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

                        A S I A   P A C I F I C

                  Friday, May 25, 2001, Vol. 4, No. 103


                               Headlines

A U S T R A L I A

ALPHA HEALTHCARE: ASIC Extends Target Statement Due Date
ALPHA HEALTHCARE: Ramsay Extends Offer Period
HARRIS SCARFE: No Asking Price, Hindal Says
IMPULSE AIRLINES: Unionists Condemn Planned Lay-Offs
ISIS COMMUNICATIONS: Letter To S-Holders Re AGM Today
ISIS COMMUNICATIONS: Radly Cancels Transfer To GlobalMedia
NORMANS WINES: Chairman Resigns
NORMANS WINES: Merger With Xanadu Rolls
TELEMEDIA NETWORKS: Suspended From Official Quotation
TELEMEDIA NETWORKS: Update Re Trading Halt Reason
WAREHOUSE GROUP: Goes Into JV With Westpac Trust


C H I N A   &   H O N G  K O N G

ANDY LEUNG: Winding Up Petition Slated For Hearing
FOREVER BEST: Winding Up Petition Hearing Set
HOP FAT: Winding Up Petition Set For Hearing
LIAOYANG METALLURGICAL: Axed Workers Stage Protest Demo
NEW PACIFIC: Hearing of Winding Up Petition Set
SUNNY (CHINA): Faces Winding Up Petition
SWIFTWAY INTERNATIONAL: Winding Up Petition To Be Heard


I N D O N E S I A

INDOCEMENT TUNGGAL: Posts Net Loss Of Rp877.78-B In `00
SURYA HIDUP: Drops To Net Loss Of Rp15.84-B


J A P A N

FOOTWORK EXPRESS: Wins Y700-M Funding
SUMITOMO HEAVY: Group Net Loss Expands To Y28.61-B


K O R E A

DAEHAN REAL: Liquidation Completed
DAEWOO CORP: Delisted As Planned
DAEWOO HEAVY: Delisted From Exchange
HYUNDAI ENGINEERING: Creditors To Meet On Overseas Bonds
KOREA GAS: Inks Merger Deal
KOREA TELECOM: Privitization Deadline May Be Optimistic   
KOREA TELECOM M: Merger With Freetel Completed
KOREA WATER: Completes Liquidation
SHINDONGBANG: Creditors To Vote On Sale Monday


M A L A Y S I A

IDRIS HYDRAULIC: Bid To Acquire AUTMB Unsuccessful
IDRIS HYDRAULIC: Signs MoU With Koperasi
LION LAND: Posts Net Loss Of RM28.6-M
PANGLOBAL BERHAD: Restraining Order Extension Granted
PSC INDUSTRIES: MITI OKs Proposals
UNITED ENGINEERS: Enters Into JV With GMR
WESTMONT INDUSTRIES: Posts Results of EGM


P H I L I P P I N E S

NATIONAL BANK: Reacquisition Gets Pres. Arroyo's Backing
NATIONAL POWER: Inks Agus Plant Deal With Swiss Firm
UNIWIDE GROUP: Posts Q1 Net Loss Of P61.077-M


S I N G A P O R E

ASIA PULP: Pindo Deli Rupiah Bonds Interest To Be Paid
ELLIPSIZ LIMITED: Expects A Loss Of Up To $3.5-M In H2
GOLDEN AGRI: Cancels Merger With GAR Subsidiary
VICKERS BALLAS: Defers Delisting Date
VICKERS BALLAS: Requests Trading Suspension


T H A I L A N D

SANYO UNIVERSAL: Appoints Financial Adviser Re Rehab Plan
SUNTEC GROUP: Creditors, Court OK Reorg Plan
THAI PETROCHEM: Shares Subject To Trading Restrictions

     -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: ASIC Extends Target Statement Due Date
--------------------------------------------------------
The Directors of Alpha Healthcare Limited say the Australian
Securities and Investments Commission has declared an extension
to the date by which Alpha must dispatch its Target's Statement
to Shareholders, in response to the bid by Ramsay Centauri Pty
Ltd, to 25 May 2001.

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


ALPHA HEALTHCARE: Ramsay Extends Offer Period
---------------------------------------------
Ramsay Centauri Limited ACN 090 070 156 gave notice that it is
varying its offers dated 26 April 2001 for all of the fully paid
ordinary shares in Alpha by:

(a) extending the period during which the Offers remain open for
acceptance until 7:00 pm Sydney time on 8 June 2001;

(b) substituting the date 8 June 2001 for the date "28 May
2001", in section 1, clause 2 of the Bidder's Statement dated 12
April 2001, which includes the Offer dated 26 April 2001;

(c) substituting the date 8 June 2001 for the date "28 May
2001", under the sub-heading "The Offer" in the letter from the
Chairman of Ramsay Health Care Limited to Alpha Shareholders,
which appears at the front of the Offer document dated 26 April
2001; and

(d) substituting the date 8 June 2001 for the date "28 May
2001", under the heading "Important Dates" which appears at the
inside front cover of the Offer document dated 26 April 2001.  

These changes are signed for and on behalf of Ramsay Centauri by
Ian Patrick Grier and Bruce Roger Soden. The two directors of
Ramsay Centauri are authorized to sign by a resolution passed at
a meeting of the directors of Ramsay Centauri.


HARRIS SCARFE: No Asking Price, Hindal Says
-------------------------------------------
Hindal Bank said Wednesday there has yet to be an asking price
for the sale of Harris Scarfe's 35 stores, either from Australia
or abroad, dismissing reported speculations of a sale price
slated at between $140 million and $150 million, APP reported
Wednesday.

According to David Beatty of Hindal Bank, which is handling the
sale of the failed discount store chain, Harris Scarfe's
inventory is valued at $70 million. Its fixtures and fittings,
an estimated $70 million.

Beatty was quoted by AAP as saying, "But there is no asking
price for Harris Scarfe. We know the numbers but what people
offer is what they offer."

Meanwhile, the Australian securities regulator, Australian
Securities and Investments Commission, is conducting a probe
into the retail chain's downfall in response to claims alleging
irregularities in the company's books, involving a sum of $125
million.

Harris Scarfe, burdened with about $50 million in debts and $75
million to unsecured trade creditors, is currently trading under
the provisional liquidator, AAP said.


IMPULSE AIRLINES: Unionists Condemn Planned Lay-Offs
----------------------------------------------------
Unionists are speaking out against Impulse Airlines' plan to
fire up to 200 employees and contractors over the weekend once
the takeover by Qantas takes effect, The Age reported Wednesday.
The unionists claim Impulse has breached its promise to secure
jobs in the discount airline company, referring to Impulse
Chairman Gerry McGowan's May 1 statement.

Linda White, assistant national secretary of the Australian
Services Union, was quoted as saying, "Despite assuring the
Australian public that 1000 jobs will be saved by the Qantas
Impulse deal, it is now clear that ground staff at Impulse have
lost their jobs. Gerry McGowan's job is safe but the same cannot
be said for 15 per cent of the other workers in his company."

This job retrenchment will follow the stoppage of scheduled
Australian air services of Impulse this week, particularly its
Boeing 717 services, under its brand name, The Age said.  
Impulse's Beech 1900D turboprop services will stop this Sunday.


ISIS COMMUNICATIONS: Letter To S-Holders Re AGM Today
-----------------------------------------------------
Isis Communications Limited Chairman B Waters sent the following
letter to Isis shareholders regarding the company's annual
general meeting:

"I have pleasure in inviting you to attend our second Annual
General Meeting and have enclosed the Notice of Meeting which
sets out the items of business. The meeting will be held in the
Auditorium on level 2 of the Melbourne Exhibition Center located
at 2 Clarendon Street, Southbank, Melbourne, Friday, 25 May 2001
at 10:00 am.

"If you are attending this meeting, please bring this letter
with you to facilitate registration into the meeting.

"If you are unable to attend the meeting, you are encouraged to
complete the enclosed Proxy Form. The Proxy Form should be
returned in the envelope provided or faxed to our share registry
on (03) 9611-5710 so that it is received by 10:00 am on
Wednesday 23 May 2001.

"Corporate shareholders will be required to complete a
`Certificate of Appointment of Representative' to enable a
person to attend on their behalf. A form of this certificate is
on the reverse side of this letter.

"Thank you for your continued support. I look forward to your
attendance at the meeting."


ISIS COMMUNICATIONS: Radly Cancels Transfer To GlobalMedia
----------------------------------------------------------
ISIS Communications Ltd has received word Radly Corporation Ltd,
the Company's major shareholder, will not proceed with the non
binding and conditional Letter of Intent (LOI) for the transfer
of shares in Radley Corporation Ltd by Adam Radly and his
associates. The shares were to be transferred to a US company,
GlobalMedia Inc (GlobalMedia) for shares of GlobalMedia.

The LOI, which was between Radly Corporation Ltd and
GlobalMedia, was subject to a number of conditions including due
diligence and various shareholder and regulatory approvals.
GlobalMedia was unable to satisfy the conditions set out in the
LOI and on 23 May 2001 GlobalMedia announced it had made a
voluntary assignment in bankruptcy under the Canadian Bankruptcy
and Insolvency Act.

As previously stated, ISIS Communications Limited has not
entered into any Letter of Intent or any alliance or other
agreement with GlobalMedia. The proposed transaction was
instituted by Radly Corporation Limited and did not involve the
transfer of any shares in ISIS Communications Ltd.


NORMANS WINES: Chairman Resigns
-------------------------------
Normans Wines Limited has announced the resignation of Phillip
Scanlan AM as a Director and Chairman of the Company on May 2.

The Board, Company Secretary Craig Thomas, will meet to consider
the position of Chairman and an announcement will be made
shortly.


NORMANS WINES: Merger With Xanadu Rolls
---------------------------------------
On 20 April 2001 the directors of Xanadu Wines Ltd and Normans
Wines Ltd announced they had entered into an Implementation
Agreement to merge the two companies by way of Schemes of
Arrangement. Approval of the Schemes will result in Normans
becoming a wholly owned subsidiary of Xanadu.

The Implementation Agreement provided for both parties to be
satisfied with their respective due diligence investigations
prior to proceeding. This due diligence has now been completed
and both parties are satisfied with the outcome. As a result,
Xanadu has the exclusive right to work with Normans towards the
successful completion of the merger.

Following due diligence and a review of the merged group going
forward the parties have agreed, as part of the Implementation
Agreement, that the sale of Normans Monash Winery and bottling
facilities at Northcote and Preston be reasonably progressed
prior to the Schemes being completed. In this regard Normans
have ceased exclusive negotiations with Simeon Wines and will be
taking the Monash facility to tender early next week.

The sale of these winery and bottling facilities is in line with
the transitional phase of the merged group, in moving Normans
from its reliance on the sale of bulk and cask wine to the
premium end of the market, a transition which complements the
marketing and distribution synergies of Xanadu.

In addition the Scheme being offered to convertible noteholders
of Normans has been amended. Holders of convertible notes in
Normans will now be offered ten, 6 percent, 50 cent, four year
convertible notes in Xanadu and ten shares in Xanadu, for each
ten dollar convertible note in Normans. The Xanadu convertible
notes will be redeemable at 50 cents by Xanadu at any time
within the four year term by giving one months notice, with
interest to be paid on a pro-rata daily basis.

The notes may be converted by noteholders at the greater of 50
cents or 90 percent of the ten day weighted average market
price. The notes are convertible by noteholders on each 30 June
or 31 December and in the month following a notice given by
Xanadu of the intention to redeem the notes. If not redeemed by
Xanadu or converted by noteholders, the notes will convert to
shares in Xanadu, at the greater of 50 cents and 90 percent of
the ten day weighted average market price, at the expiry of the
four-year term.

The merger, when implemented, will create one of Australia's
major premium wine producers and exporters, with a presence
spread between two of the country's most renowned premium wine
producing regions, Margaret River in Western Australia and
McLaren Vale in South Australia, The merged entity will produce
in excess of one million cases in the financial year ended June
2002 with gross revenues in excess of $65 million.

Notices of meetings for both companies, including the Schemes
documents for Normans shareholders and noteholders, are expected
be dispatched in mid June with the meetings to be held in mid
July.


TELEMEDIA NETWORKS: Suspended From Official Quotation
-----------------------------------------------------
The securities of Telemedia Networks International Limited will
be suspended forthwith at the request of the company pending the
release of an announcement to the market.

Security Code: TMN


TELEMEDIA NETWORKS: Update Re Trading Halt Reason
-------------------------------------------------
On Friday 18 May, the Board of Telemedia Networks International
Ltd (TMN) requested a share trading halt, pending an
announcement by the company. The reason for the halt and the
content of the announcement is as follows.

On Friday 18 May, the Board of TMN became aware that certain
debtors, previously considered to be receivable in the near
future, were now unlikely to be received - or at best their
receipt will be materially delayed.

In addition, the Board became aware of material sales contracts
that are likely to be delayed pending satisfactory funding
arrangements being put in place by customers.

The Board believes Telemedia's experience reflects the
difficulties being faced by the company's customers and
potential customers.

The combination of these factors will have a detrimental impact
on TMN's immediate cash flow position and on its results for the
year to 30 June 2001.

The Board has reviewed the position with the company's secured
lender, as its continued support to the company is required.
This review is expected to be completed by the end of this week.

At the same time as addressing the current situation, the Board
is reviewing the company's long-term capital requirements with a
view to strengthening the company's balance sheet. During this
review a number of parties have expressed interest in the
acquisition of either a strategic stake in or the whole of the
company. Telemedia is currently in discussions with these
parties.

The Board will keep the market informed immediately of any
developments. The Board requests that the share trading halt be
extended until the market opens on Monday, 28 May 2001.


WAREHOUSE GROUP: Goes Into JV With Westpac Trust
------------------------------------------------
The Warehouse Group Limited and WestpacTrust announced yesterday
the formation of a joint venture, called The Warehouse Financial
Services Limited, to provide retail financial services through
The Warehouse's nationwide chain of 74 retail stores.

The Warehouse CEO Greg Muir and WestpacTrust CEO Tom Gallagher
said the venture combines the expertise and credibility of New
Zealand's largest bank with the distribution success of the
country's largest general retailer in order to meet growing
customer demand for retail financial products and services and
flexibility in accessing them.

"New Zealand consumers have come to expect greater convenience
and wider choice. Our venture with WestpacTrust will combine
value for-money shopping and value-for-money financial products
and services under one roof," said Muir.

The joint venture also builds on the strong relationship The
Warehouse and WestpacTrust have had since 1994. In that time
WestpacTrust has operated The Warehouse Card, whose more than
200,000 cardholders are expected to form a strong customer base
for the new financial services company.

Gallagher said the venture opens up new markets for both
WestpacTrust and The Warehouse. "We look forward to playing a
part in providing innovative financial services to even more New
Zealanders through the combination of our robust systems, The
Warehouse's extensive and loyal customer base, and the trust New
Zealanders have in both businesses.

"WestpacTrust's selection is an endorsement of our capabilities
in delivering financial services and in the investment we have
made in these systems," said Gallagher. "It also reflects our
long standing relationship and the strong commitment we both
have to New Zealand and the community."

The Warehouse Financial Services Limited will be responsible for
the sales and marketing of financial products and services
through The Warehouse. The Warehouse will provide their brand,
store locations and marketing channels and services, while
WestpacTrust will provide most of the products. product
management expertise, the back-end processing systems,
infrastructure, and risk/credit management expertise.

With the signing of the joint venture, work will continue on
finalizing the initial product range, pricing and marketing
strategy. The first The Warehouse Financial Services products
should be on sale within the next six months. Initially, The
Warehouse Financial Services will offer consumer credit and risk
related products that will appeal to all New Zealanders,
including credit cards and every day, basic cover insurances.
Products and services will be sold through The Warehouse stores,
by direct mail and over the phone.

Home loans, savings and investment services will not be offered
initially but are being evaluated as part of a planned rollout
of products and services over the next few years.

"The products and services we offer our customers must have real
customer value while being profitable. We plan to extend our
range over time, in line with our strategy of offering different
types of products across a range of price points," said Mr Muir.

The new joint venture will have a separate board of directors
appointed from The Warehouse and WestpacTrust and will be
chaired by WestpacTrust Chief Executive Tom Gallagher. The other
directors are Ross Aitken-WestpacTrust General Manager Retail,
Girol Karacaoglu-WestpacTrust General Manager Financial and Card
Services, Paul Bayliss-WestpacTrust General Manager Strategic
Development, and from The Warehouse Greg Muir-Chief Executive
Officer, Bruce Gordon-General Manager Non Retail, Brent Waldron-
Chief Financial Officer, and David Wilson-General Manager The
Warehouse.

"The venture brings together two great New Zealand businesses
that share a strong community focus. The Warehouse is New
Zealand's leading value-for-money store and more Kiwis bank with
WestpacTrust than any other bank. After intensive planning we
are confident we have a proposition that will offer financial
products and services at competitive prices while bringing
enhanced profitability and return to our shareholders," said  
Muir and Gallagher.


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


ANDY LEUNG: Winding Up Petition Slated For Hearing
--------------------------------------------------
The petition to wind up Andy Leung Por Management Limited will
be heard before the High Court of Hong Kong on 30 May 2001 at
9:30 am. The petition was filed with the court on the 27 March
2001 by Lee Kwok Chiu and Ho Tsz Hong whose addresses are care
of Rooms 901 & 908, Empress Plaza, Nos. 17-19 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.


FOREVER BEST: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Forever Best Engineering Limited is set
for hearing before the High Court of Hong Kong at 9:30 am on the
6 June 2001. The petition was filed with the court on the 4
April 2001 by Wong Wai Yip of Room 2415, Yiu Fung House, Tin Yiu
Estate, Tin Shui Wai, Yuen Long, New Territories, Hong Kong.


HOP FAT: Winding Up Petition Set For Hearing
--------------------------------------------
The petition to wind up Hop Fat Sewing Machine Company Limited
is scheduled for hearing before the High Court of Hong Kong on
May 23, 2001 at 10:00 am. The petition was filed with the court
on March 23, 2001 by the Hongkong and Shanghai Banking
Corporation Limited whose head office is situated at 1 Queen's
Road Central, Hong Kong.


LIAOYANG METALLURGICAL: Axed Workers Stage Protest Demo
-------------------------------------------------------
Over 1,000 retrenched workers of the state-owned Liaoyang
Metallurgical Factory broke into protest demonstration in front
of government offices in the city of Liaoyang, AFX reported
Tuesday, citing a Hong Kong-based rights group and officials.
The workers aired their grievances over the company's
bankruptcy.

Also, according to the report, the workers earlier staged a
rally in front of the city court, asking the court and the
government to give more importance to the welfare of the
retrenched workers in the whole bankruptcy proceeding.

Since the company's bankruptcy proceeding started a year ago,
the workers have not received their salaries and retirement
fees.  

The company, AFX said, is burdened with debts amounting to 1
billion yuan, which the workers attributed to mismanagement and
corruption.


NEW PACIFIC: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up New Pacific Properties Limited is
scheduled to be heard before the High Court of Hong Kong on June
6, 2001 at 9:30 am. The petition was filed with the court on
April 3, 2001 by Nation Group Development Limited whose
registered office is situated at 29th Floor, Paul Y. Centre, 51
Hung To Road, Kwun Tong, Hong Kong.


SUNNY (CHINA): Faces Winding Up Petition
----------------------------------------
The petition to wind up Sunny (China) Trading Company Limited is
set for hearing before the High Court of Hong Kong on May 30,
2001 at 9:30 am. The petition was filed with the court on March
28, 2001 by Fung Cheuk Shan of Flat 1605, San Yin House, San Wai
Court, Tuen Mu, New Territories, Hong Kong.


SWIFTWAY INTERNATIONAL: Winding Up Petition To Be Heard
-------------------------------------------------------
The petition to wind up Swiftway International Limited is
scheduled to be heard before the High Court of Hong Kong at
10:00 am on the 6 June 2001. The petition was filed with the
court on 10 April 2001 by Yung Yuk Mui of Flat 4, 28th Floor,
Siu Cheong House, Siu Hong Court, Tuen Mun, New Territories,
Hong Kong.


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


INDOCEMENT TUNGGAL: Posts Net Loss Of Rp877.78-B In `00
-------------------------------------------------------
PT Indocement Tunggal Prakarsa booked a net loss of Rp877.78
billion in 2000, swinging away from a net profit of Rp521.11
billion reported in 1999, IndoExchange reported.

The reversal, the report said, was largely due to the rising
non-operating expenditures, despite a healthy performance last
year, evidenced by an increase in sales revenue by 39.17 percent
to Rp2,447.97 billion. The company's sales performance has been
steadily moving upward at a rate of 14.85 percent per annum
since 1996.

Even with the leapfrogging in operating profit by a dramatic
90.16 percent to Rp705.40 billion, the company's net loss figure
was pulled down by the reversal in the company's non-operating
expenses, largely resulting from foreign exchange losses and net
interest charges, standing at Rp1,445.26 billion and Rp507.51
billion respectively.

Liabilities stood at Rp10,526.77 billion at the end of 2000,
signifying a rise by 23.57 percent.


SURYA HIDUP: Drops To Net Loss Of Rp15.84-B
--------------------------------------------
PT Surya Hidup Satwa's business performance fell last year to a
net loss of Rp15.84 billion, from Rp247.03-billion net profit in
the previous year, IndoExchange reported. The loss was made on
revenues totaling Rp5.49 trillion, up 32.72 percent from the
preceding year's reported revenues of Rp4.14 trillion.

Notwithstanding the company's upward trend in sales, the
company's performance was weighted down by a 39.13 percent
increase in the cost of goods sold to Rp4.11 trillion, thus
dragging down the gross profit margin to 25.22 percent from
28.66 percent in 1999.

Moreover, the company's non-operating expenses amounted to the
company's net loss figures, as it registered an amount of
Rp872.94 billion, a mercurial rise from the previous year's
Rp77.11 billion. This was brought about by foreign exchange
losses that swung to Rp650.26 billion from a gain of Rp186.41
billion in 1999.

At the end of last year, the company's liabilities reached
Rp3.84 trillion, up 16.72 percent from Rp3.29 trillion, which
pulled down the company's debt to equity ratio to 2,784.94
percent.


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


FOOTWORK EXPRESS: Wins Y700-M Funding
-------------------------------------
Collapsed midsize trucking company, Footwork Express Company,
has just received a financing program worth Y700 million from
the Development Bank of Japan and Fuji Bank to sustain the
company's rehabilitation exercise, Japan Times Online reported
yesterday.

According to the online newspaper, the joint loan is under a
credit line totaling Y2 billion extended to Footwork Express,
which, together with two of its affiliates, applied for court
protection in March as covered by the Civil Rehabilitation Law.


SUMITOMO HEAVY: Group Net Loss Expands To Y28.61-B
--------------------------------------------------
Sumitomo Heavy Industries Limited suffered a group net loss in
the fiscal year 2000 that swelled to Y28.61 billion from the
Y6.33 billion posted the previous year, landing the company in
the red for the third straight year, Japan Times Online reported
yesterday. The company attributed its business condition for the
last three years to poor revenues and hefty restructuring costs.

Group pretax profit, the report said, plummeted 70.8 percent to
Y1.60 billion on sales of Y513.75 billion, down by 9.3 percent.
Moreover, extraordinary losses, pegged at Y27.46 billion, were
due to provisions for shortfalls in retirement benefits under
the company's new accounting rule.

Despite the downturn in business performance for the last three
years, Sumitomo Heavy Industries projects it will fetch a group
net profit and pretax profit of Y3 billion and Y6 billion
respectively on sales of Y510 billion for the current year.


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


DAEHAN REAL: Liquidation Completed
----------------------------------
State-run Daehan Real Estate Investment Trust has completed its
liquidation proceedings through sales and other means, The Korea
Herald reported Wednesday, citing the Planning and Budget
Ministry.

Daehan is one of the 27 affiliates of state-run corporations
that are scheduled for liquidation this year. Nine more
affiliates will be liquidated next year, the newspaper said.


DAEWOO CORP: Delisted As Planned
--------------------------------
The delisting of Daewoo Corporation from the Korea Stock
Exchange (KSE) went on as scheduled Wednesday, as decided by KSE
last month, as the company's assets are not adequate to continue
and sustain operations, The Asian Wall Street Journal reports.

According to the Journal report, investors of the Daewoo Corp
were given 15 trading days prior to delisting to dispose of
their shares in the company.

In hindsight, Daewoo Corp decided to divest in December last
year both its trading and construction operations, as covered by
its restructuring program spearheaded by the company's
creditors, the Journal reports.


DAEWOO HEAVY: Delisted From Exchange
------------------------------------
Daewoo Heavy Industries Company was delisted Wednesday as
scheduled by the Korea Stock Exchange last month. The cash-
strapped Daewoo Group unit does not have ample resources to go
on operating, The Asian Wall Street Journal reports.

The report also says investors were advised to dispose of their
shares within the 15-day period prior to the delisting schedule.

Last year, Daewoo Heavy was spun off into three units, Daewoo
Heavy Industries & Machinery Limited, Daewoo Shipbuilding &
Marine Engineering Company and Daewoo Heavy.


HYUNDAI ENGINEERING: Creditors To Meet On Overseas Bonds
--------------------------------------------------------
Creditors of Hyundai Engineering and Construction (HDEC) will
meet with concerned financial entities on Thursday to resolve,
once and for all, the problem regarding the company's US$50-
million overseas-traded warranted bonds, which are in default,
The Digital Chosun reported yesterday.

The company, together with its local creditors, has been working
out a means to repay a total of $52 million of the bonds with
warrants. The report added the company and its creditors are
seeking to extend the maturity of the bonds, or may agree to
mark up the interest rates on the condition that the put-back
option will be pulled.


KOREA GAS: Inks Merger Deal
---------------------------
The Planning and Budget Ministry Tuesday announced Korea Gas
Engineering has signed a merger deal with Korea Gas Maintenance
on May 9, The Asian Wall Street Journal reported Wednesday.
Korea Gas Engineering is one of the 27 affiliates of state-run
corporations that was scheduled for liquidation this year.


KOREA TELECOM: Privitization Deadline May Be Optimistic   
-------------------------------------------------------
Basing on the current market conditions in the
telecommunications sector, the privatization of state-run Korea
Telecom Corporation (KTC) may not be completed by its deadline
set for June next year, The Asian Wall Street Journal reported
Wednesday, citing an official at the Information and
Communication Ministry.

"It is our government policy to meet the targeted date, but the
volume of sales is a lot to be sold within a year," the official
was quoted as saying.

In this privatization program, the government is willing to sell
its entire 58 percent stakeholding in KTC, the newspaper said.


KOREA TELECOM M: Merger With Freetel Completed
----------------------------------------------
Korea Telecom M. Com. completed on May 1 its merger with KT
Freetel, The Korea Herald reported Wednesday, citing an
announcement by the Planning and Budget Ministry. Korea Telecom
is one of the 27 affiliates of state-run corporations that are
subject to liquidation this year.

Meanwhile, five more affiliates, including Korea Plant Service
and Engineering, and Korea Power Engineering Company, have
announced auction bids, the newspaper said.


KOREA WATER: Completes Liquidation
----------------------------------
The Planning and Budget Ministry announced Tuesday that Korea
Water Resources Engineering Corporation has completed its
liquidation procedures following the resolution passed by the
company's shareholders, The Korea Herald reported Wednesday.
Korea Water, was one of the 27 affiliates of state-run
corporations that were scheduled to undergo liquidation within
this year.


SHINDONGBANG: Creditors To Vote On Sale Monday
-----------------------------------------------
All creditors of debt-laden ShinDongBang Corporation are going
to vote Monday on the proposed sell off of the company to Lotte
Samkang.  Lotte Samkang is a food-product subsidiary of the
Lotte Group, The Digital Chosun reported Wednesday. The vote
will be held at the scheduled meeting of representatives of all
creditors at the headquarters of major creditor, Hanvit Bank.

ShinDongBang owes a total of W800 billion to creditors. Its
reported losses, as of last year, stand at W141.4 billion.

The report said the sell off will be conducted through purchase
and acquisition. The sales contract will be written as soon as
the creditors approve the sell-off, although it has been
reported by Hanvit that a number of the creditor banks are not
in favor of the proposed sell-off bid.


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


IDRIS HYDRAULIC: Bid To Acquire AUTMB Unsuccessful
--------------------------------------------------
Idris Hydraulic (Malaysia) Berhad failed 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.


IDRIS HYDRAULIC: Signs MoU With Koperasi
----------------------------------------
The Board of Idris Hydraulic (Malaysia) Berhad (IHMB) Wednesday
signed a Memorandum of Understanding (MoU) with Koperasi
Angkatan Tentera Malaysia Berhad.  IHMB intends to acquire
27,100,000 ordinary shares of RM1.00 each in Malaysia & Nippon
Insurans Berhad (MNIB), representing 51.13 percent of the entire
issued and paid-up capital of the company for a purchase
consideration of RM110.0 million. The compensation will be
produced by the issuance of 68,750,000 new ordinary shares of
RM1.00 each in IHMB or Idaman Unggul Sdn Bhd at an issue price
of RM1.60 each.

Koperasi will also make arrangements and procure the transfer of
the balance 48.87 percent equity in MNIB held by the minority
shareholders to IHMB.

IHMB is currently undergoing a debt restructuring exercise
comprising inter-alia a capital reconstruction, corporate
restructuring and debt reconstruction, details of which were
announced to the Kuala Lumpur Stock Exchange by Commerce
International Merchant Bank acting for and on behalf of IHMB on
17 August 2000. Arising from the completion of the exercise
Idaman will be assuming the listing status of IHMB and the
latter would become a 100 percent subsidiary of Idaman.

The salient terms of the MOU are as set out below:

a) The Proposed Acquisition will be formalized via an execution
of a sale and purchase agreement;

b) The Proposed Acquisition will be subject to the findings of
IHMB's financial and actuarial due diligence team;

c) The approvals of the relevant authorities such as Bank Negara
Malaysia, Securities Commission, Foreign Investment Committee,
Kuala Lumpur Stock Exchange, Registrar of Companies, Ministry of
International Trade and Industry where applicable the
shareholders and the loan stock holders of the respective
companies;

d) Koperasi endeavors to procure the disposal of the remaining
48.87% equity in MNIB from the minority shareholders of MNIB to
IHMB;

e) All the MNIB shares acquired by IHMB will be free from all
liens, pledges, charges and all encumbrances whatsoever and with
all rights attaching thereto or accruing thereon;

f) Should the Securities Commission and/or the Net Tangible
Assets of MNIB be revised the Shares herein, IHMB and Koperasi
have agreed to accept such revision provided that it shall not
exceed 5 percent of the Shares Consideration and the new
ordinary shares of IHMB or Idaman to be issued shall be adjusted
accordingly.

Idris Hydraulic is located at the 4th Floor, No. 2, Jalan Dewan
Sultan Sulaiman 1 Off Jalan Tuanku Abdul Rahman 50728 Kuala
Lumpur, with tel. no.  03-26917988 and fax no. 03-26917966

Incorporated on 30 November 1983 as a public company in
Malaysia, Idris Hydraulic was formed as the vehicle to take over
the business of Idris Hydraulic Tin plc (Idris plc), a mining
company.

The Company (IHMB) carried out mining operations until 1986.
Over the years the Company has expanded into property
development, insurance services, manufacturing and timber-based
activities.

On 13 July 2000, the Company entered into a Conditional
Agreement with Dato' Che Mohd Annuar bin Che Mohd Senawi and
Idaman Unggul Sdn Bhd (Newco). Dato' Che Mohd Anuar bin Che Mohd
Senawi will undertake to subscribe for 150m shares in Newco.

The proposed shares subscription is an integral part of the
proposed comprehensive restructuring exercise, which amongst
others, addresses IHMB's various financial obligations to
creditors and reconstitutes its asset(s) in a new entity. The
proposed comprehensive restructuring exercise is undertaken
under the auspices of the Corporate Debt Restructuring
Committee.

On 17 August 2000, the Company entered into a Conditional Debt
Restructuring Agreement with Newco, and various lenders. The
Conditional Debt Restructuring Agreement involves, a proposed
debt reconstruction of the Group, be effected vide a Creditors'
Scheme of Arrangement principally involving the novation of
various of the Company's subsidiaries' debts to IHMB or Newco, a
set-off of cash in various fixed deposit accounts, a partial
waiver of debt by IHMB Group's creditors and the full settlement
of the remaining IHMB Group's indebtedness by way of cash and
issuance of new securities by Newco.

IHMB proposes to undertake a proposed capital and reserve
reduction and consolidation exercise, a proposed exchange of
IHMB shares for new Newco shares pursuant to Section 176 of the
Companies Act and pursuant to the agreement entered by IHMB and
KFC Holdings (M) Bhd in 1998 to rescind and revoke the various
sale and purchase and supplemental agreements for the proposed
acquisition of the land and building identified as "Wisma
Idris". The proposed capital reduction involves the cancellation
of RM0.475 of the par value of each ordinary share of RM0.50
each in IHMB thus reducing the par value to RM0.025 per share.

Thereafter, the issued and paid-up share capital of IHMB shall
be consolidated such that every 20 shares of RM0.025 each shall
be consolidated into one share of RM0.50.

A Special Purpose Vehicle (SPV) will be incorporated to take
over all assets of IHMB except for Talasco. Some of the assets
acquired by the SPV have been identified for disposal. Those
assets, which have not been identified for disposal, will be
fully written-down and all inter-company balances will be
written-off and will be transferred to the SPV at a nominal
value.

The Company also proposed a corporate restructuring involving
the transfer of IHMB's listing status on the KLSE to Newco, a
rights issue of Newco shares and a transfer of IHMB's investment
in Talasco Insurance Bhd by IHMB to Newco, resulting in Talasco
being a wholly-owned subsidiary of Newco.
Subsequent to the Proposed Comprehensive Restructuring Exercise,
the principal business of Newco will be in the insurance sector
through Talasco.


LION LAND: Posts Net Loss Of RM28.6-M
-------------------------------------
Lion Land Berhad's business performance for the three quarters
ended March 31 has swung to a net loss of RM28.57 million from a
net profit of RM2.36 million in the corresponding period in the
preceding financial year, The Edge Daily reported.

The company's turnover sustained a decline of 8.6 percent to
RM678.02 million from RM742.03 million year-on-year.

At the end of the period, the company's debts stood at RM2.03
billion, nearly half of which is in foreign denominations, US
dollar and Chinese Renminbi.


PANGLOBAL BERHAD: Restraining Order Extension Granted
-----------------------------------------------------
Panglobal Berhad (PGB) has obtained an extension of restraining
order for a period of three months, effective 17 April 2001.

The restraining order under Section 176 of the Companies Act,
1965 dated September 21, 1998 was granted to PGB and four of its
subsidiaries, namely PanGlobal Properties Sdn Bhd, Limbang
Trading (Limbang) Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd and
Menara PanGlobal Sdn Bhd.

Background

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business.

Over the years, the Company diversified its activities into
property development, computers and insurance. The Company
maintains its insurance operations through PanGlobal Insurance
Bhd, with head office in Kuala Lumpur and branches in 12 states.

It transferred its towel manufacturing operations to one of its
subsidiaries in 1987, thus becoming a purely investment holding
company. Subsequently, the Company, in 1994, disposed of its
property development division and computer division and, in
1995, its textile operations.

To ensure continued growth, in early 1995 the Company underwent
a restructuring as part of which it acquired Limbang Trading Sdn
Bhd which is involved in timber extraction and related
activities and Global Minerals (Sarawak) Sdn Bhd which operates
a coal mine. Both companies operate in Sarawak. In addition, the
Company acquired property development land in Johor Bahru.

The Company has since obtained a restraining order under Section
176 of the Companies Act, 1965 granted to PanGlobal and four of
its subsidiaries (PanGlobal Properties Sdn Bhd, Menara PanGlobal
Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd and Limbang Trading
(Limbang) Sdn Bhd) which has been extended for a final period of
six months from April 17,2000 for the purpose of implementing a
plan of arrangement.

The plan would involve the issuance of redeemable convertible
secured and unsecured loan stock, disposal of assets and rights
and special issue.

On July 17, 1999, the Company had accepted a conditional offer
by Road Builder (M) Holdings Bhd (RBH) to acquire its 26.67
percent equity interest in Econstates Bhd for RM80m cash and the
proposed Econstates disposal was approved by the Company's
shareholders on December 31, 1999. The proposed disposal is in
line with the composite scheme to raise cash proceeds to repay
certain Group borrowings.

On February 2, 2000, the High Court granted a holding over
injunction to a shareholder to preserve the status quo of the
proposed Econstates disposal, the shares of which had been
pledged to an offshore bank for a loan facility granted to the
Company.

On March 21, 2000, the offshore bank gave notice that it would
force sell the shares following the expiry of the restraining
order on March 20, 2000.

On March 23, 2000, the Company was notified that the shares had
been forced sold on March 22, 2000 at RM2.00 per share.
Subsequently, on March 27, 2000, the Company was served a notice
by a shareholder that an ex parte injunction had been obtained
to restrain RBH and the offshore bank from completing the force
sale.

The injunction does not involve the Company as the Econstates
shares were forced sold by the offshore bank. In view of the
action taken by the offshore bank, the SPA dated September 23,
1999 between RBH and the Company was terminated.


PSC INDUSTRIES: MITI OKs Proposals
----------------------------------
PSC Industries Berhad announced the Ministry of International
Trade and Industry, via its letter dated 16 May 2001, has no
objections to the company's proposals, consisting of the
following: bonus issue, private placement, debt restructuring,
restricted offers for sale, waivers of mandatory general offers.
The approval is subject to the following conditions:

(i) The approval of the Securities Commission is obtained; and

(ii) The approval of the Foreign Investment Committee is
obtained.

PSC Industries is located at 3rd Flr, Ming Building Jln Bukit
Nanas 50250 Kuala Lumpur with tel. no. 03-2016516 and fax. no.
03-2326214. Incorporated on 9 September 1971 in Malaysia, the
company was converted into a public company on 6 July 1990.

>From its incorporation until 1993, the Company (PSCI) was
involved solely in the manufacture of snack food and
confectionery products from its factories located in Malacca and
Sarawak.

In 1993 PSCI diversified into heavy engineering and
construction, shipbuilding and ship repair, and hook up and
commissioning of offshore installations for the oil and gas
industry via the acquisition of Penang
Shipbuilding and Construction Sdn Bhd (PSC). The Company also
added property development to its activities. Following these
changes, the Company changed name to PSC Industries Bhd.

Since then, the Company has concentrated on expanding its
maritime activities, included amongst which are proposals to
acquire overseas marine-related companies in Denmark, Australia
and Ghana. On the homefront, the Company has obtained approval
to acquire the remaining 30 percent stake in PSC.

In 1997 the Company successfully consolidated its maritime
operations. In particular, the Company focused on the
privatization of the Naval Dockyard in Lumut, Perak, which
includes the construction of 27 offshore patrol vessels secured
by PSC. In 1998, the Company signed a contract with the
Malaysian government to design, construct and deliver six patrol
vessels for the Royal Malaysian Navy worth RM5.35 billion.

In order of succession, the main contributing services or
activities to the Company's revenue are shipbuilding and ship
repair, construction of building and oil and gas platforms, and
investment in properties.


UNITED ENGINEERS: Enters Into JV With GMR
-----------------------------------------
United Engineers (Malaysia) Berhad (UEM) revealed that on 18 May
2001 UEM entered into a Memorandum of Understanding (MOU) with
the GMR Infrastructure Limited, GMR Power Corporation Private
Ltd, GMR Technologies & Industries Ltd (collectively referred to
here as GMR) to form a joint venture for the purpose of
submission of proposals for the construction, development and
maintenance of the following six highway projects, worth RM1.628
billion, to the National Highways Authority of India (NHAI).

NHAI has invited interested qualified parties to bid for
construction, development and maintenance of the Projects on
Build Operate and Transfer basis for 17.5 years on half yearly
annuity basis.

Information On GMR

GMR Infrastructure Limited, GMR Power Corporation Private
Limited and GMR Technologies & Industries Limited were
incorporated in India and are part of the GMR industrial
conglomerates engaged in the businesses of power generation,
infrastructure, banking and finance and other diverse areas. GMR
has been pre qualified for submitting a detailed proposal for
bidding with NHAI for the execution/implementation of the
Projects in the States of Andhra Pradesh, Tamil Nadu and
Karnataka.

Details Of MOU

The salient terms of the MOU are:

The Joint Venture to be formed by the Parties, will have its
principal activities in bidding, tendering, implementing and
execution of the Projects.

The Parties which agreed to form a Project Company will execute
and implement the Projects and will sign the concession and
other agreements with NHAI on the best effort basis in their
approach to bid, win and effectively execute and manage the
Projects.

At the option of GMR, the equity interests to be held by the
parties in the Project Company are in the following ratios:

GMR - 74 percent
UEM - 26 percent

The Project Company will further enter into separate contracts
and/or agreements with two (2) wholly-owned subsidiaries of UEM
or at the option of UEM, with only one wholly-owned subsidiary
of UEM for the purpose of undertaking the engineering,
procurement, project management, construction and development
works and operation and maintenance services for any of the
Projects. The wholly-owned subsidiary(s) of UEM undertaking the
above works will be incorporated in India.

The participation of UEM as additional member of GMR Consortium
is subject to fulfillment of the following conditions:

Grant of consent by NHAI for the induction of UEM as an
additional member of the GMR Consortium for bidding for the
Projects.

Execution of a Joint Venture Agreement with GMR Consortium to
detail contractual rights and obligations of the Projects.

Finalization of the texts of Operations and Maintenance
Agreement between the Project Company and wholly-owned Indian
subsidiary(s) of UEM.

Securing or making arrangement for financing the execution of
the Projects.

Signing of a shareholders' agreement among all shareholders of
the Project Company.

UEM shall be required to obtain approvals from the Government of
India to make the investment in India and to repatriate the
dividend of the Project Company and the wholly-owned
subsidiary(s) of UEM.

Approval of the Bank Negara Malaysia is required for the
transfer of funds for the formation of the Project Company and
the wholly-owned subsidiary(s) of UEM.

The entering into the MOU and the formation of a Joint Venture
with GMR are part of the expansion plans of UEM to enter into
and participate in the infrastructure sector in India.

The execution of the MOU with GMR will not have an effect on the
financials of UEM.

The Board of Directors of UEM, after careful deliberation, is of
the opinion that entering into the MOU is in the best interest
of UEM.

None of the Directors and substantial shareholders of UEM has
any interest, whether direct or indirect, in the MOU. Insofar as
the Directors and substantial shareholders are able to ascertain
and are aware of, no persons connected with them have any
interest, direct and indirect, in the MOU.

The MOU dated 18 May 2001 is available for inspection at the
Registered Office of UEM at UE Complex, No: 5, Jalan 217, 46050
Petaling Jaya, Selangor Darul Ehsan during normal business hours
between Monday and Friday (except public holidays) for a period
of fourteen (14) days from the date of this announcement.


WESTMONT INDUSTRIES: Posts Results of EGM
-----------------------------------------
Westmont Industries Berhad (WIB) released the following results
of the Extraordinary General Meeting (EGM) held on 15 May 2001:

(i) For Special Resolution I to be passed, it requires a 75
percent majority voting in favor. The Special Resolution I
received approximately 56 percent votes in favor. As it does not
have the requisite majority, Special Resolution I was not
carried;

(ii) Ordinary Resolution II and II are conditional on the
approval to be obtained on Special Resolution I. As Special
Resolution I was not carried, Ordinary Resolution II and III,
which received approximately 56 percent votes in favor each were
also not carried;

(iii) Ordinary Resolution IV is conditional on the approval of
Ordinary Resolution II and III. Following from the results of
the preceding paragraph, Ordinary Resolution IV, which received
approximately 99 percent votes in favor was also not carried;
and

(iv) Ordinary Resolution I refers to the Proposed Restructuring
Scheme which encompasses the corporate exercises under Ordinary
Resolution II and III and the Special Resolution I. As Ordinary
Resolution II and II and Special Resolution I were not carried,
Ordinary Resolution I, which received approximately 56 percent
votes in favor was also not carried.

In view thereof, the Company proposes to reconvene the EGM and
table the same Proposed Restructuring Scheme for its
shareholders' consideration.

The EGM is proposed to be convened together with the Annual
General Meeting (AGM) to adopt the annual report for financial
year ended 31 December 2000, which is due on 30 June 2001. The
confirmed date for the EGM and AGM will be announced in due
course.


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


NATIONAL BANK: Reacquisition Gets Pres. Arroyo's Backing
--------------------------------------------------------
The government's bid to buy-back the majority stake in
beleaguered Philippine National Bank (PNB) has won the support
of Philippine President Gloria Macapagal-Arroyo, in concession
with the recommendation given by her economic advisers, The
Philippine Star reported Wednesday.

Currently, the 80 percent controlling stake in PNB is being held
by beer and tobacco mogul Lucio Tan, while the government had
diluted its stake to just 16 percent.

After the failure of the proposed joint sale of the two parties'
stake in PNB, the government forfeited a World Bank loan
intended to fund the rehabilitation of the country's banking
sector, compelling the government to work out the re-acquisition
of its stake holding in the said bank.

According to The Star, President Arroyo's decision to back up
the buy-back bid, as she announced in a press conference at the
Palace, is in line with her government's thrust to carry out
restructuring in the country's banking sector, making the
industry palatable to foreign investors.

"And we want to reform the banking system. We are committed to
the rehabilitation of PNB," the President was quoted as saying.


NATIONAL POWER: Inks Agus Plant Deal With Swiss Firm
----------------------------------------------------
National Power Corporation (Napocor) has signed a deal,
involving a sum of P363 million, with VA Tech Hydroelectric
Power, a Swiss energy firm, to rehabilitate Napocor's Agus I
hydro-electric power plant in Mindanao, Business World reported
Wednesday.

The negotiated deal stipulated VA Tech's debt waiver worth P35
million, the amount that the Swiss entity claims against
Napocor.

Furthermore, the contract will allow VA Tech to construct two
units that will bolster the plant's capacity by additional 80
megawatts.

The plant's rehabilitation exercise is set to begin by second
half of the year, and will be completed in a year's time.


UNIWIDE GROUP: Posts Q1 Net Loss Of P61.077-M
---------------------------------------------
The Uniwide Group of Companies sustained a net loss for the
first quarter of P61.077 million, barely rising from a year-ago
net loss of P62.169 million, The Philippine Star reported
Wednesday. The group posted an operations income for the same
period of P92.704 million, down 6.7 percent from P99.414 million
recorded a year earlier.

The company's operating expenditures, however, narrowed to
P150.876 million from P160.587 million, to which the slight
decline in losses was attributed, the newspaper said.

The Uniwide Group remains in the red, as its operations rely
heavily on its retail franchisees due to the downturn in the
company's real estate business. The whole real estate sector has
been affected by the trend.


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


ASIA PULP: Pindo Deli Rupiah Bonds Interest To Be Paid
------------------------------------------------------
Asia Pulp & Paper Company has decided to make interest payments
of Rp8.9 billion on locally denominated bonds issued by its unit
PT Pindo Deli Pulp & Paper Mills, which missed the payment early
this month, The Asian Wall Street Journal reported Wednesday.

According to the newspaper report, payment will be made today.
On top of the missed interest, the company will also be obliged
to pay penalties totaling Rp176 million.


ELLIPSIZ LIMITED: Expects A Loss Of Up To $3.5-M In H2
------------------------------------------------------
As the slowdown in demand for technology products and services
deepens into its sixth month, semiconductor solutions provider,
Ellipsiz Ltd, warns it will be making a loss of between $1.5
million to $3.5 million in its second half, versus its forecast
of $0.6 million in profit before tax and after share of
associated companies' results, which was given at its briefing
for analysts on February 27.

Full year profit before tax and after share of associated
companies' results for the financial year ending in June 2001 is
now expected to be in the region of $2 million to $4 million,
down from the forecast of $6.2 million. The profit before tax
and after share of associated companies' results for this year
is therefore likely to show a drop of almost $7 million to $9
million, in comparison with the FY 2000's $10.98 million.

Said Pao Ning Yu, CEO of Ellipsiz: "The steep downturn
worldwide, and lack of visibility for new orders, has affected
capital spending and sentiment more severely than we
anticipated. Engineering projects and sales of materials and
equipment that were expected to commence in the second half were
put off by customers, or did not materialize."

"The slowdown has also hit MicroFab, our new wafer bumping
foundry business. The push-outs by key customers, and a two-
month delay caused by some technical problems, have resulted in
additional losses than forecast, for the half-year."

The technical problems have been resolved in April, and the
delayed orders are now back on stream. "In addition, we have
been successfully qualified by another MNC, and have other
products from leading semiconductor and electronics
manufacturers in the pipeline," said Pao.

While MicroFab is up and running after the stumble, the Group is
further tightening its grip on cost control measures throughout
the organization. Said Pao, "Visibility for the whole technology
supply chain remains extremely poor. There are random signs that
we may have hit the bottom of the demand trough; but as a
seasoned industry player, we do not believe in hoping for the
best, and not take decisive action to protect the business. We
are taking the conservative view that the recovery will not be
significant until early 2002."

"We have already instituted a hiring freeze in January, and will
step up cost-cutting measures throughout the Group. At the same
time, we are actively positioning ourselves for the upturn, by
accelerating the pace of new product as well as new market
development."

The Ellipsiz Group is a leading engineering and advanced
packaging solutions provider to the semiconductor industry in
Asia. The holding company, Ellipsiz Ltd, was listed on the main
board of the Singapore Exchange in July 2000 as SingaTrust
Limited. In January 2001, it effected a name change to Ellipsiz
Ltd. Among its engineering solutions are the integration of
semiconductor equipment, materials, IT and other technologies
for wafer fabrication processes; integrate-operate-transfer
quality & reliability assurance laboratories; and total
chemicals and other facilities management services. It also
offers advanced packaging services such as wafer bumping and, in
the pipeline, System-in-Package manufacturing, and an internet-
enabled supply chain management solution for the semiconductor
industry.

The Group has operations in Singapore, Malaysia, the
Philippines, Taiwan, China and the USA. It achieved revenues of
$86.57 million during its last financial year ended 30 June
2000.


GOLDEN AGRI: Cancels Merger With GAR Subsidiary
-----------------------------------------------
The Board of Directors of Golden Agri-Resources Ltd (GAR)
cancelled the merger with GAR's Jakarta Stock Exchange-listed
subsidiary, PT Sinar Mas Agro Resources and Technology Tbk
(SMART) and PT Inti Gerakmaju. This follows the announcement on
the acquisition of Inti Gerakmaju through a merger between SMART
and Inti Gerakmaju released to SGX on 23 January 2001.

The merger was approved at the respective Extraordinary General
Meeting for Shareholders (EGM) of SMART and Inti Gerakmaju both
held on 29 December 2000, subject to approvals from government
authorities and creditors. As the necessary approvals were not
obtained within three months from the date of the EGM, the Board
of SMART has called off the Merger.

Following the cancellation of the Merger, Company Director
Willie Sia Siew Kiang said, SMART will continue to hold 49
percent of the issued shares of Inti Gerakmaju.


VICKERS BALLAS: Defers Delisting Date
-------------------------------------
On 30 April 2001 and 18 May 2001, the Board of Directors of
Vickers Ballas Holdings Limited stated the transfer books and
register of members of the Company will be closed 28 May 2001
for determining the entitlement of Scheme Shareholders. The
expected last day of trading of the Shares is 23 May 2001. The
expected Effective Date of the Scheme is 29 May 2001 and the
expected date of delisting of the Shares is 1 June 2001.

The Scheme is subject to fulfillment of all the conditions
precedent for the Scheme by the Effective Date, as set out on
pages 10 and 11 of the Scheme Document dated 6 April 2001 and
the announcements were premised on the expected fulfillment of
all the conditions precedent for the Scheme by the Effective
Date. One of the conditions precedent, namely, item (6) on page
11 of the Scheme Document, relates to "the disposal of the
Structured Finance Business to a third party by the Effective
Date with all economic rights and obligations accruing on or
after 1 January 2001 to be assumed by such third party entity.'

The Board of Directors wishes to announce that, with respect to
Item (6) on page 11 of the Scheme Document, the Company is still
in discussion with the third party entity on the terms of the
disposal. This may not be fulfilled (or waived by DBS Bank) by
29 May 2001. In the circumstances, the last day for trading of
the Shares, the Books Closure Date for the Scheme, the Effective
Date of the Scheme and the date of delisting will be deferred to
a later date to be announced.

Meanwhile, the following dates for the VC Distribution and
payment of dividends remain unchanged:

Books Closure Date: 28 May 2001
Date for crediting of VC shares: 31 May 2001
Date for payment of dividends: 12 June 2001

The Shares will continue to be listed on the Singapore Exchange
Securities Trading Limited (SGX-ST). However, trading will be
suspended with effect from 24 May 2001 until further notice.
Upon resumption of trading, shareholders should note that Shares
traded will exclude the entitlement to the VC shares and the
dividends.

Unless otherwise defined, terms used in this Announcement shall
have the same meanings as defined in the shareholders' Circular
dated 5 April 2001 (where applicable to the VC Distribution) and
the Scheme Document dated 6 April 2001 (where applicable to the
Scheme).

This is all in relation to the company's proposal involving the
Distribution of all Vickers Capital Limited Shares held by
Vickers Ballas Holdings Limited to its Shareholders by way of a
capital reduction and Scheme of Arrangement involving the
Acquisition of Vickers Ballas Shares by DBS Bank.


VICKERS BALLAS: Requests Trading Suspension
-------------------------------------------
The Board of Directors of Vickers Ballas Holdings Limited has
requested the suspension of trading in the Shares of the Company
effective 24 May 2001 until further notice, in conjunction with
the release of an announcement by the Company.


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


SANYO UNIVERSAL: Appoints Financial Adviser Re Rehab Plan
---------------------------------------------------------
Sanyo Universal Electric Public Company Limited's recent company
board meeting No. 5/2001 held on Tuesday 22 May 2001, approved
the appointments of IFCT Advisory Company Limited as the
financial adviser for the preparation of the company's
rehabilitation plan. The appointment will be placed before the  
shareholders for approval prior to further proceeding.


SUNTEC GROUP: Creditors, Court OK Reorg Plan
--------------------------------------------
Suntec Group said the business reorganization plan prepared
under the provisions of the Bankruptcy Act, B.E. 2483(1940)
(amended by the Bankruptcy Act, B.E. 1999) was approved by the
creditors meeting on April 9, 2000 and the Central Bankruptcy
Court also approved the plan on May 3, 2001.

The company appointed Srisongkram Company Limited to be a plan
administrator. The

1. The management of the Capital through Capital Decrease and
Increase.

Decrease the registered Capital by canceling the authorized but
unissued of the shares reserved for Bond's holder in the amount
of 25,000,000 shares

Increase the registered Capital for the following purposes:

New 1,485 million ordinary shares at a par value of Bt10 will be
issued to Creditor Group 1 to 4 and to accommodate the debt to
equity conversion of the creditors in Tranche A3, B1, B3, and
C2.

New 2,762 million ordinary shares at a par value of Bt10 will be
used to accommodate the exercise of warrant issued to the
existing shareholders who hold the share prior to the date at
which the court ordered the business to be reorganized. The
exercise price is Bt1.05 per share

The 2,762 million warrants, exercise price of Bt1.05 will be
issued to the existing shareholders. Each common stock can
subscribe for 17 warrants at the price Bt0.01 per unit.

The Management of Debts.

The objectives of the plan in restructuring of debt are set up
not only to enable the company to pay the debt, but also to help
the company to carry on its operation.

To accomplish that objective, the principles of debt
restructuring are as follows:

Creditor Grouping

There are 14 groups of creditors who file an application for
repayment of debt in according to the rule prescribed in the
Act. The Groups of Creditors include:

Secured Creditors

Group 1 Creditors: Creditors who own secured debts of at least
15 percent of the debts specified in the Plan. Totaling 1
creditor.

Group 2 Creditors: Creditors who own secured debts of at least
15 percent of the debts specified in the Plan. Totaling 1
creditor.

Group 3 Creditors: Creditors who own secured debts of at least
15 percent of the debts specified in the Plan. Totaling 1
creditor.

Group 4 Creditors: Creditors who own secured debts less than 15
percent of the debts specified in the Plan. Totaling 5
creditors.

Unsecured Creditors

Group 5 Creditors: Financial Institution Creditors and Creditors
who hold debentures of the company. Totaling 17 creditors.

Group 6 Creditors: Working Capital Creditors. Totaling 1
creditor.

Group 7 Creditors: Trade Creditors. Totaling 89 creditors.

Group 8 Creditors: Agricultural Trade Creditors. Totaling 1,221
creditors.

Group 9 Creditors: Debt Restructuring Advisory Creditors.
Totaling 3 creditors.

Group 10 Creditors:  Beneficial Creditors of the guarantee by
the company. Totaling 1 creditor.

Group 11 Creditors:  Tax account payable. Totaling 1 creditor.

Group 12 Creditors:  Creditors who are ruled by the court.
Totaling 1 creditor.

Group 13 Creditors: Creditors who categorized as subsidiary,
related, and, inter companies as well as major share's holder
and committee. Totaling 5 creditors.

Group 14 Creditors: Other Creditors not be categorized as Group1
to Group 13 Creditors Totaling 6 creditors.

The Allocation of Debt

The rules and procedures of debt allocation are as follows:

Tranche A       For the creditors with whom the land and
machinery are secured as collateral. Totaling of Bt1,048.19
million which can be divided into 3 Tranches: A1, A2, and A3

Tranche B       For the creditors with whom the securities are
secured as collateral. Totaling Bt1,515.66 million which can be
divided
into 3 Tranches: B1,B2,and B3

Tranche C      For accrued interest creditors and principal
payment of the creditors who own unsecured debt. Totaling
Bt1,563.08 million which can be divided into 2 Tranches: C1,and
C2.

The payment conditions for Tranche A, B, and C are as follows:

1. Term period: 15 Years with 3 years grace  period from the
effective date.

2. Interest rate and payment schedule. : Will be paid on the
monthly basis.

For Tranche A1, A2,B1,B2,and, C1,  interest rate 4.0 percent per
annum will be charged between year 1-4.  In case of the company
is unable to afford this rate, the creditors agree not to
consider this issue as a default. The company can then pay only
1 percent per annum and the rest 3 percent will be shifted to
year 15. For the year 5-15, the average MLR will be used. While
creditors in Tranche A3 and B3 will be charged for 0.01 percent
per annum.

3. Principal will be paid on the quarterly basis, starting from
the first quarter of year 4. The total Bt80 million will be
allocated to the creditors in Tranche A1,A2,B1,B2, and C1 based
on the proportion of debt with the rest will go to year 15.
While Tranche A3 and B3 will be repaid at 1 percent per annum
and the rest will be paid in year 15.

4. Creditors in Tranche C2 agree to waive all the accrued
interest and convert debt to equity within 90 days from the
effective date with the conversion price at Bt0.96 per share.  
Under the condition that the company s stock can be traded in
the stock market.

5. Debt to equity conversions for creditors in Tranche A3, B1,
and B3 which can be exercised only the first three years and in
the year 6 are as follows:

5.1  For  the first three year, the conversion price is Bt0.96
per share.

5.2 In the year 6, using the average price of the last 6 months
prior to the exercise date discounted by 20 % but not less than
Bt0.96.

5.3 Independent appraisal will be used in case of the Suntec's
stock is not listed.

5.4 In the event that the company is not granted approval to
convert

5.5 For creditors in Tranche B1 and B3 who own securities as
secured debt have the right to transfer or sell that securities
to outside party for repaying debt. The remaining debt will be
converted to equity under the debt to equity conversion
condition.

Tranche D       For principal payment, interest and fees
incurred from the revolving credit. The company, however, has
the right to use the available credit after paying the principal
as long as the credit line has not expired.

Tranche E       For the new revolving credit line payment such
as Letter of Guarantee(L/G), Over Draft(O/D), Letter of Credit
(L/C), Trust Receipt (T/R), and other credit lines provided to
the company for business operation. Tranche E creditors might be
consider in setting up an agreement for the aforementioned
credit lines.

Any interest rate, Fees and other conditions will be agreed upon
Tranche E creditor approval. Tranche E creditor will be repaid
prior to the existing creditors.

Tranche F       For paying the Trade Creditors, which will be
paid within 5 years from the effective date. All creditors in
this Tranche agree to waive their rights to claim for all
interest accrued after the cutting date.

Tranche G       For paying the Agricultural Creditor, which
shall be fully paid within 5 years.

Tranche H       For paying the Debt restructuring advisor, which
shall be paid within 2 years on the condition that all creditors
in this Tranche agree to cancel all the accrued interest
occurring after the debt cutting date company. The creditors in
this Tranche agree to waive their rights in claiming the company
as a guarantor if they choose to claim directly from the
debtors. In case of the creditors would like to claim from the
company, they have to grant the claiming right to the company
and will not charge any interest occurring after the debt
cutting date.

Tranche J       For paying tax payable account accrued for 6
months prior to the date that the court order to reorganize the
business. The debt will be paid within 18 months. Other tax
payable accounts happen thereafter will be full paid.

Tranche K       For paying the creditor that ruled by the court,
which will be paid within 5 years under the condition that the
creditor agree to cancel all the interest and fees for the
company.

Tranche L       For paying the creditors who categorized as
subsidiary, related, and, inter companies as well as major
shareholders and committee which shall be paid within 15 years.
The creditors have the right to convert debt to equity and agree
to waive all interest and fees.

Tranche M       For paying other creditors, which will be
treated the same as Tranche L.

Payment schedule and excess cash flow management.

Cash proceed from operating, Capital injection, or warrant etc.
will be used for the following purposes:

1. To serve the operating expense and Tax payable account
according to Tranche J.

2. To pay the principal, interest and fee in Tranche E and
Tranche D (New debt).

3. To repay the principal of the existing creditors who
facilitate new credit line for the company.

4. To pay the new interest in Tranche A, B, C and the principal
in Tranche A, B, C, D, F,G, H, I, J, K, and L.

5. Deposit into the reserved account for business operation not
less than Bt15,000,000.

6. Deposit into the reserved account for the next principal
payment and interest payment that will happen in the next 3
periods by 25 percent for business operation and 75 percent will
be used for prepayment under the condition that any related fees
will not be charged.


THAI PETROCHEM: Shares Subject To Trading Restrictions
------------------------------------------------------
In reference to the announcement on 17 May 2001, allowing the
new equity of TPI to be traded on the Stock Exchange of Thailand
since 18 May 2001, Thai Petrochemical Industry Public Company
Limited advised that those shares are subject to trading
restrictions for the duration of the reorganization plan, and
may not be traded separately to the underlying debt.


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

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