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

                        A S I A   P A C I F I C

                 Friday, April 27, 2001, Vol. 4, No. 83


                               Headlines

A U S T R A L I A

ANACONDA NICKEL: Murrin Plant Sustains Damage
AUSTAR UNITED: Posts Notice Of AGM
BRIDGEDFS LTD: Releases BISA From Escrow Commitments
EQUICO CORP: Buyer Defers Payment  
EQUICO CORP: Notifies Cancellation Of Shares
EQUICO CORP: Reports Progress On Sale
EQUICO CORP: Settles Sale Of ECFG; Changes Address
EQUICO CORP: Asset Disposal, Cap Reduction Approved
IOCOM LIMITED: Signs Strategic Deal With Prologic
KNIGHTSBRIDGE FINANCE: Creditors Reject Liquidation
PASMINCO LIMITED: Aquila Awaits Advice On Position


C H I N A   &   H O N G  K O N G

NEW WORLD: Regent Holding Sale Will Wrap In June
WUWEI HUANGYANG: Closure Looming
ZHANGYE SUGAR: Nears Bankruptcy, Liquidation


I N D O N E S I A

BANK NIAGA: Sell-Off Bid Awaits IBRA's Approval
INDOCEMENT TUNGGAL: Shares Sold To German Cement Firm
SCHERING-PLOUGH: Posts Rp4.42-B Net Losses


J A P A N

AIWA COMPANY: Restructuring Plans Disclosed Today
HINO MOTORS: Toyota Raises Stake To 50.1%
NICHIMEN CORP: `Ba3' Rating Under Review
TOKAI BANK: Merger With Sanwa Will Close In January


K O R E A

HYNIX SEMICON: Seeks Foreign Investor For TFT-LCD Unit
HYUNDAI ENGINEERING: Creditors To Pick New CEO
HYUNDAI INVESTMENT: AIG To Start Due Diligence
SEOUL GUARANTEE: Infusion Of Public Fund In May


M A L A Y S I A

MENANG CORP: Court Grants Proposed SOA
PULAU INDAH: Enters Into Conditional SPA To Divest Asset
ZAITUN BERHAD: Aborts Proposed Rights Issue


P H I L I P P I N E S

ALSONS CEMENT: Holderfin To Convert Advances To Equity
GLOBAL COMMUNICATIONS: Debt Restructuring Deal Close
URBAN BANK: Documents Prove Exec Saved Kin


S I N G A P O R E

ASIA FOOD: Announces Resignation Of Director
ASIA FOOD: Talks With Investors Underway
ASIA PULP: Appoints Deloitte Touche
CAPITALAND: To Dispose Of Three Land Sites
ST ASSEMBLY: Introduces Tape Chip Scale Package


T H A I L A N D

PREECHA GROUP: Board OKs Subsidiary Sale
PREECHA GROUP: Trading Suspended


     -  -  -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Murrin Plant Sustains Damage
---------------------------------------------
Anaconda Nickel Limited announced yesterday that on Tuesday the
nickel furnace in the refinery section of the Murrin Murrin
plant sustained some mechanical damage.

A full investigation into the cause of the incident is underway
and the furnace is expected to be back on line within 8 to 14
days.

The furnace outage has no negative impact on the production of
nickel powder and unsintered briquettes, however prevents the
production of sintered briquettes (briquettes containing iron
dross).

It is expected that production of nickel will continue
unaffected during the nickel furnace outage and that product
sales will also be maintained.


AUSTAR UNITED: Posts Notice Of AGM
----------------------------------
Austar United Communications Limited announced its 2001 Annual
General Meeting will be held at 10:30 AM Monday, May 21, 2001 at
the Heritage Ballroom, The Westin Sydney, 1 Martin Place,
Sydney, NSW, 2000.

Ordinary Business

1 Annual Financial, Directors' and Auditor's Reports

To receive and consider the annual financial report, directors'
report and auditor's report for the year ended December 31,
2000.

2 Re-appointment of John Riordan As Director

To consider and, if thought fit, pass the following resolution:
"That John Francis Riordan, who retires by rotation in
accordance with the Company's constitution, be re-appointed as a
director of the Company.'

3 Re-appointment of Timothy Downing As Director

To consider and, if thought fit, pass the following resolution:
"That Timothy David Downing, who retires by rotation in
accordance with the Company's constitution, be re-appointed as a
director of the Company."

Special Business

4 Re-appointment of Gene Schneider As Director

To consider and, if thought fit, pass the following resolution
as a special resolution: "That Gene Walter Schneider, who has
turned 74 years of age, be re-appointed as a director of the
Company to hold office until the conclusion of the next AGM of
the Company."

5 Grant of Options Under Executive Share Option Plan

To consider and, if thought fit to pass each of the following
resolutions:

5.1 "That the Company approves the grant of 500,000 options to
Mr Michael Thomas Fries under the Executive Share Option Plan of
the Company."

5.2 "That the Company approves the grant of 1,000,000 options to
Mr John Clinton Porter under the Executive Share Option Plan of
the Company.'

5.3 "That the Company approves the grant of 250,000 options to
Mr Gene Walter Schneider under the Executive Share Option Plan
of the Company."

5.4 "That the Company approves the grant of 50,000 options to Mr
John Francis Riordan under the Executive Share Option Plan of
the Company."

5.5 "That the Company approves the grant of 50,000 options to Mr
Timothy David Downing under the Executive Share Option Plan of
the Company."

5.6 "That the Company approves the grant of 50,000 options to Mr
Justin Herbert Gardener under the Executive Share Option Plan of
the Company."

Details of the proposed grant of options are described in an
explanatory memorandum.


BRIDGEDFS LTD: Releases BISA From Escrow Commitments
----------------------------------------------------
The Independent Directors of BridgeDFS Limited have
conditionally agreed to release Bridge Information Systems
America Inc (BISA) from its escrow commitments in connection
with BISA's prospective sale of 55 million shares in the
Company. The shares represent 55 percent of the Company's shares
on issue.

Background

On April 9, 2001, the Company announced that it had been advised
by Macquarie Bank Limited (MBL) that:

* MBL had been appointed by BISA in connection with its
prospective sale of the Shares;

* MBL's appointment had been approved by the US Bankruptcy
Court;

* BISA and a number of its affiliated companies had agreed with
their creditors and the US Bankruptcy Court that the Shares
would be sold; and

* MBL, on behalf of BISA, had requested that the Independent
Directors of BridgeDFS release BISA from its escrow commitments
in respect to the Shares to allow a sale process to be
commenced.

The Company also announced that it had appointed Caliburn
Partnership to advise the Independent Directors on both the
escrow arrangements and the proposed sale process.

The Proposed Sale Process

MBL has advised the Company that the proposed sale process will
involve a dual trade sale and institutional bookbuild and that
these parallel processes will be used to work towards a decision
point at which BISA will either:

* proceed to final negotiations with a trade buyer or buyers who
have provided an indicative price; or

* undertake a sell-down to Australian and overseas institutions.

The dual sale process envisaged by MBL involves five separate
but related steps which are designed to determine whether the
price which BISA will receive from a sale of the Shares is
likely to be maximized through a trade sale or through an
institutional sell-down.

Sales Process Envisaged By MBL

Step 1: Preparation

* Announcement to ASX by the Company of BISA's request for a
release of the escrow

* List of potential and prospective buyers developed

* Divestment strategy timetable finalized

* ASIC approval

Step 2 Indications Of Interest

* Preliminary approaches made to potential trade buyers

* Confidentiality Agreement distributed to interested parties

* Likely structural preferences of interested buyers identified

* Conditional release of escrow obtained

Step 3 Indicative Offers

*  Trade Sale

- distribute any additional information to selected potential
buyers

- obtain non binding indicative offers

* Sell Down

- consider a limited roadshow to institutional investors in Asia
and/or North America who have not yet had the opportunity to
invest

- following roadshow, assess market appetite for institutional
sell down

Step 4 Firm Offers

* Trade Sale

- shortlist the best offers

- management interviews/data room (if consented to by the
Company)

- obtain firm offer

* Sell Down  

- conduct bookbuild

Step 5 Completion

* Trade Sale

- negotiate documentation with preferred offeror or offerors

- sign and complete the offer

*  Sell Down

- settlement of bookbuild

If a trade sale eventuates, MBL have advised that the process
will also involve the successful tenderer making a takeover
offer for all of the outstanding shares in the Company.

Conditions To Release Escrow

The Independent Directors have formed the view that an orderly
sale of the Shares is likely to be in the interests of the
Company as a whole. BISA's financial predicament means that it
can no longer be committed to the future development of the
Company and its desire to sell the Shares is likely, in the
opinion of the Independent Directors, to create a significant
"overhang" on the market if the Shares are not able to be sold
because of the escrow.

The Independent Directors have therefore agreed to release the
Shares from the escrow provisions provided that the sale is
conducted in an orderly manner and involves:

* in the case of a trade sale - a proper testing of the market;
and

* in the case of an institutional sell-down - an orderly sell-
down.

The conditions to which the release of the escrow are subject
are set out in the Attachment to this Announcement.

Impact On Stock Exchange Escrow Provisions

The Australian Stock Exchange (ASX) holds 15 million shares in
the Company, which represents 15 percent of the Company's shares
on issue. These shares are also subject to escrow provisions. If
the BISA escrow release becomes unconditional, then the ASX
escrow will also be released according to the terms of its
voluntary escrow.


EQUICO CORP: Buyer Defers Payment  
---------------------------------
The Board of Equico Corporation Limited (EQL) announced that it
has received and agreed to a request from Chris Hogg for a plan
of deferred payment in respect of the $1,980,00 balance of
consideration for the purchase of the finance leasing company,
Equico Corporate Finance Group Pty Ltd (ECFG).

Hogg has advised the Board that finalizing his funding in the
current difficult economic conditions has required more time
than originally anticipated. The Board has agreed to the plan in
the interests of providing certainty to the sale of ECFG to
Hogg.

This is important both to ECFG, its staff, customers and
suppliers, and equally to EQL to allow it to move forward
independently.

The board has agreed to the following payment schedule which
will facilitate management underpinning their buy out financing.
The agreed structure provides greater security to the
transaction from both sides.

On April 24 2001                            $220,000
On or before June 30 2001                   $510,000
On or before September 30 2001              $500,000
On or before December 31 2001               $750,000

Hogg has reconfirmed her determination and dedication to the
acquisition of ECFG and supplied the appropriate proxies that
are necessary from him for the resolutions depending on his
approval at the shareholders' meeting.


EQUICO CORP: Notifies Cancellation Of Shares
--------------------------------------------
On April 10 2001, shareholders of Equico Corporation Limited
passed resolutions in accordance with section 256C(2) of the
Corporations Law to effect a selective capital reduction of the
Company by the cancellation of the following shares of the
company.

Roughton Pty Limited ACN 054 439 600: 4,094,285 shares

ECFG Nominees Pty Limited ACN 074 396 599: 31,620,000 shares

Joanne Hogg: 250,000 shares

The cancellation of those shares has been effected today in
accordance with the terms of the Corporation Law.


EQUICO CORP: Reports Progress On Sale
-------------------------------------
The Directors of Equico Corporation Limited (EQL) announced that
ECFG Nominees Pty Ltd, a company beneficially owned by Chris
Hogg and David Harvey, has today paid the sum of $220,000 being
the non- refundable deposit due under the agreement dated  
February 21, 2001 between EQL and Hogg for the sale of Equico
Corporate Finance Group Pty Ltd.


EQUICO CORP: Settles Sale Of ECFG; Changes Address
--------------------------------------------------
Equico Corporation Limited (EQL) announced Tuesday the
settlement of the sale of Equico Corporate Finance Group Pty Ltd
in accordance with the agreement dated February 21, 2001 between
EQL and Chris Hogg and the variation to that agreement of April
6, 2001.

Change Of Address

From April 24, 2001 the new address for Equico Corporation
Limited is:

Level 17, 201 Miller Street
North Sydney NSW 2060


EQUICO CORP: Asset Disposal, Cap Reduction Approved
---------------------------------------------------
A general meeting of the shareholders of the Equico Corporation
Limited was held on April 10 at Rydges North Sydney, 54 McLaren
Street, North Sydney.

The following resolution was considered at the meeting and
passed:

Resolution 1: Disposal Of Substantial Asset And Main Undertaking

"That subject to all other resolutions (special and ordinary) in
this notice of meeting being passed by the requisite majorities,
the sale to Christopher Roughton Hogg of 75 Bay Street, Mosman
for $2,200,000.00 of all of the issued capital of Equico
Corporate Finance Group Pty Limited ACN 085 834 331 being
6,133,804 ordinary shares being a substantial asset and the main
undertaking of the Company for the purposes of the Listing Rules
of Australian Stock Exchange Limited be approved."

The following special resolution was considered at the Meeting
and passed.

Resolution 2: Approval Of Capital Reduction

"That the issued share capital of the Company be reduced
pursuant to section 256C(2) of the Corporations Law by the
cancellation of 35,964,285 issued ordinary shares in the capital
of the Company fully paid or credited as full paid which are
held by the members of the Company listed below in the numbers
specified below for nil consideration payable by the Company to
any of the Cancelled Shareholders such cancellation to be
effective 14 days after the time at which the Company lodges
with the Australian Securities and Investments Commission a copy
of all resolutions as required in accordance with section
256C(3) of the Corporations Law subject to all other resolutions
(special and ordinary) being passed by the requisite majorities.

List Of Cancelled Shareholders And Number Of Shares Held

Roughton Pty Limited ACN 054 439 600: 4,094,285 fully paid
ordinary shares

ECFG Nominees Pty Limited ACN 074 396 599: 31,620,000 fully paid
ordinary shares

Joanne Hogg: 250,000 fully paid ordinary shares"

The following special resolution was considered at the Meeting
and passed.

Resolution 3: Change Of Company Name

"That subject to all other resolutions (special and ordinary) in
this notice of meeting being passed by the requisite majorities,
the Company change its name to Aviva Corporation Limited ACN 009
235 956."

A meeting of the shareholders of the Company was whose shares
are to be cancelled was also held this morning at Rydges North
Sydney, 54 McLaren Street, North Sydney where the following
special resolution was passed.

Approval Of Reduction Of Capital

"That the members of the Company listed below in relation to the
35,964,285 issued ordinary shares in the capital of the Company
registered in their names as fully paid or credited as fully
paid as specified below approve the cancellation of the
Cancelled Shares for nil consideration payable by the Company to
any of the Cancelled Shareholders subject to the passing of a
special resolution of the Company, in general meeting pursuant
to section 256C(2)(a) of the Corporations Law, for the reduction
of the issued share capital of the Company pursuant to section
256C(2) of the Corporations Law by the cancellation of Cancelled
Shares for nil consideration payable by the Company to any of
the Cancelled Shareholders such cancellation to be affective 14
days after the time at which the Company lodges with the
Australian Securities and Investments Commission a copy of all
resolutions as required in accordance with section 256C(3) of
the Corporations Law.

List Of Cancelled Shareholders And Number Of Shares Held

Roughton Pty Limited ACN 054 439 600: 4,094,285 fully paid
ordinary shares

ECFG Nominees Pty Limited ACN 074 396 599: 31,620,000 fully paid
ordinary shares

Joanne Hogg: 250,000 fully paid ordinary shares"


IOCOM LIMITED: Signs Strategic Deal With Prologic
-------------------------------------------------
Iocom (ASX:ICM) has signed a strategic relationship and
distribution agreement with Prologic Solutions, one of
Australia's premier vertical market specialists to the
hospitality industry.

The hospitality industry-specific agreement will allow Iocom to
provide a total end-to-end IT&T solution to the growing
hospitality industry that encompasses outsourced services,
security and Internet connectivity, VPN wide area network
capability and point of sale/hospitality specific applications.
By providing total `capability' to the industry, Iocom is in a
unique position to capture a significant market share in the
area of IT&T solutions and services across the dynamic
hospitality sector.

Prologic has already been successful in deploying Iocom's
Fortress range of interconnectivity products to a number of
leading Hotels across Australia. The eventual rollout of Iocom's
Fortress solutions across the hospitality industry will allow
individual hospitality companies to interconnect offices/hotels
via low-cost secure encrypted VPN access. In addition, these
clients will avail themselves of streamlined internal business
processes, high speed Internet connectivity and access to Hotel
CRS systems `anywhere anytime'.

"The Fortress range of network products officially launches on
the May 1, however has been successfully installed in pre-
release. We are now in a position to provide a true value added
solution to the hospitality corporations by reason of Iocom's
technical network expertise and outsourcing services products,
and Prologic's in-depth understanding of the requirements of the
industry.

"Customers in the Australian hospitality industry now finally
have a vendor who is capable of providing comprehensive
solutions encompassing all their IT&T requirements," said
Phillip Walter, Iocom's CEO.

Gavin de Livera, Prologic's Director of Technology, Services and
Partnerships, said, "This strong alliance with Iocom for the
hospitality industry will enable Prologic to vastly increase the
connectivity options available to our existing client base, as
well as providing Hospitality operators with an insight into
leading edge Internet technology rarely seen in the Australian
marketplace.

"The combination of Iocom's specialist technical and network
skills, along with Prologic's intimate knowledge of the
Hospitality Sector creates a powerful base for what will prove
to be a very positive influence within the Hospitality
Industry."


KNIGHTSBRIDGE FINANCE: Creditors Reject Liquidation
---------------------------------------------------
Creditors of Knightsbridge Finance threw out a motion Monday to
liquidate the company, and instead voted to enter into a deed of
arrangement, Australasian Business Intelligence reported
Tuesday.

The deed of arrangement would call for a shield for creditors
from litigation and establish a ceiling to claims covered in the
company's insurance.

Knightsbridge, the biggest mortgage broker in West Australia,
was put into voluntary administration in January this year, with
debts of A$0.7 million.


PASMINCO LIMITED: Aquila Awaits Advice On Position
--------------------------------------------------
Aquila Resources Limited (Aquila) is awaiting legal advice on
its position under the agreement with Pasminco Limited
(Pasminco) to purchase Pasminco's interest in the Ernest Henry
Mine.

Aquila has sought advice on whether that agreement has been
validly terminated and, if so, its rights in respect to breaches
of the agreement prior to termination.

Aquila advised that Pasminco has foreshadowed a claim against
Aquila in respect of a fall in Pasminco's share price of
"approximately 20 cents" on March 30, 2001 and volume of shares
traded on that day being "approximately 10 times normal
volumes", resulting, Pasminco alleges, from an ASX announcement
made by Aquila on that date with respect to payment of the
termination fee due under the Ernest Henry transaction.

Solicitors for Pasminco further advised that the "Pasminco Board
of Directors are currently considering this matter".

Aquila is surprised by this threat, given that the share price
traded in a range of 54-58 cents for the day and was trading at
55 cents just prior to Aquila's announcement.

Aquila's position is that Pasminco's claim has no legal
foundation.


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


NEW WORLD: Regent Holding Sale Will Wrap In June
------------------------------------------------
New World Development (NWD) plans to close the sale of its 48
percent stake holdings in the Regent Hotel in Tsim Sha Tsui to
Intercontinental Hotels and Resorts in the next two months,
South China Morning Post reported Wednesday, citing NWD Director
and Group General Manager Stewart Leung Chi-kin. The sell-off
deal is expected to draw a sum of HK$3.2 billion.

Leung said NWD is undertaking negotiations with other interested
parties, although "the details have not yet (been) finalized."

This sell-off the NWD's Regent holdings is part of the company's
efforts to reduce its HK$28 billion debt burden by HK$10
billion.

Apart from this sale, NWD is looking for strategic investors to
acquire its interests in the fixed-line business to below 50
percent.


WUWEI HUANGYANG: Closure Looming
--------------------------------
Loss-making Wuwei Huangyang Sugar Factory, which has been listed
by the State Economic and Trade Commission of China as one of
the three largest sugar factories in Gansu " near bankrupt", is
heading for closure. Wuwei has been unable to pay its debts and
prolong production, China Online reported Friday last week.

The sugar maker, with negative assets-to-liabilities ratio, will
begin full-scale liquidation.


ZHANGYE SUGAR: Nears Bankruptcy, Liquidation
--------------------------------------------
Gansu major sugar maker Zhangye Sugar Factory will close shop
and start liquidation of assets, as the company has been
suffering from losses with unpaid debts greater than the
company's assets value, China Online reported Friday.

The sugar maker is one of the three largest sugar producers in
Gansu that has been listed by the State Economic and Trade
Commission of China as a "nearly bankrupt enterprise".


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


BANK NIAGA: Sell-Off Bid Awaits IBRA's Approval
-----------------------------------------------
Bank Niaga could not proceed yet with its sell-off proceedings
pending the decision and the time schedule from the Indonesian
Bank Restructuring Agency, Bisnis Indonesia reported Wednesday,
citing Peter B. Stok, Bank Niaga President Director.

"We are still waiting for a time schedule from IBRA. Because it
is still not quite clear to what stage the divestment process
has to be," Stok told Bisnis, adding that the bank has
accomplished the details of the process for scheduled to be
completed in the first semester of this year.

Although, five prospective investors have already expressed
their interest in acquiring the bank's shares, the divestment
process has reached the info memo stage yet, Stok told Bisnis.

Bank Niaga Financial Director Paul Wiranata said, "I also cannot
unveil their identities. Just wait, but two are from Indonesia
and the other three are foreign investors."  


INDOCEMENT TUNGGAL: Shares Sold To German Cement Firm
-----------------------------------------------------
German cement maker Heidelberger Zement AG, through its wholly-
owned subsidiary Kimmeridge Enterprises Pte Ltd, has acquired
477.26 million shares of PT Indocement Tunggal Prakarsa, a
holding jointly owned by Indonesian Bank Restructuring Agency
and PT Holdiko Perkasa, Asian Wall Street Journal reported
Wednesday. The report did not mention the amount of the  
transaction.

Moreover, Kimmeridge also bought subscriptions of about 1.19
billion shares from Indocement's rights issue on Tuesday.  
Indocement said, "As the results of those transactions,
Kimmeridge will become a controlling shareholder owning 45.48
percent of the company's share if no individual shareholders
will subscribe for the rights issue shares."


SCHERING-PLOUGH: Posts Rp4.42-B Net Losses
------------------------------------------
PT Schering-Plough Indonesia, a publicly listed pharmaceutical
company, posted a net loss of Rp4.42 billion in the year 2000,
dropping 32 percent from the preceding year's net loss of Rp6.48
billion, IndoExchange reported Monday. The drop, the report
said, was attributed to the 8.91-percent rise in sales revenues
to Rp89 billion, and the slash in the operating costs by 14.10
percent to Rp29.97 billion.  

Schering-Plough's revenue has risen an average of 25.38 percent
during the four-year period up to 2000. Last year also saw a
slump in total equity to Rp13.88 billion, or a decrease of 24.15
percent from the previous year's Rp18.30 billion.

Schering-Plough's liabilities stood at Rp37.44 billion as of
December 31, 2000, as it grew at an average of 143.75 percent
annually during the four-year period up to 2000.

Debt-to-equity ratio, at the end of the year, was 269.80
percent.


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


AIWA COMPANY: Restructuring Plans Disclosed Today
-------------------------------------------------
Aiwa Company announced it would unveil today the details of its
reorganization plans, together with its results for the year
ended March 31, Asian Wall Street Journal reported Wednesday.

According to a Tuesday report by Nihon Keizai Shimbun, the audio
equipment maker intends to shut down its low-cost cathode ray
tube televisions operations and its Malaysia plant's low-price
models. However, the company is also scheduled today to release
its decision concerning the fate of its largest plant abroad in
Johor Baru in Malaysia.

Aiwa disclosed its restructuring plans in late March, and around
two weeks after, it announced its decision to shut down four
plants in Japan.


HINO MOTORS: Toyota Raises Stake To 50.1%
-----------------------------------------
Toyota Motor Corporation has increased its stake, from 36.6
percent to 50.1 percent, in its truck-making affiliate Hino
Motors Limited. Toyota bought new Hino shares amounting to
Y66.29 billion, Asian Wall Street Journal reported yesterday.  
Toyota also deployed a high-ranking Toyota official to gain more
control of the group's company, and its share in Japan's truck
market.

Hino Motors listed its net loss for the year ended March 31 at
Y10.7 billion. For the current year ending March 31, 2002, the
company aims to achieve a break-even point.


NICHIMEN CORP: `Ba3' Rating Under Review
----------------------------------------
Moody's Investors Service placed the Ba3 senior unsecured debt
rating of Nichimen Corporation under review for possible
downgrade. Long-term debt ratings assigned to notes issued by
Nichimen's subsidiaries, supported by the keepwell agreement
provided by the parent, are also placed under review.

The rating action reflects Moody's concerns over Nichimen's
declining franchise value.

According to Moody's, Nichimen, despite its management's rather
moderate risk appetite, has incurred larger-than-anticipated
restructuring costs in recent years, leaving the firm
unsuccessful in planned accumulation of internal capital.

In Moody's view, Nichimen's leverage level remains high,
relative to its economic capitalization, although the firm has
been actively reducing its interest-bearing debts.

Moody's believes Nichimen's operating franchise faces pressure
under the difficult economic environment and from extremely
harsh competition among trading companies.

As a result, the firm's performance in recent periods shows a
trend of declining operating profits.

The rating review will focus on Nichimen's strategic options to
maintain its operating franchise, its restructuring plans and
associated costs for further de-leveraging, and its impact on
Nichimen's economic capitalization.

Moody's also added that the prospect for main bank relationship
is another important credit factor for Nichimen, because the
level of support will greatly affect Nichimen's future cashflow
and interest coverage.

The following ratings were placed under review for possible
downgrade:

Nichimen Corporation - the Ba3 long-term senior unsecured debt
rating.

Nichimen America, Inc. - the B1 long-term senior unsecured debt
rating.

Nichimen Europe PLC - the B1 long-term senior unsecured debt
rating.

Nichimen Hong Kong (Cayman) Ltd. - the B1 long-term senior
unsecured debt rating.


TOKAI BANK: Merger With Sanwa Will Close In January
---------------------------------------------------
Tokai Bank intends to wrap up its merger deal with Sanwa Bank by
January 15, 2002 , to form a new entity to be called UFJ Bank,
Japan Times Online reported yesterday, citing the presidents of
both banks. The merger was originally scheduled to be finalized
by the start of April next year.

This earlier completion of the deal would bring the two banks,
under UFJ Holdings Incorporated, a total of Y8 billion to  
defray restructuring costs and dispose of bad loans through the
current year ending March 31.

Sanwa President Kaneo Muromachi told Times, "Moving up the time
schedule increases our capacity to deal with more bad loan
disposal, but we do not need to count on the extra funds. We can
proceed with bad loan disposal within our earnings."

The report also added that the system consolidation would help
fasttrack the streamlining of operations and workforce, and
hence, save an estimated Y81.5 billion from the cost cuts until
March 2006.

The two merging banks will cut 1,200 more employees, close
operations in 148 branches and 16 overseas offices.


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


HYNIX SEMICON: Seeks Foreign Investor For TFT-LCD Unit
------------------------------------------------------
Hynix Semiconductor Incorporation is working on the sale of its
thin film transistor liquefied crystal display (TFT-LCD)
business overseas, Asian Wall Street Journal reported Wednesday,
citing a report by Maeil Business Newspaper. Samsung Electronics
Company and LG Philips LCD Company earlier refused the offer by
Hynix to take over the operations.


HYUNDAI ENGINEERING: Creditors To Pick New CEO
----------------------------------------------
Creditors of Hyundai Engineering and Construction Company (HEC)
announced Tuesday that a new company chief executive officer  
will be named before the week ends, The Korea Herald reported
Wednesday. According to a creditor bank official, the new CEO
will be picked from a shortlist of five or six candidates,
narrowed from 20 people who applied for the position.  

The official told Herald, "The selection process will be wrapped
up before board members meet Saturday."


HYUNDAI INVESTMENT: AIG To Start Due Diligence
----------------------------------------------
American investment group, American International Group (AIG)
started last Monday its own due diligence audit on Hyundai
Investment and Trust Securities Company before a proposed
takeover of the debt-laden Hyundai unit, Agence France-Presse
reported Monday, as told by Financial Supervisory Committee
(FSC) Senior Official Chin Dong-soo.

The due diligence investigation is expected to be finished by
May 18, before the AIG and the Hyundai unit strike a deal
sometime in the next half of this year, AFP reported.

Under the proposal presented by the government to AIG, a 51
percent stake of Hyundai Investment will be sold to AIG for W1.2
trillion. However, AIG wanted the government also put its
counterpart money into Hyundai Investment, whose debts have
already gone beyond its assets of W1.2 trillion.

The parties struck a memorandum of understanding (MoU) in August
2000 for AIG to takeover three Hyundai finance companies. Under
the MoU, AIG will make an investment totaling W1.1 trillion, to
be distributed into the following: Hyundai Securities with W500
billion; Hyundai Investment Trust Management, W300 billion;
Hyundai Investment and Trust Securities, W300 billion.


SEOUL GUARANTEE: Infusion Of Public Fund In May
-----------------------------------------------
Government officials told Korea Herald Tuesday that the W700-
billion public fund infusion into Seoul Guarantee Insurance
Company would most likely be made in the middle of May.

This cash infusion, an answer to the clamor of investment trust
management companies, will pay for the investment trust sector's
bond holdings issued by bankrupt companies.

An official at the Ministry of Finance and Economy stated, "In
line with a decision by the Public Fund Management Committee,
the cash is unlikely to be funneled into the guarantee insurance
company till mid-May. The Korea Deposit Insurance Corp. will
inject cash instead of making in-kind investments."


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


MENANG CORP: Court Grants Proposed SOA
--------------------------------------
The High Court of Malaya granted orders in respect to the
application of Menang Corporation (Malaysia) Berhad on April 24,
2001 for:

1) Court's sanction for the Proposed Scheme Of Arrangement
pursuant to Section 176 of the Companies Act, 1965; and

2) Confirmation of the reduction of the issued and paid-up
capital and the share premium account of the Company.

Menang will proceed with the implementation of the above
Proposals hich includes, inter-alia, the capital reduction and
consolidation.

Profile

Menang was involved in the manufacture and sale of jute bags,
twine, ropes, tarpaulin and canvas from 1969 to 1975.

It disposed of this business in 1978 due to high operating costs
and lack of demand for its products.

In July 1982, the Company embarked on property development after
undergoing a restructuring exercise wherein it acquired Menang
Development (M) Sdn Bhd.

In August 1998, the Company and its two subsidiaries were
granted a restraining order by the High Court pursuant to
Section 176 (10) of the Companies Act, 1965 against certain
classes of creditors. The restraining order has since expired on
11.10.2000 after three extensions.

In October 1999, Menang had unveiled its proposed restructuring
scheme which involves a scheme of arrangement with creditors,
capital reconstruction exercise, issue of warrants, and
acquisition of freehold development land.

On August 17, 2000, Menang obtained approval from the Securities
Commission on its corporate proposals, save for a proposed
exemption for the Company's major shareholders and related
parties from extending a mandatory general offer (MGO).

Subsequently, scheme creditors' approval was received on August
30, 2000. The proposed MGO exemption will only be considered
upon receipt of shareholders' approval at a future ESM.


PULAU INDAH: Enters Into Conditional SPA To Divest Asset
--------------------------------------------------------
Arab-Malaysian Development Bank (AMDB) announced Wednesday that
Pulau Indah Marina Resort Sdn Bhd (PIMR), a 60 percent owned
subsidiary of the Company, has on April 24, 2001 entered into a
conditional sale and purchase agreement to dispose of a parcel
of leasehold land measuring 146.4 hectares in Pulau Indah, Mukim
of Klang to Pembinaan Redzai Sdn Bhd (Redzai) for a total cash
consideration of RM44,104,603.

Information On PIMR

PIMR was incorporated in Malaysia on 15 June 1995 under the
Companies Act, 1965. It has an authorized capital of
RM20,000,000 while its issued and paid-up capital is
RM20,000,000 comprising 20,000,000 ordinary shares of RM1.00
each. AMDB holds a 60 percent equity stake in PIMR with
Perbadanan Kemajuan Negeri Selangor (PKNS) holding the remaining
40 percent equity.

PIMR is principally engaged in the activity of property
development and is currently developing a residential marina
resort in Pulau Indah, Klang, Selangor. After the Proposed
Disposal, PIMR will still own 154.2 hectares of land for the
development.

Information On Redzai

Redzai (Company No. 143419-T) is a company incorporated in
Malaysia with its registered office at 30 B & C, Jalan SS22/21,
Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan.
Redzai is an investment holding company.

Redzai's directors are Ahmayuddin bin Ahmad, Chan Chu Wei and
Effendy Choong bin Abdullah. The substantial shareholders of
Redzai are Ahmayuddin bin Abdullah and Chan Chu Wei, each
holding 3,000,000 and 2,000,000 ordinary shares of RM1.00 in
Redzai, respectively.

Salient Terms Of Agreement

Details of the Said Land

PIMR is the registered and beneficial owner of the piece of land
held under Title No. PN 7374, Lot No. 72778, Mukim of Klang,
Selangor Darul Ehsan measuring in area approximately 146.4
hectares or 15,751,644 square feet. The Said Land is a piece of
leasehold land with a term of ninety-nine years expiring on 24
March 2096 and with its category of land use being building.

Free from Encumbrances

The Said Land is being disposed of free from all claims,
charges, liens and encumbrances.

Settlement of Sale Consideration

The Sale Consideration will be satisfied in the following
manner:

i) The sum of RM2,205,230 was paid to PIMR upon execution of the
Agreement as part payment towards the Sale Consideration; and

ii) The balance sum of RM41,899,373 will be paid to PIMR on or
before the expiry of 45 days from the date of Redzai's
solicitors' receipt of the notice of assessment determining the
stamp duty payable on the Said Land from the Collector of Stamp
Duties.

Conditions to the Proposed Disposal

As per the Agreement, the Proposed Disposal is subject to the
following approvals being obtained within six months from the
date of the Agreement, or such extended period as mutually
agreed by both PIMR and Redzai:

i) the Foreign Investment Committee (FIC) for the acquisition of
the Said Land by Redzai;

ii) consent of the State Authority for the sale and transfer of
the Said Land;

iii) the shareholders of the company at an EGM to be convened;
and

iv) any other relevant authorities.

Rationale For Disposal

The Proposed Disposal will allow PIMR to realize a substantial
gain on disposal of the Said Land of approximately RM6 million
and will provide PIMR with a cash inflow of RM44.1 million. PIMR
plans to utilize these funds for its development activities and
to repay its borrowings.

Basis For Determining Purchase Consideration

The purchase consideration of RM44,104,603 is based on the
agreed price of RM2.80 per square foot and was arrived at on a
willing-buyer, willing-seller basis after taking into
consideration current market value of the Said Land.

The open market value of the Said Land is RM42.6 million as
appraised by an independent firm of professional valuers, Messrs
Hakimi and Associates Sdn Bhd using the Comparison Method of
Valuation on March 21, 2001.

This purchase consideration of RM44.1 million represents a
premium of 171.5 percent over PIMR's initial acquisition cost of
RM16.2 million on July 6, 1996.

As of March 31, 2001, the Said Land has a net book value of
RM38.4 million.

Financial Effects Of Said Proposal

The Proposed Disposal will not have any effect on the issued and
paid-up share capital or the shareholdings of AMDB.

As at 31 March 2001, the Said Land had a net book value of
RM38.4 million, which will yield a gain on disposal of
approximately RM6.0 million for PIMR.

AMDB, which holds a 60 percent equity interest in PIMR, is
expected to realize a gain on disposal of approximately RM3.6
million at group level.

As the Proposed Disposal is expected to be completed in the
financial year ending March 31, 2002, the earnings for the AMDB
group for that financial year is expected to increase by the
amount of the gain on disposal. With an expected gain on
disposal of approximately RM3.6 million at group level, AMDB's
Earnings per Share (EPS) for the financial year ending March 31,
2002 is expected to increase by approximately 0.6 sen, based on
its existing share capital of 585.7 million shares of RM0.50
each.

Net Tangible Asset (NTA)

Based on AMDB's existing share capital of 585.7 million shares
of RM0.50 each, the NTA per share at group level of AMDB is
expected to increase by approximately 0.6 sen based on the
expected date of completion of the Proposed Disposal by March
31, 2002.

Estimated Time For Completion

As per the Agreement, the Proposed Disposal will be deemed
completed upon the payment of the Balance Sale Consideration by
Redzai or/and Redzai's financier to PIMR or PIMR's solicitors,
subject to the relevant approvals set out in Section 4 above
being obtained within the stipulated time frame.

The Board of Directors of AMDB, after careful deliberation, is
of the opinion that the Proposed Disposal is in the best
interest of the company.

Neither the substantial shareholders nor the Directors of AMDB
have any interest, direct or indirect, in the Proposed Disposal.
Insofar as the Board of Directors and substantial shareholders
are aware, none of the persons connected with them have any
interest, direct or indirect, in the Proposed Disposal.

Copies of the following documents are available for inspection
at the registered office of the Company during normal business
hours for a period of two (2) weeks commencing from the date of
this announcement:-

i) The Agreement relating to the Proposed Disposal;

ii) The audited accounts for the financial year ended 31 March
2000 of AMDB and PIMR and the audited accounts for the six
months ended 30 September 2000 of AMDB; and

iii) The valuation report and valuers' letters thereon.


ZAITUN BERHAD: Aborts Proposed Rights Issue
-------------------------------------------
Zaitun Berhad announced Wednesday that the company has decided
to abort the Proposed Rights Issue, due to the prevailing weak
market conditions which has affected its implementation.

The company shall issue a revised plan to regularize its
financial condition in due course.


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


ALSONS CEMENT: Holderfin To Convert Advances To Equity
------------------------------------------------------
Holderbank Financiere Glarus AG (Holderfin), the Swiss cement
maker, is planning to swap its cash advances amounting to $60
million to Alsons Cement Corporation, as part of the latter
cement company's debt restructuring program, Philippine Daily
Inquirer reported Tuesday.

"Restructuring may involve the conversion of all or a portion of
the loans to equity in the corporation and/or the issuance of
any debt or equity instrument to the lender, or any of its
designee or assignee," Alsons corporate secretary Allen
Morallos-Arbis said in a disclosure at the Philippine Stock
Exchange.

Through the exercise, Holderfin will raise its stake in Alsons,
which will subsequently increase its authorized capital stock,
Inquirer said. Holderfin currently holds 49 percent stake in
Alsons, raised from 30 percent after it extended a $60-million
loan to Alsons two years ago.

JP Morgan, Inquirer reported, has been appointed by Alsons to
conduct a valuation of the company, the results of which will be
presented for review to an independent committee to be formed by
the board.


GLOBAL COMMUNICATIONS: Debt Restructuring Deal Close
----------------------------------------------------
After years of negotiations with creditor banks, Philippine
Global Communications Incorporated (Philcom) is close to firming
up its debt restructuring deal involving debts worth P3 billion,
as the company has reached a concession with secured creditors,
although in principle yet, on key terms of the deal, Business
World reported Wednesday.

These banks include Bank of Philippine Islands, Equitable-PCI
Bank, China Banking Corporation, and Metropolitan Bank and Trust
Company.

With regard to unsecured creditors, Philcom is also wrapping up
negotiations on the company's proposed restructuring, although
the international communications operator has yet to get these
creditors' approval.

Philcom's debt restructuring is aimed to attract strategic
investors, which the company hopes to achieve in two or three
years' time. A source at Philcom told World, "What we need to do
is to fix all the problems of Philcom. We have put in a team of
technical people reviewing the status of the equipment... and
this is going to take time. What we need is to get a strategic
partner for the company and we're confident that we can do so
once the debts have been paid."

Earlier, Belle Corporation, Philcom's majority shareholder (with
90 percent stake) announced that it is going to sell its
interests in Philcom to focus on its core property development
operations.


URBAN BANK: Documents Prove Exec Saved Kin
------------------------------------------
According to documents procured by the Philippine Daily
Inquirer, relatives of Urban Bank President Teodoro Borlongan
were able to withdraw investments from the bank in April 2000
two days prior to the day the bank went on holiday, Philippine
Daily Inquirer reported.

The three relatives mentioned in the documents and their
corresponding withdrawn investments are the following: Eduardo
Enriquez, Borlongan's father-in-law, P50.8 million from
Urbancorp, the bank's investment branch; Eduardo Enriquez Jr,
Borlongan's brother-in-law, P3.5 million also from Urbancorp;
Dolores, wife of Borlongan, p1.6 million; and the Enriquez-owned
Enriquez Security Services Inc., P6.4 million from Urbancorp.

In an interview with the Inquirer, Borlongan did not comment on
the documents, but he said, "I'd like to say the whole thing.
I'd want to say what really went on, what role (Bangko Sentral
ng Pilipinas Governor Rafael) Buenaventura played, but at this
point, I'm willing to fight in the court."

"When people make judgments about people who withdrew, the first
thing to consider is how much the person lleft behind in the
bank. Secondly, if we're saying relatives who withdrew, one
should also find out the equally close relatives who were not
able to withdraw," he added.

Before Urban Bank went on a bank holiday on April 26, 2000, the
bank was beset with withdrawals that stripped the bank of about
P4 billion, ensuing a liquidity crunch. These withdrawals were
sparked by rumors that the bank was heavily burdened by debts,
going insolvent.

However, according to government regulators, the bank's cashflow
was hindered by the bank officials' decision to purchase "trash
receivables" worth P4.6 billion from Urbancorp. Urbancorp was in
financial doldrums brought about by bad investments in real
estate and high interest rates as a result of the Asian
financial slump.


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


ASIA FOOD: Announces Resignation Of Director
--------------------------------------------
Asia Food & Properties Ltd (AFP) announced that Toshifumi
Asakura has resigned as Director of AFP effective March 29,
2001.

Following the resignation of Toshifumi Asakura, the full Board
of AFP will now be the following 10 Directors:

Franky Oesman Widjaja - Chairman & Chief Executive Officer
Muktar Widjaja - Director & President
Frankle (Djafar) Widjaja - Director & Vice President
Hendrik Tee - Director & Vice President
Willie Sia Siew Kiang - Director & Chief Financial Officer and
Audit Committee Member
Tan Siauw Liang - Director
Kunihiko Naito - Director
Lew Syn Pau - Director & Audit Committee Chairman
K. Shanmugam - Director & Audit Committee Member
Wong Kok Siew - Director

Headquartered in Singapore, AFP is an investment holding company
with operational businesses in agri-resources, food and
property. Listed on the Singapore Exchange in 1997, AFP's
principal operations are located in Indonesia, China, Singapore
and Malaysia. The AFP Group of Companies employs more than
60,000 people with strong local, regional and             
international knowledge and experience. The AFP Group reported a
turnover of S$1.4 billion in 2000.


ASIA FOOD: Talks With Investors Underway
----------------------------------------
The Board of Directors of Asia Food & Properties Ltd (AFP)
announced that the company is currently in discussions with
potential strategic investors.  

These discussions are in line with the strategy of the AFP Group
to work with strategic investors/partners who can add value to
the AFP Group's businesses.

In the interim, the company will continue to request the
suspension of trading of its shares and warrants.


ASIA PULP: Appoints Deloitte Touche
-----------------------------------
Asia Pulp & Paper Company (APP), Asian Wall Street Journal
reported, has appointed Deloitte Touche Tohmatsu International
to conduct the probe on the company's failure to enter in its
account the two swap contracts, worth $220 million, made with
Deutsche Bank AG in 1997.

APP Finance Director Hendrik Tee said, "Deloitte Touche will
conduct a review of the facts and circumstances surrounding the
failure to reflect these obligations in our financial statements
and make an independent report to the company's directors."


CAPITALAND: To Dispose Of Three Land Sites
------------------------------------------
Capitaland Limited, plans to dispose of three freehold sites,
with approximately 340,000 foot square total land area, the
Business Times reported. The company is taking this asset
disposal measure to aid in the reduction of the company's debts.

The sites are ANA Hotel, bought for S$142.1 million in 1999; the
former Imperial Hotel, bought for S$161.8 million also in the
same year; and the one in Lloyd Road.

According to Times, the sale of the three sites could generate
around S$450 million. The sale of these sites is covered in its
non-core assets disposal program.


ST ASSEMBLY: Introduces Tape Chip Scale Package
-----------------------------------------------
ST Assembly Test Services Ltd (STATS), a leading independent
semiconductor test and advanced packaging service provider,
announced the introduction of its Tape Chip Scale Package
(TCSP). This latest advanced package is ideal for those
applications requiring a thin package with a small form factor
and high I/O density.

Applications that can utilize the TCSP's high density and small
form factor are portable electronics such as pagers, cellular
phones, camcorders, digital cameras, and other wireless devices
that require a thin package.

Chip scale packaging technology is used in both wireless and
wired communications, and is characterized by a smaller
footprint, which offers economy in space, lighter weight, and
better thermal and electrical performance.

Dr B.J. Han, STATS Chief Technology Officer said, "CSP
technology is critical to the semiconductor industry. The
complexity of advanced semiconductor devices used in wireless
applications, particularly handheld devices such as handphones
and personal digital assistants (PDAs), requires squeezing more
functionality into a tighter area. CSP package technology helps
solve this problem."

Unlike other IC packages that use a laminate substrate, the TCSP
uses very thin flexible circuit tape, which enables higher I/O
density. CSPs range from 17mm x 17mm down to 4mm x 4mm, with the
popular size being 12mm x 12mm. The tape substrate allows for
finer lines and spaces and the 0.5mm ball pitch allows for high
I/O count in a small footprint. It is the latest addition to the
STATS family of advanced packaging, including the Small-Thin
Plastic Ball Grid Array (STPBGA) and Stacked Die Ball Grid Array
Package (SDBGA).

ST Assembly Test Services (STATS), is a leading semiconductor
test and assembly service provider to fabless companies,
integrated device manufacturers and wafer foundries. With its
principal operations in Singapore and global operations in the
United States, United Kingdom, Japan and Taiwan, STATS offers
full back-end turnkey solutions to customers worldwide.

STATS' expertise is in testing mixed-signal semiconductors which
are extensively used in fast growing communications applications
such as data networking, broadband and mobile communications.
STATS also offers advanced assembly services and has developed a
wide array of traditional and advanced leadframe and laminate
based products, including various ball grid array packages to
serve some of the world's technological leaders.

STATS was listed on the Nasdaq National Market and The Singapore
Exchange in January 2000.


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


PREECHA GROUP: Board OKs Subsidiary Sale
----------------------------------------
According to the resolution of the Board of Directors' meeting
of Preecha Group Public Company Limited on April 24, 2001, the
board approved the selling of one Preecha Group's subsidiary to
the third party, which does not directly or indirectly relate to
the company or its managements.

The selling of 200,000 shares of Mulcom Company Limited
subsidiary is a part of Debt Restructuring Plan of the company,
which will be executed as follows:

1. Date of Proceeding: May 25, 2001

2. Related Parties: Preecha Group Public Company Limited as
Seller
                  : Ngenmahasarn Company Limited as Buyer

3. Detail of Assets: See Attachment.

4. Total Price and Condition of Payment: The company sells the
shares of Mulcom Company Limited as a whole lot for Bt100,000.
The company receives payment on May 25, 2001 and realizes as its
revenue in the second quarter of 2001

5. Criteria to Specify the Return Value: The value was agreed
upon by both parties by considering the Book Value, by
considering the Net Asset Value calculated from values,
appraised by independent appraisal companies.

6. Objective of Sale: For the debt restructuring and investment
restructuring of the company

7. General Transaction: Considering the type and size of the
transaction in accordance with the regulations of the Stock
Exchange of Thailand regarding the regulation, procedure and
disclosure of the assets acquired or divested of the listed
company, the size of the transaction is in negative figure,
which is out of the scope of SET's regulations. Therefore, it
cannot be applied to regulation no.3 (1) and 3 (2).  On the
other hand, if the regulation no.3 (3) can be applied, the
calculation will be as follows:

Total Amount Received   =   0.1 million
          Total Asset   =   2,987.22
                        =   0.003 percent

8. Impact to the Company, After Selling its Subsidiaries'
Shares: The company anticipates that after selling its
subsidiaries' equity, as mentioned in no. 3, will have less
deficit in shareholders' equity, compared to the consolidated
financial statement of December 31, 2000, at amount of Bt119.80
million, which reduces the deficit in shareholders' equity from
Bt357.83 million to Bt238.03 million.

9. Reasons and Conditions for Sale the Shares.

9.1 The buyer will take responsibilities for the subsidiaries'
losses; therefore the company is not required to realize those
losses in the future. This will improve the company's financial
status.

9.2 To reduce the liabilities in the Consolidated Balance Sheet
of the company and its subsidiaries.

9.3 Selling its subsidiaries' equity is a part of debt
restructuring and investment restructuring of the company.

Details of the Assets Disposal

Disposed assets: the shares of Mulcom Company Limited (Real
estates company)

Registered Capital: Bt20.0 million
Par Value and Paid Up: Bt100
No. of shares held and disposed: 200,000 Shares
Total Investment: Bt20.0 million
Stake: 100 percent
(Financial Information As at 31 December 2000)

Total Assets: Bt184.54 million
Total Liabilities: Bt304.34 million
Book Value Per Share: negative Bt599.00
Net Asset Value: negative Bt30.53 million
Net Asset Value Per Share: negative Bt152.65
Loan from Preecha Group PCL: Bt203.85 million
Selling Price: Bt100,000
Guarantee: This company has mortgaged its title deed for the
guarantor of the loan to the financial institution of which the
outstanding balance of the loan as at December 31, 2000 is
Bt145.76 million.


PREECHA GROUP: Trading Suspended
-------------------------------
The Stock Exchange of Thailand (SET) announced four listed
companies had been subjected to rehabilitation plan preparation
and posted SP (Suspension) sign to prohibit securities trading
of those listed companies and also transferred the four listed
companies to REHABCO category since March 12, 2001.

The SET also informed a time schedule for those listed
companies' management to make prudent decision on whether to
prepare a rehabilitation plan to propose to the company's
shareholders, or to ask for a voluntary delisting, or to try
another option which will benefit to all involved in the listed
companies and report their decisions to the SET by April 11,
2001 to disclose to the public.

After that, the SET will allow trading of those listed companies
on April 12, 2001 - May 11, 2001 before suspension again on May
14, 2001 until all the delisting problems have been resolved.
However, the companies could request the SET to allow continued
trading under the REHABCO category after they completed the
conditions specified by the SET. Details of the announcement
have been disseminated on PUBLIC SIMS since March 9, 2001.

The SET has considered the companies' management decision
submitted to the SET, and will proceed as follows:

1. Allows trading of three securities, which decide to prepare a
rehabilitation plan, under the REHABCO category from April 12,
2001 to May 11, 2001 to give shareholders a chance of trading
the company's securities.

(1) Thai Heat Exchange Public Company Limited (THECO)
(2) Sanyo Universal Electric Public Company Limited (SUE)
(3) Preecha Group Public Company Limited (PRECHA)

Therefore, according to Clause 24 (3) and (6) of the regulation
on trading, clearing and settlement for listed securities 1999,
the ceiling and floor limits on the main board will be expanded
from the regular +/-30 percent to +/-100 percent of their last
trading. The new limits will be in effect on April 12, 2001.   

2.Posts an SP sign to prohibit further trading of three
securities, beginning from May 14, 2001 until the causes of
delisting are eliminated or the SET  allows  continued trading
under the REHABCO category after they completed the conditions
specified. This is by virtue of Clause 5 (5) of the SET's rules,
Conditions and Procedure of the Temporary Prohibition against
Trading of Listed Securities dated on February 9, 1995.

Those three listed companies are required to proceed as follows:

1) Appoint an independent financial advisor to assist management
in the preparation of the rehabilitation plan.

2) Co-operate fully with the independent financial advisor in
organizing a meeting to present the rehabilitation plan to
analysts and shareholders, and then also propose it to the
shareholders for approval.

3) Co-operate with the independent financial advisor in
reporting every three months to the SET on its actual
implementation progress, as compared to the rehabilitation plan
until the causes of possibly being delisted are eliminated.

In case the company submits a petition under the Bankruptcy Act,
the company is able to implement the rehabilitation plan
approved by the creditors and the court in place of the plan
approved by the company's shareholders. However, the company
still has the duty to report the SET about the implementation
progress (see No 3)).

The SET would like the companies' shareholders and general
investors to follow up the proposed rehabilitation plan prepared
by those companies and their financial advisors, which will be
presented to their shareholders meetings or the Central
Bankruptcy Court.

3. Still post SP sign to prohibit securities trading on Central
Paper Industry Public Company Limited (CPICO) because the
company has asked for an extension period to report its decision
which is expected to be made by April 30, 2001. The SET will
allow trading of its securities when it has reported the
information clearly.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Ronald Villavelez, Maria Vyrna Ni¤eza, Editors.

Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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