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            T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                  Wednesday, May 16, 2001, Vol. 4, No. 96


                               Headlines

A U S T R A L I A

AUSTAR UNITED: Post Q1 Financial Results
CENTAUR MINING: Gets Reprieve From Liquidation
HARTS AUSTRALASIA: Denies Rumors Of Wind-Up
HARTS AUSTRALASIA: Responds To ASX Query Re Share Price
HARTS AUSTRALASIA: Sells Interest In McDermott Group
VOSTECH LIMITED: Calls In Administrator
VOSTECH LIMITED: Requests For Suspension
VOSTECH LIMITED: Suspended From Official Quotation


C H I N A   &   H O N G  K O N G

HENDERSON CYBER: Posts Q3 Loss Of HK$13.2-M
LEADING SPIRIT: Bermuda Court Appoints Liquidators
RONG HUA: Winding Up Petition Hearing Set
SUNEVISION HOLDINGS: Q3 Loss Stands At HK$39.3-M


I N D O N E S I A

ARGO PANTES: Post Rp423.23-B In Net Losses For FY2000
ASTRA INTERNATIONAL: Mulls Over Asset Sales


J A P A N

KDDI CORP: 3 Tu-Ka Wireless Units Up For Sale
POSTAL SERVICES: Cuts Set For 14,000 Jobs
TOKAI BANK: Plans To Liquidate Leasing Unit In Indonesia
YASUDA TRUST: Recovery Of Loans Not Likely To Happen


K O R E A

DONG-AH: Court Orders Liquidation
HYNIX SEMICON: Foreign Firm To Buy GDRs Worth US$200-M
HYNIX SEMICON: US Unit Still On CreditWatch
HYUNDAI PETROCHEM: Seeking Prospective Buyers
JINDO CORP: Creditors To Call Off Workout Procedures
REGENT MERCHANT: Merger Deal With Tong Yang-Hyundai Struck


M A L A Y S I A

DENKO INDUSTRIAL: Appoints Distributor
DENKO INDUSTRIAL: Writ Of Summons Served
DENKO INDUSTRIAL: Workout Plan Pending Implementation
EPE POWER: Defaults Interest Payment
ROHAS-EUCO: Payment Of Judgment Debt
SISTEM TELEVISYEN: Announces Plan's Time Frame
SJA BERHAD: Units Default Payments
TAJO BERHAD: SC Advises Review Of Debt Workout
TAJO BERHAD: No Change In Status Of Workout
TECHNOLOGY RESOURCES: SC Approves New Shares Issue


P H I L I P P I N E S

NATIONAL POWER: Seeks To Borrow US$300-M
REYNOLDS PHILS: SEC Wants Proof Of Due Process In Probe
URBAN BANK: Set To Submit Requirements On Deadline


S I N G A P O R E

ASIA PULP: Wraps Up Sale Of Indian Unit
VICKERS BALLAS: Seeks Approval For Capital Reduction


T H A I L A N D

ITV: Shin To Infuse Bt1.5-B
KRUNG THAI: Seeks Reduction Of Non-Performing Loans


     -  -  -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Post Q1 Financial Results
----------------------------------------
Austar United Communications released yesterday its financial
results for the first quarter of 2001. The result demonstrated  
the company's emphasis on controlling costs and ensuring that
growth is profitable and has started to produce results.

The highlights of the report include a 21 percent improvement in
earnings before interest, tax, depreciation and amortization
(EBITDA) and a 75 percent decline in capital expenditure
compared to the fourth quarter of 2000.

Total revenue for the quarter was almost $85 million. This
represented a 28 percent improvement compared to the first
quarter of 2000 (as restated to reflect the change in accounting
for associates on an equity basis in the statement of financial
performance). At the same time, Austar's subscription television
business in regional Australia reached 20.5 percent of homes in
its service area, giving it the highest penetration level of any
Australian pay TV service provider.

The EBITDA loss for the first quarter was $28.0 million compared
to $35.5 million in the fourth quarter of 2000. The operating
loss for the first quarter was $95.0 million compared to $117.6
million in the fourth quarter of 2000, a 19.3 percent
improvement.

Austar's pay TV operation achieved a 75.6 percent improvement in
EBITDA and a 79.1 percent reduction in capital expenditure
compared to the previous quarter, while for Austar United
Broadband (Data Services and Interactive TV) those figures were
21.5 percent and 54.0 percent respectively.

Austar's mobile operation achieved an EBITDA loss of less than
$1 million in the first quarter compared to a $2.5 million loss
in the fourth quarter of 2001. The mobile group has taken a `go
slow" approach to growth during the first quarter while it
finalizes the implementation of its operational processes.

XYZ Entertainment continued to perform strongly having doubled
its net profit for the quarter to $9.5 million when compared to
the same period last year.

In the first quarter Telstra Saturn began to turn on its network
in Christchurch, adding to its significant successes in
Wellington where it has reached 32 percent telephony penetration
and 20.6 percent pay TV penetration. Early results in
Christchurch suggest that penetration levels will be at least as
good.

"This result shows a very disciplined performance. The
management team has risen to the challenge of improving
operating leverage and reducing capital expenditure," said John
Porter, CEO of Austar United Communications.

"It is clear that the company is determined to meet its
commitments to sustain steady, profitable growth, while keeping
costs well under control."

"At the end of 2000 we embarked upon a rigorous budget process
and determined that we would manage our growth to attract and
keep profitable customers," said Jonathan Morphett, CFO. "The
effects of this process are beginning to be seen.

"In pay TV we have turned around the negative outcome of the
fourth quarter to achieve a net gain of 5,498, an improvement of
more than 10,000. At the same time, March churn reached a low of
2.49 percent and the number of new subscribers taking the credit
card direct debit option are at all time highs," said Morphett.

"On the internet side, we have deliberately managed customer
numbers, growing our data services subscribers by 4,503, while
continuing to reduce the number of unprofitable accounts as we
migrate customers from the old eisa systems to the more cost
effective austarnet infrastructure."

"Having recently completed our $200 million rights offer, the
company is now squarely focused on achieving its two key
objectives: securing the remaining financing to fully fund our
business case and continuing to grow the business in a steady
and profitable fashion," Porter concluded.

Management Discussion & Analysis Of The Results Of Operations

Overview

Austar United Communications Limited (AUC) is a leading provider
of pay television, data services and telecommunication services
in Australia, and in New Zealand through its 50 percent owned
associate Telstra Saturn Limited. The Company was incorporated
in June 1999 and became a publicly listed company on the
Australian Stock Exchange on July 20, 1999.

Reporting Basis

The summarized consolidated financial information as at and for
the three months ended March 31, 2001 includes the financial
statements of AUC and its controlled entities. Except as
discussed below, the financial information has been prepared on
a basis consistent with the financial statements for the period
ended December 31, 2000 and should be read in conjunction with
the notes to those financial statements.

The balance sheet and statement of financial performance data
included in this discussion reflect the Company's 100 percent
interest in Austar Entertainment (collectively CTV and STV Pty
Limited and their controlled entities), Austar United Broadband
(100%), TVSN Limited (TVSN)(51 percent) and United Wireless (100
percent) to the date of its disposal.

Austar United Broadband is the company through which AUC
operates its data services, mobile telephony and interactive
television operations.

Also included in the results for this period are the Company's
interests in its associates including Telstra Saturn, XYZ
Entertainment Pty Limited (XYZ) (50 percent), and Massive Media
Pty Limited (50 percent).

Effective January 1, 2001 the Company revised the method by
which it accounts for its share of the profit and losses of its
associates. The Company now accounts for its share of the profit
and losses of associates as one line in the statement of
financial performance. Prior to this date the Company's
statement of financial performance included the Company's share
of each of the associated company's relevant amounts. With the
exception of Saturn, the results for the three months ended  
March 31, 2000 have been restated to reflect the change in the
method of accounting.

The result for the three months ended March 31, 2000 includes
100 percent of the results of Saturn Communications Limited.
Effective April 1, 2000 Saturn was merged with Telstra New
Zealand to form TelstraSaturn, the Company's interest in
TelstraSaturn (formerly Saturn) was diluted from 100 percent to
50 percent and the Company adopted the equity method of
accounting from that date.

Austar United Broadband launched its data services business late
in the first quarter of 2000 and the mobile telephony business
in the third quarter of 2001. The growth of the data services
business was augmented with certain strategic acquisitions
throughout the year including the assets and subscribers of eisa
in the fourth quarter of 2000.

Accordingly the result for the three months ended March 31, 2000
includes only nominal revenues and expenses for these businesses
due to the timing of their launch.

The Company's 51 percent interest in TVSN was acquired effective
October 20, 2000 and the results of TVSN have been consolidated
with those of the Company from that date. Accordingly the result
for the three months ended March 31, 2000 does not include the
results of TVSN.

Included in the summary results is a comparison of the result
for the three months ended March 31, 2001 with a pro-forma
result for the Company for the three months ended March 31,
2000. The pro-forma result for the three months ended March 31,
2000 has been prepared using the equity method to account for
the Company's 100 percent interest in Saturn for that period to
facilitate comparison with the results for the three months
ended March 31, 2001.

Divestment of United Wireless

Effective March 26, 2001 the Company disposed of its interest in
United Wireless for $3 million in cash and 1.75 million shares
of the purchaser. The consolidated result of the Company
includes 100 percent of the results of United Wireless to the
date of disposal.

Statement Of Financial Performance

Three Months Ended March 31, 2001 Compared To Three Months Ended
March 31, 2000

The Company's service and other revenue for the three months
ended March 31, 2001 was $85.0 million (three months ended  
March 31, 2000: $74.2 million), an increase of $10.8 million, or
14.4%. This increase reflects:

* An increase in revenues from Austar Entertainment of $7.1
million reflecting an increase in the number of subscribers and
higher revenue per subscriber;

* An increase in revenue from Austar United Broadband of $5.5
million. The data services business was launched late in the
first quarter of 2000 and as such only nominal revenues were
recorded in the first quarter of 2000;

* An increase in revenue from the mobile telephony business of
$1.7 million reflecting the fact that the mobile business was
not launched until the third quarter of 2000;

* A decrease of $7.9 million reflecting the fact that
TelstraSaturn, formerly Saturn, is equity accounted in the first
quarter of 2001; and

* The consolidation of revenues from TVSN for the three months
ended March 31, 2001.

The Company incurred programming and communications costs of
$56.3 million for the three months ended March 31, 2001 (three
months ended March 31, 2000: $41.1 million), an increase of
$15.2 million, or 37.0 percent. This increase is a result of the
following factors:

* An increase in programming costs of $8.5 million for Austar
Entertainment as a result of the increase in the number of
subscribers as compared to the same period in the prior year and
the adverse impact on programming costs of the devaluation of
the Australian dollar relative to the US dollar;

* An increase in network and content costs of $6.7 million in
Austar United Broadband, reflecting the fact that the data
services business was not launched until late in the first
quarter of 2000;

* Net of a decrease of $3.0 million reflecting the fact that the
first quarter result for 2000 includes 100% of the network and
content costs for Saturn; and

? The inclusion of variable direct costs for TVSN for the first
time.
? Gross margin after programming and communication costs was
$28.7 million for the three months ended March 31, 2001
(three months ended 31 March 2000: $33.2 million), a $4.5
million decrease or 13.5 percent.

Operating expenses increased $10.7 million, or 44.4 percent from
$24.0 million for the three months ended March 31, 2000 to $34.7
million for the three months ended March 31, 2001. The increase
is primarily a result of:

* An increase of approximately $5.6 million related to the data
services and mobile telephony businesses; and

* An increase as a result of the consolidation of the results of
TVSN in the first quarter of 2001.

General and administrative costs increased by $10.1 million, or
93.8 percent from $10.7 million for the three months ended March
31, 2000 to $20.8 million for the three months ended March 31,
2001. This increase is a result of:

* An increase of $6.9 million due to the growth of the various
businesses throughout 2000;

* An increase in foreign exchange losses of $4.4 million as a
result of the devaluation of the Australian dollar relative to
the US dollar;

* Net of a decrease of $2.4 million reflecting the fact the
first quarter result for 2000 includes 100% of the general and
administrative costs of Saturn; and

* An increase as a result of the consolidation of TVSN in the
first quarter of 2001.

The Company incurred an operating loss before interest,
taxation, depreciation and amortization (EBITDA) of $28.0
million for the three months ended March 31, 2001 (three months
ended March 31, 2000: $2.6 million), an increase in the loss of
$25.4 million.

Depreciation and amortization expense for the three months ended
March 31, 2001 was $55.1 million (three months ended March 31,
2000: $43.3 million), an $11.9 million increase. The increase in
depreciation and amortization is a result of:

* An increase in depreciation expense on property, plant and
equipment of $9.3 million as a result of the increase in
property, plant and equipment during 2000 as Austar
Entertainment and Austar United Broadband continued to build
their networks and service infrastructure to facilitate the
provision of pay television, internet, interactive television
and telephony services; and  

* An increase in amortization expense of $2.6 million as a
result of the acquisition of the capital cities radio spectrum
licenses in the second half of 2000.

Other amortization expense increased $0.6 million from $2.5
million for the three months ended March 31, 2000 to $3.1
million for three months ended March 31, 2001 as a result of the
amortization of goodwill on acquisitions made in 2000.

The Company incurred an operating loss before interest and tax
(EBIT) of $86.2 million for the three months ended March 31,
2001 (three months ended March 31, 2000: $48.4 million), an
increase in the loss of $37.8 million, or 78.2 percent.

Interest expense, net of interest income was $6.5 million for
the three months ended March 31, 2001 (three months ended March
31, 2000: $3.5 million), an increase of $3.0 million. The
increase in the interest expense is a result of:

* An increase in interest expense as a result of increased
borrowings under the Austar Entertainment Debt facility, net of
a decrease as a result of writing off the deferred borrowing
costs at the end of the fourth quarter of 2000; and

* A decrease in interest income of $2.5 million as a result of a
decrease in cash on deposit as compared to the first quarter of
2000.

Included in the Operating Loss before taxation of $85.2 million
is a Significant Item, a gain on the sale of United Wireless of
$7.6 million.

The Company's share of losses from associates for the three
months ended March 31, 2001 was $11.8 million (three months
ended March 31, 2000; $1.6 million). The increase in the loss is
primarily as a result of:

* The inclusion of the Company's 50 percent share of losses from
TelstraSaturn of $13.9 million and amortization of AUC's
goodwill on its investment in TelstraSaturn of $1.2 million;

* Offset by an increase in the Company's 50 percent share of the
profits of XYZ of $2.4 million.

The Company incurred an Operating Loss of $95.0 million for
three months ended March 31, 2001 as compared to $53.6 million
for the three months ended March 31, 2000.

Three Months Ended March 31, 2001, Compared To Three Months
Ended December 31, 2000

The Company's service and other revenue for the three months
ended March 31, 2001 was $85.0 million (three months ended  
December 31, 2000: $85.8 million), which represents a decrease
of $0.8 million or 1.0 percent. Revenue has remained relatively
consistent from quarter to quarter primarily as a result of the
average number of subscribers and average revenue per subscriber
being consistent in those periods.

Gross margin increased by $2.8 million from $25.9 million for
the three months ended December 2000 to $28.7 million for the
three months ended March 31, 2001. This improvement is primarily
a result of management's focus on reducing network costs through
the integration of the data service businesses acquired in 2000.
Programming costs were approximately the same in both quarters.

Operating expenses decreased by $1.4 million, or 3.7 percent
during the three months ended March 31, 2001, primarily due to
lower sales and marketing expenditure.

General and administrative expenses decreased by $3.5 million in
the three months ended March 31, 2001 to $20.8 million from
$24.3 million for the three months ended December 31, 2000. This
decrease is primarily a result of management's focus on reducing
expenditures, offset in part by an increase in foreign exchange
losses of $6.4 million as a result of a devaluation of the
Australian dollar.

The Company recorded an operating loss before interest,
taxation, depreciation and amortization (EBITDA) of $28.0
million (three months ended 31 December 2000: $35.5 million), an
improvement of $7.5 million or 21.3 percent.

Depreciation and amortization expense for the three months ended
31
March 2001 was $55.1 million (three months ended December 31,
2000: $50.4 million), a $4.8 million increase or 9.5 percent.
This increase is primarily a result of the depreciation on
network infrastructure rolled out during the fourth quarter of
2000.

Other amortization decreased by $3.5 million to $3.1 million for
the three months ended March 31, 2001 from $6.6 million for the
three months ended December 31, 2000. This decrease is a result
of the additional amortization charge taken in the fourth
quarter of 2000 as a result of the retroactive application of
AASB 1015 - Acquisition of assets.

The Company incurred an operating loss before interest, income
taxes and significant items (EBIT) of $86.2 million for the
three month period ended March 31, 2001 as compared to a loss of
$92.4 million for the three months ended December 31, 2000.

Interest expense, net of interest income, was $6.5 million for
the three month period ended March 31, 2001 (three months ended  
December 31, 2000: $5.0 million), an increase of $1.5 million.
The increase in the interest expense is primarily a result of a
reduction in interest income as a result of less cash on hand,
net of a decrease in interest expense as a result of the write-
off of the deferred borrowing costs at the end of the fourth
quarter of 2000.

The Company's share of losses from associates decreased
primarily due to the reduced losses from TelstraSaturn. The
TelstraSaturn loss in the fourth quarter included a write-off of
$7.5 million of goodwill. No such write-off occurred in the
first quarter of 2001.

As a result of the above factors and after significant items,
operating loss after income taxes for the three months ended  
March 31, 2001 was $95.0 million (three months ended December
31, 2000: $117.6 million), a 19.3 percent improvement.

Financing & Investing Activities For The Quarter Ended March 31,
2001

As of March 31, 2001 the Company had cash at hand and on deposit
of $123.4 million, a decrease of $66.7 million from $190.1
million on December 31, 2000. This cash has been used primarily
to fund the growth of the pay TV, data services and mobile
telephony businesses, and to fund an additional investment in
TelstraSaturn.

The Company used $29.0 million in operating activities for the
three months ended March 31, 2001 (three months ended March 31,
2000: $9.4 million). The increase in cash used in operating
activities in the first quarter of 2001 as compared to the first
quarter of 2000 is primarily a result of:

* the growth of the Company and in particular the costs
associated with operating and servicing the data services
business;

* An increase in interest paid of $3.6 million as a result of
higher interest rates and higher borrowings;

* A decrease in interest income received of $6.9 million as a
result of less cash on deposit; and

* the consolidation of the cash flows of TVSN in the first
quarter of 2001.

Cash used in operating activities decreased from $33.2 for the
three months ended December 31, 2000 to $29.0 million for the
three months ended March 31, 2001. The $4.2 million improvement
in operating cash flows is primarily a result of management's
focus on reducing expenditures and the timing of receipts and
payments in the course of operations.

Cash used in investing activities decreased from $194.5 million
for the three months ended December 31, 2000 to $37.14 million
for the three months ended March 31, 2001. The decrease in cash
used in investing activities is a result of:

* A decrease in capital expenditure of $57.7 million from $77.2
million for the three months ended December 31, 2000 to $19.5
million for the three months ended March 31, 2001. Capital
expenditure in the first quarter was primarily on the
installation of customer premise equipment and property plant
and equipment;

* Payments for spectrum licenses of approximately $124.3 million
in the fourth quarter of 2000 not recurring in the first quarter
of 2001;

* Net proceeds of $2.9 million received on the disposal of the
Company's interest in United Wireless;

* Contributions to TelstraSaturn of $24.0 million pursuant to
the new TelstraSaturn Debt Facility discussed below, which were
not required in the fourth quarter of 2000;

* Net of an increase in the return of capital from XYZ of $1.75
million from $4.25 in the fourth quarter of 2000 to $6.0 million
in the first quarter of 2001.

As of March 31, 2001 the Austar Entertainment Debt Facility is
fully drawn at $400 million (December 31, 2000: fully drawn at
$400 million).

In September 2000 TelstraSaturn secured a NZ$900 million
amortizing debt facility (the `new Telstra Saturn Debt
Facility'). The new Telstra Saturn Debt Facility comprises a
Tranche A facility in the amount of NZ$380.0 million and a
Tranche B facility in the amount of NZ$520.0 million. To utilise
the Tranche B facility, the Company and Telstra Australia are
each required to contribute NZ$1.00 for every NZ$2.00 drawn
under Tranche B. The new Telstra Saturn Debt Facility bears
interest at the market rate plus 1.75 percent. On March 31, 2001
NZ$ 405 million was drawn under the new Telstra Saturn Debt
Facility.

Subsequent Events

On May 2, 2001 the previously announced $203.5 million
renounceable rights issue closed with applications received for
approximately 74 percent of the rights offered to shareholders.

UnitedGlobalCom, Inc  (UGC), the Company's ultimate parent
company, has taken up its full entitlement and will subscribe
for the balance of the rights issue in accordance with the
underwriting agreement between the Company and UGC. Pro-forma
for the rights offering, the cash balance on March 31, 2001 is
approximately $324.4 million.

In the opinion of the Directors, the proceeds from this offering
will be sufficient for the Company to fund its 2001 operating
loss.


CENTAUR MINING: Gets Reprieve From Liquidation
----------------------------------------------
Creditors of Centaur Mining & Exploration, including nickel-mine
operating unit Centaur Nickel, are giving the company a two-
month breather from further liquidation proceedings while its
administrators are waiting for restructuring bids from
interested parties, West Australian reported yesterday.

Expected to tender bids, apart from Joe Gutnick, include a
foreign investor and a listed Perth-based firm believed to be
Australian Heritage Group, the report said. On top of these is
another bid from a group of unsecured trade creditors, claiming
a total of $15 million owed by Centaur.

According to Hawke of KPMG, the administrators received a notice
from Gutnick's counsels, saying that Gutnick has signified
intention to work out a plan for a deed of arrangement to
recapitalize the company, which Hawke interpreted as a proposal
to purchase the group's mining assets from bondholder-appointed
receivers and enter into a deed deal with Centaur's creditors,
both secured and unsecured.


HARTS AUSTRALASIA: Denies Rumors Of Wind-Up
-------------------------------------------
In response to an article which appeared on Friday in a daily
newspaper reporting on an alleged four applications for winding-
up of troubled accounting firm, Harts Australasia Limited, and
two of its subsidiaries the Deputy Executive Chairman of Harts
Australasia Limited, Steve Hart, reports that:

1. The Infinite Group Pty Ltd was paid in full on May 10, 2001
and has issued a full discharge. Accordingly its legal action
against Harts Pty Ltd is agreed to be dismissed.

2. The two proceedings instituted by Wilson Watt and Papandrea
Pty Ltd and Wilson Watt and Papandrea (a firm) and Harts
Australasia Ltd and Harts (Canberra) Pty Ltd have both been
resolved on amicable terms.

Wilson Watt and Papandrea Pty Ltd and Wilson Watt and Papandrea
(a firm) have agreed to dismiss their legal action against Harts
Australasia Ltd and Harts (Canberra) Pty Ltd.

The parties have resolved all of the allegations made in the
proceedings to their mutual satisfaction and have agreed to keep
the terms of settlement confidential.

3. The proceedings between Bendeich and his Associated Entity
and Harts Australasia Limited involves an alleged debt of
$200,000, the existence of which debt is strongly disputed.
Negotiations are continuing in this matter and it is expected
that an amicable settlement will be reached shortly.

4. Reference was made in the newspaper article to the Australian
Taxation Office being owed more than $450,000. Such a debt does
exist and will be paid in full in the near future, when
negotiations which are currently continuing with the Australian
Taxation Office regarding proposed off-sets have been finalized
which is expected to be concluded shortly.

5. The Harts Group is on track with its program of selling non-
core business assets, which it has previously announced to the
ASX.

6. The Harts Group is disappointed with the biased reporting in
the newspaper article particularly given the comments of Justice
Williams yesterday when ordering the lifting of the suppression
order that in his view he would expect that any publication must
be a fair account and that the publication should include the
expressed concerns by the primary Judge, Justice Ambrose, as to
the application being an abuse of process and expressed doubts
about the material being sufficient to support the appointment
of the provisional liquidator. Justice Williams' views as to
what would constitute a fair reporting clearly were not complied
with by the newspaper in its article.

7. The Harts Group remains on track to achieve fourth quarter
profitability.


HARTS AUSTRALASIA: Responds To ASX Query Re Share Price
-------------------------------------------------------
Troubled accounting firm Harts Australasia Limited, through
Company Secretary I Stevens, released the following in response
to queries of the Australian Stock Exchange (ASX), thus:

"With respect to your queries and using your numbering I advise
as follows:

"1. The Company is not aware of any information concerning it,
that has not already been released to the market, which would be
an explanation for the recent trading.

"2. Not Applicable

"3. The Company does not have any explanation for the price
change or increase in volume other than a reaction to the most
recent announcements.

"4. As far as the Company is aware it has complied with the
Listing Rules and in particular Listing Rule 3.1.

"I trust this answers your queries as raised in your
correspondence."

ASX Query

The following is the ASX queries addressed to Harts Australasia
regarding the company's share price:

"ASX has noted a change in the price of the Company's securities
from 9.2 cents on May 7, 2001 to a high of 19.5 cents today. ASX
has also noted an increase in the volume of trading in the
securities over this period.

"In light of the price change and increase in volume, please
respond to each of the following questions.

"1. Is the Company aware of any information concerning it that
has not been announced which, if known, could be an explanation
for recent trading in the securities of the Company?

"2. If the answer to question 1 is yes, can an announcement be
made immediately? If not, why not and when is it expected that
an announcement will be made?

"Please note, if the answer to question 1 is yes and an
announcement cannot be made immediately, you need to contact us
to discuss this and you need to consider a trading halt (see
below).

"3. Is there any other explanation that the Company may have for
the price change and increase in volume in the securities of the
Company?

"4. Please confirm that the Company is in compliance with the
listing rules and, in particular, listing rule 3.1.

"Your response should be sent to me on facsimile number (07)
3832 4114. It should not be sent to the Company Announcements
Office.

"Unless the information is required immediately under listing
rule 3.1, a response is requested as soon as possible and, in
any event, not later than 12.30pm EST on Thursday, 10 May 2001.

"The response must be in a form suitable for release to the
market. If you have any concern about release of a response,
please contact me immediately.

"Listing Rule 3.1

"Listing rule 3.1 requires an entity to give ASX immediately any
information concerning it that a reasonable person would expect
to have a material effect on the price or value of the entity's
securities. The exceptions to this requirement are set out in
the rule.

"In responding to this letter you should consult listing rule
3.1 and the guidance note titled "Continuous disclosure: listing
rule 3.1". If the information requested by this letter is
information required to be given to ASX under listing rule 3.1
your obligation is to disclose the information immediately.

"Your responsibility under listing rule 3.1 is not confined to,
or necessarily satisfied by, answering the questions set out in
this letter.

"Trading Halt

"If you are unable to respond by the time requested, or if the
answer to question 1 is yes and an announcement cannot be made
immediately, you should consider a request for a trading halt in
the Company's securities. As set out in listing rule 17.1 and
the guidance note titled "Trading halts" we may grant a trading
halt at your request.

"We may require the request to be in writing. We are not
required to act on your request. You must tell us each of the
following.

"* The reasons for the trading halt.
"* How long you want the trading halt to last.
"* The event you expect to happen that will end the trading
halt.
"* That you are not aware of any reason why the trading halt
should not be granted.
"* Any other information necessary to inform the market about
the trading halt, or that we ask for.

"The trading halt cannot extend past the commencement of normal
trading on the second day after the day on which it is granted.
If a trading halt is requested and granted and you are still
unable to reply to this letter before the commencement of
trading, suspension from quotation would normally be imposed by
us from the commencement of trading if not previously requested
by you. The same applies if you have requested a trading halt
because you are unable to release information to the market, and
are still unable to do so before the commencement of trading."


HARTS AUSTRALASIA: Sells Interest In McDermott Group
----------------------------------------------------
As part of it's previously announced plans to reduce its
exposure in the Property Market, Harts Australasia Limited
(ASX:HTS) has announced that it had reached agreement for the
sale of its interest in the McDermott Property Group.

Harts held a 41 percent interest in the McDermott Group, a
builder of residential property in South East Queensland.

Executive Deputy Chairman of Harts, Steve Hart said, "The sale
of our interest in McDermotts fits within the Boards intention
to return the Company to it's focus of acquiring accounting and
financial service practices."

"The sale, at a price greater than the cost of acquisition, is
the first of a planned sell down of non core assets," Hart said.

>From the program of sales of these non-core assets the Company
anticipates to raising between $8 to $10 million.

Hart further gave notice that Eddie Kann, a Brisbane property
lawyer and Chairman of the McDermott Property Group had
announced he would be stepping down from the Board of Harts.


VOSTECH LIMITED: Calls In Administrator
---------------------------------------
The Directors of Vostech Limited foreshadowed in the December
2000 Prospectus and the letter to all shareholders that if
sufficient working capital was not raised to allow the
finalization of the V20 automated fryer then it may need to
consider the disposal of existing assets or intellectual
property rights.

Since the capital raising in December, the Company has made
significant progress in the finalization of the pre-production
model of the V20 automated fryer with a final version almost
complete. Further, following the termination of our
relationships with Henny Penny Inc and Burger King Corporation,
the Company has been in discussion with a number of major
parties who are interested in purchasing or licensing our
Intellectual property.

However, the Company has been unable to complete these
discussions within the timeframe allowed by the limited cash
resources available to it. Accordingly, the Directors consider
the most appropriate solution at this time to be the appointment
of Voluntary Administrators to complete these negotiations so as
to generate the funds required by the Company to meet its
obligations.

As a result we have appointed Michael James Humphris and  
Laurence Andrew Fitzgerald as Joint Administrators to the
company with a view to maximizing the returns for all
stakeholders.


VOSTECH LIMITED: Requests For Suspension
----------------------------------------
Pursuant to section 17.2 of the ASX Listing rules, the Directors
of VosTech Limited requested Monday for suspension of the
VosTech securities as they have appointed Voluntary
Administrators to the company.


VOSTECH LIMITED: Suspended From Official Quotation
--------------------------------------------------
The securities of Vostech Limited was suspended Moday from
quotation immediately, at the request of the company, following
the announcement dated May 14, 2001 of the appointment of
voluntary administrators to the company.

Security Code: VOS
               VOSOA


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


HENDERSON CYBER: Posts Q3 Loss Of HK$13.2-M
-------------------------------------------
Henderson Cyber Limited, an Internet services and content
provider, posted for the third quarter ended in March a loss of
HK$13.2 million, as opposed to a pro forma loss of HK$4.21
million for the same period last year, Asian Wall Street Journal
reported Monday. However, the loss figure is slightly lower than
the second quarter's recorded loss of HK$14.7 million.

Moreover, in the same period the company's revenue ran up to
HK$9.11 million, as opposed to the pro forma revenue of
HK$566,000 for the last year's third quarter, and HK$5.14
million made in the second quarter of the current year.

According to the report, the company's net loss for the three-
quarter period ended in March stood at HK$40.7 million on
revenue of HK$15.7 million.


LEADING SPIRIT: Bermuda Court Appoints Liquidators
--------------------------------------------------
Leading Spirit High-Tech (Holdings) Company Limited (LSH) and
China DigiContent Company Limited (CDC) refer to the joint
announcement of the companies dated May 4, 2001 in connection
with the summons served on each of LSH and CDC in relation to
the application by Standard Chartered Bank (SCB) for the
appointment of provisional liquidators, and the petitions for
the winding-up of LSH and CDC.

LSH and CDC jointly announced that pursuant to two individual
orders (by consent of the parties) of the Supreme Court of
Bermuda dated May 10, 2001 (one made in respect of LSH and one
made in respect of CDC) in substantially the same terms, Gabriel
Chi Kok Tam, Alan Chung Wah Tang (both of KPMG, Hong Kong) and
Malcolm Butterfield (of KPMG Bermuda) have been appointed as
joint and several provisional liquidators of each of LSH and
CDC.

In addition, the Court also ordered that the hearing of the
petitions for the winding-up of each of LSH and CDC which were
scheduled to be heard May 21, 2001 be adjourned to a date to be
fixed, such date to be not before July 21, 2001.

Pursuant to the Order, the Provisional Liquidators are required,
among other things, to ascertain and preserve the assets of LSH
and CDC.

The Provisional Liquidators will, inter alia, undertake an
assessment of the financial position of LSH and CDC with the
intention of reporting on, among other things, the ongoing
viability of LSH and CDC and the possibility of implementing any
restructuring to be proposed.

The directors of CDC announced that Zheng Wei Chang has resigned
as executive director, deputy chairman and president of CDC with
effect from May 9, 2001.

Trading in the securities of LSH and CDC was suspended with
effect from 10:00 AM on May 11, 2001 at the request of the
companies. No application was made for the resumption of trading
pending the outcome of the assessment of the Provisional
Liquidators referred to above.

LSH and CDC will keep the public informed by making further
announcements on the progress of any restructuring and the
hearing of the petitions for the winding-up of LSH and CDC as
appropriate.


RONG HUA: Winding Up Petition Hearing Set
-----------------------------------------
The winding up petition against Rong Hua Copper (Holdings)
Limited is scheduled to be heard before the High Court of Hong
Kong on June 20, 2001 at 9:30 AM. The petition was filed with
the court April 20, 2001 by Kincheng Banking Corporation, a
company incorporated under the laws of The People's Republic of
China and having a branch office at No. 55 Des Voeux Road,
Central, Hong Kong.


SUNEVISION HOLDINGS: Q3 Loss Stands At HK$39.3-M
------------------------------------------------
For the third quarter ended March 31, SUNeVision Holdings
Limited posted a net loss of HK39.3 million, a swing from a net
profit of HK$8.8 million for the same period last year, Asian
Wall Street Journal reported Friday last week. Moreover, earning
per share was pegged at negative 1.93 HK cents, as opposed to a
net profit of 0.5 HK cent in the same quarter last year.

The loss was incurred notwithstanding a climb in revenues to
HK$54 million from last year's third quarter results of HK$14.9
million in revenues, the report said, citing a company release.

However, this flagship information technology company of Sun
Hung Kai Properties Limited was able to reduce its operating
loss on a quarter-on-quarter basis, from HK$8.1 million in the
second quarter to HK$3.9 million in the third quarter, which the
company attributed to a cut in operating expenses by nearly 10
percent.

In a nine-month period ended March 31, the company's net loss
has mounted up to HK$110.4 million on revenues totaling HK$134.9
million.


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


ARGO PANTES: Post Rp423.23-B In Net Losses For FY2000
-----------------------------------------------------
PT Argo Pantes posts a net loss of Rp423.23 billion for last
year, a turnaround from the preceding year's net profits of
Rp62.14 billion, as the company was weighed down by its
Rp729.87-million foreign exchange losses, IndoExchange News
reported Monday.

The loss was made on sales revenue of Rp1.09 trillion, up by
0.48 percent from the previous year's record of Rp1.08 trillion.
Moreover, the company's gross profit margin stood at the end of
the year at 25.36 percent, rising from 13.94 percent in the
preceding year.

At the end of the period, the company's liabilities totaled
Rp3.03 trillion, climbing since 1996 at a rate of 57.30 percent
per annum.


ASTRA INTERNATIONAL: Mulls Over Asset Sales
-------------------------------------------
PT Astra International is working out a plan to sell off its
assets to help ease up its financial condition, as it is
burdened with hefty debts totaling around US$1 billion, 20
percent of which, in principal, is due in December next year,
Asian Wall Street Journal reported Monday.

Up for sale include its interests in a local joint venture with
Isuzu Motor Limited and in PT Astratel Nusantara, a
telecommunications firm, and a mining unit of its heavy-
equipment operations, PT United Tractors, the Journal said,
citing President Director Theodore Rachmat.

Along with this, the report continued, would be a bond issue and
a rights issue.

Rachmat told the Journal, "If there's somebody who would like to
buy the noncore activities, yes, we would like to sell. But only
at the right price. We won't sell assets at fire-sale prices; we
refuse to do so."

In line with this fund-raising measure, Astra is negotiating
with PT Telekomunikasi Indonesia to sell Astratel Nusantara,
while Isuzu is interested in raising its stake in the joint
venture PT Federal Motors.


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


KDDI CORP: 3 Tu-Ka Wireless Units Up For Sale
---------------------------------------------
Three mobile phone units under the KDDI Corp subsidiary Tu-Ka
group umbrella are up for sale, Asian Wall Street Journal
reported yesterday. The sale, the report said, is under a
midterm business plan of parent KDDI, particularly to reduce its
interest-bearing debts worth Y2.2 trillion.


POSTAL SERVICES: Cuts Set For 14,000 Jobs
-----------------------------------------
The Postal Services Agency has drawn up a restructuring plan
that will slash over 10 percent of its 136,000-people workforce,
or equivalent to around 14,000 jobs across Japan, Yomiuri
Shimbun reported yesterday, citing officials at the agency.

When realized, this job cut will earn for the agency tens of
billions of yen in labor costs, turning the agency into a
profit-generating business, the report said. At the end of the
current fiscal year, the agency expects to post a deficit of
over Y30 billion.

This five-year job-cutting measure, which will have to aquire
the approval of the postal labor union, will be accomplished
through hiring reduction, general attrition in the overall
workforce, and early retirement offering.


TOKAI BANK: Plans To Liquidate Leasing Unit In Indonesia
--------------------------------------------------------
Tokai Bank has decided to liquidate PT Bapindo Loka Sentra
Leasing, its leasing subsidiary in Indonesia, Japan Times Online
reported yesterday, citing bank officials.

According to the report, the liquidation of the Indonesian unit,
which is part of the bank's attempts to consolidated its units
abroad, is expected to be completed in October next year.


YASUDA TRUST: Recovery Of Loans Not Likely To Happen
----------------------------------------------------
Yasuda Trust & Banking Company foresees that the recovery of
about Y8.59 billion in loans extended to bankrupt Esco Leasing
Company is not likely to happen, as Esco has already applied for
bankruptcy, burdened with liabilities amounting to Y335 billion,
Asian Wall Street Journal reported yesterday.


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


DONG-AH: Court Orders Liquidation
---------------------------------
A South Korean court has dropped the ax on Dong-Ah Engineering
and Construction Company Limited, ordering liquidation for the
beleaguered lead contractor for the construction of a multi-
billion-dollar canal in Libya, Agence France-Presse (AFP)
reported Friday last week.

The court, as quoted in the AFP report, cited the builder's
liabilities have far exceeded its assets, deeming the company
bankrupt. However, the court assured the construction projects
that the company is currently engaged in would go on, although
under the supervision of an administrator to be appointed by the
court.

The liquidation proceedings the builder will go through are
expected to take at least two years.

Last year, Dong-Ah was put into court receivership, which has
kept it in operation, with debts reaching US$3 billion.

The waterway project in Libya, which is said to be the biggest
of Dong-Ah's overseas project, is worth US$6.5 billion, and is
98 percent complete on the first two of five stages of
construction, the report said.


HYNIX SEMICON: Foreign Firm To Buy GDRs Worth US$200-M
------------------------------------------------------
Korea Exchange Bank (KEB), a major creditor of troubled
chipmaker Hynix Semiconductor, has announced Monday an overseas
investment firm has professed interest in buying global
depository receipts (GDRs) of Hynix worth US$200 million, The
Digital Chosun reported yesterday, citing KEB President Kim
Kyunglim.

Hynix will go on the road overseas to attract foreign investment
totaling US$1 billion through the issuance of Hynix GDRs, to be
lead-managed by Salomon Smith Barney (SSB), LG Securities and
Hyundai Securities.


HYNIX SEMICON: US Unit Still On CreditWatch
-------------------------------------------
Standard & Poor's revised Monday the implications of its
CreditWatch listing on Hynix Semiconductor America Incorporated
(HSA; formerly Hyundai Semiconductor America Inc.) to developing
from negative.

A rating on CreditWatch with developing implications could be
raised, lowered, or affirmed. The single-'B'-minus rating on HSA
is ultimately based on the credit quality of its parent company,
Korea-based Hynix Semiconductor Incorporated (the former Hyundai
Electronics Industries Co. Ltd.).

The CreditWatch revision follows the emergence of more evidence
that a comprehensive recapitalization plan for Hynix
Semiconductor is progressing. The refinancing of a substantial
portion of Hynix Semiconductor's short-term and medium-term debt
has the potential to resolve the group's liquidity problems,
giving it time to deal with current difficult industry
conditions and strengthen its competitive position. This could
result in the rating on HSA being raised.

The rating on HSA could still be lowered if the plan is
unsuccessful in resolving Hynix Semiconductor's liquidity
problems.

However, this appears increasingly unlikely, as existing and new
sources of longer term funding appear close to committing to a
comprehensive recapitalization that will avert a renewed
liquidity crisis. Standard & Poor's expects to provide a
definitive indication of the direction and extent of the likely
change in the rating in the next couple of weeks.


HYUNDAI PETROCHEM: Seeking Prospective Buyers
---------------------------------------------
Hyundai Petrochemical is currently undertaking multilateral
negotiations with prospective buyers, both foreign and domestic,
to consummate the planned sale of the company, The Korea Herald
reported Friday last week, citing Hyundai Managing Executive
Paek Woon-dae.

Already ongoing are talks with Danish petrochemical firm
Borialis, and with a Lotte Group affiliate Honam Petrochemical,
which is to be finalized by the end of June, the report said.

According to Paek, Hyundai wants to finalize sell-off talks with
Borialis by the end of August.

Hyundai Petrochemical's debts have reached W1.6 trillion. Last
year, its deficits rose to around W200 billion.


JINDO CORP: Creditors To Call Off Workout Procedures
----------------------------------------------------
Creditors of Jindo Corporation agreed Monday to call off all
bailout measures for the firm, The Digital Chosun reported
yesterday. It is expected the company will file for court
protection, as there will be demands for claims against the
company.

Last year, Jindo suffered net losses amounting to W80.7 billion,
which outstripped the company of its capital, the report said.

The move to stop ongoing rescue procedures, Chosun said, was
approved by about 85.4 percent of Jindo's 42 creditors, which
have a total stakeholding of 90.4 percent in the firm. Jindo
owed these creditors a sum of W1.3 trillion in debts.


REGENT MERCHANT: Merger Deal With Tong Yang-Hyundai Struck
----------------------------------------------------------
Regent Merchant Bank finalized a merger deal with Tong Yang-
Hyundai Merchant Bank last Friday, taking the restructuring of
the domestic merchant banking sector to its conclusion, The
Korea Herald reported Monday.

The ration ratio was reached at 1:0.8512, Regent to Tong Yang-
Hyundai.

With the agreement reached, both parties will schedule their
respective shareholders meeting before June 7, before the merger
would take effect on June 20, the report said.

The newly formed entity will be called Tong Yang-Hyundai
Merchant Bank with total assets of W2.83 trillion, and
capitalization of W390.6 billion.

A Tong Yang-Hyundai official told Herald, "Based on the existing
deposit and loan business, the newly merged merchant bank will
expand its territory into the field of major investment banks,
such as underwriting stocks, disclosing financial transactions
of firms, merger and acquisitions, corporate restructuring,
asset management, private banking and more."


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


DENKO INDUSTRIAL: Appoints Distributor
--------------------------------------
The Board of Directors of Denko Industrial Corporation Berhad
announced Denko-HLB Marketing (M) Sdn Bhd has been appointed
Distributor to deal in and sell the athletic shoes, apparel,
bags and accessories, except for the martial art products, under
the trademark of `PRO-SPECS' in Malaysia, Singapore and Brunei
by Kukje Corporation.

Denko-HLB Marketing (M) Sdn Bhd is a wholly owned subsidiary of
Denko-HLB Sdn Bhd, which is wholly owned by Denko.

Kukje Corporation is a corporation duly organized and existing
under the laws of the Republic of Korea and having its principal
business office at 191, 2-ka Hangang-ro, Yongsan-ku, Seoul,
Korea.

In 1981, Kukje Corporation launched its own brand `PRO-SPECS' in
the field of sports business and `PRO-SPECS' was the exclusive
sponsor and official shoes for the 1986 Asian Games, 1988 Seoul
Olympic Games and 1998 Commonwealth Games in Malaysia.

The transaction is expected to contribute positively towards the
earnings and net tangible assets of Denko Group for the
financial year ending March 31, 2002.

None of the directors, substantial shareholders and persons
connected with directors and substantial shareholders of Denko
has any interest, whether direct or indirect, in the
transactions.


DENKO INDUSTRIAL: Writ Of Summons Served
----------------------------------------
Denko Industrial Corporation Berhad announced that the company
was informed by its solicitors that an amended Writ of Summons
and Statement of Claims dated December 7, 2000 had been served
on the company, filed by HSBC Bank Malaysia Berhad in the Kuala
Lumpur High Court, Suite No. D9-22-2259-2000 for a sum of
RM5,840,494.38 (i.e. principal outstanding RM4,500,000.00 and
interest outstanding of RM1,340,494.38), allegedly due from
default in payment for revolving credit facilities extended to
Denko. Statement of Defense has been served to the Plaintiff's
solicitors.

The Group does not expect an operational impact arising from the
suit. On April 16, 2001 the Securities Commission approved
Denko's corporate proposals in which the proceeds arising from
the Proposed Rights Issue of RM65,783,723.00 is to be utilized
for core businesses of Denko and also for the repayment of loans
and bank borrowings. Denko does not expect a material financial
impact on the Group upon successful implementation of the
approved proposals.

Denko's plan to regularize its financial condition is currently
pending implementation.

The Group expects to incur marginal additional expenses arising
from legal fees for defending the suit.

Circumstances leading to the filing of the writ of summons is
due from default in payment from revolving credit facilities
granted to Denko. Negotiations are still being carried out in
seeking further indulgence towards realizing a successful
implementation of the approved proposals.

Background

The Denko Group, originally involved in the manufacture and
distribution of packaging materials, also manufactures and
distributes plastic pipes as well as ladies' undergarments. Its
packaging factory is situated in the Kulim Hi-tech Industrial
Park, and its products are supplied to MNCs in the audio and
electronics industry in the northern part of Peninsular
Malaysia.

The Group is in the process of rationalizing its other
businesses and diversifying from its manufacturing base to that
of IT and Internet related activities. The proposal to invest in
IT-based companies under the Xylog Group was incorporated into
the Group's corporate exercises which include acquisition of ten
condominium units and capital raising exercise via rights issue.

The proposals were submitted to the SC by September 2000.


DENKO INDUSTRIAL: Workout Plan Pending Implementation
-------------------------------------------------------
Denko Industrial Corporation Berhad announced that the company's
plan to regularize its financial condition since the First
Announcement made on February 23, 2001 as required under Section
4.1 (a) has been approved by the relevant authorities, namely,
the Securities Commission and the Foreign Investment Committee
vide their letters dated April 16, 2001 and November 23, 2000
respectively.

Further details of the aforementioned approvals were disclosed
in the announcement by Denko dated April 18, 2001. The Board of
Directors of Denko wishes to announce the company's plan to
regularize its financial condition is currently pending
implementation.


EPE POWER: Defaults Interest Payment
------------------------------------
EPE Power Corporation Berhad has further defaulted in the
payment of monthly interest of RM634,630.29 due to several banks
under its revolving credit facilities. The total principal
outstanding on the RC facilities as of May 13, 2001 is RM94.6
million.

With the assistance of Commerce International Merchant Bankers
(CIMB) as the financial advisor, the company has presented a
concept paper for the debt restructuring scheme to the Lenders
and negotiations are currently taking place.

Background
The EPE Power Group is principally involved in the manufacture,
supply and maintenance of electrical equipment; design,
engineering and construction of power distribution, transmission
and generation systems; operation and maintenance of power
distribution systems and power plants; and supply of
electricity.

The manufacturing division has as its major customer, Tenaga
Nasional Bhd, Malaysia's national utility supplier. Major
projects completed by the Group include the largest IPP in
Sabah, the 132MW power plant in Kota Kinabalu in 1998, and the
132/33KV bulk supply sub-stations, which provide electricity to
the PUTRA LRT. The latter is EPE's first power purchase
customer. EPE has a 15-year contract for the operation and
maintenance of PUTRA LRT's electrical network. In addition, EPE
has a 21-year generating license to operate the Sabah power
plant.


ROHAS-EUCO: Payment Of Judgment Debt
------------------------------------
Rohas-Euco Industries Berhad announced the following additional
information as follows on payment of judgment debt via
RM4,486,422.50 cash and transfer of 1,152,000 timedotCom Berhad
ordinary shares at RM3.30 per share:

1. Details of the full and final settlement of debts due from
UCIS Sdn Bhd (UCIS) are as follows:

i. Cash received from UCIS RM4,486,422.50 Note 1

ii. 1,152,000 TimedotCom shares at RM3,801,600.00 RM3.30 per
share

Note 1 :The cash was derived from the Time Engineering Zero
Coupon Redeemable Secured Notes of RM6,409,175.00 which was
discounted at 70 percent of the value of the Debt Notes by
Bumiputra Discount House Berhad pursuant to an offer made
by the discount house which was accepted by UCIS under
instruction from REI. Therefore, the total debts due from UCIS
of RM10,210,775.00 has been fully settled.

2. The issue price of the 1,152,000 TimedotCom ordinary shares
of RM3.30 per share was arrived at pursuant to the Scheme of
Arrangement and Compromise of Time Engineering Berhad and the
Scheme Companies.

3. Based on the last audited accounts of TimedotCom for the 9
months financial period ended September 30, 2000, TimedotCom
registered a net loss of RM1.944 million and a Capital
Deficiency of RM7.534 million.

4. Without taking into consideration the diminution in the
market price of TimedotCom shares, the Settlement vide
TimedotCom shares will increase the basic earnings per share and
net tangible assets per share of the Group by 6 sen respectively
as of May 8, 2001.

5. None of the directors, substantial shareholders and persons
connected with them have any interest, direct and indirect, in
the Settlement.

6. The approval of the shareholders of the Company for the
Settlement is not required. However, the transfer of the
1,152,000 TimedotCom shares from UCIS requires the approval of
the Malaysian Central Depository Sdn Bhd (MCD), which was
obtained via MCD's letter dated April 26, 2001.

7. The Directors of Rohas-Euco Industries Bhd. (REI) granted
their approval for the Settlement, which is in the best interest
of the Company due to the fact that it is a recovery of debts
that were fully provided for in the accounts of REI since 1998.
It was also announced earlier that the potential recovery of the
indebtedness shall depend on the Scheme of Arrangement and
Compromise of Time Engineering Berhad and the Scheme Companies.

8. The names of the directors of UCIS are as follows:

i. Kapt (B) Admi bin Othman

ii. Encik Mohd Hazbir bin Ahmad

and the shareholders of UCIS and their respective shareholdings
are as follows:

No of Shares

i. Kapt (B) Admi bin Othman 792,574

ii. Encik Mohd Hazbir bin Ahmad 875,926

iii. Encik Sheikh Ibrahim bin Sheikh Othman 49,000 (Total
1,717,500)

Background

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

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

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

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

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

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


SISTEM TELEVISYEN: Announces Plan's Time Frame
------------------------------------------------
Sistem Televisyen Malaysia Berhad announced that the company
will regularize its financial condition within the stipulated
time schedule under Paragraph 5.0 of PN4, and the details are
set out as follows:

Time Frame
First Announcement 23 February 2001
Requisite Announcement                    By August 2001
Submission to Securities Commission and other relevant
authorities
                                          By October 2001
Procurement of all approvals necessary for implementation of the
restructuring plan By February 2002


SJA BERHAD: Units Default Payments
----------------------------------
The subsidiaries of SJA Berhad have defaulted on the payments of
principal sums and interests in respect to hire purchase
facilities granted by certain financial institutions.

The defaults resulted in the cancellations of the facilities by
the financial institutions, which had commenced legal
proceedings for their recoveries.

Due to a decrease in demand for public passenger transportation
following downturn in the Malaysian economy, the revenue of the
SJA Berhad Group of Companies had also been affected.

Even though there was a fare revision in July, 2000, the
revision was more than offset by increases in labour cost,
direct materials and other major costs of operations.

The circumstances have resulted in the Group experiencing cash
flow difficulties disabling the Group from meeting its financial
obligations.

The Group has appealed and requested the financial institutions
concerned to re-structure or re-schedule the facilities granted
so as to come to a mutual settlement. The Company's liability
for standing as Corporate Guarantor amounted to RM6.46 million.

SJA is a leading public bus transport company in the Southern
and North-Western regions of Peninsular Malaysia.

The Group manages the only consortium of bus operators in the
states of Johor and Penang, and is the sole operator of buses
that provide services between Penang Island and the mainland.

In late 1999, SJA acquired an additional four bus companies:
Amalgamated Link (M) Sdn Bhd, Kiara Melati Sdn Bhd, Kiara Tuah
Sdn Bhd and Senandung Harapan Sdn Bhd.

The fleet of buses operates under the Group number 773.


TAJO BERHAD: SC Advises Review Of Debt Workout
----------------------------------------------
Tajo Berhad announced Friday the Securities Commission (SC) in
its letter to Alliance dated May 4, 2001 advised Tajo to review
the Proposed Plan and resubmit a more concrete plan for its
consideration.

The Board of Tajo is deliberating on the contents of the letter
from the SC and any course of action taken will be duly
disclosed in the monthly announcement on the status of Tajo's
plan to regularize its financial condition in compliance with
Practice Note No 4/2001 in relation to paragraph 8.14 of the
Listing Requirements of the Kuala Lumpur Stock Exchange.

Background

The company (Tajo) started commercial production of bricks in
June 1984. The brick manufacturing facilities of Tajo, with an
annual production capacity of 48m brick equivalent pieces, are
located in the Mukim of Sedenak, District of Johor Bahru. The
maximum capacity of the new Bukit Kepong plant in Johor is
approximately 60 million brick equivalent units.

Tajo caters to customers throughout Malaysia, Singapore, Brunei,
Hong Kong and Japan. Marketing and distribution by the Group are
organized on a geographical basis. Tajo serves the export
market, whilst subsidiary Tajo Marketing handles local sales.

The bulk of the Group's sales are to building materials trading
houses. In addition, the Group supplies bricks directly to large
contractors.
Tajo ventured into property development in 1988.

In 1994, the Company discontinued its clay roofing tiles
manufacturing facilities by disposing of Tajo Tiles, and
ventured into the shipping business through the acquisition of
Able Shipping but has since proposed to interest divest its in
the shipping business.

In 1996, the Group acquired Precima Sdn Bhd, which is a
manufacturer of electronic and mechanical components inclusive
of Swiss standard watch dials. The factory is located at Sungei
Way Free Trade Zone, Petaling Jaya, Selangor with a floor area
of 4,800 sq m.

The Group has also ventured into the media industry through the
acquisition of All Media Consolidated Sdn Bhd which is involved
in the printing, publishing, event organizing and advertising
business on November 12, 1996.

On September 27, 1999, the Company made an application to the
High Court to convene separate meetings with its lenders for the
purpose of considering the Company's proposed debt restructuring
scheme and if deemed fit, approving the same without amendments.
The court order was granted on July 10, 1999. Hearing for the
application of the extension of the court order to June 10, 2000
has been adjourned to June 28, 2000.

The plan of arrangement comprises a proposed restructuring of
the Company's debt amounting to approximately RM173 million,
rights issue, rights issue of 38.291 million naked warrants and
an increase in the authorized share capital of the Company.

The proposed debt restructuring involves the conversion of debt
into redeemable secured loan stocks, redeemable convertible
unsecured loan stocks, redeemable convertible secured loan
stocks, and/or new Tajo shares with detachable warrants.

The total debt owing to the unsecured creditors is proposed to
be paid in three staggered payments.


TAJO BERHAD: No Change In Status Of Workout
-------------------------------------------
Tajo Berhad announced there has been no change in the status of
Tajo's plan to regularize its financial condition since the
First Announcement made February 23, 2001 as required under
Section 4.1 (a) of Practice Note No. 4/2001, i.e. Tajo  
submitted its plan to the relevant authorities January 22, 2001
and the approvals from the relevant authorities in respect to
the plan are still pending.


TECHNOLOGY RESOURCES: SC Approves New Shares Issue
--------------------------------------------------
Technology Resources Industries Berhad (TRI) announced the
Securities Commission (SC) has approved the Proposed
Restructuring as proposed which, inter-alia, includes the
issuance of up to 86,000,000 new ordinary shares of RM1.00 each
in TRI for the payment of interest, save for the following:

(i) In the event TRI is required to issue in excess of the
Monetization Shares pursuant to the anti-dilution provisions
contained in the documentation for the Proposed Restructuring,
TRI is required to seek the approval of the SC for the
additional shares to be issued; and

(ii) In the event the Monetization Shares issued to the
Subscriber are subsequently sold by the Subscriber to the
Preferred Purchasers, the sale price of the Monetization Shares
shall be at a premium to the five (5) day weighted average
market price of TRI shares prior to the date of issuance of the
Monetization Shares.

The SC's approval is also subject to the following conditions:

(i) All relevant approvals being obtained for the implementation
of the Proposed Restructuring. (As at the date of this
announcement, the Proposed Restructuring is still subject to
approvals being obtained from the shareholders of TRI and the
Kuala Lumpur Stock Exchange for the listing of and quotation for
the Monetization Shares);

(ii) TRI is required to submit a comprehensive proposal for the
improvement of its earnings and the repayment of the principal
sum of its debt obligations;

(iii) Arah Murni Sdn. Bhd., DeTeAsia Holding GmbH and any other
interested parties are required to abstain from any deliberation
and voting on matters relating to the Proposed Restructuring in
the TRI Board meetings;

(iv) In the event that TRI proposes to issue Monetization Shares
to persons other than the Preferred Purchasers and the
Subscriber and/or persons related to them, TRI is required to
submit the name, identity and the background of these persons to
the SC for its prior approval; and

(v) TRI complying in full with the requirements of the SC's
Policies and Guidelines on the Issue/Offer of Securities,
particularly those stated in Chapter 14, 15, 20 and 25.

The relevant parties are still deliberating on the conditions
imposed by the SC and their decision will be announced in due
course.

Background

Originally active in the manufacture and sale of electrical
equipment, the Company (TRI), began its technical agreement with
Sharp Corporation of Japan in 1970 to manufacture "Sharp" brand
products in JV with Sharp Japan, Trusmadi Sdn Bhd and the Roxy
Group of Companies.

The Company diversified into banking and property development
and transferred its manufacturing business to a new company,
Sharp-Roxy Appliances, in 1985.

In 1989, a substantial part of its banking investment was
disposed of, whereas the property interests were expanded. The
former was subsequently completely divested in 1991, whereupon
the manufacturing activities were consolidated and three main
areas of focus emerged: transportation, telecommunication and
tourism.

Two years later, in 1993, the Group made a strategic move to
focus operations in the telecommunication industry through the
acquisition of Cellular Communications Network (Malaysia) Sdn
Bhd (Celcom), the first private operator involved in cellular
telecommunication besides Telekom Malaysia Bhd.

Entry into the international telecommunications scene followed
via JVs and other arrangements with companies in Cambodia,
China, Tanzania, Bangladesh and Canada.

In June 1995, Celcom's existing trunk transmission license was
amended to become a full domestic transmission license which
enables it to offer public switched telephone network services
and carry end-to-end transmission whether by fiber optics,
microwave satellite or VSAT technology.

With its international gateway license, which started operations
in November 1993, TRI now offers the full range of
telecommunication services, from mobile cellular to transmission
and fixed line services to international gateway services.

Also in 1995, Celcom signed a fiber optic joint development
agreement with Tenaga Nasional Bhd (TNB) and Malaysian Resources
Corporation Bhd, enabling it to lay a fiber optic network along
TNB's electrical transmission lines and distribution
infrastructure in Peninsular Malaysia. A similar arrangement was
entered into with Petroliam Nasional Bhd's Peninsular gas
utilization project to provide linkage to areas not covered by
TNB's transmission grid. Celcom is also working with Lembaga
Letrik Sabah and Sarawak Electricity Supply Corporation to
expand their fiber optic transmission network.

As operations grew extensively, TRI underwent a restructuring
exercise again in September 1996, this time concentrating on
seven core businesses: mobile services, transmission,
international gateway, fixed network, value-added
services/multimedia, data group/other services and international
ventures.

Another significant event was the purchase by Deutsche Telekom
AG of a 21 percent stake in TRI, in October 1996, heralding a
strategic alliance especially in the transfer of expertise and
technology.

The Company has recently obtained approval for an agreement to
restructure the RM1.75 billion multi structure facility of
subsidiary Celcom comprising floating rate bonds, a guaranteed
revolving underwriting facility, US Dollar term loans and fixed
rate bonds. The repayment period for the facility has been
extended from December 2002 to September 2004. In another
development, Telefonaktiebolaget LM Ericsson and Lucent
Technologies Inc will provide Celcom new financing totaling
US$232 million to support part of its capital expenditure over
the next five years.

As regards TRI's US$375 million worth of eurobonds due 2004,
discussions are ongoing with the committee representing
bondholders on terms and conditions for the restructuring of the
bonds.


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


NATIONAL POWER: Seeks To Borrow US$300-M
----------------------------------------
The National Power Corporation (Napocor) is pushing ahead with
its plan to access loans totaling between US$300 million to
US$350 million, which the government, through the Department of
Finance, promised to provide guarantees, Philippine Star
reported yesterday.

International finance institutions, according to Napocor
President Jesus Alcordo, that are interested in providing a
borrowing plan include JP Morgan, Citibank N.A., HSBC, ABN Amro,
Deutsche Bank, Standard Chartered Bank, and ING Bank.

Nearly half of the entire amount that Napocor plans to source
will be used to pay for its obligations, due to mature in
November, to ING Barings, while the rest will be utilized as
additional funds for the company, the report said.


REYNOLDS PHILS: SEC Wants Proof Of Due Process In Probe
-------------------------------------------------------
The Securities and Exchange Commission (SEC) is urging the
Philippine Stock Exchange (PSE) to prove due process was
implemented in its probe into the stock scam case involving
Reynolds Philippines Corporation (RPC), Business World reported
yesterday.

According to the report, an allegation was raised by DBP-Daiwa
Securities, one of the seven brokers implicated in the stock
manipulation case, that PSE infringed on their right to be
subjected to due process. DBP-Daiwa said they were not given the
opportunity to clear their stance in the case.


URBAN BANK: Set To Submit Requirements On Deadline
--------------------------------------------------
Export and Industry Bank (Exportbank) was scheduled to submit
four important requirements on its bid to takeover closed Urban
Bank yesterday, by the deadline set by the Philippine Deposit
Insurance Corporation (PDIC), Business World reported yesterday.

In a phone interview, Exportbank President Benjamin Castillo
told World, "We're working on it now. There may be no need to
ask for an extension."

The requirements, which were necessitated to re-open Urban Bank
and which were asked for by the PDIC, included agreements with
the Social security System (SSS) and Urban Bank's three biggest
depositors, namely Manila Electric Company, Petron Corporation
and San Miguel Corporation.

SSS has earlier approved to bring in fresh capital in the form
of three-year convertible bonds worth P600 million, while the
three biggest depositors have agreed to convert around a quarter
of the deposits worth P750 million into equity in the form of
convertible bonds, World said.

The other requirements to be submitted were separate agreements
Exportbank has with Urban Bank shareholders and depositors, and
the PDIC.


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


ASIA PULP: Wraps Up Sale Of Indian Unit
---------------------------------------
Asia Pulp & Paper Company has announced it is finishing up the
sale of its operation in India to a local firm BILT Paper
Holdings, the holding company of Ballarpur Industries Limited,
for the sum of US$62.5 million, Asian Wall Street Journal
reported Sunday.

The Indian unit, Sinar Mas India Limited, will be the first
asset of APP to go this year. To follow, according to the
report, will be non-core operations in China and Indonesia.

APP CFO Hendrik Tee, in a statement, said the revenues from the
sale would be used to fuel the group's working capital,
according to the Journal report.

Apart from the $62.5 million, Tee said, BILT will shell out
another $22 million to affiliates of the APP Group "in
settlement of intercompany accounts." BILT will also shoulder
the debts of Sinar Mas India worth $52 million owed to lenders.

APP's Indian unit operates a paper plant in the western state of
Maharashtra. The plant has an annual production capacity of
150,000 metric tons.


VICKERS BALLAS: Seeks Approval For Capital Reduction
----------------------------------------------------
Vickers Ballas Holdings Limited announced it applied to the High
Court of the Republic of Singapore on May 2, 2001, under
Originating Summons No. 600634 of 2001 pursuant to section 73 of
the Companies Act, for an order confirming the reduction of
capital of the company in the terms set out in the special
resolution passed by the company in an Extraordinary General
Meeting held April 30, 2001 as follows:

(a) the capital of the Company be reduced from $600.4 million to
$403.2 million in the amount of about $197.2 million, based on
the company's cost of investment in those Vickers Capital
Limited (VC) shares as recorded in its balance sheet as at 31
December 2000, by canceling the amount of $197.2 million from
the share premium account of the company;

(b) forthwith and contingent upon the reduction of capital
taking effect, out of the credit of $197.2 million which will
arise in the books of the accounts of our company as a result of
the capital reduction, the company shall apply the whole of the  
sum by distributing in specie a total of 563,354,335 shares in
VC to the shareholders of the company in proportion to their
shareholdings in the company.

For every 1,000 shares held by the shareholders, they will
receive 679.2025932 VC Shares. The resultant fractional shares,
if any, will be disregarded and sold for the benefit of the
company;

(c) the distribution be effected of all the VC Shares currently
owned by the company to the shareholders of the company in
proportion to their shareholdings in the company in the manner
set out in Appendix E of the Circular to shareholders dated  
April 5, 2001; and

(d) the directors and each of them be and are authorized and
empowered to complete and do all such acts and things as they
may consider necessary and expedient to give effect to the
capital reduction and distribution in specie with such
modification thereto (if any) as they shall think fit in the
interest of the company.

The application will be heard by the High Court of the Republic
of Singapore on May 14, 2001 at 10.00 AM, and any creditor of
the company desiring to oppose the making of an Order for the
confirmation of the reduction of capital should appear at the
time and place abovementioned fixed for hearing either in person
or by Counsel for that purpose.

Pursuant to an Order of Court dated May 4, 2001, a copy of the
Notice of Advertisement in relation to the application was
published in the Straits Times and the Lianhe Zaobao on May 5,
2001.


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


ITV: Shin To Infuse Bt1.5-B
---------------------------
Shin Corporation has agreed to bring a total of Bt1.5 billion of
fresh capital into iTV, a UHF TV station, Business Day Thailand
reported Monday. With the capital infusion, Shin Corporation
will hold the majority stake of 54 percent in iTV, diluting the
shareholding of Siam Commercial Bank to 32 percent from 43
percent.

Last year, iTV dipped into red, sustaining a loss of Bt700
million on revenues totaling Bt1.25 billion. The digital TV
station, moreover, has incurred an accumulated loss amounting to
around Bt2 billion.


KRUNG THAI: Seeks Reduction Of Non-Performing Loans
---------------------------------------------------
Krung Thai Bank (KTB) is seeking to reduce non-performing loans
to half in its metropolitan branches, while at the same time, it
is flexing its muscles to raise free-base revenues, Bangkok Post
reported Monday.

According to KTB Senior Vice-President Narin Darunaithorn, has
also sent directives to all branches to restructure a minimum of
20 non-performing loan accounts per month, and to extend new
credits to borrowers with successfully restructure bad loans,
Post said.


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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