TCRAP_Public/010501.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

                 Tuesday, May 1, 2001, Vol. 4, No. 85


                               Headlines

A U S T R A L I A

AUSTRALIAN DERIVATIVES: Creditors' Decision Pending
BRUSH-FABRICS: Ex-Workers Seeking $1-M In Claims
HUNTER SPECIALTY: Restructuring In Final Phase
MACQUARIE CORPORATE: Appoints John Priest As Chairman
OBJECTIF TELECOMS: Wins INMS Litigation
PMP LIMITED: ACCC To Oppose Merger
TRADEHOUSE INTERNATIONAL: Enters Into MoU With CRM


C H I N A   &   H O N G  K O N G

GUANGZHOU SHIPYARD: Posts 728-M Yuan Loss
HONGGUANG: Exchange Gives Last Chance
NONGSHANGSHE: Exchange Gives Another Six Months
SHANGHAI NARCISSUS: Top Exec Assures Shareholders
SHUANGLU: Exchange Extends Deadline For Delisting


I N D O N E S I A

ASTRA INTERNATIONAL: Outlook Bleak, Analysts Say
GARUDA INDONESIA: Restructuring To End In June


J A P A N

SOGO COMPANY: Police Say Mizushima Hiding Assets


K O R E A

DAEHAN FIRE: Revised Plan Due For Friday Filing
HYNIX SEMICON: Creditors Seek Gov't Guarantee On Bonds
HYUNDAI ENGINEERING: CEO Kim Resigns
HYUNDAI MERCHANT: Cuts N. Korea Cruises By Half
KOREA LIFE: Gov't To Take Legal Action
SSANGYONG INFO: Sell-Off To Be Completed In October


M A L A Y S I A

CHASE PERDANA: Explains Deviation In Results
CHASE PERDANA: Tripartite Deal Terminated
DUNHAM-BUSH: Announces Disposal Of Unit
TONGKAH HOLDINGS: Sells Pantai Stake
ZAITUN INDUSTRI: Added Info On Petition
ZAITUN INDUSTRI: Winding Up Petition


P H I L I P P I N E S

ASB GROUP: SEC OKs Rehab Plan
METRO PACIFIC: Searching For Foreign Investment


T H A I L A N D

NATIONAL FERTILIZER: Reports Meeting Results
PREECHA GROUP: Results Of S-Holders' Meeting
SANYO UNIVERSAL: Trading Suspended
SIAM SYNTECH: Posts Net Loss Of Bt252.44-M

     -  -  -  -  -  -  -  -  -  -

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


AUSTRALIAN DERIVATIVES: Creditors' Decision Pending
---------------------------------------------------
The creditors of the Australian Derivatives Exchange (ADX) were
scheduled to vote yesterday against the company's liquidation.
Creditors wish to sanction an asset disposal program, and give
another 60-day allowance for ADX directors to draw up a deed of
company arrangement (DCA), Asian Wall Street Journal reported
Friday last week.

"We are still in heavy negotiations with a number of different
parties on the sale of the assets," the founding partner of
administration company Prentice Parbery Barilla (PPB), Stephen
Parbery said, adding that ongoing talks could be wrapped up in
the next two weeks. "It's in everyone's interest to avoid going
into liquidation," he said.

If liquidated, the company could face charges of insolvent
trading, which is contrary to the provisions in the Corporations
Law. It is unknown exactly how may unsecured creditors would
surface according to the administrators' statement.

ADX began trading on January 12 this year, a month after the
Australian Securities & Investments Commission's approval,
Journal said.

ADX defaulted on its monthly superannuation payments starting in
November, the same month it agreed with ATOS Euronext, the
supplier of Nouveau Systeme de Cotation trading system, to
extend the credit terms.


BRUSH-FABRICS: Ex-Workers Seeking $1-M In Claims
------------------------------------------------
Ninety former workers of Brush-Fabrics (Australia) Pty Limited,
the folded Victorian textile mill, are after the company with
claims amounting to no less than A$1 million in wages and six-
months' supperannuation entitlements, The Herald Sun reported
Friday last week.

According to Michele O'Neil, state secretary of the Textile,
Clothing and Footwear Union, Brush owes debts over $5 million to
creditors including major secured creditor ANZ Bank.

After the textile firm shut down operations Tuesday last week,
R.I.E. Nominees Pty Limited immediately appointed Joseph
Loebenstein of chartered accountants Green and Sternfeld to the
company as its receiver and manager.

Thursday last week, Loebenstein issued a memo addressed to all
employees saying that an inquiry into the company's business
operations would soon start. The inquiry will determine if the
company is still fit to reopen, even with a cut workforce.

The Australian textile industry has been beset with problems
arising from importation due to the breakdown of tariff
barriers.


HUNTER SPECIALTY: Restructuring In Final Phase
----------------------------------------------
Australian Overseas Resources Limited is at the final stages of
restructuring the Hunter Specialty Steels Project, which will
develop and operate a stainless and specialty steel plant in the
Hunter region, north of Sydney.

The restructuring includes:

* The introduction of major international companies as equity
participants;

* A comprehensive funding package;

* A firm offtake arrangement to secure advantageous export
credit guaranteed loans;

Details of this restructuring, which will accelerate development
of the Hunter Specialty Steels Project will be announced to the
market next month, after the signing of final agreements.


MACQUARIE CORPORATE: Appoints John Priest As Chairman
-----------------------------------------------------
Macquarie Corporate Telecommunications announced that John
Priest, former CFO of Coca-Cola Amatil and an experienced
director for a number of corporations and organizations, has
been appointed  non-executive director and Chairman of the
Board. Priest, 52, was appointed at a board meeting on Friday,
April 27.

Priest has more than 30 years of domestic and international
experience in finance, sales, marketing and technology with
major global companies. He served as CFO and Director of
Corporate Development at Coca-Cola Amatil for 14 years.

Since leaving the company in 1999, Priest has advised a number
of start-up technology companies on arranging seed funding and
establishing commercial strategies.

Priest is currently a non-executive director of Sydney Water;
Chairman of FuCell, a biotechnology company associated with the
University of New South Wales; and Chairman of SCEGGS
Darlinghurst Ltd. He is also Chairman of Apollo Capital, a
private venture capital fund.

Priest, who provided advice to Macquarie during its public
listing process in 1999, said: "As a shareholder since the
Company listed, I am keenly interested in the future development
of Macquarie's business for the benefit of all shareholders."

Priest is currently interviewing a number of strong candidates
to fill two remaining non-executive director positions and
expects to make an announcement on those appointments shortly.

"While I am confident in the Company's business, it is
appropriate as our new Board forms that we conduct a disciplined
and comprehensive review of the Company's business operations,
and we will begin this examination when the new Board is in
place," he said.

Priest said he is encouraged by a number of Macquarie's business
strengths:

* The Company has a solid base of more than 1,500 corporate
customers.

* Its balance sheet is strong, with significant amounts of cash
and no corporate debt.

* Over the past year, the Company has largely completed its
capital expenditure program and does not have any plans for
significant capital expenditures in the coming year.

* In addition, Macquarie recently signed a formal Carriage
Service Provider Agreement with Telstra and also resolved long-
standing billing disputes with Telstra. These agreements provide
greater clarity and certainty for the Company and its customers
and strengthen Macquarie's commercial relationship with its
largest supplier.

In regard to recent media speculation about possible corporate
transactions involving Macquarie, the Company believes that it
is neither legally required nor commercially prudent for
corporations to disclose exploratory approaches they receive
from time to time from various third parties and their
investment banking advisers about potential corporate
transactions.

The vast majority of these approaches never advance beyond an
initial phone call and no formal meetings or discussions ever
take place. In the interests of maximizing shareholder value,
Macquarie will consider reasonable approaches and evaluate them
on their merits.


OBJECTIF TELECOMS: Wins INMS Litigation
---------------------------------------
Objectif Telecommunications Limited announced Thursday last week
that it had successfully defended its intellectual property
rights in legal action bought against the company on December
27, 2000, by Industry Number Management Services Limited (INMS).

The announcement followed the decision April 25 by the Supreme
Court of New South Wales to deny INMS access to proprietary
source codes for Objectif software that had been used in the
INMS Number Portability System. The Court also ordered that INMS
pay 50 percent of Objectif's legal costs.

"Defending ourselves in this legal action was an unwanted
necessity and we're relieved and encouraged by the Court's
favourable decision to enable Objectif to successfully protect
our intellectual property rights," said Objectif's founder and
CEO, Jeff Mills.

"The impact of the Court's decision resonates in the very heart
of our business. We enjoy strong, long-term relationships with
Australian and international customers for whom we have
developed high-quality, innovative software for over eight
years.

"This innovative technology is the foundation of Objectif's
business. Our intellectual property, and the Court's decision,
are paramount," said Mills.

Despite the legal action brought against it by INMS, Objectif
said that it sincerely hopes the two companies can move beyond
this dispute and rebuild a constructive relationship where
Objectif will support its software within the INMS System - a
move that Objectif believes is in the best interest of
Australia's number portability system, and the customers who use
it.

INMS is an independent telecommunications industry company,
formed by the participating telecommunications carriers,
including AAPT, Cable & Wireless Optus, Primus, and Telstra.


PMP LIMITED: ACCC To Oppose Merger
----------------------------------
The Australian Competition and Consumer Commission announced
Friday that it would oppose the proposed merger between
Independent Print Media Group and PMP Limited. IPMG and PMP are
both involved in publishing, printing and magazine distribution.

"The proposed merger raises substantial competition concerns in
respect to both printing and magazine distribution such that it
is likely to result in a breach of section 50 of the Trade
Practices Act 1974," ACCC Chairman, Professor Allan Fels, said.
"Section 50 prohibits mergers and acquisitions that will have
the effect, or are likely to have the effect, of substantially
lessening competition in a market.

"IPMG and PMP are the two largest commercial printers in
Australia. They own the majority of heat set web presses in
Australia. These presses are used to produce high volume
magazines, newspaper inserts and retail catalogues. The merger
of PMP and IPMG would give them more than 75 percent of this
market, worth in excess of $1.5 billion per annum".

Market inquiries were conducted with a large number of customers
with varying printing needs. These inquiries indicated that
smaller printers using other printing processes such as sheet
fed printing are unlikely to provide a competitive constraint to
the merged parties.

Inquiries also indicated that the potential for magazines,
inserts and retail catalogues to be printed overseas is limited.

The ACCC also concluded that the proposed merger is likely to
result in a substantial lessening of competition in the
Australian market for distribution of magazines to retail
outlets.

"Magazine publishers rely on distributors to manage the supply
of their publications to the large number of retail outlets
which sell magazines. The merger of the distribution businesses
of IPMG and PMP would give the merged firm more than 50 percent
of the distribution market, with much of the remainder
controlled by a subsidiary of Australia's largest magazine
publisher, ACP.

"The proposed merger raises significant concerns as to the
ability of independent magazine publishers to secure competitive
distribution."


TRADEHOUSE INTERNATIONAL: Enters Into MoU With CRM
--------------------------------------------------
Tradehouse International Ltd has entered into a memorandum of
understanding (MoU) with the CRM Group. The MoU acknowledges the
two parties will work together to assess opportunities and
facilitate the entry of Tradehouse into the New South Wales
market in the area of debt purchasing and mercantile services.

The CRM Group incorporates Commercial Recovery Management Pty
Ltd and Commercial Protection Services Pty Ltd. Predominantly
operating in the debt purchasing and collection fields in Sydney
and Melbourne.

Terry Dunn, Managing Director of the CRM Group, has extensive
experience in the debt purchasing and mercantile fields.
Tradehouse expects to enter into more formal arrangements with
the CRM Group and Dunn pending the outcome of the initial
discussions between the parties.


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


GUANGZHOU SHIPYARD: Posts 728-M Yuan Loss
-----------------------------------------
Guangzhou Shipyard International reported a 728.71 million yuan
net loss last year after higher than expected development costs
on two new buildings and continuing problems with several
mainland international trust and investment companies.  

Turnover last year was down slightly to 2.22 billion yuan
against 2.28 billion yuan in the same period in 1999.  Guangzhou
Shipyard said it has made additional provisions of 350.43
million yuan.


HONGGUANG: Exchange Gives Last Chance
-------------------------------------
The Shanghai Stock Exchange has given loss-making firm
Hongguang, which is currently under the particular transfer
(PT), six months to recover and stop its losses or be delisted,  
World News Connection reported middle last week.


NONGSHANGSHE: Exchange Gives Another Six Months
-----------------------------------------------
The Shanghai Stock Exchange has given particular transfer (PT)-
listed firm Nongshangshe six more months to execute its rescue
plan. Otherwise, it will be delisted, World News Connection
reported Wednesday last week.


SHANGHAI NARCISSUS: Top Exec Assures Shareholders
-------------------------------------------------
A high-ranking executive of delisted Shanghai Narcissus Electric
Appliances Company (PT Shuixian) assured shareholders that
nothing will be altered in the company's current financial
standing, and that the Narcissus will continue to uphold the
interests of its shareholders and creditors, World News
Connection reported.

The same official also apologized to the company's shareholders
and asked for their forgiveness with regard to the delisting.

No winding up petition or declaration of bankruptcy has been
taken against Narcissus, which promised earlier to take its
responsibilities in compliance with the law.

Monday last week, Narcissus set a record for being the first
company delisted from the exchange since the securities market
was first established in the late 1980s.


SHUANGLU: Exchange Extends Deadline For Delisting
-------------------------------------------------
Shuanglu has a chance to survive in the market, if within the
next six months it can implement its recovery plan. The Shanghai
Stock Exchange says it has shifted the deadline for the
delisting of loss-making Shuanglu (Double Deer). Shanglu is in
the `particular transfer' category, World News Connection
reported Wednesday last week.  


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


ASTRA INTERNATIONAL: Outlook Bleak, Analysts Say
------------------------------------------------
Analysts see a bleak year for Indonesian automaker PT Astra
International (ASI), and warn that this year's huge foreign-
exchange loss and a 15-percent drop in domestic car sales could
weigh down on the Indonesian automaker's operating profit, Asian
Wall Street Journal reported late last week.

The group's foreign-denominated debts could have mounted to
US$1.2 billion, and thus it might be having a difficult time
raising sufficient cash to service principal payments of US$205
million and Rp316 billion. Vickers Ballas said Astra would have
to incur interest payments of Rp51.8 billion for the current
year.

Equity research head of Bahana Securities Paul Dammkoehler said,
"Basically you've got another year of Astra surviving just to
make enough money to offset their forex losses."

He added that on the basis of the current foreign exchange
standing of the rupiah against the dollar, Astra may post a
foreign exchange loss of Rp2.5 trillion, making it necessary for
the company to conduct a rights issue and assets disposal.

The option mentioned bothered analyst Aripitoyo at Sassoon
Securities. "..the problem is, if they have to sell some assets,
because of the current instability, they would have to sell them
at a very low price."

In 2000, a banner year for Astra, the carmaker's sales revenues
rose 92 percent to Rp28.585 trillion on 196,887 units sold, 24
percent of which was made in foreign market. Despite the
figures, the report said, the company still incurred net losses
totaling Rp238.56 billion attributed to forex loss of Rp2.52
trillion.


GARUDA INDONESIA: Restructuring To End In June
----------------------------------------------
Garuda Indonesia, the nation's carrier, expects to wrap up its
debt restructuring program by June, as it hopes to finalize its
debt deal with creditors involving debts amounting to US$1.2
billion, Asia Pulse reported Friday last week, citing the
airline's finance director Emirsyah Satar.

As of last year, Garuda owes debt obligations totaling US$1.6
billion, including unpaid rents for 11 Boeing 737s amounting to
US$420 million, and the US$610 million from the purchase of six
planes through a consortium in the European Credit Agency (ECA),
among others.

Garuda's restructuring program was approved by the Committee for
Financial Sector Policies.


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


SOGO COMPANY: Police Say Mizushima Hiding Assets
------------------------------------------------
Sogo Company's former Chairman Hiroo Mizushima, according to the
Tokyo police, is hiding his assets reportedly worth Y155 million
to shield them from creditors, Mainichi Shimbun reported
yesterday. Mizushima, 89, however, denied this.

An MPD inquiry further added these assets were withdrawn from
his bank accounts last year and that the police suspect he sold  
his real property assets. Mizushima owes Y11 billion to
Industrial Bank of Japan (IBJ) as a guarantor.

Mizushina denies these allegations. He said, through his lawyer,
"I withdrew cash to hire lawyers. I only returned the real
estate property (to his brother) because it was loan
collateral."

Police findings reveal the transfer of ownership of his
properties to his brother-in-law on June 30, registered six days
after Sogo's collapse.


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


DAEHAN FIRE: Revised Plan Due For Friday Filing
-----------------------------------------------
Daehan Fire and Marine Insurance Company is set to submit its
revised management improvement plan to the Financial Supervisory
Committee on Friday, and hopes to get the panel's endorsement or
the company will face liquidation, The Korea Herald reported
yesterday.

An official at Daehan told Herald, "We are negotiating with
reliable foreign financial companies to attract capital. We will
try to submit a reform program that will meet the needs of FSC."


HYNIX SEMICON: Creditors Seek Gov't Guarantee On Bonds
------------------------------------------------------
Creditors of Hynix Semiconductor Incorporated are seeking the
government's payment guarantee provision on 70 percent of the
total value of Hynix bonds, which they intend to purchase, Asian
Wall Street Journal reported over the weekend, citing a report
by the Korea Economic Daily.

The payment guarantee could be funneled through the state-run
credit guarantee fund.

The purchase of about W1 trillion worth of convertible and
corporate bonds was recommended earlier by Hynix lead-manager
Salomon Smith Barney (SSB).


HYUNDAI ENGINEERING: CEO Kim Resigns
------------------------------------
Hyundai Engineering & Construction CEO Kim Yoon Kyu was expected
to resign yesterday from his post in the ailing construction
firm amid the company's battle with unpaid contracts and debts
totaling US$3.4 billion, Bloomberg reported yesterday, citing
company spokeswoman Chung Min Ah.

Kim, according to the report, was set to make his announcement
yesterday morning in a press conference at the company's head
office in downtown Seoul. A company statement further said Shim
Hyun Young, who once served as CEO in the company in 1996 and is
currently at the helm at the affiliate Hyundai Engineering
Plastic Company, will take over Kim's post.

The board of directors of Hyundai Engineering had earlier
approved the appointment of Shim.


HYUNDAI MERCHANT: Cuts N. Korea Cruises By Half
-----------------------------------------------
Hyundai Merchant Marine has cancelled 8 Mount Kumgang trips
slated between today and May 15, citing the dwindling number of
tourists, The Korea Herald reported over the weekend.

This report paved the way for speculations that there was no
agreement reached in the negotiations between Hyundai Group
Chairman Chung Mong-hun and the North Korean government for a
50-percent reduction in the US$12-million monthly tourism fees.
The talks took place during the former's visit to North Korea.

Hyundai Asan President Kim Yoon-kyu said that the group will
schedule another round of negotiations with the Korean
government.


KOREA LIFE: Gov't To Take Legal Action
--------------------------------------
Shareholders and management of the defunct Korea Life Insurance
(KLI) may be facing legal action, as the government intends to
file suits against them, The Korea Herald reported over the
weekend.  

An official at the Korea Deposit Insurance Corporation said, "We
will launch an investigation into two or three institutions into
which public funds were funneled starting in late May or early
June when the ongoing investigations into now-defunct financial
institutions are completed."

The report said "the revised law for depositor protection allows
the government to inspect not only closed financial institutions
but also those still operating." This allows the government to
raise charges against the insolvent financial institutions'
management and shareholders. The first casualty of this
undertaking will be Korea Life Insurance, whose former Chairman
Choi Soon-young is currently facing a legal battle filed against
him by the life insurer claiming compensation for the damage  
Choi allegedly caused to the company.


SSANGYONG INFO: Sell-Off To Be Completed In October
---------------------------------------------------
The divestment of Ssangyong Cement's controlling stake in
Ssangyong Information and Communication Company (SICC) should be
completed in October, according to Ssangyong Cement's major
creditor Cho Hung Bank, The Digital Chosun reported over the
weekend.

Cho Hung also said negotiations with prospective foreign
investors are currently underway.

This asset divestment is part of Ssangyong Cement's rescue plan,
which earlier completed the conversion exercise of Cho Hung
Bank's W1.4 trillion loan to equity, apart from another equity
investment deal with Taiheiyo Cement worth W600 billion.


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


CHASE PERDANA: Explains Deviation In Results
--------------------------------------------
Chase Perdana Berhad explained the deviation between the
company's unaudited results announced in the quarterly
submission dated February 28, 2001 and the audited results
released Friday last week.

In the quarterly submission Chase Perdana announced unaudited
results showing a consolidated loss after tax and minority
interest of RM212.9 million for the year ended December 31,
2000. However, based on the audited results released April 27,
the consolidated loss after tax and minority interest has
increased to RM308.6 million representing a deviation of 45
percent.

In light of the current difficult economic situation, the Board
of Chase Perdana Berhad has implemented a policy to continuously
review the recovery of debts and the carrying value of the
group's investments.

This policy extends to reviewing the possibility of liabilities
arising from litigation, late completion of projects and any
other circumstances.

The Board has taken the decision to make provisions in the
accounts as and when necessary to reflect the latest
developments and events affecting the operations and assets of
the company and its subsidiaries.

The primary reasons for the deviation arises from this policy of
making the provisions as and when necessary from time to time.
The specific reasons are enumerated in the attached
reconciliation.

The Board shall continue with its policy in the prevailing
spirit of corporate governance and transparency.

Deviation between Quarterly Submission and Audited Results  
For the year ended 31st December 2000  
  
Consolidated loss after tax and minority interest;     RM  
million
  
As per quarterly submission                           (212.9)
Audited results                                       (308.6)
Deviation                                             (95.7)
  
Percentage deviation                                45.0 percent
  
Reconciliation of deviation;  
  
Additional provision for trade debtors                (27.7)
Additional provision for other debtor               (29.4)

Reversal of previously recognized profits and provision for
foreseeable losses of Marinara project

Provision for liquidated ascertained damages of two construction
contracts

Provision for penalty interest in relation to bank borrowings
and other creditor

Provision for diminution in value of associate companies   (0.7)

Additional provision for potential liability arising from
litigation

Accrual of expenses, write-off of deferred expenditure and over-
provision of tax                                                 
(95.7)
  
Background
Chase Perdana Berhad (CPB) commenced operations as Tan Chew Piau
Building Contractor, a civil engineering and building
construction firm set up in 1970. In 1976, CPB was incorporated
in Malaysia as Chew Piau Construction.
During its 20 years in operation, the Company has completed
projects for the public and private sectors both in Malaysia and
overseas ranging from luxurious 5-star hotels and condominiums
to high-rise offices, mosques and other special purpose
buildings.
The Company is a registered Class "A" Pusakabumi contractor and
is therefore able to tender for public and quasi-government
sector projects with no limitation on project size and contract
sum. CPB is also experienced in restoration, renovation and
upgrading work.
In 1994 and 1995 the Company expanded its business activities to
include the property, plantation and finance sectors. In order
to reflect the change in its activities, in June 1995 the
Company, changed its name to Chase Perdana Bhd.

In 1996, CPB acquired equity interests in the travel and food
businesses. Subsequently, CPB entered into a JVA with a
Zimbabwean company, Kama Construction (Pte) Ltd, to jointly
undertake construction and development projects in Harare,
Zimbabwe. The Group has also established business relationships
in Zimbabwe, Uzbekistan, India, Holland, Bahrain and the UK.


CHASE PERDANA: Tripartite Deal Terminated
-----------------------------------------
Chase Perdana Berhad, Malaysian Resources Corporation Berhad,
and Sitt Tatt Berhad have announced the parties have
collectively decided to mutually terminate the Tripartite
Agreement entered into among themselves to commence discussion
and negotiations with the intention to inject certain assets of
MRCB and/or its subsidiaries into CPB and STB.


DUNHAM-BUSH: Announces Disposal Of Unit
---------------------------------------
The Board of Directors of Dunham-Bush (Malaysia) Berhad has
authorized Malaysian International Merchant Bankers Berhad to
release the following announcement:

The Board of Directors of Dunham-Bush is pleased to announce
that Dunham-Bush Inc (DB-Inc.), a wholly-owned subsidiary
company of Dunham-Bush, incorporated in the United States Of
America (USA), has entered into a conditional Sale and Purchase
Agreement (SPA) with AIG Baker Development LLC, of the USA on 24
April 2001, to dispose of approximately 47 acres of factory land
and building located at Burgess Road, Harrisonburg, Virginia,
USA for a total cash consideration of US$10,750,000 or
RM40,850,000.

DB-Inc. is a wholly-owned subsidiary company of Dunham-Bush
International (Cayman) Ltd, which in turn is 100 percent-owned
by Dunham-Bush.

The principal activities of DB-Inc and its subsidiary company
are that of manufacturing compressors, commercial and industrial
air conditioning, refrigeration, heating, air handling and
related equipment.

DB-Inc. was incorporated in Delaware, USA as a limited company
on July 25, 1994. Presently, the authorized share capital of DB-
Inc. is US$1,000 comprising 1,000 shares of US$1.00 each, of
which 1 share of US$1.00 each is issued and fully paid.

The Property is located in the southwest quadrant of Interstate
81 and Route 33 interchange in Harrisonburg, Virginia. The
factory building consists of a one-story industrial building
with a gross built-up area of approximately 573,280 square feet
and a two-storey office building with a gross built up area of
60,000 square feet.

The address of the Property is 101 Burgess Road, Harrisonburg,
VA 22801. The tenure of the Property is of "Fee Simple Interest"
which is equivalent to "freehold" status. The factory is
currently used for the manufacturing activities of DB-Inc.

The Property is currently charged to a financial institution in
the USA for a working capital loan.

In 1994, Dunham-Bush acquired the entire heating, ventilating,
air-conditioning and refrigeration business (including the
Property) for a total purchase consideration of US$41,572,000.

Out of the total purchase consideration, the associated cost
allocated to the Property was approximately US$11,140,000 or
RM42,332,000 equivalent.

The net book value of the Property as at April 30, 2000, based
on the latest audited accounts of DB-Inc was US$10,152,768 or
RM38,580,518 equivalent. No valuation was done on the Property
for the Proposed Disposal.

Sale Consideration

The cash consideration of US$10,750,000 or RM40,850,000
equivalent was reached based on a "willing buyer willing seller"
basis after taking into consideration, inter-alia, the net book
value of the Property and the funding requirement of DB-Inc.

In accordance with the terms of the SPA, an initial deposit of
US$250,000 or RM950,000 equivalent was paid by the Purchaser to
an escrow agent on April 25, 2001.

The other salient terms of the SPA are as follows:

Due Diligence Period: 2 months from April 24, 2001

Closing Date: October 15, 2001 but may be extended to November
15, 2001

Earnest Money Deposit: US$250,000 to be escrowed at contract
execution. The said US$250,000 shall be fully refundable upon
contract termination by Purchaser at any time prior to the end
of the Due Diligence period

If the Purchaser opts not to terminate the contract prior to the
end of the Due Diligence Period, the Purchaser shall place an
additional US$500,000 in the escrow account.

If the Purchaser has obtained unappealable site plan approval
and failed to close within thirty days after obtaining the said
unappealable site plan approval, then the US$750,000 escrow
deposit shall be paid to DB-Inc.

If Seller shall default, then the entire US$750,000 shall be
returned to the Purchaser, plus an additional penalty of
US$200,000.

The balance of the purchase consideration shall be payable on
the Closing Date.

Shareholders approval: The Agreement will be subject to the
approval of the shareholders of Dunham-Bush in compliance with
the requirement of the KLSE. However if the shareholders reject
the Proposed Disposal, a compensation of US$200,000 will be paid
to the Purchaser.

Post-closing lease back Concurrent with the Closing Date, the
Purchaser shall grant to DB-Inc a seven months leaseback of the
Property at a lease rental rate of US$80,000 per month. DB-Inc
may, upon giving sixty days written notice, terminate the said
lease.

The Purchaser shall be under no obligation to grant any lease
extension. However, any such extension shall be at the rate of
US$4,150 per day Brokerage commission 5 percent of gross sale
value

Rationale for the Proposed Disposal

DB-Inc. is presently undergoing a rationalization and relocation
exercise of its operations to reduce its losses. Part of its
operations will be relocated to Mexico. The Property would thus
become in excess of requirement and hence, is being disposed of
to realize cash which will be utilized to repay bank borrowings
and for working capital of DB-Inc. and the Dunham-Bush Group.

DB-Inc. intends to relocate its operations to rented premises to
be identified. In the meantime, DB-Inc. has a lease back
arrangement with the Purchaser as detailed above.

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of Dunham-Bush and its substantial
shareholders' shareholding.

Upon completion of the Proposed Disposal, the Dunham-Bush Group
will realize a gain on disposal of approximately US$59,732 or
RM226,982 equivalent, representing 0.26 sen per share. In
addition, the repayment of bank borrowings from the Proposed
Disposal will result in interest savings of approximately
US$817,000 per annum or RM3,104,600 equivalent per annum to the
Group.

The Proposed Disposal will have no material affect on the NTA of
the Dunham-Bush Group.

The Proposed Disposal is conditional upon the Purchaser
obtaining approvals from the relevant authorities in the USA to
rezone the Property for its intended use as a retail development
on or before 15 October 2001 or such other extended date as may
be agreed in writing by all contracting parties.

The Proposed Disposal is also conditional upon the approval of
the shareholders of Dunham-Bush at an extraordinary general
meeting to be convened.

None of the Directors or substantial shareholders of Dunham-Bush
or persons connected to them and DB-Inc. has any interest,
direct or indirect, in the Proposed Disposal.

The Board of Directors of Dunham-Bush is of the opinion that the
Proposed Disposal is in the best interest of DB-Inc., the
Dunham-Bush Group and the shareholders of Dunham-Bush.

A circular setting out the relevant details on the Proposed
Disposal will be dispatched to the shareholders of Dunham-Bush
in due course.

The SPA will be made available for inspection during normal
business hours (except for public holidays) at the Registered
Office of Dunham-Bush at Level 17, Menara Shahzan Insas, 30
Jalan Sultan Ismail, 50250 Kuala Lumpur from the date of the
circular to the shareholders of Dunham-Bush to be issued in
relation to the Proposed Disposal up to and including the date
of the relevant EGM to be convened.


TONGKAH HOLDINGS: Sells Pantai Stake
------------------------------------
Tongkah Holdings Berhad (THB) announced Friday last week that
the company had disposed of its 12.3 percent equity interest in
Pantai Holdings Berhad comprising 8,000,000 ordinary shares of
RM1.00 each for a total cash consideration of RM22,400,000.

The disposal was carried out via placement through a
stockbroking company. Following the disposal, THB Group's
shareholding in Pantai is reduced from 32.8 percent to 20.5
percent.

The total consideration for the disposal was arrived at after
taking into consideration the current prevailing market price of
the Pantai shares.

Pantai was incorporated in Malaysia under the Companies Act,
1965 on March 10, 1972 as a private limited company under the
name of Hospital Pantai Sdn Bhd.

The company was converted to a public company on December 20,
1986 and its name was changed to Hospital Pantai Bhd. On  
December 18, 1998, the company changed its name to Pantai
Holdings Berhad. The company was listed on the Second Board of
the KLSE on January 25, 1990. On September 17, 1997, the Company
was transferred to the Main Board of the Kuala Lumpur Stiock
Exchange KLSE.

Pantai is principally engaged in running of hospital, health
care business, investment holding and provision of management
services.

Its subsidiaries and associated companies are involved in the
dealing of medical equipment and related services such as
cardiac catherization services, technical support on handling
medical equipment, radio surgery services, diagnostic and
pathology services, lithotripsy services, the provision of
management and consultation services to hospitals, medical
centers and conducting medical degree programs.

The aforesaid interest in Pantai was acquired by THB Group over
a period from 1997 to 1999. The THB Group's average cost of
investment in 32.8 percent equity interest in Pantai was RM13.50
per share. The Disposal is expected to result in a loss on
disposal of approximately RM85.6 million to THB for the year
ending June 30, 2001. The disposal will also result in the
decrease in the net tangible assets per share of THB Group by
approximately 51 sen per share.

None of the directors of substantial shareholders have any
interest, direct or indirect, in the disposal.

The 12.3 percent equity interest in Pantai forms part of the
assets secured against the company's Redeemable Convertible
Secured Bonds 1999/2004.

The disposal forms part of the company's asset disposal plan to
reduce the Group's debt. The proceeds of the disposal shall be
deposited into the sinking fund of the bonds.

Background

The Tongkah Group's activities presently comprise manufacturing,
financial services and healthcare support services. Under
manufacturing, the Group supplies quality stonework for property
development projects. The company also holds 49 percent interest
in Sharp-Roxy Appliances Corporation, which caters to consumer
electronic MNCs. Financial services cover stockbroking through
Kestrel Securities. Through Pantai Holdings, the Group is
involved in healthcare services.

On April 21, 1999, the Group proposed to undertake a debt
restructuring exercise, involving issues of loan stocks and
bonds to its lenders and bondholders. The proposal, which was
approved by the shareholders and the SC on May 25, 1999 and July
5, 1999 respectively, also entails the disposal of the Group's
several assets over a period of five years.

Among those divested include 33 percent in THB Industries Bhd,
100 percent in Tongkah Properties and 1.5 million shares in
Pantai Holdings Bhd (PHB).

To comply with regulatory changes in the stockbroking industry,
the Company had on June 30, 2000 entered into an agreement with
Avenue Assets Bhd (AAB) and MGI Securities Sdn Bhd to dispose
off its entire 75 percent interest in Kestrel Securities. The
disposal will provide an alternative strategy for the Group to
maintain its investment in this industry, via cross
shareholdings in AAB by the Company and PHB.

In addition, on December 14, 2000, the Company agreed to sell
its entire 51 percent interest in Tongkah Electronics Sdn Bhd
(TESB) to Measurex Corporation Bhd (MCB).

Tongkah subsequently entered into a supplemental agreement with
MCB on March 13, 2001 to reduce the purchase consideration from
RM3m to TM1.00, after taking into account the lower value of
TESB's NTA as at December 31, 2000.

Also in December, the Group proposed to acquire Le Premiere Sdn
Bhd which will enable it to participate in land development
projects in Johor Bahru and diversify its earnings base into
property development. Furthermore, its subsidiary Tongkah
Moulding Technologies (TMT) is currently in discussion with
interested parties in relation to the proposed revival of the
National Waste Management program in Malaysia, which will see
TMT becoming a key player in providing the necessary equipment.


ZAITUN INDUSTRI: Added Info On Petition
---------------------------------------
Zaitun Berhad announced the following additional information
regarding the winding up petition served against Zaitun Industri
Sdn Bhd, as filed by Genting Sanyen Industrial Paper Sdn Bhd:

1. The winding-up petition was filed in the High Court on March
21, 2001;

2. The winding-up petition was served on ZISB on April 10, 2001;
and

3. No interest was claimed in respect of the alleged sum of
RM13,454.79 due and owing by ZISB to GSIP.


ZAITUN INDUSTRI: Winding Up Petition
------------------------------------
Zaitun Berhad announced the following information regarding the
winding up petition filed by Maxseal Sdn Bhd against Zaitun
Indurstri Sdn Bhd:

1. The said winding-up petition was filed in the High Court on  
March 13, 2001;

2. The winding-up petition was served on ZISB on April 10, 2001;
and

3. No interest was claimed in respect of the alleged sum of
RM107,054.34 due and owing by ZISB to Maxseal.


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


ASB GROUP: SEC OKs Rehab Plan
-----------------------------
ASB Group of Companies has received the approval of the
Securities and Exchange Commission (SEC) via an order dated
April 26 sanctioning the debt-laden group to push ahead with its
rehabilitation plan, The Philippine Star reported yesterday.

The order overturned objections raised by secured creditors who
feared that the approval would outstrip them of their rightful
claims to the mortgaged assets and to avail themselves of their
suspended rights over the assets, should the plan break down.

In its decision, the SEC said that a decision contrary to what
it made "[would] greatly prejudice the unsecured creditors who
will be left unable to recover their investments or collect
their claims."

The ASB Group's debts to around 700 unsecured creditors stand at
P4 billion; and bank loans amounting to below P4 billion are
owed to major creditor banks, including Allied Bank,
Metropolitan Bank and Trust Company, United Coconut Planters
Bank, Equitable PCI Bank and Rizal Commercial Banking
Corporation.


METRO PACIFIC: Searching For Foreign Investment
-----------------------------------------------
Metro Pacific Corporation (MPC) is seeking fresh foreign
investments by the year's end in order to repay a bridge loan
amounting to US$90 million provided by its parent First Pacific
Company Limited of Hong Kong, The Philippine Daily Inquirer
reported yesterday.

The bridge loan was used to defray maturing convertible bonds
worth US$88 million.

Grant Ferguson, Metro Pacific's CFO said the company started
looking for foreign investments earlier in the year, however no
deal was materialized due to exorbitant interest rates. He said,
"Hopefully by the second half, we'll have better capital markets
and we'll raise the money on Metro Pacific's balance sheet in
order to repay First Pacific."



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


NATIONAL FERTILIZER: Reports Meeting Results
--------------------------------------------
National Fertilizer Public Company Limited would like to report
the resolutions made at a shareholders' ordinary meeting held on
April 26, 2001. The details of the resolutions are as follows:

1. To certify the minutes made at an extraordinary shareholders'
meeting #1/2543 held on April 27,2000.

2. To approve directors' report for the year 2000.

3. To approve the balance sheet and profit/loss account as of
December 31, 2000.

4. To omit the annual dividend payment for the operation from
January 1, 2000 to December 31, 2000.

5. To re-appoint the directors whose tenure has ended, as
follows:

5.1 The directors whose tenure has ended are as follows:

5.1.1  Mr.Jaroonsak     Hengtrakul
5.1.2  Miss Sopa        Nontananundh
5.1.3  Mr. Preecha      Chavalittumrong
5.1.4  Mr. Sirichai     Sakornratanakul

5.2 The directors being re-appointed are as follows
5.2.1  Mr.Jaroonsak     Hengtrakul
5.2.2  Miss Sopa        Nontananundh
5.2.3  Mr. Preecha      Chavalittumrong
5.2.4  Mr. Sirichai     Sakornratanakul

5.3 To appoint new directors as follows:
5.3.1  Mr. Wisanu       Niwesmarintra

6. To appoint of the company's auditor and determining auditing
fee as follows: Appointment of office of The Auditor General of
Thailand as the auditor for the accounting period of year 2001
and determining yearly and quarterly auditing fee for Bt600,000
(not include balance sheet on English version) and exclude
overtime around Bt150,000 and other necessary actual expenses
such as traveling expense, accommodation expense, insurance
premium, etc.


PREECHA GROUP: Results Of S-Holders' Meeting
--------------------------------------------
Preecha Group Plc. reports the following resolutions made at a
shareholders' ordinary meeting held on April 27, 2001. The
details of the resolutions are as follows:

1. To certify the minutes made at an ordinary shareholders'
meeting for the year 2000.

2. To approve the annual report and directors' report for the
year 2000.

3. To approve the balance sheet and profit/loss account for the
year ended December 31, 2000.

4. To omit the annual dividend payment and do not allocate the
net profit for legal reserves.

5. To omit the director bonus.

6. To re-appoint the directors whose tenure has ended, as
follows :
          Mr.Suchart   Shotivitayakool
          Pol.Sub.Lt. Kriengsak   Lohachala
          Mr.Boonlert   Kiartsritara

7. To appoint the following persons as auditors for the year
2001.
                        
Name                   CPA No.           Auditing Firm
Mr.Nirand Lilamethwat     2316     KPMG Audit (Thailand) Limited

Mr.Supot Singhasaneh      2826     KPMG Audit (Thailand) Limited

Fix the auditing fee for the year not over Bt254,000.


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

The SET also created a time schedule for those listed companies'
management to make prudent decisions on whether to prepare a
rehabilitation plan to propose to the company's shareholders,   
ask for a voluntary delisting, or try another option which will
benefit all involved in the listed companies. The companies must
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) Sanyo Universal Electric Public Company Limited (SUE)
(2) Thai Heat Exchange Public Company Limited (THECO)
(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 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 30 April 2001. The SET will
allow trading of its securities when it has reported the
information clearly.


SIAM SYNTECH: Posts Net Loss Of Bt252.44-M
------------------------------------------
Siam Syntech Public posted, as of December 31, 2000 a net loss
of Bt252.44 million which is dropping 189.18 percent from 1999
net loss of Bt535.50 million.

The net loss came from the decrease in "sales and service
revenues, exchange gain and share of profit from related
parties." And for the period of six months ended December 31,
2000 showed a net loss of Bt814.44 million, which is increased by
Bt378.93 million or 87.01 percent compared to the same period
last year. This came from the decreased in "sales and service
revenues" and increased in "Exchange loss."


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.

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                      *** End of Transmission ***