TCRAP_Public/010509.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 9, 2001, Vol. 4, No. 91


                               Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Ramsay's BS Fails To Meet Requirements
ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
ALPHA HEALTHCARE: Ramsay Declares Offer Unconditional
ALPHA HEALTHCARE: Tells S-Holders To Reject Ramsay Offer
ALPHA HEALTHCARE: Submits To Panel Re Alpha Bid
ALPHA HEALTHCARE: Netcare Offers Bid
AUSTAR UNITED: $203.5-M Rights Issue Closed
AUSTAR UNITED: Providing Additional Funding To TVSN
AUSTAR UNITED: Completes $201-M Rights Offer
AUSTRIM NYLEX: Appoints New Finance Director
AUSTRIM NYLEX: Jackson Retires As Chairman
AUSTRIM NYLEX: Closure Of Coburg Textiles Op's Pending
BHP LIMITED: Further Disclosures Re Billiton Deal
CABLE & WIRELESS: ASIC Grants Extension Of AGM
ESANDA FINANCE: Court Proceedings Ahead
INTEGRATED INSURANCE: ASIC Obtains Court Order
TVSN LIMITED: Austar OKs Provision Of Fund


C H I N A   &   H O N G  K O N G

CHINA CONSTRUCTION: Hearing For Winding Up Petition Set
E&C DEVELOPMENT: Faces Winding Up Petition
GLOBAL GROUP: Winding Up Petition To Be Heard
KAM LUNG: Winding Up Set To Be Heard
Q-EAST.COM: Faces Winding Up Petition


J A P A N

DAI-ICHI PROPERTY: Strikes Merger With Yasuda
ELECTRIC POWER: Plans To Cut Workforce By 25%
SUMITOMO LIFE: Names New President


K O R E A

DAEWOO MOTOR: Gov't To Urge Inclusion Of Bupyong Plant
DAEWOO MOTOR: Talks Of GM Bid Boost Stocks
HYUNDAI GROUP: Debt Hits W35.8 Trillion
L&H KOREA: Bankrupt, Court Declares


M A L A Y S I A

MAN YAU: Units Enter Into SPA
PANGLOBAL BERHAD: Court's Restraining Order Extended
RHB CAPITAL: Proposed Acquisitions Shelved
TONGKAH HOLDINGS: Measurex Bids To Acquire Shares
TONGKAH HOLDINGS: Agreements With Measurex Terminated


P H I L I P P I N E S

NATIONAL BANK: "Reverse Privatization" May Stumble
SERG'S PRODUCTS: Firms Up Debt Deals With Creditor Banks


S I N G A P O R E

FHTK HOLDINGS: Posts Financial Statements
LIM KAH NGAM: Posts Notice Of EGM
LIM KAH NGAM: Posts Notice Of AGM


T H A I L A N D

QUALITY HOUSES: Exercise Price and Ratio To Be Adjusted

     -  -  -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: Ramsay's BS Fails To Meet Requirements
--------------------------------------------------------
The Directors of Alpha Healthcare Limited said, upon review of
the Bidders Statement sent by Ramsay Centauri Pty Limited to
Alpha shareholders, they are of the opinion that the Bidder's
Statement fails to comply with the requirements of the
Corporations Law on a number of material grounds.

Accordingly, Alpha has instructed its attorneys to seek an
undertaking from Ramsay, to the effect that Ramsay will:

1. immediately withdraw the Bidders Statement and, in doing so,
notify both the Australian Stock Exchange Limited and the
Australian Securities & Investment Commission of such
withdrawal, and

2. only make any further offer for shares in Alpha, by
preparing, lodging and issuing a replacement Bidders Statement
that has corrected each and every one of the above mentioned
grounds of non-compliance.

Shareholders will be advised further when the matter has been
addressed by Ramsay.


ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
-------------------------------------------------
Ramsay Centauri Pty Ltd increased its relevant interest in Alpha
Healthcare Limited on May 1, 2001, from 8,679,400 ordinary
shares (19.9 percent) to 16,347,767 ordinary shares (37.5
percent).


ALPHA HEALTHCARE: Ramsay Declares Offer Unconditional
-----------------------------------------------------
Ramsay Health Care Limited has declared its offer for Alpha
Healthcare Limited unconditional after becoming entitled to a
relevant interest of 37.5 percent.

The Receiver and Manager of the Sun Healthcare Group has
accepted into Ramsay's offer for Alpha for the balance of its
holding, having previously entered into an agreement with Ramsay
to sell an initial 19.9 percent of its Alpha stake before Ramsay
announced its intention to bid for Alpha on April 9, 2001.

"We are pleased that the Receiver and Manager of the Sun
Healthcare, has chosen to accept our $0.40 per share offer for
Alpha," Ramsay Managing Director Pat Grier said.

"This acceptance supports our view that our offer for Alpha
represents fair value for Alpha shareholders and we look forward
to continuing to receive further acceptances," he said.

"We believe we are in a strong position to complete this
takeover successfully, given our relevant interest in the shares
and our agreement to purchase approximately $31 million of Alpha
debt. The full amount of this debt is payable by Alpha to
Ramsay," Grier said.


ALPHA HEALTHCARE: Tells S-Holders To Reject Ramsay Offer
--------------------------------------------------------
Alpha Healthcare Limited wrote the following letter to the
company's shareholders:

"There have been a number of important recent developments which
you need to be aware of. These have been reported widely in the
press. In summary:

"Another Potential Bidder

"* The potential for a higher offer has emerged. One party,
which has identified itself publicly is Network Healthcare
Holdings Limited (Netcare).

"Netcare is the largest private healthcare company in South
Africa with a market capitalization in excess of A$500,000,000.
It has publicly stated its intentions that, given the
opportunity, and subject to certain conditions, it would be
prepared to offer 45 cents per Alpha share. This price is 12.5
percent higher than Ramsay's bid.

"Possible Problems With Ramsay's Offer?

"The Directors of Alpha have received legal advice that certain
aspects of Ramsay's bid may have breached the Corporations Law.
Accordingly, Alpha has referred the matter to the Corporations
and Securities Panel for scrutiny. We await the findings of that
review.

"To continue to REJECT the Ramsay bid ...

"Take no action!

"We remind you that Ramsay's bid must remain open until at least  
May 28, 2001. Alpha is currently finalizing its Target's
Statement (the formal response to Ramsay's Bidder's Statement).
Our Target's Statement will be dispatched to all Alpha
shareholders by May 11, by which time there is likely to be
further clarification of the recent developments noted above.

"We will continue to monitor the situation closely and keep you
informed of any significant issues."


ALPHA HEALTHCARE: Submits To Panel Re Alpha Bid
-----------------------------------------------
The Directors of Alpha Healthcare Limited, after obtaining
advice from Alpha's legal advisers (Coudert Brothers), have made
a submission to the Corporations and Securities Panel in respect
to Ramsay Centauri Pty Ltd's (Ramsay) purported bid for Alpha.

The submission details Alpha's concerns with Ramsay's purported
bid regarding a number of material issues of non-compliance with
the Corporations Law.

In the meantime Alpha strongly advises its shareholders to
continue to reject the Ramsay offer pending the outcome of the
above. The Alpha Target Statement is expected to be sent to
shareholders at the end of this week.


ALPHA HEALTHCARE: Netcare Offers Bid
------------------------------------
Alpha Healthcare Limited has been advised by Network Healthcare
Holdings Limited (Netcare), a Johannesburg Stock Exchange listed
company that on May 1, 2001 Netcare made an offer to Ernst &
Young, the Receiver and Manager of Sun Healthcare Australia Pty
Limited, to acquire its shareholding in Alpha of 6,498,000
shares representing 14.9 percent of Alpha's issued capital.

Netcare is South Africa's largest private hospital and doctor
network that owns and operates 43 private hospitals with 7200
beds and 61 specialized medical facilities as well as strategic
investments in a number of key units in the healthcare value
chain, including emergency services, nursing education and
training, pathology and e-Commerce.

Alpha has been advised by Netcare its offer was priced at 45
cents per share (5 cents being 12.5 percent above the offer from
Ramsay Centauri Pty Limited for immediate unconditional
settlement in respect to 14.9 percent of Alpha shares. Netcare
made the same offer for the balance of shares in Alpha (3.4
percent) held by Sun Healthcare, which was subject to Foreign
Investment Review Board approval, but gave a full price
indemnity in the event such approval was not granted.

Furthermore, Netcare has advised Alpha it went to Ernst & Young
to make a takeover offer at 45 cents per Alpha share conditional
upon assignment of certain debts due by Alpha to Sun Healthcare
and certain regulatory approvals.

Netcare has advised Alpha the 45 cents per share offer was
rejected by Ernst & Young without discussion. Ramsay has
subsequently acquired the Sun Healthcare shareholding at 40
cents per share (5 cents less than the Netcare offer).

Alpha received a letter from Netcare on May 2, 2001, which read
as follows: "This letter serves to confirm that the terms of the
written offer made to Sun Healthcare Australia (Pty) Ltd's
Receiver and Manager dated May 1, 2001 remains current and
available, in the event that the offer was capable of
acceptance, notwithstanding that Sun's Receiver has accepted
Ramsay's offer and the Ramsay bid has been made unconditional."

As previously announced Alpha has received legal advice the
purported offer for all of Alpha's issued capital by Ramsay
fails to satisfy a number of the requirements of the
Corporations Law. Alpha is seeking further advice in respect of
the status of Ramsay's offer.

In the meantime Alpha strongly advises its shareholders to
continue to reject the Ramsay offer pending the outcome of the
above. The Alpha Target Statement is expected to be sent to
shareholders at the end of this week.

Shareholders are reminded since the Ramsay offer was announced
the Alpha share price has traded consistently above the offer
price and in the absence of other factors Ramsay's offer must
remain open until May 28, 2001.




AUSTAR UNITED: $203.5-M Rights Issue Closed
-------------------------------------------
Austar United Communications Limited announced the pro rata
rights offer announced on March 15, 2001 closed at 5:00PM May 2.
The proceeds of the Offer will be used by Austar to fund the
operations of the business and the capital expenditure
requirements for Austar's pay television, data services and
mobile telephony businesses in its core Australian markets as
well as to fund investments in affiliates.

Austar's major shareholder, UnitedGlobalCom Inc, accepted its
full entitlement (73.4 percent) and has agreed to take up any
shortfall in subscription by other rights holders. As of 5:00PM
May 2, 2001 the offer was not fully subscribed.

Under the terms of the underwriting agreement, the final number
of acceptances will not be determined until all mail has been
received by Austar's share registry up to 48 hours after close
of the offer. The Company will announce final details of the
offer at that time.

"The successful completion of this offer is an important step in
financing Austar's operations," said John Porter, COE of Austar
United Communications.

"Now the company is squarely focused on securing the next phase
of financing required to fully fund our business case and on
ensuring that the business continues to grow in a controlled and
profitable way."

"UnitedGlobalCom is pleased to have participated in this rights
issue," said Mike Fries, President of UnitedGlobalCom Inc. "We
are strong believers in the potential of Austar and are
confident that it will be a highly valuable business for us and
all shareholders."


AUSTAR UNITED: Providing Additional Funding To TVSN
----------------------------------------------------
Austar United Communications Limited confirmed Friday last week
it had agreed to provide additional funding to TVSN Limited.

Under the agreement Austar will, from time to time as requested
by TVSN, subscribe for up to $9.5 million of convertible notes.
Subscription to the notes is subject to a number of conditions
precedent, including approval of TVSN shareholders on or before  
June 30, 2001.

The proceeds from the convertible notes will be used to repay a
$3.5 million loan advanced by Austar to TVSN on April 11, 2001
and to fund ongoing business operations of TVSN.

TVSN will grant Austar a fixed and floating charge over all of
its assets and undertakings as security for all moneys owing to
Austar.

Austar indicated the funding was in line with provisions Austar
had made in its budget for investments in affiliates and will
not materially affect the financial guidance Austar provided to
the market on March 15, 2001.


AUSTAR UNITED: Completes $201-M Rights Offer
--------------------------------------------
Austar United Communications confirmed yesterday it had
completed its $201 million rights offer.

At close of the offer, Austar had received applications for
158,283,938 shares, which represents a take up of approximately
74 percent of the rights offered to shareholders.

As announced previously, UnitedGlobalCom has taken up its full
entitlement and will subscribe for the balance of the rights
issue in accordance with the underwriting agreement between
Austar and United.

After giving effect to the rights issue, United will own
approximately 81.3 percent of the shares on issue.

Allocation of new shares under the rights issue will occur on or
before May 23, 2001 and trading in those new shares will
commence on May 24, 2001.


AUSTRIM NYLEX: Appoints New Finance Director
--------------------------------------------
Austrim Nylex Limited announced Monday the appointment of Mrs
Bronwyn Constance as Finance Director.

Constance, who replaces Phillip Kershaw, was most recently
Executive General Manager, Finance and Services with Pasminco,
where she worked for four years from 1997.

During her time with Pasminco, Constance played a major role in
raising $1.2 billion in new capital and debt, reorganized the
group's finance and legal functions, managed the acquisition of
Savage Resources and the divestment of assets for the group.

In the previous eight years, Constance worked in a range of
senior positions with Kraft Foods Inc, where she was Finance and
Administration Director for the Australian and New Zealand
operations, as well as working with the company in its expansion
into China and other Central Asian countries.

Constance also worked for ACI International from 1972 to 1988,
when she worked for a variety of companies in the group.

Recently appointed Managing Director and CEO of Austrim Nylex,  
Peter Crowley, said, "I am delighted that someone with Bronwyn's
very strong track record and expertise will be working closely
with me in the re-structuring of the group.

"She has successfully completed a range of major projects in the
areas of manufacturing and capital intensive industries, which
will serve Austrim Nylex well as it restores shareholder value,"
said Crowley.

Austrim Nylex has begun the process of re-structuring its
operations, with the rationalization of its textiles group
announced earlier this month.


AUSTRIM NYLEX: Jackson Retires As Chairman
------------------------------------------
Austrim Nylex Limited announced the retirement of Alan Robert
Jackson AO as Chairman of the Company. Jackson, whose leave was
effective April 27, is retiring for health reasons.

The Board has appointed John Arthur Moule AM, 62, as the new
Chairman.

Moule paid tribute to Jackson, who established Austrim Nylex in
1996 and has built up the Company to be a diversified industrial
group covering consumer and industrial products as well as plant
hire.

"Jackson has been one of Australia's great business achievers,
having established and managed major industrial groups in
Australia and overseas. We will continue to seek his advice on
the ongoing operations of Austrim Nylex," said Moule.

Jackson was previously Managing Director of BTR Nylex Australia
for 13 years and Chairman of the BTR Nylex Group in Australia.
He was Managing Director and CEO of BTR Plc in Britain. In 1985
Jackson was awarded Australian Businessman of the Year by
Business Review Weekly and in 1989, Australian Businessman of
the Year by Australian Business Magazine. In 1993 Jackson was
named Europe's CEO of the Year by the US-based Financial World
Magazine. Jackson received the award of Officer of the Order of
Australia in 1993.

Moule is a Chartered Accountant and a Foundation Fellow of the
Australian Institute of Company Directors. He is Chairman of the
Gribbles Group and a director of Toll Holdings Limited and
National Wealth Management Holdings Limited (a subsidiary of
National Australia Bank including MLC Holdings Limited and MLC
Hong Kong Limited and Chairman of the audit committee of the
Global Wealth Management Group).

Jackson, 65, will remain a Director of the Company.


AUSTRIM NYLEX: Closure Of Coburg Textiles Op's Pending
------------------------------------------------------
The Directors of Austrim Nylex Limited announced the pending
closure of the Company's Coburg textiles operation. Preliminary
analysis of the financial implications of this rationalization
has been prepared.

The Directors have determined that a pre-tax writedown of $42.2
million will be made in respect of this rationalization, which
involves the merging of textile operations at Coburg and
Thomastown. As a consequence of this writedown, the Company will
record a loss for the year ending June 30, 2001 and does not
expect to declare a final dividend.

Austrim Nylex is continually updating its forecast results for
the year ending June 30, 2001 including appraisal of carrying
values of all assets.

The recently appointed CEO, Peter Crowley, stated, "The business
review is continuing and various initiatives will be implemented
with the objective of improving financial performance in the
2002 financial year."


BHP LIMITED: Further Disclosures Re Billiton Deal
-------------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Friday last week that
BHP Limited has agreed to provide additional information to
shareholders in relation to the BHP-Billiton dual listing
proposal.

Shareholders will meet at an Extraordinary General Meeting on
May 18, 2001 to vote on the proposal.

ASIC has been holding detailed discussions with BHP since this
proposal was first announced to ensure issues in the national
interest are managed without prejudice to the interests of
shareholders. ASIC noted it is the responsibility of Directors
to ensure the adequacy of disclosure.

"The dual listed company structure (DLC) is a sensible response
to Australia's continuing and increased participation in
international corporate markets. However, we need to reconcile
the differing regulatory and disclosure regimes in which our
major corporates operate with the standards of disclosure
acceptable to Australian shareholders," Knott said.

"BHP has agreed to provide additional information to
shareholders which will expand on the valuation material
contained in the Explanatory Memorandum of April 12, 2001. ASIC
understands that the additional information will be released to
the market later [Friday] and mailed to shareholders next week,"
he said.

ASIC emphasizes every significant corporate merger raises unique
circumstances, which must be carefully considered from a
regulatory perspective. The recent prominence of DLC proposals
will necessitate the issuing of some general principles by ASIC,
but no assumptions about longer term regulatory policy should be
made on the basis of today's announcement.


CABLE & WIRELESS: ASIC Grants Extension Of AGM
----------------------------------------------
Cable & Wireless Optus Limited (Optus) announced the Australian
Securities & Investments Commission (ASIC) has granted Optus an
extension of two months to hold its Annual General Meeting. The
2001 AGM must now be held no later than October 31, 2001.

ASIC granted the extension having regard to the timing of the
proposed SingTel takeover of Optus and the possibility of a
change in the composition of the Optus Board close to the usual
date of the AGM.


ESANDA FINANCE: Court Proceedings Ahead
---------------------------------------
The Australian Competition and Consumer Commission has
instituted proceedings in the Federal Court against Esanda
Finance Corporation Ltd, Capalaba Pty Ltd trading as Nationwide
Mercantile Services, and a number of individuals alleging the
use of physical force, undue harassment and coercion, and
unconscionable conduct.

The ACCC alleged a consumer who obtained a loan (secured by a
chattel mortgage over a motor vehicle) from Esanda was subjected
to physical force, undue harassment and coercion, and
unconscionable conduct in breach of sections 51AB and 60 of the
Trade Practices Act 1974. The ACCC also alleged a number of
individuals breached section 23 of the Western Australian Fair
Trading Act 1987 which mirrors section 60.

The ACCC alleges Esanda and/or its agents use physical force to
gain entry to the consumer's residence and repossess the motor
vehicle, engaged in aggressive and excessive behavior towards
the consumer, failed to specify the amount of arrears or method
of calculation, repeatedly observed the consumer or third party
in or around their home, visited the spouse of the consumer at
her place of employment, restricted access from the consumer's
residence, charged the consumer unreasonable amounts by way of
collection fees, made excessive contact with the consumer and
acted contrary to a notice of demand given to the consumer.

Section 60 of the Act prohibits a corporation (or its servants
or agents) from using physical force, undue harassment or
coercion in connection with the supply of goods or services to a
consumer or the payment for goods and services by a consumer.
Section 51AB of the Act prohibits a corporation from engaging in
unconscionable conduct in connection with the supply or possible
supply of goods or services to a consumer.

The ACCC is seeking:

- declarations that Esanda, Capalaba and the individuals engaged
in conduct in contravention of section 60 of the Act;

- declarations that Esanda engaged in unconscionable conduct and
that Capalaba was party to or involved in that conduct;

- injunctions restraining Esanda, Capalaba and the individuals
from engaging in or being otherwise involved in similar conduct;

- orders requiring the publication of information;

- orders requiring the implementation of trade practices
corporate compliance programs and attendance at trade practices
seminars;

- compensation for loss or damage; and

- costs.


INTEGRATED INSURANCE: ASIC Obtains Court Order
----------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Federal Court preventing Joseph Francis
McNeany of Hawthorn, from arranging insurance policies or
representing himself as able to arrange insurance policies.  

"Until late March 2001, McNeany operated an insurance agency
under the name of Integrated Insurance Service, from offices in
Riversdale Road in Hawthorn, Victoria," ASIC's Victorian
Regional Commissioner, Mark Drysdale said.

"ASIC alleges McNeany received insurance premiums from customers
but failed to arrange any insurance cover for the customers. We
believe that at least 60 of his clients paid for insurance but
were not actually covered in the event of a loss.

"Prior to taking this action ASIC had already written to
approximately 350 clients of McNeany, some of whom are players
and members from the Hawthorn Football Club, advising them to
contact their insurance companies directly to ensure they are
actually insured," Drysdale said.

"ASIC urges all clients of McNeany or Integrated Insurance
Service to check their policy documents to confirm that they are
insured. If they do have concerns, or their insurance company is
unable to confirm their cover, those clients should contact ASIC
directly on 1300 300 630," Drysdale said.

The Federal Court orders prevent McNeany from carrying on a
business or having any involvement in any business of arranging
insurance policies, and from withdrawing any funds from an
account operated by Integrated Insurance Service, until after
ASIC's application is heard on May 25, 2001.

McNeany has also provided an undertaking to the court that he
will not dispose of a property located in Richmond, Victoria,
before the hearing of ASIC's application for an injunction
freezing this property. ASIC's enquiries are continuing.
Drysdale acknowledged the valuable support ASIC has received
from Hawthorn Football Club since beginning its enquiries into
the activities of McNeany.


TVSN LIMITED: Austar OKs Provision Of Fund
------------------------------------------
TVSN Limited announced Friday that it had reached agreement with
Austar United Communications on the terms of an additional
funding package.

Under the agreement Austar will, from time to time as requested
by TVSN, subscribe for up to $9.5 million of convertible notes.
Subscription to the notes is subject to conditions precedent and
as part of the agreement TVSN will grant Austar a fixed and
floating charge over its assets.

The proceeds from the convertible notes will be used to repay an
existing commercial loan advanced by Austar to TVSN on April 11,
2001 and to fund the ongoing business operations of TVSN.

TVSN plans to acquire shareholder approval for the agreement by  
June 30, 2001.

"TVSN is ideally positioned as the leading provider of home
shopping services in Australia and continues to experience
strong growth in revenue," said the Company's chairman, Peter
Walker.

"Furthermore, TVSN is one of the few remaining independent
digital retailers with the full suite of merchandising and
fulfillment capabilities. As such, there exists the potential
for an incoming partner to add significant value to the
company."


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


CHINA CONSTRUCTION: Hearing For Winding Up Petition Set
-------------------------------------------------------
The winding up petition against China Construction Holdings
Limited is set to be heard before the High Court of Hong Kong on
May 16, 2001.

The petition was filed with the court on March 22, 2001 by the
16 following petitioners: (1) Industrial Commercial Bank of
China(the 1st Petitiner) whose address is 55 Fuxingmennei Dajie,
Xicheng District, Beijing, China 100031, PRC; (2) Morgan, Greer
Special Situations Fund, L.P. (the 2nd Petitioner) whose address
is 535 Madison Avenue, 15th Floor, New York, New York 10022,
U.S.A.; (3) China Construction Bank (the 3rd Petitioner) whose
address is 44th Floor, Tower One, Lippo Centre, 89 Queensway,
Hong Kong; (4) CSFB (the 4th Petitioner) whose address is 1
Raffles Link, #04-01 South Lobby, Singapore 039393; (5) Korean
French Banking Corporation - SOGEKO (the 5th Petitioner) whose
address is 118, 2-Ga, Namdaemun-Ro, Chung-Gu, Seoul, Korea; (6)
China Merchants Bank (the 6th Petitioner) whose address is No.
2, Shennan Road Central, Shenzhen, PRC; (7) Chase Manhattan
International Limited (the 7th Petitioner) whose address is c/o
Chase Manhattan Asia Limited, 39th Floor, One Exchange Square, 8
Connaught Road Central, Hong Kong; (8) UBS Warburg (the 8th
Petitioner) whose address is 5 Temasek Boulevard, #18-00 Suntec
Tower Five, Singapore 038985; (9) OCBC (the 9th Petitioner)
whose address is 65 Chulia Street, #12-00 OCBC Centre, Singapore
049513; (10) KTH Capital Management Limited (the 10th
Petitioner) whose address is 1201, Tower II, Lippo Centre, 89
Queensway, Hong Kong; (11) DBS (the 11th Petitioner) whose
address is 6 Shenton Way, DBS Building, Tower 1, 41st Floor,
Singapore 068809; (12) China Everbright (the 12th Petitioner)
whose address is No. 8 Temasek Boulevard, #35-02 Suntex Tower
Three, Singapore 038988; (13) Agricultural Bank of China (the
13th Petitioner) whose address is 23rd Floor, Tower 1, Admiralty
Centre, 18 harcourt Road, Hong Kong; (14) Hanil Leasing &
Finance (Hong Kong) Limited (the 14th Petitioner) whose address
is Suite 2201, Tower Two, Lippo Centre, 89 Queensway, Hong Kong;
(15) Kookmin Bank, Tokyo Branch (the 15th Petitioner) whose
address is Yurakucho Denki Bldg-N, 14th Floor, 1-7-1 Yurakucho,
Chiyoda-Ku, Tokyo 100, Japan; and (16) Salomon Brothers
International Limited (the 16th Petitioner) whose address is
Victoria Plaza, 111 Buckingham Palace Road, London, SW1W 0SB,
England.


E&C DEVELOPMENT: Faces Winding Up Petition
------------------------------------------
E&C Development Limited is facing a winding up petition, set to
be heard before the High Court of Hong Kong on May 23, 2001. The
petition was filed March 21, 2001 by Chisicorp (Hong Kong)
Limited whose registered office is situated at Room C, 20th
Floor, Max Share Centre, 367-373 King's Road, North Point, Hong
Kong.


GLOBAL GROUP: Winding Up Petition To Be Heard
---------------------------------------------
The winding up petition against Global Group (Holdings) Limited
is scheduled for May 23, 2001 before the High Court of Hong
Kong. The petition was filed March 16, 2001 by Sin Hua Bank
Limited of 2A Des Voeux Road Central, Hong Kong.


KAM LUNG: Winding Up Set To Be Heard
------------------------------------
The winding up petition against Kam Lung Textiles (Holdings)
Limited is scheduled to be heard before the High Court of Hong
Kong on May 23, 2001. The petition was filed March 22, 2001 by
Hua Chiao Commercial Bank Limited of No. 92 Des Voeux Road,
Central Hong Kong.


Q-EAST.COM: Faces Winding Up Petition
-------------------------------------
Q-East.Com (Hong Kong) Limited is facing a winding up petition
set for a May 16, 2001 hearing before the High Court of Hong
Kong. The petition was filed March 2, 2001 and subsequently
amended March 13, 2001 by World Navigation Limited whose
registered office is situated at 8th Floor, Citic Tower, 1 Tim
Mei Avenue, Central, Hong Kong.


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


DAI-ICHI PROPERTY: Strikes Merger With Yasuda
---------------------------------------------
Dai-ichi Property and Casualty Insurance Company, the nonlife
insurance unit of Dai-ichi Mutual Life Insurance Company, has
stuck a merger deal with Yasuda Fire & Marine Insurance Company,
Japan Times Online reported yesterday. The merger, which is
under a business alliance agreement between the two parties made
in August 2000, is slated to take effect April 1, 2002.

The agreement will call for the swap of one Dai-ichi Property
share for 160 Yasuda Fire shares, dissolving Dai-ichi Property.


ELECTRIC POWER: Plans To Cut Workforce By 25%
---------------------------------------------
A management plan, for the period 2001-2005, of Electric Power
Development Company will push for a drop in its 8,000-strong
workforce by as much as 25 percent, Japan Times Online reported
yesterday.

A move to streamline the company's management will be
implemented, through attrition and freeze-hiring measures,
before the government-funded company will be privatized in 2003.

Electric Power also intends to divest its headquarters building
in Tokyo in the form of securities in order to cut its
outstanding debts amounting to over Y2 trillion.

When these rationalization moves are completed, the power
supplier firm expects to attain a pretax profit of over Y40
billion in the 2005 financial year.


SUMITOMO LIFE: Names New President
----------------------------------
Sumitomo Life Insurance Company announced Monday the company's
Vice President Shinichi Yokoyama, 58, would be promoted to the
presidency, replacing the current President Koichi Yoshida,
Japan Times Online reported yesterday. However, Yoshida, 60,
will be retained in the board as its adviser.

Both officers will be formally instituted to their appointed
seats at the general meeting of substitutional members, on July
3.

Once he assumes office, Yokoyama said his rallying point in his
administration will be to ameliorate the company's asset quality
and strengthen its earning capacity to win back the trust of its
customer base.

Yoshida, who's been with the company for about 35 years, called
on the incoming president to boldly pursue what he wants to
achieve, "without fear of taboos or convention."


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


DAEWOO MOTOR: Gov't To Urge Inclusion Of Bupyong Plant
------------------------------------------------------
The South Korean government, according to an official at the
Ministry of Finance and Economy (MOFE), intends to convince
General Motors to include Daewoo Motor's central Bupyong and
Changwon plants in its takeover bid, The Digital Chosun reported
yesterday. The government decided to do so after it took into
consideration the possible effects of the exclusion of other
Daewoo plants on provincial economies.


DAEWOO MOTOR: Talks Of GM Bid Boost Stocks
-------------------------------------------
Shares of Daewoo Motor Sales, the sales unit of ailing Daewoo
Motor Corporation, soared by almost 15 percent, as talks roamed
that American carmaker General Motors (GM) is set to tender its
bid to takeover the bankrupt Korean automaker, South China
Morning Post reported yesterday, citing a Reuters report.

On Monday GM proposed taking up with Daewoo's creditors in a
joint venture to takeover Daewoo's sales unit and the Kunsan
plant. The joint venture would boast paid-up capital of US$2
billion to US$3 billion, and its stakeholding would be broken
into 51 percent and 49 percent for GM and Daewoo creditors,
respectively.


HYUNDAI GROUP: Debt Hits W35.8 Trillion
---------------------------------------
Hyundai Group subsidiaries' debts have already hit the W35.87-
trillion mark, The Digital Chosun reported yesterday, citing a
report by the Financial Supervisory Service (FSS) to the
National Assembly. These debts are owed to financial
institutions.

The report said the offshoot of the Hyundai Electronics
Industries, Hynix Semiconductor, owes a sum of W9.08 trillion to
creditor banks and secondary finance firms; Hyundai Engineering
and Construction (HDEC), W5.53 trillion, as opposed to the early
announcement of major creditor Korea Exchange Bank of W4.5
trillion.

Other units, Hyundai Heavy Industries and Hyundai Merchant
Marine owe W3.7 trillion and W2.1 trillion, respectively.

The reported amount exclude the figures owed by two former
Hyundai Group companies, Hyundai Motor and Kia Motors.


L&H KOREA: Bankrupt, Court Declares
-----------------------------------
The Seoul District Court's bankruptcy division has declared
troubled L&H Korea, a local unit of the Belgium-based L&H, The
Korea Herald reported over the weekend.

"As of the end of last year, L&H Korea has 81 billion won of
liabilities, exceeding its asset worth 58.8 billion won,
qualifying for the bankruptcy application," the court said in
its ruling, adding that in its findings the Korean unit
maneuvered its accounting to inflate its revenues, and this was
not reported to the headquarters.

L&H Korea's former CEO Seo Ju-cheol is charged with this
irregularity. He has not been seen since the financial problems
erupted.

The company's creditors have scheduled to meet June 28.


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


MAN YAU: Units Enter Into SPA
-----------------------------
The Board of Directors of Man Yau Holdings Berhad (MYHB)
announced that MYHB, via its wholly owned subsidiary, namely Man
Yau Plastic Factory (Malaysia) Sendirian Berhad (MYPF) entered
into a Sale and Purchase Agreement (SPA) on May 2, 2001 with
Encik Haidar Ali Bin Muthalif and Encik Rafik Ali Bin Muthalif,
to dispose of its land and building held under Suratan Hakmilik
Sementara No. H.S.(M) 261, Lot 2362, Mukim 6, Daerah Seberang
Perai Utara, Pulau Pinang together with premises number 1261
erected therein, for a disposal consideration of RM600,000.

The Property comprises a piece of freehold land with the land
area of 1,963 sq. meters.

As per MYPF's latest audited accounts as of December 31, 1999,
the Property has a carrying net book value of RM48,838.

The disposal consideration was arrived at on a willing buyer
willing seller basis and is the best price the Group could
procure.

The disposal consideration is to be satisfied entirely by cash
in the following manner:

(a) RM60,000 upon execution of the SPA; and

(b) Balance of RM540,000 is to be satisfied within 4 months from
date of the SPA subject to proper transfer of title to the
Purchasers.

In the event the Purchasers fail to pay the balance disposal
consideration in accordance with the SPA, MYPF may rescind the
transaction and forfeit the Deposit as well as the retained
payment of Real Property Gains Tax of RM30,000.

Given that the property is currently not generating any income,
the Disposal would be able to translate the Group's assets into
cash resources, which could be put into better utilisation.

Based on MYPF's latest audited net book value as of December 31,
1999, the Disposal is expected to give rise to a gain on
disposal of RM551,162 to MYHB and the Group respectively.

The proposed Disposal will have no material effect on the Net
Tangible Assets of the MYHB Group.

The Disposal is not subject to any further approval.

None of the directors or substantial shareholders or any persons
connected to them have any interests, direct or indirect, in the
Disposal.

The SPA may be inspected at the Registered Office of MYHB during
office hours from Monday to Friday (excluding Public Holidays).

The Directors are collectively of the opinion that the Disposal
is in the best interest of the Company in realizing assets in
compliance with its restructuring exercise, which was approved
by the Securities Commission on April 5, 2001.

Background

The Man Yau Holdings (MYH) Group produces plastic parts and
components for audio equipment, electronic products and
electrical equipment.

About 95 percent of the Group's products are sold directly to
MNCs and the balance 5 percent to OEMs for export to the US. In
1995, the Group diversified into the manufacture of rubber latex
examination gloves and property development and in 1997 into
private education.

Currently, the Company is seeking to resolve its cash flow
problems via a reverse take over agreement involving the
acquisition of Applied Business Systems Sdn Bhd (ABSSB), capital
reduction and consolidation or reconstruction and debt
restructuring.

For this purpose a restraining order has been obtained under
Section 176(10) valid for three months from October 16, 2000.

Construction of a building at Northam Road, Penang, under a new
financial package is meanwhile due for completion at the end of
year 2000, and the plastics manufacturing activities are
operational on a limited scaled down basis.


PANGLOBAL BERHAD: Court's Restraining Order Extended
----------------------------------------------------
Panglobal Berhad (PGB) announced that the restraining order
under Section 176 of the Companies Act, 1965 dated September 21,
1998 granted to PGB and four of its subsidiaries, namely
PanGlobal Properties Sdn. Bhd., Limbang Trading (Limbang) Sdn.
Bhd., Global Minerals (Sarawak) Sdn. Bhd. and Menara PanGlobal
Sdn. Bhd which expired April 16, 2001 has been extended by the
High Court of Malaya on May 3, 2001 for a period of three months
with effect starting April 17, 2001.

Background

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business.

Over the years, the Company diversified its activities into
property development, computers and insurance. The Company
maintains its insurance operations through PanGlobal Insurance
Bhd, with head office in Kuala Lumpur and branches in 12 states.

It transferred its towel manufacturing operations to one of its
subsidiaries in 1987, thus becoming a purely investment holding
company. Subsequently, the Company, in 1994, disposed of its
property development division and computer division and, in
1995, its textile operations.

To ensure continued growth, in early 1995 the Company underwent
a restructuring as part of which it acquired Limbang Trading Sdn
Bhd which is involved in timber extraction and related
activities and Global Minerals (Sarawak) Sdn Bhd which operates
a coal mine. Both companies operate in Sarawak. In addition, the
Company acquired property development land in Johor Bahru.

The Company has since obtained a restraining order under Section
176 of the Companies Act, 1965 granted to PanGlobal and four of
its subsidiaries (PanGlobal Properties Sdn Bhd, Menara PanGlobal
Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd and Limbang Trading
(Limbang) Sdn Bhd) which has been extended for a final period of
six months from April 17,2000 for the purpose of implementing a
plan of arrangement.

The plan would involve the issuance of redeemable convertible
secured and unsecured loan stock, disposal of assets and rights
and special issue.

On July 17, 1999, the Company had accepted a conditional offer
by Road Builder (M) Holdings Bhd (RBH) to acquire its 26.67
percent equity interest in Econstates Bhd for RM80m cash and the
proposed Econstates disposal was approved by the Company's
shareholders on December 31, 1999. The proposed disposal is in
line with the composite scheme to raise cash proceeds to repay
certain Group borrowings.

On February 2, 2000, the High Court granted a holding over
injunction to a shareholder to preserve the status quo of the
proposed Econstates disposal, the shares of which had been
pledged to an offshore bank for a loan facility granted to the
Company.

On March 21, 2000, the offshore bank gave notice that it would
force sell the shares following the expiry of the restraining
order on March 20, 2000.

On March 23, 2000, the Company was notified that the shares had
been forced sold on March 22, 2000 at RM2.00 per share.
Subsequently, on March 27, 2000, the Company was served a notice
by a shareholder that an ex parte injunction had been obtained
to restrain RBH and the offshore bank from completing the force
sale.

The injunction does not involve the Company as the Econstates
shares were forced sold by the offshore bank. In view of the
action taken by the offshore bank, the SPA dated September 23,
1999 between RBH and the Company was terminated.


RHB CAPITAL: Proposed Acquisitions Shelved
------------------------------------------
RHB Capital Berhad (RHB) announced Rashid Hussain Securities Sdn
Bhd (RHS) was granted Universal Broker status by the Securities
Commission (SC) on April 12, 2001. The SC also approved the
proposed acquisitions of SJ Securities Sdn Bhd (SJ), Mercury
Securities Sdn Bhd and Straits Securities Sdn Bhd.

However, RHB also announced that RHS would not be proceeding
with the acquisitions of SJ and Mercury as certain conditions
precedent and approvals required under the agreements have not
been fulfilled and the agreements have since lapsed. RHS will,
however, still be proceeding with the proposed acquisition of
Straits. Accordingly, in view of the above, RHB Capital will
review RHS' Universal Broker status.

Moreover, RHB Capital's wholly-owned subsidiary, RHB Asia Pte
Ltd (RHB Asia) and The Sakura Bank Limited (which has been
reconstituted as Sumitomo Mitsui Banking Corporation Limited
from April 1, 2001) have mutually agreed to terminate the Stock
Purchase Agreement dated January 17, 2001 for the proposed
acquisition of Thai Sakura by RHB Asia. As a result, RHB Asia
will not proceed with the proposed acquisition of Thai Sakura.

Background

RHB Capital (RHB) was incorporated to facilitate the
implementation of a scheme of arrangement pursuant to Section
176 of the Companies Act, 1965 undertaken by RHB Bank Bhd
(RHBB), whereby RHBC acquired 100 percent of RHBB via a one-for-
two share exchange exercise, resulting in RHBC becoming the
holding company of RHBB.

Pursuant to the plan, RHBC also acquired RHB Sakura Merchant
Bankers Bhd (RHBSM), RHBF Sdn Bhd, RHB Leasing Sdn Bhd, RHB
Insurance Bhd (RHBI), RHB Capital Properties Sdn Bhd and RHB
International Trust (Labuan) Sdn Bhd from RHBB for RM330
million. The plan was completed on December 29, 1994.
Subsequently, in 1997, a restructuring plan took place pursuant
to which Rashid Hussain Bhd (RHB) gained more than 55 percent
control of the Company.

The scheme involved the injection into RHBC of RHB's securities
and asset management business, the properties located at Jalan
Tun Razak as well as KYB Sdn Bhd and KYF Sdn Bhd.

Effective July 1, 1997, the banking business of RHBB and KYB and
the finance company operations of RHBF and KYF were merged.
Following this, RHB and RHBC made a mandatory general offer on
behalf of RHB Bena Sdn Bhd to acquire the remaining KYB shares
not owned by RHB Bena.

This was followed by the compulsory acquisition of the remaining
KYB shares not owned by RHBC which was completed on December 10,
1997, following which KYB became a wholly owned subsidiary of
RHBC.

On July 1, 1998, RHBF merged its finance company operations with
RHBB and all the assets and liabilities of RHBF, save for KYF,
were transferred into RHBB pursuant to the High Court's vesting
order on June 27, 1998.

In April 1999, the Company's shareholders approved RHBB's
acquisition of 90.36 percent in Sime Bank Bhd for RM770 million,
the compulsory acquisition of the remaining 9.64 percent in Sime
Bank for RM82.24 million and the disposal of 30 percent in RHBB
to Khazanah Nasional Bhd for RM725.4 million.

Upon completion of the acquisition of Sime Bank and the disposal
of 30 percent in RHBB to Khazanah on June 3, 1999, Sime Bank's
banking operations comprising its banking assets and liabilities
were merged with RHBB effective June 30, 1999.

On October 27, 2000, RHBB completed the acquisition of 100
percent in Delta Finance Bhd (DFB) and 90 percent in
Interfinance Bhd (IB). The finance company business of IB was
merged with DFB on December 1, 2000.

On December 18, 2000, RHBB completed the compulsory acquisition
of the remaining 10 percent in IB not held by RHBB and IB became
a wholly-owned subsidiary of RHBB. DFB's finance company
business was conducted under its new name, RHB Delta Finance Bhd
with effect from January 8, 2001.

On September 25, 2000, RHBC, together with RHBSM, unveiled the
group restructuring plan which upon completion, will separate
the BNM regulated entities of the RHBC Group from the non-BNM
regulated entities under two holding companies.

RHBC will be one of these holding companies while the other
holding company, RHB Securities Holdings Bhd (RHBSH), will house
the Group's securities and related businesses.

The plan will see, among others, the merger of RHBC's
subsidiary, Rashid Hussain Securities Sdn Bhd (RHS) with Straits
Securities Sdn Bhd, Mercury Securities Sdn Bhd and SJ Securities
Sdn Bhd, in order to be accorded the Universal Broker' status
pursuant to the domestic stockbroking consolidation program.

In addition, RHBSM will transfer its listing status to RHBSH via
a share exchange exercise. As part of the plan, RHBC will issue
shares and warrants as consideration to the holders of 49
percent interest in RHBSH (not held by RHBC after the share
exchange) whose shares were cancelled by RHBSH.

In return, RHBSH will issue shares to RHBC, resulting in the
former becoming a subsidiary of the latter.

As part of the rationalization, RHBC and RHBSM will also
transfer its non-BNM regulated companies and RHB Unit Trust
Management Bhd respectively to RHBSH. Further to this, RHBC will
transfer its entire 75 percent and 70 percent stake in RHB
Insurance Bhd and RHB Leasing Bhd respectively to RHBB.

Upon completion of the plan and the de-merging of RHBSH from the
RHBC Group, the Company will hold through RHBB, the BNM
regulated entities and will cease to have any shareholding in
RHBSH. RHBC also planned to raise funds via private placement,
rights issue and bonds issue.

The restructuring scheme was subsequently revised in December
2000 with the fund raising exercise announced earlier replaced
with RM650 million Serial Bonds issue and, the issue of shares
and warrants as consideration for the 49 percent of RHBSH not
held by RHBC changed to an issue of shares only.

The Serial Bonds issue was later aborted in February 2001
following the MOF's rejection on January 30, 2001 of the
Company's purchase of RM1b irredeemable non-cumulative
convertible preference shares (INCPS) in RHBB from Danamodal
Nasional Bhd.

On January 8, 2001, the Company entered into an agreement to
dispose of RHB Insurance Brokers Sdn Bhd (RHBIB) to Encik
Mohamad Abdullah, RHBI's former director and CEO. This is part
of the local insurance industry consolidation programme that
does not allow RHBC to hold shares in more than one entity
licensed under Section 69 of the Insurance Act, 1996.

The disposal of RHBIB has been approved by BNM and FIC and was
completed on March 2, 2001. In the same month, RHB Asia Pte Ltd,
a wholly-owned subsidiary, agreed to acquire 99.99 percent in
Thai Sakura Securities Co Ltd, in Bangkok, Thailand. The
acquisition will complete the Group's stockbroking presence in
the South East Asia region.

RHB Bank Bhd presently operates through a network of 177
branches in Peninsular Malaysia, 5 in Sarawak, 5 in Sabah, 1
each in Bangkok, Thailand and Bandar Seri Begawan, Negara Brunei
Darussalam and 7 in Singapore. RHB Bank Bhd also has an offshore
banking subsidiary in Labuan. RHB Leasing Sdn Bhd has 5 branches
whilst RHB Insurance Bhd has 9 branches. RHB Delta Finance Bhd
has 22 branches.


TONGKAH HOLDINGS: Measurex Bids To Acquire Shares
-------------------------------------------------
Measurex Corporation Berhad (MCB) would like to refer to Arab-
Malaysian Merchant Bank Berhad's earlier announcements dated  
December 15, 2000 and March 13, 2001, on behalf of the Board of
MCB, in respect of the Proposed Acquisition by MCB of 10.2
million shares at RM1.00 each in Tongkah Electronics Sdn Bhd
(TESB) representing 51 percent of the issued and paid-up share
capital of TESB from Tongkah Holdings Berhad (THB).

As announced earlier, MCB and THB, on December 14, 2000, entered
into a conditional Share Sale Agreement for the Proposed
Acquisition (SSA), which was subsequently amended pursuant to
the execution of a Supplemental SSA on March 13, 2001.

Clause 5.3 of the SSA stipulates that the parties thereto shall
secure all the conditions precedent under the SSA (Conditions
Precedent) by the Expiry Date (which is four weeks from the SSA
date) or the Extended Expiry Date (i.e. three months from the
SSA date).

As provided for under the same clause, on March 13, 2001 and  
April 13, 2001, the partied mutually agreed to further extend
the Extended Expiry Date of the SSA to April 13, 2001 and April
27, 2001, respectively.

Clause 5.4 of the SSA stipulates that in the event any of the
Conditions Precedent are not secured and or obtained by the
Expiry Date or the Extended Expiry Date as the case may be, and
MCB does not exercise its discretion to waive the said Condition
Precedent, then the SSA shall be deemed to be mutually
terminated by the parties thereto.

The Board of MCB announced that as of April 27, 2001, certain
Conditions Precedent including THB securing written approval in
principle from the Financial Institution Lenders of TESB, have
not been obtained.

The approval from the Ministry of International Trade and
Industry for the Proposed Acquisition however was obtained on
April 9, 2001.

Pursuant to the provisions of Clause 5.4 as aforementioned and
as confirmed by MCB and THB to each other via their exchange of
letters (both letters dated 2 May 2001), the SSA shall be deemed
to be mutually terminated by the parties thereto.


TONGKAH HOLDINGS: Agreements With Measurex Terminated
-----------------------------------------------------
With reference is made to the Tongkah Holdings Berhad's (THB)
announcements made on December 15, 2000 and March 13, 2001 in
respect of the sale of 10,200,000 ordinary shares of RM1.00 each
in TESB held by the Company, representing 51 percent equity
interest therein to Measurex Corporation Berhad.

The Board of Directors of the company announced that the Share
Sale Agreement dated December 14, 2000 and subsequent
Supplemental Share Sale Agreement dated March 13, 2001, both in
respect of the Proposed Disposal have been mutually terminated
as certain conditions precedent could not be secured and
obtained by the expiry date of April 27, 2001.

Accordingly, the aforesaid Share Sale Agreement and Supplemental
Share Sale Agreement shall have no effect whatsoever.

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
RM3 million 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.


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


NATIONAL BANK: "Reverse Privatization" May Stumble
--------------------------------------------------
The planned re-acquisition of a majority stake in the
beleaguered Philippine National Bank (PNB) by the Philippine
Government, according to a study by an interagency task force,
may stumble into legal hitches, which may compel the government
to pull out of the plan, Business World reported yesterday.

Should it be implemented, the "reverse privatization", will be
the first to be made by the government.

The same task force is looking into laws through which the
proposed debt-for-equity swap can be undertaken. Bangko Sentral
ng Pilipinas Deputy Governor Alberto V. Reyes said, "We are
looking if it can be done under existing laws."

Moreover, the task force is also reviewing the proposed
rehabilitation plan for the bank, including the proposed joint
sale of stakes held by the government and Lucio Tan, comprising
76 percent of PNB's entire stake. The joint sale was originally
scheduled to be made in June.


SERG'S PRODUCTS: Firms Up Debt Deals With Creditor Banks
--------------------------------------------------------
Chocolate maker Serg's Products Incorporated has finally firmed
up its debt deal, involving a total amount of P1.12 billion,
with its creditor banks, Business World reported yesterday.

The same agreement, according to Serg's COO and President
Gilberto Evaristo, calls for a "contingent foreclosure" once the
company default on loans.

"If we are not able to pay, they can just foreclose on the
assets. We reached a compromise agreement. If they agree to our
rehabilitation plan. We will agree that they can foreclose (the
assets) on paper. That means it allows the banks to foreclose on
an asset if we are not able to pay. So for as long as we keep
paying, they will not foreclose. It's a contingent foreclosure,"  
Evaristo told World.

To recall, Serg's incurred loans between 1995 and 1997 from 17
creditor banks and trade creditors to fund its massive expansion
projects. However, sustaining financial difficulties, in the
wake of the country's economic crunch, the company defaulted on
its loans. The following year, it filed Securities and Exchange
Commission (SEC) to suspend its debt servicing.

The SEC, in turn, placed Serg in an interim receivership,
appointing receiver Arturo Tiu to supervise the company's
restructuring exercise.


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


FHTK HOLDINGS: Posts Financial Statements
-----------------------------------------
Further to the company's announcement of its unaudited
consolidated third quarter financial statement ended December
31, 2000 and in response to SGX's letter of April 3, 2001 on the
announcement, FHTK Holdings Limited would like to provide
additional information in relation to item 5(a) of the
announcement which would read as follows:

Review of the performance of the company and its principal
subsidiary

For the nine months ended December 31, 2000, the Group recorded
a turnover of S$122.6 million, an increase of S$35.2 million or
40 percent when compared to the turnover of the previous
corresponding nine months ended December 31, 1999.

The increase in turnover was due mainly to an increase in sales
volume of all the Group's core produce. Specifically, a two fold
increase in sales volume was registered for Fuji Apples.
However, as compared against previous period, gross profit
margins were eroded.

In the case of Fuji Apples, the drop in gross profit margin was
due to concerted efforts in opening new markets in developing
countries and an increase in pure trading activity, which in
itself contributes lower profit margins. Further losses were
also sustained on the sale of bananas and on the disposal of old
garlic stocks as a result of intense competition, which led to
price erosion.

Operating expenses for the nine months decreased as compared to
the previous period. The improvement in operating expenses arose
mainly from a reduced provision for doubtful debts, reduction in
manpower costs and savings in outward and handling charges,
achieved mainly from a conscientious effort to cut operating
costs.

The group's nine months performance, after taking into account
the above showed an operating loss of S$37.2 million as compared
to a loss of S$36.2 million for the previous period.


LIM KAH NGAM: Posts Notice Of EGM
---------------------------------
An Extraordinary General Meeting of Lim Kah Ngam Limited will be
held at 27 International Business Park, 5th level, Primefield-
Landmark Building, Singapore 609924 on May 29, 2001 at a time
immediately after the conclusion of the Annual General Meeting
of the Company to be held at 10.30 am for the purpose of
considering and, if thought fit, passing, with or without
modifications, the following Special Resolution:

That the name of the Company be changed from "Lim Kah Ngam
Limited" to "LKN-Primefield Limited" and the name "LKN-
Primefield Limited" be substituted for "Lim Kah Ngam Limited"
wherever the latter name appears in the Memorandum and Articles
of Association of the Company.


LIM KAH NGAM: Posts Notice Of AGM
---------------------------------
The Thirty-Eighth Annual General Meeting of Lim Kah Ngam Limited
will be held at 27 International Business Park, 5th Level,
Primefield-Landmark Building, Singapore 609924 on Tuesday the  
May 29, 2001 at 10.30 a.m. for the following purposes:

As Ordinary Business

1. To receive and adopt the Directors' Report and Audited
Accounts for the financial year ended December 31, 2000,
together with the Auditors' Report thereon. (Resolution1)

2. To approve the payment of Directors' Fees of S$99,973 for the
financial year ended December 31, 2000. (Resolution 2)

3. To re-elect the following Directors retiring pursuant to
Article 100 of the Articles of Association of the Company:

(a) Mr Heng Chiang Meng (Resolution 3)
(b) Mrs Leong May Cheng nee Lim (Resolution 4)

4. To re-elect the following Directors appointed pursuant to
Article 103 of the Articles of Association of the Company:

(a) Ms Florence Tay Eng Neo (Resolution 5)
(b) Mr Chew Tiong Sim (Resolution 6)
(c) Mr Lua Cheng Eng (see note 2) (Resolution 7)

5. To re-appoint Messrs PricewaterhouseCoopers as auditors of
the Company and to authorise the Directors to fix their
remuneration. (Resolution 8)

6. To transact any other business that may be transacted at an
Annual General Meeting.

As Special Business

To consider and, if thought fit, to pass the following Ordinary
Resolution, with or without modifications:

"That the Directors be and are hereby authorized pursuant to
Section 161 of the Companies Act (Cap. 50) from time to time to
allot and issue shares in the capital of the Company (including
without limitation equity securities like options, warrants,
transferable subscription rights or similar rights to subscribe
or purchase shares in the company or debt instruments
convertible into or exchangeable for equity securities with non-
detachable options, warrants or similar rights to subscribe or
purchase equity securities attached) in such numbers, to such
persons, for such consideration and on such terms and conditions
as they deem fit provided that the aggregate number of shares to
be issued pursuant to this Resolution shall not exceed any
applicable limits prescribed by the Listing Manual of The
Singapore Exchange Securities Trading Limited as from time to
time amended or supplemented and that such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the expiration of the period
within which the next Annual General Meeting of the Company is
required by law to be held, whichever is earlier." (Resolution
9)


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


QUALITY HOUSES: Exercise Price and Ratio To Be Adjusted
-------------------------------------------------------
The Annual General Meeting of Shareholders of Quality Houses
Public Company Limited (QH) held on April 10, 2001 had resolved
to increase QH's registered capital from Bt8,711,395,760 to
Bt14,422,791,520 by an issue of 571,139,576 ordinary shares with
a par value of Bt10 each, and resolved to allocate 135,284,894
new ordinary shares to the existing shareholders by way of the
rights issue at the subscription ratio of 5 existing shares to 1
new ordinary share at the offering price of Bt3 per share.

The closing date for the share register book for the entitlement
to subscribe for the right shares is on May 10, 2001.  

Accordingly, the first day the purchaser of ordinary shares is
not entitled to the subscription and the allocation of such
newly issued ordinary shares (the first day the Stock Exchange
of Thailand posting a XR sign) will be on May 3, 2001. The
offering price at Bt3 per share is below Bt3.16405 per share,
which is equivalent to 90 per cent of the "market price of the
Company's ordinary shares" (the "market price of the Company's
ordinary shares" is derived by the weighted average market price
of the ordinary shares on the Stock Exchange of Thailand 5
consecutive days prior to the first day the Stock Exchange of
Thailand posting a XR sign), which is equal to Bt3.51561 per
share.

The Company considered for the adjustment of exercise price and
exercise ratio by pursuing the adjustment formulas as specified
in the offering prospectus of warrants certificates #2 issued by
Quality Houses Public Company Limited effective on April 8, 2000
section 1 clause 1 Adjustment Conditions (Kor) as follows.

1. Adjustment of exercise price and exercise ratio

Under the conditions of warrants in clause 1 (Kor), when the
Company offers for sale ordinary shares to existing shareholders
and/or to the public and the average price per share of those
newly issued ordinary shares below 90 per cent of the "market
price of the Company's 0rdinary shares", the adjustment of the
exercise price and exercise ratio shall become effective
immediately from the first day the purchaser of ordinary shares
is entitled to subscription of newly issued ordinary shares (the
first day of posting a XR sign) in case the right offering to
existing shareholders, and/or from the first day of sale of
newly issued ordinary shares to the public, as the case may be.    

-  The exercise price will be adjusted according to the
following formula:
Price 1 = Price 0 * [(A * MP) + BX]
                     [MP (A + B)]

-  The exercise ratio will be adjusted according to the
following formula:
Ratio 1 = Ratio 0 * [MP (A + B)]
                  [(A * MP) + BX]

Whereas;
Price 1   means the new exercise price after adjustment

Price 0   means the existing exercise price before adjustment

Ratio 1   means the new exercise ratio after adjustment

Ratio 0   means the existing exercise ratio before adjustment

MP        means the "market price of the Company's ordinary
shares", which is equal to the weighted average market price of
the ordinary shares on the Stock Exchange of Thailand 5
consecutive days prior to the date fixed for calculation (the
weighted average price is equal to the value of the total shares
traded and divided by the number of shares traded)

A        means the number of fully paid-up ordinary shares on
the day prior to the closing date of a register book for the
right to subscribe newly issued ordinary shares in case of sale
to existing shareholders and/or the date prior to the first day
of sale newly issued ordinary shares to the public, as the case
may be.

B        means the number of newly issued ordinary shares for
sale to existing shareholders and /or to the public.

BX       means the proceeds received from the offering less the
underwriting expenses for the sale of the newly issued ordinary
shares both to existing shareholders and/or to the public.

2. The calculation of exercise price and exercise ratio

The new exercise price and new exercise ratio of QH warrants
certificates #2 will be as follows:

-  The adjusted exercise price will be as follow:
   Price 1 =  6.07832 * [(676,424,470 * 3.51561) + 405,854,682]
                      [3.51561 * (676,424,470 + 135,284,894)]
           =  Bt5.92974 per share

-  The adjusted exercise ratio will be as follow:
   Ratio 1 = 1.02824 * [3.51561 * (676,424,470 + 135,284,894)]
                     [(676,424,470 * 3.51561) + 405,854,682]
           = 1.05400 shares per 1 unit of warrant

3. The effective date of the adjusted exercise price and
exercise ratio
The adjusted exercise price and exercise ratio of QH warrants
certificate #2 shall become effective immediately from May 3,
2001 onward.


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

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