/raid1/www/Hosts/bankrupt/TCRAP_Public/010411.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, April 11, 2001, Vol. 4, No. 71


                               Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Directors Consider Ramsay's Offer
DIAMOND PRESS: Voluntary Administration Begins
STEEL TANK: Workers' Chances To Get Entitlements Improve
SUPREME 3: Goes Into Receivership


C H I N A   &   H O N G  K O N G

AKAI HOLDINGS: Court Orders Probe Into Collapse
CHEUNG MAN KAI: Faces Winding Up Petition
COME KIND ENGINEERING: Winding Up Petition Scheduled
GOLD CAPITAL: Winding Up Petition Imminent
HIH HONG KONG: Four Units Under Provisional Liquidation
JILIN CHEMICAL: Posts $787-M Net Loss
LIANYUNGANG INTERNATIONAL: Shanghai Lujiazui Named As Creditor
SHENZHEN PETROCHEMICAL: Problems Loom Over Receivables


I N D O N E S I A

BANK DANAMON: Faces Bankruptcy Suit
HOLDIKO PERKASA: Sells Indomaret For R162-B


J A P A N

E-BOND SECURITIES: Liquidation Looks Likely
KDDI CORPORATION: Headquarters Building On Block
SOGO COMPANY: Police To Probe Into Asset Concealment


K O R E A

DAEWOO MOTOR: GM May Postpone Decision Until 2002
DAEWOO SHIPBUILDING: Nears End of Debt Workout
DONG AH: Trade Union Joins in Filing Petition
SAMSUNG CORPORATION: Internet Auction Site Heads For Closure
SSANGYONG CEMENT: Creditor Swaps W400B Debt For Equity


M A L A Y S I A

BRIDGECON HOLDINGS: Appoints Special Administrators
CHIN FOH: Enters Into Assets Acquisition Deal
L&M CORPORATION: Winding Up Petition Hearing Adjourned


P H I L I P P I N E S

NATIONAL POWER: Fasttrack Rate Reduction, DOE Urges
URBAN BANK: SSS To Inject P600-M Equity


S I N G A P O R E

ASIA PULP: Tells Creditors Debts Total $13.4-B
LIM KAH NGAM: Lack of Funds Halt Development Projects
TOLL BRIDGES & ROADS: Reports Results For 2000


T H A I L A N D

NTS STEEL: Sked For Rehab Plan Talk Set
PROPERTY PERFECT: Extension Request Approved
SUNTEC GROUP: Creditors OK Plan

     -  -  -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: Directors Consider Ramsay's Offer
---------------------------------------------------
Alpha Healthcare Limited's (Alpha) directors met to consider the
Monday announcement by Ramsay Health Care Limited (Ramsay),  
regarding Ramsay's intention to make a bid for the entire issued
capital of Alpha. After some consideration, the Alpha directors
made the following comments:

The directors believe the proposed offer price of 40 cents cash
per share does not adequately reflect the underlying value of the
company, given: the improving performance of Alpha; the
significant potential of the Westmead Private Hospital project;
the improving dynamics of the private healthcare industry.

The directors believe the proposed offer price of 40 cents per
share does not reflect any of the positive impact of the very
significant operational synergies, which can be realized by
Ramsay and the substantial benefits to Ramsay of acquiring $31
million of debt for a consideration of only $11 million.

The proposed offer is less than 50 percent of Alpha's current net
tangible asset backing of 82 cents per share.

In recent weeks, Alpha has been approached and has had
discussions with other participants in the healthcare and finance
sectors. These discussions have not ended, even after the
announcement made by Ramsay on Monday.

Sun Healthcare Group Australia's Receiver and Manager still has
an 18 percent shareholding in Alpha.

The directors of Alpha await the receipt of Ramsay's Bidder's
Statement, which is expected in the coming week.


DIAMOND PRESS: Voluntary Administration Begins
----------------------------------------------
Diamond Press Australia (Diamond) began voluntary administration
on March 30, with debt obligations standing at $165 million,
Sydney Morning Herald reported over the weekend.

Diamond is Australia's third largest commercial printer owned by
John Spira. Should the company opt to shut down operations or
dissolve, Diamond could owe redundancy payments of about $8.5
million to its 370 staff workers. This would raise its
liabilities to $173.5 million, according to statements made by
administrator Brian Silvia of insolvency manager Ferrier Hodgson,
at a preliminary creditors meeting.

Silvia also added that Diamond owes Commonwealth Bank $82
million.

Diamond has a total worth of $191.5 million. The 30 year-old
company boasts an average annual revenue of $115 million.

At the preliminary creditors meeting, Spira faulted the general
economic condition in the country and the weakening of the
Australian dollar against the US dollar for the downward trend in
the commercial printing industry, Sydney Herald reported.


STEEL TANK: Workers' Chances To Get Entitlements Improve
--------------------------------------------------------
Workers of failed Steel Tank & Pipe (ST&P) may get all
entitlements, according ST&P directors Stephen and Brad Weeks,
Newscastle Herald reported last Friday. ST&P owed $4.2 million to
about 225 workers, and around $2.6 million to union members, of
which $1 million had already been paid.

Within the next few weeks, ST&P's creditors will meet to approve
the deed of company arrangement, which will include the payment
for entitlements to the workers.

PriceWaterhouseCoopers have been appointed receivers by the
National Australia Bank. According to Glen Thompson, metalworkers
union national secretary, the bank is claiming debts of $10
million in addition to interest against the company. Ferrier
Hodgson has also been named voluntary administrator by ST&P
directors.


SUPREME 3: Goes Into Receivership
---------------------------------
Supreme 3 Group, a Melbourne-based garments manufacturer,
followed the fate of textiles group Bradmill Undare, plummeting
into receivership, The Age reported Friday last week.

As Supreme's Melbourne factories cease operations, 300 workers
have been rendered jobless, including those working in Aywon
International, a fashion garment manufacturer.

St. George Bank is choosing a receiver for three of the group's
units, while another unit will get a receiver appointed by a
Japanese trading house.

Appointed administrator, Laurie Fitzgerald of Sims Lockwood, has
been acting on behalf of unsecured creditors in all eight of the
group's subsidiaries.

As it enters receivership, the group has at least $3 million
payable to its workers, which includes up to eight weeks' wages,
redundancy payments and other entitlements, The Age said.  
Chances are slim that workers' will receive what's due them since
a number of banks and secured lenders are preparing to recover
debts totaling $25 million.

The company's liquidity is in a fix, The Age said, as a result of
the deferment of its plan to list on the Australian Stock
Exchange.

The company was scheduled to meet yesterday with its creditors.


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


AKAI HOLDINGS: Court Orders Probe Into Collapse
-----------------------------------------------
Chief Justice of the Supreme Court of Bermuda Austin Ward, in his
judgment released in March, ordered an investigation into the
collapse of Akai Holdings, as worries over the loss of assets
worth billions of dollars beset involved parties, Hong Kong Imail
reported last Friday.

Akai was wound up last year, as it dipped into red ink with a
loss recorded in 1999 amounting to US$1.72 billion.

The judge described the alleged "asset assignment" from the
company with Bermudan electronics firm, the Grande Group, in his
judgement.

The judge also supported the appointment of Nelson Wheeler as
liquidators, notwithstanding objections raised by Akai counsels.
The judge explained, as quoted by the Imail report: "The
petitioning creditors have given strong support to the joint
provisional liquidators who, in their opinion, have the capacity
to investigate the alleged assignment of assets of the companies
in favor of the Grande Group leading to a diminution from US$437
million to US$10 million."

A liquidator has yet to be appointed to Akai Holdings in Hong
Kong.

Toyo, now O2New Technology, provided Akai loans of roughly HK$630
million. Grande disposed of its majority stake in O2New
Technology last year, which was believed to be a measure to
dissociate itself from the collapse of Akai, Imail said.

Before its collapse, Akai was a 70-year electronics success
story. In 1995, the Semi-Tech Group of James Ting took over the
company, and named it Akai Holdings, Imail said. Akai made a
success in the market through its production of tape decks and
amplifiers.

Akai Holdings, Imail said, was wound up in Hong Kong in August
2000 by Justice Le Pichon who cited that the company shortchanged
creditors in its explanation regarding its operational loss
incurred in 1999 and its financial health, over and above assets
loss.  


CHEUNG MAN KAI: Faces Winding Up Petition
-----------------------------------------
Cheung Man Kai Investment Company Limited is facing a winding up
petition at the High Court of Hong Kong on May 23, 2001. The
petition was filed with the court on March 24, 2001 by Wing Lung
Bank Limited, whose registered office is situated at No. 45 Des
Voeux Road Central, Hong Kong.


COME KIND ENGINEERING: Winding Up Petition Scheduled
----------------------------------------------------
Come Kind Engineering Company Limited will face a winding
petition at the High Court of Hong Kong on May 16, 2001. The
winding up petition was filed with the court on March 6, 2001 by
Sandvik Tamrock (Far East) Limited (Petitioner) whose registered
office is situates at 17A Somerset House, Taikoo Place, 979
King's Road, Quarry Bay, Hong Kong.


GOLD CAPITAL: Winding Up Petition Imminent
------------------------------------------
Gold Capital Development Limited is scheduled for a winding up
petition at the High Court of Hong Kong on April 18, 2001. The
said petition was filed on February 1, 2001 by the petitioner,
The National Commercial Bank Limited of Nos. 1-3 Wyndham Street,
Central, Hong Kong.


HIH HONG KONG: Four Units Under Provisional Liquidation
----------------------------------------------------
The High Court of Hong Kong placed four units of the HIH Hong
Kong Group into provisional liquidation, ASWJ reported Monday,
citing the firm's appointed liquidator, PricewaterhouseCoopers.

The four units are : HIH Holdings (Asia) Ltd., HIH Insurance
(Asia) Ltd., HIH Casualty and General Insurance (Asia) Ltd. and
FAI First Pacific Insurance Co.

The HIH Hong Kong Group is an umbrella insurance group with its
prime base in Australia. HIH Insurance (Asia) is a unit of
Australia's HIH Insurance Limited.


JILIN CHEMICAL: Posts $787-M Net Loss
-------------------------------------
Jilin Chemical Industrial incurred 836 million yuan in annual net
loss, despite its streamlining efforts, including the writing off
of old equipment and workforce slash by 7,000, Hong Kong IMail
reported yesterday.

Turnover went up by 27 percent to 13.4 billion yuan. However, a
single write-off involving 1,290 million yuan pulled the company
into to the red.

The company took a blow last year from price hikes of oil. With
the uncertainty of the crude oil price in the global market, the
company could hardly project performance figures for the current
year, the report said.

Because of the reduction, the company currently has a total of
23,000 workers under its employ. According to Executive Director
Shi Jianxun, the workforce cutdown this year, however, will only
ditch less than a thousand workers.

Jilin Chemical produces petroleum products, and petrochemical and
organic chemicals, the latter two raking in 80 percent of the
company's sales, the report said.


LIANYUNGANG INTERNATIONAL: Shanghai Lujiazui Named As Creditor
--------------------------------------------------------------
Shanghai Lujiazui Finance and Trade Zone Development Co Ltd, as
it had been named creditor of bankrupt Lianyungang International
Trust and Investment Corp. (LI).  Shanghai is demanding payment
from LI for its loans of US$3 million, AFX reported last Friday,
citing a Shanghai Daily report. It was also reported that LI
registered the debt under bad asset for the past fiscal year.


SHENZHEN PETROCHEMICAL: Problems Loom Over Receivables
------------------------------------------------------
Shenzhen Petrochemical Industry (Group) Company Limited,
according to company secretary Cai Jianping, may be facing
problems over its loans worth 1.23 billion yuan granted to its
parent company, Shenzhen Petrochemical Group Corporation, AFX
reported late last week. Cai further explained the money was part
of the company's asset restructuring measures undertaken in 1999,
which also called for the disposal of its non-industrial units to
the parent company.

However, these units sought loans from banks under the name of
Shenzhen Petrochemical, prior to the sell-off exercise. So, even
with the transfer of ownership to the parent company, Shenzhen
Petrochemical remained the debtor of these loans.

Cai explained to AFX, "We have tried many times to have the
parent company named as the recipient of the bank loans but the
procedure is very complicated."

Last year, the parent company assumed subsidiaries' loans
totaling 400 million yuan.

Shenzhen Petrochemical, by year end 2000, valued its assets at
2.3 billion yuan. It posted 1.6 billion yuan in accounts
receivable, while it registered a provision for bad credit
amounting to 63.7 million yuan. The company used Chinese
accounting standards to arrive at these figures.

Meanwhile, using international accounting standards, the company
netted profits of 36.7 million yuan, leaping up from the previous
year's net loss of 117.4 million yuan.

According to Cai, Shenzhen Petrochemical, starting the second
quarter this year, will commence its production of biological
pharmaceuticals.


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


BANK DANAMON: Faces Bankruptcy Suit
-----------------------------------
Bank Danamon Indonesia, a publicly listed company, is facing
bankruptcy at the Central Jakarta Commercial Court filed by Bank
IFI. In the Monday Jakarta Post, citing IFI's legal counsel
Hotman Paris Hutapea, IFI has debt claims against Bank Danamon
amounting to US$12 million.

"A bank is an institution based on trust. By not meeting its
obligation, Bank Danamon has further eroded the public's already
fragile trust in the national banking sector," the Post quoted
Hotman. Hotman also explained that the petition his client raised
had already passed requirements on bankruptcy charges for banks.

He further stated that the petition was valid, despite the
absence of at least one other creditor, as petitioner, as
required by the bankruptcy law.

Bank IFI's loans, according to Hotman, have already received the
approval from Indonesian Bank Restructuring Agency which
validated the loans as "eligible, due and payable."


HOLDIKO PERKASA: Sells Indomaret For R162-B
-------------------------------------------
PT Holdiko Perkasa (Holdiko), a holding company established
pursuant to the Shareholding Settlement Agreement between the
Indonesian Bank Restructuring Agency (IBRA) and the Salim Group,
announced yesterday that it has sold its 51 percent ownership of
PT Indomarco Prismatama (Indomaret). Indomarco is a retail
company operating a chain of minimarket stores. The sale, for
R162 billion, to a consortium led by Bhakti Asset Management was
overseen by PT Bhakti Capital Indonesia, which acted as financial
advisor to Bhakti Asset Management for this transaction.

"Bhakti Asset Management offered the highest bid of the final
bids we received," said Dasa Sutantio, IBRA's Director AMI. "From
the eight preliminary bids that we received, we short-listed four
potential investors to continue with the due diligence phase, and
received competitive final bids from local investors for
Indomaret's shares which were above the minimum price that was
set for this asset disposal," he continued.

In November 2000, IBRA/Holdiko announced its decision to dispose
of its ownership of Indomaret through a strategic sale. The
initial plan, announced in October 2000, to float the retail
company's shares in the Jakarta Stock Exchange was reassessed.
The change in the disposal method was taken to maximize sale
proceeds. PT Danareksa Sekuritas dan Nikko Securities acted as
financial advisors for Holdiko.

With its motto "mudah dan hemat" (easy and economical), Indomaret
targets middle class consumers. Indomaret provides approximately
3000 various daily needs through more than 400 suppliers.

"We have managed to complete the transaction within the time
schedule planned," said Scott Coffey, Director of Holdiko
Perkasa. "Since the beginning of Holdiko's asset disposal program
last year, we have continuously seen strong interest for our
assets," he added. Further, Coffey remarked that this transaction
takes Holdiko to more than Rp650 billion, or over 65 percent
towards Holdiko's goal of raising more than R1 trillion from
assets initially scheduled for disposal last year.

"We are grateful to have won this sale and we believe that
Indomaret has great future prospects," said Hary Tanoesoedibjo,
President Director of Bhakti Investama Group. "We are also happy
to be able to assist the government in its effort to recover
funds from the sale of assets from Holdiko/IBRA," he added.

Bhakti Investama Group is one of Indonesia's largest investment
holding companies. The Group focuses on enhancing the country's
capital market development, and has made various investments
mainly in Indonesia.

The disposal of Indomaret is Holdiko's third asset sale
transaction this year, following the sale of Holdiko's final
stake in First Pacific and Indocoal as described by the
following:

First Pacific Co. Ltd        US$8.55 million
Indocoal                     US$45.5 million
Indomaret                    R162 billion

For its year 2001 asset disposal program, Holdiko has sent out
more than 170 requests for proposals (RFPs) to parties that have
expressed interest to act as its financial advisor for individual
asset sale transactions. The appointment of these financial
advisors will be done through a selection process where proposals
are assessed by Holdiko, IBRA and the company for sale, based on
method of disposal recommended to achieve optimum proceeds.

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended by
PT 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.


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


E-BOND SECURITIES: Liquidation Looks Likely
-------------------------------------------
E-Bond Securities may be up for liquidation after partners,
Softbank Finance Corporation and Lehman Brothers, terminated the
online bond trading venture, South China Morning Post reported
yesterday.

A Softbank spokesman explained in the Morning Post report: "We
have decided to halt the E-Bond securities' operation on Monday
because major brokers have not participated in the consortium."

The venture was valued at Y750 million. Softbank owns 60 percent
stake, while Lehman takes the remaining 40 percent stake.

According to the Morning Post report, financial daily Nihon
Keizai Shimbun said that both partners would post capital losses
of Y930 million from the E-Bond venture and Y300 million losses
from financial assistance.  


KDDI CORPORATION: Headquarters Building On Block
-------------------------------------------------
KDDI Corporation, a major role player in the domestic and
international telecommunications industry in Japan, is mulling
over the plan to sell off its headquarters building in Shinjuku,
along with another prime building in Otemachi, both in Tokyo,
Yomiuri Shimbun reported yesterday, citing sources close to the
sale plans.

The sell-off is planned to slash the company's debts, which total
Y2 trillion, and convert assets to securities to be sold to
investors. If the buildings are sold, the company intends to  
rent them from the buyers.

The sale, said to be the backbone of an interim management plan
to be released next month, is expected to generate over Y100
billion according to those same sources.

The 32-story headquarters building in Shinjuku is constructed
using an advanced earthquake-resistant design and houses KDDI's
core facilities for international communications. The 23-story
Otemachi building serves as the base of Japan's international
communications and for the Internet, the report said.


SOGO COMPANY: Police To Probe Into Asset Concealment
----------------------------------------------------
Police will be investigating asset concealment in the failed Sogo
Company allegedly manhandled by the company's former chairman
Hiroo Mizushima. Mizushima was suspected to have illegally
withdrawn about Y155 million from the company, Kyodo News
reported yesterday, citing a Japanese daily.


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


DAEWOO MOTOR: GM May Postpone Decision Until 2002
-------------------------------------------------
According to the Federation of Korean Industries, General Motors
Corporation may postpone its decision to take over Daewoo Motors
Corporation until 2002, as the two parties have yet to commence
negotiations on the proposed sell-off, Bloomberg reported Monday.

GM President for Asia Pacific Rudy Schlais, made a statement at
the Pacific Business Economic Conference in Tokyo that the
American automaker is in the process of collecting facts about
the company.

General Motors, through its spokesman in Tokyo, further denied
reports that the Korean government is giving the company a
deadline. Company spokesman Henry Wong disclosed that GM does not
have "internal timeline" regarding the decision-making process.

Korean Commerce, Industry and Energy Minister Chang Che Shik, in
his statement Monday, raised his hopes that GM will be able to
come up with the decision by May, Bloomberg said.


DAEWOO SHIPBUILDING: Nears End of Debt Workout
----------------------------------------------
Daewoo Shipbuilding & Marine Engineering is nearing the end of
its debt workout program as the shipbuilder's creditors may start
talks later in the year, The Korea Herald reported over the
weekend, citing a company official.

Since the start of the year, the company reportedly is
experiencing better operations, evidenced by operating profits of
W85 billion recorded in the first two months, and gains from
foreign exchange.

But some in the shipbuilding company dismiss such an optimistic
forecast, citing low credit standing and lack of investments to
augment operations.

Daewoo Shipbuilding, which was listed in February, is an offshoot
of Daewoo Heavy Industries.

Meanwhile, the proposed sale of the company's shares to
Australian firm Newcastle Heavy Industries has had no further
developments since February, according to the Australian firm's
spokesman.  The spokesman added, "It is up to Daewoo
Shipbuilding's major shareholders, who are its creditors."


DONG AH: Trade Union Joins in Filing Petition
---------------------------------------------
Dong Ah Construction's trade union announced Monday that it has
decided to join forces with parts suppliers' creditors and
minority shareholders to file a constitutional petition with the
Seoul District Court, Korea Herald reported yesterday.

The petition will be filed in connection with a court order
ruling the deposition of W40 billion before the petitioners could
move for reconsideration on the district court's decision to
liquidate the Dong Ah.

The union refuted that the court order eliminates their
constitutional right to raise an appeal. However, the
Constitutional Court could decide on the constitutionality of the
petitioners' claims and the district court's decision, the report
noted.

On March 9, the district court ruled in favor of the liquidation
of Dong Ah, basing the decision on an appraisal of the company's
assets and debts.


SAMSUNG CORPORATION: Internet Auction Site Heads For Closure
------------------------------------------------------------
Samsung Corporation decided late last week to shut down its
Internet auction site (www.samsungauction.com) and turn over the
management and operations of its online bookstore
(www.cresense.com) to Yes24, the Korea Herald reported over the
weekend. The decision was made as the company is firming up a
move to focus its efforts on B2B e-commerce and improve its
online shopping unit, Samsung Mall Company.

The company hopes to generate a projected $2.5 billion from sales
in B2B operations, and a turnover of $213.11 million from the
shopping mall business.

A Samsung official told Herald, "Extreme competition in the
Internet auction sector, with no prospects of seeing profits in
the short term, drove us to the decision to liquidate the auction
business."


SSANGYONG CEMENT: Creditor Swaps W400B Debt For Equity
-----------------------------------------------------
Chohung Bank on Monday converted W400 billion of the debts of
Ssangyong Cement Industrial Company to equities as its part of
the company's rescue efforts, Korea Herald reported yesterday.

The debt-to-equity swap exercise, said a Ssangyong official as
reported by Herald, was made through the acquisition of
convertible bonds.

Meanwhile, Pacific Cement of Japan was scheduled to undertake a
capital investment yesterday involving W300 billion. By the end
of next week, Korean Development Bank, Hanarum Merchant Bank and
Seoul Guarantee Insurance Company will pitch in a combined
capital investment of W1 trillion, the report said.

According to an unidentified Ssangyong official, these exercises,
when completed, would help reduce Ssangyong's debts to W2
trillion from W3.6 trillion.


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


BRIDGECON HOLDINGS: Appoints Special Administrators
---------------------------------------------------
Special administrators have been appointed to Bridgecon Holdings
Berhad by Pengurusan Danaharta Nasional Berhad under Section 23
of the Pengurusan Danaharta Nasional Berhad Act 1998.

          Bridgecon Holdings: Background

The Group is a construction concern and has four main divisions:
engineering and construction; manufacturing; property development
and toll expressway operation.

Some of the main construction projects undertaken by the Group
include the Mines Business Parks (KL) and the Bintulu Port
Project in Sarawak. Current on-going projects include the LRT
infrastructure works at Putrajaya.

The manufacturing and supply of ready-mixed concrete division has
consolidated to four batching plants and a fleet of 25 mixer
trucks. Two of the batching plants are located in the Klang
Valley and two in Penang.

The Group's property flagship is the "Puteri Indah Condominium"
project in Penang. The toll collections are derived mainly from
the highways in China, namely the FuYang to LuZhu and Guilin
City-Liang Jiang highways.

However, in June 1997, the Company, via its subsidiary,
Presitrans had disposed of its entire interest in the tolled
highway in Fuyang for Rmb61 million cash, which is equivalent to
RM22.8 million. In April 1998, via its subsidiary, Amdex
Corporation, had also disposed of its entire interest in the
tolled highway in Guilin for Rmb59.5 million cash which
approximates RM24.5 million.

On May 14, 1999, the Company announced that it is pursuing and
negotiating with its bankers on its corporate debt restructuring
exercise with the assistance of Corporate Debt Restructuring
Committee. Presently, the Company is still negotiating with its
bankers to undertake the corporate debt restructuring exercise.

Pursuant to a MOU signed on September 23, 1999, the Company
entered into a conditional SPA with Sitt Tatt Bhd on March 30,
2000 to dispose 100 percent in Bridgecon Pedu Development Sdn Bhd
for RM1.766 million cash. The disposal is in line with the
Group's on-going proposed corporate debt restructuring exercise
to strengthen its financial corporate and raise working capital.


CHIN FOH: Enters Into Assets Acquisition Deal
---------------------------------------------
Chin Foh Berhad, together with or through its wholly owned
subsidiaries, Irama Langsung Sdn Bhd (0ILSB), CF Beloga Sdn Bhd
(formerly known as Elemen Haruman Sdn Bhd) (CF Beloga) and
Business Features Sdn Bhd (BFSB) entered into the following
agreements on April 3:

i) a joint venture agreement (JVA) with Ciptaan Maknawi Sdn Bhd
(CMSB) and Income View Development Sdn Bhd (IVD) for the proposed
acquisition of assets of BSB and the undertaking of the business
of recycling and sale of non-ferrous metal products; and

ii) a consultancy services agreement (CSA) with IVD to provide
consultancy services to CF Beloga, respectively.

            CMSB Background

CMSB was incorporated on July 29, 2000 in Malaysia under the
Companies Act, 1965. Its authorized and issued and paid-up
capital of 100,000 ordinary shares of RM1.00 each and paid-up
capital of 2 ordinary shares of RM1.00 each respectively. The
principal activity of CMSB is investment holding.


             Information on IVD

IVD was incorporated on November 30, 2000 in Malaysia under the
Companies Act, 1965. Its authorized and issued and paid-up
capital of 100,000 ordinary shares of RM1.00 each and paid-up
capital of 2 ordinary shares of RM1.00 each respectively. The
principal activity of IVD is investment holding.

            Capital Structure

Under the JVA, ILSB shall have an issued and paid-up of
RM2,500,000 comprising of 2,500,000 ordinary shares of RM1 each
of which:

i) CFB shall hold 2,000,000 ordinary shares of RM1.00 each
representing 80 percent of the issued and paid-up capital;

ii) CMSB shall hold 500,000 ordinary shares of RM1.00 each
representing 20 percent of the issued and paid-up capital

As for CF Beloga, the issued and paid-up capital of the company
will be RM19,573,222 comprising of 19,573,222 ordinary shares of
RM1 each in which:

i) ILSB shall hold 12,983,320 ordinary shares of RM1.00 each
representing 66 percent of the issued and paid-up capital;

ii) BFSB shall hold 6,589,902 ordinary shares of RM1.00 each
representing 34 percent of the issued and paid-up capital

In addition, IVD shall subscribe for an additional 275,000
ordinary shares of RM1.00 each in BFSB, resulting in the BFSB
having a paid up capital of RM550,002 in which:

i) CFB shall hold 275,002 ordinary shares of RM1.00 each
representing 51 percent of the issued and paid-up capital

ii) IVD shall hold 275,000 ordinary shares of RM1.00 each
representing 49 percent of the issued and paid-up capital

Upon full settlement of certain bank borrowings to be undertaken
by BFSB and the fulfillment of certain other conditions, CFB will
transfer its entire shareholding in BFSB to IVD.


         Capital Commitment and Source of Funds

Under the JVA, the capital commitments of CFB, CMSB and BFSB are
RM21,704,200, RM500,000 and RM11,270,116 respectively.

CFB will settle its commitment of RM21,704,200 by issuing a
certain number of CFB shares to Beloga within the time frame
allocated in the Sales and Purchase Agreement (SPA) entered into
with BSB on 18 October 2000. The terms of the SPA has been
announced to the KLSE on 24 October 2000.

CMSB will commit RM500,000 by subscribing for 500,000 new
ordinary shares of RM1.00 in ILSB within 14 days from the date of
the JVA.

BFSB shall pay RM11,270,116 to CF Beloga within 2 weeks from the
date of this JVA of which RM6,589,902 will be capitalized as
share capital and the remaining RM4,680,214 as interest free cash
advance to CF Beloga.

The capital commitment of CMSB and BFSB will be financed through
a combination of internally generated funds and/ or external
borrowings.

            Utilisation of Funds

CF Beloga should dispose of the idle or non-essential assets to
be acquired from BSB in an orderly manner. The proceeds from the
said disposal and profit to be guaranteed by CF Beloga should be
utilized in the following priority:

i) working capital and repayment of credit facilities;

ii) repayment of advances from CFB and other shareholders of CF
Beloga on a pro-rata basis; and

iii) dividends


Option for a Third Party to subscribe for further shares in CF
Beloga

IVD shall identify and procure a third party strategic investor
("Third Party") to participate in the equity of CF Beloga subject
to the following conditions:

(i) The Third Party shall advance cash to CF Beloga in the same
proportion as to CFB's equity interest in CF Beloga and the
amount of cash advances made by CFB to CF Beloga;

(ii) the aggregate of IVD's and the Third Party's shareholdings
in CF Beloga shall not exceed forty nine per cent (49%) of the
total issued and paid-up capital of CF Beloga; and

(iii) The Third Party's right to subscribe shall be valid for a
period of sixteen (16) months only from the date of this JVA.

The BOD of CF Beloga shall consist of 8 directors at all times,
of which 4 executive directors will be appointed by CFB and 4
executive directors will be appointed by IVD. The first Chairman
of the BOD will be appointed by CFB, and he will have the casting
vote.

           Scope of Consultancy Service

IVD shall provide CF Beloga with the following services:

(i) to provide the necessary consultancy, operational and
business advice to CF Beloga for its operations;

(ii) to procure and promote markets and customers for its
products;

(iii) to advise the Board of CF Beloga on the ways and means to
increase and enhance the profitability and efficiency of the
business operations;

(iv) to advise the Board of CF Beloga on the cashflow, capital
expenditure, borrowings and working capital requirements of CF
Beloga;

(v) to advise the Board of CF Beloga on any negotiation by CF
Beloga of any contracts or arrangements for the purchase by it of
any materials or equipment or for the execution of any works
where the value exceeds RM500,000; and

(vi) to undertake with CMSB, feasibility studies for the
establishment by CF Beloga of other aluminum recycling plants
throughout Malaysia, and in this respect IVD and CMSB shall bear
any initial costs and expenses incurred of up to an amount of
RM500,000.

               Profit Guarantee

IVD undertakes to ILSB and CF Beloga that the results of each
financial year, commencing from financial year ending 31 January
2002, shall show a profit after tax (PAT) of an amount equivalent
or not less than RM4 million.

If the audited PAT for any financial year is less than RM3.2
million, IVD shall pay to CF Beloga an amount equivalent to the
shortfall from the guaranteed sum.

If the audited PAT for the accounting year is more than RM3.2
million but less than the guaranteed sum, IVD shall guarantee CF
Beloga that the PAT in the following financial year shall be an
amount equivalent to the aggregate of the guaranteed sum and the
amount of such. IVD shall pay the amount of the shortfall for any
shortfall incurred in the adjusted guaranteed sum.

      Provision of Chief Executive Officer

IVD shall nominate one suitably qualified person as the CEO of CF
Beloga. He shall be responsible for day-to-day management and
shall report directly to the BOD of CF Beloga.

      Option to Purchase Upon Listing of CF Beloga

Provided that IVD has met the obligations towards the Guaranteed
Sum, then in the event CF Beloga shall have applied for and
procured the approval for listing of its shares on a recognized
stock exchange, BFSB shall be entitled for a period of one month
from the date of such approval, to purchase from ILSB, up to 6
percent of issued and paid-up capital in CF Beloga at a price
equivalent to the price as determined for the initial public
offer.

The CSA shall subsist until its termination in the event:
- IVD fail to fulfill any of its obligations under the CSA;
- CF Beloga being voluntarily liquidated; or
- if the JVA is terminated for any other reasons.

IVD undertakes and agrees with ILSB that IVD and persons related
to it shall not commence or conduct any business which is in
competition with the business of CF Beloga for a period of 3
years from the date of termination of the CSA.

The JVA shall subject to the approvals being obtained from:

i) Foreign Investment Committee;

ii) Approval of shareholders of the respective parties; and

iii) Any other relevant authorities.

The JVA and CSA will be available for inspection at the
registered office of CFB at 10th Floor, Tower Block, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur during
normal office hours from Monday to Friday (except for public
holidays) from the date of this announcement until all the
approvals as stipulated in paragraph 5 above have been obtained.


L&M CORPORATION: Winding Up Petition Hearing Adjourned
------------------------------------------------------
The Board of Directors of L & M Corporation (Malaysia) Berhad
announced that the hearing for the petition to wind up L&M East
Malaysia Sdn Bhd, served by Hicom United Leasing Sdn Bhd, is
adjourned to April 20, 2001.

On May 29, 2000, the High Court granted the company a restraining
and stay order pursuant to section 176 of the Companies Act,
1965, which has been extended.

On November 22, 2000, the company filed an application for
another extension for a further period of 90 days from December
1, 2000 to February 28, 2001. Meanwhile, L&M proposed to
undertake a restructuring scheme which involves: transfer of its
listing status to Eastern Atlas Bhd (EAB), a newly incorporated
company; disposal of the entire equity interests in L&M
Geotechnic Sdn Bhd (LMG) and L&M Instrumentation Sdn Bhd (LMI) to
EAB; rights issue; composite scheme of arrangement with financial
institutions and trade and other creditors of L&M and/or LMG
and/or the subsidiaries of L&M with corporate guarantees from L&M
encompassing five separate schemes of arrangement; acquisition by
EAB of the entire equity interests in Satujaya Sdn Bhd, Kayman
Integrated Sdn Bhd and Vistashine Sdn Bhd; liquidation of the
remaining subsidiaries of L&M, excluding LMG and LMI; and listing
of EAB on the Kuala Lumpur Stock Exchange.

L&M and its companies have mainly provided specialized
engineering and construction services. Other than the Pelabuhan
Tanjung Pelepas Project undertaken by L&M Geotechnic Sdn Bhd,
there are neither any on-going projects nor new projects secured
by other subsidiary companies.

Subsidiaries L&M Piling Sdn Bhd and L&M Prestressing Specialist
Sdn Bhd were wound up by creditors on June 1, 2000 and July 5,
2000 respectively.


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


NATIONAL POWER: Fasttrack Rate Reduction, DOE Urges
---------------------------------------------------
Energy Secretary Jose Isidro Camacho said that the troubled power
firm National Power Corporation (Napocor) needed to expedite the
implementation of a proposed rate reduction of P0.20, The
Phillipine Star reported last week.  

This rate cut will be indicated in the billing of electric
cooperatives and power utilities on April 26, while the
rollback's benefits will be felt by household consumers by May or
June.

"We are trying to work internally to look for ways to accelerate
the positive impact of the power rollback to end-consumers. We
will come up with a decision in a couple of days," he added in
the Star report.

The Star also quoted Camacho as saying that protests against the
power firm have mounted since January due to increasing electric
power bills.

Philippine President Arroyo announced Monday last week the
implementation of to suspend any Napocor price increases for a
three-month period, Star said.

Napocor, the state-owned corporation said to be the country's
largest power producer, previously planned to hike its rates last
month to recoup it losses from the fuel and purchased power cost
adjustments (FPPCA) amounting to about P1.3 billion.


URBAN BANK: SSS To Inject P600-M Equity
---------------------------------------
The Social Security System (SSS) has decided to pursue its
capital infusion plan for the closed Urban Bank involving P600
million in fresh equity, Business World reported late last week.

World reported, citing an exclusive interview with SSS President
Vitaliano N. Nanagas, SSS intended to fulfill the promise to
Urban Bank, more so when prospective parties have shown interest
in the bank.

Originally part of the deal with Bank of Commerce to rehabilitate
Urban Bank, this capital infusion by SSS will be conducted using
a three-year convertible bond, at an interest rate equivalent to
the 364-day Treasury-bill rate in addition to 1 percent. Even if
Bank of Commerce has backed out of the deal, Nanagas told Star
that it "will go as planned."

SSS holds an existing investment in Urban Bank amounting to P170
million, translatable to two seats in the bank's board.

After Bank of Commerce dropped from the deal, five groups have
reportedly expressed interest in rehabilitating Urban Bank,
including Rizal Commercial Banking Corp., International Exchange
Bank, Robinson's Savings Bank, Banco De Oro and Plantersbank.

A group of depositors called National Association of Urban Bank,
Inc./Urbancorp Investments, Inc. Depositors and Creditors (NAUD)
has presented a proposal to rehabilitate and take over the closed
bank and its investment unit, Star said.


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


ASIA PULP: Tells Creditors Debts Total $13.4-B
----------------------------------------------
Asia Pulp & Paper Company (APP), in a meeting with creditors,
announced that its total debts and obligations have already
reached $13.4 billion, ASWJ reported yesterday. The company also
informed creditors that drawing up a reorganization plan may take
APP a year to finish.

As of June 30, 2000, APP's total debts were pegged at $11.6
billion. The increase, APP explained, was brought about by taking
into account preference shares worth $1.18 billion, including
floating-rate notes treated as equity, the report added.

According to AWSJ, the attendance was estimated at 700 people.
The creditors' meeting was held at the ballroom of the Singapore
International Convention and Exhibition Center on Monday
afternoon.

APP chief financial officer Hendrik Tee, AWSJ said, represented
the company, and presented to creditors a breakdown of the
company's debts, as follows: $6 billion owed by its Indonesian
units, $3.8 billion owed by its China operations, and $1.8
billion owed by the holding company itself. Of the $6 billion in
Indonesian debt, $2.7 billion is for PT Indah Kiat Pulp & Paper,
$1.1 billion for PT Pabrik Kertas Tjiwi Kimia, $1.1 billion for
PT Pindo Deli Pulp & Paper Mills and $600 million for PT Lontar
Papyrus Pulp & Paper Industry.

In the same meeting, APP, through its advisers, asked creditors
for a chance to stabilize its operations, while Credit Suisse
First Boston appealed to the creditors present to cooperate and
to drop all legal actions taken against the company, AWSJ said.


LIM KAH NGAM: Lack of Funds Halt Development Projects
-----------------------------------------------------
Lim Kah Ngam Limited (LKN) announced, in view of the debt
restructuring scheme, that the group is not in the position to
undertake new development projects due to its inability to raise
funds.

As a result, no new development property projects have been
launched and the turnover of $15 million is mainly derived from
the sale of remaining stocks of the property development projects
which were built a few years ago.

In the corresponding period for 1999, the turnover of $62 million
was mainly from the one-off sale of its development land at Sims
Avenue, Lorong 39 Geylang, Lorong 41 Geylang of $35 million.

The increase in the turnover of $3.8 million (LKN share) of the
hotel sector was mainly contributed by Hotel Equatorial Shanghai
and Hotel Equatorial Qingdao.

Year 2000 saw an increase in business travelers and tourists
visiting Shanghai and Qingdao. Coupled with aggressive promotion
after the completion of the refurbishment works carried out to
the Hotel Equatorial Shanghai, the hotel achieved an occupancy
rate of 68 percent for the year, an increase of 10 percent over
1999. Hotel Equatorial Qingdao also registered growth in both the
room occupancy and the average room rates for the year.

However, the improvement in gross operating profit resulting from
the increase in the turnover is still not sufficient to cover the
high depreciation charges of about $7 million annually for the
hotel sector.


TOLL BRIDGES & ROADS: Reports Results For 2000
----------------------------------------------
China Toll Bridges & Roads Limited announced on March 31, 2001
its financial result for the year ended December 31, 2000,
disclosing certain events.

The board of directors of China Toll Bridges & Roads Limited
(CTBR) drew attention to a restructuring program currently in
progress for China Construction Holdings Limited (CIH), which
owns 68 percent of the issue capital of CTBR and its wholly owned
subsidiary, China Construction Civil Engineering Limited (CCCE).

CCCE is the project underwriter for Haihe Bridge.

The company has been advised by CIH that a petition has been
presented for the winding up of CIH, which is due for hearing in
the High Court of Hong Kong on May 16, 2001. The unaudited
consolidated accounts for the year ended December 31, 2000 have
been prepared on the basis that CIH and CCCE will honor all their
obligations under existing agreements and no provision has been
made in the accounts for possible losses or non recovery of sums
owing by CIH and/or CCCE.

However, it is estimated that a provision may become necessary if
CIH's restructuring cannot proceed as planned. The board believes
that this matter could be crystallized when the auditors complete
their audit by early June 2001 when the company is required to
forward audited accounts to the shareholders.

The board will post any further developments.

The construction of the Haihe Bridge continues to make steady
progress as the main contractor and all the arrangements relating
to the construction of the Bridge have been in place.


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


NTS STEEL: Sked For Rehab Plan Talk Set
---------------------------------------
N.T.S. Steel Group Public Company Limited, through its planner,
331 Planner Co., Ltd., announced that the planner has prepared
and submitted the business rehabilitation plan of N.T.S Steel
Group Public Company Limited to the official receiver on dated
March 26, 2001.

The official receiver shall appoint the meeting of creditors in
order to discuss the above plan on date April 27, 2001, at 9.00
a.m., at Queen Sirikit National Convention Center.


PROPERTY PERFECT: Extension Request Approved
--------------------------------------------
The Asian International Planners Co., Ltd., as the planner for
rehabilitation of Property Perfect Public Company Limited
submitted a letter to SEC asking for an extension for the
submission of financial statement, form 56-1 and form 56-2 for
the year 2000 to May 1, 2001.

The SEC has approved the request for extension.


SUNTEC GROUP: Creditors OK Plan
-------------------------------
Creditors of Suntec Group, a food processing firm, approved on
Monday the company's proposed Bt5.1-billion restructuring plan,
The Nation reported yesterday. However, the report said that the
approval is subject to the condition that Suntec owner Sawasdi
Horrungruang will be able to secure Bt100 million as additional
operations capital by September 29.

The hearing has been set for April 19.



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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