TCRAP_Public/010502.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                 Wednesday, May 2, 2001, Vol. 4, No. 86


                               Headlines


A U S T R A L I A

ANACONDA NICKEL: Reports Third Qtr Activities, Cashflow
HOUND DOG: Up For Sale
WAREHOUSE GROUP: Exercise Of Options


C H I N A   &   H O N G  K O N G

COLLECTIONS INTERIOR: Winding Up Petition To Be Heard
GREAT WALL: Liquidate, PBC Orders
KELON ELECTRICAL: Posts Yuan 678.42-M Loss
OVERSEAS WINNER: Petition To Wind Up
SINO RIVER: Faces Winding Up Petition
SUPER DELUXE: Winding Up Petition To Be Heard


I N D O N E S I A

ASTRA INTERNATIONAL: Price Hike Not Likely
PT PLN: Financial Report Pending Change Of Structure


J A P A N

DAIWA BANK: Will Expand, Fasttrack Restructuring


K O R E A

HAITAI CONFECTIONARY: Starts Accepting Bids
HYNIX SEMICON: Creditors To Convene Today Re Bailout Package
HYUNDAI ENGINEERING: Creditors Calls For Rollover of Bonds
HYUNDAI ENGINEERING: Board Members To Be Replaced
HYUNDAI MERCHANT: Withdrawing From N Korea Venture


M A L A Y S I A

ANSON PERDANA: Posts List Of Payment Defaults
GADEK BERHAD: Banks Demand Debt Payment
JASATERA BERHAD: Reports Re Financial Status
NEGARA PROPERTIES: Pushes Ahead With Asset Disposal
PROMET BERHAD: High Court Grants Extension
SATERAS RESOURCES: Finalizing Settlement Of RM254.17-M


P H I L I P P I N E S

MAYNILAD WATER: Contractors Suspend Work
METRO PACIFIC: Will Retain Non-Property Investments
NATIONAL STEEL: DTI Sec Mediates Talks With Creditors


S I N G A P O R E

CAPITALAND LIMITED: Adds Info To Annual Report
CAPITALAND LIMITED: Strikes CSPA With Hotel Plaza
CREATIVE TECHNOLOGY: Posts Net Loss Of US$101-M For Qtr
FHTK HOLDINGS: Reports Update Re Debt Restructuring
I-ONE.NET: KK Fong Steps Down
LIM KAH NGAM: Auditors Report Re FS
LIM KAH NGAM: Goes Into Voluntary Administration
LIM KAH NGAM: Effects Bonds Issuance
THAKRAL CORPORATION: Debt Restructuring Will Proceed


T H A I L A N D

CIRCUIT ELECTRONICS: Posts Results Of S-Holders' Meeting
ITALIAN-THAI: Reports Meeting Results
SIAM SYNTECH: Restructuring In Progress

     -  -  -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Reports Third Qtr Activities, Cashflow
-------------------------------------------------------
The March quarter was positive for the Anaconda Nickel Limited
with production from Murrin Murrin reaching 70 percent of design
capacity. In addition, C1 unit cash operating costs fell to
US$1.32/lb Nickel with a 34 percent rise in production, which is
certain to underpin the Company's sub-US$1.00 cash cost target.

This achievement underscores the validity of the Company's
mission statement "To be the world's most profitable producer of
Nickel and Cobalt through the development of Australia's dry
laterites." This performance has been achieved on schedule in 15
months after mechanical completion by Fluor in December 1999.
Fluor's lump sum contract completion date was some 12 months
behind schedule.

In this environment Anglo American plc (Anglo) has commenced a
process to remove the executive management and the majority of
non-aligned independent non-executive directors of the Company.

As a result of this process an Extraordinary General Meeting of
Shareholders will be held on May 31 2001, at which time
shareholders will be asked to decide between the existing Board
and Management, and the proposals now circulated by Anglo.

A Strategic Review Committee comprising non-aligned independent
Directors has been empowered by the full Board to commission an
independent review of the Company's strategic and financial
position.

Shareholders will be advised of the outcome of this report,
however the meeting requisitioned by Anglo will occur prior to
completion of that report and its information being made
available to all shareholders.

Production recorded in March alone was 2,659 tons Nickel and 163
tons Cobalt, and production for the month of April is expected
to consolidate this improvement, demonstrating the integrity of
the Company's ramp up schedule.

The ramp up of Murrin Murrin from December 1999 continues as
planned, with operating costs continuing to decrease to forecast
levels. As discussed, C1 unit cash operating costs for the month
of March were a low US$1.32/lb Nickel, already in the bottom
quartile of the world nickel industry.

Production increasing to 100 percent of design is expected to be
made with all fixed and variable production costs being absorbed
in the first 70 percent of the ramp up schedule.

Overall nickel recovery for the March quarter was 83 percent, a
significant improvement on the 74 percent nickel recovery
achieved in the December quarter. In March, an overall nickel
recovery of 86 percent was achieved.

Highlights

Murrin Murrin:

* Production for the March Quarter of 5,714 tons Nickel and 361
tons Cobalt

* Production in March of 2,659 t of Nickel and 163 t of Cobalt,
approximately 70 percent of design capacity

* Significant increase in overall nickel recoveries to 83
percent for the quarter

* Excellent safety record maintained with Lost Time Injury
Frequency Rate of 2.9 for the 12 months ended March

* Significant improvements on commissioning of the pre-
neutralization circuit during February contributing to improved
plant performance

Three Nickel Province Development

* Mt Margaret feasibility progressing to completion

* Cawse dispute settled, feasibility study moving forward

* Murchison leach test work underway

* Murrin Murrin Rolling Expansion studies continue

Corporate

* Morgan Stanley appointed to evaluate all options available to
shareholders to maximize value. Berenson Minella & Company, New
York, appointed to facilitate equity and debt injections into
the Company

* Negotiations for substantial injection of debt and equity at
an advanced stage

* Cash and available facilities on hand at 31 March 2001 - A$68
m (A$23m free cash)

* Fluor and Anaconda submitted contentions in the formal
arbitration process, with Fluor abandoning the majority of its
counterclaim against Anaconda. Timetable to binding and non-
appealable decision is 10 months

* Anglo, and subsequently other shareholders, requisition an
Extraordinary General Meeting of Anaconda shareholders to
determine the composition of the Board and executive management

* Committee of Independent Directors convened to commission an
independent report of the strategic and financial alternatives
available to the Company

* The establishment of a shareholders value committee by the
board to determined and develop alternatives to maximize
shareholder value

* Anglo proposals firmly rejected by the Independent Directors

* Anaconda Marketing team strengthened following the termination
of the Glencore Marketing Agreement in December 2000

* Spin-off of Anaconda Industries Limited progressing to
completion.


HOUND DOG: Up For Sale
----------------------
Hound Dog, the Sydney-based surf and streetwear firm, is up for
sale, following its fall into administration with losses of
A$1.2 million and debts of A$4.3 million, Australasian Business
Intelligence reported Monday.

Administrator Ron Dean-Willcocks described the firm as "a very
good business, a market identity," adding that the chain was
"very saveable."


WAREHOUSE GROUP: Exercise Of Options
------------------------------------
The Warehouse Group Limited announced that it issued 18,594
shares yesterday following the exercise of 38,000 options in
accordance with the Outperform the Market Warehouse Share Plan.
The terms and conditions of the Share Plan are contained in a
registered prospectus dated November 30, 1998. Details of the
issue of shares are as follows:

1. Class of security: Ordinary shares in the capital of the
company.
ISIN: NZWHSE 000156.

2. Number of shares issued: 18,594

3. The shares have no nominal value. The issue price was NZ$5.95
per share, being the weighted average market price of the shares
in the company in the 10 days preceding the exercise date of the
options that were exercised in accordance with the terms of the
Share Plan.

4. The shares were issued for cash pursuant to the Share Plan.
The company has accounted for the issue price of the shares in
accordance with the Share Plan.

5. The shares are fully paid up.

6. The 18,594 shares represent 0.0061 percent of the existing
total of this class of security (304,307,198 shares) that has
been issued to date.

7. Options issued in December 1999 can now be exercised. In
accordance with notices of exercise of options, 38,000 options
have been exercised. This has required the issue of 18,594
shares.  

8. The original issue of options under the Share Plan was made
in accordance with clause 5.6 of the constitution of the company
and was expressly approved by a shareholders' resolution at the
annual general meeting of the company held on November 27, 1998.
This issue of shares is provided for under the Share Plan and is
made in accordance with Listing Rule 7.3.8(b).

9. The terms and conditions of the options and resulting shares
are detailed in a registered prospectus dated November 30, 1998.

10. The total number of ordinary shares in the company after the
issue of these 18,594 shares is 304,325,792.

11. The shares were issued on May 1, 2001.


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


COLLECTIONS INTERIOR: Winding Up Petition To Be Heard
-----------------------------------------------------
The winding up petition against Collections Interior Limited
will be heard on May 9, 2001 before the High Court of Hong Kong.
The petition was filed on January 19, 2001, by Hamburg Company
Limited whose registered office is situated at 4th Floor, Blue
Pool Mansion, 76 Sing Woo Road, Happy Valley, Hong Kong.


GREAT WALL: Liquidate, PBC Orders
---------------------------------
People's Bank of China (PBC) has ordered the liquidation of
Beijing-based China Great Wall Trust and Investment, which is
under the control of Agricultural Bank of China, Hong Kong IMail
reported yesterday, citing the state paper Financial News. Under
such circumstances, the Agricultural Bank of China, China Great
Wall Asset Management and the China Galaxy Securities will
assume the liabilities of the trust.

However, the report added, that Great Wall's independently
registered subsidiaries could go on with their operations even
during the entire liquidation proceedings.

PBC's move is part of the state's drive to clean up and
consolidate the nation's financial sector, following the
collapse of Gitic in 1998. This will come with the reduction of
trust companies to 40.


KELON ELECTRICAL: Posts Yuan 678.42-M Loss
------------------------------------------
Guangdong Kelon Electrical Holdings incurred a loss of 678.42
million yuan in the year ended December 31, on sales that
dropped to 4.4 billion yuan from the previous year's 5.83
billion yuan, South China Morning Post reported yesterday.

According to a company statement, Kelon had to cut prices to
remain competitive in the market, posting a pretax loss of 1.01
billion yuan, as opposed to pretax earnings of 692.04 million
yuan made in the preceding year.

Kelon is engaged in the manufacturing and sale of electrical
household appliances, mainly refrigerators and air-conditioners
both for domestic and international markets.


OVERSEAS WINNER: Petition To Wind Up
------------------------------------
The petition to wind up Overseas Winner Textile Limited is
scheduled to be heard before the High Court of Hong Kong May 23,
2001. The petition was filed March 26, 2001 with the  Court by
Cheung Chi Young of Room 1026, Block 8, Kwai Shing Estate, Kwai
Chung, New Territories, Hong Kong.


SINO RIVER: Faces Winding Up Petition
-------------------------------------
The winding up petition against Sino River Yarn Dyeing Company
Limited will be heard before the High Court of Hong Kong May 23,
2001. The petition was filed with the Court March 26, 2001 by
Cheung Chi Young of Room 1026, Block 8, Kwai Shing Estate, Kwai
Chung, New Territories, Hong Kong.


SUPER DELUXE: Winding Up Petition To Be Heard
---------------------------------------------
The winding up petition against Super Deluxe International
Limited is scheduled for May 2, 2001 before the High Court of
Hong Kong. The petition was filed with the Court February 22,
2001, by Lai Yuet Chun of Flat 37H, Ma On Shan Centre, Tower 2,
Ma On Shan, New Territories, Hong Kong.


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


ASTRA INTERNATIONAL: Price Hike Not Likely
------------------------------------------
PT Astra International corporate secretary Aminuddin announced
that the troubled automaker would not likely execute a price
hike adjustment on its cars, notwithstanding the depreciation of
the rupiah against the U.S. dollar, The Jakarta Post reported
yesterday.
  
Aminuddin added that a decision to execute a price hike would
require advice from Astra's car brands such as Toyota, Honda and
BMW, Post reported. "I haven't heard them (management)
discussing price hikes yet," he told Post.


PT PLN: Financial Report Pending Change Of Structure
----------------------------------------------------
State-owned PT PLN has postponed the submission date of its
audited financial report indefinitely, pending the revamp of the
beleaguered power utility firm's financial structure, Jakarta
Post reported yesterday, citing PLN's Corporate Secretary Muriad
Syamsudin. The original April 30 deadline for the announcement
was set by the Capital Market Supervisory Agency.

According to Muriad, the revamp is necessary to accommodate the
proposed debt-to-equity conversion worth Rp29.9 trillion.  
Muriad said, "Although PLN's financial audit report as of
Dec.31, 2000 had been completed, it could not be announced
because of the changes."

Muriad also added that the changes in the financial structure
would also be partly related to the decision of the government
to reschedule PLN's debts. Nothing was mentioned about the
amount of debts involved in the rescheduling plan.



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


DAIWA BANK: Will Expand, Fasttrack Restructuring
------------------------------------------------
Daiwa Bank (TSE:8319) is aiming to expand and fasttrack its
restructuring program, Asia Pulse reported yesterday.

In the next two years the program will cut the workforce by
about 1,000 employees, reduce total branches (10 to be closed
within the current year), and lower the number of directors from
the present 12 to eight, Pulse reported. The bank will also drop
executive compensation an average of 10 percent within a six-
months' time.

Daiwa Bank announced Friday last week that it has adjusted its
projections for the current fiscal year, raising the projected
loss, on a parent basis, to Y11 billion from Y8 billion,
attributable to bad-loan write-offs and losses on stock
portfolio. Daiwa Bank expects to post a net loss for the group
of Y24 billion, up from Y18 billion as previously projected.


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


HAITAI CONFECTIONARY: Starts Accepting Bids
-------------------------------------------
Haitai Confectionary and its creditor banks are seeking
prospective buyers through a bidding process opened Monday, The
Digital Chosun reported yesterday. Haitai's creditor banks and
ABN-Amro, the underwriting agent for the sale are charged with
selecting the bids.

A source from the creditor banks group said, "We have already
completed assessing the value of the brands owned by the company
and distribution channels for the last two months. Consequently,
we will select the priority negotiating partners within next
week, and hopefully conclude the sales negotiation by
September."




HYNIX SEMICON: Creditors To Convene Today Re Bailout Package
------------------------------------------------------------
Key creditors of Hynix Semiconductor Incorporated will meet
today to resolve the bailout package to provide the ailing
chipmaker, The Korea Herald reported yesterday, citing a
creditor bank official. The proposed package will feature the
purchase of Hynix convertible bonds (CB) worth W1 billion.

Yet to be resolved is whether non-bank creditors will take part
in the planned exercise.

According to the bank official, "Creditor banks have told main
creditor Korea Exchange Bank that they would underwrite Hynix's
CBs on the condition that the Korea Credit Guarantee Fund
guarantees payment for 70 percent of the bond issue."


HYUNDAI ENGINEERING: Creditors Calls For Rollover of Bonds
----------------------------------------------------------
Creditors of construction giant Hyundai Engineering and
Construction are calling for the rollover of bonds with warrants
amounting to US$50 million, and negotiations are underway
between the creditor banks group and non-bank creditors holding
bonds with a put-back warrant, The Digital Chosun reported
yesterday.

These bonds with warrants, then managed by Deutsche Bank, were
issued last year to five local secondary financial institutions,
which have already asked for redemption of bonds, due April 28
2001, by April 27.    


HYUNDAI ENGINEERING: Board Members To Be Replaced
-------------------------------------------------
The Board of Directors of Hyundai Engineering and Construction
(HDEC) approved in a special meeting Monday the appointment of a
new board, as the current board is due for change, The Digital
Chosun reported yesterday.

Also, the current board approved the appointment of three in-
house directors, Shim Hyun-young, also nominated as CEO, Cho
Chung-hong, vice president, and Kang Koo-hyun, managing
director. The four outside directors include Kim Dae-young, the
chair of HDEC's restructuring committee.


HYUNDAI MERCHANT: Withdrawing From N Korea Venture
--------------------------------------------------
Hyundai Merchant Marine, according to Hyundai Asan President Kim
Yoon-kyu, is pulling out of the Mt. Kumgang tourism venture in
North Korea, The Digital Chosun reported yesterday.

Although, it was not divulged when the withdrawal will take
effect, it will leave Hyundai Asan flying solo in the venture.
It has yet to be agreed whether Hyundai Asan will hire Hyundai
Merchant Marine's cruise vessels or allow the firm to ply the
cruise ships for a fee.

According to Kim, who is leaving his post as CEO of Hyundai
Construction and Engineering (HDEC), Hyundai Asan is negotiating
with the North Korean government for a reduction in the monthly
tourism fees and the opening of a land route to the Mt. Kumgang
resort.


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


ANSON PERDANA: Posts List Of Payment Defaults
---------------------------------------------
Anson Perdana Berhad Group posted the following list of default
in payments to financial institutions as at June 30, 2000 in
relation to the Composite Scheme of Arrangement approved by the
Scheme Creditors at the Court Convened Creditors' Meeting held
on March 15, 2001 and March 27, 2001:

Banking Facilities As Of June 30 2000


Financial Institution                  Principal & Interest (RM)

Amanah Merchant Bank Berhad                3,538,000
Arab-Malaysian Bank Berhad                 12,506,000
Arab-Malaysian Merchant Bank Berhad        1,294,000
Aseambankers Malaysia Berhad                8,183,000
Ban Hin Lee Bank Berhad                     11,514,000
Bank Utama (M) Berhad                       11,951,000
BSN Commercial Bank Berhad                   5,959,000
Danaharta Managers (Bank Bumiputra Malaysia Berhad)
                                            18,074,000
Danaharta Managers (Malaysian International Merchant Bankers
Berhad)               
                                            12,129,000
BSN Merchant Bank Berhad                    17,457,000
EON Bank Berhad                              24,339,000
Hong Leong Bank Berhad                       5,537,000
HSBC Bank (Malaysia) Berhad                  25,650,000
Malayan Banking Berhad                       37,862,000
Multi-Purpose Bank Berhad                   32,718,000
OCBC Bank (Malaysia) Berhad                  9,642,000
Oriental Bank Berhad                         11,983,000
OUB Bank (Malaysia) Berhad                   5,968,000
Pacific Bank Berhad                           5,486,000
Perdana Merchant Bankers Berhad              6,034,000
Perwira Affin Bank Berhad                    57,959,000
Perwira Affin Merchant Bank Berhad           13,262,000
Phileo Allied Bank Berhad                     2,598,000
Public Bank Berhad                            14,751,000
Public Merchant Bank Berhad                   15,843,000
RHB Bank Berhad                               30,226,000
RHB Sakura Merchant Bankers Berhad            11,899,000
Southern Bank Berhad                          4,727,000
UOB Bank Berhad                                4,346,000

TOTAL                                          423,435,000
  

GADEK BERHAD: Banks Demand Debt Payment
---------------------------------------
Gadek (Malaysia) Berhad confirmed that Shook Lin & Bok being the
legal counsel for the Guarantor Banks has demanded
RM316,943,112.24 and USD109,014,372.70 with the interest thereon
for the RM750 million Syndicated Bank Guarantee Facility for
RM750 million Nominal Value of 5-Year 2 percent Redeemable Bank
Guaranteed Bonds 1996/2001 (Gadek Bonds).

This is pursuant to the Guarantee Facility Agreement as a result
of settlement by the Guarantor Banks to the Universal Trustee
(Malaysia) Berhad, trustees for the Gadek Bondholders.

Gadek said it was not aware of any separate legal proceedings to
force it to honor its obligations as stated in the article.

Gadek also wished to announce that it is currently discussing
with the respective lenders (including the Guarantor Banks) for
a debt-restructuring proposal under the purview of Corporate
Debt Restructuring Committee (CDRC). It expects to work out a
debt-restructuring plan with Gadek lenders for settlement in an
amicable manner.


JASATERA BERHAD: Reports Re Financial Status
--------------------------------------------
Jasatera Berhad announced the status of its financial condition,
pursuant to the Practice Noted No. 4/2001 of the Listing
Requirements of the Kuala Lumpur Stock Exchange. Thus:

The plan to regularize its financial condition, which entails
the following exercises was announced on September 6, 2000:

(i) Proposed capital reduction of the Company's existing issued
and paid-up share capital of RM19,980,000 in accordance with the
provisions of section 64 of the companies act 1965 and
consolidation of the resultant shares thereafter;

(ii) Proposed rights issue of 23,976,000 new ordinary shares of
RM1.00 each on the basis of six new ordinary shares of RM1.00
each for every one ordinary share held after the proposed
capital reduction; and

(iii) Proposed settlement of debts owing to financial
institution creditors amounting to RM91,473,585.

As announced on April 26, 2001, the Board of Directors of
Jasatera has approved the revision of the Proposed
Recapitalization Exercise in view of the Securities Commission's
additional requirements with regard to the net tangible assets
backing of the Company pursuant to a rescue and restructuring
plan. The appropriate announcement on the revised plan shall be
made in due course.

Jasatera engages in construction of commercial and industrial
buildings and civil engineering works. Its subsidiaries are
involved in contracting for general building and civil works and
property development.

Jasatera has participated in various construction projects
including the 88-storey Petronas Tower, KLIA and Commonwealth
Sports Centre in Bukit Jalil. In September 2000, Jasatera
proposed a debt settlement plan involving a capital reduction
and a rights issue.


NEGARA PROPERTIES: Pushes Ahead With Asset Disposal
---------------------------------------------------
Melawati Development Sdn Bhd (MDSB), Sungai Kantan Development
Sdn Bhd (SKDSB) and Negara Properties Realty Sdn Bhd (NPRSB) on  
April 30, 2001 entered into three separate conditional Sale and
Purchase Agreements with Golden Hope Development Sdn Bhd
(GHDSB), a wholly-owned subsidiary company of GHPB, for the
proposed disposal of twelve parcels of development land to GHDSB
for a total cash consideration of RM89,113,741.

Proposed Disposal By MDSB

On April 30, 2001, MDSB entered into a conditional Sale and
Purchase Agreement for the proposed disposal of seven parcels of
freehold land measuring approximately 13.99 acres held under
HS(D) 57971 Lot No 20268, HS(D) 57972 Lot No 20269, HS(D) 57976
Lot No 20276 and HS(D) 57977 Lot No 20278, all located within
Mukim of Setapak, District of Kuala Lumpur, Federal Territory
and Geran 39411 Lot No 14850, part of Geran 39410 Lot No 14846
and Geran 39409 Lot No 14845 all located within Mukim of
Setapak, District of Gombak, Selangor Darul Ehsan to GHDSB for a
total cash consideration of RM38,911,712.

Lots 20268, 20269, 20276 and 20278 are contiguous to each other
and located within Wangsa Melawati, Mukim of Setapak, District
of Kuala Lumpur, Federal Territory. These lots are generally
flat in terrain and lie about the same level as the surrounding
lands except for Lot 20276, which is sited below the level of
the surrounding lands.

Lots 14850, 14845 and part of 14846 are contiguous to each other
and located within Taman Melawati, Mukim of Setapak, District of
Gombak, Negeri Selangor. These lots have dual frontages onto
Lorong Sabah and Lorong Sarawak and are generally flat in
terrain and lie about the same level as the Service Roads except
for the northern part of Lot 14845, which is 1.5 meters above
the Service Roads.

The legal ownership of Package 1-Melawati was transferred to
MDSB on April 13, 1988 and November 28, 1994. As of June 30,
2000, the total estimated development cost of Package 1-Melawati
is RM31.2 million.

Further details of Package 1-Melawati are as follows:

Lot No  Dev Plt No
20268 WM 8b     RM490-M    Condominium      Residential
20269 WM 8c     RM490-M    Condominium      Residential
20276 WM 8a     RM594-M    Condominium     Residential
20278 WM 8d     RM494-M    Condominium      Residential
14850 MCC 8     RM784-M    Commercial       Commercial
14845 MCC 11    RM2,485-M  Commercial       Commercial
Part of 14846 MCC RM192,423-M Commercial       Commercial
Total             RM7,760-M  

Proposed Disposal By SKDSB

On April 30, 2001, SKDSB entered into a conditional Sale and
Purchase Agreement for the proposed disposal of two parcels of
freehold land measuring approximately 13.03 acres known as
developer's plot SI7B and SI3 held under part of HS(D) 48451 Lot
No 37820, part of HS(D) 23082 Lot No 15969 and part of Lot 1089
C.T. 3136, all located within Mukim of Kajang, District of Hulu
Langat, Negeri Selangor, to GHDSB for a total cash consideration
of RM23,488,859.

The parcels of land are located within an ongoing mixed
development known as Saujana Impian, sited off the left
(eastern) side of Jalan Cheras.

These lots are accessible from the Kuala Lumpur city center or
Kajang via Lebuhraya Cheras/Kajang or Jalan Cheras.

Prominent landmark is the existing 18-hole international
standard golf course and clubhouse known as Saujana Impian Golf
and Country Club. In the larger vicinity, other prominent
landmarks include Sekolah Menengah Sultan Abdul Aziz Shah and
Kompleks Kota Kajang.

Lot 15969 will form part of a neighbourhood commercial area
known as Pusat Perniagaan Saujana Impian which is planned to
comprise four to six (6) story shopoffices, an eight (8) to ten
(10) story office block, another block of commercial space, a
town park and other supporting amenities.

Package 2-Saujana Impian was acquired on March 9, 1982 at an
original cost of approximately RM0.52 million. As at June 30,
2000, the estimated development cost of Package 2-Saujana Impian
is RM21.8 million.

Further details of Package 2-Saujana Impian are as follows:

Part of 37820  SI 7B  RM1,323-M   Commercial   Commercial
Part of 15969
and part of Lot 1089  SI 3 RM406-M  Office     Commercial
Total                RM1,729-M
  
Proposed Disposal By NPRSB

On April 30, 2001, NPRSB entered into a conditional Sale and
Purchase Agreement for the proposed disposal of three parcels of
freehold land measuring approximately 24.53 acres known as
developer's plot NI6 (parcel D), NI6 (parcel E) and NI6 (parcel
F) all of which are held under part of HS(D) 136239 lot no
24368, all located within Mukim of Setul, District of Seremban,
Negeri Sembilan, to GHDSB for a total cash consideration of
RM26,713,170.

The parcels of land are situated within Nilai Impian, an on-
going mixed development sited off the left (eastern) side of
North-South Highway.

These lots are accessible from the Kuala Lumpur-Seremban
Expressway exiting at Nilai Interchange and thence via Nilai-
Batang Benar main road, an unnamed metalled road leading to
Nilai Industrial Area and Arab Malaysia Industrial Park and
thence via internal metalled circulation roads within Nilai
Utama and Nilai Impian.

The lots are surrounded by a number of prominent industrial
estates such as Arab Malaysian Industrial Park, Nilai 3
Industrial Park and Nilai Inland Port.

Other prominent developments in the larger neighbourhood include
Emville Golf Resort, Bukit Unggul Golf and Country Resort,
College Heights, Kolej Tuanku Jaafar, Staffield Golf Resort, the
on-going Bayu Lakes Homes development and Planters Haven.

Package 3-Nilai Impian was acquired on August 23, 1995 at an
original cost of approximately RM2.5 million. As of June 30,
2000, the estimated development cost of Package 3-Nilai Impian
is RM23.3 million.

Salient Features Of The Agreements

The Properties will be disposed of free from all encumbrances
and with vacant possession but subject to all the conditions of
title whether expressed or implied and the terms and conditions
of the respective Agreements.

The cash consideration for each of the Properties (or a total of
RM89,113,741 for all the Properties) shall be paid to the
respective NPMB Vendors in the following manner:

(i) a sum equivalent to 20 percent of the Purchase Price (or a
total of RM17,822,748 for all the Properties) shall be paid as
deposit and part payment of the Purchase Price upon the
execution of the respective Agreements; and

(ii) a sum amounting to 80 percent of the Purchase Price (or a
total of RM71,290,992 for all the Properties) shall be paid as
follows:

(a) a sum representing 70 percent of the Purchase Price on or
before the expiry of one calendar month from the fulfillment of
the last of the conditions precedent or one calendar month after
the Completion Date, as the case may be; and

(b) a sum representing 10 percent of the Purchase Price upon
transfer of title of the Properties.

The Balance Purchase Price remaining unpaid as at the Completion
Date is subject to interest of 1 percent above the base lending
rate of Malayan Banking Berhad calculated on a daily basis from
the due date until the date of actual payment.

If the measurements and area of the Properties as set out in the
respective Agreements are different from the final document of
title, the respective Purchase Prices shall be adjusted
accordingly. Any payment resulting from the adjustment will be
paid within fourteen (14) days of the issue of the final
document of title.

Salient Features Of The Valuation Report

The total market value of the Properties is RM77,900,000 based
on the valuation reports dated March 28, 2001 and April 19, 2001
prepared by Jones Lang Wootton, an independent professional
valuer, using the Comparison and Residual Methods of valuation.

Market value of each of the Properties is as follows:
Package   Developer's Plot No.  Lot No.   Market Value
(RM)
Package 1 MCC 11 14845 6,600,000
MCC 8 14850 6,700,000
MCC 19 Part of 14846 6,100,000
WM 8d 20278 4,100,000
WM 8a 20276 4,700,000
WM 8b 20268 3,200,000
WM 8c 20269 3,500,000
Package 2 SI 7B Part of 37820 21,000,000(*)
SI 3 Part of 15969 and part of 1089
2,000,000(*)
Package 3 NI 6 (parcel D) Part of 24368 6,500,000(**)
NI 6 (parcel E) Part of 24368 6,100,000(**)
NI 6 (parcel F) Part of 24368 7,400,000(**)

Notes:

* The market value of RM21,000,000 and RM2,000,000 for part of
Lot 37820 and part of Lot 15969 respectively was arrived at
based on the assumption that individual titles will be issued.

** The total market value of RM20,000,000 for Package 3-Nilai
Impian was arrived at based on the assumption that an individual
title will be issued and the land status will be converted from
its existing status of agricultural use to commercial use.

Basis Of Purchase Price

The total Purchase Price for the Proposed Disposal of
RM89,113,741 was arrived at on a "willing buyer willing seller'
basis after taking into account the open market value of the
Properties based on the valuation carried out on March 28, 2001
on Package 1 and 2 and April 19, 2001 on Package 3 by Messr.
Jones Lang Wootton (JLW).


The total Purchase Price for the Proposed Disposal of
RM89,113,741 represents a premium of 14.4 percent over the
market value of RM77,900,000. Details are as follows:
Package Valuation by JLW (RM) Purchase Price (RM)
Package 1 34,900,000 38,911,712
Package 2 23,000,000 23,488,859
Package 3 20,000,000 26,713,170
Total 77,900,000 89,113,741

There are no liabilities to be assumed by GHDSB arising from the
Proposed Disposal

The gross proceeds of approximately RM89.1 million arising from
the Proposed Disposal are proposed to be utilized as follows:

                                            RM million
Partial repayment of existing borrowings 40.0
Working capital 49.1
Total 89.1

As at March 31, 2001, the total amount of borrowings for the
Group stood at RM178.5 million. The partial repayment of
existing bank borrowings is expected to result in an interest
saving for the Group of approximately RM1.85 million per annum.

The rationale for the Proposed Disposal are as follows:

(a) to raise cash to reduce short term borrowings and to improve
the Group's gearing ratio;

(b) to realize an estimated profit before tax of RM11.64 million
for the financial year ending June 30, 2001; and

(c) to finance committed development projects.

Information On GHDSB

GHDSB was incorporated on July 4, 1984 in Malaysia under the
Companies Act, 1965 as a private limited company, a wholly owned
subsidiary company of GHPB. GHDSB's present authorized capital
is RM8,000,000 comprising 8,000,000 ordinary shares of RM1.00
each while its issued and paid-up capital is RM900,000
comprising 900,000 ordinary shares of RM1.00 each.

GHDSB's principal activities are property development and
property management. As at June 30, 2000, the total development
property assets of GHDSB amounted to RM1.19 billion.

The proforma financial effects of the Proposed Disposal on the
share capital, substantial shareholders' shareholding, earnings
per share (EPS) and net tangible asset (NTA) of NPMB Group are
illustrated below:

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

The Proposed Disposal will not have any effect on the
shareholdings of the substantial shareholder's in NPMB.

The Proposed Disposal is expected to contribute positively to
the Group's earnings for the financial year ending 30 June 2001.

The proforma effect of the Proposed Disposal on the NTA per
share of NPMB at Group level based on the audited accounts as at
June 30, 2000 would increase by 15 sen from RM5.03 to RM5.18, on
the assumption that the Proposed Disposal had been effected on
that date. However, the NTA per share of NPMB at Company level
will remain unchanged.

The Proposed Disposal is subject to the following approvals
being obtained:

a) the approval of the shareholders of the respective NPMB
Vendors and NPMB for the sale of the Properties;

b) GHDSB obtaining the approval of the Foreign Investment
Committee for the purchase of the Properties;

c) the approval of the Kuala Lumpur Stock Exchange (KLSE) for
the transaction; and

d) any other approvals required by law.

As of March 31, 2001, the following Directors have an interest,
whether direct or indirect in the Proposed Disposal:

Tuan Haji Mohammad bin Abdullah, a director and Chairman of NPMB
is also a director of GHPB and various subsidiaries within the
Golden Hope Group.

Dato' Abd. Wahab Maskan is a director of NPMB as well as the
Group Chief Executive and a Board member of GHPB. Dato' Abd.
Wahab Maskan is also a shareholder of GHPB with a direct
shareholding of 5,000 shares as of March 31, 2001.

Encik Abdul Wahab bin Abdul Hamid, an Executive Director of NPMB
is also a director of GHDSB and the GHPB Group Director
(Property).

Encik Tan Boon Gark is a director of NPMB and a shareholder of
GHPB with a direct shareholding of 3,000 shares as of March 31,
2001.

Datuk Abdul Malek bin Abdul Aziz is a director of both NPMB and
GHDSB.

Therefore, Tuan Haji Mohammad bin Abdullah, Dato' Abd. Wahab
Maskan, Encik Abdul Wahab bin Abdul Hamid and Datuk Abdul Malek
bin Abdul Aziz are deemed interested in the Proposed Disposal by
virtue of their common directorships. Tuan Haji Mohammad bin
Abdullah, Dato' Abd. Wahab Maskan, Encik Abdul Wahab bin Abdul
Hamid, and Datuk Abdul Malek bin Abdul Aziz have accordingly,
abstained and will continue to abstain from deliberating and
voting on the Proposed Disposal at the relevant Board Meetings.

Dato' Abd. Wahab Maskan and Encik Tan Boon Gark will also
abstain from voting in respect of their respective direct and/or
indirect stockholdings in NPMB on the resolution pertaining to
the Proposed Disposal to be tabled at the forthcoming EGM to be
convened.

The abovementioned parties will also undertake to ensure that
persons connected to them, if any, will abstain from voting in
respect of their direct and/or indirect stockholdings in NPMB on
the resolution pertaining to the Proposed Disposal to be tabled
at the forthcoming EGM to be convened.

None of the substantial stockholders nor any persons connected
to them have any interest, whether direct or indirect in the
Proposed Disposal as of March 31, 2001, save and except for the
following:

i) GHPB, which is the holding company of both NPMB and GHDP with
60.62 percent and 100 percent stock/shareholdings respectively;
and

ii) Tegas Setia Sdn Bhd, Limited (TSSB), a wholly owned
subsidiary of GHPB, is a substantial stockholder of NPMB with a
stockholding of 4.14 percent.

iii) IGB Corporation Berhad (IGB) is a substantial stockholder
of NPMB with a stockholding of 20.00 percent and is related to
Encik Tan Boon Gark by virtue to Encik Tan Boon Gark being the
Deputy Managing Director and shareholder holding 221,000 shares
or 0.04 percent in IGB.

Accordingly, GHPB, TSSB and IGB are deemed interested in the
Proposed Disposal and will abstain from voting in respect of
their direct and/or indirect stockholdings in NPMB on the
resolution pertaining to the Proposed Disposal to be tabled at
the forthcoming EGM to be convened.

GHPB, TSSB and IGB will also undertake to ensure that persons
connected to them, if any, will abstain from voting in respect
of their direct and/or indirect stockholdings in NPMB on the
resolution pertaining to the Proposed Disposal to be tabled at
the forthcoming EGM to be convened.

In view of the interests of the Directors and substantial
stockholders of NPMB in the Proposed Disposal, the Board, in
compliance with Chapter 20 of the SC's Guidelines on Special
Requirements on Related-Party Transactions and Section 10.08 of
the Listing Requirements of the KLSE, has on April 30, 2001
appointed Affin Merchant Bank Berhad (formerly known as Perwira
Affin Merchant Bank Berhad) as the Independent Adviser to the
Independent Directors and independent stockholders of NPMB in
relation to the Proposed Disposal to advise as to whether the
transaction is fair and reasonable and whether it is to the best
interest of the minority shareholders.

The Board, having taken into consideration all aspects of the
Proposed Disposal, as advised by Aseambankers, is of the opinion
that the Proposed Disposal is fair, reasonable and in the best
interests of the NPMB Group.


PROMET BERHAD: High Court Grants Extension
------------------------------------------
The High Court has granted Promet Berhad, Promet Fabricators Sdn
Bhd, Promet Developments Sdn Bhd and Promet Dikoyu Sdn Bhd a
further ninety (90) days extension from April 27, 2001 to July
26, 2001 to convene the various meetings of their respective
creditors and to restrain proceedings against the Scheme
Companies.

Originally in the business of building contractors and civil
engineers, Promet set out on a path of diversification and
expansion starting with the property and hotel industries in
1981. The intention was to expand activities on an international
scale in the resources industry, particularly oil and gas. In
1982 Promet's civil construction operations in Malaysia were
transferred to subsidiary, Promet Construction Sdn Bhd.

In early 1990, after a period of rationalisation, Promet re-
focused its business plans and concentrated on four core
activities: steel fabrication, marine engineering and
construction, civil engineering and construction, property
investment and development. Promet divested its interests in the
hotel industry in 1993.

In 1999, Promet launched an on-going restructuring plan which
involves, amongst others, a reverse takeover exercise by Safuan
Group Bhd (SGB) through asset injections, capital reduction and
consolidation, formation of a new company, debt reconstruction,
warrants issue and proposed disposal of non-core assets. The
plan was, however, deemed lapsed and terminated in February
2001. Following this, Promet is presently reviewing various
business proposals and negotiating with various vendors to
formulate a new restructuring plan.


SATERAS RESOURCES: Finalizing Settlement Of RM254.17-M
-------------------------------------------------------
Referring to the Kuala Lumpur Stock Exchange's query of April
26, 2001, with regard to the news article appearing in The
Business Times' Companies & Markets section on Thursday, April
26, 2001 and, in particular, to the sentences of the news
article highlighted by the Exchange, Sateras Resources
(Malaysia) Berhad announced that the Directors and the
Management of Sateras have no prior knowledge of the article.
However, the company clarified the following:

1. "Sateras Resources (Malaysia) Bhd is believed to be on the
verge of finalizing a private placement deal that will wipe out
its entire debt burden."

The company advised the Exchange that it is in the middle of
finalizing the proposed settlement of RM254,170,157 in debts
owing to identified creditors of the Sateras Group as approved
by the Securities Commission (SC) on April 13, 2000 and April
28, 2000.

2. "About 250 million shares are expected to be placed via
private placement exercise......"

According to the terms of the SC's approval, 98,156,843 new
Sateras shares are to be placed with D.S. Holdings Sdn Bhd,
while for the 156,013,314 new Sateras shares arising from the
conversion of a similar amount of debts owing to the financial
institution creditors, the financial institution creditors have
an option to place out up to that number of new shares to be
issued to them as settlement of debts to the placees identified
by Sateras.

3. "The placement price of the shares is believed to be between
70 sen and RM1 a share......"

In accordance with the terms of the SC's approval, the placement
price for the 98,156,843 new Sateras shares shall be based on
the weighted average market price of Sateras shares for the five
consecutive trading days up to a price-fixing date to be
determined later. As for the 156,013,314 new Sateras shares, the
conversion price shall be based on the weighted average market
price of Sateras shares for the five consecutive trading days up
to a price-fixing date to be determined later, subject to a
maximum discount of 10 percent therefrom. In any event, Sateras
will not be issuing the new Sateras shares at below the par
value of RM1.00.

4. "..... the Securities Commission (SC) had given Sateras a
conditional approval about two months ago to proceed with its
plan."

The SC approved the Proposal on April 13, 2000 and April 28,
2000 and granted a final extension to complete the Proposal by  
October 27, 2001.

Sateras further clarified that the Foreign Investment Committee
had approved the Proposal on September 8, 1999 and that it has
never contemplated any of the options stated in the said
article.


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


MAYNILAD WATER: Contractors Suspend Work
----------------------------------------
Around 20 contractors have shut down the rollout program works
of Maynilad Water Resources Incorporated worth P14 billion,
since the cash-strapped water provider has yet to pay
contractors and suppliers a total of P500 million, The
Philippine Star reported yesterday.

The contractors are considering to take legal actions against
Maynilad, demanding payments on the arrears.

According to Manolito Madrasto, executive director of the
Philippine Contractors Association (PCA), these 20 contractors
have already incurred losses due to these unsettled accounts
Maynilad owes them.

Madrasto said, "This is a problem of both Maynilad and the MWSS.
If the contractors are not getting paid, it`s within their
rights to stop construction."

Maynilad is beset with a cashflow crunch resulting from incurred
losses of up to P2.2 billion due to the depreciation of the peso
against the U.S. dollar, the report said. Moreover, the company
is pushing for a rate adjustment, which is currently under study
at the Cabinet.


METRO PACIFIC: Will Retain Non-Property Investments
---------------------------------------------------
Metro Pacific Corporation is going to retain non-property
investments, seeking strategic partners to augment their value,
notwithstanding its shift of focus to its core venture in real
estate development, Manila Times reported yesterday. These non-
core assets that the company wants to keep in the meantime are
in-the-red Negros Navigation and 1st e-Bank.

Ricardo S. Pascua said in his report to the company's
shareholders dated April 27: "We have taken the position to hold
on these (non-property) investments while building value in
them. To this end, we have strengthened the operational
management teams and have worked hard with them to develop and
implement new business plans. While still in their early stages,
we anticipate that these initiatives will bear fruit in a
relatively short timeframe.

"At the same time, we continue to seek strategic partners with
the experience and track record to further enhance these
companies' productivity and profitability.

"The ascendancy of the new President has certainly brought about
political stability and restored confidence in the government.
With the exchange rate stabilizing and interest rates improving,
we anticipate general improvements in the economy and therefore
investor confidence despite the rallies being staged by Estrada
supporters.

"We are confident that the property market will have better
prospects towards the latter half of the year 200. We are,
therefore, committed to complete the infrastructure projects we
have begun in 2000 to ensure that the Global City is in a
position to benefit from this."

According to Metro Pacific CFO Grant Ferguson, Metro Pacific has
allocated P2.5 billion for capital expenditures in the current
year, while 60 percent of the total programmed capital budget
will be allocated for Fort Bonifacio Development Corporation and
the rest to the two abovementioned remaining non-core ventures,
the Times report said.


NATIONAL STEEL: DTI Sec Mediates Talks With Creditors
-----------------------------------------------------
The Department of Trade and Industry, through Secretary Manuel
Roxas III mediated Monday in the negotiations between troubled
National Steel Corporation and its creditors, with regard to the
reopening and rehabilitation of the steel firm's plant and
operations, The Philippine Star reported yesterday.

Roxas said, "both parties agree on the need to operate the NSC
so that the plant does not deteriorate and its personnel are
able to work."

Roxas stated both ends of the negotiating table expressed their
further interest in re-opening the plant in the interim.
However, neither party wanted to yield to the other's interest.

"Government will decide, based on their agreement, if there will
be a stalemate."  Roxas added if a decision is reached it will
be based on cashflow and market conditions.


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


CAPITALAND LIMITED: Adds Info To Annual Report
----------------------------------------------
CapitaLand Limited provided the following additional information
to its FY2000 Annual Report:

1. KPMG has served as the Company's auditors and most of its
subsidiaries. There are some Singapore-incorporated subsidiaries
that were not audited by KPMG. In accordance with Clause 902B(4)
of the Listing Manual, details of these subsidiaries and their
appointed auditors are shown below.

Names of Singapore-incorporated Subsidiaries Names of Auditors

Yangon Investment Pte Ltd Ernst & Young

eNabled Homes Pte Ltd SK Lai & Co.

Quantum Systems Pte Ltd Chee FM & Associates

Canary Riverside Holdings Pte Ltd

and its subsidiary companies Deloitte and Touche

2. Canary Riverside Holdings Pte Ltd and its subsidiary
companies are deemed to be "significant" foreign operations as
defined under Clause 902B(5) of the Listing Manual and their
auditors are Deloitte and Touche.

3. The Company's Corporate Governance Policy inter alia states
that directors and employees should not deal in the Company's
securities on short-term consideration/while they are in
possession of unpublished information that is not generally
available to the public.

In addition, directors and employees should avoid dealing in the
Company's securities during the period commencing from two weeks
before the release of the Company's results (quarterly, half or
full year) to (and including) the date of the release of the
relevant results to the Singapore Exchange Securities Trading
Limited.

The Company will commence reporting of its earnings results on a
quarterly basis as of the conclusion of the second quarter of
2001.


CAPITALAND LIMITED: Strikes CSPA With Hotel Plaza
-------------------------------------------------
CapitaLand Limited (CL) announced Thursday last week that CL has
entered into a conditional sale and purchase agreement with
Hotel Plaza Limited (HPL) for the sale by CL of, and the
purchase by HPL of the following:

1. The entire issued and paid-up capital of the following
investment holding companies:

(i) Suten Investment & Development Pte Ltd (SIDPL), a company
incorporated in Singapore;

(ii) SGN Investment Pte Ltd (SGNIPL), a company incorporated in
Singapore;

(iii) Yangon Investment Pte Ltd (YIPL), a company incorporated
in Singapore; and

(iv) Castle Star Developments Limited (CSDL), a company
incorporated in the British Virgin Islands to be acquired by CL
on or prior to completion; and

2. All shareholders loans extended by CL to the Companies and
their subsidiaries.

The anticipated date of completion of the sale is July 31, 2001.

SIDPL and SGNIPL collectively have an 82.7 percent interest in
Suzhou Wugong Hotel Co., Ltd, a company incorporated in the
People's Republic of China, and which owns the 328-room Sheraton
Suzhou Hotel & Towers at 388 Xinshi Road, Suzhou, Jiangsu,
People's Republic of China.

YIPL is an investment holding company with a 95 percent interest
in the capital of Yangon Hotel Ltd, a company incorporated in
the Union of Myanmar and which owns the 359-room Hotel
Equatorial Yangon, located at the corner of Alan Pya Phaya Road
(Signal Pagoda Road) and Yaw Min Gyi Road (York Road).

Prior to or on completion, CSDL shall have an 85 percent
interest in PID Investments Pte Ltd (PIPL), an investment
holding company incorporated in Singapore, which is currently
held by CL. PIPL has a 75  percent interest in Westlake
International Company (WIC), a company incorporated in Vietnam.
WIC's principal activity is ownership of the Meritus Westlake
Hanoi, a 322-room hotel at 1 Thanh Nien Road, Badinh District,
Hanoi, Vietnam.

The aggregate consideration attributed to CL's interests in the
three hotels is US$82 million. Under the Agreement, CL will set
aside an aggregate amount of US$20 million for a period of 5
years to be applied to fund any shortfall between actual profit
after depreciation but before interest and tax and the amount of
7 percent of aggregate investment cost to HPL in respect of its
acquisition of, and improvements to, the hotels.

After setting aside the agreed sum, CL will have a net write-
back of US$9 million on provisions made previously.

The net consideration for the sale of US$74.5 million will be
satisfied in the following manner:

(i) a deposit of S$500,000 paid upon execution of the Agreement;
and

(ii) the balance after deducting the Agreed Sum, is payable on
completion.

The consideration was arrived at based on negotiations conducted
between CL and HPL on a willing buyer and willing seller basis.

The sale is in line with CL's policy to divest non-core assets.

Proceeds from the sale will be utilized to reduce gearing.

The said sale is not expected to have any significant impact on
the net tangible assets or earnings per share of CL for the
current financial year ending December 31, 2001.

None of the directors or substantial shareholders of CL have any
interest in the sale.


CREATIVE TECHNOLOGY: Posts Net Loss Of US$101-M For Qtr
-------------------------------------------------------
Creative Technology Ltd. (NASDAQ: CREAF), the worldwide leader
in digital entertainment products for the personal computer and
the Internet, announced Thursday last week the company's
financial results for the third quarter of fiscal year 2001,
ended March 31, 2001.

Sales for the third quarter were in line with Creative's
expectations at US$263 million. This compares to sales of US$330
million for the same quarter of last year.

Creative reported a net loss for the quarter of US$101.0 million
or US$1.27 per share. This includes one-time charges of US$31.0
million and a write-down of investments of US$75.4 million,
which accounted for a combined US$106.4 million or US$1.34 per
share.

Excluding these charges, Creative would have reported net income
for the quarter of US$4.6 million or US$0.06 per share.
Comparative results for the third quarter last year were net
income of US$88.3 million and earnings per share of US$1.01.
This included net investment gains of US$70.6 million or US$0.80
per share.

The third quarter one-time charges include a previously
announced restructuring charge totaling US$19.8 million, which
comprises US$7.8 million applied to cost of goods sold and US$12
million of operating expense charges.

Also included in operating expenses is a one-time charge of
US$11.2 million resulting from the write-off of the remaining
value of the assets previously acquired from Aureal
Semiconductor. The company also took a US$75.4 million write-
down against its investment portfolio. This includes a
previously announced US$65 million write-down of privately held
technology companies, consistent with the company's prior
announcement; and a net unrealized loss of US$10.4 million on
quoted investments, reflecting the further worsening of public
equity markets at the end of the quarter.

Sales for the first nine months of fiscal year 2001 were
US$994.4 million, compared to US$1.036 billion for same period
in the previous year.

Net loss for the first nine months of fiscal year 2001 was
US$56.9 million, or US$0.72 per share, including the previously
noted one-time charges and write-down of investments totaling
US$106.4 million in the quarter, and net investment gains of
US$2.9 million from the previous two quarters. This compares to
net income for the first nine months of the previous year of
US$143.6 million or US$1.66 per share, including net investment
gains of US$84.2 million.

"Between the difficulty of the economic climate and the
restructuring of our businesses, this was a challenging
quarter," said Craig McHugh, president of Creative Labs, Inc.
"However, we achieved some important successes during the
period. We made significant reductions in our operating expenses
that will better position us going forward. At the same time, we
met our revenue target as we continued to generate strong demand
for retail audio products. We substantially reduced our
inventory level, achieving our target of net inventory of US$200
million at the end of the quarter. And, excluding the effect of
the restructuring charges on cost of goods sold, we met our
margin guidance of 27 percent."

"During the quarter, we sustained, for the first time, a net
loss from our investment portfolio," said Creative Chairman and
CEO Sim Wong Hoo. "The US$75 million write-down from our
investment portfolio should be taken in the perspective that we
posted realized gains of US$103.4 million in fiscal year 2000,
including US$70.6 million for the same quarter last year. Many
of our investee companies were hit hard by the downturn in the
private and public equity markets, causing us to write-down our
holdings. However, we do believe that a number of our investee
companies continue to show promise, both strategically and
financially."

"At the same time, we took serious actions to better position
Creative in a tough marketplace," continued Sim. "These actions,
including measures to reduce the cost of our products and
aggressive pricing on the NOMAD Jukebox, position us to increase
market share and solidify our leadership position in the
strategic digital audio player market. The digital audio player
market represents huge potential; and, with our lower cost
structure, we plan to drive this market and capitalize on it."

During the quarter, Creative continued its share buy-back
program, repurchasing approximately 892,000 shares at a cost of
US$8.6 million. Subject to market price and conditions, and
securities law restrictions, the company plans to continue its
buyback program.

Creative (Nasdaq: CREAF) is the worldwide leader in digital
entertainment products for the personal computer and the
Internet. Famous for its Sound Blasterr and for launching the
multimedia revolution, Creative is now driving digital
entertainment on the PC platform with products like its highly
acclaimed NOMADr Jukebox.


FHTK HOLDINGS: Reports Update Re Debt Restructuring
---------------------------------------------------
FHTK Holdings Limited reports an update on the status of its
debt restructuring exercise. Terms defined in the earlier
announcements shall, unless the context otherwise requires, have
the same meaning in this announcement.

(1) The Banks have agreed in-principle to:

(a) the extension of the deadline for implementing the debt
restructuring plan pursuant to the Debt Restructuring Agreement
to August 15, 2001;

(b) a proposed capital reduction exercise by way of

(i) cancellation of the issued and paid-up capital of FHTK lost
or unrepresented by available assets to the extent of S$0.15 for
each Share and the reduction of the par value of each Share from
S$0.20 to S$0.05, such that the issued and paid-up capital will
be reduced from S$131,574,848.40 divided into 657,874,242 Shares
to S$32,893,712.10 divided into 657,874,242 Shares, and

(ii) the cancellation of an amount of S$42,702,000 standing to
the credit of the share premium account of FHTK and representing
capital lost or unrepresented by available assets, such that the
amount standing to the credit of the share premium account of
the Company amounting to S$42,702,000 as of December 31, 2000
will be eliminated.

An aggregate of $141,383,000 being part of the FHTK's
accumulated losses and capital unrepresented by available assets
will be written off pursuant to the Capital Reduction Exercise.
Subsequent to the capital reduction exercise, the share premium
created by the issue of the conversion ordinary shares to the
creditor banks, would be used to eliminate the balance of FHTK's
accumulated losses, thus enabling FHTK to continue its
operations on a clean slate.

Details of the proposed Capital Reduction Exercise, which is
subject to the approval of the court, will be disclosed in a
Circular to Shareholders for the purposes of obtaining the
Shareholders' approval on the Debt Restructuring Plan and the
Capital Reduction Exercise.

(3) All other terms of the Debt Restructuring Plan, as
summarized in our announcements of October 24, 2000, November 8,
2000 and February 21, 2001, remain unaffected.

(4) On February 2, 2001, FHTK also sought clarification from the
SGX-ST as to whether the call options granted to the
shareholders as set out in paragraph (c) of our announcement of
November 8, 2000 over up to 70 percent of the Conversion
Ordinary Shares require specific Shareholder approval pursuant
to Clause 941 and Practice Note 9c of the SGX-ST Listing Manual
and confirmation that the transactions contemplated in the
Restructuring Agreement do not constitute related party
transactions pursuant to Chapter 9A of the Listing Manual.

The SGX has confirmed that the Clause 941, Practice Note 9c and
Chapter 9A of the SGX-ST Listing Manual do not apply to the Debt
Restructuring Plan. It has however ruled that the Call Option
Shareholders should refrain from voting on the Debt
Restructuring Plan in the Extraordinary General Meeting that
will be called to approve, inter alia, the Debt Restructuring
Plan.

(5) FHTK will call for an Extraordinary General Meeting to
obtain the Shareholders' approval for the Debt Restructuring
Plan and the Capital Reduction Exercise.

FHTK is currently preparing a Shareholders' Circular to explain
the terms of the Debt Restructuring Plan and the Capital
Reduction Exercise, which will be disseminated to the
Shareholders upon the Shareholders' Circular being approved by
the SGX-ST.


I-ONE.NET: KK Fong Steps Down
-----------------------------
KK Fong has resigned as CEO of troubled i-One.Net International,
and will be replaced by managing director Lim Chin Tong
effective yesterday, Singapore.CNET.com reported Friday last
week. Fong has also relinquished his responsibilities in the
company's board, to become director of Xpress Print Pte Limited,
the company's printing branch.

With the resignation of Fong, Lim Chin Tong told the online
publication that the company would revert back to the basics,
and shift focus to the original printing operations, thus
resurrecting the former company name Xpress Print Holdings is
currently being considered.

"We diversified earlier, and got into trouble, so now we are
going back to what we know best, and it has been our mainstay
all this while," said Lim.

One of the revamp measures to be undertaken along with this
shift is to abolish about 200-odd Internet kiosks in Singapore
and China.

For the half-year period ended January, i-One.Net  posted a net
loss of S$31.4 million and operating loss of S$9.7 million.

Meanwhile, Fong's stake holding in i-One.Net has shrunk further
to a little above 28 percent from 49.1 percent, after the
company's creditors undertook a sell-off of his shares, which
were made as collateral for his personal debts and obligations.

Fong is also selling his stake equivalent to 130 million shares.


LIM KAH NGAM: Auditors Report Re FS
-----------------------------------
The following is the report of the auditors of Lim Kah Ngam
Limited,. PricewaterhouseCoopers, addressed to the members of
the company:

"We have audited the financial statements of Lim Kah Ngam
Limited and the consolidated financial statements of the Group
for the financial year ended December 31, 2000 set out on pages
15 to 58. These financial statements are the responsibility of
the Company's directors. Our responsibility is to express an
opinion on these financial statements based on our audit.

"We conducted our audit in accordance with Singapore Standards
on Auditing. Those Standards require that we plan and perform
our audit to obtain reasonable assurance whether the financial
statements are free of material misstatement.

"An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by the directors,
as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.

"The Group and Company incurred a net loss after tax of
S$20,786,000 and S$18,675,000 respectively for the financial
year ended 31 December 2000. The Group's and the Company's
current liabilities exceeded the current assets by S$245,339,000
and S$163,143,000 respectively at December 31, 2000.

"Subsequent to the balance sheet date on March 16, 2001, the
Company has effected a debt restructuring agreement with the
Company's and the Group's bankers and other financial lenders.
Consequently, the Group's borrowings amounting to S$314,285,000
as at March 16, 2001, which were overdue as a result of default
in repayments will be converted into interest bearing secured
redeemable bonds and will be repayable in accordance with the
terms and conditions set out in Note 46 to the financial
statements.

"Notwithstanding the debt restructuring agreement, the Company's
and the Group's borrowings continue to remain high in comparison
to the shareholders' funds.

"The going concern assumption on which the financial statements
are prepared is dependent on the Company's and the Group's
ability to dispose of its investment and development properties,
at amounts close to their carrying values in the balance sheet,
as well as the continued support of its bankers in order to
provide funding for continuing operations.

"If the Group and the Company are unable to raise the necessary
financing for the foreseeable future, adjustments would have to
be made to reflect the situation that the assets may need to be
realised other than in the normal course of business and at
amounts which may differ significantly from the amounts at which
they are presently recorded in the balance sheets. In addition,
the Group and the Company may have to provide for further
liabilities that may arise and to reclassify property, plant and
equipment as current assets.

"In our opinion,

"(a) the accompanying financial statements of the Company and
consolidated financial statements of the Group are properly
drawn up in accordance with the provisions of the Singapore
Companies Act (Act) and Singapore Statements of Accounting
Standard and so as to give a true and fair view of:

"(i) the state of affairs of the Company and of the Group at 31
December 2000, the loss and changes in equity of the Company and
of the Group, and the cash flows of the Group for the financial
year ended on that date; and

"(ii) the other matters required by section 201 of the Act to be
dealt with in the financial statements of the Company and the
consolidated financial statements of the Group; and

"(b) the accounting and other records, and the registers
required by the Act to be kept by the Company and by those
subsidiaries incorporated in Singapore of which we are the
auditors have been properly kept in accordance with the
provisions of the Act.

"We have considered the financial statements and auditors'
reports of the subsidiaries of which we have not acted as
auditors, being financial statements included in the
consolidated financial statements. The names of the subsidiaries
are stated in Note 36 to the financial statements.

"We are satisfied that the financial statements of the
subsidiaries that have been consolidated with the financial
statements of the Company are in form and content appropriate
and proper for the purposes of the preparation of the
consolidated financial statements and we have received
satisfactory information and explanations as required by us for
those purposes.

"The auditors' reports on the financial statements of the
subsidiaries were not subject to any qualification that is
material to the consolidated financial statements. However,
certain subsidiaries which depends on continuing financial
support from the Company had paragraphs in their auditors'
reports emphasizing and drawing attention to the subsidiaries'
dependence on the continued financial support from the Company
as well as the Group's bankers and that the financial statements
of those subsidiaries did not include any adjustments that might
result from the outcome of this uncertainty.

"The auditors' reports on the subsidiaries incorporated in
Singapore did not include any comments under Section 207(3) of
the Act."


LIM KAH NGAM: Goes Into Voluntary Administration
------------------------------------------------
Lim Kah Ngam Limited has been informed by one of its substantial
shareholders, Lim Kah Ngam (Investment) Pte Ltd (LKNI), that the
members of LKNI passed a shareholders' resolution on March 19,
2001 to approve the voluntary winding-up of LKNI pursuant to
Section 290(1)(b) of the Companies Act, Cap 50.

LKNI is a Singapore-incorporated company and currently holds
60,644,554 shares in the Company, which represents a
shareholding of 30.88 percent in the Company. Details on the
manner in which LKNI proposes to distribute the shares of the
Company currently held by LKNI will be made available at a later
date.


LIM KAH NGAM: Effects Bonds Issuance
------------------------------------
On July 3, 2000, the Directors of Lim Kah Ngam Limited announced
that the Company and certain of its subsidiaries entered into a
debt restructuring agreement with all the financial creditors
who had been involved in the negotiation of a proposed debt
restructuring scheme with the Group (the Lenders).

The concept behind the Restructuring Scheme under the Agreement
is to consolidate and manage the debt position of the Group at
the Company level by inter alia the conversion of the existing
facilities granted by the Lenders to the relevant members of the
Group (the Existing Facilities) into secured redeemable
convertible and non-convertible bonds to be issued by the
Company to the Lenders.

The Company had at an extraordinary general meeting held on
December 22, 2000 obtained its shareholders' approval for inter
alia the issue of the Bonds pursuant to the Restructuring
Scheme.

On March 16, 2001, following negotiations with the Lenders on
the various bond and security documentation, the Company
effected the issuance of S$314,285,000 in aggregate face value
of Bonds to the various Lenders in accordance with the
conversion formula under the Agreement.

The Existing Facilities were deemed for restructuring and each
of the members of the Group released from all its respective
obligations, warranties, indemnities and covenants under the
Existing Facilities in accordance with the terms and conditions
of the Agreement.

M/s Ernst & Young the appointed Restructuring Agent shall
continue to assist the Group in the implementation of the
Restructuring Scheme. M/s Ernst & Young has also been appointed
as the Paying and Conversion Agent in respect of the Bonds
issued.


THAKRAL CORPORATION: Debt Restructuring Will Proceed
----------------------------------------------------
Thakral Corporation Limited announced that it is moving on
schedule with its debt restructuring plan as outlined in the
corporate disclosure of March 30, 2001.

Together with Arthur Andersen Associates (S) Pte Ltd, its
Independent Financial Advisor, and Khattar Wong & Partners, its
legal advisors, the company is finalizing the legal
documentation for the purpose of the Section 210 Companies Act
scheme of arrangement application to the High Court of
Singapore.


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


CIRCUIT ELECTRONICS: Posts Results Of S-Holders' Meeting
--------------------------------------------------------
Circuit Electronic Industries Public Company Limited would like
to report the resolutions made at an ordinary general
shareholders' meeting held on April 27, 2001. The summary of the
resolutions is as follows:

1) Approved the ordinary general shareholders meeting
resolutions for the year 2000.

2) Approved the annual report and directors' report for the year
2000.

3) Approved the Balance Sheet and the Profit & Loss Statement as
of December 31, 2000.

4) - Omit the dividend payment for the operation of the year
2000;
   - Shareholder proposes that the company should consider the
dividend policy that was reported to the SET should be changed
or not;
   - The Chairman proposed to the Board of Directors for
consideration.

5) Reappoint the directors whose tenure has ended as follows:
        1.  Mr.   Lertsak        Nganthavee
        2.  Mr.   Suckchai     Nganthavee
        3.  Mr.   Sukit         Nganthavee
        4.  Mrs. Wajana        Bhukasawan

6) Appoint Methee Ratanasrimetha from SGV-Na Thalang & Co., Ltd.
as auditor for the year 2001 with an audit fee Bt600,000 per
annum. In case Methee could not perform his duties, Khun Sudjit
Boonprakob, Khun Vichein Thamtrakul and khun Winij Silamongkol
could assume the position.

7) Consideration for transaction: non-interest shareholders
comprising over 75 percent approved the Debt Restructuring
Agreement with the intercompany with 1,478,197 shares or 99.53
percent; No votes comprised 7,000 shares or 0.47 percent.

8) Other matters.

The shareholders requested the company to provide more
information about the directors whose tenure ended, auditors'
names and the audit fee in the invited shareholders meeting
letter.


ITALIAN-THAI: Reports Meeting Results
-------------------------------------
Italian-Thai Development Public Company Limited (ITD) announced
resolutions made by annual general meeting No. 1/2001 held on
April 30, 2001 as follows:

1. To certify the minutes of the annual general shareholders'
meeting No. 1/2000 held on April 28, 2000.

2. To ratify 2000 operating results.

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

4. To approve the dividend omission and profit appropriation
omission for the accounting period in 2000.      

5. To appoint Ruth Chawanakawee a certified auditor No. 3247
and/or Songdech Praditsamanont a certified auditor No. 2349 of
Ernst & Young Office Limited as auditors with fee Bt1.45
million.

6. To reappoint directors, Dr. Chaijudh Karnasuta and Adisorn
Charanachitta and the meeting determined the directors'
remuneration of not more than Bt3.3 million per annum and the
audit committee's remuneration of not more than Bt600,000 per
annum.

7. To perceive the investigation over purchase of cement.


SIAM SYNTECH: Restructuring In Progress
---------------------------------------
Reference is made to the Creditors Meeting of Siam Syntech
Construction Public Company Limited, which has passed a
resolution approving the Business Reorganization plan of the
Company and the Central Bankruptcy Court has issued an order
approving the plan on March 30, 2001.

The consequence of which is that Siam Syntech Planner Company
Limited is the Plan Administrator of the Company has the
authority to implement the Plan in the management of the
business and assets of the Company.

The Plan Administrator is currently in the process of
implementation pursuant to Clause 7.8 of the Plan in
restructuring the capital structure, capital increase and
decrease of the Company. Details of the process in reducing of
registered capital and paid-up capital are prescribed hereunder:

(a) Cancellation of authorized but unissued shares in the amount
of Bt202,943,050 (divided into 20,294,305 shares at a par value
of Bt10 per share);and

(b) Reduction of fully paid-up ordinary shares from the amount
of Bt397,056,950 (divided into 39,705,695 shares at a par value
of Bt10 per share) to Bt3,970,570 in the proportion of 100
existing shares to 1 remaining ordinary shares.

To ensure the process is carried out according to the specified
plan, the Plan Administrator hereby gives notice of the closing
date of the shareholders register to suspend share transfer in
order to determine the shareholders of the Company who will be
subject to an fully paid-up ordinary shares decrease in the
amount accordingly to the aforesaid proportion, from 12.00 p.m.
on May 11, 2001 onward until such time as the capital reduction
process above mentioned is completed.


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 301/951-6400.

                      *** End of Transmission ***