/raid1/www/Hosts/bankrupt/TCRAP_Public/010514.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

                  Monday, May 14, 2001, Vol. 4, No. 94


                               Headlines



A U S T R A L I A

ANACONDA NICKEL: Posts S-Holders Update Report
ANACONDA NICKEL: Pulls Out Of Heron Project
CENTAUR MINING: Creditors To Lose A$571-M
CENTAUR MINING: On The Brink Of Liquidation
CENTAUR MINING: Fate To Be Decided Today
PELSART RESOURCES: Exchange Rejects Relisting Request
WATER WHEEL: Seeing Red
WORLD ACCESS: Voluntary Administrator Appointed


C H I N A   &   H O N G  K O N G

AKAI HOLDINGS: Creditors Seek Ruling In Case
CHINA DIGICONTENT: Trading Suspended
CHINA RESOURCES: Enters Into Subscription Deal
CHINA RESOURCES: Resumes Trading Of Derivative Warrants


I N D O N E S I A

CHANDRA ASRI: IBRA To Proceed With Restructuring
TIRTAMAS MAJUTAMA: Panel OKs Deal With IBRA


J A P A N

NIPPON SHINPAN: UFJ To Acquire Leasing Unit
SEAGAIA GROUP: Ripplewood To Take Over Resort
SNOW BRAND: Selling Pharmaceutical Ops To Daiichi
SUMITOMO CORP: Will Pay Y11-B For Rouge Trader's Losses


K O R E A

ANAM SEMICON: Divests 1.63% Stake
DAEWOO MOTOR: GM Bid Out This Week
HANJIN SHIPPING: Expects Losses Of W90-B
HYUNDAI INVESTMENT: W800-B In Bad Assets Discovered
HYUNDAI MERCHANT: May Curb Cruise Operations


M A L A Y S I A

NORTH BORNEO: Posts Loss Of RM325.3-M


P H I L I P P I N E S

URBAN BANK: SSS Expects Earnings Of Over P0.5-B


S I N G A P O R E

ASIA FOOD: Sells Stake In Golden Agri


T H A I L A N D

BUMRUNGRAD HOSPITAL: Faces Bankruptcy Suit
KRUNG THAI: Bankrupt, Court Declares
METROPOLIS TRUST: Bankruptcy Process Begins
PACIFIC FINANCE: Bankruptcy and Receivership Imposed
PRASIT PATANA: SET Posts SP Sign


     -  -  -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Posts S-Holders Update Report
----------------------------------------------
Anaconda Nickel Limited posted the following Chairman's Letter
To Shareholders and update report for the March Quarter and
April 2001:

With the Company's Murrin Murrin nickel cobalt operations now
consistently achieving monthly production levels in excess of 70
PERCENT of design capacity, it is appropriate that the Company
provide shareholders with a project update.

The update incorporates the recent quarterly report and
production results for the month of April 2001. We have also
taken the opportunity to provide a pictorial overview of the
Murrin Murrin operations.

This update and all subsequent shareholder updates will be
placed on Anaconda's website, www.anaconda.com.au, and I
encourage all shareholders to visit the Company's website,
particularly the Communication CenteR.

In relation to the Extraordinary General Meeting, you would
recently have received proxy forms all of which have a bar code
on the top right hand side. Each bar code relates to an
individual shareholding and it is important that each proxy form
is completed. If you have several proxy forms, you must return
them all if you wish to exercise your voting rights for your
entire shareholding.

Murrin Murrin production for April has consolidated the
significant step up achieved in March. April production reached
2676 tons Nickel for a 30-day month, maintaining production of
Nickel at above 70 percent of design capacity. In addition
Cobalt production was 181 tons, a further 11 percent increase on
the March production.

The production achieved in March also resulted in a step change
in the CI cash operating costs, falling from USD $1.85 to
US$1.32 lb, and have now demonstrated the robustness of the
operation with lower costs of US$1.28 for April. The combination
of higher production and reduced unit costs substantiates the
sub US$1.00 lb unit cash cost target that the Company has
continually focused on and underscores the Company's mission
statement "To be the world's most profitable producer of Nickel
and Cobalt through the development of Australia's dry
laterites".

An Extraordinary General Meeting is to be held on May 31, 2001,
at which time a number of resolutions, some received from Anglo,
one from other shareholders and one proposed by the Company, are
to be voted upon.

Following Anglo's issue of a press release stating its intention
to seek a shareholders meeting, the Company indicated to Anglo
that it would respond to all of the issues Anglo had raised. The
Company set a time frame of 120 days to prepare a strategic
review, including independent reports, so that the Board would
be able to inform all shareholders ahead of any vote. Anglo,
however, proceeded to formally requisition the shareholders
meeting, requiring it to be held within
60 days, effectively denying the opportunity for shareholders to
be fully informed on all relevant issues ahead of the meeting.

The Board has appointed a Strategic Review Committee comprising
non-aligned non-executive Directors, which has been empowered to
commission an independent review of the Company's operating
technical strategic and financial positions. Unfortunately, it
is unlikely this review will be completed in time for the Board
to inform shareholders ahead of the EGM due to the timetable
imposed on the Company by Anglo's requisition.

In the meantime, the operating performance of Murrin Murrin
continues to be ahead of planned ramp up and consolidating its
March performance in April at 72% of design capacity. The
Company remains confident that Murrin Murrin will reach its
design capacity on target in June 2002.

Three Nickel Provinces

Central Nickel Province

The integrity of the Murrin Murrin ramp up schedule is now
confirmed by two consecutive months of production at or above 70
percent of design capacity. During the March Quarter overall
nickel recovery was 83 percent, up from 74 percent in the
December Quarter. In March and April recovery was 86 percent,
closing rapidly on the design recovery of 92 percent.

The substantial improvement in performance of the operation
indicates that the comprehensive strategy and execution of
detailed plans for the rectification and ramp-up phase of Murrin
Murrin are delivering the results envisaged. The financial year
to the end of April nickel production of 16,782t is 94% of that
budgeted for the period. The operations and senior technical
team at Murrin Murrin have complete confidence in meeting its
ramp up production and cost forecasts.

Notional revenues based on April production at spot prices
continue to exceed operating and capital costs.

MURRIN MURRIN              MAR-00   MAR-01   MAR-01     APR-01
100%                          QTR    QTR      MONTH      MONTH
                          
Nickel Dispatched (t)       1,836    5,714   2,659      2,676

Cobalt Dispatched (t)         110     361        163        181

Average Ni Price            $4.27   $2.97      $2.78      $2.87
(US$/lb)

Average Co Price           $12.96   $10.91   $12.08     $10.94
(US$/lb)

FX Rate (US$)              0.6141   0.5311   0.5038     0.5029

Notional Revenue           $33.5m   $88.3m   $41.4m    $42.99m

Notional Operating         $56.3m     $62.5m     $24.5m     
$24.3m
Costs

Notional Operating        ($22.8m)  $25.8m     $16.9m     $18.6m
Cashflows

Royalties and Other         $5.2m   $6.2m      $2.5m      $2.4m

Working
Capital/Rectification       $9.9m   $14.4m     ($2.1m)    
($0.1m)

Capital Expenditure         $3.4m   $12.0m      $5.2m      $4.4m

Notional Free             ($41.3m)  ($6.8m)    $11.3m       $12m
Cashflow

Across the spectrum of key performance indicators, performance
for the March Quarter has steadily increased in line with
increased production.

                        MARCH    % CHANGE  % OF   MARCH   APRIL
                        QUARTER  FROM    DESIGN   MONTH   MONTH
                        MONTHLY  PREVIOUS  AT
                        AVERAGE  QUARTER  FULL
                                 MONTHLY RAMP UP
                                 AVERAGE

Leaching Circuit

Leach Feed Tonnes       167,600  +17%   49%    207,496   226,971
Autoclave Availability    54.4%  +0.7%   59%      60.3%  71.7%
Ni Extraction            88.9%   +0.3%   94%      91.0%  92.7%
Co Extraction             88.2%  +1.3%   95%      90.0%  90.5%

Metallurgical Recovery

Nickel                    82.7%  +11.6%   90%   86.6%    86.4%
Cobalt                    79.5%  +10.9%   90%   83.3%    81.4%

Reduced Metal

Ni Ton                1,905      34%   51%     2,659     2,676
Co Ton                  121      23%   48%       163      181

Reagent Usage

Acid - kg/t leach feed     405       3%  103%    422   369
Calcrete - kg/t leach feed 375       5%  108%    432   383
Ammonia - kg/t Ni reduced  877       5%  106%    823   857
Natural Gas - tj/day      14.4       6%  124%    14.4   15.0

The Fluor arbitration remains on schedule for hearing in January
next year, with Anaconda and Fluor exchanging primary
contentions during
the March Quarter. The findings will be binding on the parties
and will not be open to appeal on factual issues. It is
noteworthy that Fluor has abandoned the majority of its
counterclaim reducing that counterclaim from $474 million to
$108 million (which includes the $45 million bank guarantee
drawn down by Anaconda in September 1999). Anaconda's claim
against Fluor totals $1.2 billion.

Group nickel and cobalt resources (depleted for mining) at 0.5
percent (for upgradeable material) and 0.8 percent (non-
upgradeable ore) Ni cut-offs are 1,793 Mt at 0.75 percent Ni and
0.048 percent Co, with Murrin Murrin accounting for 812Mt at
0.79 percent Ni and 0.049 percent Co.

Northern Nickel Province

For the Mt Margaret Project, the March Quarter has focused on
completing the Feasibility Study and project optimization. The
public review of the PER submitted to Environment Australia and
the WA Environmental Protection Authority has been completed and
environmental approval is anticipated in July / August 2001.

Infill drilling for the Feasibility Study is complete with a
total resource of 517 Mt Ore reserves of 125 Mt leach feed
grading 1.09 percent nickel and 0.06 percent cobalt at a 0.8
percent nickel cut off now defined.

Design of a fully integrated closed circuit pilot plant of the
refinery process associated with the Anaconda Process was
completed and most of the major equipment for the pilot plant
was received during the March Quarter.

Anaconda signed a Heads of Agreement with a major international
producer of a range of precious and base metals in January under
which Anaconda may sell a 15 percent joint venture farm in
interest in the Mt Margaret project for up to US$100 million.

At the Murchison Project, resources currently total 330 Mt and
further drilling is expected to extend the resource base
available to the project. Batch Pressure Acid Leach (PAL)
testwork on samples selected to represent the major lithology
types identified during RC drilling were completed during the
March Quarter. The results show good leach kinetics with
excellent nickel and cobalt extraction reaching maximum values
after relatively short residence time.

Average acid consumption is low at an average of 270kg/t ore. On
the basis of these early results the project is expected to be a
large low cost operation similar in size to Mt Margaret.

Southern Nickel Province

Progress on the Cawse Expansion was delayed initially due to
court proceedings with Centaur and more recently due to Centaur
being placed under the management of an Administrator /
Receiver. Anaconda has continued to fully satisfy its
obligations under the Cawse Expansion Agreement it has in place
with Centaur Mining and Exploration Ltd. Centaur's action
against Anaconda in the Victorian Supreme Court was settled out-
of-court, with Centaur withdrawing all claims.

Resources currently total 595mt, but no drilling was carried out
during the March Quarter. Detailed continuous Pressure Acid
Leach (PAL) pilot plant trials were placed on hold when Centaur
went into Administration. Continuous beneficiation testwork was
completed during the March Quarter and provided sound upgrade
results.

Tenement acquisitions and resource delineation work continued on
the Broad Arrow project. The drilling program on the Goldfields
tenements planned for March Quarter 2001 has been temporarily
deferred.

Anaconda Industries

Work has continued on the proposed distribution of shares in
Anaconda Industries to the shareholders of Anaconda Nickel.
Progress continued during the March Quarter on the key assets
proposed to be included within Anaconda Industries as follows:

Officer Basin Water Supply

An Independent Review was finalized during the March Quarter by
Behre Dolbear, confirming Anaconda's understanding of the basic
characteristics of the Officer Basin structure. The key
characteristics are massive groundwater storage with active
recharge, significant aquifer permeability and hydraulic
continuity, low dissolved solids, and the capacity to produce
250 M1/day on a sustainable basis.

Anaconda will be responding to a State Government initiative to
establish the best option to enhance the Goldfields regional
water supply with proposals to exploit the Officer Basin.

Geraldton To Mt Margaret Gas Pipeline (GEMM)

The Office of Gas Regulation (Offgar) draft decision on Tariffs
on the Goldfields Gas Transmission Line (GGT), would require
further reductions of 30 percent on current reference Tariffs
for transporting gas through the GGT. This will provide not only
for substantial savings
in gas prices to Murrin Murrin, and more importantly the assets
of the 3NP, but also to all gas users in the Goldfields Region.

These substantial energy cost reductions make the development of
the
Goldfields to Mt Margaret Gas Pipeline (GEMM) less urgent,
though suitable larger baseloads than currently available will
add a high value to this wholly owned asset of the Company.
Anaconda will therefore continue to maintain its Pipeline
licence and development plans for GEMM in competition to the
GGT.

Mt Weld Phosphate

Testwork continued during the March Quarter on techniques for
the production of a phosphate concentrate (low in impurities -
iron, aluminum and magnesium) suitable for phosphoric acid
production. This work was complemented by continuous testwork to
produce phosphoric acid, which indicated a higher tolerance to
impurities than initially expected. This is proving to be an
important step forward in the Project's development.

Mt Weld Rare Earths

Work has continued on the best process to produce a suitable
intermediate product for sale. Improved Rare Earth recovery is
expected to provide an economic benefit to the Project. Global
Rare Earth supplies continue to reduce with Chinese export
volumes expected to be 20 percent lower than the previous
Quarter. As China supplies over 90 percent of the world's Rare
Earths, this raises speculation of increased prices and defaults
on long-term contracts, with end-users looking to secure second
source suppliers.

The John Forrest Voational Training and Education Center (VTEC)

Of the twenty-one most recent VTEC trainees, seventeen
Aboriginal graduates have been offered full time employment.
Recognizing the value of the VTEC in placing Aboriginal people
directly into work, the WA Department of Training has provided
pilot funding for a full time coordinator to run the VTEC
Program at Murrin Murrin.

Industry partnerships continue to develop with the successful
VTEC Executive Weekend Workshop held in Perth on 17 & 18 March.
Twenty-five major employers from the ASX Top 150 companies
participated in the workshop, supporting improved indigenous
employment and training programs. Anaconda's VTEC initiative
demonstrates substantial employment opportunities for Indigenous
people across Australia, and provides a successful model to
exploit those opportunities.

Nine Process Operators are undertaking their first round of work
experience within and outside ANO within the 2001 course.
Selection is now beginning for 10 places in the Engineering and
Trades Program to be run again this Quarter.

Corporate Finance

Morgan Stanley are working with the Shareholders Value Committee
to advise on the strategic options available to the Company.

Anaconda closed the March Quarter with Cash at Bank and Term
Deposits of $68 million as outlined below.

                                               $M
Anaconda Free Cash                              4
MMH Free Cash Reserves                          19
Debt Reserves and Term Accounts                 45

Total                                         $68

Anaconda's share of product sale receipts for the period totaled
$30. Two proposals for significant equity and debt are at
advanced stages of negotiation and finalization with the
Company's financial advisors, Berenson Minella & Company, New
York.

Extraordinary General Meeting

As previously advised, an Extraordinary General Meeting (EGM)
has been requisitioned by Anglo, and subsequently other
shareholders, and that meeting will be held on May 31, 2001.
Shareholders will be asked to consider resolutions requisitioned
by Anglo for the removal of the majority of non-aligned
directors, including executive directors, requisitions by other
shareholders for the removal of one of the Anglo representatives
on the Board, and a proposal by the Company.

Following the actions taken by Anglo, Ian Delaney, the Executive
Chairman of Sherritt International Corporation, has joined the
Board of Anaconda. Delaney has raised concerns of corporate
governance in regards to Anglo's actions and strongly endorsed
the Company's technology and management. He was appointed to the
Board on the retirement of Allan Coogan. The Company recognizes
the significant contribution of Coogan during his time as
Chairman. Subsequently, Norman C Fussell has been appointed
Chairman of the Board.


ANACONDA NICKEL: Pulls Out Of Heron Project
-------------------------------------------
Heron Resources Limited announced Anaconda Nickel Limited had
notified Heron of its withdrawal of caveats on the Goongarrie,
Ghost Rocks and Kalpini Nickel Projects. This enables Heron to
now deal, unencumbered, with these nickel assets.

The withdrawals were lodged by Anaconda on May 8, 2001. Anaconda
cited the fact that Heron "has terminated its alliance with
Centaur" as grounds for withdrawal.

The matter had been due for mention in the Kalgoorlie Warden's
Court on May 10, 2001. The Warden ordered that Anaconda pay
Heron's legal costs.


CENTAUR MINING: Creditors To Lose A$571-M
-----------------------------------------
Creditors of Centaur Mining & Exploration are expected to face
shortfalls of up to A$571 million, as asset sales by the company
could only fetch around A$79 million, as opposed to debts
estimated at A$653 million, Australasian Business Intelligence
reported Wednesday last week, citing administrator KPMG
Australia.

Apart from those debts, KPMG further added that the company owed
other debts including A$174 million in contingent liabilities,
around 77 percent of which is payable to Chase Manhattan Bank.


CENTAUR MINING: On The Brink Of Liquidation
-------------------------------------------
Centaur Mining and Exploration is on the brink of liquidation,
placing its creditors at the risk of losing a combined sum of
A$450 million, Australasian Business Intelligence reported
Wednesday last week, citing a report from Sydney Morning Herald.  
However, there is still hope for Centaur's survival should the
company come up with its bailout plan before the creditors
meeting scheduled today.

According to KPMG, Centaur's administrator, the company traded
while in the state of insolvency, before the appointment of
Stephen Hawke and Lindsay Maxstead both of KPMG Australia as
administrators.


CENTAUR MINING: Fate To Be Decided Today
----------------------------------------
The fate of Centaur Mining and Exploration, with debts of A$664
million, will be decided today at the creditors meeting to be
held in Perth, The Herald Sun reported Wednesday.

Centaur, which was put into receivership after it defaulted
payments on a US bond placement worth US$225 million, is facing
liquidation, should the creditors decide so.


PELSART RESOURCES: Exchange Rejects Relisting Request
-----------------------------------------------------
Following capital restructuring by converting the loan from the
major shareholder to equity of A$17,754,207 and the additional
injection of A$200,000 for shares, as approved by the last AGM,
Pelsart requested it be relisted. Despite attaining a stronger
positive financial position as compared to the negative equity
of $17,326,185 in 1999, the ASX refused. The ASX said the
company has not complied with listing rule 12.1. ("The level of
an entity's operation must, in ASX's opinion, be sufficient to
warrant the continued quotation of the entity's securities and
its continued listing").

While this is a disappointment, the boards of directors are
working towards the establishment of more activities.


WATER WHEEL: Seeing Red
-----------------------
Water Wheel Holdings Limited announced Tuesday its preliminary
final reports, posting, as of December 3, 2000, losses of
A$10.94 million, and accumulated losses of A$17.65 million,
Australasian Business Intelligence reported.

PricewaterhouseCoopers, which has been paid A$1.34 million, was
appointed to administer the company's rice and flour milling
operations.

For the period February 16, 2000 to June 29, 2000 the economic
entity traded under voluntary administration. Losses arising
from manufacturing and trading from December 4, 1999 to June 29,
2000 have been disclosed were disclosed as operating losses at
A$3.146 million on sales revenues of A$12.176 million.
                                                                   
On June 30, 2000 the economic entity entered into a Deed of
Company Arrangement. Under the Deed the economic entity's assets
were sold and trading ceased. Losses arising from June 30, 2000
to December 03, 2000 have been disclosed as extraordinary items
at A$6.812 (after tax).

At the end of the period, the company's net assets stood at
minus A$6.125.


WORLD ACCESS: Voluntary Administrator Appointed
-----------------------------------------------
The Board of Tele2000 Limited announced, following an earlier
release April 26, 2001, it has placed the Australian operations
under Voluntary Administration and appointed John Star of Star,
Dean-Willcocks, as Joint Voluntary Administrator. This
appointment is in relation to the filing for Chapter 11
Bankruptcy Protection by World Access Inc in the US, Tele 2000
has now been advised by the management of World Access Inc's
Australian Subsidiary, World Exchange Pty Limited,.

Tele2000 has a contract to provide telecommunications agency
services to World Exchange. The Directors of the Company are not
clear as to the effect the appointment of a Voluntary
Administrator to World Exchange will have on the operations of
the Company and are currently seeking legal advice regarding
this move.

The management of World Exchange has advised the Company that
they are currently holding discussions with several parties to
sell the business of World Exchange and are at an advanced stage
of negotiations.

Expression Of Interest To Purchase World Access

In the interest of protecting its position and contract with
World Exchange, Tele 2000 has also submitted an Expression of
Interest to John Star, the Joint Voluntary Administrator and has
commenced earnest negotiations to put together a consortium of
interested parties in an effort to purchase the World Exchange
business.

Negotiations are at a preliminary stage and Tele 2000 is only
one of several parties but the early indications are that a
number of entities are keen to be part of a biding consortium
together with Tele 2000. However, there are no guarantees of a
positive outcome and in any event any agreement reached will be
subject to satisfactory due diligence and the entering of
acceptable contracts with Telstra and other Telcos, which
currently provide services to World Exchange.

Further, relative to World exchange, Tele 2000 is a considerably
smaller company and there can be no certainty that the formation
of a consortium will be successful or funding of the transaction
possible.


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


AKAI HOLDINGS: Creditors Seek Ruling In Case
--------------------------------------------
Creditors, including Bank of Scotland and Emirates Bank
International, of bankrupt Akai Holdings, urged Judge Maria Yuen
Ka-ning Wednesday last week to rule on the case of the company
against the Grande Group, South China Morning Post reported
Thursday last week.

The creditors are asking the judge to appoint liquidators from
RSM Nelson Wheeler, and according to the report, this must be
resolved amid accusations of assets embezzlement and the "de
facto surrender" of the company in December, allegedly by Akai
Chairman James Ting, to the Grande Group, without informing the
exchange and the stockholders.

Further, according to the Official Receiver's Office, the
concerns inciting the move range from record-breaking losses and
debts to the misappropriation of assets and a lack of co-
operation from Akai's directors.

It was discovered Toyo Holdings, 27.53-percent owned by Grande
Holdings, extended loans to Akai amounting to HK$790 million.
Toyo is now named Old2New Technology.

Meanwhile, Crescent Court, another Akai creditor, is filing for
the appointment of liquidators from Kennic Lui & Company.


CHINA DIGICONTENT: Trading Suspended
------------------------------------
Upon the request of China DigiContent Company Limited, trading
in its securities will be suspended, effective 10:00 AM today
May 11, 2001, pending the issue of a hearing progress
announcement. The hearing will be conducted in a Bermuda court
concerning the application by Standard Chartered Bank for the
appointment of provisional liquidator.


CHINA RESOURCES: Enters Into Subscription Deal
----------------------------------------------
The Directors of China Resources Enterprise Limited announce
that the Company today entered into a subscription agreement
whereby Morgan Stanley & Co. International Limited (MSI) has
agreed to procure subscribers, who are institutional investors
(being independent third parties), or subscribe for an initial
aggregate principal amount of US$200,000,000 (approximately
HK$1,560 million) convertible guaranteed bonds to be issued by a
wholly-owned subsidiary of the Company, Hebe Haven Inc.. The
Bonds are convertible into shares of HK$1.00 each of, and
guaranteed by, the Company.

In addition, MSI has been granted an option to require the
Issuer to issue up to a further US$30,000,000 (approximately
HK$234 million) of aggregate principal amount of the Bonds.  
Further announcement shall be made by the Company upon the
exercise of the option by MSI.

Assuming full conversion of the Bonds (including the Bonds which
may be issued upon the exercise of the option), the Company will
issue approximately 119,600,000 new shares, representing
approximately 5.95 percent of the existing issued share capital
of the Company and approximately 5.62 percent of the enlarged
issued share capital of the Company.  Subject to certain
conditions, the subscription agreement is expected to be
completed, and the Bonds issued, on or about May 31, 2001.

At the request of the Company, trading in its Shares on the Hong
Kong Stock Exchange was suspended from 10:00 AM Thursday,  May
10, 2001 pending the release of this announcement. Application
has been made by the Company for the resumption of trading of
the Shares and it is expected that trading will resume at 10:00
AM Friday, May 11, 2001.

All Hong Kong dollar equivalents shown in this announcement is
calculated with an exchange rate of HK$7.7997=US$1.00

Introduction

The Directors of the Company announce that the Company entered
into a subscription agreement whereby MSI has agreed to procure
subscribers, who are institutional investors (being independent
third parties) or subscribe for an initial aggregate principal
amount of US$200,000,000 (approximately HK$1,560 million) Bonds
to be issued by a wholly-owned subsidiary of the Company, Hebe
Haven Inc. (the Issuer).  The Bonds are convertible into shares
of HK$1.00 each of, and guaranteed by, the Company.  In
addition, MSI has been granted an option to require the Issuer
to issue up to a further US$30,000,000 (approximately HK$234
million) of aggregate principal amount of the Bonds.  Further
announcement shall be made by the Company upon the exercise of
the option by MSI.  

New shares of HK$1.00 each of the Company (the Shares) will be
issuable upon conversion of the Bonds and will rank pari passu
in all respects with existing Shares and will be issued pursuant
to, and covered by, the general mandate given to the Directors
by resolution of the shareholders of the Company passed at the
Annual General Meeting of the Company held June 19, 2000.  
Application will be made to the Hong Kong Stock Exchange Limited
for the listing of and permission to deal in the Shares to be
issued on conversion of the Bonds.

Use Of Proceeds

The net proceeds from the issue of the Bonds, expected to amount
to approximately US$195,000,000 (approximately HK$1,521 million)
before deducting expenses (or, if an additional US$30,000,000
aggregate principal amount of Bonds are issued, approximately
US$224,250,000 (approximately HK$1,749 million) before deducting
expenses), will be used primarily as general working capital to
discharge the Company's obligations.

Principal Terms of the Bonds and the Issue

The principal terms of the Bonds and the basis on which the
Bonds will be issued may be summarized as follows:

Issue: US$200,000,000 (approximately HK$1,560 million) aggregate
principal amount of convertible guaranteed bonds due 2006,
convertible into Shares at the option of the holders of the
Bonds.  The Bonds will be in registered form in the denomination
of US$1,000 each or integral multiples thereof and constituted
by a trust deed to be entered into by the Issuer and the Company
with The Bank of New York as trustee.  The Bonds will be issued
at par.

In addition, MSI are entitled at any time on or about July 3,
2001 to require the Issuer to issue up to a further
US$30,000,000 (approximately HK$234 million) of aggregate
principal amount of the Bonds.

Conversion Period: From on or after July 11, 2001 up to on or
about May 17, 2006.

Conversion Price: HK$15.00 per Share, representing a premium of
approximately 18.1 percent to the closing price of HK$12.70 per
share as quoted on the Stock Exchange on May 9, 2001, with a
fixed rate of exchange on conversion of HK$7.7997=US$1.00. The
Conversion Price will be subject to adjustment for, inter alia,
subdivision or consolidation of shares, bonus issues, rights
issues and other dilution events. Shares issued on conversion
will rank pari passu in all respects with the Shares then in
issue on the relevant conversion date.

Final Redemption: Unless previously purchased and cancelled,
converted or redeemed in certain circumstances, each Bond will
be redeemed at 121.78 percent of its principal amount on or
about May 31, 2006 (the Maturity Date).

Redemption at the Option of the Issuer: On or at any time after  
June 1, 2004 and prior to the Maturity Date, the Issuer may
redeem all, but not some, of the Bonds, subject to giving not
less than 30 nor more than 60 days' advance notice, at their
principal amount plus a premium.  No such redemption may be made
unless, inter alia, (i) the closing price of the Shares on The
Stock Exchange of Hong Kong Limited shall have been at least 130
percent of the Conversion Price in effect on the last day of a
period of 30 consecutive calendar days, or (ii) at least 90
percent in principal amount of the Bonds have already been
converted, redeemed or purchased and cancelled.

Negative Pledge: The Issuer and the Company will each give a
negative pledge in relation to its Relevant Debt. "Relevant
Debt" means subject to certain exceptions any present or future
indebtedness, in the form of, or represented by, bonds, notes,
debentures, loan stock or other securities which are for the
time being quoted or dealt in on any stock exchange or other
similar regulated securities market.

Conditions: The completion of the Agreement is conditional upon
the fulfillment of various conditions, including the Hong Kong
Stock Exchange having granted the listing of and permission to
deal in the Shares to be issued on conversion of the Bonds.  The
Agreement may be terminated in certain circumstances, in
particular, events constituting force majeure, for example,
civil commotion, acts of war, which makes it impracticable to
market the Bonds.

Effect On The Share Capital

Assuming full conversion of the Bonds (including full conversion
of the additional Bonds which may be issued pursuant to the
exercise of the option by MSI) at the Conversion Price, the
Company will issue approximately 119,600,000 new Shares,
representing approximately 5.95 percent of the existing issued
share capital of the Company and approximately 5.62 percent of
the enlarged issued share capital of the Company.

Subject to the foregoing, the Agreement is expected to be
completed, and the Bonds issued, on or about May 31, 2001.

The company will undertake to the Stock Exchange that it will
ensure that the substantial shareholder and directors of the
Company and their respective associates (as defined in Chapter 1
of the Rules governing the listing of securities) will not
subscribe for any of the convertible bonds at the issue of such
securities, and that, after the issue of the Bonds, the Company
will disclose to the Stock Exchange any dealings by any
substantial shareholder and directors of the Company and their
respective associates (as defined in Chapter 1 of the Rules
governing the listing of securities) of the Company from time to
time in the Bonds immediately upon the Company becoming aware of
such dealings.

Suspension And Resumption of Trading

Upon the request of the Company, trading in its Shares on the
Stock Exchange was suspended from 10:00 a.m. on Thursday, May
10, 2001 pending the release of this announcement.  Application
was made by the Company for the resumption of trading of the
Shares and it was expected that trading would resume at 10:00 AM
on Friday May 11, 2001.


CHINA RESOURCES: Resumes Trading Of Derivative Warrants
-------------------------------------------------------
Trading in the shares of China Resources Enterprise Limited
resumed with effect from 10:00 AM May 11, 2001.

Accordingly, the following derivative warrants will also be
resumed:

Stock Code      Stock Short Name
----------      ----------------
2190            CS-C RES@EC0112
2201            CL-C RES@EC0108
2202            KC-C RES@EC0107
2211            MB-C RES@EC0107
2239            ML-C RES@EC0111
2244            SG-C RES@EC0109
1708            MB-C RES@EC0112


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


CHANDRA ASRI: IBRA To Proceed With Restructuring
------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will uphold the
decision of the Financial Sector Policy Committee (FSPC) and
proceed with the debt restructuring of PT Chandra Asri
Petrochemical Center (CAPC), notwithstanding the opposition to
the proposed debt-to-equity conversion, Asia Pulse reported
Wednesday last week, citing IBRA Deputy Chief Irwan Siregar.

Siregar said the agency had yet to sign the decision of the
FSPC, since the matter had not been discussed in detail. He also
added that the agency recognized the full authority of the
committee to decide the Chandra Asri's debt restructuring,
including the negotiations with Marubeni.

The committee's decision calls for the conversion of debts worth
US$375 million to Chandra Asri equity. This amount comprises
about 88 percent of the entire sum of debts.

IBRA is opposing the proposed conversion of all its liabilities
to Chandra Asri into shares, calling for equal amounts of debts
to be covered by the disputed exercise for both creditors, IBRA
and Japanese conglomerate, Marubeni.


TIRTAMAS MAJUTAMA: Panel OKs Deal With IBRA
-------------------------------------------
The Financial Sector Policy Committee (FSPC) has given its nod
to the proposed debt restructuring plan of PT Tirtamas Majutama
and its subsidiaries, Jakarta Post reported Thursday last week.

Under the proposed plan, the Indonesian Bank Restructuring
Agency (IBRA) would be granted the controlling 70-percent stake
in the Newco, an offshoot company to settle the debts of
Tirtamas and its subsidiaries owed to IBRA. Honggo Wendratno and
his company PT Silakencana Tiralestari will take the 30-percent
stake.

Tirtamas, will retain its holding company status, with control
over all units apart from units engaged in petrochemical
operations.

The Newco will then have a stakeholding in Pt Trans Pacific
Petrochemicals Indotama (70 percent), Polytama Propindo (80
percent) and Pt Petro Oxo Nusantara and PT Pacific Fibertama
(both 50 percent).


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


NIPPON SHINPAN: UFJ To Acquire Leasing Unit
-------------------------------------------
UFJ Holdings Incorporated has announced it will acquire Nippon
Shinpan Company's leasing subsidiary, through the purchase of
new shares, which is part of UFJ's bid to reinforce small- and
mid-size enterprises, Japan Times Online reported Friday.

Sanwa Bank, is also going to participate in the purchase of new
shares worth Y8 billion to be issued by the leasing company.

The leasing company will then be renamed NBL Company.


SEAGAIA GROUP: Ripplewood To Take Over Resort
---------------------------------------------
Collapsed Seagaia Group's resort complex in Miyazaki Prefecture
is going to be sold to Ripplewood Holdings Group, an American
investment company, which has proposed to acquire the resort's
management rights, Asian Wall Street Journal reported Thursday
last week. Ripplewood plans to appoint Marriott International
Incorporated to take control over the resort's operations.

Last February, the public-private sector joint venture project,
Seagaia, filed for bankruptcy protection with debts amounting to
Y272.2 billion.


SNOW BRAND: Selling Pharmaceutical Ops To Daiichi
-------------------------------------------------
Snow Brand Milk Products Company has agreed to sell its
pharmaceutical business to Daiichi Pharmaceutical Company in
March next year, Kyodo News reported Friday.


SUMITOMO CORP: Will Pay Y11-B For Rouge Trader's Losses
-------------------------------------------------------
Trading house Sumitomo Corporation is going to make payouts of
Y11 billion for huge losses incurred due to illegal futures
trading on the London Metal Exchange. Former Sumitomo copper
trader Yasuo Hamanaka, who made the trades, is currently in
prison serving an 8-year sentence, Mainichi Shimbun reported
Friday. The company agreed to the payouts in an out-of-court
settlement on compensation lawsuits filed by 51 American
companies.


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


ANAM SEMICON: Divests 1.63% Stake
---------------------------------
The Korea Herald reported Friday last week that Anam
Semiconductor has divested its 1.63 percent stake in affiliate
Anam Electronics, as covered by a scheme to spinoff the
electronics maker. The chipmaker thus has reduced its stake
holding to 29.63 percent, or 1.853 million shares, from 32.4
percent acquired through a debt-for-equity swap.


DAEWOO MOTOR: GM Bid Out This Week
----------------------------------
According to an unidentified government source, General Motors
(GM) is likely to submit its proposal to take over Daewoo Motor
within this week, before full-scale negotiations commence late
this month, The Korea Herald reported Friday, citing Yonhap News
Agency.

The source said, "GM's board has tentatively approved the
takeover plan for Daewoo early this month. Bilateral talks
between GM and Daewoo creditors will get into full swing
starting May 21."

However, a takeover price bid is not likely to meet
expectations, as there are no clear cut terms on employee
succession and scope of takeover.


HANJIN SHIPPING: Expects Losses Of W90-B
----------------------------------------
With the weakening won, Hanjin Shipping Corporation expects to
register losses of W90 billion in the first quarter,
notwithstanding the escalating figures in sales and operating
revenues, The Korea Herald reported Friday.

Sales are estimated to reach W1.216 trillion, climbing 24.5
percent from that recorded in the same period last year.
Likewise, the operating revenue is expected to rise 340 percent
at W102 billion.

Hanjin, to procure new vessels, has borrowed foreign loans
amounting to $2.75 billion.


HYUNDAI INVESTMENT: W800-B In Bad Assets Discovered
---------------------------------------------------
An asset evaluation conducted by the government unearthed hidden
bad assets worth up to W800 billion in the troubled Hyundai
Investment Trust and Securities (HITS), The Digital Chosun
reported Friday last week, citing a top government official.

It was feared this new development would hurt the negotiations
with US-based AIG Consortium for capital investment of US$1
billion. However, according to the source, AIG has already been
apprised of this discrepancy.

These unearthed hidden liabilities would add to the Hyundai's
hefty financial burden, standing at W2 trillion in debts. The
government is expected to infuse fresh funds of up to W900
billion into the company.

Negotiations with AIG are expected to be finalized next month,
while AIG's asset evaluation on Hyundai Group's financial unit
is scheduled to be completed by the middle of this month.


HYUNDAI MERCHANT: May Curb Cruise Operations
--------------------------------------------
Due to the dwindling number of tourists to the Mt. Kumgang
resort, cruise operations of Hyundai Merchant Marine may be cut,
beginning Wednesday The Korea Herald reported Friday, citing a
source at the company, The Korea Herald reported Friday, citing
a source at the company.  It is likely only seven to eight
cruises per day, down from 21 trips for the period May 16-31,
will be scheduled. The cruise ship Kumgang-ho and hi-speed boat
Solbong-ho might be ferried to carry out the limited operations.


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


NORTH BORNEO: Posts Loss Of RM325.3-M
-------------------------------------
Following the announcement of the Fourth Quarterly Report on
consolidated results for the financial period ended December 31,
2000 of the Company on February 26, 2001, North Borneo
Corporation Berhad announced that the Company's accounts have
now been audited and the following are the material deviations
that arose from the audit:

(i) consolidated loss after taxation and extraordinary items
attributable to members of the company: RM325.295 million, as
opposed to unaudited results of consolidated loss of RM4.57
million;

(ii) loss per share (based on ordinary shares): 491.95 sen, as
compared to previous announcement of 6.91 sen; and

(iii) net tangible assets per share: -137 sen, as compared to
+339 sen in previous announcement.

Additional Provisions Against The Profit And Loss Account

The difference between the actual results of RM325.3 million and
the fourth quarterly results of RM4.57 million was due to the
additional provision of RM320.73 million made in respect of the
following items:

(a) Full provision has been made to write off the principal sum
of RM148.61 million and interest receivable accrued of RM23.68
million owed by Kinabalu Credit Sdn Bhd (KCSB) to the Company.

(b) Full provision has also been made to write off the
development properties of RM127.6 million of which an advance of
RM95.6 million was made by the company to its wholly-owned
subsidiary, Sino World Corporation Sdn Bhd (in liquidation), who
used such advance to pay part of the purchase price for a piece
of land in Labuan.

(c) Full provision has also been made to write off the project
expenditure of RM15 million in respect of the proposed chip mill
project in Pitas, Sabah and the project to set up barter trade
and port facilities at Wallace Bay, Sabah.

(d) Full provision has also been made to write off the project
expenses of RM105,000 in respect of the project to set up barter
trade and port facilities at Wallace Bay, Sabah.

(e) Full provision has also been made to write off the fixed
assets of RM232,000 in respect of the construction work in
progress of the chip mill project in Pitas, Sabah which has been
abandoned since 1998.

(f) Full provision has also been made to write off the goodwill
of RM5.5 million arising from the acquisition of 10 shares in
Bentapuri Sdn Bhd, a 60% owned subsidiary set up for the
proposed chip mill project at Pitas, Sabah.

The matters set out in items (a) and (b) above were disclosed in
notes 15 and 19 to the Fourth Quarterly Report.

When the Fourth Quarterly Results were announced February 26,
2001, the Board of Directors was not in a position to determine
whether any provision should be made in respect of the matters
disclosed in notes 15 and 19 to the Fourth Quarterly Report as
most of the directors were only appointed in August/September
2000.

Subsequent to the announcement of the Fourth Quarterly Results,
the Board of Directors has formed the view that full provision
should be made for the matters described above after obtaining
advice from the solicitors and the auditors.

The reasons for making the full provisions are as follow:

(i) The Company had obtained judgment against KCSB on March 12,
2001. However, the Company's attorneys, via their letter dated  
April 4, 2001 advised the Company that the likelihood of
recovering the judgment sum of RM173.6 million or even a part
thereof from KCSB is very slim.

(ii) The Company has obtained opinions from two separate legal
firms on the recoverability of advance owed by Sino World to the
Company. The opinions given are the same in that the advance
owed by Sino World is unsecured and since it has been wound up
by the Court, the assets will be handled by the Liquidator.

(iii) The Board of Directors is of the view that the proposed
chip mill project in Pitas, Sabah and the project to set up
barter trade and port facilities at Wallace Bay, Sabah are not
viable in the near future especially in view of the current
economic conditions. As such, all costs incurred in respect of
such projects should be written off.

Based on its draft audited accounts for the financial year ended
December 31, 2000, there would be a deficit of RM90.9 million in
the adjusted shareholders' equity of the Company on a
consolidated basis. Therefore, the Company falls within the
criteria of an "affected listed issuer' set out in the Practice
Note.

3) Obligations Of The Affected Listed Issuer

Pursuant to Paragraph 8.14 and the Practice Note, the Company
must announce the obligations of the Company imposed by
Paragraph 8.14 and the Practice Note. Such obligations of the
Company include the following:

(a) Disclosure Obligations

In addition to the requirement to make this First Announcement,
the Practice Note requires the Company to:

(i) announce the status of its plan to regularize the financial
condition of the Company and its subsidiaries on a monthly basis
until further notice from the KLSE;

(ii) announce its compliance or failure to comply with a
particular obligation imposed pursuant to the Practice Note, as
and when such obligations becomes due; and

(iii) submit to the KLSE monthly reports ("the Monthly Reports")
together with statutory declarations duly executed by or on
behalf of the Board of Directors of the Company (in the manner
prescribed in the Practice Note), whereby the Monthly Reports
must include, inter alia, details of all related party
transactions of the Company and its subsidiaries, and
outstanding balance(s) due to the Company and its subsidiaries
by the substantial shareholders and directors of the Company.

(b) Timelines to Regularize Financial Condition

The Company must observe the following time schedules:

(i) make announcement to the KLSE (which fulfills the KLSE's
requirements) of a plan to regularize the financial condition of
the Company and its subsidiaries within 6 months from the date
of this First Announcement.

(ii) submit its plan to regularize the financial condition of
the Company and its subsidiaries to the relevant authorities for
approval within 2 months from the announcement mentioned in item
(i) above; and

(iii) obtain all approvals necessary for the implementation of
the plans to regularize the financial conditions within 4 months
from the date of the submissions of the Applications.

(c) No Monitoring Accountant

Based on paragraph 6.1 of the Practice Note, the Company is NOT
required to appoint an independent accounting firm as a
monitoring accountant.

(4) Consequences Of Non-Compliance

If the Company fails to comply with the requirements of
Paragraph 8.14 and the Practice Note, the Company may be
regarded as a listed issuer whose financial condition does not
warrant continued trading and/or listing on the KLSE.

As a result, the KLSE may suspend the trading of the listed
securities of the Company (if it has not been previously
suspended) and/or de-list the Company from the Official List of
the KLSE. However, the KLSE will accord due process to the
Company prior to effecting any suspension and/or de-listing.

(5) Plan To Regularize Financial Conditions

The Company is presently in the process of conceptualizing a
plan to regularize its financial position. For this purpose, the
Company has appointed Malaysian International Merchant Bankers
Berhad and other relevant advisors to assist the Company on this
matter.

Subsequent announcements on the status of such plan will be made
on a monthly basis by the Company to the KLSE, in accordance
with the requirements of the Practice Note.


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


URBAN BANK: SSS Expects Earnings Of Over P0.5-B
-----------------------------------------------
According to Social Security System (SSS) Chairman and President
Vitaliano Na¤agas, SSS is eyeing to earn over P500 million in
interest income from a planned investment of P600 million in the
Export and Industry Bank (EIB), which is working out its
takeover and rehabilitation bid for both Urban Bank and
Urbancorp Investment Incorporated (UII), The Philippine Star
reported Friday.

The capital investment by SSS in EIB, which is under the
proposed rehabilitation scheme for the closed bank, will be made
through a three-year convertible and renewable bond placement,
the report said. SSS will thus have the choice to convert these
bonds into common shares once the merger among EIB, UBI and UII
takes place.

EIB, in turn, will make a fund injection worth P2.6 billion into
the merged entity, apart from P1.256 billion from the conversion
of 10 percent of Urban Bank's deposits and investments. Thus,
the merged entity will have a capitalization of P4.456 billion
at the initial stage, before other increments and earnings
estimated at about P1 billion come in.


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


ASIA FOOD: Sells Stake In Golden Agri
-------------------------------------
The respective Boards of Directors of Asia Food & Properties Ltd
(the "Vendor") and Golden Agri-Resources Ltd (GAR), a 55
percent-owned subsidiary of AFP, announced Thursday that AFP had
on May 10, 2001 entered into a conditional put and call option
agreement with Witty East Holdings Limited (the "Purchaser")
whereby AFP granted to the Purchaser a call option to require
AFP to sell to the Purchaser, and the Purchaser granted to AFP a
put option to require the Purchaser to purchase (collectively,
the "GAR Option"), 650,602,784 ordinary shares of US$0.10 each
in the capital of GAR representing approximately 30 percent of
the issued and paid-up share capital of GAR as at the date
hereof (the "Option Shares").

The consideration for the sale and purchase of the Option Shares
has been agreed at the total sum of US$97,590,418, equivalent to
US$0.15 per Option Share.

The exercise of the GAR Option is subject to the satisfaction or
waiver, as the case may be, of certain conditions.

Listed on the Stock Exchange of Singapore in 1999, GAR is one of
the largest vertically integrated palm oil plantation companies
in the world. Its principal operations are located in Indonesia.
With a total planted area of 273,000 hectares, the Company's
primary activities include the cultivation and harvesting of oil
palm trees, collecting fresh fruit bunch and processing them
into crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening. As a result of its maturing tree profile and
improved crop yields, GAR has increased its CPO production from
610,000 tons in 1999 to 850,000 tons last year.

GAR also operates 18 palm-oil processing mills, two refineries
and four kernel crushing mills.

The Purchaser is a company incorporated in the British Virgin
Islands and is wholly owned by PT Indofood Sukses Makmur Tbk, a
company listed on the Jakarta and Surabaya Stock Exchanges.
Indofood is in turn owned as to 48 percent by CAB Holdings
Limited, a wholly owned subsidiary of First Pacific Company
Limited (FP), a company listed on The Stock Exchange of Hong
Kong Limited.

If the GAR Option is exercised and completed, the Purchaser (or
a party designated by it) would be obliged under the Option
Agreement to make a general takeover offer (the "GAR Offer") for
all the remaining shares in GAR (other than those already owned,
controlled, or agreed to be acquired by the Purchaser (or its
designated party) or parties acting in concert with it) at a
price in Singapore dollars which, based on the exchange rate
prevailing on the day immediately preceding the date of the GAR
Offer (as the same may be determined by the Purchaser or its
designated party), is equivalent to the Option Price per share.
Upon completion of the GAR Offer, it is envisaged that the
Purchaser (or its designated party) and parties acting in
concert with it will own not less than 50.1 percent of the
issued share capital of GAR.

B. Certain Terms of the GAR Option

(i) Consideration

The consideration for the sale and purchase of the Option Shares
has been agreed at a total sum of US$97,590,418 (approximately
S$175,663,000), which is equivalent to US$0.15 per Option Share.
The consideration for the sale and purchase of the Option Shares
will be satisfied in cash. The Option Price was determined on a
willing-seller, willing-buyer basis.

(ii) Conditions for exercise of the GAR Option
The exercise of the GAR Option is subject to the satisfaction or
waiver of certain conditions, including the following:

(1) the Purchaser being, in its sole and absolute discretion,
satisfied with the results of a due diligence investigation in
respect of the GAR group of companies;

(2) the execution of the Flambo Undertaking, the Massingham
Undertaking, the CABH Undertaking and the FPI Undertaking (each
as more particularly described below);

(3) if required by the listing rules of the Singapore Exchange
Securities Trading Limited ("SGX-ST"), the approval of the
shareholders of AFP having been obtained for the sale of the
Option Shares and the Balance Option Shares (referred to below)
and the transactions contemplated in the Option Agreement;

(4) the approvals of the shareholders of Indofood and, if
necessary, FP having been obtained for the purchase of the
Option Shares and the Balance Option Shares, the making of the
GAR Offer and the transactions contemplated in the Option
Agreement;

(5) all waivers, releases, consents, authorizations which are
necessary or required by the Purchaser to be obtained in respect
of, or under any existing contractual, financing or security
arrangements in each case of any GAR group company or any
Indofood group company having been obtained and remaining in
full force and effect, including without limitation, all
consents and authorizations which are necessary or required by
the Purchaser for the re-scheduling or re-structuring of any
indebtedness of any GAR group company and all consents and
authorizations which are necessary or required under any
existing contractual, financing or security arrangements of any
Indofood group company for the consummation and financing of the
transactions contemplated in the Option Agreement;

(6) all waivers, releases, consents, authorizations which are
necessary or required by AFP to be obtained under any existing
contractual, financing or security arrangements in each case of
any AFP group company or any GAR group company having been
obtained and remaining in full force and effect, including
without limitation, all consents and authorizations which are
necessary or required by AFP for the release of any guarantee,
security or other obligation given by any member of the AFP
group for the benefit of the GAR group (the "Vendor's
Guarantees");

(7) all waivers, releases, consents, authorizations which are
necessary or required by the Purchaser to be obtained in respect
of, or under any existing contractual, financing or security
arrangements in each case of any AFP group company having been
obtained and remaining in full force and effect, including
without limitation, all consents and authorizations which are
necessary or required by the Purchaser for the release of the
Vendor's Guarantees;

(8) all consents and approvals from all relevant governmental,
regulatory and other authorities in Singapore, Indonesia,
Mauritius and any other relevant jurisdictions which are
necessary or required to be obtained by any GAR group company or
any Indofood group company in connection with the transfer of
the Option Shares and the Balance Option Shares, the GAR Offer
and the transactions contemplated in the Option Agreement under
any and all applicable laws and regulations having been
obtained;

(9) no petition having been filed by any person or resolution
having been passed by any of the AFP group companies or the GAR
group companies or, so far as the Vendor is aware, no step
having been taken by any person for or with a view to the
appointment of a liquidator, provisional liquidator, judicial
manager or receiver and/or manager of or in respect of any of
the AFP group companies or the GAR group companies or any of
their respective assets, properties, revenues or undertakings,
the effect of which may prevent the completion of, or make it
unreasonable to expect the Purchaser to proceed with, the
purchase of the Option Shares and the Balance Option Shares and
the GAR Offer and the transactions contemplated in the Option
Agreement;

(10) the Purchaser being satisfied that neither the Purchaser
nor persons acting in concert with it would be obliged, under
any applicable laws, rules and regulations, to make any general
or tender offer (or similar process under the relevant
jurisdiction) for all or any of the shares of any GAR group
company (other than GAR) or to comply with any legal
requirements as a consequence of or in connection with the
purchase of the Option Shares and the Balance Option Shares, the
GAR Offer and the transactions contemplated in the Option
Agreement;

(11) a shareholders' agreement having been entered into between
the Vendor and the Purchaser, on terms and conditions mutually
satisfactory to the Vendor and the Purchaser, to regulate the
affairs of GAR (including without limitation, the participation
of the Vendor in the management of the GAR Group) and the
relationship between the Vendor and the Purchaser as
shareholders of GAR following completion and the expiry of the
GAR Offer;

(12) there not having occurred any force majeure event as
described in the Option Agreement, including, inter alia:

(i) any change in monetary, political (including any local,
national or international outbreak or escalation of hostility,
insurrection or armed conflict), financial (including conditions
in any stock market, foreign exchange market, inter-bank market
or interest rates or money markets and devaluation or
depreciation of the Indonesian Rupiah) economic or exchange
control conditions (including any imposition of restrictions on
the convertibility of Indonesian Rupiah into any other currency)
in Indonesia or internationally; or

(ii) any significant event anywhere in Indonesia or
internationally or the occurrence of any combination of any
changes or developments in such conditions; and where such event
or circumstance makes it unreasonable to expect or makes it
inadvisable or inexpedient for the Purchaser to commence or
proceed or continue with the purchase of the Option Shares and
the Balance Option Shares and the making of the Offer and the
transactions contemplated in the Option Agreement or which may
result in a material diminution in the value of Purchaser's
investment contemplated in the Option Agreement (but excluding
failure caused by a party's financial condition or negligence);
and

(13) all representations, warranties and undertakings in the
Option Agreement on the part of the Vendor being true, complete
and accurate and fulfilled at all times from the date of the
Option Agreement and as though repeated on each day thereafter,
down to completion in all respects with reference to the facts
and circumstances existing on each such day and all obligations
of the Vendor or the Purchaser required to be complied with
prior to completion having been so complied with in accordance
with the terms of the Option Agreement.

C. Escrow Account & Possible Shareholders' Loans To GAR

In the event the GAR Option is exercised, on completion of the
sale and purchase of the Option Shares, a sum of US$15,000,000
representing part of the consideration payable to AFP will be
paid to an interest-bearing escrow account to be maintained in
the name of AFP but operated jointly by AFP and the Purchaser.
The Purchaser shall also make a payment of a sum of
US$30,000,000 to the credit of an interest-bearing escrow
account to be maintained in the name of the Purchaser but
operated jointly by AFP and the Purchaser.

The Vendor and the Purchaser have agreed that if the Vendor and
the Purchaser consider it necessary or desirable in their
reasonable opinion, the aggregate sum of US$45,000,000 in the
escrow accounts (or such part thereof as the Vendor and the
Purchaser may determine in their reasonable opinion) may be
released from the respective escrow accounts (in the proportion
representative of the respective amounts credited to the escrow
accounts) and be (i) advanced to GAR by way of interest-free
shareholders' loans from the Vendor and the Purchaser in the
aforesaid proportion to be utilized by the GAR group of
companies for the purposes of meeting the working capital
requirements of the GAR group of companies or such other
purposes as may be beneficial to the GAR group, as the Vendor
and the Purchaser may determine in their reasonable opinion or
(ii) be applied in such other manner as the parties may mutually
agree in writing; provided that the Escrow Amount shall not in
any event be so released unless the creditors of the GAR group
companies have reached an agreement satisfactory to the Vendor
and the Purchaser for the re-scheduling or re-structuring of the
indebtedness of the GAR group companies and the release of the
Vendor's Guarantees.

D. Potential General Offer For GAR

GAR has applied for and obtained a ruling from the Securities
Industry Council that the provisions of The Singapore Code on
Takeovers and Mergers do not apply to the acquisition or
consolidation of effective control of GAR. Nevertheless, under
the Option Agreement, the Purchaser has agreed with the Vendor
that following the exercise of the GAR Option and the completion
thereof, the Purchaser (or its designated party) will make the
GAR Offer for all the remaining shares in GAR (other than those
owned, controlled or agreed to be acquired by the Purchaser (or
its designated party) or parties acting in concert with it) at
the Option Price per share in accordance with, if necessary, the
requirements and directives of the SGX-ST and the requirements
of Mauritius laws but such offer price may be made in Singapore
dollars at such rate of exchange between Singapore dollars and
United States dollars prevailing immediately before the date of
the GAR Offer, as may be determined by the Purchaser (or its
designated party). The obligation of the Purchaser (or its
designated party) to make the GAR Offer is conditional upon
certain conditions remaining satisfied or having been waived,
including the conditions described under the Section entitled
"Conditions for exercise of the GAR Option".

The GAR Offer will be conditional upon the Purchaser (or its
designated party) and parties acting in concert with it having
acquired or agreed to acquire (either pursuant to the GAR Offer
in respect of acceptances received or before or during the offer
period of the GAR Offer) shares in GAR carrying more than 50
percent of the voting rights of GAR.

The GAR Offer will only be made in the event that the GAR Option
is exercised and the sale and purchase of the Option Shares is
completed, but the exercise of the GAR Option is in turn subject
to the satisfaction or waiver of certain conditions as
summarized above. Shareholders of AFP and GAR and warrantholders
of AFP are therefore advised to exercise caution when trading in
the AFP shares, GAR shares and AFP warrants, respectively.

E. Undertaking BY AFP In Relation To Remaining GAR Shares

Under the Option Agreement, the Vendor and the Purchaser have
further agreed that:

(a) save as provided in (b) below, the Vendor shall not accept
the GAR Offer in respect of its remaining 542,514,708 GAR shares
representing approximately 25% of the issued and paid-up share
capital of GAR as at the date hereof which are not the subject
of the GAR Option, or sell, transfer, encumber or otherwise
dispose of all or any of the Balance Shares prior to the expiry
of the GAR Offer; and

(b) in the event the Purchaser (or its designated party)
determines in its sole opinion at any time during the period of
the GAR Offer that the number of GAR shares in respect of which
acceptances have been received under the GAR Offer will not or
is not likely to, together with the GAR shares acquired or
agreed to be acquired by the Purchaser (or its designated party)
and its concert parties before or during the GAR Offer, result
in the Purchaser (or its designated party) and its concert
parties holding shares carrying more than 50 percent of the
voting rights of GAR ("50 percent shareholding condition"), the
Purchaser shall have the right either to:

(i) require AFP to accept the GAR Offer in accordance with the
procedures prescribed under the GAR Offer in respect of such
number of the Balance Shares, or

(ii) require AFP to sell to the Purchaser (or its designated
party) at the Option Price such number of the Balance Shares, as
the Purchaser (or its designated party) may in its discretion
determine (in either case, the "Balance Option Shares") so as to
enable the 50 percent shareholding condition to be fulfilled.

Any Balance Option Shares which are assented to the GAR Offer
and which result in the Purchaser (or its designated party) and
its concert parties holding shares in excess of 51 percent of
the shares in GAR (taking into account the shares in GAR
acquired or agreed to be acquired by the Purchaser (or its
designated party) and its concert party before or during the GAR
Offer) shall be returned by the Purchaser (or its designated
party) to the Vendor after the close of the GAR Offer. Such
Balance Option Shares shall be deemed not to have been assented
to the GAR Offer.

F. Undertakings By Respective Major Shareholders

It is also a condition of the exercise of the GAR Option that:

(i) Flambo International Limited, which owns approximately 63.9
percent of the issued and paid-up share capital of AFP as at the
date hereof, undertakes to the Purchaser, inter alia, to vote or
procure the voting in favor of all resolutions to be proposed at
the extraordinary general meeting of AFP to be convened, if
necessary, to approve the sale of the Option Shares and the
Balance Option Shares and the transactions contemplated in the
Option Agreement, in respect of the Flambo Shares;

(ii) Massingham International Limited, which owns approximately
20% of the issued and paid-up share capital of GAR, undertakes
to the Purchaser, inter alia, that, it will not accept the GAR
Offer in respect of the Massingham Shares, or sell, transfer,
encumber or otherwise dispose of the Massingham Shares prior to
the expiry of the GAR Offer;

(iii) CAB Holdings Ltd (CABH) undertakes to the Vendor to vote
or procure the voting in favor of all resolutions to be proposed
at the extraordinary general meeting of Indofood to be convened
to approve the purchase of the Option Shares and the Balance
Option Shares and the making of the GAR Offer and the
transactions contemplated in the Option Agreement, in respect of
the shares representing approximately 48 percent of the shares
of Indofood held by CABH; and

(iv) First Pacific Investments Limited and First Pacific
Investments (BVI) Limited undertakes to the Vendor to vote or
procure the voting in favor of all resolutions to be proposed at
the extraordinary general meeting of FP, the holding company of
CABH, to be convened, if necessary, to approve the purchase of
the Option Shares and the Balance Option Shares and the making
of the GAR Offer and the transactions contemplated in the Option
Agreement, in respect of the shares representing in aggregate
approximately 43.7 percent of the shares of FP held by FPI.

G. Financial Effects Of The Option Agreement

Pursuant to the terms of the Option Agreement, the following
table shows the financial effects of either:

(i) AFP's disposal of a 30 percent interest in GAR, or
(ii) AFP's disposal of a 51 percent interest in GAR

Based on un-audited results for year ended December 31, 2000  

                                      (i)    (ii)
Percentage interest disposed         30% 51%
                                     S$'000  S$'000
AFP's portion of GAR's net loss
before tax attributable to the
disposal of its interest in GAR    (19,293) (32,797)

Net asset value of AFP's
percentage interests disposed      654,343     1,112,384
  
Consideration (US$)                    97,590    165,904
Consideration (S$)                    175,663    298,627
Net tangible assets of AFP's
percentage interest disposed           467,973    901,255
Net loss due to disposal            (292,310)   (602,628)
  
Provision for diminution
in value of the long-term investment     - (74,052)
  
NTA per share before disposal (S$)     0.87   0.87
NTA per share after disposal (S$)      0.77   0.64
  
Loss per share before disposal (S$)   (0.0599)    (0.0599)
Loss per share after disposal (S$)   (0.1606)   (0.2930)

In 1996, AFP re-valued certain assets of GAR and capitalized the
revaluation reserve in the carrying value of its interest in
GAR. The above net loss due to the disposal of S$292.3 million
and S$602.6 million, include S$276.8 million and S$470.6
million, which are attributable to the above 1996 revaluation
carried out as part of a restructuring exercise, prior to the
1997 economic crisis.

H. Rationale For The Option Agreement

AFP, owns through GAR, one of the world's largest vertically
integrated palm oil plantation companies in Indonesia. With a
total planted area of 273,000 hectares, the Company's primary
activities include the cultivation and harvesting of oil palm
trees, collecting fresh fruit bunch and processing them into
crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening.

As a result of its maturing tree profile and improved crop
yields, GAR has increased its CPO production from 610,000 tons
in 1999 to 850,000 tons last year. Accounting for some four
percent of the world's CPO production, GAR's competitive
advantage lies in its low cost base.

GAR also owns and operates 18 palm-oil processing mills, two
refineries and four kernel-crushing mills.

Indofood is Indonesia's largest food company. Its principal
businesses include the processing, marketing and distribution of
instant noodles, flour and edible oils and fats. With an annual
sales volume of some 9 billion packs, it is one of the world's
largest instant noodles manufacturers.

This makes Indofood a major consumer of cooking oil, which
accounts for some 13 percent of the ingredients used for
manufacturing instant noodles.
Its other businesses include snack foods, baby foods, food
seasoning and distribution.

AFP has found Indofood to be a complementary match in terms of
vision, corporate goals and businesses. As the leading processed
foods group in Indonesia, Indofood has strong experience and
knowledge of the domestic Indonesian market and can therefore,
provide direct synergies to the business of GAR especially in
its downstream activities.

By bringing together two equally strong players in their
respective upstream and downstream businesses, we will become
the world's largest CPO producer and the market leader in
Indonesia for palm oil and related consumables.

This strategic partnership with Indofood is timely as it should
further enhance AFP and GAR shareholder value, improve their
liquidity position and facilitate the rescheduling and
restructuring of their liabilities.

I. General

None of the Directors of AFP has any interest, direct or
indirect, in the above-mentioned transactions. Save as disclosed
in relation to the Flambo Undertaking described above, AFP has
not received any notification from any of its substantial
shareholders that it has any interest, direct or indirect, in
the above-mentioned transactions.

None of the Directors of GAR has any interest, direct or
indirect, in the above-mentioned transactions. Save as disclosed
in relation to the Massingham Undertaking and the Flambo
Undertaking described above, GAR has not received any
notification from any of its substantial shareholders that it
has any interest, direct or indirect, in the above-mentioned
transactions.

The respective Boards of Directors for AFP and GAR also
announced that Messrs Arthur Andersen Associates (S) Pte Ltd has
been appointed to advise the companies on financial related
matters.


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


BUMRUNGRAD HOSPITAL: Faces Bankruptcy Suit
------------------------------------------
Rayong-based Bumrungrad Hospital, with debts exceeding its
assets value, is facing a bankruptcy case filed by the Bank of
Asia (BOA) with the Central Bankruptcy Court, Business Day
reported Wednesday last week, citing an official at the Central
Bankruptcy Court. The case, certified by the court, was
scheduled for hearing on May 11, 2001.

In its affidavit, BOA cited that the company failed to honor its
debts currently valued at Bt996 million, which is falling short
of the company's assets value, as per the latest appraisal
conducted by the bank. Bumrungrad, under the Thai bankruptcy
laws, is insolvent.  


KRUNG THAI: Bankrupt, Court Declares
------------------------------------
The Central Bankruptcy Court declared suspended company Krung
Thai Finance and Securities Plc bankrupt, and put the company
under absolute receivership on April 30, 2001.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said Krung Thai, along with two other finance
firms, which once were under the supervision of the FRA have
already distributed the proceeds from asset sales amounting to
Bt5,895.66 million to their eligible creditors who had filed
their claims according to the FRA's rules and procedures, 96.98
percent of which (Bt5,717.44 million) was paid to the Financial
Institutions Development Fund (FIDF).

Under the Bankruptcy Law procedures, the Official Receiver of
the Legal Execution Department is given sole authority to
liquidate the remaining assets of these three companies. The
creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments in the
bankruptcy process for their outstanding debts. All the
creditors have to file claims with the Official Receiver within
2 months after the receiving orders are publicized.

Kamol said, as of now, the FRA has brought 14 suspended
companies into bankruptcy process.

In May 2001, five others are going to be brought into the
process and seven will be paying debts to their creditors. In
June 2001, ten companies will call creditors' meetings and the
remaining 20 will notify their creditors of the results of claim
adjudications.

Krung Thai Finance & Securities Plc was established on September
9, 1994. It was one of 42 finance companies suspended on August
5, 1997. The company's creditors have been repaid amounting to
Bt2,086.89 million, of which Bt1,995.99 million was paid to the
Financial Institutions Development Fund (FIDF).

After completing debt repayment under the FRA's procedures, the
company has Bt2,290.30 million of remaining assets and
Bt8,334.92 million of outstanding debts as of February 2001.
Most of remaining assets are under foreclosure process, some of
them are under litigation.


METROPOLIS TRUST: Bankruptcy Process Begins
-------------------------------------------
The Central Bankruptcy Court today declared Metropolis Trust and
Securities Plc, one of 56 suspended finance companies under the
supervision of the Financial Sector Restructuring Authority
(FRA), bankrupt and put it under absolute receivership.

Kamol Juntima, the FRA Chairman, said a liquidator, appointed by
Section 30 Committee of Metropolis Trust and Securities Plc by
virtue of the Emergency Decree on Financial Sector Restructuring
B.E.2540, requested the court on April 4, 2001 to declare the
company bankrupt and put it under absolute receivership since
its assets are insufficient to pay its outstanding debts and the
court acted on the request on that same day.

Kamol further said Metropolis Trust and Securities had only six
eligible creditors and the company has already distributed the
proceeds from asset sales to those creditors amounting to
Bt589.11 million, of which Bt420.44 million was paid to the
Financial Institutions Development Fund (FIDF).

Metropolis Trust and Securities Plc was established on November
4, 1965 with a registered capital of about Bt300 million. It was
one of 16 finance companies suspended on June 26, 1997. The
company has Bt2,794.11 million of assets and Bt3,685.48 million
of outstanding debts as of February 28, 2001.

The amount of the company's assets, which had been sold, was
small since most of its assets are under litigation.

Under the bankruptcy process, the remaining assets of Metropolis
Trust and Securities together with all cases of litigations will
be handled by the receivers of the Legal Execution Department in
accordance with the bankruptcy law procedures.

However, all the creditors still have to file similar claims
with the receivers for their outstanding debts within two months
from the date a public announcement of receiving order is made.

Of 56 suspended companies under the supervision of the FRA,
Kamol said, 13 have already distributed repayments to their
creditors; seven are preparing to repay their debts during April
and May 2001, ten others have been notifying their creditors of
the claim adjudication results.

Eleven of the companies have already been brought into the
bankruptcy process.


PACIFIC FINANCE: Bankruptcy and Receivership Imposed
----------------------------------------------------
The Central Bankruptcy Court declared suspended company Pacific
Finance and Securities Plc bankrupt and placed the company under
absolute receivership April 30, 2001.

Under the Bankruptcy Law procedures, the Official Receiver of
the Legal Execution Department is given sole authority to
liquidate the remaining assets of these three companies. The
creditors who have already received payments under the FRA's
procedures are entitled to receive additional payments in the
bankruptcy process for their outstanding debts. All the
creditors have to file claims with the Official Receiver within
two months after the receiving orders are publicized.

Pacific Finance & Securities Plc was established September 14 ,
1994. It was one of 42 finance companies suspended August 5,
1997. The company's creditors have been repaid amounting to
Bt1,647.32 million, of which Bt1,647.32 million was paid to the
Financial Institutions Development Fund (FIDF).

After completing debt repayment under the FRA's procedures, the
company has Bt2,561.08 million of remaining assets and
Bt4,876.33 million of outstanding debts as of February 28, 2001.
Most of remaining assets are under litigation, some of them are
under foreclosure process.


PRASIT PATANA: SET Posts SP Sign
--------------------------------
The Stock Exchange of Thailand (SET) announced two listed
companies have been subjected to rehabilitation plan preparation
and posted SP (Suspension) signs to prohibit securities trading
of those listed companies and also transferred the two listed
companies to REHABCO category April 9, 2001. The SET also
informed a time schedule for those listed companies' management
to make a prudent decision on whether to prepare a
rehabilitation plan to propose to the company's shareholders, or
to ask for a voluntary delisting, or to try another option which
will benefit to all involved in the listed companies and report
their decisions to the SET by May 9, 2001 to disclose to the
public.

After that, the SET will allow trading of those listed companies
on May 10, 2001 - June 8, 2001 before suspension again on June
11, 2001 until all the delisting problems have been resolved.
However, the companies could request the SET to allow continued
trading under the REHABCO category after they completed the
conditions specified by the SET. Details of the announcement
have been disseminated on PUBLIC SIMS since April 5, 2001.

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

1. Allows trading of two securities, which decide to prepare a
rehabilitation plan, under the REHABCO category from May 10,
2001 to June 8, 2001 to give shareholders a chance of trading
the company's securities.

(1) Prasit Patana Public Company Limited (PYT)
(2) B. Grimm Engineering Systems Public Company Limited (BGES)

Therefore, according to Clause 24 (3) and (6) of the regulation
on trading, clearing and settlement for listed securities 1999,
the ceiling and floor limits on the main board will be expanded
from the regular +/-30 percent to +/-100 percent of their last
trading. The new limits will be in effect May 10, 2001.

2.Posts an SP sign to prohibit further trading of two
securities, beginning from June 11, 2001 until the causes of
delisting are eliminated or the SET allows continued trading
under the REHABCO category after they completed the conditions
specified. This is by virtue of Clause 5 (5) of the SET's rules,
Conditions and Procedure of the Temporary Prohibition against
Trading of Listed Securities dated February 9, 1995.

Those two listed companies are required to proceed as follows:

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

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

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

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

The SET would like the companies' shareholders and general
investors to follow up the proposed rehabilitation plan prepared
by those companies and their financial advisors which will be
presented to their shareholders meeting or 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
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Ronald Villavelez, Maria Vyrna Ni¤eza, Editors.

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

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