TCRAP_Public/010524.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                  Thursday, May 24, 2001, Vol. 4, No. 102


                               Headlines

A U S T R A L I A

ANACONDA NICKEL: Director Writes To Shareholders
ANACONDA NICKEL: Director's Letter To Shareholders
ANACONDA NICKEL: Letter To S-Holders From Anglo American
FURNITURE COMPANY: Facing Court Case On Insolvent Trading
HIH INSURANCE: UK Appeals Court Affirms Decision On Case
MAXIS CORP: Deed Of Company Arrangement For Units Executed


C H I N A   &   H O N G  K O N G

CHINADOTCOM CORP: Posts Q1 Net Loss Of HK$27.914-M
NEW WORLD: Year End Interim Dividend Given
NEW WORLD: May Lose HK$600-M From Regent Sale


I N D O N E S I A

BAKRIE SUMATERA: Net Loss Swells To Rp193.65-B


J A P A N

BRIDGESTONE CORP: Moody's `Baa1' Debt Rating Under Review
INTERNET INITIATIVE: Posts Full-Year Net Loss Of Y4.7-B
KANSAI AIRPORT: Reappoints Top Officials
KUMAGAI GUMI: Wins Y10-B Subway Project In India


K O R E A

DAEWOO MOTOR: Considers Additional Debt Relief
HANA BANK: Selling Bad Loans Of W500-B To Foreign Consortium
HANBO STEEL: Sale To Be Completed By Year's End
HYNIX SEMICON: Moody's Assigns (P) B3 Rating To Notes
HYNIX SEMICONDUCTOR: Proposed Break-Away Wins Support
HYUNDAI ENGINEERING: Foreign Creditor Rolls US$25-M Loan


M A L A Y S I A

ABRAR GROUP: Idris Acquisition Bid Failed
ARAB-MALAYSIAN: Completes Composite Scheme Exercise
ARUS MURNI: Rescue Still Sought
BERJAYA LAND: Announces Proposals
BERJAYA LAND: Trading Suspendsion Imposed
BRIDGECON HOLDINGS: Explains Variance In Group Loss
MAN YAU: Seeks Court Approval To Convene Meetings
MOL.COM BERHAD: Posts Net Loss Of RM40.30-M
MWE HOLDINGS: Strikes Share Sale Deal With Chang


P H I L I P P I N E S

BELLE CORP: Seeks Debt Repayment Suspension
MAYNILAD WATER: Creditors Seek Govt Approval For Rate Hike
URBAN BANK: Re-Opening In August


S I N G A P O R E

ASIA PULP: Bapepam To Ask IBRA To Reevaluate Asset Pledge
BRIERLEY INVESTMENTS: Sells James Hardie Stake For A$567-M
MICROCON HOLDING: Restructures Twinwood Interests


T H A I L A N D

BANGKOK TRANSIT: Chinese Firm To Invest In Skytrain
KAY-THAI: Placed In Receivership
MANAGER MEDIA: Posts Q1 Net Loss Of Bt1.19-M
NATIONAL FERTILIZER: Reports Operations Results In Q1
STA GROUP: Creditors Sack Rehab Plan Administrator

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Director Writes To Shareholders
------------------------------------------------
The following letter by Michael George Masterman, a director of
Anaconda Nickel Limited, was addressed to the company's
shareholders:

"Anglo American (Anglo), a 25.41 percent shareholder, has
requisitioned a meeting to call for the removal of half the
Board of Anaconda. The proposed resolutions if passed would
result in:

* Anglo controlling 40 percent of the Board.

* Anglo, and Glencore controlling 60 percent of the Board.

* An Anglo nominee assuming the role of Chairman.

* Removal of existing independent directors, proven executive
management and leadership.

* Anglo Chairman leading selection of new CEO and CFO.

* Foreign management control of Australia's largest nickel
resources.

In effect Anglo is seeking to change control of Anaconda without
paying any premium for control.

HOW TO VOTE
                                                FOR       
AGAINST

Resolution 1     Issue 55.5 million shares        X                
Resolution 2     Remove James Campbell            X
Resolution 3     Remove Ian Delaney                           X    
Resolution 4     Remove Andrew Forrest                        X
Resolution 5     Remove Michael Masterman                     X
Resolution 6     Remove Norman Coldham-Fussell                X
Resolution 7     Remove Rodney Adler                          X

Delaney, Forrest, Masterman, Coldham-Fussel, Adler - Vote
Against Resolution For Removal

Anglo has shown no basis for removal of the Directors.

Ian Delaney

- Executive Chairman and CEO of Sherritt International, one of
the most respected businessmen in North America. Head of one of
the most experienced hydrometallurgical technology companies in
the world.

Andrew Forrest

- CEO and Deputy Chairman of Anaconda.

- Has built Anaconda from $6 Million float in 1994 to the owner
and operator of the $1.1 Billion Murrin Murrin project and the
controller of the largest nickel resource position in the world.

Michael Masterman
            
- CFO and Executive Director of Anaconda. 5 Years Anaconda.

- 8 Years McKinsey and Company.

- Closed AU$1.8 Billion in financing facilities.

- See following pages.

Norman Coldham-Fussell
            
- Chairman of Anaconda and Flight Center two of the fastest
growing and most successful mid-sized companies in the world.

Rodney Adler
                     
- Director. Entrepreneur. Seed investor in Anaconda.

There is no reason to remove these directors - vote against the
proposals.

Michael G. Masterman - Vote Against The Resolution For Removal

I have been a director since 1996. From a minnow Anaconda has
achieved what most people said was impossible. Anaconda has
commissioned and built one of the largest nickel cobalt
production facilities in the world, while limiting dilution of
shareholders.

With respect to my role, I will let my experience and track
record speak for itself.

* 2 Years at Department of Prime Minister and Cabinet, Federal
Government.

* 8 Years at McKinsey and Company
- World's leading management consultancy
- Served major corporations in Australia, UK (1 year), Tokyo (1
year), Belgium (6 months), New York (6 months).
- Established McKinsey's Indonesian operations.
- Advised CEOs and CFOs of five of the world's top ten mining
and metals companies.

* 5 Years at Anaconda
- Financed and built Murrin Murrin.
- Built a highly skilled, motivated organization.
- Established management systems, at the leading edge of modern
companies.
- Managed the Murrin Murrin plant during the 100 day
rectification program.
- Project Manager of the US$650 million Mt Margaret project.

* The Anaconda finance team, which I lead has an extensive track
record in raising finance often under extremely challenging
conditions. The AU$1.8 billion financings (including undrawn and
repaid facilities) raised for Anaconda and the Murrin Murrin
Joint Venture over the last 5 years is shown below.

Date        Facility                   Type               Amount
                                                          
Million
Dec 1996    Glencore JV                Asset Sale         USD
220
Jan 1997    Glencore Interim Loan      Debt              USD
73.3
Jul 1997    Equity Placement           Equity              AUD
96
Jul 1997    NatWest Bridge Loan        Debt                USD
80
Aug 1997    US Capital Markets issue   Debt               USD
420
Jun 1998    Murrin Murrin Investments  Debt                AUD
40
Dec 1998    BOC Boot                   BOOT                AUD
40
Jul 1998    ABN Ambro Gas Turbine Lease Operating Lease    AUD
27
Jul 1998    ABN Ambro Calcrete Mill    Operating Lease     AUD
14
Dec 1998    Colonial Village Lease     Operating Lease     AUD
20
Apr 1999    GEC Mining Fleet Lease     Operating Lease     AUD
27
Sep 1999    Anglo Placement            Equity             AUD
243
Mar 2000    Barclays Receivables
            Facility                   Metal Pipeline      USD
25
Feb 2001    Sogem/KBC/Fortis Metal
            Facilities                 Metal Pipeline      USD
50
Mar 2001    Glencore Forward Sales     Metal Pipeline      USD
25
                                                TOTAL   AUD
1,800

Anglo Management Control Of Anaconda - Vote Against Resolutions
3 - 7

Anglo's proposals, if approved, would lead to significantly
greater Anglo control of Anaconda disproportionate to its
shareholding in the Company. It is my belief that Anglo's recent
behavior and performance in it's dealings with Anaconda and its
present Board of Directors, should raise, for the shareholders
in the Company, genuine concerns regarding the prospective
corporate governance, management and treatment of minority
shareholders should these resolutions 3-7 inclusive be passed.
It cannot with any degree of certainly be assumed that Anglo,
based on its track record, presentations, and representations
will, with the benefit of the extra influence over Anaconda that
approval of such resolutions will bring, exercise it's power and
influence in the best interests of all shareholders generally
nor the company specifically.

* Anglo, has extensive capital, and may pursue rights issues
rather than look innovatively for the most competitive source,
of funds - if you are a minority shareholder then I believe that
if these resolutions are passed then you should get ready to
have your shareholding in the company diluted or match Anglo's
capital.

* Anglo has a poor track record in exploration success and in
internally generating new projects. It spends over AU$220
million per annum in exploration but has found little. (Compare
this to Anaconda's exploration success). Notwithstanding that
Anglo's representatives have always been fully informed as to
the operations of Anaconda, representatives of Anglo are now
telling investors that Anaconda should have only focused on
Murrin Murrin. Isn't Anglo saying to you forget about
exploration success and new project generation? - Is that what
you want for Anaconda?

* Anglo Base Metals is Anglo's worst performing division. Based
on public reports, that division's projects (such as Loma de
Niquel and Lisheen) have suffered much more significant cost
overruns and delays than experienced by Anaconda on Murrin
Murrin and Anglo's problems had to be suffered without the
benefit of the demonstrably good risk mitigation management
practices employed by the present management at Anaconda whom
Anglo would now seek your approval to remove. The Anglo Base
Metals CFO has stated to the media he is already searching for
Anaconda's new CEO. - Why is it in the interests of Anaconda and
it's shareholders as a whole for the Company to be run by Anglo
appointed managers?

* Anglo has a poor record of treating minority shareholders. For
example, in the opinion of many of the De Beers minorities, the
company is seeking to buy out the De Beers minorities at a
discount to value. In March Anglo's advisors rang up independent
Anaconda directors in the middle of the night and tried to bully
them into accepting Anglo directed ultimatums. My concern and I
believe, on due consideration yours, is that if the Anglo
proposed resolutions are approved then minority shareholders in
Anaconda may find themselves financially disappointed and making
the same complaint as the De Beers minorities are now
expressing. Only a Board of Directors with sufficient
independent directors representative of the body of shareholders
as a whole can adequately protect your interests, and I believe
that passing these resolutions will result in you losing that
protection.

Anaconda is a great company that creates value for its
shareholders -
Vote against resolutions 3-7

We have built and will if allowed, continue to build a unique
company at Anaconda.

* Anaconda, through exploration and management initiatives,
creates projects of substantial value. Look what we have
achieved.

- 1994 A$6 million Float. Projects created:

Nickel Cobal Projects
              
1996  Murrin Murrin                     
1998  Murrin Murrin East/Stage II     
1998  Mt Margaret                    
2000  Cawse Expansion, Murchison    
2001  Broad Arrow               

Complementary Projects

1999 GEMM(Lower Cost Energy)  
2000 Officer Basin (Abundant Water)     
2000 Mt Weld Phosphate (by-product revenue)  
2000 Anaconda Magnesium (by-product revenue)
2001 Mt Weld Ti, Ni, Ta (Fit with Cobalt)
- 2001 Result - AU$750 million High Shareholder Value Growth
Company controlling:

- World's lowest cost and fifth largest Nickel mine.
- World's largest Nickel Cobalt resource.
- Massive resources of Titanium, Tantalum, Magnesium and
Niobium.
- Australia's largest underground water reservoir.

* Anaconda protects its shareholders value. In raising finance
we have a demonstrated track record in innovatively tapping
world capital markets to secure the lowest cost funds. We look
to ensure maximum value is achieved for each asset before we
take recourse to diluting shareholders.

* Anaconda attracts, retains and motivates highly talented
people and builds them together in teams. People of immense
skills such as Radomir Vukcevic, Sandeep Biswas, Martin Ooms,
Mal James and Les Stewart (an Anglo career man) came to work at
Anaconda because it is free of the inertia of the big mining
companies. We will risk losing them and the majority of the
other people, attracted by the Anaconda "can do" culture.

* Anaconda manages and seeks to mitigate risks. There is no
question that the delays at Murrin have been a great
disappointment. We employed Fluor Daniel because they were one
of the leading mining construction firms in the world - and
again, there is no question that they let us down - however we
put in place the insurance and the contract structures to ensure
we were protected. The Murrin Murrin Joint Venture has collected
$113 Million in insurance and are pursuing Fluor for $1.3
billion.

* Anaconda passionately works with local indigenous people and
communities to create jobs and improve the community. We are the
largest non-government employer of Aboriginal people and we make
sure they are trained to retain high paying jobs.

Summary

In conclusion, as an Anaconda shareholder, you should not let a
25 percent shareholder with a poor record of base metals
management and treatment of minority shareholders change control
of the company and take the Chairmanship and 40 percent of the
Board vote.

An Anglo led change of control will in my opinion materially
weaken Anaconda's ability to attract and retain talented people
and create and generate value for all shareholders."


ANACONDA NICKEL: Director's Letter To Shareholders
--------------------------------------------------
Anaconda Nickel Limited Director James Campbell wrote the
following letter addressed to the Anaconda shareholders:

"I am an Executive Director of Anglo American plc (Anglo), one
of the world's leading mining companies, and Chairman of its
Base Metals and Coal Divisions. During my 26 years in the mining
industry I have gained very considerable experience in all
aspects of the industry.

"I joined Anaconda's Board on 22 September 1999 giving effect to
a condition of the placement agreement between Anaconda and
Anglo that Anaconda would appoint two Anglo nominees to the
Board, one of which Andrew Forrest insisted be me.

"I have been keenly aware of the potential conflict that exists
between my positions on the Anaconda and Anglo Boards. I have
always fulfilled my fiduciary duties as a director of Anaconda
and acted in good faith in the interests of all shareholders
while performing this role.

"Growing Concerns: Solvency And Liquidity

"In late 2000, Anaconda asked Anglo to loan Anaconda funds to
enable the company to acquire other laterite nickel producing
assets. Anglo declined but the negotiations and information
exchanged at the time crystallized my growing concerns about the
solvency and liquidity of
Anaconda. I was not invited to a meeting of directors in early
December 2000 at which equity raising alternatives were
discussed.

"When I wrote to the Chairman in January 2001 to express my
concerns, both he and the CEO responded, in writing, in a highly
critical fashion. I did, however, make a full presentation at
the February 2001 board meeting on my views on the company's
solvency and the financing alternatives. The company's response
was to set up an independent committee, on which I did not sit,
to consider the alternatives. The CEO thereafter verbally
suggested to me that we shred the aforementioned correspondence.
I refused.

"It should be noted that while I agreed to sign the Anaconda
accounts for 31 December 2000 at the board meeting on 18 March
2001, I did raise my reservations as to the company's status as
a going concern.

"Proposed Rights Issue: Equal Treatment & Professional Corporate
Governance

"At the Board meeting on 2 February 2001, I argued in favor of a
rights issue (allowing all shareholders to participate or sell
their rights) and against a significant placement (at a reduced
price) to a third party as this would dilute existing
shareholders. At no point, as confirmed by the minutes of the
meeting, did I indicate what Anglo's attitude to a rights issue
or placement might be.

"Anaconda's decision to proceed with a placement to selected
investors rather than a rights issue available to all
shareholders, despite the objections of myself and other Board
members, required Anglo to establish an independent decision
making process.

"The approach to Anglo was the first time, since Anglo's initial
1999 investment, that Anglo had been faced with making a major
investment decision on Anaconda. Due to the potential for
conflict with my position as an Anaconda director, I felt it to
be good corporate governance to request Anglo and Anaconda to
agree to a separate line of communication. Anaconda's then
chairman and I agreed that Mike Gordon, Executive VP and CFO,
Anglo Base Metals, would represent Anglo in negotiations with
Anaconda.

"Takeover Never Proposed By Anglo

"My presence on the Board enabled the CEO to initiate
discussions on the future of Anaconda, its relationship with
Anglo and his personal ambitions regarding his possible role in
Anglo's nickel business.

"In early September 2000 Anaconda made its most recent
presentation to senior Anglo officials, myself included, this
time on its vision of the Three Nickel Provinces. The CEO also
took the opportunity to present his views on the value of
Anaconda and raised the issue with me again as he was anxious
that a proposal be put to Anglo's Board. My response, acting in
my capacity as an Anglo representative, was that Anglo would
need to conduct full technical and financial due diligence
before it would be able to consider any proposal. Furthermore,
Anaconda's ideas of value differed materially from Anglo's.  No
further discussions have taken place.

"In the third quarter of 2000, two valuations of the company
were commissioned by Anaconda on its own initiative, one of
which was forwarded to me by the CEO.

"At NO time since July 1999 has any proposal concerning a
possible takeover by Anglo been made to any relevant Anglo
committee or board, and NO such proposal has ever been made by
Anglo to the Anaconda Board. It is also evident that the CEO
clearly dismissed the possibility of a bid - with takeover
rumors still rife, he sold more than $3 million worth of shares
in October 2000, close to the market peak, and no company
announcement concerning a bid was ever made to the ASX.

"Entrenchment Control

"Anaconda continues to mislead you in portraying Anglo's
proposals as a `takeover by stealth'. Anglo-affiliated directors
constitute a minority of the proposed board, and no increase in
Anglo's shareholding will result from Anglo's proposals. In my
view, the actions of Anaconda's management, who own an even
smaller minority stake in the company than Anglo, represent an
attempt to `retain control by stealth'.

"Conclusion

"I have been a strong advocate within your Board for proper
corporate governance and the protection of shareholder rights.
In a company where the CEO himself is a significant and forceful
shareholder, it is vital that the Board be balanced by strong,
experienced and knowledgeable non-executive directors who are
able to represent all the other shareholders not associated with
management.

"A vote against my removal as a non-executive will strengthen
your Board, your company and your protection."


ANACONDA NICKEL: Letter To S-Holders From Anglo American
--------------------------------------------------------
The following is the letter from Anglo American, undersigned by
Anglo Base Metals Executive Vice President and CFO M Gordon, to
the shareholders of Anaconda Nickel Limited:

"Like you, Anglo American has an investment in Anaconda Nickel.
Anglo American invested for many of the same reasons you may
have - to see a fledgling nickel project in Western Australia
grow into a significant, low cost, world-class producer.
Unfortunately this has not happened.

"Since we bought our Anaconda shares, we have seen the value of
our investment decline. All shareholders have been disadvantaged
by the significant production problems at Murrin Murrin, the
company's  ongoing need for additional cash, and management's
inability to  professionally resolve these issues.

"We want to see the value of our investment maximized, and we
want to see Murrin Murrin continue to operate, but under an
independent management team.

"Anglo American owns and has investments in many mining
operations, including a significant commitment to Australia.

"Based on our very significant experience in bringing new
developments on-stream and operating them successfully, it is
our opinion that current management has failed to adequately
guide Anaconda through its technical and financial difficulties,
and the company's cash position has now become serious. Urgent
action is required.

"The attached booklet outlines Anglo America's views on what is
wrong at Anaconda including:

"* Too much debt

"* Unrealistic forecasts and failure to deliver

"* Over ambitious expansion plans

"* Poor corporate controls

"Don't give management another chance

"Vote Against Resolutions 1 and 2

"Vote For Resolutions 3 to 7

"We believe changes are needed and we want you to vote with us
at the upcoming Extraordinary General Meeting.

"Vote Against Resolutions 1 and 2

"Resolution 1 proposes that current management be given even
greater authority to issue shares to parties of their choice.
The power which management is seeking would allow it to issue up
to 30% more shares by
August, double the amount normally available to the management
of other Australian public companies in any 12-month period.

"Resolution 2 proposes that Anglo American's representative, Dr
James Campbell, be removed from the Board. Dr Campbell is an
executive director of Anglo American plc who is highly
experienced in the mining industry and has been working for the
benefit of all shareholders since his appointment to Anaconda's
Board in 1999. We encourage you to support Dr Campbell and the
future of Anaconda by voting against his removal from the Board.

"Dr Campbell has sent you a letter outlining his credentials and
his role at Anaconda, and this is also available on our website,
www.angloproposals.co.za.

"Vote For Resolutions 3 - 7

"Resolutions 3 to 7 propose the removal from the Board of the
current Chief Executive Officer and Chief Financial Officer,
together with the removal of three non-executive directors.

"Anglo American proposes that new appropriately qualified
independent management be appointed by the Board, and new
independent directors elected.

"With these changes we believe Anaconda will have a balanced
Board, which will be able to make the changes necessary to
secure the company's future.

"Our Proposals Are Not A Takeover

"Our proposals would not give Anglo American control of
Anaconda. They would not increase our 25.4% shareholding and
Anglo American representatives would retain a minority presence
on the Board of directors.

"If our proposals are unsuccessful, we do not intend to continue
to put money into Anaconda for as long as the current Board and
management remain in place.

"Our Proposals Are Designed To Preserve Value For All
Shareholders

"We believe that new, independent management is required for
Anaconda and we would encourage the new Board to commence an
International search for a world class Chief Executive Officer
and Chief Financial Officer.

"We also believe that the new Board should:

* raise funds of up to A$100 million by offering shares to all   
existing shareholders;

* undertake an Independent review of Anaconda's operations and   
financial position.

If you have any remaining questions in relation to Anglo
American's proposals, please contact our shareholder information
line on 1800 635 306 (free call from within Australia) or 61-2-
9936-1955 (free call from outside Australia) or visit the
website at www.angloproposals.co.za.

"Management is key to the success of any company and we only
want to invest in companies in which we have faith in the
management. Unfortunately, our lack of faith in current Anaconda
management prevents us from injecting further funds into
Anaconda if our proposals are not approved.

"We urge you to vote with us - don't give management another
chance

"Time For A New Dawn At Anaconda

         FOR      AGAINST

VOTE                 X       Resolutions 1 and 2
VOTE      X                  Resolutions 3 to 7

ANACONDA NICKEL LIMITED EXTRAORDINARY GENERAL MEETING

Thursday 31 May 2001, 11:00am Parmelia Hilton Hotel, Mill
Street,
Perth

"Why Is The Change Necessary?

"Management have failed to adequately guide Anaconda through its
technical and financial difficulties and have eroded our faith
in their ability to lead the company forward. The time has come
to install better-qualified, independent management to maximize
Anaconda's potential.

"What Is Wrong AT Anaconda?

"* Too much debt

"* Over ambitious expansion plans

"* Unrealistic forecasts and failure to deliver

"* Poor corporate controls

"What Is Anglo American's Agenda?

"To preserve value for all shareholders

"*Our proposals are not a takeover and will not give Anglo
American control of Anaconda's Board

"* Our proposals do not involve increasing our 25.4 percent
interest in Anaconda

"* The CEO and CFO at Anaconda will not be Anglo American
employees

"What Is Wrong AT Anaconda?

"Too much debt

"* Net gearing was 174 percent at 31 December 2000 versus 111
percent at 31 December 1999

"* Net debt has increased materially since Anglo American
invested, including by over $260 million in the year to December
2000

"* By the end March 2001 available cash was only $22 million

"* Debt service and repayments require $1.3 billion by end 2007

"Anaconda needs improved financial leadership

"Unrealistic Forecast And Failure To Deliver

"* Murrin Murrin plant completion 2 years behind schedule

"* Plant ramp-up period to full production doubled to over 2
years

"* Full production (latest estimate) expected to be 3 (1/2)
years late

"No more surprises - Anaconda needs new management who can
deliver against realistic targets

"Over Ambitious Expansion Plans

"* Current production rate: 32,000 tons per annum, 3 (1/2) years
late
70 percent over budgeted cost

"* Forecast 3 Nickel Provinces production: 350,000 tons per
annum by
2010 - do you have faith in Anaconda management to deliver these
projects on-time and on-budget?

"* Funding requirement in excess of $6 billion - do you have
faith in Anaconda management to raise and manage these funds?

"We don't believe that a ten-fold increase in production is
realistic

"Poor Corporate Controls

"* Inconsistent and incomplete disclosure - shareholders do not
have the full picture

"* Shareholders inadequately informed

"* Only now under pressure from Anglo American has detailed
information begun to trickle out of Anaconda

"* Weak financial stewardship: over-reliance on debt funding,
cost overruns

"* Institutional investors have already voted with their feet

"Shareholders deserve better governance

"Anglo American's Agenda Is Transparent

"Removal of CEO, CFO and three non-executive directors

* Operationally experienced strategic and financial leadership
urgently needed

* Evolution from a junior promoter to a fully-fledged miner
critical tinstil investor confidence

* Search for a world-class CEO a top priority

"Independent Review Of Operations and Financial Position

* Anglo American initially proposed an independent review which
would not be managed by Anglo

* Anaconda subsequently adopted the idea, but how can it be
independent if management has a vested interest in the outcome?

"Immediate $100 million Rights Issue

* All shareholders treated equally

* Avoids even more debt

* Provides working capital during review process

"Anglo American's Shareholder Activism Is Already Achieving
Results

* Some additional disclosure

* Acknowledgement of need for additional equity

* Recognition of need for strategic review

`Now it the time for share-holders to seize the initiative and
instill confidence through a new, independent Board and
management team

"Do Not Be Misled By Anaconda

"* Anglo American's proposals are not a takeover.

"* Anglo American's proposals will not result in Anglo American
managing Anaconda.

"* Anglo American's proposals will not give Anglo American
control of
Anaconda.

"The time to act is now.

"Don't give management another chance."


FURNITURE COMPANY: Facing Court Case On Insolvent Trading
---------------------------------------------------------
The Furniture Company, a 50 percent-owned affiliate of Joyce
Corporation undergoing liquidation proceedings, is facing a case
filed by liquidators against the company, along with two senior
Joyce executives and two of the company's board members,
Australasian Business Intelligence reported Monday. The case
defendants were charged to be behind the company's trading, for
five months, while in the state of insolvency.

The case was filed with the Western Australian Supreme Court by
liquidators Ian Francis and Tony Woodings.


HIH INSURANCE: UK Appeals Court Affirms Decision On Case
--------------------------------------------------------
The Supreme Court of Judicature, Court of Appeal in London
released Monday its affirmation regarding a December ruling on a
case against failed HIH Insurance affiliate, HIH Casualty,
citing that insurers and reinsurers have the right to nullify
reinsurance policies made to HIH Casualty for breach of warranty
or other coverage defenses, The Asian Wall Street Journal
reported Monday.

The December court decision, the newspaper said, sent the HIH
Casualty relieved from obligations to film-secured bonds worth
about US$100 million.


MAXIS CORP: Deed Of Company Arrangement For Units Executed
----------------------------------------------------------
Following three months of considerable effort and cooperation by
all the parties concerned, the Board of Directors of Maxis
Corporation Limited is pleased to advise that on Friday, 18 May
2001, a Deed of Company Arrangement for two of Maxis'
subsidiaries, ARBT Pty Limited (Heartland) and ABT Supplyline
Pty Limited (Supplyline), which had both been placed in
Voluntary Administration on 16 January 2001, was executed by all
parties.

Under the terms of the Deed, control of the two subsidiaries is
to be returned to Directors immediately upon the satisfaction of
the conditions precedent, as detailed below. Also under the
terms of the Deed, the Receiver and Manager or Australian
Business Technologies Pty Limited ("ABT") is expected to return
control of that company to Directors upon payment of amounts
provided for under the Deed.

The Deed anticipates a return of up to 100.00 cents in the
dollar to Compaq Computer Australia Pty Limited (Compaq) an
agreed secured creditor of ABT, and up to 82 cents in the dollar
to creditors of ARBT and Supplyline.

The Deed is subject to several conditions precedent, which must
be satisfied within 45 days of 18 May 2001 or it will be
necessary to convene another meeting of creditors to seek a
variation of the Deed. The more significant conditions include:

1) the dismissal or discontinuance of the proceedings initiated
by the Australian Securities and Investments Commission (ASIC)
and ASIC consents to the variation of the undertakings given by
Maxis to the ASIC on 26 February 2001;

2) satisfactory legal opinions being provided that Maxis can
issue shares for the purpose of retiring part of the debt owed
to Teleglobe International Corporation (Teleglobe) and to raise
funds generally to meet its obligations under the Deed, if
necessary;

3) Heartland to enter into an agreement with the Administrators
about the management of that company, with the assets being
returned to the control of Directors once the final monies under
the Deed are paid;

4) Maxis and Heartland enter into a deed with Teleglobe, whereby
Heartland grants Teleglobe a first right of refusal to supply
wholesale telecommunications services;

5) the Receiver and Manager of ABT to release the Administrators
from the previously agreed Escrow Agreement, and;

6) ABT and Compaq consent to the discontinuance of the Compaq
proceeding initiated against Maxis and its subsidiaries (being
Supreme Court proceeding no 1410 of 2001).

Maxis intends to continue negotiations with ASIC concerning the
undertakings given by Maxis on 26 February 2001.

ASIC Varies Winding Up Action

The Directors are pleased to advise that in recent
correspondence and confirmed in recent orders made by the Court
in Supreme Court proceeding no 1488 of 2001, that ASIC will no
longer pursue the winding up of the Company on the ground of
solvency. However, ASIC continues to press the winding up of
Maxis on the just and equitable ground and has lodged an Amended
Originating Process with the Court to that effect.

Consequently, on Monday 14 May 2001, in the Equity Division of
the Supreme Court of NSW, by consent the Court directed that:

1. certain paragraphs in ASIC's Amended Originating Process
which refer to the winding up of Maxis on the ground of
solvency, be struck out;

2. Maxis file and serve its evidence by 1 June 2001;

3. ASIC file and serve its evidence in reply by 15 June 2001;

4. Maxis' Notice of Motion dated 9 May 2001, to strike out
ASIC's Amended Originating Process be stood over to 18 June
2001;

5. the matter be stood over to the Corporations Law list on 18
June 2001, and;

6. Maxis pay ASIC's costs for its appearance on 14 May 2001

The Court also noted that the parties seek a final hearing of
the matter over a three day period in the week commencing 18
June 2001.

Given ASIC's commitment in writing not to stand in the way of
the Deed and the withdrawal of its action to wind up the Company
on the ground of solvency, the Directors are at a loss as to the
reasons for ASIC continuing with an Amended Originating Process
seeking to wind up the Company on the just and equitable ground,
which hinders the success of the Deed commercially negotiated
and agreed to between the Administrators, the creditors of
Heartland and Supplyline, the Receiver and Manager of ART,
Compaq and the Maxis Group of companies.

Further, the Directors cannot understand for whose benefit it is
that ASIC wishes to wind up Maxis, now that secured creditor
Compaq is to receive up to a 100 cents in the dollar and
unsecured creditors of Heartland and Supplyline will receive
several times greater return than in a liquidation scenario.

Finally, subject to legal advice, the Company is also willing to
give undertakings to the ASIC to ensure that ASIC remain
satisfied with the continuing corporate governance and
continuous disclosure obligations of the Company.

The Directors will issue further announcements to keep the
market abreast of its arrangements with ASIC and its affairs
generally, subject to issues of commercial confidence.


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


CHINADOTCOM CORP: Posts Q1 Net Loss Of HK$27.914-M
--------------------------------------------------
Chinadotcom Corporation booked for the first quarter, ended
March 31, a net loss of HK$27.914 million, or a net share loss
of HK$0.27 apiece on revenues totaling HK$22.257 million, The
Asian Wall Street Journal reported Tuesday.

The net loss figure already included earnings of HK$26,000 from
the disposal of the company's units, securities, and cost
investments, and extra non-operating gains of $112,000. It also
counted in a loss of $230,000 from equity in losses of equity
investees, the newspaper said.

Chinadotcom recently launched a $50-million annual cost-cutting
program, including cutting employees to 1,500, and senior
management and organizational revamp.


NEW WORLD: Year End Interim Dividend Given
------------------------------------------
On 15 March 2001, the Directors of New World Development Company
Limited released an interim dividend for the year ending 30 June
2001 in scrip form equivalent to HK$0.10 per share with a cash
option to shareholders on the register of members of the Company
on 12 April 2001.

The Directors advised the shareholders of the Company how the
scrip entitlements to the interim dividend are being reached.

A circular setting out details of the interim dividend was sent
to shareholders of New World Development Company Limited on 20
April 2001.

It was mentioned, inter alia, that for the purpose of
calculating the number of shares of HK$1.00 each of the Company
to be allotted, the market value of a new Share will be
calculated as an amount equal to 97 percent of the average of
the closing prices of an existing Share on The Stock Exchange of
Hong Kong Limited for the five trading days up to and including
18 May 2001. It is now determined that the said average closing
price is HK$10.02.

Accordingly, the number of new Shares, which shareholders of the
Company will receive in respect of their existing Shares for
which cash election of the scrip entitlements to the said
interim dividend is not made will be calculated as follows:

Number of new Shares to be received = Number of existing Shares
for which cash election is not made x HK$0.10/HK$10.02 x 100/97

The number of new Shares to be issued to each shareholder of the
Company will be rounded down to the nearest whole number of new
Shares. Fractional entitlements to the new Shares will not be
allotted but will be disregarded and the benefit thereof will
accrue to the Company.

The new Shares will not rank for the interim dividend for the
year ending 30 June 2001 but will rank pari passu in all other
respects with the existing Shares.

Application has been made to the Listing Committee of The Stock
Exchange of Hong Kong Limited for the grant of listing of and
permission to deal in the new Shares. It is expected that
certificates for the new Shares and cheques for cash
entitlements will be posted to shareholders of the Company at
the risk of those entitled thereto on or before 28 May 2001 and
that dealing of the new Shares on The Stock Exchange of Hong
Kong Limited will commence on about 30 May 2001.


NEW WORLD: May Lose HK$600-M From Regent Sale
---------------------------------------------
According to analysts, the sale of The Regent Hong Kong Hotel by
New World Development (NWD) may cost NWD as much as HK$600
million, due to a buy-out of Four Seasons Group's hotel
management contract, equivalent to 25 percent of the whole pie,
South China Morning Post reported yesterday.

Regent was sold to Bass Hotels & Resorts on Monday for HK$2.7
billion, which Goldman Sachs said was below the early management
guidance.

Property analyst Eric Yuen of Dao Heng Securities told Post that
the Regent's management contract was among the primary issues
discussed in the sale negotiations.

After the sale of Regent, NWD is expected to begin working out
the disposal of its fixed-line and cellular telecommunications
operations, as covered in its debt reduction program, the
newspaper said, citing Goldman Sachs.


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


BAKRIE SUMATERA: Net Loss Swells To Rp193.65-B
----------------------------------------------
Non-operating expenditures of Rp309.68 billion and Rp223.98-
billion foreign exchange loss inflated PT Bakrie Sumatera
Plantations' net loss for the full year 2000 to Rp193.65
billion, from a net loss of Rp6.45 billion made in the previous
year, IndoExchange reported Tuesday.

The loss occurred despite a 23.41-percent increase in revenues
pegged at Rp357.87 billion last year, and a rise in operating
profit by 6.40 percent to Rp39.79 billion. However, the company
registered a steep climb in the cost of goods sold, up by 32.85
percent to Rp280.39 billion.

The company's liabilities stood, at the end of the full-year
period, at Rp871.59 billion, rising 24.81 percent from Rp701.85
billion recorded in the preceding year.


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


BRIDGESTONE CORP: Moody's `Baa1' Debt Rating Under Review
---------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the Baa1 senior unsecured debt rating of Bridgestone
Corporation (Bridgestone) and the Prime-2 short-term rating of
Bridgestone/Firestone, Inc. (Firestone), based on a guarantee
from Bridgestone.

This action is prompted by Firestone's announcement on May 21,
2001 that it will terminate its relationship of supplying tires
to Ford Motor Company (Ford).

This review reflects Moody's concern that the termination of
supply could result in a material negative impact on Firestone's
sales and profitability.

The relationship between Firestone and Ford has been strained
since the 6.5 million tire recall in 2000. In its rating review,
Moody's will assess how the decision by Firestone to terminate
its relationship with Ford will impact the company's overall
operations and profitability in the intermediate term and the
methods Firestone puts in place to cope with these negative
factors.

Bridgestone Corporation, headquartered in Tokyo, Japan, is one
of the world's leading manufacturers of tire products.
Bridgestone/Firestone, Inc. is a wholly owned subsidiary of
Bridgestone.


INTERNET INITIATIVE: Posts Full-Year Net Loss Of Y4.7-B
-------------------------------------------------------
Internet Initiative Japan Incorporated, an Internet access and
network technology provider, sustained a net loss of Y4.7
billion for the year ended March 31, as opposed to a net loss of
Y4.784 billion posted a year ago. This year's loss was made on
revenues totaling Y31.876 billion, up by 26 percent from the
previous years revenues of Y25.302 billion, The Asian Wall
Street Journal reported yesterday.


KANSAI AIRPORT: Reappoints Top Officials
----------------------------------------
Japan's Transport Minister Chikage Ogi renamed Yasuo Shingu and
Kiyoyasu Mikanagi, as chairman and president, respectively, of
loss-making Kansai International Airport Company, Japan Times
Online reported yesterday.

However, both officials will be formally reappointed at the
company's general shareholders meeting on June 27, the report
said.

The company, with a capitalization of Y529.05 billion, is
serving the nation's second biggest metropolitan area centering
on Osaka, the report said.


KUMAGAI GUMI: Wins Y10-B Subway Project In India
------------------------------------------------
Financially troubled Kumagai Gumi Company has been granted the
contract to build a subway system worth Y10 billion in Delhi,
India, Japan Times Online reported yesterday.

The project, which will be an 11-kilometer subway stretch, will
be financed with Japan's official development aid. The
construction, to be completed by 2005, is set to start later
this month, Times Online said.

Kumagai Gumi, which has built subway systems in Singapore and
Thailand, focusing on construction projects in Asia, as it is
downscaling its operations in Europe and the United States. The
company is working hard to get contracts, primarily in the Asian
region, as part of its rehabilitative efforts, Times Online
said.


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


DAEWOO MOTOR: Considers Additional Debt Relief
----------------------------------------------
Troubled Korean automaker Daewoo Motor Company is seeking
additional debt relief package, possibly through either a debt
write-off or debt-for-equity swap, in the event that the
takeover bid of American automaker General Motors Corporation
(GM) will be delayed, The Asian Wall Street Journal reported
Tuesday, citing Maeil Business Newspaper reports.

A Daewoo executive told the Maeil, "It would be difficult to
agree with General Motors on sales terms before the June 15
deadline, even if the U.S. automaker declares willingness to
take over Daewoo Motor before then. Debt write-off or conversion
of debt into equity is the only contingency plan we can come up
with."

Daewoo Motor is scheduled to present a reorganization scheme to
the court on June 15.


HANA BANK: Selling Bad Loans Of W500-B To Foreign Consortium
---------------------------------------------------------------
Hana Bank has decided to sell its bad loans worth W500 billion
to a foreign consortium led by Salomon Smith Blarney, Land Lease
Asia and Lehman Brothers, which was selected through a bidding
process, The Digital Chosun reported yesterday.

The bad loans to be sold include those extended by Hana Bank to
leasing companies, rehabilitating companies, and companies
undergoing court receivership.

After the current loan disposal, Hana Bank intends to cut away
more bad loans worth W700 billion in this year's first half,
Chosun said.


HANBO STEEL: Sale To Be Completed By Year's End
-----------------------------------------------
The Korea Asset Management Corporation (KAMCO) is set to
complete the sale of Hanbo Steel by year's end, appointing
American investment bank Lehman Brotgher as the underwriting
agent of the sale, The Digital Chosun reported yesterday.

KAMCO President Chung Jae-ryong told Chosun: "Although the
supply of facilities for the global steel industry is seen as
excessive, considering the newly developing demand from some
nations in Southeast Asia, Central America and China, we believe
that there is a strong possibility for us to sell Hanbo Steel.

"If Hanbo Steel is to be put up for sale in bulk, no domestic
company will be able to bid for the company considering the
current domestic steel industry, which remains sluggish.
However, if the company is sold in pieces, we believe that
domestic steel companies can certainly be invited to bid for the
company."


HYNIX SEMICON: Moody's Assigns (P) B3 Rating To Notes
-----------------------------------------------------
Moody's Investors Service has assigned a (P) B3 rating to Hynix
Semiconductor Inc's US$350 million of senior unsecured notes.
The rating is subject to the full completion of a
recapitalization proposal that includes the issue of senior
unsecured notes and equity totaling approximately US$1,150
million.

Since 2000, HSI has faced severe cash shortages arising from its
bulk debts maturing in 2001 and 2002. HSI's creditor banks have
recently agreed to the rescheduling of debt repayments
conditional upon the completion of the recapitalization
proposal.

The rating reflects HSI's strong position in the global
semiconductor memory market. Moody's understands that HSI's debt
repayment will be rescheduled giving the company a more level
debt maturity profile and that new funding by way of the equity
and the notes issues will enhance HSI's debt repayment ability.

Meanwhile, the rating also considers the possibility that HSI
will still have refinancing risk in the coming few years.
Additionally, business risks arising from HSI's significant
dependence on highly volatile products such as DRAMs could cause
HSI's performance to deviate from what it assumes at present.
Furthermore, we note that HSI's balance sheet is still highly
leveraged.

Hynix Semicondutor Inc., headquartered in Seoul, Korea, is one
of the leading companies of semiconductor memories.


HYNIX SEMICONDUCTOR: Proposed Break-Away Wins Support
-----------------------------------------------------
The proposal to break Hynix ties with the Hyundai Group is
gaining the support of three Hyundai units, as these units have
already agreed to give up their managerial and voting rights for
Hynix, The Digital Chosun reported yesterday.

The report noted that along with the forfeiture of their right
in Hynix, the three units, including Hyundai Heavy Industries,
also agreed to transfer their equity to Hynix creditors.

However, the key units' chucking out their stakes in Hynix will
not complete Hynix's separation from the Hyundai Group, unless
the subsidiaries also forfeit their outstanding payment
guarantees for Hyundai Semiconductor America (Has), a Hynix
affiliate based in the U.S.

Hynix will hold the three Hyundai units' combined 19.13 percent
stake in escrow for three quarters. The separation is scheduled
for completed by end of next month.


HYUNDAI ENGINEERING: Foreign Creditor Rolls US$25-M Loan
--------------------------------------------------------
Hyundai Engineering and Construction (HDEC) announced Tuesday  
its foreign creditor RZB Austria Bank has granted HDEC a
rollover of its loan worth US$25 million due today to another
half-year period, The Digital Chosun reported yesterday. The
rollover is the first of a debt relief given by a foreign
creditor to HDEC since it plumbed into the mire of financial
troubles in May last year.


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


ABRAR GROUP: Idris Acquisition Bid Failed
-----------------------------------------
Idris Hydraulic (Malaysia) Bhd revealed the company has been
unsuccessful in its tender to acquire 100 percent of the issued
capital of Abrar Unit Trust Management Berhad (AUTMB). AUTMB is
a subsidiary of Abrar Group International Sdn Bhd, which is
currently under the administration of the Special Administrators
appointed by Pengurusan Danaharta Nasional Berhad.

Abrar Corporation Berhad (ACB) originally operated as a textile
retailer under the name of Mun Loong stores.

In 1996, construction activities and infrastructure development
replaced retailing as the main core business. The retailing
business was then disposed of in 1997. In the same year, ABRAR
Group International became the Company's major shareholder,
resulting in a change of name from Mun Loong Berhad to Abrar
Corporation Berhad.

On 27 May 2000, Pengurusan Danaharta Nasional Berhad appointed  
Gong Wee Ning and Lim San Peen as Special Administrators (SAs)
of ACB pursuant to Section 24 of the Danaharta Act, 1998.

The SAs will carry out an assessment on the viability of ACB's
business and will thereafter prepare a workout proposal to
address ACB's debt issues.

In May 2000, pursuant to a directive from the Economic Planning
Unit, ACB agreed to dispose of its entire 20 percent stake in
Express Rail Link Sdn Bhd at the original cost of RM5.2 million.
The disposal was completed in October 2001.


ARAB-MALAYSIAN: Completes Composite Scheme Exercise
---------------------------------------------------
Further to the announcement dated 13 April 2001, Arab-Malaysian
Corporation Berhad (Amcorp) said by the last time and date for
acceptance and payment for the Offer for Sale, 5:00 p.m. on 18
May 2001, total acceptances of 1,765,171 shares have been
received pursuant to the Offer for Sale.

With the completion of the Offer for Sale, Amcorp has fully
completed the implementation of the Composite Scheme.

The AMCORP Group is principally involved in financial services,
manufacturing, industrial activities, property, and textiles and
garments.

Between 1910 and 1990, AMCORP was in the rubber, oil palm and
cocoa plantation businesses. In 1990, the Company disposed of
all its plantation businesses to its then subsidiary, Seatex
Plantation, and transferred its mezzanine investment and
management services operation to another subsidiary, Mezzanine
Capital.

In 1992, AMCORP acquired AMMB Holdings Bhd, Arab-Malaysian
Development Bhd and Nam Fatt Bhd and disposed of three of its
estates, which significantly changed the nature of the Group's
business.

Property development was carried out by Arab-Malaysian
Corporation Builders Sdn Bhd with AMCORP Trade Center as its
prominent landmark. Its 25 percent stake in Nam Fatt was
divested in 1994 in exchange for stakes in Len Brothers Rubber
Products Industries Bhd, Rediffusion Bhd and South Peninsular
Industries Bhd.

In July 1998, AMCORP and certain of its subsidiaries obtained a
Restraining Order under Section 176 of the Companies Act, 1965,
to implement a composite scheme of arrangement which was
formulated to enable an orderly disposal of its assets so as to
ensure full repayment of its borrowings.

All relevant approvals have been obtained and the scheme is now
pending implementation.

Currently, the Company is in the process of disposing of up to
68,206,855 shares in AMMB Holdings Bhd (AHB) representing 17.1
percent of its equity interest in AHB.


ARUS MURNI: Rescue Still Sought
-------------------------------
Arus Murni Corporation Berhad is still searching for its white
knight, even after its failed bidding proceedings conducted by
Pengurusan Danaharta Nasional Berhad last March 22, The Edge
Daily reported Monday.

However, the financially ill shell company has left the search
for a prospective investor to take over the company's
controlling stake to Danaharta, which already holds a 55 percent
stake in the company.

Referring to the search for a buyer, Arus Murni Managing
Director Hamzah Harun told the newspaper, "At this point in
time, we can't do anything as we are not even a shareholder
anymore. We are just caretakers."

Hamzah also intimated that Danaharta could very well end up as
rescuer of the company, with its 55 percent ownership, the
newspaper said.

The company's accumulated losses stand at RM833.38 million.


BERJAYA LAND: Announces Proposals
---------------------------------
Berjaya Land Berhad is pleased to announce the following
proposals:

(i) B-Land proposes a bonus issue of approximately 556.7 million
new ordinary shares of RM1.00 each in B-Land (B-Land Shares) on
the basis of two (2) new B-Land Shares for every three (3)
existing B-Land Shares held by its shareholders (Proposed Bonus
Issue);

(ii) Concurrent with the Proposed BCap Delisting and Proposed
CCB Delisting (as described herein), B-Land proposes to
undertake two (2) separate voluntary general offers to acquire
the remaining ordinary shares of RM1.00 each in BCap (BCap
Shares) and in CCB (CCB Shares) not held by BGroup and the
parties acting in concert for a total consideration of
approximately RM684.4 million to be satisfied by the issuance of
B-Land Shares (individually known as the Proposed BCap VGO and
the Proposed CCB VGO and collectively known as the Proposed
VGOs);

(iii) The proposed transfer of Berjaya General Insurance Berhad
(BGI), Inter-Pacific Capital Sdn Bhd (IPC) and Cosway (M) Sdn
Bhd (CMSB) by BGroup to B-Land for a total net consideration of
approximately RM752.3 million; and

(iv) The proposed transfer by B-Land of its entire interests in
BCap and CCB (obtained pursuant to the Proposed VGOs) to Newco
for a consideration of approximately RM684.4 million which is
equivalent to the cost of acquisition of B-Land.

The Proposed BIC Transfer and the Proposed MI Transfer are
collectively known as the "Proposed Assets Transfer".

The Proposals form an integral part of the Berjaya Group
Berhad's (BGroup) proposals announced on even date which
comprise the following:

(i) The proposed voluntary members schemes of arrangement
pursuant to Section 176 of the Companies Act, 1965 on the entire
BGroup securities through a newly incorporated company (Newco);

(ii) The proposed renounceable rights issue by Newco of up to
approximately RM561.1 million zero coupon ICULS of RM0.20
nominal value each in Newco (Newco RM0.20 ICULS);

(iii) The proposed repayment of BGroup's bank borrowings;

(iv) The proposed acquisition of 150 million ordinary shares of
RM1.00 each (DIGI Shares) representing 20 percent of the issued
and paid-up share capital of DIGI from Tan Sri Dato Seri Tan
Chee Yioun (TSVT) for a total purchase consideration of RM975.0
million or at RM6.50 per DIGI Share;

(v) The proposed acquisition of up to 380 million ordinary
shares of RM1.00 each (BTS Shares) representing the entire
enlarged issued and paid-up share capital of BTS from TSVT and
Bakat Rampai Sdn. Bhd. for a total purchase consideration of up
to RM380 million or at RM1.00 per BTS Share;

(vi) The proposed delisting of BCap and CCB whereby both BCap
and CCB will convene separate extraordinary general meetings
(EGMs) to seek their respective shareholders' approval for the
said delistings; and

(vii) The proposed waiver from undertaking a mandatory general
offer pursuant to the Malaysian Code on Take-Overs and Mergers,
1998.

The Proposed VGOs is not inter-conditional upon the Proposed
BGroup Members Schemes.

The Proposed Assets Transfer is conditional upon the Proposed
BCap Delisting and the Proposed CCB Delisting.

Details Of Proposals

Proposed Bonus Issue

B-Land proposes a bonus issue of approximately 556.7 million new
B-Land Shares on the basis of two (2) new B-Land Shares for
every three (3) existing B-Land Shares held by its shareholders.

The Proposed Bonus Issue shall be capitalised out of the share
premium account. The share premium account of B-Land as at 30
April 2000 amounted to RM903.6 million.

The new B-Land Shares will, upon allotment and issue, rank pari
passu in all respects with the existing B-Land Shares save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the date of allotment of the new B-Land
Shares.

Proposed VGOs

Concurrent with the Proposed BCap Delisting and Proposed CCB
Delisting, B-Land proposes to undertake the Proposed VGOs. The
Proposed VGOs will be the "exit offer" (pursuant to Chapter
16.05(c) of the Listing Requirements of the Kuala Lumpur Stock
Exchange (KLSE) which will come into effect on 1 June 2001) to
be offered to the shareholders of BCap and CCB. The details of
the respective Proposed VGOs are as follows:

Proposed BCap VGO

B-Land proposes to offer to acquire the remaining approximately
203.8 million BCap Shares not held by BGroup and parties acting
in concert representing approximately 35.9 percent of the issued
and paid-up share capital of BCap as at 30 April 2001 for a
total consideration of approximately RM434.0 million to be
satisfied by the issuance of approximately 203.8 million new B-
Land Shares on the basis of one (1) B-Land Share at RM2.13 per
B-Land Share for every one (1) existing BCap Share valued at
RM2.13 per BCap Share.

Proposed CCB VGO

B-Land proposes to offer to acquire the remaining approximately
98.6 million CCB Shares not held by BGroup and parties acting in
concert representing approximately 28.6 percent of the issued
and paid-up share capital of CCB as at 30 April 2001 for a total
consideration of approximately RM250.3 million to be satisfied
by the issuance of approximately 117.5 million new B-Land Shares
on the basis of six (6) B-Land Shares at RM2.13 per B-Land Share
for every five (5) existing CCB Shares valued at RM2.54 per CCB
Share.

2.2.3 Basis of the exchange ratios

The Proposed VGOs are to be satisfied via the issuance of new B-
Land Shares. The exchange ratios for the shares swap between B-
Land, BCap and CCB are arrived at based on the weighted average
valuation comprising the adjusted net asset values (NAV) and the
future earnings of the respective companies, after adjusting for
the Proposed Bonus Issue and the proposed special dividends by
BCap and CCB.

Ranking of new B-Land Shares

The new B-Land Shares to be issued pursuant to the Proposed VGOs
will, upon allotment and issue, rank pari passu in all respects
with the existing B-Land Shares save and except that they shall
not be entitled to any dividends, rights, allotments and/or
other distributions, the entitlement date of which is prior to
the date of allotment of these new B-Land Shares. As such, the
new B-Land Shares arising from the Proposed BCap VGO and the
Proposed CCB VGO will not be entitled to the Proposed Bonus
Issue.

Proposed Assets Transfer

Upon completion of the Proposed BCap Delisting and Proposed CCB
Delisting, BGroup proposes to transfer BGI, IPC and CMSB to B-
Land for a total net consideration of approximately RM752.3
million.

Concurrently, B-Land also proposes to transfer the minority
equity interests in BCap and CCB acquired by B-Land pursuant to
the Proposed VGOs to Newco at the same acquisition cost for the
Proposed VGOs of approximately RM684.4 million.

It is proposed that the consideration for the Proposed BIC
Transfer of approximately RM752.3 million be set-off against the
consideration for the Proposed MI Transfer of approximately
RM684.4 million and the surplus arising therefrom of
approximately RM67.9 million will be set-off against the inter-
company advances due to B-Land by BGroup.

Information on BGI

BGI was incorporated as a private limited company in Malaysia
under the Companies Act, 1965 on 22 September 1980. The company
has an authorized share capital of RM100,000,000 comprising
100,000,000 ordinary shares of RM1.00 each of which all have
been issued and fully paid as at 28 February 2001. The principal
activity of BGI is general insurance.

The audited net book value of BGI as at 30 April 2000 was
approximately RM104.3 million.

The audited net profits of BGI for the financial year ended 30
April 2000 was approximately RM32.4 million.

Information on IPC

IPC was incorporated as a private limited company in Malaysia
under the Companies Act, 1965 on 28 December 1990. The company
has an authorized share capital of RM300,000,000 comprising
300,000,000 ordinary shares of RM1.00 each of which all have
been issued and fully paid as at 28 February 2001.

The principal activity of IPC is investment holding whilst its
subsidiaries are principally engaged in stockbroking, fund
management and nominee services. The main subsidiaries of IPC
are Inter-Pacific Securities Sdn Bhd and Eng Securities Sdn Bhd.

The audited consolidated net book value of IPC as of 30 April
2000 was approximately RM567.1 million.

The audited consolidated net profits of IPC for the financial
year ended 30 April 2000 was approximately RM82.0 million.

Information on CMSB

CMSB was incorporated as a private limited company in Malaysia
under the Companies Act, 1965 on 22 August 1979. The company has
an authorized share capital of RM500,000,000 comprising
500,000,000 ordinary shares of RM1.00 each of which 155,000,000
ordinary shares of RM1.00 each have been issued and fully paid
as at 28 February 2001.

The principal activity of CMSB is direct selling of consumer
products whilst its subsidiaries are principally engaged in
investment holding and property investment, trading in consumer
products and direct selling.

The audited consolidated net book value of CMSB as at 30 April
2000 was approximately RM113.0 million.

The audited consolidated net profits of CMSB for the financial
year ended 30 April 2000 was approximately RM10.7 million.

Proposed BGI Transfer

BGI will be transferred to B-Land for a total net consideration
of approximately RM170.5 million which is arrived at based on
BGI's unaudited NTA as of 28 February 2001 and earnings
potential of BGI.

There is no assumption of liabilities by B-Land arising from the
Proposed BGI Transfer.

The cost of investment to BCap in BGI as of 28 February 2001 was
approximately RM122.6 million.

Proposed IPC Transfer

IPC will be transferred to B-Land for a total net consideration
of approximately RM233.0 million which is arrived at based on
IPC's unaudited NTA as at 28 February 2001 and earnings
potential of IPC as well as deducting inter-company advances due
to IPC by BCap amounting to approximately RM345.0 million.

Save for the assumption of the inter-company advances, there are
no other assumption of liabilities by B-Land arising from the
Proposed IPC Transfer.

The cost of investment to BCap in IPC as of 28 February 2001 was
approximately RM386.2 million.

Proposed CMSB Transfer

BGroup proposes to transfer CMSB to B-Land for a total net
consideration of approximately RM348.8 million which is arrived
at based on the future earnings potential of CMSB after taking
into consideration the inter-company advances due by CMSB to CCB
as at 28 February 2001 amounting to RM43.8 million.

There is no assumption of liabilities by B-Land arising from the
Proposed CMSB Transfer.

The cost of investment to CCB in CMSB as at 28 February 2001 was
approximately RM209.7 million.

Proposed MI Transfer

Upon the completion of the Proposed VGOs, the Proposed BCap
Delisting and the Proposed CCB Delisting, B-Land also proposes
to transfer the minority equity interests in BCap and CCB
acquired by B-Land pursuant to the Proposed VGOs to Newco at the
same acquisition cost for the Proposed VGOs of approximately
RM684.4 million.

Rationale For Proposals

The Proposals are intended to achieve the following objectives:

(i) The Proposed VGOs and the Proposed Assets Transfer will
enable B-Land to participate in the business of general
insurance, stockbroking and direct selling of consumer goods
thus broadening its income base; and

(ii) The Proposed Bonus Issue will better reflect the assets
base of the Company.

The Proposals are anticipated to be completed around or after 30
April 2002 financial year. Barring any unforeseen circumstances,
the Proposals are expected to contribute positively to the
future earnings of the B-Land Group.

Approvals Required

The Proposals are conditional upon the approvals of the
following:

(i) the Securities Commission in relation to the Proposals;

(ii) the Foreign Investment Committee in relation to the
Proposals;

(iii) the Bank Negara Malaysia in relation to the Proposed BGI
Transfer;

(iv) the Ministry of Finance in relation to the Proposed IPC
Transfer;

(v) the KLSE for the listing of and quotation for the new B-Land
Shares and the Proposed IPC Transfer;

(vi) the shareholders of BGroup, B-Land, BCap and CCB; and

(vii) any other relevant authorities.

TSVT, RTYC, DTCS and RYKL are directors as well as shareholders,
ICULS holders and warrant holders of BGroup. They are also
directors of B-Land. TSVT, DTCS and RYKL are shareholders of B-
Land. TSVT is deemed interested in B-Land by virtue of his
deemed interest in Desiran Unggul Sdn. Bhd. TSVT is also an
ICULS holder of B-Land. Hence, they are deemed interested in the
Proposed VGOs and the Proposed Assets Transfer. Accordingly,
they have abstained and will continue to abstain from all board
deliberations of B-Land pertaining to the Proposed VGOs and the
Proposed Assets Transfer. They will also abstain from voting in
respect of their respective direct and/or indirect holdings in
B-Land securities (whichever applicable), at the forthcoming EGM
of B-Land to be convened pertaining to the Proposed VGOs and the
Proposed Assets Transfer.

CKS is a director of BGroup and an alternate director of B-Land.
Hence, he is deemed interested in the Proposed VGOs and the
Proposed Assets Transfer. Accordingly, he has abstained and will
continue to abstain from all board deliberations of B-Land
pertaining to the said Proposed VGOs and the Proposed Assets
Transfer.

BGroup is deemed a substantial shareholder of B-Land through its
interests in Teras Mewah Sdn. Bhd., Juara Sejati Sdn. Bhd.,
Bizurai Bijak (M) Sdn. Bhd., Espeetex Sdn. Bhd. BGI, Prime
Credit Leasing Sdn. Bhd., Inter-Pacific Securities Sdn. Bhd. and
Eng Securities Sdn. Bhd. BGroup is also deemed interested in the
B-Land ICULS through the put option on the said ICULS. Hence,
BGroup is deemed interested in the Proposed VGOs and Proposed
Assets Transfer. Accordingly, BGroup will also abstain from
voting in respect of its respective direct and/or indirect
holdings in B-Land securities (whichever applicable), on the
resolutions relating to the Proposed VGOs and Proposed Assets
Transfer.

Save as disclosed above, the Company is not aware of any other
Directors and substantial shareholders of B-Land and persons
connected to them by virtue of Section 122A of the Companies
Act, 1965 has any interests, direct or indirect, in the
Proposals, save for their entitlements for the Proposed Bonus
Issue.

The Board of Directors of B-Land (save and except for those
interested Directors as mentioned in Section 6 above) is of the
opinion that the Proposals are in the best interest of the
Company.

The Board of Directors of B-Land has appointed CIMB as the
Adviser to B-Land on the Proposals.

Subject to the approval of the relevant authorities, the
independent directors of B-Land has appointed Messrs KPMG as the
independent adviser to advise the minority shareholders of B-
Land.

CIMB, on behalf of the Company, will submit an application on
the Proposals to the SC and the relevant authorities within six
(6) months from the date of this announcement.

A notice for the EGM together with a Circular explaining the
details of the Proposals will be dispatched to the shareholders
and ICULS holders of B-Land in due course.


BERJAYA LAND: Trading Suspendsion Imposed
-----------------------------------------
Berjaya Land Berhad's securities trading has been suspended
since 9:00 AM yesterday, 23 May 2001. The trading of the
company's securities will resume effective 9:00 AM, today, 24
May 2001.


BRIDGECON HOLDINGS: Explains Variance In Group Loss
---------------------------------------------------
Bridgecon Holdings Berhad stated the difference between the
Group's audited loss after taxation and minority interest
amounting to RM106,155,000.00 as compared to the unaudited loss
after taxation and minority interest of RM44,805,000.00 as
previously announced on 28 February 2001 is attributed mainly to
the following reasons:

1.Additional provision for write off of fixed assets at
subsidiary level: RM10,746,000
2.Additional provision for write down on fixed assets at
subsidiary level: RM6,832,000
3.Additional provision for doubtful debts of subsidiaries:
RM34,648,000
4.Development costs written off at subsidiary level: RM2,524,000
5.Amortisation of goodwill: RM8,578,000
6.Contract income undertaken up: RM(6,168,000)
7.Additional provision of contract costs: RM3,958,000

Total RM61,118,000


MAN YAU: Seeks Court Approval To Convene Meetings
-------------------------------------------------
The Board of Directors of Man Yau Holdings Berhad (MYHB) reports
that MYHB, through its solicitors, on 18 May 2001 submitted an
application to the Kuala Lumpur High Court to convene the
proposed meetings of creditors and/or shareholders of the
Company and its two subsidiaries namely Man Yau Plastic Factory
(Malaysia) Sdn Bhd and Wang Corporation Sdn Bhd in respect of
the proposed rescue cum debt restructuring scheme.

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

About 95 percent of the Group's products are sold directly to
MNCs and the balance 5 percent to OEMs for export to the US.

In 1995, the Group diversified into the manufacture of rubber
latex examination gloves and property development and in 1997
into private education.

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

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

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


MOL.COM BERHAD: Posts Net Loss Of RM40.30-M
-------------------------------------------
MOL.Com Berhad, formerly known as Dijaya Enterprise Berhad,
posted a cumulative net loss of RM40.30 million for the three
quarters ended March 31, 2001, as the company booked an
additional loss of RM17.92 million in the third quarter ended
March 31, The Edge reports, citing a company announcement.

The newspaper also reports the company posted a turnover for the
same period of RM20.42 million, down by 44 percent from the
preceding quarter's reported RM19.83 million.


MWE HOLDINGS: Strikes Share Sale Deal With Chang
------------------------------------------------
MWE Holdings Berhad (MWE) says the Company, on 22 May 2001,
entered into a Share Sale Agreement with Chang Lin Seong to
dispose to the latter of its entire issued and paid-up share
capital of EW for a cash consideration of RM1.00, which was
arrived at on a willing buyer-willing seller basis and taking
into account of its negative shareholders funds position of
RM2.1 million as at 31 December 2000.

EW is a 62.5 percent subsidiary of MWE and the authorized and
paid-up share capital of EW is RM600,000 and RM480,000
respectively. EW principal activity is trading in heavy
machinery and spare parts and has been inactive since the
financial year 31 December 2000.

Rationale of the disposal

The disposal is in line with the Group's plan to dispose of
companies, which are either inactive, loss-making and non core
to the Group's businesses.

Financial effect of the disposal

The disposal is not expected to have any material effect on the
Group's earnings and the net tangible assets for the financial
year ending 31 December 2001.

Interest of Directors and Substantial shareholders

None of the directors nor substantial shareholders of the
Company have any interest, direct or indirect in the said
disposal.


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


BELLE CORP: Seeks Debt Repayment Suspension
-------------------------------------------
Belle Corporation is seeking the approval of its creditors to a
90-day standstill arrangement with regard to its debt
repayments, after sustaining losses of P197 million in the first
quarter, Bloomberg reported yesterday.

In a disclosure at the Philippine Stock Exchange, the company
was quoted as saying, "The corporation is seeking to ease its
heavy debt service burden, which has been made more difficult by
the continued weakness of the peso and the delay in the entry of
foreign capital."

The company owes US$85 million in bonds and P2 billion in
domestic debts.


MAYNILAD WATER: Creditors Seek Govt Approval For Rate Hike
----------------------------------------------------------
Multilateral creditors of Maynilad Water Services Incorporated
(MWSI), headed by the Asian Development Bank (ADB), are seeking
the government's approval regarding the water provider's
petition for a rate increase, Business World reported early this
week. Otherwise, the creditors will cancel new loans amounting
to some US$350 million, which is expected to put at risk the
company's water services in the west zone of Metro Manila.

The newspaper reported officials of Maynilad Water and
representatives of the firm's creditors met with the government
panel to discuss the creditors' "demands".

Maynilad Water Chief of Staff Arnulfo Ramirez told World that
the demands of the creditors concerned with, namely, "early
recovery of the firm's past and future losses, early rate
rebasing, and deferral and scaledown of service targets."

Ramirez added, "The lenders can only provide financing to our
projects if there is an assurance that our cash flow is robust.
This is the only thing that will give them confidence to provide
us money. If we will continue to suffer problems from our cash
flow, we cannot get the $350-million term loan. We have been
negotiating for this loan for 18 months now."


URBAN BANK: Re-Opening In August
--------------------------------
After surpassing many hurdles, Export and Industry Bank
(Exportbank) is set to re-open closed Urban Bank Incorporated on
August 1 this year, The Philippine Star reported yesterday.

Interim Receiver Corazon de la Paz, as appointed by the
Securities and Exchange Commission (SEC), said that the
rehabilitation plan for Urban Bank and its investment arm,
Urbancorp Investments, submitted by Exportbank remains to be the
only rehabilitation plan being considered by SEC for evaluation
and implementation, the newspaper said.

Urban Bank will now only need the approval of both the Bangko
Sentral ng Pilipinas (Central Bank) and the Philippine Deposit
Insurance Corporation.


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


ASIA PULP: Bapepam To Ask IBRA To Reevaluate Asset Pledge
---------------------------------------------------------
With concerns that Asia Pulp & Paper Company's (APP) asset
pledge was made without consulting the investing public, the
Capital Market Supervisory Agency (Bapepam) is planning to ask
the Indonesian Bank Restructuring Agency (IBRA) to re-evaluate
the assets of APP's listed units it received as collateral by
APP, Jakarta Post reported yesterday.

Bapepam Chairman Herwidayatmo admitted that his office had been
conducting its own inquiry into APP's asset pledge to IBRA,
which Sinar Mas Group announced early this month, Post said.

The assets pledge was made to secure APP's debts of Rp12
trillion (around US$1.05 billion, according to the newspaper's
conversion) owed to Bank Internasional Indonesia (BII). The
assets involved in this scheme amount to a sum of about US$1.3
billion, and these include assets of APP units PT Indah Kiat
Pulp & Paper and PT Pabrik Kertas Tjiwi Kimia, Post said.


BRIERLEY INVESTMENTS: Sells James Hardie Stake For A$567-M
----------------------------------------------------------
The Board of Directors of Brierley Investments Limited (BIL)
announces that its wholly-owned subsidiary, UB Minerals
(Australia) Pty Ltd, has today through JBWere Limited placed
119,411,850 shares in James Hardie Industries Limited at a price
of A$4.75 per share.

The Shares constitute 28.7 percent of the total issued share
capital of James Hardie. Following the sale of the Shares, James
Hardie will cease to be an associated company of BIL.

James Hardie, which is listed on the Australian Stock Exchange,
is a global leader in the manufacture of fiber cement building
products with major operations in the United States, Australia,
New Zealand, Chile and the Philippines.

The sale of the Shares will realize significant value for BIL's
shareholders and is consistent with BIL's primary objectives as
an active investment management company. BIL's book value of the
Shares is approximately A$333 million. At the placing price of
A$4.75 per share, the total sale proceeds amount to
approximately A$567 million, which represents approximately 37.2
percent of BIL's net tangible assets as of 30 June 2000. The
excess of the total sale proceeds over the book value is
approximately A$234 million.

The sale proceeds will be applied by BIL for general corporate
purposes including, but not limited to, repayment of debt and
making new investments.

At the time of the announcement of its Interim Results on 15
March 2001, BIL announced that it did not expect to make a
profit this financial year. In part this was due to the need to
equity account extraordinary and abnormal charges taken by James
Hardie in its accounts for the year ended 31 March 2001. As a
result of the sale of the Shares, it is now anticipated that BIL
will report a profit for the financial year ending 30 June 2001.

Net profits (after deducting all charges except taxation and
excluding extraordinary items) attributable to the James Hardie
Shares for the financial year ended 30 June 2000 were A$38.9
million. The sale of the Shares will have a positive impact on
earnings per share and net tangible assets per share in the
current financial year ending 30 June 2001.

Greg Terry, CEO of BIL, commented: "The proceeds of the sale
will enable us to strengthen further our balance sheet to allow
us to exploit future investment opportunities."

None of the Directors or Substantial Shareholders of BIL has any
interest, direct or indirect, in the transaction.


MICROCON HOLDING: Restructures Twinwood Interests
--------------------------------------------------
Further to the announcements by Twinwood Engineering Limited on
10 January 2001, 1 February 2001 and 15 May 2001, respectively,
the Directors of Twinwood wish to announce that the Acquisitions
(of interests in Microcon International Limited) are to be
restructured in the manner described below.

Termination of/amendment to Call Option Agreements in relation
to the Acquisitions

On 21 May 2001, Twinwood issued termination letters to each of
Microcon Holdings Private Limited (MHPL), Microcon MM Private
Limited (MMPL) and Messr Ram S. Ramanathan (RSR) to terminate
the following:

(i) the call option agreement dated 10 January 2001 with MHPL to
acquire its entire shareholding interests in the capital of each
of Microcon International Limited (Microcon), Vidhyacom
Technologies Private Limited (Vidhya) and Microcon IVS Limited
(MiVS);

(ii) the call option agreement dated 10 January 2001 with MMPL
to acquire its entire shareholding interests in the capital of
each of Microcon, Vidhya and MiVS; and

(iii) the call option agreement dated 1 February 2001 with RSR
to acquire his entire shareholding interest in the capital of
Microcon.

Notwithstanding that Twinwood has come to an agreement with each
of MHPL, MMPL and RSR to terminate the MHPL Call Option
Agreement, the MMPL Call Option Agreement and the RSR Call
Option Agreement, respectively, Twinwood and Global Technologies
Ventures Limited (GTVL) have agreed to proceed with the call
option agreement dated 1 February 2001 in relation to the
acquisition by Twinwood of the entire shareholding interests of
GTVL in the capital of each of Microcon and Vidhya, amounting as
at the date of this announcement to 13.0 percent of the pre-
dilution issued share capital of Microcon and 67.0 percent of
the issued share capital of Vidhya, respectively.

The GTVL Call Option Agreement will proceed at a reduced
consideration of approximately US$2.64 million or S$4.80 million
(based on an exchange rate of S$1.82 : US$1.00).

In this respect, Twinwood entered into a supplemental agreement
with GTVL on 21 May 2001 to:

(a) reduce the number of new ordinary shares of S$0.05 each in
the capital of Twinwood to be issued in satisfaction of the
Consideration from 52,598,312 to 40,000,000 in light of the GTVL
Consideration; and

(b) delete the provision that Twinwood has no obligation to
complete the GTVL Call Option Agreement unless the MHPL Call
Option Agreement and the MMPL Call Option Agreement are
simultaneously completed.

The Supplemental Agreement entered into by Twinwood and GTVL
amends various provisions in the GTVL Call Option Agreement to
reflect the abovementioned changes. The 40,000,000 Twinwood
Shares are to be issued at a price of S$0.12 per Twinwood Share.

Acquisition of interests in Microcon

In addition, on 21 May 2001, the Company, through a Mauritius
incorporated company, Twinwood Mauritius Limited (TML) (please
refer to the section below entitled "Acquisition of Mauritius
Companies" for further information on TML), has entered into a
subscription agreement (the "Subscription Agreement") with
Microcon to subscribe for 4,648,000 new ordinary shares of
Rupees 10 each in the capital of Microcon, representing 36.52
percent of the enlarged issued share capital of Microcon.
Pursuant to the terms of the Subscription Agreement, Twinwood
shall subscribe for the Subscription Shares for an aggregate
consideration of US$3.00 million or S$5.46 million (based on an
exchange rate of S$1.82 : US$1.00).

The Subscription will take place in two tranches as follows:

(i) Tranche 1 - the subscription by TML of 774,667 Subscription
Shares initially for an aggregate subscription price of
Rs23,499,523 or approximately US$500,000; and

(ii) Tranche 2 - the subscription by TML of the remaining
3,873,333 Subscription Shares for an aggregate subscription
price of Rs117,497,556 or approximately US$2,500,000 upon the
completion of the GTVL Call Option Agreement (as amended by the
Supplemental Agreement).

Following the completion of the GTVL Call Option Agreement and
the Subscription Agreement, Twinwood shall hold an aggregate
interest of 44.8 percent of the enlarged issued share capital of
Microcon.

Completion Conditions

The completion of the Subscription Agreement is subject to,
inter alia, the following conditions:

(i) the receipt of such approvals from the Government of India
including the Foreign Investment Promotion Board, Secretariat
for Industrial Assistance, Reserve Bank of India and other
authorities as may be required; and

(ii) the completion of a due diligence exercise (financial,
business and legal) on Microcon by or on behalf of Twinwood to
its sole satisfaction.

Acquisition of Mauritius Companies

The Company has today acquired the entire issued share capitals
of Twinwood Mauritius Limited (TML) and Arboretum Mauritius
Limited (AML) for an aggregate consideration of US$4.00. Each of
TML and AML has an issued share capital comprising two ordinary
shares of par value US$1.00 per share.

TML and AML are companies incorporated in Mauritius. The
principal activity of each of TML and AML is that of investment
holding. Following this acquisition, TML and AML have become
wholly-owned subsidiaries of Twinwood.

Information in relation to the Microcon Group

Information on Microcon, Vidhya and MiVS, including certain
financial information, may be found in the announcements by
Twinwood dated 10 January 2001 and 1 February 2001,
respectively.

Financial effects of the Subscription Agreement and the GTVL
Call Option Agreement

The financial effects of the Subscription Agreement and the GTVL
Call Option Agreement on the Group for the financial year ended
31 December 2000 are as follows:

                             Year ended   After The Subscription
                            31 Dec 2000   Agreement and the GTVL
                                           Call Option Agreement
S$'000 S$'000
  
Loss after tax and before minority interests (1,865) (4,266)1, 2
Net Tangible Assets ("NTA") 72,931 70,4323
  
Loss per Twinwood Share (0.49) cents4 (1.01) cents5
NTA per Twinwood Share 8.30 cents6 7.67 cents7
  
Debt to equity ratio8 (times) 0.012 0.021

Notes:

1. Calculated assuming that the Subscription Agreement and the
GTVL Call Option Agreement were completed on 1 January 2000.

2. The loss after tax incurred following the Subscription
Agreement and the GTVL Call Option Agreement includes an amount
for amortization of goodwill on consolidation amounting to
approximately S$1.37 million (being part of the total goodwill
resulting from this transaction of approximately S$6.87 million
which has been amortized over 5 years).

3. Calculated assuming that the Subscription Agreement and the
GTVL Call Option Agreement were completed on 31 December 2000.

4. Based on the weighted average issued share capital of
Twinwood for the year ended 31 December 2000 comprising
383,770,960 Twinwood Shares.

5. Based on the weighted average issued share capital of
Twinwood for the year ended 31 December 2000 (after the
completion of the Subscription Agreement and GTVL Call Option
Agreement) comprising 423,770,960 Twinwood Shares.

6. Based on issued share capital of Twinwood as at 31 December
2000 comprising 878,770,960 Twinwood Shares.

7. Based on the issued share capital of Twinwood as at 31
December 2000 after the completion of the Subscription Agreement
and GTVL Call Option Agreement comprising 918,770,960 Twinwood
Shares.

8. Defined as the ratio of total borrowings to shareholders'
funds. The expression "total borrowings" means the aggregate
amount of liabilities arising from borrowings from banks and
financial institutions

Rationale for the revision in the terms of the Acquisition

The Directors believe that the Acquisition, as revised, will
benefit Twinwood for the following reasons:

1. Microcon and Vidhya will both become subsidiaries of Twinwood
at a lower cost than originally proposed;

2. the strategy of Twinwood to become a technology services
provider with a focus on the wireless internet sector is
maintained as Microcon is involved in, inter alia, the
development and implementation of wireless and mobile internet
solutions; and

3. the investment of US$3,000,000 by Twinwood in Microcon
through the Subscription Agreement will provide Microcon with
additional funding for:

*?establishing sales and marketing offices in the United States
of America, Europe and Asia Pacific;

*?acquiring new test equipment for its product development;

*?upgrading Microcon's own internal internet and wireless
infrastructure;

*?repaying certain long term debt;

*?working capital.

Directors' and Substantial Shareholders' Interest

Mr Ravi Narayanan, the Chief Executive Officer of Microcon, will
be appointed as a Director of Twinwood following the completion
of the Subscription Agreement and the GTVL Call Option
Agreement.

None of the present Directors and substantial shareholders of
Twinwood has any interest, direct or indirect, in the
Termination Letters, the Supplemental Agreement nor the
Subscription Agreement.


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


BANGKOK TRANSIT: Chinese Firm To Invest In Skytrain
---------------------------------------------------
Shanghai Metro Construction Corporation (SMCC), a Chinese state
firm in Shanghai, is poised to invest a total of US$300 million
to build an extension of about 10 kilometers-long extension and
six stations to the debt-ridden Bangkok Skytrain, a light rail
system, Agence France-Presse (AFP) reported Saturday.

This investment will aid the troubled Bangkok Transit System
Company (BTSC), which is burdened with debts totaling over Bt30
billion.

This Skytrain expansion, according to the AFP report, is one of
the two separate train projects that will be jointly undertaken
by the Chinese and Thai governments.


KAY-THAI: Placed In Receivership
--------------------------------
The Central Bankruptcy Court, acting on a bankruptcy suit filed
by Citibank, has placed Kay-Thai Development Company and Kay-
Thai Company under court receivership, Bangkok Post reported
yesterday.

Citibank, in filing the suit against the two construction firms,
claimed that both companies had liabilities that already
exceeded their assets, the report said

The two said construction firms owe a total of Bt1.14 billion to
Citibank, including principal, interests, and interest charges
arising from the currency futures contract, Post said.

The amount, according to Citibank, is way above the two firms'
collateral assets valued at Bt295.7 million. Total sum owed to
Citibank was estimated at Bt846.5 million, Post said.


MANAGER MEDIA: Posts Q1 Net Loss Of Bt1.19-M
--------------------------------------------
Manager Media Group Public Company Limited published the
Company's operating results in the first quarter of 2001, which
show net loss of Bt1.19 million, comparing to the same quarter
last year net loss of Bt18.78 million. This has been caused by
the factors as stated below.

The Company's revenue increased and realized loss according to
GAAP from its   subsidiary and associated companies decreased.
While cost of good sold, sales and administration expenses were
under control.

However, the company has been under rehabilitation and must
follow the rehabilitation plan, said the Plan Administrator
Saowaluck Teeranujunyong.


NATIONAL FERTILIZER: Reports Operations Results In Q1
-----------------------------------------------------
Pursuant to the approval of the Stock Exchange of Thailand (SET)
dated August 24, 1996 for the National Fertilizer Public Company
(NFC) to become a registered company with the SET. NFC has
presented the financial statement of the 1st quarter as of March
31, 2001, which has Bt533 million in net loss. The net loss in
this period increase Bt185 million more than the same period
last year which Bt348 million in net loss. The low performance
in this period is a result of two factors:

1. Increasing in Exchange Rate

In the first quarter of 2001, the exchange rate average at
Bt43.55 per US Dollar but in the same period last year the rate
average at Bt37.91 per US Dollar. So the company import raw
material that has a cost per unit higher than last year which
make cost of goods sold in this period higher than the same
period last year.

2. Interest  

The interest expenses of NFC in the first quarter of 2001 are
Bt264 million, Bt135-million higher than the interest expenses
in the first quarter of 2000 at Bt129 million. The high interest
expenses in this period was a result of the adjusted interest
rate of debtor, but the low interest expenses last year was the
result of the debt restructuring agreement in December 1999.

>From the two aforementioned factors, the operations of NFC in
the first quarter of 2001 incurred more loss than in the same
period in 2000.


STA GROUP: Creditors Sack Rehab Plan Administrator
--------------------------------------------------
Creditors of STA Group Public Company Limited agreed in a
meeting Friday last week to dismiss the company's rehabilitation
plan administrator, South Sathorn Planner Company, citing high
professional fees, Bangkok Post reported. The creditors group
appointed Arthur Andersen (Thailand) as the new plan
administrator.

Chumpol Donsakul, executive vice-president of Sukhumvit Asset
Management Corp, told Post, "The decision to hire Arthur
Andersen (Thailand) as plan administrator helped reduce the debt
restructuring fees by about 30 percent.

"The change, which is allowed by the law, will not have any
significant impact on implementation of the plan. As the plan
takes years to implement, an appropriate change of the plan
administrator would be of benefit to the debtor's
rehabilitation."

STA Group's rehabilitation plan covers its debts worth Bt22
billion, half of which would be repaid over a 15-year period,
and the other half to be subjected to a debt-to-equity
conversion scheme, which will make creditors the 94-percent
stakeholder in the company.

Meanwhile, Post said, South Sathorn is facing a court ruling to
reduce its fees charged to three sugar firms by 55 percent, for
handling complicated restructuring schemes.


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