TCRAP_Public/010601.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

                  Friday, June 1, 2001, Vol. 4, No. 107


                               Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Appoints New Directors
ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
ANACONDA NICKEL: Resolution Withdrawn Re Capital Issue
ANACONDA NICKEL: A$140M Facility Discussions Advance
ANACONDA NICKEL: Securities Suspended
ISIS COMM: Aussie Online To Acquire Cyber Raceways
ISP LIMITED: ASIC Action Spurred By Insolvency Concerns
ONE.TEL LIMITED: ASIC Launches Probe
ONE.TEL LIMITED: Lists 20 Largest Shareholders
ONE.TEL LIMITED: S&P Removes Company From Indices


C H I N A   &   H O N G  K O N G

CHINA RESOURCES: Continues Divesting Non-Distribution Ops
NAM FONG: Officials Receive Bankruptcy Orders
NAM FONG: Posts HK$1.1-B Loss


J A P A N

CHIYODA CORP: Swings To Y4.61-Trillion Loss
KUMAGAI GUMI: Stays In Red, Despite Debt-Waiver
SOGO COMPANY: Ex-Chair Mizushima Offers Personal Assets


K O R E A

DAEWOO MOTOR: GM Submits Bid To Creditors
KOREA INSURANCE: Bidders To Be Named By July 4
KOREA LIFE: Integration Into Woori Imminent
POHANG IRON: Plans To Liquidate Energy Unit
SEOUL BANK: Placement In State-Run Holding Firm Likely
SHINDONGBANG: Creditors Ditch Sell-Off Bid


M A L A Y S I A

BERJAYA GROUP: Director's Shares Dealings Detailed
KELANAMAS INDUSTRIES: Seeks Approval For Workout Scheme
OMEGA HOLDINGS: Posts Q1 Loss Of RM1.18-M
ZAITUN BERHAD: Court Strikes Winding Up Petition

P H I L I P P I N E S

NATIONAL POWER: Woos Banks To Raise Up To US$400-M
UNIWIDE GROUP: SEC To Give Nod On Rehab Bid


S I N G A P O R E

VICKERS BALLAS: Clarifies Purchase Bid Of Microcon


T H A I L A N D

BANGKOK METROPOLITAN: Bankrupt, Court Declares
EASTERN WIRE: Three Companies Object To Rehab Plan
M GROUP: Court Dismisses Siam City Bank Suit
NTS STEEL: Court Sets Date For Rehab Plan Consideration
PRANDA JEWELRY: Assigns Finansa Claims to Subsidiaries
PRASIT PATANA: Bumrungrad Denies Merger News
PRASIT PATANA: SET Suspends Stock from Trading
SIAM COMMERCIAL: Placed In Absolute Receivership
THAI HEAT: History of Reorganization Process
THAI FINANCIAL: Declared Bankrupt By Court
THAI THAMRONG: Court Rules Absolute Receivership
UNION FINANCE: Drawn into Bankruptcy Process


     -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: Appoints New Directors
----------------------------------------
Alpha Healthcare Limited announced that the following
individuals were appointed as directors of Alpha Healthcare,
effective immediately.

Ian Patrick Grier
Bruce Roger Soden
Michael Stanley Siddle

The following directors retired also effective immediately:

Mark Raymond Compton
Barrie Robert Martin
Patrick Charles Dymock
Elliott Graham Wayne Wright


ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
-------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 30 May 2001, from 21,256,847
ordinary shares (48.7 percent) to 22,371,067 ordinary shares
(51.3 percent).


ANACONDA NICKEL: Resolution Withdrawn Re Capital Issue
------------------------------------------------------
Anaconda Nickel announced Wednesday that in relation to the
Extraordinary General Meeting held yesterday, 31 May 2001
certain resolutions were not to be put to the meeting.

The Board of Anaconda had resolved to withdraw Resolution 1
relating to approval for the Board to issue up to 15% of the
issued capital of the Company.

Also, as a result of the resignation of Rodney Adler, and no
appointment being made to fill the casual vacancy created, the
resolution for removal of Adler (or replacement) would not be
put to the meeting.


ANACONDA NICKEL: A$140M Facility Discussions Advance
----------------------------------------------------
Anaconda Nickel Limited said it has advanced negotiations and
discussions regarding a A$140 million structured finance
facility and an equity injection of A$110 million. These
discussions with various parties have included General Electric
Capital and Warburg Pincus LLC. A third offer for equity has
also been received.


ANACONDA NICKEL: Securities Suspended
-------------------------------------
The securities of Anaconda Nickel Limited have been suspended
from quotation immediately pending the release of the results of
the Company's Extraordinary General Meeting held yesterday.

Security Code: ANL


ISIS COMM: Aussie Online To Acquire Cyber Raceways
--------------------------------------------------
Aussie Online Limited (ASX:AOL) has entered into an agreement to
acquire Cyber Raceways Limited (CRL) subject to the approval of
AOL shareholders. ISIS Communications Limited has a substantial
holding of shares in CRL.

CRL has commenced construction of Australia's first, straight-
line racetrack designed for harness, quarter horse and greyhound
racing.

CRL has the capacity to produce high quality, live racing
product for transmission through traditional TAB outlets, and
both narrow band and broadband transmission over the Internet.
CRL has granted the South Australian Totalisator Agency Board
(SATAB) a license to provide wagering services and the SATAB
will pay volume based copyright fees to CRL for usage of the
product.

As a consequence of the shareholding of ISIS Communications
Limited in CRL, ISIS Communications Limited will become a
substantial shareholder in AOL upon AOL shareholder approval of
the transaction and capital reconstruction of AOL.

In addition to the above, ISIS Broadcast Media Pty Ltd (IBM) a
fully owned subsidiary of ISIS Communications Limited, has
entered into an agreement to provide the signal capturing
services, integration and transmission to ensure the delivery of
a high quality picture signal. IBM is a major supplier of
digital broadcasting systems and equipment to the television and
production industry. IBM was contracted to NBC for the Sydney
Olympic Games and is a provider of broadcast services to the
Seven Network and Fox Sports.

ISIS Communications Limited understands that AOL will be calling
a shareholder meeting to approve a 1:10 capital reconstruction
and approval of the transaction subject to the issuing of a
Prospectus and the raising of up to $6 million to fund the
completion of the facilities at Waikerie. AOL will also seek
shareholder approval to change it's name to Sports Vision
Entertainment Limited.


ISP LIMITED: ASIC Action Spurred By Insolvency Concerns
-------------------------------------------------------
Internet service provider ISP Limited has appointed a voluntary
administrator, after the Australian Securities and Investments
Commission (ASIC) initiated action in the Supreme Court of
Western Australia to force the company to lodge its half yearly
accounts, and subsequently raised concerns with the company
about its solvency.

This action is now suspended pending advice from the
administrator of the company.

ASIC began proceedings against the company following ISP
Limited's failure to lodge its half-yearly accounts for the six
months ending 31 December 2000. The company also failed to lodge
its quarterly cash flow statement with Australian Stock Exchange
Ltd.

The law requires public companies to lodge a half-yearly report
with ASIC within 75 days of the end of the half year. This
report must contain a financial report, directors' report and
auditors' report following either an audit or review.

ASIC's Acting Regional Commissioner WA, Michael Gething, said
that public companies must comply with their financial reporting
obligations under the law.

"Reporting on the financial position of the company is a core
disclosure obligation for companies, and a critical source of
information for shareholders and creditors. Additionally,
directors have obligations in respect of the management of a
company's financial position, particularly to prevent insolvent
trading.

"If directors have any doubts about the solvency of their
company, they should immediately seek advice from their
financial advisers and consider voluntary administration,"
Gething said.

"Administration provides an opportunity for companies and
directors to obtain an independent assessment of the future
prospects for the company if there are concerns about its
financial future," Gething said.


ONE.TEL LIMITED: ASIC Launches Probe
------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Wednesday that ASIC has
commenced a formal investigation into One.Tel Limited.

"ASIC has commenced its investigation following the referral of
certain matters from the Australian Stock Exchange and the
announcement by the Board of One.Tel that they have appointed
Administrators to the company," Knott said.

"ASIC has also noted the comments released by One.Tel
shareholders Publishing and Broadcasting Limited and News
Limited that raise serious allegations about One.Tel's solvency
and disclosure," he said.

ASIC will not be commenting further on its investigation at this
time.


ONE.TEL LIMITED: Lists 20 Largest Shareholders
----------------------------------------------

Ordinary Name           Number of Ordinary Fully  % Held
                                 Paid Shares      Issued           
                                                  Capital

Leteno Pty Limited             629,166,667      24.03
Kalara Investments Pty Limited 620,897,490      23.37
Robbdoc Pty Limited            462,500,000      17.66
Cavalane Holdings Pty Limited  146,700,000       5.60
BT Custodial Services Pty Limited("Equi A/C")   
                                88,839,284       3.39
Toranaga Pty Limited formerly Dorigad Pty Ltd)  
                                74,848,853       2.86
Gilbert Global Equity Partners LP               
                                 72,059,213       2.75
Coldstream International Partners LP            
                                 58,823,570       2.25
LifeCell Pty Limited         33,441,840       1.28
Truegrip Pty Limited         31,193.560       1.15
BT Custodial Services Pty Limited               
                              28,808,075       1.10
FAI General Insurance Company 25,000,000       0.95
Gilbert Global Equity Partners  22,026,909       0.84
Westpac Custodian Nominees Limited              
                                 18,320,821       0.70
Adler Corporation Pty Limited 17,000,000       0.65
Inkwelo Pty Limited           12,300,010       0.47
BT Custodial Services Pty Limited("MFTP A/C")   
                                11,549,280       0.44
BT Custodians Limited         11,236,698       0.43
GGEP/GECC Equity Partners LP  8,986,176       0.34
AMP Life Limited              8,958,989       0.34


ONE.TEL LIMITED: S&P Removes Company From Indices
-------------------------------------------------
Standard & Poors Services, Australia announced on 30 May 2001
the removal of One.Tel Limited from all S&P/ASX indices it
participated in.

One.tel, which has an index market cap of $318.5 million,
participated on the S&P/ASX 100, S&P/ASX 200, S&P/ASX 300 and
Share Price Indices.

One.Tel had also announced that the company had moved from a
trading halt into suspension.

S&P said the last traded price of One.Tel was to be adjusted
downwards to zero, and that the index closing valued at the end
of the day on May 30 were to be adjusted to reflect the drop in
market cap from the zeroing out of One.Tel.

A replacement for One.Tel will occur at the upcoming quarterly
review, effective 2 July 2001. As a consequence, there will for
a short time be 99 companies in the S&P/ASX 100, 199 in the
S&P/ASX 200 and 297 companies in the S&P/ASX 300.


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


CHINA RESOURCES: Continues Divesting Non-Distribution Ops
---------------------------------------------------------
The Directors of China Resources Enterprise Limited confirm that
as part of the plan of its major shareholder, China Resources
(Holdings) Company Limited, to transform the Company into a
leading distribution company, the Company intends to continue
divesting from its non-distribution related businesses,
including but not limited to, its interest in HKCB Bank Holding
Company Limited.

However, no timetable has been set as to when this divestment
process will complete.

>From time to time, the Company has been approached by financial
institutions who wish to explore the possibilities for merger
and acquisition opportunities with HKCB Bank Holding Company
Limited.

As the Company has not at present received any offers from any
parties, therefore it is currently not in negotiations to
dispose of its interests in HKCB Bank Holding Company Limited.

The Company has not set any price target for the disposal of its
interest in HKCB Bank Holding Company Limited.

If the negotiations for such merger and acquisition result in a
concluded agreement, a general offer by the potential purchaser
may or may not be required under the Takeover Code.

The directors of China Resources Enterprise, Limited refer to
various articles appearing in the press on 30 May 2001 regarding
China Resources Enterprise Limited possible disposal of its
interest in HKCB Bank Holding Company Limited.

The Directors would like to refer to the announcement made on 19
June 2000 by the Company's major shareholder, China Resources
(Holdings) Company Limited, on its proposed restructuring plan,
which includes transforming the Company into a leading
distribution company.

Investors are advised to exercise extreme caution when dealing
in the securities of the Company, says Company Secretary Peter
Lee Yip Wah.


NAM FONG: Officials Receive Bankruptcy Orders
---------------------------------------------
Bankruptcy orders were issued against Mr Wong Wah and Ms Wong
Siu Mui, Chairman and Deputy Chairman of Nam Fong International
Holdings Limited on 20 April 2001.

In response, a Board meeting held on 4 May 2001 had resolved to
appoint Mr Tsang Hin Cho as Acting Chairman of the Company and
on 7 May 2001 another Board meeting had resolved to appoint Miss
Wong Sze Sze and Mr Chang Wei Jeng as the Executive Directors of
the Company with effect from the same day.

Mr and Ms Wong will remain actively involved in the business of
the Group and a mutually agreeable employment agreement will be
entered into with Mr and Ms Wong. Mr Tsang will take over all
the duties of Mr and Ms Wong and the Company would not be
adverse affected by Mr and Ms Wong ceasing to be directors of
the Company since Mr Tsang is currently familiar with the
operation of the Group.

Regarding a reported lawsuit against the Company for the claim
of HK$18.21 million by a creditor, the Company is in the course
of negotiation of further arrangements with the creditor.

The trading in the Company's shares was suspended at 10:00 am on
23 April 2001 at the request of the Company pending the release
of this announcement and the Company has requested resumption of
trading in the Company's shares with effective from 10:00 am on
14 May 2001.

Shareholders and investors should exercise extreme caution when
dealing in the shares of the Company.

Bankruptcy Orders against Mr Wong Wah and Ms Wong Siu Mui
The Board of Directors (the "Board") of Nam Fong International
Holdings Limited (the "Company") has been notified of the
bankruptcy orders issued by the High Court on 20 April 2001
against Mr Wong Wah and Ms Wong Siu Mui ("Mr and Ms Wong"),
Chairman and Deputy Chairman of the Company respectively.

We are given to understand that Mr and Ms Wong's application for
rescission and/or annulment of the bankruptcy orders has been
withdrawn on 4 May 2001.

Since 23 April 2001, the Company had been seeking legal advice
on the directorship of Mr and Ms Wong in the Company in respect
of the bankruptcy orders against Mr and Ms Wong.

A Board meeting held on 4 May 2001 had resolved to appoint Mr
Tsang Hin Cho ("Mr Tsang"), the current Executive Director, as
Acting Chairman of the Company and the Board also considered to
reappoint Mr and Ms Wong as the directors of the Company until
they resolve all their financial problem by discharging the
bankruptcy orders against them.

Mr and Ms Wong will remain actively involved in the business of
the Company and its subsidiaries (the "Group") and a mutually
agreeable employment agreement will be entered into with Mr and
Ms Wong as soon as practicable.

They will not be participating in any board decisions nor
performing any responsibilities of a director. Mr Tsang will
take up the duty of Mr and Ms Wong until the financial problems
of Mr and Ms Wong are completely resolved or there are such
other resolutions to be determined by the Board as deemed
appropriate.

Appointment of Executive Directors

On 7 May 2001, a Board meeting had resolved to appoint Miss Wong
Sze Sze, the daughter of Mr and Ms Wong, and Mr Chang Wei Jeng
as additional Executive Directors of the Company with effect
from the same day.

As of press time, the Board consists of Mr Tsang, Ms Chang Ling,
Mr Chen Song Sheng, Miss Wong Sze Sze and Mr Chang Wei Jeng of
which Mr Tsang, Miss Wong Sze Sze and Mr Chang Wei Jeng are
Executive Directors.
Impact on the Group.

The Company notes that Mr and Ms Wong are the key figures
responsible for the operation of the Group. The Board is of the
view that the operation of the Company would not be adversely
affected by Mr and Ms Wong ceasing to be directors of the
Company upon their becoming declared bankrupt since Mr Tsang is
currently familiar with the operation of the Group as he has
been an Executive Director of the Company since 1996. He would
be able to take over the duties of Mr and Ms Wong.

Nonetheless, as the Company is currently in the process of audit
for the years ended 1999 and 2000, the auditors has been advised
to assist the Company to review further if any potential adverse
impact exists.

Further announcement will be made when appropriate.

According to the record held by the Company as at the date of
this announcement, Mr Wong and Ms Wong have an aggregate of 33.5
percent interest in the shares of the Company.

Pursuant to the announcement made by the Company on 9 July 1998,
Mr Wong informed the Company that a total of 263,440,000 shares
representing 19.3 percent of the then issued share capital of
the Company had been pledged to secure the banking facilities
for their private group of companies.

The Board has consulted Mr and Ms Wong for the updated position
and they have not disclosed whether the above pledged shares
have been released or any of the shares and interest held by
themselves have been further pledged.

Since 22 May 2000, no record of the Company shows that their
shares or interest have been pledged. Mr and Ms Wong now cannot
freely dispose of their interests in shares of the Company
except with the consent of the official receivers.

Clarification of Press Articles

Regarding the contents of several newspaper articles relating to
a lawsuit against the Company for the claim of HK$18.21 million
by a creditor of which personal guarantees issued by Mr and Ms
Wong, the relevant writ of summons has not been served to the
Company.

The Company is in the course of negotiation of further
arrangements with the creditor and the Group has not provided
any security over its assets to Mr and Ms Wong regarding these
guarantees. Pending the arrangement being resolved, the Company
is currently unable to ascertain whether there will be adverse
impact on the Company.

Further announcement will be made to keep shareholders informed
of any material development.

Apart from the aforesaid, Mr and Ms Wong have not provided or
procured any shareholders loan or other forms of financial
assistance to the Company and the Company has not offered any
loans or financial assistance to Mr and Ms Wong.

Compliance with Paragraph 38 of the Listing Agreement

Pursuant to paragraph 38 of the Listing Agreement regarding the
sufficient level of operations or sufficient value of tangible
assets that warrant the continued listing of the Company's
shares on the Exchange, the Board is of the view that the
Company has sufficient assets and operations to comply with the
aforesaid paragraph on the basis of the audited net asset value
for the year ended 31 December 1998 published in the Company's
1998 annual report and the unaudited results for the years ended
1999 and 2000 which have been announced on 27 February 2001 and
26 April 2001 respectively.

Pursuant to the announcement made by the Company on 26 April
2001, the tentative schedule to release the audited results for
the years ended 1999 and 2000 will be by the end of May 2001 and
in mid June 2001 respectively. The principal activities of the
Group are property development, property investment and property
management. It is the Group's strategy to retain the investment
properties to build up a stable recurring income.

Resumption of Trading in the Shares

The trading in the shares of the Company was suspended at 10:00
am on 23 April 2001 at the request of the Company pending the
release of this announcement.

The Company has requested resumption of trading in the shares of
the Company with effective from 10:00 am on 14 May 2001.

Shareholders and investors should exercise extreme caution when
dealing in the shares of the Company.


NAM FONG: Posts HK$1.1-B Loss
-----------------------------
The Directors of Nam Fong International Holdings Limited
revealed the audited consolidated final results of the Company
and its subsidiaries for the year ended 31 December 1999
together with the comparative figures for the previous year as
follows:

                                1999 1998
                          HK$'000 HK$'000
TURNOVER                  173,495 187,593
Cost of properties sold and rental outgoings  
                         (144,621) (135,869)
Gross profit  
                           28,874 51,724
Other revenue  
                           71,973 99,287
Administrative expenses  (73,374) (127,502)
Selling and distribution costs (81,185) (108,298)
Other operating expenses 1 (1,048,150) (205,374)
LOSS FROM OPERATIONS   (1,101,862) (290,163)
Finance costs             (18,552) (14,674)
LOSS BEFORE TAX          (1,120,414) (304,837)
Taxation 2                 5,474 (5,474)
NET LOSS ATTRIBUTABLE TO SHAREHOLDERS  
                       (1,114,940) (310,311)
Retained profits brought forward  
                           726,765 923,376
Transfer from property interests revaluation reserve
                          135,902 113,700
(Accumulated losses)/retained profits carried forward
                           (252,273) 726,765
LOSS PER SHARE  
Basic                      (81.98 cents) (22.82 cents)

Included in the provision for doubtful debts is an amount of
HK$50,547,000 which represented a full provision against a
receivable balance due from the Nam Fong International Hotel
Holdings Limited (the "Hotel Holdings Limited") which is owned
and controlled by Mr Wong Wah and Madam Wong Siu Mui in view of
the bankruptcy orders against them.

Taxation
(a) Hong Kong profit tax is charged on the estimated assessable
profits of subsidiaries operating in Hong Kong, calculated at 16
percent.
(b) PRC taxation represents tax charges on the estimated
assessable profits of subsidiaries operating in the PRC,
calculated at the applicable rates.

Dividend

The directors do not recommend the payment of any dividend
(1998: Nil) in respect of the year.

Summary

The auditors' report on the Group's financial statements for the
year ended 31 December 1999 contains a qualified opinion because
of the limitation in evidence available to them to ascertain the
investments in properties held for/under development with a
carrying value of HK$692,386,000.

The uncertainty of the Group's retention of the land use rights
for the land sites arises from the difficulty in determining
whether the vendors are likely to take action against the Group
which is consequential upon the delays in payment of the land
costs and/or in development of the property projects.

Any adjustments to the aforesaid carrying value would have a
consequential effect on the loss for the year and net assets of
the Group as at 31 December 1999.

In addition, the auditors stated in their report the fundamental
uncertainty relating to the adoption of going concern basis for
the preparation of financial statements, the validity of which
depends on the timing and funds generated from the disposal of
the Group's properties in the future. The financial statements
do not include any adjustments that would result from the
failure of raising this funding.

The auditors consider that appropriate disclosures have been
made and their opinion is therefore not qualified in respect of
this fundamental uncertainty.

Except for the effect of any adjustments that might have been
found to be necessary had they been able to obtain sufficient
evidence concerning the carrying value of properties held
for/under development, the auditors are of opinion that the
financial statements give a true and fair view of the state of
affairs of Company and of the Group as at 31 December 1999 and
of the Group's loss and cash flows for the year then ended.

Business Review

Property Investment

Excluding the effect of revaluation of the Group's portfolio of
properties, the operating loss before taxation for 1999 was
HK$1,120 million as compared to HK$305 million in 1998. The
revaluation of the Group's portfolio of investment properties at
year-end resulted in a net diminution in value of HK$639 million
which therefore affected the Group's 1999 overall performance.
Gross rental income for the year amounted to HK$93 million,
which represents a 25 percent decrease from last year's income
of HK$124 million.

As reported in the Interim Results for the six months ended 30
June 1999, this was attributed mainly to vacant retail premises
in Liwan Plaza and Nam Fong International Plaza. Nonetheless,
after having conducted a series of active marketing campaigns,
the vacancy rate was substantially reduced after 31 December
1999.

In February 2000, owing to the failure on the part of the Hotel
Holdings Limited in settling the rental charges and management
fee, the landlord of Nam Fong International Plaza petitioned to
the court and obtained judgment to terminate the lease agreement
with the Hotel Holdings Limited. Consequently, the Group could
not continue to derive revenue in connection with its interests
in the sub-contract management agreement with the Hotel Holdings
Limited. A loss of HK$274 million represented property interests
written off was recognized in the current year's financial
statements.

Property Development

During 1997, the Group disposed of five property development
projects to two independent third parties. In January 2000,
consequent upon the inability of the purchasers to fully settle
the payment, the Group had resumed control over four property
development projects after concluding an agreement with one of
the purchasers. At present, the Group is still negotiating the
resumption of control of the remaining project. For sake of
prudence, adequate provision has been made against the
outstanding receivables arising from these disposals.

Regarding the land sites held for future development, pursuant
to the terms of the purchase agreements, unless the costs of
which are settled and the projects completed within a scheduled
period, the land sites will be treated as idle sites. As at 31
December 1999, the total carrying value of these projects was
HK$692 million including the accruals of HK$262 million on the
costs of land and other developments. Legal advice had been
taken to clarify the legal position of the idle sites. The Group
has been advised that the idle sites may be repossessed by the
vendors, but an extension of the expiring schedule can also be
granted by the signing of supplementary agreements with the
vendors with compensation payments.

To date, the vendors have not instituted any legal action
against the Group in relation to the delays in payment of the
land costs and/or in development of the property projects. The
directors believe that, given the Group's good relations with
the local government authorities, the vendors will be willing to
negotiate with the Group for new terms and conditions regarding
the purchase agreements and there is therefore no material
adverse financial impact to the Group.

Sale of Property

We are pleased to report that Phase One development of Jiangnan
Nam Fong Garden in Guangzhou has now been virtually sold out.

Prospective sale of certain projects is under negotiation and it
is anticipated that terms and conditions for sale of the
interests of these projects will be reached in the near future.
The directors are of the view that the realization represents a
good opportunity for the Group to realize an investment property
at market price which will not only reduce the indebtedness but
will also increase the liquidity level of the Group.

Financial Review

Interest expenses for the year ended 31 December 1999 amounted
to HK$19 million (1998: HK$15 million), an increase of HK$4
million. Borrowings were maintained at HK$104 million at the end
of 1999. Rising average interest rates prevailed in 1999 was the
major contributor for higher interest costs for the year ended
31 December 1999. Certain of the Group's investment properties
were pledged to secure banking facilities granted to the Group.
The gearing ratio, which is calculated as the ratio of the net
borrowings to shareholders' funds, rose to 6 percent at the end
of 1999, when compared to 3 percent in 1998.

In 2000, the Group has repaid loans of HK$49 million which were
serviced by the Group's rental income, proceeds from sales of
non-core property assets, cash and available banking facilities.

Prospects

There are significant signs that economy in the PRC continues to
have a satisfactory growth. Hence, it is encouraging to note
that the government's housing and land policies seem to have
been flexibly adjusted to facilitate the growth of the property
market. Coupled with the continued reduction in interest rates,
it is envisaged that a rebound of the property market,
particularly the luxury residential and prime commercial sectors
is most probable in the coming years.

The Group's property portfolio fits nicely into those categories
and hence would benefit most from the rebound of the market. The
directors are of the view that such portfolio will provide the
Group with on-going stable income and hence should be maintained
as a viable long-term investment. The Group however will
continue to regard property investment and developments, as well
as property services, as our long-term core business. The
strategy to develop this core business will continue in the
foreseeable future.

Staff And Remuneration Policies

As at 31 December 1999, the Group employed a total of
approximately 100 employees. They were remunerated according to
the nature of job and market condition. Other staff benefits
included a provident fund scheme for all the eligible employees,
share option scheme and a year-end bonus.

Purchase, Sale Or Redemption Of The Company's Listed Securities

During the year, neither the Company nor any of its subsidiaries
has purchased, sold or redeemed any of the Company's listed
securities.

Code Of Best Practice

The Code of Best Practice has been complied with by the Company
throughout the year ended 31 December 1999 except that non-
executive directors were not appointed for a specific term as
recommended under the Listing Rules in Appendix 14 Guidelines.


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I N D O N E S I A
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=========
J A P A N
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CHIYODA CORP: Swings To Y4.61-Trillion Loss
-------------------------------------------
Chiyoda Corporation booked for the year ended March 31 a group
net loss of Y4.61 billion, a turnaround from previous year's
group net profit of Y698 million, The Asian Wall Street Journal
reported Wednesday.

The loss, the newspaper said, was made on sales dropping 24
percent to Y128 billion, thus raising the ratio of material
costs to sales to 102 percent from 91.2 percent.

The company, moreover, incurred a pretax loss amounting to Y13.3
billion, despite a one-time gain of Y20.9 billion from a debt
waiver from its creditors amounting to Y19.8 billion assigned as
special profit.

On a group level, the company projects to post a break-even for
the current fiscal year, on an expected sales of Y135 billion
from its liquid natural gas and ethylene operations in China and
the Southeast Asia, the newspaper said.


KUMAGAI GUMI: Stays In Red, Despite Debt-Waiver
-----------------------------------------------
Kumagai Gumi Company posted for the year ended March 31 a group
net loss of Y2.65 billion, falling nearly half from the
preceding year's net loss of Y4.62 billion, The Japan Times
reported yesterday.

The drop in the year's losses was attributable to a debt waiver
extended by the ailing contractor's creditors worth Y430 billion
in loans, under the company's restructuring program, the report
said.

The company, however, booked a pretax profit of Y667 million in
the full-year period, falling 8.3 percent from the preceding
year. Revenues, at the group level, slipped 0.7 percent to
Y793.41 billion.

For the current business year, the company projects to book a
net profit of Y2 billion and a pretax profit of Y8 billion on
revenues of Y730 billion, all on the group level, Times said.


SOGO COMPANY: Ex-Chair Mizushima Offers Personal Assets
-------------------------------------------------------
Hiroo Mizushima, the ex-chairman of collapsed retailer giant
Sogo Company, is offering his personal assets to the company,
after having been arrested on charges that he concealed his
personal assets from creditors, Yomiuri Shimbun reported
Wednesday, citing Mizushima's defense counsels.

Although Mizushima intends to offer his assets to Sogo, his
lawyer Saburo Abe said that the former Sogo top official would
like to defend himself in court in the civil suits filed against
him by Sogo and Industrial Bank of Japan, the report said.

"The offering will be made to take social responsibility and has
nothing to do with legal responsibility," Abe was quoted as
saying, adding that this offer would be taken into consideration
in the Public Prosecutors Office's probe into the charges.


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


DAEWOO MOTOR: GM Submits Bid To Creditors
-----------------------------------------
General Motors submitted its bid proposal to takeover Daewoo
Motor to the ailing Korean automaker's creditors Wednesday,  
kicking off the final sale negotiations between GM and Daewoo's
creditors, The Digital Chosun reported yesterday.

After the initial talks on both parties' positions on the sale
and the negotiations, the bid proposals will have to undergo  
the scrutiny of Daewoo's creditors.

Meanwhile, Daewoo Motor's creditor banks have agreed to extend
financial support to the automaker's component suppliers in the
form of loan worth W100 billion, principally from Korea
Development Bank.


KOREA INSURANCE: Bidders To Be Named By July 4
----------------------------------------------
Korea Deposit Insurance Corporation (KDIC) has set the deadline
for July 4 when it will name the priority bidders of insolvent
Korea Insurance, The Digital Chosun reported Wednesday.

Prospective bidders have been asked to submit their letters of
intent and investment prospectus on June 18 and June 30
respectively, Chosun said. The report also said that KDIC would
give preferential options to non-insurance firms.

KDIC also assured bidders that it will inject public fund into
Korea Insurance to compensate for the discrepancy between the
insurer's net assets value and the sale price.


KOREA LIFE: Integration Into Woori Imminent
-------------------------------------------
The integration of troubled life insurer Korea Life Insurance
Company into the state-run holding firm, Woori Finance Holdings
Company, is likely to happen, as the government's attempts to
sell the insurer to foreign investors have not been successful,
The Korea Herald reported, citing Deputy Minister of Finance and
Economy Kwon Oh-kyu.

Kwon was quoted by the Herald as saying, "Korea Life Insurance
could be put under Woori Finance if negotiations to sell [the
firm] fail."


POHANG IRON: Plans To Liquidate Energy Unit
-------------------------------------------
Pohang Iron & Steel Company is going to subject its energy unit,
Posenergy Company, to liquidation proceedings, The Asian Wall
Street Journal reported, citing the company announcement Monday.

This decision, the newspaper said, was reached after the company
failed to obtain the district government's consent to construct
a coal-fired power plant in Kwangyang, citing environmental
issues.

Liquidation will be conducted within the year.


SEOUL BANK: Placement In State-Run Holding Firm Likely
------------------------------------------------------
Should the negotiations on the proposed sale of Seoul Bank with
four foreign financial institutions fail, the bank will likely
be placed under the wing of state-run Woori Finance Holdings
Company, The Korea Herald reported, citing Deputy Minister of
Finance and Economy Kwon Oh-kyu.

When the transfer to Woori happens, Seoul Bank will join other
four banks and one merchant bank already incorporated into the
holding firm, Herald said.

The due diligence audits currently being conducted into the bank
are scheduled to start early this month, as the sale of the bank
is expected to happen by the month's end.


SHINDONGBANG: Creditors Ditch Sell-Off Bid
------------------------------------------
Creditors of major cooking oil manufacturer ShinDongBang in a
creditors meeting Monday voted against the proposed sale of the
company to Lotte Samkang Company, as creditor banks failed to
reach an agreement on the buyer's acquisition bid worth W190
billion, The Digital Chosun reported, citing major creditor
Hanvit Bank.

Creditors, however, are eyeing options to regularize the firm's
status through a corporate restructuring vehicle (CRV).

ShinDongBang has been undertaking a debt restructuring exercise
since 1998.


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


BERJAYA GROUP: Director's Shares Dealings Detailed
--------------------------------------------------
Further to our release dated 25 May 2001 pursuant to the
Policies and Guidelines of the Securities Commission on
Issue/Offer of Securities in relation to Directors' dealings in
the securities of their respective public listed companies, we
wish to inform that Tan Sri Dato' Seri Tan Chee Yioun, the
Chairman/Chief Executive Officer of Berjaya Group Berhad
(BGroup), had purchased shares in BGroup as follows:

Date: 30 May 2001

Price Per Share: RM0.2092

No. of Shares: 357,000

% Of Issued Share Capital: 0.02 percent


KELANAMAS INDUSTRIES: Seeks Approval For Workout Scheme
-------------------------------------------------------
Kelanamas Industries Berhad stated the following:

The status of KIB's plan to regularise its financial position
remain the same as contained in our First Announcement on 20
February 2001.

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

1. the Securities Commission (SC);

2. the Foreign Investment Committee (FIC);

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

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

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

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

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

8. any other relevant authorities.

Status of the Proposed Rescue cum Restructuring Scheme are as
follows:

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

ii) Approval from the SC on the Proposed Rescue cum
Restructuring Scheme is still pending.

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


OMEGA HOLDINGS: Posts Q1 Loss Of RM1.18-M
-----------------------------------------
Omega Holdings Berhad booked for the quarter ended 31 March a
consolidated net loss of RM1.180 million, as against the group
net loss of RM1.824 million incurred in the corresponding period
in the previous year.

The company's net tangible assets per share, at the end of the
same period, stood at RM0.0384, as compared to -RM0.1348
recorded a year ago.

Status of Corporate Proposals
        
The Company signed a restructuring agreement on 8 March 2000
with the shareholders of Broadland Garment Industries Sdn Bhd
which included the following:

* Proposed capital reduction to reduce the existing issued and
paid-up share capital of 298,949,331 ordinary shares of RM1.00
each to 14,947,666 ordinary shares of RM1.00 each;

* Proposed incorporation of Newco with an initial issued and
paid-up capital of RM2.00 comprising two (2) ordinary shares of
RM1.00 each; and

* Proposed share exchange for existing shareholders of OHB with
NEWCO on the basis of one (1) new ordinary share of RM1.00 each
in NEWCO for every one (1) share in OHB after the proposed
capital reduction and the subsequent transfer of listing status
OHB to NEWCO;

* Proposed renounceable rights issue of 14,947,468 new ordinary
shares of RM1.00 each in NEWCO credited as fully paid-up on the
basis of one (1) new ordinary share for every one (1) ordinary
share held the members' scheme of arrangement ("SOA") at an
issue price of RM1.00 per share;

* Proposed restricted issue of 14,947,468 new ordinary shares of
RM1.00 each in NEWCO credited as fully paid-up to prospective
investors approved by the Ministry of International Trade and
Industry at an issue price of RM1.00 per share;

* Proposed acquisition by NEWCO of the entire equity interest in
Broadland Garment Industries Sdn Bhd comprising of 2,000,000
ordinary shares of RM1.00 each for a purchase consideration of
RM70,000,000 to be satisfied by the issuance of 70,000,000 new
ordinary shares of RM1.00 each in NEWCO credited as fully paid
up at an issue price of RM1.00 per share;

* Proposed debt restructuring, the terms of which would include
a waiver of some debts, some cash settlement and issuance of
securities by NEWCO.

The Company has sent out the scheme to the creditors (financial
institutions) and discussions are ongoing between the creditors
and the Company.

Contingent Liabilities

Contingent liabilities of the Group as at 23 May 2001 (the
latest practicable date which is not earlier than 7 days from
the date of issue of this quarterly report) comprise of
corporate guarantee given by Omega Holdings Berhad to Omega
Securities Sdn Bhd (ceased to be subsidiary on June 6, 1999) for
banking facilities granted to Omega Securities Sdn Bhd amounting
to approximately RM123 million and legal claims by clients of WK
Securities Sdn Bhd amounting to RM58,000.

Off Balance Sheet Financial Instruments

The Group does not have any financial instruments with off
balance sheet risk as        at 23 May 2001, the latest
practical date which is not earlier than 7 days from the date of
issue of this quarterly report.

Material Litigation

Material Litigation of the Group as at 23 May 2001 (the latest
practicable date which is not earlier than 7 days from the date
of issue of this quarterly report) comprise of the followings:
       
The Court granted summary judgment in favor of Arab Malaysian
Bank Berhad and United Overseas Bank Berhad amounting to RM6.51
million and RM19.5 million respectively and notice of appeal for
stay of execution has been filed by our solicitors.

The Kuala Lumpur Stock Exchange has filed a winding up petition
against Omega Securities Sdn Bhd. The petition and our motion to
set aside which was fixed for hearing on 17 to 20 October 2000
was postponed to 17 April 2001 and has been postponed further to
12 June 2001.

The Company has commenced legal proceedings against certain
parties for misfeasance and breach of trust. Some of the parties
have filed an application to strike out the suit against them
and some of them have filed application to add defendants. The
application by two parties to strike out the suit which was
heard on 9 February 2001 were dismissed with costs. The two
parties have filed an appeal against the said decision but no
date has been fixed for hearing.

The application by three other defendants to add further
defendants which was set for hearing on 1 March 2001 has been
postponed to 6 June 2001.

Omega Holdings Berhad has filed applications to reamend the
statement of claim and stay of proceedings. These applications
are fixed for hearing on 6 June 2001.

Material changes in the Quarterly Results as compared to the
results of the preceding quarter
     
The total turnover and other income for the quarter was RM11,000
as compared to RM9,000 in the preceding quarter.  The increase
was due to increase in interest income.

The current quarter loss was RM1,180,000 as compared to
RM466,000 in the previous quarter. The increase was mainly due
to payment to a creditor in WK Securities Sdn Bhd amounting to
RM500,000 in settlement of a contingent claim and payment of
professional fees of approximately RM200,000 relating to
corporate restructuring exercise of the Company.

Review of Performance of the Company and its Principal
Subsidiaries

The Group as a whole is dormant after the cessation of business
of WK Securities Sdn Bhd in the first quarter.

Turnover comprises of interest income of RM11,000. The loss for
the quarter was RM1,180,000 which includes overhead costs of the
Holding Company, professional fees and settlement of contingent
liability of RM500,000.

In the opinion of the Directors, the results of the current
financial quarter to date have not been affected by any
transaction or event of a material or unusual nature which has
arisen between 31 March 2001 and the date of this announcement.
       
Prospect for the Current Financial Year  

The future of Omega Holdings Berhad is dependent on the
successful completion and implementation of the proposed members
scheme of arrangement.


ZAITUN BERHAD: Court Strikes Winding Up Petition
------------------------------------------------
Zaitun Berhad announced that the winding up petition against
Zaitun Industri Sdn Bhd raised by PC Darin (M) Sdn Bhd has been
struck by the Kuala Lumpur High Court with no order as to costs.


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


NATIONAL POWER: Woos Banks To Raise Up To US$400-M
--------------------------------------------------
Beleaguered state-owned power firm National Power Corporation
(Napocor) has been inviting 16 domestic and foreign financial
institutions, asking for assistance in sourcing out funds worth
up to US$400 million in fresh loans to meet its capital
requirement for the current year, Business World reported
yesterday.

The Department of Finance's (DOF) assurance to provide
guaranteed to the new credit facility spurred to company to
undertake such a move, since the power firm's operating revenues
cannot possibly sustain the company's continued operations, and
its servicing on debts amounting to about P42 billion in
principal and accumulated interest charges, the newspaper said.

Banks, the report said, that have received the invitation from
the cash-strapped power firm include, among others, ABN-Amro
Bank, Bank of America, Citibank, Credit Suisse First Boston,
Deutsche Bank, Development Bank of Singapore, First Metro
Investment Corp., HSBC, ING Barings, Investment Capital Corp. of
the Phils., JP Morgan Chase, Lehman Brothers, Morgan Stanley,
UBS Warburg, Dresdner Bank AG, and Bear Stearns.


UNIWIDE GROUP: SEC To Give Nod On Rehab Bid
-------------------------------------------
The Securities and Exchange Commission (SEC) is taking into
consideration the rehabilitation plan for debt-stricken Uniwide
Group of Companies, and will likely approve the implementation
of the payment-in-kind agreement as reached by both the group
and its creditor banks, Business World reported yesterday.

Under the MoA, Uniwide will make payments on its debts amounting
to over P11.1 billion owed to creditor banks with its non-core
and non-operating assets.

The agreements were made separately with creditors, namely,
International Exchange Bank (I-Bank), Metropolitan Bank & Trust
Company (Metrobank) and United Coconut Planters Bank (UCPB), the
newspaper said.

In its agreement alone with UCPB, Uniwide expects to get cut in
its obligations by over P1.04 billion, the newspaper said. Under
this same deal, a new company will be formed to which assets of
the Uniwide group will be transferred.


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


VICKERS BALLAS: Clarifies Purchase Bid Of Microcon
--------------------------------------------------
Regarding announcements made by Twinwood Engineering Limited on
10 January 2001, 1 February 2001, 15 May 2001, and 21 May 2001,
respectively, relating to the Acquisitions and in response to
the queries raised by the Singapore Exchange Limited on 25 May
2001, the Directors of Vickers Ballas & Company Pte Ltd
clarifies clarify the following matters:

Reduction in Consideration

It was announced on 1 February 2001 that Global Technologies
Ventures Limited (GTVL) had granted to Twinwood a call option
pursuant to a call option agreement dated 1 February 2001
between Twinwood and GTVL (the GTVL Call Option Agreement) under
which Twinwood had the right to require GTVL to transfer to
Twinwood or its nominee its interests in 1,050,000 ordinary
shares of Rupees 10 each in the capital of Microcon
International Limited and 250,000 ordinary shares of Rupees 10
each in the capital of Vidhyacom Technologies Private Limited.

The consideration then amounted to approximately US$5.1 million
or S$9.2 million (based on an exchange rate of S$1.82: US$1.00)
(the Initial Consideration) to be satisfied by way of the
issuance of an aggregate of 52,598,312 new ordinary shares of
S$0.05 each in the capital of Twinwood to GTVL or its nominee as
follows:

(a) 32,499,156 new Twinwood Shares valued at approximately
US$3.1 million or S$5.7 million (based on an exchange rate of
S$1.82 : US$1.00 and a price of US$0.096 (S$0.175) for each new
Twinwood Share) in respect of the acquisition of the 1,050,000
for each Microcon Shares; and

(b) 20,099,156 new Twinwood Shares valued at approximately
US$1.9 million or S$3.5 million (based on an exchange rate of
S$1.82: US$1.00 and a price of US$0.096 (S$0.175) for each new
Twinwood Share) in respect of the acquisition of the 250,000
Vidhya Shares.

The Initial Consideration was to be satisfied by way of the
issuance of an aggregate of 52,598,312 new Twinwood Shares to
GTVL or its nominee.

It was subsequently announced on 21 May 2001 that the GTVL Call
Option Agreement would proceed at a reduced consideration of
approximately US$2.6 million or S$4.8 million (based on an
exchange rate of S$1.82: US$1.00).

In this respect, Twinwood entered into a supplemental agreement
(the Supplemental Agreement) with GTVL on 21 May 2001 to reduce
the number of new Twinwood Shares to be issued in satisfaction
of the Initial Consideration from 52,598,312 to 40,000,000 in
light of the GTVL Consideration.

The GTVL Consideration is to be satisfied by way of the issuance
of an aggregate of 40,000,000 new Twinwood Shares to GTVL or its
nominee as follows:

(a) 24,714,980 new Twinwood Shares valued at approximately
US$1.6 million or S$3.0 million (based on an exchange rate of
S$1.82 : US$1.00 and a price of US$0.066 (S$0.12) for each new
Twinwood Share) in respect of the acquisition of the 1,050,000
Microcon Shares, or a consideration of US$1.55 or S$2.82 for
each Microcon Share; and

(b) 15,285,020 new Twinwood Shares valued at approximately
US$1.0 million or S$1.8 million (based on an exchange rate of
S$1.82 : US$1.00 and a price of US$0.066 (S$0.12) for each new
Twinwood Share) in respect of the acquisition of the 250,000
Vidhya Shares, or a consideration of approximately US$4.03 or
S$7.34 for each Vidhya Share.

There have been no changes in the bases considered in arriving
at the GTVL Consideration since the announcement dated 1
February 2001.

The downward revision of the Initial Consideration by
approximately 48 percent was arrived at following arm's length
negotiations between Twinwood and GTVL after taking into account
the general decline observed by Twinwood in the market values of
listed technology companies or businesses in India, Singapore
and elsewhere and the current market value of new Twinwood
Shares as traded on the SGX-SESDAQ.

Comparison between the GTVL Consideration and the Subscription
Consideration (as defined below)

On 21 May 2001, it was also announced that the Company, through
a Mauritius incorporated company, Twinwood Mauritius Limited
(TML) had entered into a subscription agreement with Microcon to
subscribe for 4,648,000 new ordinary shares of Rupees 10 each in
the capital of Microcon.

The Subscription Shares represent 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) or a subscription price of
approximately US$0.65 or S$1.18 for each Subscription Share.

The Subscription Consideration was arrived at after arm's length
negotiations between Twinwood and Microcon after taking into
account the current market values of listed technology companies
or businesses in India, Singapore and elsewhere and the funding
requirements of Microcon as announced on 21 May 2001.

The negotiations between Twinwood and Microcon were undertaken
separately from that with GTVL.

Under the Subscription Agreement, Twinwood has agreed to inject
cash into Microcon which Microcon is able to utilize to fulfil
its additional funding requirements.

Therefore, Twinwood was able to secure a lower price of
approximately US$0.65 or S$1.18 for each Subscription Share
under the Subscription Agreement as compared with the
consideration of approximately US$1.55 or S$2.82 for each
Microcon Share acquired pursuant to the Supplemental Agreement.


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


BANGKOK METROPOLITAN: Bankrupt, Court Declares
----------------------------------------------
The Central Bankruptcy Court on May 29, 2001 declared Bangkok
Metropolitan Trust Finance and Securities Plc. bankrupt and put
it under absolute receivership. Bangkok Metropolitan is one of
five finance companies which were recently declared bankrupt.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these five companies have already
distributed the proceeds from asset sales amounting to
Bt11,480.42 million to their eligible creditors who had filed
their claims according to the FRA's rules and procedures. Of
this amount, Bt11,011.73 million or 95.92 percent were paid to
the Financial Institutions Development Fund (FIDF).

Bangkok Metropolitan Trust Finance and Securities Plc. was
established on September 25,1996. It was one of 42 finance
companies suspended on August 5, 1997. The company's creditors
have been repaid amounting to Bt1,691.43 million, of which
Bt1,600.75 million was paid to the FIDF.

After completing debt repayment under the FRA's procedures, the
company has Bt6,262.99 million of outstanding debts and
Bt3,658.29 million of remaining assets as of March 31, 2001.

Most of the remaining assets are under the litigation and
foreclosure process.


EASTERN WIRE: Three Companies Object To Rehab Plan
--------------------------------------------------
Sukhumvit Asset Management Co., Ltd. (Krung Thai Bank Public
Co., Ltd.), Thai Ocean Life-Insurance Co., Ltd., and Bangkok
Capital Alliance Co., Ltd. objected to the rehabilitation plan
of Eastern Wire Public Co., Ltd. which was presented to the
Bankruptcy Court on May 29, 2001.

The Bankruptcy court gave its approval to the planner Dr.
Phiraphan Phalasuk to submit supplements by June 7, 2001. The
consideration of the plan was postponed to June 13, 2001 at 1:30
p.m. on 14-17th floor, Bangkok Insurance Building, Sathorn Tai
Road, Thungmahamek sub district, Sathorn district, Bangkok.


M GROUP: Court Dismisses Siam City Bank Suit
--------------------------------------------
The Central Bankruptcy Court on May 30, 2001 dismissed a
bankruptcy suit filed by Siam City Bank against the M Group, a
newspaper report said.

Kochakorn Boonlai, writing for The Bangkok Post, reports the M
Group had sold Bt150 million worth of secured debentures due
April 19, 1997 to Siam City Credit Finance and Securities Plc in
1995.  Siam City Bank then purchased the debentures for Bt100
million on October 21, 1997.  The next day, the Finance Ministry
ordered the bank closed.

The transaction was approved by Somkid Thaiging, who was
appointed by the Finance Ministry to manage Siam City after it
closed, the Post said. The transaction was reportedly against
ministry guidelines which authorized debenture transfers in the
case of United Finance Corp Plc only, and was therefore not
legally binding.

The M Group is a holding company of former media tycoon Sondhi
Limthongkul, who has gone bankrupt.


NTS STEEL: Court Sets Date For Rehab Plan Consideration
-------------------------------------------------------
331 Planner Co., Ltd. announced, in its capacity as planner for
NTS Steel Group Public Company Limited, that a hearing and
consideration of NTS's rehabilitation plan is scheduled for June
6, 2001 at 1:30 p.m., at the Central Bankruptcy Court.


PRANDA JEWELRY: Assigns Finansa Claims to Subsidiaries
------------------------------------------------------
The board of directors of Pranda Jewelry Public Company Limited,
at a meeting on May 29, 2001, passed a resolution authorizing
the company's subsidiaries Primagold International Co., Ltd. and
Pranda Intergems Co., Ltd. to enter into assignment agreements
with Finansa Limited in which these two companies would accept
the assignment of rights of claims that Finansa has against
Pranda Jewelry, amounting to Bt195,097,410.48, and Pranda
Intergems, amounting to Bt37,509,915.22.  The claims amount to a
total of Bt137,325,647.71.

A company disclosure said that based on the value of assets, the
size of the June 6 transaction is approximately 46.80 percent,
based on audited financial statements as of December 31, 2000.

A total purchase amount of Bt137,325,647.71 will be paid.  

The assignee is to make a one-time cash payment when Pranda
Jewelry receives payment from the subscription of 4,900,000 new
ordinary shares it will issue at the price of Bt28 per share,
for a total of Bt137.2 million. The purchased assets have a
value of Bt232,607,325.70


PRASIT PATANA: Bumrungrad Denies Merger News
--------------------------------------------
Dr Dhanit Dheandhanoo, a director of Bumrungrad Hospital Public
Company Limited, informed the Stock Exchange of Thailand that
Bumrungrad has not entered into any formal discussions with
Prasit Patana Public Company Limited subsidiary Phyathai
Hospital or Prasit Patana.

The director added however that Bumrungrad Hospital is always
looking for opportunities to expand their operations and is in
the process of studying a number of opportunities.


PRASIT PATANA: SET Suspends Stock from Trading
----------------------------------------------
The Stock Exchange of Thailand on the morning of May 29, 2001
posted `H' signs against the stock of PYT because of unconfirmed
reports that the company is in a merger process with Bumrungrad
Hospital Public Company Limited. `H' signs are posted by the SET
on securities to denote a trading halt.

PYT however was unable to shed light on the issue for the
benefit of investors before the afternoon session. As a result,
trading in PYT stock was suspended from afternoon session of May
29, 2001 onwards until the company clarifies and discloses the
related information on the news to the public through the SET.


SIAM COMMERCIAL: Placed In Absolute Receivership
--------------------------------------------------
The Central Bankruptcy Court on May 29, 2001 declared Siam
Commercial Trust Co., Ltd. bankrupt and put it under absolute
receivership.  Siam is one of five finance companies which were
recently declared bankrupt.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these five companies have already
distributed the proceeds from asset sales amounting to
Bt11,480.42 million to their eligible creditors who had filed
their claims according to the FRA's rules and procedures. Of
this amount, Bt11,011.73 million or 95.92 percent were paid to
the Financial Institutions Development Fund (FIDF).

Siam Commercial Trust Co., Ltd. was established on March
21,1972. It was one of 42 finance companies suspended on August
5, 1997. The company's creditors have been repaid amounting to
Bt536.85 million, of which Bt518.70 million was paid to the
FIDF.

After completing debt repayment under the FRA's procedures, the
company has Bt1,252.13 million of outstanding debts and Bt190.13
million of remaining assets as of March 31, 2001.

Most of the remaining assets are under the foreclosure process.


THAI HEAT: History of Reorganization Process
--------------------------------------------
Thai Heat Exchange Public Company Limited is engaged in the
manufacturing and distributing of air conditioning
components. It has filed a Petition for Business Reorganization
with the Central Bankruptcy Court.

Planner: Thai Heat Revival Company Limited

Debts Owed to the Petitioning Creditor: Bt611,650,076.81

Date of Court Acceptance of the Petition: December 21, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: January 22, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: January 31, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette: February 27,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official
Receiver: May 27, 2001

Contact: Mr Tanawat Tel: 6792525 ext 123


THAI FINANCIAL: Declared Bankrupt By Court
------------------------------------------
The Central Bankruptcy Court on May 29, 2001 declared Thai
Financial Syndicate Plc bankrupt and put it under absolute
receivership. Thai Financial is one of five finance companies
which were recently declared bankrupt.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these five companies have already
distributed the proceeds from asset sales amounting to
Bt11,480.42 million to their eligible creditors who had filed
their claims according to the FRA's rules and procedures. Of
this amount, Bt11,011.73 million or 95.92 percent were paid to
the Financial Institutions Development Fund (FIDF).

Thai Financial Syndicate Plc. was established on October
27,1993. It was one of 42 finance companies suspended on August
5, 1997. The company's creditors have been repaid amounting to
Bt3,793.06 million, of which Bt3,765.60 million was paid to the
FIDF.

After completing debt repayment under the FRA's procedures, the
company has Bt11,627.62 million of outstanding debts and
Bt5,284.54 million of remaining assets as of March 31, 2001.

Most of the remaining assets are under the foreclosure process.


THAI THAMRONG: Court Rules Absolute Receivership
------------------------------------------------
The Central Bankruptcy Court on May 29, 2001 declared Thai
Thamrong Finance Co., Ltd. bankrupt and put it under absolute
receivership.  Thai Thamrong is one of five finance companies
which were recently declared bankrupt.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these five companies have already
distributed the proceeds from asset sales amounting to
Bt11,480.42 million to their eligible creditors who had filed
their claims according to the FRA's rules and procedures. Of
this amount, Bt11,011.73 million or 95.92 percent were paid to
the Financial Institutions Development Fund (FIDF).

Thai Thamrong Finance Co.,Ltd. was established on May 1, 1974.
It was one of 42 finance companies suspended on August 5, 1997.
The company's creditors have been repaid amounting to Bt4,427.10
million, of which Bt4,098.04 million was paid to the FIDF.

After completing debt repayment under the FRA's procedures, the
company has Bt11,745.84 million of outstanding debts and
Bt5,572.52 million of remaining assets as of March 31, 2001.

Most of the remaining assets are under the foreclosure process.


UNION FINANCE: Drawn into Bankruptcy Process
-----------------------------------------------
The Central Bankruptcy Court on May 29, 2001 declared Union
Finance Plc. bankrupt and put it under absolute receivership.  
Union is one of five finance companies which were recently
declared bankrupt.

Kamol Juntima, Chairman of the Financial Sector Restructuring
Authority (FRA), said that these five companies have already
distributed the proceeds from asset sales amounting to
Bt11,480.42 million to their eligible creditors who had filed
their claims according to the FRA's rules and procedures. Of
this amount, Bt11,011.73 million or 95.92 percent were paid to
the Financial Institutions Development Fund (FIDF).

Union Finance Plc. was established on October 11,1994. It was
one of 42 finance companies suspended on August 5, 1997. The
company's creditors have been repaid amounting to Bt1,031.97
million, of which Bt1,028.65 million was paid to the FIDF.

After completing debt repayment under the FRA's procedures, the
company has Bt2,235.61 million of outstanding debts and
Bt1,883.69 million of remaining assets as of March 31, 2001.
Most of the remaining assets are under the foreclosure process.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Ronald Villavelez, Maria Vyrna Ni¤eza, Editors.

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

This material is copyrighted and any commercial use, resale or
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