TCRAP_Public/010515.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                  Tuesday, May 15, 2001, Vol. 4, No. 95


                               Headlines



A U S T R A L I A

ALPHA HEALTHCARE: ASIC Extends Deadline For Statement
AUSTRIM NYLEX: Expects Loss For Current Year
AUSTRIM NYLEX: Trading Halt
HIH INSURANCE: Bailout Plan in Works
KUSP LIMITED: Senetas Bids To Takeover
KUSP LIMITED: No Details Of KUSP Bid Yet
RECKON LIMITED: Intuit To Buy Minority Stake


C H I N A   &   H O N G  K O N G

ADVANCE FORTUNE: Faces Winding Up Petition
AKAI HOLDINGS: Judgment To Be Handed Down This Week
CHUNG AH: Winding Up Petition Hearing Set
SINO FLOW: Faces Winding Up Petition
WORLD CLASS: Hearing Of Winding Up Petition Set


I N D O N E S I A

ANEKA KIMIA: Posts Rp470.14-B Net Losses For FY2000
SURYALAYA ANINDITA: Creditors OK Debt Restructuring
TEXMACO GROUP: IBRA Allegedly Misled Re Assets Sale


J A P A N

HEIWADO COMPANY: FamilyMart To Acquire Unit Stores
ISUZU MOTORS: Plans To Cut Workforce, Production
KDDI Corp: Firms Express Interest In Wireless Unit


K O R E A

DAEWOO MOTOR: GM To Reopen Talks With Gov't, Creditors
HYNIX SEMICON: In Talks To Sell Off Stakes
HYNIX SEMICON: Support From Foreign Creditors Needed
SSANGYONG PRECISION: Ventures Into Red


M A L A Y S I A

FEDERAL FURNITURE: To Submit Debt Restructuring Bids
KELANAMAS INDUSTRIES: Master Agreement Date Extended
KELANAMAS INDUSTRIES: Reports Status of Plan
PICA CORP: Guarantor Banks Redeem RM60-M In Notes
PICA CORP: Invests In Three Ventures
PICA CORP: SC OKs Extension Request
SPORTMA CORP: SAs Report Unaudited Qtrly Results


P H I L I P P I N E S

BELLE CORP: Q1 Net Loss Swells To P197-M
DIGITEL TELECOMS: Posts Net Loss Of P79.66-M For Q1
NATIONAL STEEL: SEC Sets Deadline For Proposals


S I N G A P O R E

ACE DYNAMICS: Announces Proposed Rights Issue
ASIA PULP: Court Puts Petition For Liquidation On Hold
LIM KAH NGAM: Converts 1-M NRCPS Into Ordinary Shares


T H A I L A N D

SIAM CITY: BoDs OKs Extension Of Advances To Unit
THAI WAH: Posts Net Loss Of Bt223.274-M For Q1
TRI ENERGY: To Issue $88-M In Bonds

     -  -  -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: ASIC Extends Deadline For Statement
-----------------------------------------------------
Alpha Healthcare Limited announced yesterday that the Australian
Securities and Investments Commission has declared an extension
to the date by which Alpha must dispatch its Target Statement to
Shareholders in response to the bid by Ramsay Centauri Pty Ltd.
The Dispatch Date will be no later than the earliest of:

(1) Three days after the final determination by the Corporations
and Securities Panel of the applications made by Alpha
Healthcare Limited on May 3, 2001; and

(ii) May 18, 2001

The Directors of Alpha strongly recommend to shareholders that
they do not make a decision on the Ramsay Offer for their shares
until they receive and consider the Target's Statement from
Alpha.


AUSTRIM NYLEX: Expects Loss For Current Year
--------------------------------------------
Austrim Nylex announced May 3, 2001 that a loss would be
recorded for the current financial year and write-downs of $42
million would be incurred as part of the Coburg Textiles plant
rationalization.

Having regard to its continuous disclosure obligations and
following discussions with ASIC. The Company has determined that
it is appropriate at this time to provide further information
about projected results for the full financial year.

Austrim Nylex anticipates an operating profit after tax and
before abnormals of between $5 million to $10 million will be
reported for the current financial year.

As part of the business review currently underway, independent
experts are assessing the fair carrying value of Austrim Nylex's
assets. This may result in further right downs, which could
materially impact on the year-end result.


AUSTRIM NYLEX: Trading Halt
---------------------------
The securities of Austrim Nylex Limited and Austrim National
Radiators Limited will be placed in pre-open pending the release
of an announcement by the Company. Unless ASX decides otherwise,
the securities will remain in pre-open until the earlier of the
commencement of normal trading on Wednesday, May 16, 2001 or
when the announcement is released to the market.

Security Codes: ARL
                ANTG


HIH INSURANCE: Bailout Plan in Works
------------------------------------
KPMG partner Tony McGrath, the provisional liquidator of HIH
Insurance, has announced that it may take several months to
complete the report on the financial condition of the companies
controlled by the collapsed Australian insurance giant, Asian
Wall Street Journal reported Friday last week. However, McGrath
confirmed that by the month's end the firm would be able to
furnish initial results for major creditors.

Meanwhile, the Federal Government is studying a bailout plan
proposed by the Insurance Council of Australia, although it is
still under question as to who will fund the plan.

KPMG said it is coordinating with the Federal Government Task
Force with regard to the bailout plan, and may be able to submit
initial information on HIH's financial health to the task force
by May 25.


KUSP LIMITED: Senetas Bids To Takeover
--------------------------------------
Senetas Corporation Limited announced a major strategic
acquisition and restructuring of the company to significantly
improve returns for its shareholders.

* Senetas has today signed agreements to acquire the Datum group
of companies, a leader in technology solutions for business.

* It intends to initiate a takeover bid for Kusp Limited, a
listed public company, as part of a strategy to deliver a
sustainable income stream for its shareholders and to broaden
its exposure in the information technology industry.

* In addition, to enhance the prospective returns to
shareholders from its existing investments, Senetas intends to
establish a special purpose investment vehicle which will allow
Senetas shareholders to take advantage of capital gains tax
rates available for individuals.

These changes respond to market conditions and represent a
natural evolution in the Senetas business model.

Bid For KUSP

Datum will be the basis of an operating division within Senetas,
which focuses on delivering business intelligence solutions
through technology. To complement these activities, directors
also intend to initiate a bid for Kusp. Kusp is a public
company, which was floated in May 2000 by Senetas and in which
it continues to have a 27 percent stake. Its offering of
multimedia services incorporating `touch and feel' three
dimensional imaging for e-commerce has been receiving increased
attention and the quality of its offering is being more widely
recognized.

However, directors of Senetas believe that, with prospective
market conditions, it will remain difficult for single product
companies such as Kusp to deliver value for its shareholders.
The costs of maintaining a public company structure in this
environment will also be onerous.

The Kusp product offering is likely to be more successful in a
company with a broader range of offerings. Within Datum, for
example, it would benefit from the economies of scale, which
come from having over 80 consultants in the field working with
companies on their e-commerce and business solutions.

In the event that Kusp shareholders agree to the offer, which is
to be made to them, it is the intention of Senetas to
incorporate Kusp into the Datum business.


KUSP LIMITED: No Details Of KUSP Bid Yet
----------------------------------------
KUSP Limited has announced that there had been no details yet of
the bid have been provided to KUSP.

In order to ensure transparency and maintain the best interests
of all shareholders, the Director's of KUSP are appointing an
independent financial advisor.

Directors recommend that shareholders take no further action
until details of the Senetas bid are disclosed and
recommendations are made by the independent financial advisor.


RECKON LIMITED: Intuit To Buy Minority Stake
--------------------------------------------
Intuit Inc, through Intuit Ventures Inc, has agreed to acquire a
minority interest in Reckon Limited in a cash transaction worth
approximately A$3 million that will help bring the most modern
financial software and products to Australian and New Zealand
businesses and consumers.

The issue of ordinary shares will be in two tranches, the first
of 12,028,245 shares and the second, of 3,580,496 shares,
subject to approval of Reckon's shareholders and, if required,
the Australian Treasurer.

Both tranches will be at an issue price of A$0.1922 per share.

Upon completion of the transaction, Intuit will hold an interest
of up to 12.7 percent in Reckon. The funds will enable Reckon to
provide its customers with the latest products for personal
financial management and business accounting software.

Intuit (NASDAQ:INTU) is a leader in e-finance and develops
financial software and Web-based financial services for
consumers and small businesses. For nearly a decade Reckon
(ASX:RKN) has developed, marketed and supported Intuit products,
including Quicken(R), QuickBooks(R) and Quicken.com(TM) for the
Australian and New Zealand markets.

As part of the transaction, Intuit has agreed to convert its
exclusive contract with Reckon to a 10-year term with annual
renewal extension options. Reckon will now concentrate only on
its core markets of Australia and New Zealand.

Intuit is also granting Reckon direct access to source code so
that future versions of the Australian and New Zealand editions
of Intuit products will be released concurrently with those in
the United States and Canada.


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


ADVANCE FORTUNE: Faces Winding Up Petition
------------------------------------------
Advance Fortune Industries Limited is facing a winding up
petition which is scheduled to be heard before the High Court of
Hong Kong on June 20, 2001. The petition was filed April 20,
2001 by Kincheng Banking Corporation, a company incorporated
under the laws of The People's Republic of China. The branch
office is located at No. 55 Des Voeux Road, Central, Hong Kong.


AKAI HOLDINGS: Judgment To Be Handed Down This Week
---------------------------------------------------
A judgment on the case involving a dispute over the appointment
of liquidators to the collapsed electronics firm Akai Holdings
is expected to be made by Justice Maria Yuen Ka-ning within the
week, Hong Kong IMail reported Friday.

The counsel for Akai's financial creditors, John Bleach, has
alleged in the case, filed with the Court of First Instance,
that Grande's Senior Manager Kin Yuen has been procrastinating
in regard to the appointment of liquidators Nelson Wheeler to
Akai in Hong Kong so as to block an impending inquiry into the
anomalous transfer of Akai's assets to the Grande Group.

Yuen argued Nelson Wheeler does not appear to be neutral, citing
that its investigations in Bermuda, where Akai was incorporated,
were financed by Standard Chartered Bank.

To counter, Bleach told the judge handling the case there could
be no proper investigation into the company's downfall without
proper funding. He added the Akai companies have only about
$160,000 as a result of the assets transfer, which drained
Akai's coffers.


CHUNG AH: Winding Up Petition Hearing Set
-----------------------------------------
The petition to wind up Chung Ah Industrial (HK) Limited is set
to be heard on June 6, 2001 before the High Court of Hong Kong.
The petition was filed April 2, 2001 by The National Commercial
Bank Limited, a company incorporated under the laws of The
People's Republic of China. The branch office is at Nos. 1-3
Wyndham Street, Central, Hong Kong.


SINO FLOW: Faces Winding Up Petition
------------------------------------
The winding up petition against Sino Flow Investment Limited is
scheduled to be heard before the High Court of Hong Kong on June
6, 2001. The petition was filed with the court April 11, 2001 by
The National Commercial Bank Limited, a company incorporated
under the laws of The People's Republic of China, with a branch
office at Nos. 1-3 Wyndham Street, Central, Hong Kong.


WORLD CLASS: Hearing Of Winding Up Petition Set
-----------------------------------------------
The winding up petition against World Class Limited on the
docket of the High Court of Hong Kong, to be heard June 6, 2001
at 10 AM. The petition was filed on April 11, 2001 by Kincheng
Banking Corporation, a company incorporated under the laws of
The People's Republic of China and whose branch office is at No.
55 Des Voeux Road, Central, Hong Kong.


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


ANEKA KIMIA: Posts Rp470.14-B Net Losses For FY2000
---------------------------------------------------
Due to an increased operating and non-operating costs, PT Aneka
Kimia Raya posted net losses of Rp470.14 billion for 2000,
swinging away from net profits of Rp73.25 billion incurred in
the preceding year, IndoExchange News reported Friday last week.
Operating expenses jumped to Rp49.39 billion, while non-
operating expenses climbed to Rp456.17 billion.

The net loss figures were made on sales revenues of Rp1.26
trillion, the growth of which was taken over by a rise of 20.39
percent in the cost of goods sold to Rp1.16 trillion, thus
dragging the gross profit margin to 7.57 percent from 8.85
percent in the previous year.

At the end of the period, the company's liabilities stood at
Rp1.80 trillion, increased by 45.85 percent from Rp1.24 trillion
in 1999.


SURYALAYA ANINDITA: Creditors OK Debt Restructuring
---------------------------------------------------
Creditors of PT Suryalaya Anindita International have agreed to
restructure the hotel operator's debts amounting to US$34.99
million, Jakarta Post reported Friday last week, citing a
company announcement. The agreement, which was signed April 26,
entails a repayment plan stretched over a nine-year timeline,
including a two-year grace period.

Forty-eight percent of the total amount of debts, or about
$17.05 million, is owed to the Indonesian Bank Restructuring
Agency (IBRA), and the rest to creditor banks, namely Bank
Internasional Indonesia, Bank Universal and Bank Haga, the
report said.

Suryalaya is the owner and operator of Melia Bali Villa and Spa
Resort and the Grand Melia Jakarta Hotel.


TEXMACO GROUP: IBRA Allegedly Misled Re Assets Sale
---------------------------------------------------
A former Texmaco financial adviser has alleged that the Texmaco
Group misled the Indonesian Bank Restructuring Agency (IBRA) and
by extension, the public, regarding the sale of a key foreign
asset of Texmaco, Asian Wall Street Journal reported Friday last
week.

Texmaco signed, in September last year, a debt restructuring
plan agreement with IBRA involving an amount of $2.7 billion
owed to the agency. The plan has been criticized, for it seemed
to infringe IMF-designed principles concerning debt
restructuring, which the Indonesian government has adopted.

Dublin-based MFC Bancorp argued the proceeds from the sale of
Texmaco's interests in Trevira GmbH, a German synthetic fiber
manufacturer, were not used to repay the creditors of Texmaco
Group's company based in Netherlands, but to Texmaco founder
Marimutu Sinivasan. Part of the money, MFC Bankcorp added, was
used re-acquire a Texmaco unit in the US.

The Trevira sale has been under fire since it was made without
Texmaco informing IBRA before Sinivasan committed to relinquish
all Texmaco's assets to the agency.


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


HEIWADO COMPANY: FamilyMart To Acquire Unit Stores
--------------------------------------------------
FamilyMart Company, a convenience store chain, is eyeing 80 of
the total 108 stores of Heiwado Company's wholly-owned
subsidiary, Higashi Kinki Chiiki Spar Honbu, for a purchase
price of Y3 billion, Japan Times Online reported yesterday.

According to a corporate officer of FamilyMart, the sale and
acquisition deal will bolster the company's retail network.
FamilyMart will spend about Y1 billion on renovations of the
stores.


ISUZU MOTORS: Plans To Cut Workforce, Production
------------------------------------------------
Isuzu Motors Limited has drawn up a restructuring plan entailing
a workforce cut of about 10 percent, equivalent to 3,000
employees, and a 30 percent reduction in production, Japan Times
Online reported yesterday, citing company officials.

The plan is to be released on May 28, and also calls for shut
down of operations in the ailing General Motors affiliate's
plants in Kawasaki, Kanagawa Prefecture by 2003.

This restructuring plan of cost-cutting measures is aimed to
bring the company back to profitability within a three-year
period.


KDDI Corp: Firms Express Interest In Wireless Unit
--------------------------------------------------
According to a spokesman of telecom firm KDDI Corporation, eight
firms, including Britain's Virgin Group, have already expressed
interest in acquiring Tuka, the company's wireless unit. The
sale of which is expected to fetch over Y50 billion, Reuters
reported Friday last week. Negotiations with six firms are
expected to commence soon.

However, industry observers said Tuka's future remains bleak, as
it could be threatened by au, the cell phone service operated by
KDDI.

Meanwhile, the Virgin Group sees the possible takeover of Tuka
as part of its plan to foray into the Japanese
telecommunications market within a year, according to Virgin
Asia Management Chairman and CEO, Andrew Craissati.


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


DAEWOO MOTOR: GM To Reopen Talks With Gov't, Creditors
------------------------------------------------------
General Motors Corporation is set to re-open negotiations both
with the Korean government and creditors of Daewoo Motor within
the week, in order to iron out details of the takeover terms
before the May 23 presentation of the memorandum of
understanding, The Korea Herald reported yesterday, citing
Yonhap News Agency.

A source close to the negotiations said, "GM is expected to
present its official offer in the middle of the week of May 21
and May 26 at the earliest, after removing the remaining hurdles
in its takeover negotiations for Daewoo this week."

Analysts say scope of purchase and tax favors from the
government are among issues in the negotiations.


HYNIX SEMICON: In Talks To Sell Off Stakes
------------------------------------------
Hynix Semiconductor is reportedly in negotiations with three US
investment firms to sell off stakes held by sister companies
under the Hyundai Group umbrella, The Digital Chosun reported
yesterday. Up for sale are the following: 1.7 percent equity
held by Hyundai Asan Chairman Chung Mong-hun, 9.25 percent and
7.01 percent stakes owned by Hyundai Merchant Marine and Hyundai
Heavy Industries, respectively.

The report also said that the US investment firms have already
finalized due diligence on Hynix and that the negotiations are
still wrapping up, as the parties are ironing out such issues as
price and modes of payments.


HYNIX SEMICON: Support From Foreign Creditors Needed
----------------------------------------------------
To proceed with measures to save beleaguered Hynix
Semiconductor, the cooperation of foreign creditors and local
creditors from the secondary finance sector will be paramount,
according to Hana Bank President Kim Seung-yu, The Digital
Chosun reported Friday last week.

According to Kim, there has been difficulty in launching the
bailout plan, since the two aforementioned groups of creditors
have shown opposition to some terms of the plan.


SSANGYONG PRECISION: Ventures Into Red
--------------------------------------
Ssangyong Precision Industry posted losses amounting to W1.3
billion for the first quarter, down from W98 million incurred
during the same period in the preceding year, The Korea Herald
reported yesterday. The losses were made on sales of W7.19
billion, plunging 36 percent from the same period last year.

The company's operating and current losses at the end of the
period stood at W85 million and W1.3 billion, respectively.


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


FEDERAL FURNITURE: To Submit Debt Restructuring Bids
----------------------------------------------------
Federal Furniture Holdings (Malaysia) Berhad (FFHB) announced
Friday that the submissions of the company's proposed rights
issue with warrants and proposed debt restructuring are expected
to be made within two months of May 12, 2001.

The company is currently awaiting the written approval from some
of the creditor banks who are parties to the Debt Restructuring
Agreement signed on October 11, 2000, to extend the stipulated
period for the fulfillment of the conditions precedent therein,
which had expired on April 11, 2001 before the submissions could
be made.

Background

The Group's involvement in the furniture industry began 30 years
ago as a small family concern under the stewardship of Choy Fook
On. The Group has three principal operating business units
consisting of manufacturing and export of furniture, trading and
retailing of furniture and renovations and interior fit-outs.

The manufacturing and export division manufactures wooden dining
sets and case goods for the export markets. The plant, which is
located in Banting, has a capacity to produce about 40, 40-foot
containers a month. The export markets are the US, Korea, Japan,
UK, Ireland, Singapore, Greece, Russia, Germany and Turkey.

The trading operations source furniture products consisting
mainly of dining sets, bedroom sets, antique reproductions and
outdoor furniture for customers in the US and Europe. These
products are sourced from manufacturers in Malaysia, China and
Indonesia.

Retailing operations have a showroom in the Klang valley that
specialise in home interior design and renovations and retailing
of high-end furniture, light fittings and fabric for home
furnishings.

The renovation and interior fit-out operations carry out
renovations and interior fit-outs of hotels and corporate
offices in the private and government sectors. The main market
for this division is in Malaysia although it has recently
secured projects overseas. The operations also import high-end
Italian office and home furniture for the local market.

The company had, on June 28, 2000, obtained bilateral short term
loan (STL) facility agreements with the guarantor banks for its
5-year 2.5 percent redeemable bank guaranteed bonds 1995/2000
amounting up to RM40 million, for the purpose of redeeming the
bonds upon maturity on June 29, 2000.

Subsequently, a proposed fund raising and debt restructuring
exercise involving the company and some financial institution
lenders of the company shall be undertaken.


KELANAMAS INDUSTRIES: Master Agreement Date Extended
----------------------------------------------------
Kelanamas Industries Berhad (KIB) has announced that the Master
Agreement dated May 9, 2000 made between Dolomite Berhad and the
company has been extended for a further six-month period, from  
May 8, 2001 to November 8, 2001, in order to facilitate the
implementation of the plan of arrangement with creditors of KIB
and also to obtain the relevant approvals required for the
Proposed Rescue/Restructuring Plan.

Background

At the time of listing the Company, then called Sungei Besi
Mines Bhd (SBM), was one of the major tin producers in Malaysia.
SBM had been incorporated to take over the business of the
Sungei Besi Mines Ltd (Sungei Besi), a UK-incorporated company.
Effective November 1, 1976, the issued share capital of Sungei
Besi was cancelled in exchange for shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. A period of diversification followed
from 1991 to 1997 during which the SBM Group became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbroking.

SBM changed its name to Kelanamas Industries Bhd (KIB) in 1993
to reflect its diversification from tin mining into the new
areas of business.

On February 12, 1999 the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), was put under a Special
Administrator appointed by Pengurusan Danaharta Nasional Bhd.

Assec subsequently went through a restructuring exercise to help
restore its financial and operational viability. The plan has
been fully implemented including a capital reduction and new
issue of shares to the new investor on July 17, 2000. As such,
from that date, Kelanamas Capital Sdn Bhd (subsidiary of KIB)
only holds 45 shares of a total of 30,000,100 shares of ASSEC on
issue. Therefore, ASSEC is no longer a related company of KIB.

In addition, in May 2000, Kelanamas entered into an agreement
with Dolomite Bhd (DB) pursuant to the Group's restructuring
involving DB and its eight subsidiaries. The restructuring
entails capital reduction, debt reconstruction and acquisition
of the DB Group.

The Group's future viability hinges on the successful outcome of
this restructuring scheme. As part of the plan,
disposal/liquidation of all other subsidiaries/assets/businesses
shall be undertaken by Kelanamas. Any corporate guarantee
liabilities arising from the liquidation of these subsidiaries
and associated companies will be assumed by the Company in its
debt restructuring plans.


KELANAMAS INDUSTRIES: Reports Status of Plan
--------------------------------------------
Kelanamas Industries Berhad (KIB) has announced the following:

The status of KIB's plan to regularize its financial position
remainz the same as contained in the company's first
announcement on February 20, 2001.

The Proposed Rescue/Restructuring Plan and Proposed Special
Warrants Issue are conditional upon approvals of the following
being obtained:

1. the Securities Commission (SC);

2. the Foreign Investment Committee;

3. the KLSE, for the transfer of the listing status of KIB to
NEWCO and the subsequent listing of and quotation for the NEWCO
Shares arising from the Proposed Rescue/Restructuring Plan;

4. the KLSE, for the admission of the NEWCO Warrants 2001/2004
pursuant to the Proposed Special Warrrant Issue on the Official
List of the KLSE and for the listing of and quotation for the
NEWCO Warrants 2001/2004 as well as NEWCO Shares to be issued
upon exercise of the NEWCO Warrants 2001/2004;

5. the High Court pursuant to Section 64 and Section 176 of the
Companies Act, 1965;

6. the shareholders of KIB at a general meeting to be convened;

7. the shareholders of NEWCO at a general meeting to be
convened; and

8. any other relevant authorities.

Status of the Proposed Rescue/Restructuring Plan is as follows:

I. Foreign Investment Committee (FIC) has approved the
application via a letter dated December 19, 2000 subject to a
condition that the NEWCO incorporated pursuant to the Proposed
Rescue/Restructuring Plan shall have at least 15 percent
Bumiputra participation by June 30, 2001. Subsequently based on
an appeal by KIB, FIC vide a letter dated March 24, 2001 has
extended the period from June 30, 2001 to January 1, 2002.

II. Approval from the Securities Commission (SC) on the Proposed
Rescue/Restructuring Plan is still pending.

III. On April 11, 2001, KIB obtained a Court Order to extend the
time period to convene the Court Convened Meeting for a further
Ninety (90) days from April 11, 2001.


PICA CORP: Guarantor Banks Redeem RM60-M In Notes
-------------------------------------------------
Pica (Malaysia) Corporation Berhad announced the following:

(i) Pursuant to the Guarantee Facility Agreement dated 28
September 1994 as amended by the Supplemental Agreement dated  
September 16, 1999, the guarantor banks had, 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.


PICA CORP: Invests In Three Ventures
------------------------------------
Pica (Malaysia) Corporation Berhad announced the following:

1. Pica had invested in the three companies as part of its core
and ordinary business as a venture capitalist namely Salcon
Limited, a Singapore based company involved in power generation
and distribution, Premier Pacific Pharmaceutical Industries
Ltd., a company incorporated in Bermuda with its principal place
of business in Hong Kong and Premium Vegetable Oils Bhd., a
locally incorporated company engaged in the manufacture of
specialty fats. Pica has a shareholding of 19%, 3% and 5% in the
said companies, respectively.

2. The three investee companies of Pica had made tentative plans
to list on the stock exchange of the abovementioned countries
respectively.

3. None of the Directors and/or substantial shareholders have
any direct nor indirect interest in the three investee
companies.

4. The Directors believe that the investments are in the best
interests of the Company and its shareholders.


PICA CORP: SC OKs Extension Request
-----------------------------------
Pica (Malaysia) Corporation Berhad announced the company has
obtained the Securities Commission's (SC) approval for the
extension of time for a period of six months up to November 10,
2001 for the implementation of the proposals which had been
earlier approved by the SC via its letter dated November 10,
2000.

The proposals include the following:

(i) proposed rights issue of 108,103,600 new ordinary shares of
RM1.00 each on the basis of one new ordinary share for every one
existing ordinary share held;

(ii) proposed issue of RM50 million nominal amount of 5-year 6
percent redeemable bank guaranteed bonds together with
43,241,440 detachable warrants;

(iii) proposed establishment of an employees' share option
scheme.

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.


SPORTMA CORP: SAs Report Unaudited Qtrly Results
------------------------------------------------
The Special Administrators (SA) of Sportma Corporation Berhad
(SCB) announced that the unaudited quarterly report on
consolidated results for the financial period ended December 31,
2000 which was announced February 28,2001, showed a group profit
after taxation and minority interest (PAT) of RM24.331 million,
as against an audited group PAT of RM37.037 million. A deviation
of RM12.706 million, or 52.2 percent, ensued.

The difference arises were mainly due to Exceptional Items (EI)
that were included in the audited group PAT:

(all in RM'000)

            Audited   Announcement   Deviation    Percentage
Variance
             (i)       (ii)      (iii) = (i) - (ii) %

Loss after taxation and extraordinary items attributable to
members of the company
           24,331     37,037        (12,706)        (52.2)
Plus:
                      (1,770)      1,770            100
(i) Fixed Assets written down in subsidiary level

(ii) Provision for Trade Debtors in (a) SCB
                      (10,412)     10,412           100
                      
(b) Subsidiary level  (1,182)        1,182          100
                      
(iii) Provision for Other Debtors in (a) SCB
                       (420)        420              100
(b) Subsidiary level     (9)         9              100

          24,331      23,244*       (1,087)          (4.7)


* Difference with audited accounts is due to consolidation
adjustments.

The deviation of RM12.706 million (52.2 percent) was mainly a
consequence of the writing down of fixed assets and provisions
for doubtful trade and other debtors. Otherwise, the deviation
would have been negligible.

We wish to highlight that SCB and its subsidiary companies have
ceased operations since December 1999. Accordingly, to be
prudent, management has written down some of the fixed assets in
the subsidiary companies, and also made provisions for trade
debtors and other debtors in both SCB and its subsidiaries.


Background

On September 9, 1999, Pengurusan Danaharta Nasional Bhd
appointed the Special Administrators (SA) to manage the affairs
of the Company. Production activities were reduced to the
minimum during the Receiver & Manager's period and during the
appointment of the SA.

Subsequently the Company ceased operations following a Lease
Agreement which was executed December 3, 1999 between the
Company and Amalgamated Composite Technologies Sdn Bhd (ACT) for
the lease of fixed and hire purchase assets of the Company and
Silkprint Industries Sdn Bhd.

On March 15, 2000, the secured creditor of the Company approved
a plan proposed by the SA. The proposed restructuring plan
involves cancellation of the entire share premium reserves of
Sportma, transfer of Sportma's listing status of Harn Len
Corporation Bhd (Harn Len) by way of exchanging 10 existing
Sportma shares for one new share in Harn Len, rights issue,
injection of profit generating assets, disposal of non-
synergistic business and liquidation of existing non-viable and
defunct businesses.

As a result, shareholders of Sportma will become shareholders of
Harn Len; and Sportma will become a wholly-owned subsidiary of
Harn Len. Harn Len will thus become the new ultimate holding
company of Sportma.

Sportma had commenced operations in 1990 producing tennis,
badminton, squash and racquetball racquets for leading brands
such as Wilson, Spalding, Rossignol, Kneissl and Adidas.


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


BELLE CORP: Q1 Net Loss Swells To P197-M
----------------------------------------
The first quarter net loss of Belle Corporation has ballooned
toP197 million from P114 million posted for the same period last
year, Asian Wall Street Journal reported over the weekend.

The figure was due to an 82-percent drop in revenues to p93.78
million from P507.8 million, and the losses totaling P180.7
million made by units APC Group Inc. and Sinophil Corp.

However, the company's expenditures were minimized by as much as
28 percent to P30.77 million, as opposed to P42.76 million made
in the same period last year.


DIGITEL TELECOMS: Posts Net Loss Of P79.66-M For Q1
---------------------------------------------------
Digitel Telecommunications Phils Inc posted a net loss of P79.66
million for the first quarter of the current year, as opposed to
a profit of P851,000 incurred in the same period in the
preceding year, Manila Times reported Friday last week.

The company attributed the steep shortfall to higher interest
and financing charges as a result of the peso depreciation
against the US dollar.

Moreover, the company's consolidated operating expense climbed
38 percent to P449.6 million, while depreciation and
amortization expense likewise climber 19 percent to P762.4
million.

Digitel's assets now stand at P34.51 billion, as of March 31,
2001. Its long-term liabilities total P17.52 billion.


NATIONAL STEEL: SEC Sets Deadline For Proposals
-----------------------------------------------
Prospective lessees of National Steel Corporation's (NSC) Iligan
plant have only until May 23, the deadline set by the steel
firm's creditor banks, to tender their bids according to
Securities and Exchange Commission (SEC) Chairperson Lilia R.
Bautista, Business World reported yesterday.

According to Bautista, so far only Allengoal Steel Fabrication &
Trading Corporation has officially tendered a proposal for the
lease and temporary operation of the plant.

However, if NSC creditors rule out the lease proposal of
Allengoal or no white knight surfaces on or before the deadline,
the SEC will likely order sale and liquidation of the steel
firm's assets.

Bautista said, "We will decide, with finality, before the end of
the month whether it will be lease (re-operation) or liquidation
for NSC."

Allengoal's proposal entails a fund infusion of over P400
million to rehabilitate and operate the NSC plant, apart from a
lease of the plant for a minimum of P25 million a month.


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


ACE DYNAMICS: Announces Proposed Rights Issue
---------------------------------------------
Ace Dynamics Limited announced a proposed renounceable rights
issue of new ordinary shares of $0.20 each in the capital of the
Company with detachable warrants to subscribe for new ordinary
shares of $0.20 each in the capital of the Company.

The Company has appointed Vickers Ballas & Co. Pte Ltd to manage
the Rights Issue. The Rights Issue is not underwritten by any
financial institution.

Details of the Rights Issue

The Rights Issue will be offered to shareholders of the Company
on the basis of one Rights Share for every two existing ordinary
shares of $0.20 each in the capital of the Company held on a
books closure date to be determined at an issue price of $0.20
for each Rights Share payable in full upon acceptance and/or
application, fractional entitlements to be disregarded, and one
free Warrant for every Rights Share subscribed.

Fractional entitlements to any Rights Share with Warrant will be
disregarded and will be aggregated and allocated to satisfy
excess applications (if any) or disposed of in such manner as
the Directors in their absolute discretion deem fit.

The Rights Shares when issued, shall rank pari passu in all
respects with the then existing issued Shares for any dividends,
rights, allotments or other distributions, the record date of
which falls on or after the date of issue of the Rights Shares.

The issue price of each Rights Share of $0.20 represents a
discount of approximately 9 percent to the closing price of
$0.22 for each Share traded on the Official List of the
Singapore Exchange Securities Trading Limited on 10 May 2001,
being the date of the company's announcement.

The Warrants, to be issued with the Rights Shares subscribed
for, will be constituted in an instrument by way of deed poll
and will be in registered form. Each Warrant shall entitle the
registered holder of the Warrants to subscribe for one New Share
at an exercise price of $0.20 during the exercise period which
will commence on and including the date of issue of the Warrants
and ending at 5.00 p.m. on the day immediately preceding the
fifth anniversary of such date of issue.

The New Shares will rank pari passu in all respects with the
then existing issued Shares for any dividends, rights,
allotments or other distributions, the record date of which
falls on or after the relevant exercise date of the Warrants.

The exercise price and the number of Warrants will be subject to
adjustments under certain circumstances as provided for under
the terms and conditions of the Instrument.

The Warrants are immediately detachable from the Rights Shares
upon issue and will be listed and traded on the SGX-ST under the
book-entry (scripless) settlement system upon approval of SGX-
ST. The listing and trading of the Warrants on the SGX-ST will
be subject to there being an adequate spread of holdings for the
Warrants to provide an orderly market for the Warrants. Each
board lot of Warrants will consist of 1,000 Warrants.

Warrants remaining unexercised after the expiry of the exercise
period shall lapse and cease to be valid for any purpose.

Based on the issued and paid-up share capital of the Company as
of the date of this announcement comprising 98,733,251 Shares,
and the 708,000 share options granted under the Ace Dynamics
Employees' Share Option Scheme, which are exercisable as at the
date of this announcement as well as the undertaking from a
substantial shareholder of the Company, the Rights Issue will
comprise a minimum of 7,851,500 and a maximum of 49,720,625
Rights Shares with Warrants.

The actual number of Rights Shares and Warrants to be issued is
dependent on the number of Vested Share Options which are
exercised by the Books Closure Date and the level of
subscription for the Rights Shares with Warrants other than the
Rights Shares with Warrants which are subject to the undertaking
by the Company's substantial shareholder described further
below.

Substantial Shareholder's Undertaking

Tan Hock Keng, a substantial shareholder of the Company who
holds 15,703,000 Shares, representing approximately 15.9 percent
of the Company's issued and paid-up share capital as at the date
of this announcement, has undertaken to subscribe and pay for
(or procure subscription and payment for) his entitlement
amounting to 7,851,500 Rights Shares with Warrants. The balance
of the Rights Shares with Warrants will not be underwritten.

In view of the undertaking from the Substantial Shareholder, a
minimum of 7,851,500 Rights Shares with Warrants will be issued.
Based on the minimum and the maximum number of Rights Shares to
be issued, the resultant shareholding of the Substantial
Shareholder in the enlarged issued share capital of the Company
will be between 15.8 percent and 22.1 percent (excluding the New
Shares which may be issued pursuant to the exercise of the
Warrants).

Use of Proceeds

The net proceeds of the Rights Issue (before the exercise of the
Warrants), estimated to be between $1.1 million(1) and $9.5
million(2) based on the minimum and the maximum number of Rights
Shares to be issued respectively, will be deployed for the
following purposes:

Shares to be issued respectively, will be deployed for the
following purposes:

(i) Repayment of bank borrowings: $1.13 million (assuming
minimum net proceeds from the Rights Issue); or $4.2 million
(assuming maximum net proceeds from the Rights Issue);

(ii) Development of property at 9 Recreation Lane, Singapore:
$2.942 million (assuming maximum net proceeds);

(iii) Working capital: $1.13 million (min.); or $9.464 million
(max.).

Notes:

(1) This assumes that none of the Vested Share Options are
exercised on or prior to the Books Closure Date and none of the
Rights Shares are subscribed for other than the Rights Shares,
which are subject to the undertaking by the Substantial
Shareholder.

(2) This assumes that all the Vested Share Options are exercised
on or prior to the Books Closure Date and all the Rights Shares
are fully subscribed for.

Pending the deployment of the net proceeds as aforesaid, the net
proceeds of the Rights Issue may be deposited with financial
institutions and/or used for investment in short-term money
markets and/or debt instruments, as the Directors may deem fit.

As and when the Warrants are exercised, the proceeds arising
therefrom will be used for further expansion of the Group's
business and for working capital.

Adjustments To Share Options

As provided for in the rules of the 1991 Plan and the Ace
Dynamics Share Option Plan approved in February 2000,
adjustments, if any, will be made to the exercise price and/or
the number of Shares comprised in the outstanding share options
in connection with the Rights Issue.

Approvals

The Rights Issue is subject to the approval of the SGX-ST for
the listing of and quotation of all the Rights Shares, the
Warrants and the New Shares as well as the approval of
Shareholders at an Extraordinary General Meeting (EGM) to be
convened.

Application will be made to the SGX-ST for the listing of and
quotation for all the Rights Shares, the Warrants and the New
Shares on the Official List of the SGX-ST.

The listing of the Warrants on the SGX-ST will be subject to
there being an adequate spread of holdings for the Warrants to
provide an orderly market for the Warrants.

A circular to Shareholders setting out in detail the terms and
conditions of the Rights Issue, including but not limited to the
financial effects thereof, and the Notice of EGM will be
dispatched to Shareholders in due course.

Eligibility of Shareholders To Participate in the Rights Issue

The Rights Shares with Warrants will not be offered to
Shareholders with registered addresses outside Singapore or who
have not, prior to the Books Closure Date, provided to The
Central Depository (Pte) Limited or the Company, as the case may
be, with addresses in Singapore for the service of notices and
documents.

The entitlements of Foreign Shareholders will, if practicable,
be sold "nil-paid" on the SGX-ST. Any entitlements of Rights
Shares with Warrants not taken up for any reason will be
aggregated and allocated to satisfy excess applications or
disposed of in such manner as the Directors may, in their
absolute discretion, deem fit.


ASIA PULP: Court Puts Petition For Liquidation On Hold
-----------------------------------------------------
The High Court of Singapore has put on hold the petition to wind
up Asia Pulp & Paper Company (APP), citing that liquidation
could likely have adverse effects on Indonesia and the global
markets, Asian Wall Street Journal reported Friday last week.
The petition was filed by large pulp trader CellMark AB on May
3, citing claims against the APP worth US$10.8 million, which
comprise 0.08 percent of APP entire outstanding debts.

The court ruled any action on the petition would be deferred
until further notice.

APP is now considered one of the largest emerging-market
debtors, with debts and obligations amounting to US$13.4
billion.

Notwithstanding the court ruling, CellMark maintained that APP
should be liquidated, which APP lawyers, Drew & Napier, in turn,
contested that it should not be sanctioned as it would
"jeopardize a restructuring which will treat all creditors
fairly and will ensure a more beneficial return than a
liquidation."

Moreover, APP CFO Hendril Tee said, "To have agreed to the
demands of this creditor to be paid immediately would have
violated the principles of our [debt] standstill and would not
have been in accord with the commitments we have made to our
overall creditor group."

APP declared a debt standstill on March 12 to prioritize
payments to suppliers and to continue operations of APP plants
in Indonesia and China.


LIM KAH NGAM: Converts 1-M NRCPS Into Ordinary Shares
-----------------------------------------------------
Lim Kah Ngam Limited announce Friday that due to a conversion of
1,000,000 non-redeemable convertible preference shares (NRCPS0
into 1,000,000 Ordinary Shares of S$0.20 each fully paid at par
by Chua Thiam Guan, a holder of NRCPS, the company's issued and
paid-up capital of S$45,999,611.60 shall now comprise of (i)
S$39,472,338.80 divided into 197,361,694 Ordinary Shares of
S$0.20 each, and (ii) S$6,527,272.80 divided into 32,636,364
NRCPS of S$0.20 each.


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


SIAM CITY: BoDs OKs Extension Of Advances To Unit
-------------------------------------------------
In a meeting May 10, 2001, the Board of Directors of Siam City
Cement Public Company Limited approved to lend a sum of Bt300
million to Siam City Concrete Company Limited, which is a
wholly-owned subsidiary of the company. The money will be used
to make repayments to The Industrial Finance Corporation of
Thailand, as per the Debt Restructuring Agreement.


THAI WAH: Posts Net Loss Of Bt223.274-M For Q1
----------------------------------------------
For the first quarter of 2001, Thai Wah Public Company Limited
posted a consolidated net loss of Bt223.274 million, as opposed
to Bt176.407 million in net loss recorded in the same period
last year. Earnings per share (EPS) stood at negative Bt4.25.

The following explains the increase in loss:

1. Increase in foreign exchange loss of Bt 203 million in
attributed to the translation of United States Dollar
denominated borrowings of Bt235 million for the year 2001. While
in the same period of 2000, the translation loss amounted to
Bt32 million.
          
2. There is gain on sale of investment in subsidiary of Bt48
million.

3. Decrease in interest expenses of Bt73 million is due to
decrease in interest rate. Interest rate for 2001 is at the rate
as agreed in debt restructuring plan, which is lower than
interest rate for 2000, which was charged at default rate.

4. Increase in share of profit of associated companies of Bt19
million is due to increase in profit recognition from Laguna
Resorts and Hotel Public Company Limited.

Additional Information Relating To Unrealized Forex Losses

(Amount in Baht)
                    Consolidated      The Company     
             2001           2000       2001          2000  
Gain (loss) on foreign exchange                  
                                                  
- Realized   (11,095,782)   788,145    (11,568,918)    762,490         
- Unrealized (223,606,951) (32,946,536) (170,593,939)
(24,240,542)
          (234,702,733)  (32,158,391)  (182,162,857)
(23,478,052)                                   

Additional information of debt in foreign currencies

As of March 31, 2001 the Group has liabilities, consisting of
borrowings denominated in United States Dollars of which US$29.6
million presented in the financial statements as current portion
of long-term loans and the remaining US$127.42 million presented
as long-term loans. These loans have not been hedged by forward
contracts or others similar measures.

Consequently, the Group fully recognized a translation loss of
Bt234.70 million resulting from the decline of the Thai Baht
value.

Debt due in each accounting period

Before March 31, 2001:  US$22.95 million or equivalent to
Bt1,030.97 million.
In  2001: US$6.65 million or equivalent to Bt298.81 million.
In  2002: US$15.67 million or equivalent to Bt703.90 million.
During 2003-2015: US$111.75 million or equivalent to Bt5,020.22
million

The Company's loan amounting to US$121.27 million comprise of
amounts due within one year totaling US$6.6 million is presented
in the financial statement as "current portion of long-term
loans". The remaining US$114.67 million is presented in the
financial statements as "long-term loans net of current
portion'.

The status of subsidiary's loan amounting to US$22.95 million
pending judgment by the Supreme Court is presented in the
financial statement as "current portion of long-term loans".

The subsidiary's loan amounting to US$12.8 million comprise of
amounts due within one year totaling US$0.05 million is
presented in the financial statement as "current portion of
long-term loans". The remaining US$12.75 million is presented in
the financial statements as "long-term loans net of current
portion".

Other pertinent information of debt denominated in foreign
currencies:

Tenor: 1 to 16 years.
Repayment schedule: Every 3 and 12 months.
Interest period: Every 1 and 3 months.
Main obligation in loan agreements: Pledge of assets and the
commitment of support from the specified shareholders.


TRI ENERGY: To Issue $88-M In Bonds
-----------------------------------
Power producer Tri Energy Company is working toward issuing
baht-denominated bonds equivalent to $88 million in June, Asian
Wall Street Journal reported Thursday last week, citing a
company executive. The proceeds from the issue, which will be
made in several tranches with varying maturities, will be used
to refinance a portion of the company's debts totaling $288
million, due in 12 years.

Appointed underwrites for the issue are Finansa Co., Nava
Vickers Ballas Securities Co., Krung Thai Bank PCL, Siam
Commercial Bank PCL and the Thai unit of HSBC Holdings PLC.

Tri Energy is currently running a 700-megawatt power plant with
an investment expense of $35.4 million.


S U B S C R I P T I O N  I N F O R M A T I O N

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

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