TCRAP_Public/010510.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

                  Thursday, May 10, 2001, Vol. 4, No. 92


                               Headlines


A U S T R A L I A

ANALYTICA LIMITED: Placed In Voluntary Administration
HARRIS SCARFE: Administrators Circular To Creditors
PACIFIC DUNLOP: Moody's Lowers Ratings To Baa3


C H I N A   &   H O N G  K O N G

FULBOND HOLDINGS: Posts Notice Re AGM
FULBOND HOLDINGS: Reacts To HKSE Query
JUMBO FAIR: Winding Up Petition To Be Heard
LOYAL RICH: Petition To Wind Up


I N D O N E S I A

HOLDIKO PERKASA: Launches Strategic Sale Of Sulfindo Group


J A P A N

ITOCHU CORP: Expects Extra Loss Of Y22-M
NAGASAKIYA COMPANY: Deadline Extension Granted
SHISEIDO COMPANY: Reports Losses, A First In 55 Years


K O R E A

HANIL LIFE: FSC Lifts Suspension
HYNIX SEMICON: Creditors OK Bailout Plan
HYNIX SEMICON: SGIF To Extend Guarantees For Bonds
HYUNDAI MERCHANT: Cruise Ships Pulled From Venture
KOREA LIFE: Panel To Meet Re Public Fund Infusion


M A L A Y S I A

ANSON PERDANA: Winding Up Petition On Unit Withdrawn
MAY PLASTICS: Reports Status Of Proposed Plan
MAY PLASTICS: Status Of Default In Payment
PICA CORP: Guarantor Banks Redeem Notes
ROHAS-EUCO: Update On Material Litigation
S&P FOOD: Names Newco
TAIPING CONSOLIDATED: Implements CSA
TAIPING CONSOLIDATED: KLSE OKs L and Q Of ICPS
WEMBLEY INDUSTRIES: Status Of Debt Restructuring


P H I L I P P I N E S

NATIONAL STEEL: SEC's Decision Out By End May
PILIPINO TELEPHONE: 1st-Qtr Loss Balloons To P1.4-B
URBAN BANK: UII Seeks Extension Of Debt Moratorium


T H A I L A N D

BANGKOK TRANSIT: Listing Bid Lapses
B GRIMM ENG'G: Will Pick Independent Financial Advisor
PRASIT PATANA: Completes Rehab Plan
THAI PETROCHEMICAL: Bangkok Bank Acquires Common Shares


     -  -  -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANALYTICA LIMITED: Placed In Voluntary Administration
-----------------------------------------------------
Analytica Limited announced the following events at the company
since the Extraordinary General Meeting, held March 30, 2001.

Business Trading

The performance of the business is as follows:

- The company's loss for the March quarter was $1.2 million per
the Management Accounts, compared to $5.2 million for the six
months to December 31, 2000;

- Our cash burn rate was almost $1 million in December 2000 and
this has been reduced to less than a third of this in April 2001
as we continue to exit non-essential business initiatives and
negotiate out of those businesses or contracts that no longer
fit our business going forward;

- Sales within Australia of our MCM products are increasing and
if the business continues we expect to ship our first export
order to Singapore in June 2001;

- We have had great results from our animal trials on the Slimax
product;

- We recently signed an Agreement with the Guangzhou University
of Traditional Chinese Medicine (TCM), which allows us access to
their Intellectual Property. Exciting products include a herbal
HIV product and a herbal cold and flu product. The agreement
also appointed Guangzhou University of TCM as an agent for the
sale of the Slimax weight control program in China. Guangzhou
University of TCM is probably the largest teaching and medical
hospital in the world with approximately 7,000 medical students
each year and approximately 10,000 outpatients per day.

The business has been refocused - costs are under control and
the overall business still has great potential.

Capital Offers

The company had three written offers at the time of the
Extraordinary General Meeting that were outlined by General
Manager, Damian Lismore. The offers were subject to due
diligence and all parties were offered the opportunity to
conduct their due diligence until April 19, 2001. Two of those
parties conducted due diligence, the third did not.

Eventually, one offer materialized which offered approximately 2
cents per share to existing shareholders and the promise of $1
million in cash in 30 days time. On investigation of this offer,
I have been advised that the cash is not guaranteed.

Existing shareholders applied for only a small number of new
shares. Shares will of course not be allotted to those
shareholders unless we can raise substantially more funds. If
shares are not allotted, all money will be returned.

Apart from these written offers, the Board and Management have
been in constant dialogue with potential investors. The
company's board and shareholders have been informed by brokers
and investors that the adverse publicity associated with the EGM
has been a material factor in the reluctance of investors.
Nevertheless, there is still apparent interest in particular
products (eg sPLA(2)) and in the MCM business.

Voluntary Administration

As it has been said at the EGM, the company needs an injection
of cash if it is to continue. As that cash is not currently
available, the directors have no alternative but to appoint a
Voluntary Administrator to assess the best way forward for
Analytica. While an administrator is not normally a good thing
for a company, the Board is hopeful that the many parties that
have shown interest in investing in Analytica will now come
forward with concrete proposals. The Board and Management will
continue to work with the Administrator during this time to
assist in the process of raising funds.


HARRIS SCARFE: Administrators Circular To Creditors
---------------------------------------------------
MJ Dwyer and L P Maxsted, administrators of Harris Scarfe
Holdings Limited, issued the following circular to Harris Scarfe
creditors:  

Harris Scarfe Holdings Limited, ACN 009 476 073
(Administrators Appointed)(Receivers and Managers Appointed)

Harris Scarfe Limited, ACN 007 870 886
(Administrators Appointed) (Receivers and Managers Appointed)

Harris Scarfe Wholesale Pty Limited, ACN 061 092 359
(Administrators Appointed) (Receivers and Managers Appointed)

Camworks Pty Limited, ACN 093 265 171
(Administrators Appointed) (Receivers and Managers Appointed)

Direct Fulfilment Pty Limited, ACN 009 480 013
(Administrators Appointed)

ACN 009 476 153 Limited, ACN 009 476 153
(Administrators Appointed)

G P Fitzgerald & Co Limited, ACN 009 475 530
(Administrators Appointed) (Receivers and Managers Appointed)

Investment & Merchant Finance Corporation Limited, ACN 007 531
508
(Administrators Appointed) (Receivers and Managers Appointed)

Tasmanian Retail Services Pty Limited, ACN 009 577 511
(Administrators Appointed) (Receivers and Managers Appointed)

CDL Finance Pty Limited, ACN 007 201 603
(Administrators Appointed) (Receivers and Managers Appointed)

DStore Limited, ACN 088 231 789
(Administrators Appointed) (Receivers and Managers Appointed)

Together known as "The Harris Scrafe Group Of Companies" or "the
Group"

We refer to our first circular to creditors dated April 3, 2001
and to the first meeting of creditors held on April 10, 2001. At
that meeting creditors resolved to appoint a Committee of
Creditors to the following companies:

* Harris Scarfe Holdings Limited (Administrators Appointed)
(Receivers and Managers Appointed);

* Harris Scarfe Limited Administrators Appointed) (Receivers and
Managers Appointed);

* Harris Scarfe Wholesale Pty Limited (Administrators Appointed)
(Receivers and Managers Appointed);

* Camworks Pty Limited (Administrators Appointed) (Receivers and
Managers Appointed); and

* DStore Limited (Administrators Appointed) (Receivers and
Managers
Appointed).

In addition, there were no nominations received for the
appointment of alternative Administrators and accordingly our
appointment as Administrators was confirmed.

It was foreshadowed at the first meeting that the Administrators
may apply to the Court to extend the convening period for the
calling of the second meeting of creditors.

The purpose of the second meeting, in general terms, is to
consider and vote on a recommendation by the Administrators as
to what action should be taken with respect to the Group's
future.

The courses of action open to creditors at the second meeting
are:

* To accept a Deed of Company Arrangement;

* To resolve that the companies in the Group be wound up (in
which case the Administrator is appointed Liquidator); or

* To resolve that the Administration should end (and control be
returned to the Directors).

Following the first meeting, we confirmed our view expressed at
the first meeting, that it would not be possible to form a final
view on which of the options would be in the best interests of
creditors within the normal timeframe in which the meeting must
be convened pursuant to the provisions of the Corporations Law.
We reached our conclusion having regard to:

* the size and complexity of the Group's business;

* the appointment of Receivers and Managers to the majority of
companies within the Group;

* the fact that the eventual outcome of the Administrations will
be largely determined by the outcome of the receivership and the
Receivers and Managers' attempts to sell the assets of the
Group; and

* the suggestions of irregularities concerning the accounts of
the Group giving rise to the need to investigate the roles and
responsibilities of the directors, management and auditors of
the Group.

At this stage it is very unlikely that the third option will be
viable.

In view of the above, we made application to the Supreme Court
of South Australia for an Order that the convening period for
the second meeting of creditors be extended to July 31, 2001.

On April 26, 2001, His Honour, Judge Bowen Pain, Master of the
Supreme Court of South Australia, granted the Order sought.
Under the  Corporations Law, the second meeting of creditors
must be held within five business days of the end of the
convening period. The effect of the Order of the Supreme Court
is to allow us to postpone the holding of the second meeting of
creditors until August 7, 2001. It is possible, however, that
the second meeting could be held prior to this date.

Formal notification of the second meeting together with our
"Report to Creditors" will be distributed by July 31, 2001,
unless the convening period is extended further by the Court.

All enquiries regarding the Group should, in the first instance,
be directed to Melita Tokic, a representative of the Receivers
and Managers, Ferrier Hodgson, on (08) 8235 7655. Should you
have any questions in relation to any aspect of our
Administration, please contact John Christensen or Rick
Nieuwenhoven of our staff on (08) 8236 3282 or (08) 8236 3376.


PACIFIC DUNLOP: Moody's Lowers Ratings To Baa3
----------------------------------------------
Moody's Investors Service lowered Tuesday the ratings of Pacific
Dunlop Limited (PDL) and its guaranteed subsidiaries, reflecting
concerns about continued poor trading conditions across its
businesses, a deteriorating liquidity position, and the impact
of adverse currency movements.

The rating action also considers the prospective profile of PDL
following planned asset divestitures, with a potential
significant decrease in both scale and scope of operations.
Moody's continuing review will focus on the company's ability to
complete asset sales, reduce debt, and extend bank facilities,
as well as the company's ultimate business and financial
structure.

The ratings lowered and kept on review for possible downgrade
are:

Pacific Dunlop Limited - senior unsecured rating to Baa3 from
Baa1, issuer rating to Baa3 from Baa1, and commercial paper
rating to Prime-3 from Prime-2

Pacific Dunlop USA, Inc. (backed) - senior unsecured rating to
Baa3 from Baa1

Pacific Dunlop Holdings Inc. (backed) - senior unsecured rating
to Baa3 from Baa1 and commercial paper rating to Prime-3 from
Prime-2

Pacific Dunlop Holdings (NZ) Limited (backed) - commercial paper
rating to Prime-3 from Prime-2

The rating action reflects the likely reduction in industrial
and geographical diversity of PDL's operations, a deterioration
in return from operations, and the challenges management faces
in arresting declining margins. In February 2001, PDL announced
an intention to spin-off the operations of Ansell. In April
2001, this plan was fundamentally altered and the intention now
is to sell all businesses except for Ansell, which will form the
continuing entity. The latter announcement coincided with the
departure of the CEO, with an interim CEO appointed to oversee
the restructuring and divestiture programme. Moody's believes
that reduced diversity and heightened business risk will result.

A downturn in the US economy and ongoing weakness in the
Euro/USD exchange rate will impact Ansell returns. In addition,
debt in AUD has increased due to weakness in the AUD/USD
exchange rate. A flat retail environment in Australia is likely
to hamper the performance of Pacific Brands, and the situation
at South Pacific Tyres is not expected to improve.

In addition, Moody's notes that PDL's liquidity position has
weakened during 2001, due in part to deterioration in its
operating performance coupled with a narrower ability to access
commercial paper markets. Available cash and committed standby
facilities have been utilised to retire maturing CP. The company
has also relied on a short-term committed bank facility to
provide ongoing liquidity support. PDL will be negotiating with
its bankers, with the view to having medium term facilities in
place prior to the end of 2001.

PDL continues to face litigation on two fronts, with claims
arising out of its involvement with the Accufix Pacing Leads and
Encor Lead. The company expects that potential exposures will be
manageable. PDL maintains cash reserves to cover what it
believes is appropriate for Accufix related claims. In the
absence of any material developments, Moody's does not expect
the continuing litigation to be a significant factor in the
resolution of the review for possible downgrade.

Pacific Dunlop Limited, a diversified international enterprise,
is based in Melbourne, Australia.


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C H I N A   &   H O N G  K O N G
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FULBOND HOLDINGS: Posts Notice Re AGM
-------------------------------------
Fulbond Holdings Limited announced that the company will hold
its Annual General Meeting at Plaza I, Lower Lobby, Century Hong
Kong Hotel, 238 Jaffe Road, Wanchai, Hong Kong on June 22, 2001
at 2:00 p.m. for the following purposes:

1. To receive the audited consolidated financial statements and
the reports of the Directors and Auditors for the year ended  
December 31, 2000.

2. To re-elect retiring Director and to fix the Directors'
remuneration.

3. To re-appoint Auditors and authorize the Directors to fix
their remuneration.

4. As Special Business, to consider and, if thought fit, pass
the following resolutions as Ordinary Resolutions:

A. That

(a) Subject to sub-paragraph (c) of this Resolution, the
exercise by the directors of the Company during the Relevant
Period of all the powers of the Company to allot, issue and deal
with additional shares of the Company and to make or grant
offers, agreements and options which might require the exercise
of such powers be and is hereby generally and unconditionally
approved;

(b) The approval in sub-paragraph (a) of this Resolution shall
authorize the Directors during the Relevant Period to make or
grant offers, agreements and options which might require the
exercise of such powers after the end of the Relevant Period;

(c) The aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the Directors pursuant to
the approval in sub-paragraph (a) of this Resolution, otherwise
than pursuant to (i) a Rights Issue (as defined below), (ii) the
exercise of rights of subscription or conversion under the terms
of any warrants issued by the Company or any securities which
are convertible into shares of the Company, (iii) the exercise
of any option scheme or similar arrangement for the time being
adopted for the grant or issue to officers and/or employees of
the Company and/or any of its subsidiaries of shares or rights
to acquire shares of the Company or (iv) any scrip dividend or
similar arrangement providing for the allotment of shares in
lieu of the whole or part of the cash payment for a dividend on
shares of the Company in accordance with the By-laws of the
Company, shall not exceed 20 per cent. of the aggregate nominal
amount of the share capital of the Company in issue as at the
date of this Resolution and the said approval shall be limited
accordingly; and

(d) For the purposes of this Resolution:

"Relevant Period" means the period from the passing of this
Resolution until whichever is the earlier of:

(i) The conclusion of the next annual general meeting of the
Company;

(ii) The expiration of the period within which the next annual
general meeting of the Company is required by the By-laws of the
Company or any applicable law to be held; and

(iii) The date on which the authority set out in this Resolution
is revoked or varied by an ordinary resolution of the
shareholders in general meeting.

"Rights Issue" means an offer of shares or other securities of
the Company open for a period fixed by the Directors to holders
of shares of the Company or any class thereof on the register on
a fixed record date in proportion to their then holdings of such
shares or class thereof (subject to such exclusion or other
arrangements as the Directors may deem necessary or expedient in
relation to fractional entitlement's or having regard to any
restrictions or obligations under the laws of, or the
requirements of any recognized regulatory body or any stock
exchange in, any territory outside the Hong Kong Special
Administrative Region of the People's Republic of China).

B. That

(a) Subject to sub-paragraph (b), the exercise by the Directors
during the Relevant Period of all the powers of the Company to
purchase shares in the capital of the Company and/or other
securities of the Company be and is hereby generally and
unconditional approved;

(b) The aggregate nominal amount of share capital of the Company
to be purchased or agreed conditionally or unconditionally to be
purchased by the Company pursuant to the approval in sub-
paragraph (a) during the Relevant Period shall (i) in the case
of shares of the Company, not exceed 10 percent of the aggregate
nominal amount of the share capital of the Company in issue at
the date of passing this Resolution and (ii) in the case of
warrants of the Company, not exceed 10 percent of the aggregate
amount of warrants of the Company outstanding at the date of
passing this Resolution, and the approval shall be limited
accordingly; and

(c) For the purposes of this Resolution:

"Relevant Period" means the period from the passing of this
Resolution until whichever is the earlier of:

(i) The conclusion of the next annual general meeting of the
Company;

(ii) The expiration of the period within which the next annual
general meeting of the Company is required by the By-laws of the
Company or any applicable law to be held; and

(iii) The date on which the authority set out in this Resolution
is revoked or varied by an ordinary resolution of the
shareholders in general meeting.

C. That conditional upon Resolution 4A and Resolution 4B set out
in the notice convening the meeting of which this Resolution
forms part being passed, the aggregate nominal amount of the
shares of the Company which are purchased by Company after the
date of the passing of this Resolution (up to a maximum of 10
percent of the aggregate nominal amount of the share capital of
the Company as stated in Resolution 4B set out in the notice
convening this meeting of which this Resolution forms part)
shall be added to the aggregate nominal amount of share capital
that may be allotted or agreed conditionally or unconditionally
to be allotted by the Directors pursuant to Resolution 4A set
out in the notice convening this meeting of which this
Resolution forms part.


FULBOND HOLDINGS: Reacts To HKSE Query
--------------------------------------
The following is the letter of Fulbond Holdings Limited
addressed to the Hong Kong Stock Exchange:

"We have noted the recent increases in the price of the shares
of the Company and wish to state that we are not aware of any
reason for such increases.

"We also confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations, which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligations imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price sensitive nature.

"Made by the order of the Board of Fulbond Holdings Limited the
Directors of which individually and jointly accepted
responsibility for the accuracy of this statement."


JUMBO FAIR: Winding Up Petition To Be Heard
-------------------------------------------
The petition to wind up Jumbo Fair International Limited is set
to heard before the High Court of Hong Kong May 23, 2001. The
petition was filed with the court on March 22, 2001 by Hua Chiao
Commercial Bank Limited of No. 92 Des Voeux Road, Central Hong
Kong.


LOYAL RICH: Petition To Wind Up
-------------------------------
Loyal Rich International Development Limited is facing a winding
up petition which will be heard before the High Court of Hong
Kong June 6, 2001. The petition was filed with the court on  
April 4, 2001 by Zuniga Edilberto J. of Flat H, 12th Floor, New
Lucky House, 300-6 Nathan Road, Kowloon, Hong Kong.


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HOLDIKO PERKASA: Launches Strategic Sale Of Sulfindo Group
----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko
Perkasa (Holdiko), a holding company established pursuant to the
Shareholding Settlement Agreement between IBRA and the Salim
Group, today commences the open tender process of its entire
shareholdings in Sulfindo Group, consisting of consolidated
businesses producing vinyl alkali/variants. Sulfindo Group is
one of the only two fully integrated producers within
Indonesia's vinyls alkali industry.

Sulfindo Group consists of consolidated businesses of: (i) PT
Sulfindo Adiusaha (SAU), a producer of caustic soda, (ii) PT
Satomo Indovyl Monomer (SIM), a producer of ethylene dichloride
(EDC) and Vinyl Chloride Monomer (VCM), and (iii) PT Satomo
Indovyl Polymer (SIP), an operator of a poly vinyl chloride
(PVC) production plant. Sulfindo Group's head office is located
in Jakarta, while its production facilities are located in
Merak, West Java.

"Sulfindo will be sold in a two-stage bidding process to ensure
the highest offer is obtained," said Dasa Sutantio, Director
IBRA-AMI. "Today, we have also placed advertisements on local
newspapers with the purpose of announcing this sale to potential
investors," he added.

Parties interested in participating in the disposal process are
expected to submit their statement of interest to JPMorgan or PT
Bhakti Capital Indonesia, who act as financial advisors to
Holdiko for this asset sale transaction, to be received at the
latest on Tuesday, May 15, 2001.

Sulfindo Group is one of Holdiko's assets, which was initially
scheduled for sale in year 2000. Other spill-over assets include
Indocoal, Kerismas, Indosiar and Indopoly.

"In the first quarter of 2001, Holdiko has received cash
proceeds from six completed asset sales comprising of Holdiko's
ownership in First Pacific, Indocoal, Salim Plantations,
Mosquito Coil Group, Indomaret and Indocement," said Scott
Coffey, Director of Holdiko.

Holdiko will soon conclude and announce the result of the
selection process of all financial advisors to assist it in
conducting up to 28 transactions for its year 2001 asset
disposal program in which it expects to raise Rp7.2 trillion.
Holdiko and its financial advisors will be holding kick-off
meetings to mark the beginning of the disposal preparations for
this year's asset disposal program.

"In parallel with these preparations for the kick-off of our
2001 asset sales, we are also near completing the loan
restructuring of Marubeni's loans of approximately equivalent to
Rp1.47 trillion of our sugar group of companies, finalizing
Indosiar's refinancing of Rp400 billion, accepting final bids
for Kerismas, as well as completing the sale of Indopoly and
Yunan Kunlene to the existing shareholders." Coffey added.

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended
by PT Bank Central Asia (BCA) to companies affiliated to the
Salim Group. As part of the settlement agreement with IBRA, the
Salim Group transferred shares and assets in more than 100
operating companies to PT Holdiko Perkasa.

As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.

The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and disposes of their assets and collateral.


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J A P A N
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ITOCHU CORP: Expects Extra Loss Of Y22-M
----------------------------------------
Itochu Corporation has announced for the year until March 2002
the company expected an extraordinary loss of Y22 million owing
to the company's planned liquidation of its construction
machinery unit in China, AFX reported Monday.


NAGASAKIYA COMPANY: Deadline Extension Granted
----------------------------------------------
The Tokyo District Court has given Nagasakiya Company, the debt-
ridden retail chain operator, six more months to draw up its
business rehabilitation plan, which was originally scheduled for
submission on May 19, Japan Times Online reported yesterday.

The postponement was made to accommodate the company's long list
of creditors, and to give more time to the valuation of the
company's properties used collaterals.

Nagasakiya, including its five affiliates, has been under court
protection as covered by the corporate rehabilitation law, after
it declared bankruptcy in February last year with about Y300
billion in liabilities. With the financial aid given by Cerberus
Group, an American investment firm, the company's rehabilitation
began three months thereafter.   


SHISEIDO COMPANY: Reports Losses, A First In 55 Years
-----------------------------------------------------
Shiseido Company Limited sustained a consolidated net loss of
Y45.09 billion for the year ended in March, a turnaround from a
group profit of Y15.29 billion in the preceding year, sliding
into the red for the first time in 55 years, Reuters reported
yesterday.

The poor performance was largely attributed to a special loss of
roughly Y70 billion, a provision to cover the shortfall in
pension and retirement reserves.   

Japan's largest cosmetics company, Shiseido posted a current
profit for the same period of Y32.98 billion, or a 17.6 percent
drop from Y40.01 billion recorded in the previous year.
Moreover, consolidated operating profit dropped 15 percent to
Y32.29 billion, owing to sluggish domestics sales.

The company is hoping to make a comeback next year, as it
projects to incur a group profit of Y10 billion.


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K O R E A
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HANIL LIFE: FSC Lifts Suspension
--------------------------------
The Financial Supervisory Commission (FSC) has agreed to lift
the business suspension imposed on Hanil Life Insurance, as the
panel decided to pluck the troubled insurer from the nonviable
domestic insurers' list, The Korea Herald reported yesterday.

Hanil Life can resume regular business operations.

In January this year, FSC declared the life insurer insolvent,
citing illegal loans given to the Ssangyong Group and low
solvency margin ratios.

However, in April, Hanil was able to recover the said loans from
the group, and raised the ratio to 117.3 percent by augmenting
its capital by W15 billion in February.


HYNIX SEMICON: Creditors OK Bailout Plan
----------------------------------------
Creditors banks, despite the opposition from the secondary
investment trust sector, approved Monday the bailout package for
Hynix Semiconductor worth W5.1 trillion, The Digital Chosun
reported yesterday.

The approved bailout plan will cover the following: purchase of
convertible bonds worth W1 trillion; a rollover of W800 billion
in syndicated loans to 2003; rollover of loan worth W1.1
trillion to 2005; and provision of export funding worth US$1
billion until June 2003.


HYNIX SEMICON: SGIF To Extend Guarantees For Bonds
--------------------------------------------------
The Seoul Guarantee Insurance Fund (SGIF) has agreed to back the
new corporate bonds to be issued by Hynix Semiconductors in the
form of guarantees, The Digital Chosun reported yesterday.

However, SGIF qualified it would only do so if these bonds would
be issued to refinance old and maturing Hynix corporate bonds,
which is in accordance with the fund's terms of agreement with
the government, according to an official at SGIF. Otherwise, no
guarantees would be extended, even with the request of
investment trust creditors asking for the new Hynix bonds, which
they are asked to purchase, as part of the bailout package for
the ailing chipmaker.

Before SGIF can proceed with the guarantees provision, the fund
is seeking the government's decision to clarify this matter.


HYUNDAI MERCHANT: Cruise Ships Pulled From Venture
--------------------------------------------------
Hyundai Merchant Marine (HMM) is finally pulling out two of the
four cruise vessels from its joint Mt. Kumgang venture with
Hyundai Asan, The Digital Chosun reported yesterday.

HMM is currently working to sublease the two vessels to foreign
operators, and turn over the other two to Hyundai Asan.
Completion of the ship arrangements are expected by July.


KOREA LIFE: Panel To Meet Re Public Fund Infusion
-------------------------------------------------
The Public Funds Management Committee is set to meet Friday to
discuss about the proposed infusion of public funds into ailing
life insurer Korea Life Insurance Company, and to deliberate
whether the fund infusion worth W1.5 trillion will be made in
full or on installment, the Korea Herald reported yesterday.

The method and timing of the infusion will be decided based on
the developments in the sell-off bid to prospective investors.

Meanwhile, the panel had already discussed the method through
which the selection of the consortium led by Merrill Lynch and
Korea Exchange Bank as the front-running candidate to lead-
manage the sale.


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


ANSON PERDANA: Winding Up Petition On Unit Withdrawn
----------------------------------------------------
Anson Perdana Berhad announced that the winding-up petition
filed by Ta-Hwa Timber Trader against Prodeal Sdn Bhd, it 60-
percent owned subsidiary, was withdrawn on May 3, 2001.


MAY PLASTICS: Reports Status Of Proposed Plan
---------------------------------------------
May Plastics Industries Berhad (MPI) has announced there has
been no change to the status of the proposed
rescue/restructuring scheme as reported on April 2, 2001. The
plan is comprised of composite plans of arrangement pursuant to
Section 176 of the Companies Act 1965 and various related
proposals in compliance with Practice Note 4/2001 on the
criteria and obligations pursuant to Paragraph 8.14 of the Kuala
Lumpur Stock Exchange revamped listing requirements.

The Proposals are still pending approvals from the KLSE for the
following:

(i) the delisting of MPI and the admission of KSU Holdings
Berhad (KSUH) to the Official List of the Second Board of the
KLSE;

(ii) the initial listing of and quotation for the entire issued
and paid-up share capital of KSUH and its warrants on the Second
Board of the KLSE; and

(iii) the additional listing of and quotation for the new shares
in KSUH to be issued pursuant to the exercise of the warrants of
KSUH.

Background

May Plastics undertakes the manufacture of plastic parts and
sub-assembly of plastic parts for the electrical, electronics
and telecommunication industries, and plastic parts of auto
accessories and other injection-molded plastic products.

Currently, the Board has resolved to undertake a rescue-cum-
restructuring scheme (RCRS), which will involve, among others,
the formation of a new company and a management buy-out of
certain of its subsidiaries.

The SC's approvals were obtained June 23, 2000 and November 7,
2000, MITI on June 7, 2000 and FIC on May 30, 2000.
Subsequently, the approval from shareholders, warrantholders and
plan creditors was received on December 22, 2000. The High Court
later sanctioned the scheme on February 26, 2001.

Upon successful completion of the proposed RCRS, the new core
business of the Group will comprise property development, which
will center around Taman Kenanga in Sepang, a 335-acre self-
contained freehold township.

This will be effected through the delisting of May Plastics and
admission of KSO Holdings Bhd to the Second Board in its stead.


MAY PLASTICS: Status Of Default In Payment
------------------------------------------
May Plastic Industries Berhad's default in payment as of April
30, 2001 is as follows:

a) Default Payment

The listing of payments that are in default as of 30 April 2001
as follows:

Short-term borrowings as of April 30, 2001

Bank                  Principal    Estimated Interest  Amount      

Danaharta Urus Sdn Bhd
(Bank Bumiputra Malaysia
Berhad)             
Trade Line        RM4,331,568.50  RM25,050.66 RM4,356,639.16
Overdraft         

Overseas Union Bank
(Malaysia) Berhad
Trade Line       RM4,663,373.94   RM70,790.00  RM4,734,163.94
Revolving Credit                  RM15,610.96  RM15,610.96

EON Bank Berhad
(Oriental Bank Berhad)
Trade Line        RM3,881,458.37  RM464,810.58    RM4,346,268.95
Overdraft                         RM1,033,394.43  RM1,033,394.43
Term Loan
(Overdue Installments & Interest)
                  RM3,118,047.00  RM815,014.72 RM3,933,061.72

Hong Kong Bank Malaysia Berhad
Import Line                       RM53,499.79      RM53,499.79

Arab-Malaysian Bank Berhad
Revolving Credit                  RM9,994.52        RM9,994.52

b) Defaults Remedied

Since March 2001 the borrowing with the following lender had
been remedied in accordance with the S176 Schemes as approved by
the relevant authorities.

Overseas Union Bank (Malaysia) Berhad
The bank overdraft and term loan owing by one of the subsidiary
have been regularized by converting into a term loan with
repayment commencing March 31, 2001.


PICA CORP: Guarantor Banks Redeem Notes
---------------------------------------
The Board of Pica (M) Corporation Berhad announced the
following:

(i) Pursuant to the Guarantee Facility Agreement dated  
September 28, 1994 as amended by the Supplemental Agreement
dated September 16, 1999, the guarantor banks on April 19, 2001
redeemed the Company's promissory notes worth RM60.0 million
from PB Trustee Berhad as the trustee for the benefit of the
noteholders.

(ii) By a notice dated April 26, 2001, the guarantor banks have
demanded from the Company repayment of the Guaranteed Sum so
paid to the Trustee. The Company and the guarantor banks are
currently in the midst of negotiations to reach an amicable
settlement for settlement of the debt.

Background

Pica specializes in direct equity and equity-related investment,
and through its subsidiaries, is also involved in specialized
financial activities including the offer and arrangement of
equity investments and the provision of mezzanine capital and
equity financing.

Pica makes direct investment in and offers financial assistance
to emerging companies where the injection of additional capital
and financing can generate growth and enhance the profitability
of these companies.

The Company seeks out under-performing and/or under-valued
companies with significant growth potential. Through equity-
participation, it uses its expertise to restructure these
companies and add value to its clients. Its skills range from
corporate finance management to strategic planning and
investment advisory services.

In addition, Pica's network allows it to offer and arrange
intermediary services between Malaysian and overseas investors
and businesses to capitalize on existing resources and to
develop new markets. Its subsidiaries are also involved in
money-lending, fund management and investment advisory services.

In February 2000, the Company embarked on a rigorous plan to
invest in IT-related ventures, via its newly incorporated
subsidiary Pica dotCom. Pica dotCom entered into an agreement to
acquire a 20 percent stake in Oxford Media Sdn Bhd, a premier e-
commerce payment solution provider through a system called
CYBANK. The 20 percent stake entitles the Company to a 14
percent equity interest in CB International Ltd, the owner of
intellectual property rights to the CYBANK system.


ROHAS-EUCO: Update On Material Litigation
-----------------------------------------
Rohas-Euco Industries Berhad (REI) announced that UCIS Sdn Bhd
(UCIS), the judgment creditor, has transferred 1,152,000
TimedotCom Berhad ordinary shares at RM3.30 per share into REI's
Central Depository System (CDS) account on May 3, 2001. UCIS has
fully satisfied its settlement commitments to REI. The debts due
from UCIS has been fully provided for in the accounts of REI.

Background

Rohas-Euco began in 1966 as Euco Metals, manufacturing window
louvres, and soon expanded into manufacturing of pressed steel
water tanks and other pressed metal products.

In 1986, it diversified into fabrication of steel lattice tower
structures and in 1988, into the manufacture of glassfibre
reinforced panel (GRP/FRP) water tanks under licence from
Bridgestone Corporation of Japan.

The pressed steel sectional water tanks manufactured are
marketed under the `Euco' brand name whilst subsidiary, Potaglas
Tank Sdn Bhd, manufactures GRP/FRP sectional water tanks under
the `Potaglas' trademark. Hot-dipped galvanizing services are
carried out on premises and facilities provided by subsidiary,
Galvanising Engineering and Services Sdn Bhd.

In 1996, the Group moved into the upstream manufacture of sheet
moulding compound (SMC), a raw material for the Group's GRP
water tank panels under its associate company, Bridgestone-REI
Komposit Sdn Bhd.

The Group continued to make progress in 1997, with the export of
steel lattice structures into the regional markets, such as
Cambodia, Indonesia, Philippines, Thailand and Vietnam. The
Group continues to support power transmission and
telecommunication infrastructure needs, both locally as well as
in the region.

The Group diversified into the water treatment sector in year
2000 with the securing of the mechanical and electrical works
and associated civil works for the Bukit Badong water treatment
plant in Sungai Selangor Phase 3 privatizaion scheme.


S&P FOOD: Names Newco
---------------------
S&P Food Industries (Malaysia) Berhad announced, pursuant to the
announcement made on May 2, 2001, "Newco" will hereinafter be
known as Cepatwawasan Group Berhad (CGB).

Details Of The Revision

Proposed Rights Issue

SPF wishes to abort the proposed rights issue of 8,050,000 new
CGB ordinary shares of RM1.00 each at par on the basis of one
new CGB ordinary share for every one CGB ordinary share of
RM1.00 each held after the Proposed Scheme of Arrangement.

Proposed Shareholders' Advance

Pursuant to the abortion of the Proposed Rights Issue, certain
vendors of the companies to be acquired pursuant to the Proposed
Acquisition of New Businesses proposed to advance RM5.0 million
cash ("Proposed Shareholders' Advance") to CGB upon completion
of the Proposed Acquisition of New Businesses and Proposed
Acquisition of Oil Palm Estate.

The said Proposed Shareholders' Advance will have no fixed term
of repayment and will bear interest at a rate based on Malayan
Banking Berhad (Maybank)'s base lending rate (BLR) for the first
year of the advance and subsequently at 2 percent per annum
above Maybank's BLR.

Rationale For Revisions

Proposed Rights Issue

The decision to abort the Proposed Rights Issue was made after
taking into consideration current weak market conditions and the
market price of SPF ordinary shares which had dropped from
RM1.56 on August 15, 2000 (being the last transacted price prior
to the date of the announcement of the Proposals) to close at
RM0.38 on May 8, 2001. Thus, the Directors of SPF anticipate a
difficult and time-consuming process in implementing the
Proposed Rights Issue, in particular, seeking and securing
underwriting thereto.

Proposed Shareholders' Advance

The Proposed Shareholders' Advance, which does not have any
fixed term of repayment, is to provide CGB and its proposed
subsidiaries (CGB Group) with adequate funds to meet its
obligations for the cash settlement pursuant to the Proposed
Debt Restructuring and to pay part of the estimated expenses of
the Proposals.

Price Fixing

Subject to the approval by the Securities Commission (SC), SPF
proposes to fixed the issue price of the new ordinary shares and
the conversion price of the five (5)-year 4 percent irredeemable
convertible unsecured loan stocks (ICULS) to be issued pursuant
to the Proposals at RM1.00, details of which are as set out
below:

(i) the issue price of the CGB new ordinary shares to be issued
pursuant to the Proposed Acquisition of New Businesses, Proposed
Acquisition of Oil Palm Estate and Proposed Capitalization of
Debts is fixed at RM1.00 after taking into consideration the
weighted average price of SPF shares for the five consecutive
market days to May 8, 2001 of RM0.48 and the par value of SPF
ordinary shares; and

(ii) the conversion price of the ICULS to be issued pursuant to
the Proposed Debt Restructuring and Proposed Claim Settlement is
fixed at RM1.00 on the same basis above.

Utilization of Proceeds

The revised gross proceeds to be received by CGB and the revised
proposed utilisation of the proceeds are set out in Table 1 and
Table 2 respectively.

Effects Of Revision

Issued and paid-up share capital

The effect of the Revisions to the issued and paid-up share
capital of CGB is set out in Table 3.

Earnings

The Revisions are not expected to have any material impact to
the earnings of the CGB Group.

Substantial Shareholders

The Revisions will not have any effect on the shareholding of
the substantial shareholders of CGB.

Net tangible assets (NTA)
The effect of the Revisions to the NTA of the CGB Group is set
out in Table 4.


Table 1

Gross proceeds to be received by CGB
                           As approvedRM'000  As revisedRM'000
Proposed Rights Issue                  8,050 -
Proposed Shareholders' Advance                             5,000
Proposed Disposal                      6,300               6,300
                                       14,350              
11,300

Table 2

Proposed utilisation
                      As approvedRM'000    As revisedRM'000
Cash settlement pursuant to the Proposed Debt Restructuring
                                    9,354             9,354
Working capital                     1,996              -
Estimated expenses                 3,000               1,946*
                                    14,350             11,300

Note:

* The balance of RM1.054 million of the expenses will be paid
using internally generated funds.

Table 3
The effect of the Revisions to the issued and paid-up share
capital of CGB is as follows:

(First Column Of Figure): As approved No. of CGB ordinary shares
of RM1.00 each           

(Second Column Of Figures): As revised No. of CGB ordinary
shares of RM1.00 each

Issued and fully paid-up on incorporation       2             2
To be issued to shareholders of SPF pursuant to the Proposed
Scheme of Arrangement                  8,050,000   8,050,000
To be issued pursuant to the Proposed Rights Issue
                                 8,050,000  -
                                 16,100,002 8,050,002
To be issued pursuant to the Proposed Acquisition of New
Businesses and Proposed Acquisition of Oil Palm Estate (Proposed
Acquisitions)
                                165,873,84       165,873,843
To be issued pursuant to the Proposed Capitalization of Debts
                              14,911,070    14,911,070
                              196,884,915  188,834,915
To be issued upon full conversion of the ICULS  
                             26,622,000     26,622,000
Enlarged share capital      223,506,915     215,456,915


TAIPING CONSOLIDATED: Implements CSA
------------------------------------
The Board of Directors of Taiping Consolidated Berhad has
announced that the Company had initiated the implementation of
the Proposed Composite Scheme of Arrangement of TCB and its four
(4) subsidiaries, namely Mayang Sari Sdn Bhd, Medan Canggih Sdn
Bhd, Crescent Hotels Sdn Bhd and Punca Makmur Sdn Bhd.

The Company, on March 23, 2001, issued a Circular to its
shareholders, together with the Notice of Book Closure Date, in
relation to the following:

The capital reconstruction of the Company comprising of:

a. proposed reduction in the issued and paid up share capital of
the Company from RM112,551,624 consisting of 225,103,248
ordinary shares of RM0.50 each to RM22,510,325 consisting of
225,103,248 ordinary shares of RM0.10 each; and

b. proposed consolidation of the 225,103,248 ordinary shares of
RM0.10 each into 22,510,325 ordinary shares of RM1.00 each.

In accordance with the abovementioned Circular, TCB will
dispatch the notice of allotment with respect to the
Consolidated TCB Shares within fifteen market days after April
5, 2001, being the Book Closure Date.

Correspondingly, the remaining proposals forming part of the
Proposed Composite Schemes of Arrangement, namely the Proposed
Restricted Issue and the Proposed ICPS Issue, is expected to be
implemented soon thereafter.

Background

Originally a tin mining company, the Company (TCB) branched into
its current core business of property development in 1990. Among
the landmark properties developed by the Group in Kuala Lumpur
is Lot 10, Star Hill Center, which houses Tangs Department Store
as its anchor tenant, and the JW Marriot International Hotel.
TCB is currently involved in the Sentul Raya project.

It is in the process of implementing a restructuring exercise,
proposed in March 1999, which includes a capital reconstruction,
scheme of arrangement with creditors, a restricted issue to YTL
Corporation Bhd (YTL) and the restructuring of subsidiary,
Sentul Raya Sdn Bhd (SRSB).
The restructuring exercise is in its final stage of completion.

The various proposals have received the approval of the SC, FIC
and the plan creditors of TCB and its four subsidiaries (the
plan companies).

On February 20m 2001, the High Court confirmed TCB's capital
reconstruction and sanctioned the composite plan of arrangement
of the plan companies.

As of March 2001, the Company is in the middle of implementing
the capital reconstruction, restricted issue and issue of ICPS
to creditors.

Upon the completion of these exercises, YTL will become TCB's
majority shareholder with the revived Sentul Raya development
project as its principal asset.


TAIPING CONSOLIDATED: KLSE OKs L and Q Of ICPS
----------------------------------------------
Taiping Consolidated Berhad announced that the Kuala Lumpur
Stock Exchange on May 4, 2001 approved the listing and quotation
of the ICPS, the Restricted Issue as well as the re-quotation of
the Consolidated Shares of TCB simultaneously on May 10, 2001.

Composite Schemes Of Arrangement (Under Section 176 of the
Companies Act, 1965) of Taiping Consolidated Berhad and its
subsidiaries, namely Mayang Sari Sdn Bhd, Punca Makmur Sdn Bhd,
Medan Canggih Sdn Bhd and Crescent Hotels Sdn Bhd and their
respective Scheme Creditors (Composite Schemes of Arrangement)
Capital Reconstruction of TCB comprising the following:

(a) Reduction of TCB's existing issued and paid-up share capital
by cancellation of 40 sen of the par value of the existing
ordinary share of 50 sen each and thereafter consolidation of
ten ordinary shares of 10 sen each into one (1) ordinary share
of RM1.00 each (Consolidated Shares);

(b) Cancellation of the total unissued share capital of TCB of
RM137,448,376 divided into 274,896,752 ordinary shares of 50 sen
each that has not been taken up;

(c) Reduction in the share premium account of TCB by an amount
of RM56.868 million.

Issue of up to 280,000,000 new Irredeemable Convertible
Preference Shares (ICPS) of RM1.00 each at an issue price of
RM1.00 per ICPS to the Scheme Creditors of the TCB Companies on
the basis of one (1) ICPS for every RM1.00 each of debt (ICPS
Issue).

Restricted Issue of 100,000,000 new ordinary shares of RM1.00
each at an issue price of RM1.00 per ordinary share to YTL
Corporation Berhad (Restricted Issue).


WEMBLEY INDUSTRIES: Status Of Debt Restructuring
------------------------------------------------
Wembley Industries Holdings Berhad announced there had been no
change to the status of the Company's proposed debt
restructuring exercise to regularize its financial condition as
announced December 14, 1999 and as indicated in the company's
announcement February 23, 2001.

Background

The Wembley Group's present focus is the implementation of the
Plaza Rakyat project. Following the liquidation and disposal of
several of its principal subsidiaries in 1999 and 2000, the
Group's financial viability hinges on the successful outcome of
its proposed debt restructuring and rights issue, which was
announced in December 1999.

Helmed by subsidiary Clifford Investments Ltd, construction
works for the development of the Plaza Rakyat project are
currently progressing at a slower pace.

The Group is concentrating on the development of the inter-state
bus and taxi terminal, the retail podium and the budget hotel
while other components such as the office tower, service
apartment and a 4-star hotel have been rescheduled and to be
undertaken in the near future.

Interim funding from its corporate proposals would enable the
Group to expedite the completion of the terminal, podium and
hotel and subsequently to generate development profit.

As of November 2000, approvals from the SC and Wembley's
shareholders are still pending.


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


NATIONAL STEEL: SEC's Decision Out By End May
---------------------------------------------
A decision by the Securities and Exchange Commission whether to
lease or liquidate National Steel Corporation's plants is
expected to be released by the month's end, AFX reported Monday,
citing SEC Chairwoman Lilia Bautista.

Bautista said, "The SEC will decide by the end of the month
whether it's lease or liquidation for National Steel." She also
added that the SEC might consider the latter course of action if
no strategic investors would come out in the open.


PILIPINO TELEPHONE: 1st-Qtr Loss Balloons To P1.4-B
---------------------------------------------------
Pilipino Telephone Corporation's (Piltel) loss for the first
quarter of the current year burgeoned to P1.4 billion from P1.2
billion incurred in the same period in the preceding year, Asian
Wall Street Journal reported Tuesday.

Piltel attributed the figure to higher expenditures on its
subscriber base expansion program. Marketing costs amounted to
P291 million, comprising 18 percent of the operating costs
totaling P1.6 billion.  

Piltel President Napoleon Nazareno said in a statement, "While a
number of operational issues still confront us, the continuing
success of Talk N Text (Piltel's digital service) and the near
completion of our debt rehabilitation plan gives us
encouragement and hope that 2002 will be our turnaround year."

He also added a majority of the creditors of Piltel, a unit of
Philippine Long Distance Telephone Company (PLDT), has approved
the company's debt restructuring plan, which will entail a
conversion to equity almost 50 percent of Piltel's P34-billion
liabilities.


URBAN BANK: UII Seeks Extension Of Debt Moratorium
--------------------------------------------------
Urbancorp Investments, Incorporated (UII), the investment arm of
closed Urban Bank, has filed a motion with the Securities and
Exchange Commission asking for a 60-day extension of its debt
moratorium while its prospective investors are working out the
term of their proposed rehabilitation plan for the said
investment house, Business World reported yesterday.

If granted the extension, the National Association of Urban Bank
and UII Depositors and Creditors (Naud) and the Export and
Industry Bank (Exportbank), World said, will have more breathing
space to devise the plans of their proposed rehabilitation plan
with the Philippine Deposit Insurance Corporation and the SEC
interim receiver. Once completed, the proposed plan will be
submitted for approval to the Bangko Sentral (Central Bank) and
the SEC.

However, should the SEC reject the motion, UII will demand
instead the commission's approval of the plan, subject to the
decision of the Bangko Sentral.

According to UII interim receiver Corazon dela Paz, the plan has
been receiving favorable feedback from creditors and
stockholders.


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


BANGKOK TRANSIT: Listing Bid Lapses
-----------------------------------
Bangkok Mass Transit System (BMTS) has lost its listing rights
in the stock market, as it allowed its listing bid to expire,
Business Day (Thailand) reported Tuesday. According to an
official at the Securities and Exchange Commission, BMTS has
cited it is in the process of restructuring its debts and it
might take time for BMTS to come up with a decision on its train
routes expansion plan.

BMTS, failed to achieve its capital increase plan, since it
applied for a flotation of 400 million shares in January last
year.

BMTS's debt restructuring plan is expected to be finalized
before this month ends and will be submitted to the creditors
for approval according to a source from bank creditors. Once the
plan is approved, BMTS will then apply for listing in the
market.


B GRIMM ENG'G: Will Pick Independent Financial Advisor
------------------------------------------------------
The Board of Directors of B. Grimm Engineering Systems Public
Company Limited, on April 30, 2001, acknowledged it would be
appropriate to restructure the company under rehabilitation
process. The board of directors has considered and agreed upon  
setting up the company's rehabilitation plan in order to present
it to B Grimm's shareholders.

B Grimm's managing director has been assigned the task of
selecting an independent financial advisor to be appointed by
the company's board of directors. B Grimm will inform the
Exchange of its choice.


PRASIT PATANA: Completes Rehab Plan
-----------------------------------
With reference to SET'S letter # Kor Tor 161/2544 (2001) dated  
April 9, 2001 regarding the announcement of the SET in relation
to the business rehabilitation and SET procedures, Prasit Patana
Public Company Limited announced as follows:

The Company, PhyaThai 2 Hospital Co Ltd and PhyaThai 3 Hospital
Co Ltd have chosen to rehabilitate their businesses and lodged
petitions for business reorganization to the Central Bankruptcy
Court on September 21, 2000; and the Court ordered the
rehabilitation of the Company and its two subsidiaries October
16, 2000.

Subsequently, the Court appointed PricewaterhouseCoopers
Corporate Restructuring Company Limited as the Planner of the
above companies on the same date.

The Planner completed and submitted the rehabilitation plan for
all three companies to the Official Receiver April 23, 2001. The
Official Receiver has already set a creditors' meeting date to
vote on the rehabilitation plan of the Company on May 29, 2001.


THAI PETROCHEMICAL: Bangkok Bank Acquires Common Shares
-------------------------------------------------------
Bangkok Bank Public Company Limited has become the owner of
1,896,493,909 common shares in Thai Petrochemical Industry
Public Company Limited, a petrochemical company, for a total of
Bt10,467,504,453.84.

This holding, when combined with the 20,083,132 shares
previously held by the bank, will raise its holding to
1,916,577,041 shares or 24.42 percent of Thai Petrochemical's
total paid-up capital of 7,848,911,211   common shares (par
Bt10).

Thai Petrochemical registered the increase in capital with The
Ministry of Commerce May 3, 2001.

Such holding of shares is a result of a debt to equity
conversion, which is part of Thai Petrochemical's debt
restructuring plan agreed upon between the bank and the company
with the approval of the Central Bankruptcy Court.


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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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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