled:

(a) All the lenders/creditors of OHB must agree to the debt
restructuring agreement on or before April 30, 2001; and

(b) A comprehensive restructuring proposal is to be submitted to
the Securities Commission for approval by June 30, 2001.

To date, the company still remains in negotiation with its
creditor banks.


PANCARAN IKRAB: Status of Financial Reg Exercise Announced
----------------------------------------------------------
Pancaran Ikrab Bhd (PIB), through Alliance Merchant Bank Berhad
(AMB), announced Monday at the Kuala Lumpur Stock Exchange the
status of PIB's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange (KLSE).

On November 10, 1999 and February 2, 2000, PIB announced the
proposed restructuring scheme and subsequent variations to the
scheme pursuant to further discussions with the creditors,
respectively.

The company has obtained approvals for the proposed restructuring
scheme from the following parties:

(i) Securities Commission on July 3, 2000;

(ii) Foreign Investment Committee on April 20, 2000;

(iii) Ministry of International Trade and Industry on May 23,
2000;

(iv) Bank Negara Malaysia on April 18, 2000 and May 4, 2000 for
the waiver from the requirement that a rating is obtained from a
local rating agency for the issuance of redeemable convertible
unsecured loan stock pursuant to the proposed acquisition of
Promenade Hotel Sdn Bhd and proposed debt restructuring scheme;

(v) Shareholders at an extraordinary general meeting held on  
October 23, 2000; and

(vi) Shareholders at a court convened meeting for the proposed
scheme of arrangement held on October 23, 2000.

The company has obtained the following from the Kuala Lumpur High
Court:

(i) Order in Terms approving the scheme of arrangement vide
Petition No.D9-26-59-2000 on November 17, 2000; and

(ii) Order in Terms sanctioning the capital reduction vide
Petition No.D9-26-58-2000 on December 7, 2000.

The company has also obtained from the SC, vide its letter dated  
January 5, 2001, an extension of the approval period for another
six months i.e. till July 2, 2001 to complete the proposed
restructuring scheme.

The company is currently in the midst of finalizing the
documentation for the proposed offer for sale and the proposed
restricted offer for sale.


PARIT PERAK: Reports Update Of Restructure Exercise
---------------------------------------------------
Parit Perak Holdings Berhad (PPHB), through Commerce
International Merchant Bankers Berhad, released Tuesday at the
Kuala Lumpur Stock Exchange the following announcement, thus:

On May 5, 2000 and August 8, 2000, Commerce International
Merchant Bankers Berhad (CIMB) on behalf of PPHB announced that
PPHB proposed to undertake a restructuring exercise which
includes a proposed debt restructuring scheme involving the
affected creditors of PPHB and certain of its subsidiaries,
namely Capital Dynasty Sdn Bhd (CDSB), Citra Vista Sdn Bhd (CVSB)
and Oxford Master Sdn Bhd (OMSB). In the August 8, 2000
announcement, it was also stated that PPHB had terminated the
proposed acquisition of Tropical Forests Resorts Berhad (TFRB).

On November 30, 2000, CIMB announced on behalf of PPHB that the
submission to the Securities Commission (SC) has not been made
within the time frame as announced because PPHB was still in
negotiations with its creditor banks.

On February 23, 2001, CIMB on behalf of PPHB announced that PPHB
is an affected listed issuer pursuant to Paragraph 8.14 of the
Kuala Lumpur Stock Exchange (KLSE) Listing Requirements and the
obligations of PPHB as an affected listed issuer.

On behalf of the Board of Directors of PPHB, CIMB wishes to
announce that on April 3, 2001, PPHB has entered into a mutual
revocation agreement with Wong Futt Kien, Mohd Kamal bin Jaafar
and Dato' Shahrom bin Haji Abdul Majid to mutually revoke the
conditional sale and purchase agreement dated May 5, 2000 and a
subsequent supplementary agreement dated August 8, 2000 to
acquire the entire issued and paid-up share capital of DK
Development Sdn Bhd (DKD).

On behalf of the Board of Directors of PPHB, CIMB also wishes to
announce that the Board of Directors of PPHB has on April 3, 2001
entered into a Master Agreement with Bentaniaga Sdn. Bhd. and
Desa Lestari Sdn Bhd (Vendors) on a tentative scheme of
reconstruction of PPHB Group (Proposals) on the premise that the
debts owed by CDSB to a secured lender of CDSB, Malaysia Building
Society Berhad (MBSB) will be settled through the disposal of
sufficient commercial space in Kemayan City Commercial Complex,
situated on H.S. (D) 200923 P.T. No. 63695, Mukim Tebrau,
District Johor Bahru, Johor Darul Takzim (Kemayan City) at a
consideration equivalent to 30 percent off CDSB's selling price
for the retail units in Kemayan City and at MBSB's valuation for
the non retail space to MBSB and the subsequent divestment of
CDSB. The details of the Proposed MBSB Settlement and Proposed
CDSB Divestment will be announced when formal agreements have
been entered into.

The Proposals will involve the following:

(i) the proposed capital reduction by PPHB involving the
cancellation of RM0.90 of the par value of each existing ordinary
share of RM1.00 each in PPHB and subsequent proposed
consolidation of ten ordinary shares of RM0.10 each into one
ordinary share of RM1.00 each (Consolidated PPHB Share);

(ii) the incorporation of a new investment holding company
(Newco), with an initial issued and paid-up capital of RM2.00
comprising two ordinary shares of RM1.00 each to acquire the
entire issued and paid-up share capital of PPHB after the
Proposed Capital Reduction by share exchange on the basis of one
new ordinary share of RM1.00 each in Newco (Newco Shares) for
every one Consolidated PPHB Share. An application shall be made
to delist the Consolidated PPHB Shares and list Newco Shares on
the KLSE;

(iii) the proposed renounceable rights issue of 20,000,000 new
Newco Shares on the basis of four new Newco Shares for every
three Newco Shares held after the Proposed Share Exchange;

(iv) the proposed restructuring of the debts of PPHB, CVSB and
OMSB (Scheme Companies) involving inter-alia, a debt waiver, cash
settlement and conversion of the residual debts to equity linked
instruments by Newco (Proposed Debt Restructuring);

(v) the proposed acquisition of the entire equity interest in
Desa Plus Sdn Bhd (DPSB) and Desa Hatchery Sdn. Bhd. (DHSB), the
30 percent equity interest in Amalania Koko Berhad (AKB) and
Sabah Holdings Corporation Sdn Bhd (SHCSB), the 27.76 percent
equity interest in Sabah Cocoa Sdn Bhd (SCSB) (Desa Group) and
the land held under Ranau Country Lease No. 065316047 in the
district of Ranau within the locality of Mesilau, Sabah at an
indicative purchase consideration of RM185 million to be mutually
agreed by the relevant parties; and

(vi) the proposed restricted issue by Newco of RM10 million
nominal value Irredeemable Convertible Unsecured Loan Stocks
(ICULS).

3.1 Within three months following the execution of the Master
Agreement or such longer period as may be mutually agreed , PPHB
and the Vendors shall complete the following, failing which the
Master Agreement would terminate and be of no further force and
effect:

(a) cause CDSB to secure the duly executed and stamped
agreement(s) evidencing the settlement of the debts owed by CDSB
to MBSB;

(b) secure the duly executed and stamped agreement(s) evidencing
the divestment of CDSB;
(c) secure the written approval(s) in principle of some or all
the Creditors to the settlement of the liabilities owed by the
Scheme Companies to the Creditors with or without conditions
attached acceptable to PPHB; and

(d) enter into negotiations with a view to the execution of
agreement(s) relating to the proposed acquisitions. The vendors
shall also procure Korporasi Pembangunan Desa (KPD) to be a party
to the negotiations with a view to execution of the Acquisition
Agreement.

3.2 If the approvals in principle of the creditors constituting
more than 50 percent in number and representing 75 percent in
value of each class of creditors on terms and conditions
acceptable to PPHB and the vendors are secured within the
negotiation period, then, the approvals in principle shall,
within two months from the last day of the negotiation period, be
reduced, either by way of an informal scheme of arrangement or a
formal scheme of arrangement under Section 176 of the Companies
Act 1965, into a scheme of arrangement with creditors.

3.3 If, PPHB is unable, within the period of two months from the
last day of the negotiation period or such longer period as may
be agreed between PPHB and the vendors, to reduce the approvals
in principle into a scheme of arrangement with creditors, whether
informal or formal, then the master agreement shall terminate and
be of no further force and effect.

                Background


DPSB was incorporated in Malaysia as a private limited company on
August 5, 1995 pursuant to the Companies Act, 1965 under the name
Vikajaya Sdn Bhd and on May 15, 1996, it assumed its present
name. The present authorized share capital of DPSB is RM5 million
divided into 5 million ordinary shares of RM1.00 each of which 2
million ordinary shares of RM1.00 each have been issued and fully
paid-up.

The principal activity of DPSB is investment holding.

DHSB was incorporated in Malaysia as a private limited company on
July 29, 1977 pursuant to the Companies Act, 1965, under its
present name.

The present authorized share capital of DHSB is RM30 million
divided into 30 million ordinary shares of RM1.00 each of which
16,000,102 ordinary shares of RM1.00 each have been issued and
fully paid-up.

The principal activity of DHSB is the operation of poultry
broiler farms.

AKB was incorporated in Malaysia under the Companies Act, 1965 as
a public company on December 15, 1978 under its present name.

The present authorized share capital of AKB is RM50 million
divided into 50 million ordinary shares of RM1.00 each of which
34,055,085 ordinary shares of RM1.00 each have been issued and
fully paid-up.

The principal activity of AKB is operating an oil palm
plantation.

SHCSB was incorporated in Malaysia as a private limited company
on January 6, 1978 pursuant to the Companies Act, 1965, under its
present name. The principal activity of SHCSB is investment
holding and leasing of land to related companies.

SCSB was incorporated in Malaysia as a private limited company on  
December 14, 1978 pursuant to the Companies Act, 1965, under its
present name. The principal activity of SCSB is cultivation of
oil palm.

The land is a leasehold land held under Ranau Country Lease No.
065316047 measuring 69.66 hectares. The leasehold land is for a
term of 99 years expiring on December 31, 2087.

Pursuant to the TFRB Termination, the Board of Directors of PPHB
has been actively seeking suitable viable assets/businesses for
acquisition. The master agreement formalizes the intention and
the agreed parameters of PPHB and the vendors to work towards
entering into formal agreements in relation to the proposals at a
later date.

The main objective of the proposals is to rescue PPHB Group and
return it to a secure financial footing and profitability.

The master agreement provides an exclusivity period until the
agreement is terminated. In accordance with its terms, PPHB shall
not enter into any discussions or negotiations, give access or
information to any third party with a view to or execute any
agreement in relation to the injection of any assets in a scheme
of reconstruction of PPHB Group save as provided in the master
agreement and the Vendors shall not and shall cause KPD not to
enter into any discussions or negotiations, give access or
information to any third party with a view to or execute any
agreement in relation to a scheme of reconstruction of other
companies or the injection of the various companies identified in
Section 2(v) above into other companies or the sale of the shares
in the various companies identified in Section 2(v) to any
persons.


SISTEM TELEVISYEN: Status of Financial Reg Revealed
---------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3), through Arab-Malaysian
Merchant Bank Berhad, announced on Monday at the Kuala Lumpur
Stock Exchange the status of its plan to regularize its financial
condition.

As announced earlier, TV3 is currently in the midst of
formulating a debt-restructuring scheme to regularize its
financial condition. TV3 had recently convened an informal
meeting with its lenders to discuss with them on a proposal to
restructure the debts in the company. The details of the proposed
restructuring scheme will be announced once it is finalized.


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


NATIONAL STEEL: Fate Rests On Taipan, Says Gov't
------------------------------------------------
Trade Secretary Manuel Roxas III revealed on Monday that the
government believes the fate of troubled National Steel
Corporation (NSC) rests on taipan Lucio Tan, whose banks,
Philippine National Bank (PNB) and Allied Banking Corporation,
control half of the steelmaker's P14 billion debt obligations,
Philippine Daily Inquirer reported Tuesday.

Roxas was quoted as saying, "Any solution must have the support
of the banks, in particular PNB and Allied as they represent 50
percent of secured credit."

Tan, together with associates from the Cathay Pacific Steel
Company, are reportedly interested in taking over NSC. Other
groups are also interested in NSC, such as Novolipetsk Iron and
Steel Corp. of Russia, Duferco S.A., Grupo Jacinto, Allengoal,
Glencore Holdings, the Cathay Pacific Steel Co. group, and the
Pentium group.

As both the Philippine and Malaysian governments have mended
ties, which were strained during Estrada's administration when
NSC had to shut down due to pressure from creditors, hope now
looms large for NSC to reopen.

Also reported, a meeting between government officials, including
Roxas, and the NSC management committee chair Ibrahim Bidn, was
held last week to discuss on ways to resolve NSC's debt
obligations and other issues.


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


CYBERCAMPUS 21: Goes Into Voluntary Liquidation
-----------------------------------------------
TMC International Holdings Limited (TMC) announced at the
Singapore Stock Exchange Monday that its associated company,
CyberCampus 21 Pte Ltd (CC21) had gone into voluntary liquidation
on March 30, 2001. The board agreed that the business of CC21 is
no longer viable.

CC21 is a joint venture between TMC and CSA Holdings Ltd, entered
into in May 1998 to provide services to educational institutions,
including TMC, to deliver Internet-base learning programs.

TMC has invested $150,000 in CC21 and holds 30 percent of its
equity. A further cost of $138,000 was incurred by TMC in
connection with the voluntary liquidation.

The above transaction is not expected to have a material effect
on the net tangible assets or earnings per share for the Group
for the financial year ending December 31, 2001. TMC's plans to
deliver degree and diploma courses to students via dial-up
Internet access will not be affected by the liquidation of CC21.

None of the directors or substantial shareholders of TMC has any
interest, directly or indirectly, in the above transaction, the
company announcement said.


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


INTER FAR EAST: Reports Bt119-M Net Loss
----------------------------------------
Inter Far East Engineering announced Monday at the Stock Exchange
of Thailand that the company posted a net loss of Bt119.228
million for the year ended December 31, a drop by almost 80
percent from Bt566.618 for the same period in the preceding year.


MODERN HOME: Reports Bt898-M Net Loss
-------------------------------------
Modern Home Development Public Company Limited announced Monday
at the Kuala Lumpur Stock Exchange that it recorded a
consolidated net loss of Bt898.367 million for the year ended
December 31, slipping by 64 percent from Bt2.52 billion
consolidated net loss for the same period in the preceding year.


MODERN PLASTIC: Plans Sell Off Core Assets
---------------------------------------
Thai Modern Plastic Industry Plc's core assets will be sold to
Eastern Polymer Group Company at a price of Bt230 million, as
creditors have already given their go-signal to the sell-off bid,
Bangkok Post reported Monday, citing a source at Finance One Plc,
one of the company's creditors.

Thirty-four creditors, to whom the company owes combined debts of
Bt5.8 billion, approved the proposal raised by South Sathorn
Planner Company, the company's appointed administrator, Post
said.

Minor creditors, however, rejected the proposal.

The company holds cash reserves of around Bt80 million, apart
from acquisitions totaling Bt490 million, which include land,
buildings, machinery and inventories.

From the sale of all core assets, with a combined value of Bt580
million, the company, however, will be able to repay only 4.5
percent of the total debt to each creditor. This is much lower
than the return rate made by the Financial Sector Restructuring
Authority (FRA), Post said.

"Bondholders discussed this issue and wondered why the creditors
secured by collateral agreed to accept the same 4.5% return as
other creditors which were not secured by any collateral. The
bondholders are considering what to do next," said a source close
to the talks.

Trithip Sukhasapha, a partner with South Sathorn Planner Co,
countered that the proposed sale was given sanction through a
resolution made by majority of creditors, adding that it wasn't
the rehab plan administrator's decision.


NTS STEEL: Sets Merger With Cementhai
-------------------------------------
NTS Steel Plc is set to go into a merger with Cementhai Steel
Company of the Siam Cement Group, the Bangkok Post reported
Tuesday. However, according to NTS Steel executive Sawasdi
Horrungruang, the merger could only happen when the deal's
advisers have been paid, which the two companies had agreed to
half between themselves equally. The advisory fee totals Bt52
million.

Sawasdi further added that the merger is included in NTS Steel's
corporate rehabilitation valued at Bt20 billion.

As soon as the merger is signed, a holding company, Millennium
Steel Company, will be established to handle and manage both
assets and operations of the new entity. This is scheduled for
May, after which a due diligence on both parties will be made in
preparation for the issuance of new shares.  

The new entity will then be broken down, 50 percent to Cementhai,
43 percent to the US-based McDonald Management Consulting
Company, and 7 percent to NTS Steel.  

The new entity, should it be finalized and established, is
capable of producing 6.8 million tons annually, as operations
will be divided among NTS, which will take charge of the
production of billets and low-carbon, wire-rod steel, and
Cementhai Steel, to focus on high-carbon, wire-rod steel and
other steel construction materials, the Post said.


PRASIT PATANA: Reports Net Loss Of Bt8.074-B
--------------------------------------------
Prasit Patana Public Company Limited reported Monday to the Stock
Exchange of Thailand that its consolidated net loss for year
ending December 31, 2000 reached Bt8.073 billion from Bt1.141
billion incurred in the preceding year.


SIAM SYNTECH: Reports Progress Of Restructuring Plan
----------------------------------------------------
Siam Syntech Plc reported Monday to the Stock Exchange of
Thailand an update of its restructuring plan.

"Referring to the court order to restructured Siam Syntech
Construction Plc on the date of June 21, 2000 and appointed Siam
Syntech Planner Co Ltd to be a planner, followed by the creditors
have voted to accept the restructuring plan on February 12, 2001
as prior reported.

"On March 14, 2001, there were some creditors who filed  
objections and the court had ordered the official receiver and
the planner to explain those objections. On March 30, 2001, after
considering the objections and the explanations of creditors and
official receiver and planner, the court ordered that the
restructuring plan of Siam Syntech Construction Plc (contains)
nothing  contrary to the law and approved the plan."


THAIENGINE MANUFACTURING: Posts Bt6.018-B Net Loss
--------------------------------------------------
Thaiengine Manufacturing Public Company Limited announced Monday
at the Stock Exchange of Thailand that for the year ended
December 31, 2000, the company incurred net loss of Bt6.018
billion, as opposed to Bt1.307 billion recorded for the same
period in the preceding year.


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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