TCRAP_Public/010608.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 8, 2001, Vol. 4, No. 112


                         Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Ramsay Changes Substantial Holding
AUSTRIM NYLEX: Loan Securities On Issue
COMPUTER HARDWARE: Enters Receivership
ENERGY EQUITY: Settles Loans Through Shares Issue
FORESTECH LIMITED: Creditors Revise DCA
FRANKLINS AUSTRALIA: ACCC Obtains Undertakings
FRANKLINS AUSTRALIA: Woolworths Confirms ACCC Approval
KEYCORP LIMITED: Appoints Company Auditor
ONE.TEL LIMITED: Fate Dependent On Massive Fund Infusion
VICTORIAN WORKCOVER: Sustains Half-Year Loss of $651M


C H I N A   &   H O N G  K O N G

GIP SING: Faces Winding Up Petition
GLAD POWER: Winding Up Petition Set For Hearing
HIH HONG KONG: Court To Hear Details Of Collapse
LOK TIN: Winding Up Petition To Be Heard
MASTER ACHIEVE: Winding Up Petition Slated For Hearing
SUPREME CENTURY: Hearing of Winding Up Petition Set
YEARLEAD DEVELOPMENT: Faces Winding Up Petition


I N D O N E S I A

BANK CENTRAL: Investors Proceed To Sale's Second Phase
BANK DANAMON: Court Denies Bankruptcy Petition
INDOCEMENT TUNGGAL: Gov't To Participate In Rights Issue
INDOMOBIL SUKSES: Plans To Issue Rp319.9-B CBs


J A P A N

ISUZU MOTORS: Engine Assembly Plant Spin Off Planned
SOGO COMPANY: Mizushima Indicted Wednesday


K O R E A

DAEWOO MOTOR: Poland Unit To Dismiss 800 Workers
HYNIX SEMICON: KMCC Downgrades Credit Rating To `BB+'
HYUNDAI ENG'G: Non-Bank Creditors Refuse Swap
HYUNDAI GROUP: Will Dissolve Two Units
HYUNDAI PETROCHEM: Shares Sale Plan Nears Finalization
SHINHO STEEL: Sale May Be Delayed


M A L A Y S I A

ARTWRIGHT HOLDINGS: Proposes Joint Venture With Steelcase
GADEK (MALAYSIA): Facing Suit For Non-Payment Of RM736-M
IDRIS HYDRAULIC: Denies Media Reports On Forced Sale
L&M CORP: Default Payments Reach RM188.8-M
LAND & GENERAL: Workout Includes Assets Disposal
MAY PLASTICS: Exchange Admits Listing
SRI HARTAMAS: KLSE Publicly Reprimands Company
SURIA CAPITAL: SC Extends Asset Disposal Implementation
TECHNO ASIA: Lim, Chew Appointed As SAs Of Units


P H I L I P P I N E S

NATIONAL BANK: New Board To Draw Up New Rehab Plan
NATIONAL POWER: P3.7-B Loss A `Funding Gap"
PILIPINO TELEPHONE: PLDT To Cut Stake


S I N G A P O R E

ASIA PULP: Court Orders Payment To UBAF
SPP LIMITED: Court Confirms Capital Reduction
THAKRAL CORP: Finalizes Scheme Of Arrangement Documents


T H A I L A N D

COUNTRY (THAILAND): Court Cancels Order For Rehab
DURABLE TEXTILE: Board OKs Capital Increase
EASTERN PRINTING: Files Petition For Rehab With Court

     -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: Ramsay Changes Substantial Holding
----------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 6 June 2001, from 29,435,693
ordinary shares (65.25 percent) to 30,222,118 ordinary shares
(67 percent).


AUSTRIM NYLEX: Loan Securities On Issue
---------------------------------------
Austrim Nylex Limited Secretary G Norman announced that Austrim
National Radiators Limited has quoted debt securities on issue.

To fulfill Austrim National Radiators Limited's obligations
under listing rule 4.11, the aggregate face value of its
Mandatory Converting Notes has not changed and remained at $100
million on 31 May 2001.


COMPUTER HARDWARE: Enters Receivership
--------------------------------------
Computer Hardware of Australia (CHA) as gone into receivership,
Newsbytes News Network reported Tuesday. Receiver Michael Scales
of Ernst & Young is on the lookout for prospective buyers of the
company, which is a major distributor of information technology
brands like Toshiba, Acer, Iomega, and Xircom.

Last year, an attempt to sell the company to Quadtel was
aborted.


ENERGY EQUITY: Settles Loans Through Shares Issue
-------------------------------------------------
The Directors of Energy Equity Corporation Limited (EEC) said
loans made to EEC of $4,000,000 pursuant to the Convertible Note
and Subscription Facility Agreement (CNSFA), have been satisfied
by the issue of 47,619,046 million shares at a weighted average
price of 8.4 cents/share in accordance with the CNSFA formula.

EEC Chairman, Ron Punch, said the conversion of significant
loans into shares by the Company's major shareholder, Energy
World International Ltd as announced on 26 April 2001 and their
associate, Pacific Energy Ltd, who have converted an amount of
$3,500,000, was a positive development which demonstrated
confidence in the Company and would strengthen the Company's
financial position.


FORESTECH LIMITED: Creditors Revise DCA
---------------------------------------
The Directors of Forestech Limited reported that at a Meeting of
Creditors held Wednesday morning, the creditors unanimously
resolved to vary Clause 2 of the Deed of Company Arrangement
dated 8 October 1998 so that:

1. The claims of Unsecured Creditors, excluding Priority
Creditors, will now be converted on the basis of two 20 cent
shares for each $1 due, instead of one 20 cent share for each $1
due as previously provided.

2. The holdings of Shareholders will now be reduced to one 20
cent share for each five shares formerly held, instead of one 20
cent share for each ten shares formerly held as previously
provided.

3. The proposed reconstruction will now be achieved by obtaining
the approval of Shareholders as may be required under the
provisions of the Corporations Law, including under Section 611
(Item 7), and the Australian Stock Exchange Listing Rules,
including under Rule 7.1.

The Directors will now move to convene a meeting of Shareholders
for the purpose of considering the resolutions detailed in
Clause 2.3 of the Deed.

The Deed Administrator, P G Downie, is forwarding  a Notice of
Meeting of Creditors held on 6 June 2001 at the offices of
Downie & Associates, commencing at 9.30 am.

This report has been prepared for the information of creditors
to assist with their deliberations on the resolution to be
considered at that meeting.

Developments Since The Last Directors' Report 29 March 2001:

Hivesville Property - Sale To Consolidated Timber Holdings
Limited (CTHL)

As previously reported, the company executed an agreement with
CTHL on 20 March 2000 wherein Forestech agreed to sell to CTHL
all of its interests in the lease, plant, equipment and trees
located at or on the Hivesville property for the sum of
$450,000. The agreement also requires CTHL to exercise the
option to purchase contained in the lease and to then transfer
to Forestech freehold title to approximately one half (461.8
hectares) of the formerly leased property for a consideration of
$1.

The consideration of $450,000 payable by CTHL has been received.
However, although CTHL has exercised the option to purchase the
property, they have so far failed to settle the purchase and
transfer the applicable portion to Forestech.

CTHL is therefore currently in default of the agreement with
Forestech. The Company's legal advisors have advised the
Directors that the Company's position is secure, having regard
to the remedies available to it at law. Appropriate notices to
protect Forestech's interests have been served on each of CTHL
and the Guarantors and will be pursued if necessary. To further
protect the Company's position, the Directors have transferred
the lease back to Forestech pending settlement of the purchase
by CTHL.

Notwithstanding their failure to settle the purchase of the
property, CTHL continue to advise they intend to settle and
expect to do so shortly. Assistance wherever possible is being
provided to CTHL to complete the transaction.

Hivesville Property - Plantation Development

As previously advised, it is intended to develop a spotted gum
plantation in joint venture with DPI - Forestry on the portion
of the property to be transferred to Forestech. Although
planting has been delayed until title is secured, extensive
investigation and preparation has been completed.

After detailed assessment, approximately 320 hectares will be
planted under joint venture management. A further area of
approximately 130 hectares of established high graded re-growth
forest of predominantly spotted gum will be preserved. This area
will generate returns in a substantially reduced term and is
presently being independently evaluated to determine the most
effective management requirements to maximize the returns.

Other Opportunities

Numerous opportunities consistent with the development
strategies of the Company have been sought and/or presented.
These opportunities include:

(i) further plantation developments in joint venture with DPI -
Forestry

(ii) plantation developments with private investment and/or in
joint venture with other parties

(iii) expansion of the Company's research and development
resources through collaboration with other parties

(iv) marketing of the Company's propagation and supply
facilities and services to Australia and overseas.

(v) expansion into downstream processing and marketing

(vi) funding proposals

Initial investigation and negotiations have been undertaken to
determine their worth so as to position the Company to develop
as soon as the reconstruction is completed and appropriate
funding secured.

Summary

The improved prospects for the future of the Company have
contributed to the proposed amendments to the Deed. The
Directors and Chargeholders are keen to ensure that both
Unsecured Creditors and Shareholders share in these potential
improvements, hence the considerable enhancement of their
position.

Notwithstanding the further delays by CTHL in finalization of
the Hivesville settlement, the Directors consider that if these
improved prospects are to be realized, it is crucial that the
reconstruction is completed without delay. Completion of the
reconstruction will enable the Directors to deal with and
develop the opportunities available, including Hivesville,
regardless of the outcome of the CTHL transaction.

The proposed amendments also change the reconstruction process.
This will enable the reconstruction to be completed much more
efficiently and timely and therefore contributes significantly
to completing this process as quickly as possible.

These revisions to the Deed and the continued operation of the
Company are only possible through the continued support and
concessions of the First and Second Chargeholders, Mr Ron Gaunt
and Dr Jannie Tay. The Company is indeed fortunate to have their
support.

Recommendation

The Directors unanimously recommend that Creditors resolve to
amend Clause 2 of the Deed of Company Arrangement as proposed in
the Deed Administrator's Notice of Meeting dated 25 May 2001.


FRANKLINS AUSTRALIA: ACCC Obtains Undertakings
----------------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
accepted legally-enforceable undertakings from Dairy Farm
Management Services Ltd, Franklins and Woolworths Limited that
relate to the sale of Franklins supermarkets, ACCC Chairman,
Professor Allan Fels said yesterday.

The undertakings address the ACCC's concerns that the proposal
put to the ACCC by Dairy Farm may result in a substantial
lessening of competition in the supermarket industry.

* Professor Fels noted that the undertakings would underpin a
significant boost to the market share of independent grocery
retailers.

"On the basis of the undertakings negotiated by Dairy Farm,
Franklins and Woolworths, the ACCC formed the view that it would
not oppose the proposal," he said.

"The undertakings relate to the process by which stores will be
transferred from Franklins to independent operators. The aim of
Joint Independent Divestiture Alliance is to transfer JIDA
stores to independent operators."

Franklins And Dairy Farm Undertakings

As a result of the undertakings, Franklins will not allow its
"No Frills" and "First Choice" product brands to be used by
major supermarket chains other than a non-exclusive right to use
the brands for three months in the event that a chain acquires a
Franklins store with remaining stock.

Woolworths Undertakings

The ACCC has agreed to Woolworths acquiring 67 Franklins stores,
half the initial number sought.

Where Woolworths acquires a Franklins store, Woolworths must,
within three months of each acquisition remove reference to the
store having been a Franklins store and stop selling "No Frills"
and "First Choice" brands.

To promote competition, Woolworths is required to divest its
stores at the following locations: North Strathfield, Newport,
Leichhardt, Waterloo, Newtown and Forestville. These stores will
continue to operate as Woolworth outlets until sold through an
independent broker.

An edited undertaking, including stores which will be made
available to Woolworths and JIDA, will be available on the ACCC
website, www.accc.gov.au.


FRANKLINS AUSTRALIA: Woolworths Confirms ACCC Approval
------------------------------------------------------
Woolworths CEO Roger Corbett yesterday confirmed that the
Company had signed a formal agreement with the Australian
Competition and Consumer Commission (ACCC) on undertakings
relating to the acquisition of 67 Franklins stores.

The undertakings include the divestment of five stores in NSW -
North Strathfield, Newport, Forestville, Waterloo, Newtown - and
the divestment or conversion of the store at Leichhardt.

The aggregate turnover of these stores is approximately $70
million. The stores to be divested are in locations where
Woolworths will be acquiring an existing larger Franklins store
- which will be converted to a Woolworths store.

All Woolworths employees in the divested stores will be
transferred to other Woolworths stores ensuring their continued
employment with Woolworths Limited.


KEYCORP LIMITED: Appoints Company Auditor
-----------------------------------------
The directors of Keycorp Limited confirm that at the conclusion
of the Annual General Meeting on 31 May 2001 they resolved to
appoint the Auditor-General for the Commonwealth of Australia as
the Company's auditor.

This appointment will require confirmation by shareholders at
the General Meeting later in the year to be held to consider the
Financial Statements for the six months ended 30th June 2001.


ONE.TEL LIMITED: Fate Dependent On Massive Fund Infusion
--------------------------------------------------------
The administrators of One.Tel Limited admitted that the company
will shut down, sell its assets, and lay off it workers, unless
a huge capital injection is made, The Age reported Wednesday.

According to the report, the telecommunications firm's
outstanding debts have reached $600 million. This does not
discount the possibility of an increase should creditors,
including Lucent Technologies, file for claims against the
company, on charges that One.Tel and its officials breached
commercial contracts.

The company, moreover, has been declared insolvent, and is
making losses of as much as $12 million every week, and has
outstanding payables to its employees amounting to $19 million,
the report said, citing administrator Steve Sherman.

Earlier this week, One.Tel's founder and former co-managing
director Jodee Rich made an offer to Sherman to pay the
company's workers entitlements worth $4.2 million. The offer
followed the statement by Prime Minister John Howard that the
payment is the company officers' "moral obligation" to the
workers, the report said.

Sherman is going to pursue a move to wind-up the company, after
averting the filing of application for liquidation of the
company with the New South Wales Supreme Court.


VICTORIAN WORKCOVER: Sustains Half-Year Loss of $651M
-----------------------------------------------------
The Victorian Workcover Authority sustained an operating loss of
$651 million in the half-year period ended 31 December 2000,
rising from $127 million in operating losses incurred in the
year ended 30 June 2000, AAP reported Wednesday, citing a report
by the Victorian Auditor General.

This increase was attributed to a steep fall in investment
revenue, and changes in economic assumptions on which the
outstanding claims valuation was based, the report said.

At the end of the same period, the agency, which manages
workers' compensation, posted a total of $1.1 billion in
accumulated losses.

Auditor General Wayne Cameron reported, "the financial position
of the authority, represented by the proportion of net assets
held by the authority to outstanding claims liability, has
substantially deteriorated and the authority has incurred
substantial operating losses."


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


GIP SING: Faces Winding Up Petition
----------------------------------------
The petition to wind up Gip Sing Trading Limited will be heard
before the High Court of Hong Kong on June 27, 2001 at  9:30 am.
The petition was filed with the court on May 4, 2001 by Kam Lin
Hing of 4th Floor, 90 Electric Road, North Point, Hong Kong.


GLAD POWER: Winding Up Petition Set For Hearing
-----------------------------------------------
The petition to wind up Glad Power Investment Limited is set for
hearing before the High Court of Hong Kong on June 20, 2001 at
10:00 am. The petition was filed with the court on May 2, 2001
by Wong Woon Ming of Fla 905, Yin Chee Lau, Kwun Tong Garden
Estate, Ngau Tau Kok, Kowloon, Hong Kong.


HIH HONG KONG: Court To Hear Details Of Collapse
------------------------------------------------
The examination of the collapse of HIH Insurance Group's
subsidiaries in Hong Kong will be heard before High Court of
Hong Kong next week, Hong Kong IMail reported yesterday.

According to Robin Darton, counsel of PricewaterhouseCoopers,
which is the provisional liquidators of the three Hong Kong
units, the winding up of the HIH units is expected to have
adverse effects on over 20,000 local policyholders, the report
said.

Darton said, "A number of public policy matters are involved and
we will be seeking the company judge's direction, particularly
in relation to the cancellation of policies. This liquidation is
running parallel with the provisional liquidation of the parent
companies in Australia.

"The assets of the group were spread around the world and like
all insurance insolvency cases it has a uniqueness which we seek
to explore with the companies' judge."


LOK TIN: Winding Up Petition To Be Heard
----------------------------------------
The petition to wind up Lok Tin Restaurant Limited is scheduled
for hearing before the High Court of Hong Kong on June 20, 2001
at 10:00 am. The petition was filed with the court on May 2,
2001 by Lee Oi Chu of Room D, 8th Floor, Tak Cheong Building,
No. 1001 Kwai Chung Road, Kwai Chung, New Territories, Hong
Kong.


MASTER ACHIEVE: Winding Up Petition Slated For Hearing
------------------------------------------------------
The petition to wind up Master Achieve Investments Limited is
scheduled to be heard before the High Court of Hong Kong on July
11, 2001 at 10:00 am. The petition was filed with the court on
May 18, 2001 by Chan Fai of Room 2101, Lung Yue House, Lower
Wong Tai Sin Estate, Kowloon, Hong Kong.


SUPREME CENTURY: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Supreme Century Development Limited is
set for hearing before the High Court of Hong Kong on June 20,
2001 at 10:00 am.  The petition was filed with the court on
April 26, 2001 by Shell Development (HK) Limited whose
registered office is situated at 36th Floor, Shell Tower, Times
Square, Causeway Bay, Hong Kong.


YEARLEAD DEVELOPMENT: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Yearlead Development Limited is
scheduled for hearing before the High Court of Hong Kong on the
June 6, 2001 at 9:30 am. The petition was filed with the court
on April 2, 2001 by Cathay Holdings Limited whose principal
place of business in Hong Kong is situated at 2828-2834, 28th
Floor, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.


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


BANK CENTRAL: Investors Proceed To Sale's Second Phase
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has received a
number of non-binding bids from both domestic Indonesian and
International investors relating to the strategic sale of PT
Bank Central Asia Tbk (BCA) shares.

IBRA has assessed the bidding parties and invited a selected
group of the investors to participate in the second phase of the
sales process.

For confidentiality reasons, IBRA is unable to disclose the
names of the bidding parties.

IBRA is satisfied with the quality and quantity of investors
that are participating in the process to date. The parties
include both International Banks and Financial investors.

IBRA expects to complete the strategic sale by the end of June
2001.


BANK DANAMON: Court Denies Bankruptcy Petition
----------------------------------------------
The Central Jakarta Commercial Court has rejected a bankruptcy
petition filed by Bank IFI against Bank Danamon, citing that the  
petition contravened existing bankruptcy law, Jakarta Post
reported yesterday.

Chief Judge Subari ruled that the petition was filed by "the
petitioner [which] has no locus standi". According to Article 1
paragraph 3 of the 1998 bankruptcy law, Post said, a bankruptcy
petition can only be filed by Bank Indonesia.

Bank IFI filed the petition against Bank Danamon in May on
charges that the latter bank failed to pay debts, including
interests and penalties, worth around US$12 million, the report
said.


INDOCEMENT TUNGGAL: Gov't To Participate In Rights Issue
--------------------------------------------------------
The government announced that it would exercise its stock-
booking rights should PT Indocement Tunggal Perkasa undertake
the planned rights issue, to protect its own interest in the
company, Bisnis Indonesia reported Wednesday, citing State
Enterprises Director General Nyoman Tjager. The government has  
decided to auction off its remaining shares comprising up to 25
percent in the company within the year.

According to the report, the government will hold a 25 percent
stake in the company in the case of the rights issue, while
strategic investor, Heidelberger, a German cement-making giant,
owns a 61.7 percent stake.

Heidelberger has acquired a total of 60.62 percent of Indocement
stake for as much as US$370 million, while the Indonesian Bank
Restructuring Agency has disposed of up to 20 percent of its
shares under the Salim Group with a per share value of Rp1,900,
the report said.


INDOMOBIL SUKSES: Plans To Issue Rp319.9-B CBs
----------------------------------------------
PT Indomobil Sukses International is setting plans to issue
convertible bonds worth Rp319.9 billion, the proceeds of which
would be used to purchase additional shares in PT Garuda Mataram
Motor, PT Indobuana Autoraya, and PT National Motors Company,
The Asian Wall Street Journal reported Wednesday.

According to the Journal, the proceeds to be generated from the
bond issue will then be transferred to the Indonesian Bank
Restructuring Agency to pay off debts owed by the three firms to
creditors.

Indobuana Autoraya and Garuda Mataram are both affiliates of
Indomobil, while National Motors is directly its unit, the
newspaper said.


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


ISUZU MOTORS: Engine Assembly Plant Spin Off Planned
----------------------------------------------------
According to company officials, Isuzu Motors Limited intends to
spin off the engine assembly plant in Tomakomai, Hokkaido by
2003. Isuzu also plans to conduct a review of its wage system  
to cut costs further, Kyodo News reported yesterday.


SOGO COMPANY: Mizushima Indicted Wednesday
------------------------------------------
Kyodo News reports that Hiroo Mizushima, the former chairman of
collapsed Sogo Company, was indicted Wednesday on charges filed
by the company's creditors that he hid assets to avoid seizure.


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K O R E A
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DAEWOO MOTOR: Poland Unit To Dismiss 800 Workers
------------------------------------------------
Daewoo Motor-Poland (DMP) is planning to fire another 800
workers, after the first layoff made early in the year, The
Digital Chosun reported yesterday. At present, DMP has a total
of 2,900 workers.

This lay off was triggered by the 37 percent decline in sales in
the last 18 months, and the recent monthly losses of over US$1
million.

Daewoo Motor, is going to sell off its 75 percent stake in the
Poland unit to a local auto firm, which is currently in talks
with creditor banks for a rescheduling of DMP's debts amounting
to US$93 million.


HYNIX SEMICON: KMCC Downgrades Credit Rating To `BB+'
-----------------------------------------------------
Korea Management Consulting and Credit Rating Corporation (KMCC)
has lowered the credit rating of Hynix Semiconductors unsecured
corporate bonds to `BB+' from `BBB-', The Korea Herald reported
yesterday. The rating is a junk bond grade, which will affect
the financing costs of Hynix.

KMCC also pulled down the credit rating of Hynix's bonds with
warrants (BW) from `BBB-' to `BB+'.


HYUNDAI ENG'G: Non-Bank Creditors Refuse Swap
---------------------------------------------
Creditors in secondary financial institutions have refused to
participate in the bailout plan for troubled construction giant
Hyundai Engineering and Construction Company (HDEC), because of
the proposed debt-for-equity swap.

These creditors failed to submit their letters of agreement by
the Tuesday deadline, as they are against the three bailout
programs proposed by HDEC major creditor Korea Exchange Bank.

The three proposals are: (i) debt-to-equity conversion and
acquisitions of common shares, all worth W1.15 trillion; (ii)
capital injection through issuance of convertible bonds worth
W750 billion; and (iii) conversion of US$50 million in bonds
with warrants into capital.


HYUNDAI GROUP: Will Dissolve Two Units
--------------------------------------
The Hyundai Group is going to dissolve its public relations (PR)
and group restructuring headquarters, The Korea Herald reported
yesterday.

"We sought to downsize the organization to a mini-team of around
10 persons, but affiliates were reluctant to accept even this
small team. We have no choice but to disband the team and
allocate one or two men to each of the affiliates," a group
official told Herald, referring to the group's PR office after
the spinning off of Hyundai Engineering and Construction (HDEC).

The restructuring office will be converted into a nonstanding
organization.

"There still remains work for the restructuring office to do,
but there's no affiliate which wants to take it over. Therefore,
we will have to allocate the officials to each subsidiary and
mobilize them when necessary," the official was quoted as
saying.


HYUNDAI PETROCHEM: Shares Sale Plan Nears Finalization
------------------------------------------------------
Creditors of Hyundai Petrochemical Company and the government
will finalize the plan to sell a stake in the company once the
due diligence on the company conducted by consulting firm Arthur
Anderson is completed around June 15, The Asian Wall Street
Journal reported Wednesday, citing Yonhap News Agency.


SHINHO STEEL: Sale May Be Delayed
---------------------------------
Creditor Morgan Stanley is demanding higher compensation for
debt holdings of Shinho Steel, which may result in the delay of
the sale of the steel company to a corporate restructuring firm,
Golden Bridge CRC, The Korea Herald reported yesterday.

The sale is scheduled to close today with the contract signing
between Shinho's creditors and Golden Bridge.

According to the report, Morgan Stanley holds 40 percent of the
secured bonds issued by Shinho Steel, which, along with pledged
assets, Korea First Bank acquired.

Citing sources close to the negotiations Morgan Stanley's demand
for higher return of its debt holding is brought about by its
plan to proceed with the liquidation of Shinho Steel and the
sale of the pledged assets.


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


ARTWRIGHT HOLDINGS: Proposes Joint Venture With Steelcase
---------------------------------------------------------
Artwright Holdings Berhad (AHB) wants to enter into a strategic
joint venture with Steelcase Incorporated for the manufacturing
and distribution of office furniture by disposing the AHB
Group's manufacturing assets and a piece of land in Puchong with
building erected thereon to a new company, Rengard Industries
Sdn Bhd (Rengard), for cash.

Concurrently, AHB will subscribe for new shares in Rengard.

AHB, as of 30 June 2000, has a capital deficiency of RM3,115,165
due to losses sustained over the past several years, while its
liabilities exceeded its assets by as much as RM37.885 million.
The company defaulted repayment of installments on its long-term
loans and hire-purchase and lease obligations. On 6 September
2000, the company and its subsidiaries entered into a debt
restructuring agreement with creditors.

Upon completion of the scheme, AHB will hold 25 percent equity
interest in Rengard while Steelcase, through Steelcase Asia
Pacific Holdings LLC (SAPH), a wholly-owned subsidiary company
of Steelcase, will hold the remaining 75 percent equity
interest.

In addition, AHB would be appointed the exclusive Steelcase
dealer in Malaysia. AHB would also continue to market, sell and
distribute products under its existing brands and exist as a
separate entity.

Against this background, Alliance Merchant Bank Berhad (formerly
known as Amanah Merchant Bank Berhad) announced that the Company
had, on 31 May 2001, entered into an agreement for the Sale and
Purchase of Assets (Asset Disposal Agreement) between AHB and
Rengard pursuant to which AHB will dispose a piece of land held
under issue document of title H.S.(D) 97304, PT32347 in the
district of Petaling, Selangor Darul Ehsan (Land) and all
buildings, structures and factory erected thereon and the
equipment and machinery to Rengard for a total cash
consideration of US$17,500,000 (RM66,500,000) (based on an
exchange rate of US$1:RM3.80).

Simultaneously with the completion of the Proposed Disposals,
the following agreements which are annexed to the Asset Disposal
Agreement will be signed:

(i) a joint venture agreement between AHB, SAPH and Rengard
(Joint Venture Agreement) whereby AHB and SAPH will participate
in a joint venture by participation as shareholders in a joint
venture company, Rengard, to carry on the business of
manufacturing, selling, distributing and marketing office
equipment, furniture and furnishings (Proposed Joint Venture);

(ii) a share subscription agreement between AHB, Steelcase and
Rengard (Share Subscription Agreement) whereby AHB and Steelcase
will subscribe for 25,000 and 74,998 new Rengard ordinary shares
of RM1.00 each representing 25 percent and 75 percent of the
enlarged issued and paid share capital of Rengard for a
subscription sum of US$4,375,000 and US$13,125,000 respectively
for a total cash consideration of US$17,500,000 (RM66,500,000);

(iii) a facility agreement between AHB and Steelcase (Facility
Agreement) whereby Steelcase will grant a loan amounting to
US$4,375,000 (RM16.63 million) to AHB with the purpose of
subscribing for 25,000 new Rengard Shares (Proposed Facility
Arrangement);

(iv) a share charge agreement between AHB and Steelcase (Share
Charge Agreement) whereby AHB will charge to Steelcase all its
rights, title to and interest in the 25,000 Rengard Shares to be
subscribed by AHB as continuing security for the due and
punctual payment of the Loan and interest accrued and for the
due and punctual performance and observance by the AHB of all
the obligations of AHB contained in the Facility Agreement, and
a promissory note and a share charge to be executed (Proposed
Share Charge);

(v) a contract manufacturing agreement between AHB and Rengard
(Contract Manufacturing Agreement) whereby AHB will appoint
Rengard as the contractor to manufacture, assemble and supply
the office furniture products using AHB's technology (Proposed
Contract Manufacturing);

(vi) a distributorship agreement between AHB and Steelcase
(Distributorship Agreement) whereby Steelcase will grant to AHB
the exclusive and non-transferable right for a period of two (2)
years to purchase from Steelcase and to market, distribute, sell
and service Steelcase office furniture products within Malaysia
to end-use customers (Proposed Distributorship); and

(vii) a tenancy agreement between AHB and Rengard (Tenancy
Agreement) whereby in consideration of the deposit sum of
RM25,000 paid by AHB to Rengard and in consideration of and
subject to the covenants contained therein, AHB will rent for
free a certain portion of the Land and the buildings erected
thereon and Rengard's furniture and fixtures for a fixed term of
five (5) years (Proposed Tenancy).

The Proposed Disposals, the Proposed Joint Venture, the Proposed
Share Subscription, the Proposed Facility Arrangement, the
Proposed Share Charge, the Proposed Contract Manufacturing, the
Proposed Distributorship and the Proposed Tenancy are
collectively referred to as the "Proposed Strategic Alliance".
The Asset Disposal Agreement, the Joint Venture Agreement, the
Share Subscription Agreement, the Share Charge Agreement, the
Facility Agreement, the Contract Manufacturing Agreement, the
Distributorship Agreement and the Tenancy Agreement are
collectively referred to as the "Agreements".

Details of the Proposed Strategic Alliance

Proposed Disposals

1.1 Details of the Proposed Disposals

On 31 May 2001, Artwright Technology Sdn Bhd (ATSB) and
Artwright Manufacturing Sdn Bhd (AMSB), wholly-owned subsidiary
companies of the Company, entered into the Asset Disposal
Agreement with Steelcase and Rengard for the purpose of
disposing the Equipment and the Land including all buildings
erected thereon to Rengard for a total cash consideration of
US$17,500,000 (RM66,500,000).

The Equipment and the Land are collectively referred to
hereinafter as the "Manufacturing Assets".

The total cash consideration of US$17,500,000 (RM66,500,000) for
the Manufacturing Assets is apportioned as follows:

(i) US$3,392,881.58 (RM12,892,950) for the Land; and

(ii) US$14,107,118.42 (RM53,607,050) for the Equipment and the
Building.

The Net Book Value (NBV) of the Land and the Building
collectively amounts to RM23.787 million while the NBV of the
Equipment amounts to RM8.451 million based on the audited
balance sheets of ATSB and AMSB as of 30 June 2000. The original
cost of investment of the Land and the Building collectively
amounts to RM25.534 million while the original cost of
investment of the Equipment amounts to RM17.575 million. Based
on the audited accounts for the financial year ended 30 June
2000, ATSB and AMSB recorded losses after tax of RM11,594,168
and RM4,158 respectively.

Rengard will not assume any liabilities of ATSB and AMSB
pursuant to the Proposed Disposals.

1.2 Status of the Equipment and the Land

The Equipment to be acquired by Rengard is to be free from all
encumbrances whatsoever and together with all rights now or
hereafter attaching thereto. The Land including all buildings
erected thereon to be acquired by Rengard is to be free from any
encumbrances and with vacant possession.

1.3 Satisfaction of the Consideration

The total cash consideration for the Proposed Disposals
amounting to US$17,500,000 is payable as follows:

(i) US$875,000 (RM3,325,000) equivalent to 5 percent of the
total consideration payable for and apportionable to the Land
which will be retained by Rengard under the provisions of the
Real Property Gains Tax Act 1976; and

(ii) US$16,625,000 (RM63,175,000) equivalent to 95 percent of
the total consideration payable upon completion of the Asset
Disposal Agreement.

1.4 Basis of the Disposal Consideration

The consideration of US$14,107,118 (RM53,607,050) for the
Equipment and the Building was arrived at through negotiations
on a willing-buyer willing-seller basis between AHB and
Steelcase after taking into consideration the audited NBV of
RM23.79 million based on the accounts of ATSB and AMSB as at 30
June 2000 and the long term earnings potential analyzed in part
by way of Economic Value Added (EVA) computation.

The consideration of US$3,392,882 (RM12,892,950) for the Land
was arrived at through negotiations on a willing-buyer willing-
seller basis between AHB and Steelcase after taking into
consideration the audited NBV of the Land in the books of AMSB
as at 30 June 2000.

The Proposed Disposals are expected to result in a gross non-
recurring gain at Group level of approximately RM34.26 million.
There is no impact at Company level.

1.5 Environmental Indemnity

Pursuant to the Asset Disposal Agreement, ATSB and AMSB will
shall jointly and severally hold harmless and indemnify Rengard
and its affiliates against any and all liabilities, losses
(including consequential losses), penalties, fines, damages,
claims, costs, expenses and legal or professional fees and
disbursements (on a full indemnity basis) incurred, suffered or
sustained by Rengard as imposed or asserted by the relevant
Malaysian legal authorities in respect of the manufacturing
facility arising by failure by ATSB, AMSB and AHB to comply with
all relevant and applicable environmental laws at any time on or
before the completion date of the Asset Disposal Agreement.

ATSB and AMSB shall procure AHB to provide the joint and several
indemnity in relation to the above to Rengard.

Proposed Joint Venture

2.1 Details of the Proposed Joint Venture

Simultaneously with the completion of the Proposed Disposals,
AHB will enter into the Joint Venture Agreement with SAPH and
Rengard whereby AHB and SAPH will participate in a joint venture
by participation as shareholders in a joint venture company,
Rengard, to carry on the business of manufacturing, selling,
distributing and marketing office equipment, furniture and
furnishings. The business and affairs of Rengard will be
conducted in the spirit of mutual confidence and co-operation.

Steelcase has nominated SAPH to be the shareholder of Rengard in
its place.

2.2 Transfer of Rengard Shares

Save with the consent of the other shareholders, AHB and SAPH
shall not transfer any Rengard Shares unless the provisions for
such transfer contained in the Joint Venture Agreement are
complied with and no shareholder shall otherwise sell, mortgage,
charge, pledge or grant options over or otherwise dispose of any
Rengard Shares or any interest therein.

The shareholder who intends to transfer or otherwise dispose of
any of its Rengard Shares or any interest in such Rengard Shares
shall, before so doing, give a notice in writing to Rengard with
a copy to the other shareholder advising of its intention to
transfer or dispose the Rengard Shares. Rengard shall then offer
the Rengard Shares to the offeree shareholder for purchase at
the price agreed by the shareholders ("Offer Price") by notice
in writing. Such offer shall be open for acceptance at any time
within a period of one (1) month from the date of the notice by
Rengard. If, at the expiry of the offer period, the offeree
shareholder has not agreed to purchase the Rengard Shares,
Rengard shall give the offeror shareholder a notice and the
offeror shareholder shall then be at liberty at any time up to
expiry of three (3) months after the giving of the notice to
transfer the Rengard Shares on a bona fide sale at any price not
less than the Offer Price provided that the offeree shareholder
and the Board of Directors of Rengard may require to be
satisfied that the Rengard Shares are being transferred in
pursuance of a bona fide sale.

2.3 Proposed Subscription

Simultaneously with the completion of the Proposed Disposals,
AHB will enter into the Share Subscription Agreement with
Steelcase and Rengard whereby AHB and Steelcase will subscribe
for 25,000 and 74,998 new Rengard Shares representing 25 percent
and 75 percent of the enlarged issued and paid share capital of
Rengard for a subscription sum of US$4,375,000 and US$13,125,000
respectively for a total cash consideration of US$17,500,000
(RM66,500,000).

In this connection, Steelcase will grant a loan of US$4,375,000
(RM16,625,000) to AHB which will be utilized by AHB to subscribe
for the 25,000 new Rengard Shares, details of which are set out
in Section 2.4 below.

The present authorized share capital of Rengard is RM100,000
comprising 100,000 Rengard Shares, of which two (2) Rengard
Shares have been issued and fully paid-up. Upon completion of
the Proposed Subscription, the issued and paid-up share capital
of Rengard will increase to 100,000 Rengard Shares.

The new Rengard Shares shall be allotted and issued to AHB and
Steelcase free of all encumbrances and shall rank pari passu in
all respects with each other and the existing Rengard Shares.

2.4 Proposed Facility Arrangement

Simultaneously with the completion of the Proposed Disposals,
AHB will enter into the Facility Agreement with Steelcase
whereby Steelcase will extend a loan of US$D4,375,000
(RM16,625,000) to AHB for the purpose of financing the Proposed
Subscription.

The Loan shall be utilized by AHB solely for the subscription of
the 25,000 new Rengard Shares to be subscribed by AHB under the
Proposed Subscription.

The Loan is conditional upon AHB receiving the approval of Bank
Negara Malaysia (BNM) for Steelcase to obtain a Ringgit-
denominated credit facility to fund the Loan. If the BNM's
approval is not obtained, the Loan shall be denominated in US$.
AHB's obligations to repay the Loan shall be evidenced by a
promissory note to be executed by AHB, the salient terms of
which are set out in Table I below.

The principal amount of the promissory note shall be due and
payable on the fifth anniversary of date of disbursement of the
Loan.

The obligations of AHB under the Facility Agreement and the
promissory note shall be secured by the Proposed Share Charge as
set out in Section 2.5 below

The principal amount due and payable at any time and interest
due and payable in respect of the promissory note on the
Maturity Date shall be partially repaid by a deduction of the
amount of the Earnout (as defined and set out in Table II below)
and, where applicable, shall be reduced by the amount of the
interest credit.

2.5 Proposed Share Charge

As mentioned in Section 2.4 above, AHB will enter into the Share
Charge Agreement with Steelcase whereby AHB will charge to
Steelcase all its rights, title and interest in and to the
25,000 Rengard Shares to be subscribed by AHB as continuing
security for the due and punctual payment of the Loan and
interest accrued and for the due and punctual performance and
observance by the AHB of all the obligations of AHB contained in
the Facility Agreement, and the promissory note and the share
charge to be executed.

The Share Charge Agreement shall become effective upon AHB
becoming the legal owner of the 25,000 Rengard Shares to be
subscribed by AHB and shall continue in full force and effect
until it is discharged by agreement in full satisfaction upon
payment of the Loan and discharge of all of AHB's other
liabilities and obligations under the Facility Agreement, and
the promissory note and the share charge to be executed.

2.6 Proposed Contract Manufacturing

Simultaneously with the completion of the Proposed Disposals,
AHB will enter into the Contract Manufacturing Agreement with
Rengard whereby AHB will appoint Rengard to manufacture,
assemble and supply the products which are listed in the said
agreement.

The relationship of AHB with Rengard established under the
Agreement is that of independent contractors only, and nothing
contained in the Agreement shall create any relationship of
agency or partnership between the Customer and the Contractor.

Under the Agreement, AHB will grant to Rengard a non-exclusive
license in Malaysia to utilize such of the technology made
available to Rengard by AHB according to AHB's sole discretion
for the manufacture and assembly of the Products at Rengard's
factory only.

Concurrently, Steelcase will enter into a contract manufacturing
agreement with Rengard for Rengard's appointment to manufacture,
assemble and supply the products set out in the agreement upon
terms and conditions identical to the Contract Manufacturing
Agreement.

2.7 Proposed Distributorship Arrangement

Simultaneously with the completion of the Proposed Disposals,
AHB will enter into the Distributorship Agreement with Steelcase
whereby Steelcase will grant AHB the exclusive and non-
transferable right for a period of two (2) years to purchase
from Steelcase and to market, distribute, sell and service
Steelcase office furniture products as set forth in the
Distributorship Agreement within Malaysia to end-use customers
unless sooner terminated in accordance with the terms of the
Distributorship Agreement.

At the request of AHB, Steelcase will make catalogues and other
promotional literature available to AHB, at AHB's expense, to
enable AHB to promote, solicit and obtain orders for the
Products.

2.8 Proposed Tenancy

Simultaneously with the completion of the Proposed Disposals,
AHB will enter into the Tenancy Agreement with Steelcase
whereby, in consideration of the deposit sum of RM25,000 paid by
AHB to Rengard and in consideration of and subject to the
covenants contained therein, AHB will rent for free a certain
portion of the Land and the buildings erected thereon and
Rengard's furniture and fixtures (collectively, the Demised
Premises) for a fixed term of five (5) years.

The deposit of RM25,000 shall be used by Steelcase towards the
payment of water, telephone, sewage, electricity and other
utilities charges maintained during the term of the Tenancy
Agreement and shall be refunded to AHB less all bills
outstanding and/or such sum as may then due to Steelcase within
fourteen (14) days upon expiration or sooner termination of the
Proposed Tenancy.


Information on Rengard, Steelcase, ATSB and AMSB

Information on Rengard

Rengard was incorporated in Malaysia on 9 December 2000 under
the Companies Act, 1965. The present authorized share capital of
Rengard is RM100,000 comprising 100,000 Rengard Shares, of which
two (2) Rengard Shares have been issued and fully paid-up.

Rengard is presently a dormant company. Rengard was established
as a joint venture company to carry out the business of
manufacturing office equipment and furniture upon completion of
the proposed acquisition of the Manufacturing Assets, the Land
and the Buildings from AHB.

Information on Steelcase

Steelcase was incorporated in 1912 in Grand Rapids, Michigan,
United States of America, under the name of Metal Office
Furniture Company and assumed its present name in 1954.
Steelcase has been publicly traded on the New York Stock
Exchange since 18 February 1998. The company is headquartered in
Grand Rapids, Michigan.

Steelcase's total market capitalization amounts to approximately
USD2 billion as at 31 May 2001. For the 1999 fiscal year,
Steelcase's net sales, including unconsolidated joint ventures,
were in excess of RM3 billion.

The products of Steelcase include metal and wood office
furniture, systems furniture, seating, computer support
furniture, office and lounge seating, desks, filing, casegoods
and storage cabinets, tasks lighting and accessories.

Steelcase and its subsidiary companies and joint ventures have
more than 50 manufacturing plants located in 15 countries, of
which 24 manufacturing plants are located in the United States,
six (6) in France, three (3) in the United Kingdom, two (2)
plants each in Brazil, Germany and Morocco, and one (1) each in
Australia, Canada, Colombia, India, Japan, Mexico, Spain,
Portugal, Saudi Arabia, and Thailand. The company also has about
650 independent dealers world-wide.

Information on ATSB

ATSB was incorporated in Malaysia on 25 November 1987 under the
Companies Act, 1965. The present authorized share capital of
ATSB is RM5,000,000 comprising 5,000,000 ordinary shares of
RM1.00 each, all of which have been issued and fully paid-up.

ATSB is principally involved in the manufacturing and trading of
drafting equipment, office furniture and specialized computer
furniture.

Information on AMSB

AMSB was incorporated in Malaysia on 24 November 1987 under the
Companies Act, 1965. The present authorized share capital of
AMSB is RM50,000 comprising 50,000 ordinary shares of RM1.00
each, all of which have been issued and fully paid-up.

AMSB is presently a dormant company.

Other Salient Terms of the Agreements

Further to the Sections 1 and 2 above, other salient terms of
the Agreements are summarized below:

Asset Disposal Agreement

The Asset Disposal Agreement sets out the terms and conditions
for the disposal of the Equipment and the Land by ATSB and AMSB
respectively to Rengard. The salient terms of the Asset Disposal
Agreement include the following:

(i) The Asset Disposal Agreement is conditional upon the
application by Rengard for a manufacturing license under the
Malaysian Industrial Coordination Act 1975 and the approval and
issue to Rengard of such manufacturing license by the MITI on
terms and conditions acceptable to Rengard for the manufacturing
of office furniture;

(ii) Rengard agrees that the persons currently employed by ATSB
and AMSB and/or AHB (Manufacturing Employees) for any purpose
relating to or ancillary to carrying on manufacturing activities
presently undertaken by ATSB and AMSB and/or AHB shall be
offered employment with Rengard with effect from the completion
date of the Asset Disposal Agreement on terms no less favorable
than those enjoyed with ATSB and AMSB as at the date of the
Asset Disposal Agreement;

(iii) The approval of the chargee banks and the creditors of AHB
which are parties to the Debt Restructuring Agreement dated 6
September 2000 is obtained for the sale and purchase of the
Manufacturing Assets free and clear of all encumbrances in
accordance with the terms of the Asset Disposal Agreement; and
the full and effective discharge of all encumbrances on the
title to any of the Manufacturing Assets;

(iv) The rate of exchange between the USD and Ringgit Malaysia
shall remain within a band of plus or minus 20% from the rate of
US$1.00 to RM3.80 at all times from the date of signing of the
Asset Disposal Agreement up to the date of fulfillment of all
other conditions precedent to be satisfied under the Asset
Disposal Agreement;

(v) Rengard undertaking and completing and Rengard notifying
AMSB and ATSB in writing by 7 June 2001 of Rengard's
satisfaction as to the results of the due diligence
investigation;

(vi) Not less than 80% of each category of the Manufacturing
Employees of ATSB and AMSB and/or AHB having signed the
Conditional Notice of Cessation and Re-engagement and signed and
accepted the Conditional Employment Contract;

(vii) During the pre-completion period of the Asset Disposal
Agreement, ATSB and AMSB shall not, without the prior consent in
writing from Rengard:

(a) sell, transfer, convey, charge, mortgage, issue, license,
exchange, or deal with the Manufacturing Assets or any part
thereof in any way;

(b) enter into any reconstruction, consolidation, merger or
amalgamation or the engagement in a partnership or joint venture
with any other company, firm, person or persons which shall
affect the Manufacturing Assets or the ability of ATSB and AMSB
to sell the Manufacturing Assets to Rengard; and

(c) create any fixed or floating charge, lien or other
encumbrances of whatsoever nature over the whole or part of the
Manufacturing Assets.

Joint Venture Agreement

The Joint Venture Agreement sets out the agreement between AHB,
Steelcase Asia Pacific Holdings LLC and Rengard as shareholders
in the latter and the conduct of their relationship as
shareholders of Rengard. The salient terms include the
following:

(i) Unless otherwise agreed by the shareholders of Rengard, the
Board of Rengard shall comprise four (4) directors during the
first five (5) years, each shareholder being entitled to appoint
two (2) directors. Thereafter, the number of directors that each
shareholder is entitled to appoint shall be in accordance with
the proportion of shareholding the shareholder holds in Rengard;

(ii) The Chairman, who shall have a casting vote, shall be a
director appointed by Steelcase;

(iii) Any purported transfer of Rengard Shares in violation of
the Joint Venture Agreement shall be void and of no force or
effect, and no such transfer shall be made or recorded on the
books of Rengard;

(iv) The capital structure of the Company shall remain at 25
percent and 75 percent equity interest held by AHB and Steelcase
respectively unless varied to comply with any laws, regulation,
directive or policy of any government or other relevant
authority and pre-emptive rights shall prevail;

(v) A management team shall be appointed to manage the day-to-
day running of the business and operations of Rengard. The
management team shall be accountable to the board of Directors.
Steelcase shall appoint a Plant Manager who shall head the
management team;

(vi) The shareholders of Rengard shall conduct business in the
best interests of Rengard on sound commercial profit-making
principles so as to generate maximum maintainable volume sales;

(vii) A provision for Earnout as discussed in Section 4.3 below;

(viii) Rengard is to declare dividends from its entire net
distributable profits for the first five (5) years of operations
unless there is (a) insufficient cash available for
distribution; (b) there is insufficient tax franking credits to
frank out dividends or (c) such net profits are required to be
reinvested in Rengard; and

(ix) AHB and its subsidiary companies are to place all
manufacturing orders for all office furniture products with
Rengard at a cost plus basis.

Share Subscription Agreement

The Share Subscription Agreement provides for the simultaneous
subscription of new Rengard Shares by Steelcase (through
Steelcase Asia Pacific Holdings LLC) and AHB in the proportion
of 74,998 and 25,000 new Rengard Shares representing 75 percent
and 25 percent equity interest in the enlarged share capital of
Rengard respectively. The salient terms of the Share
Subscription Agreement include the following:

(i) The new Rengard Shares are to be issued free from all
encumbrances;

(ii) The two (2) subscriber shares are to be transferred to
Steelcase or its nominees; and

(iii) The exchange rate of US$1.00 to RM3.80 remains
substantially unchanged.

Facility Agreement

The Facility Agreement sets out the terms of the Loan to be
granted by Steelcase to AHB amounting to US$4.375 million
(RM16.625 million) to be evidenced by a promissory note to be
executed by AHB. The salient terms of the Facility Agreement
include the following:

(i) AHB shall utilize the Loan solely for the subscription of
the 25,000 new Rengard Shares contemplated under the Share
Subscription Agreement;

(ii) In order for Steelcase to extend the Loan, there shall be
no material adverse change in the financial condition or
business of AHB, nor any material decline in the market value of
a substantial portion of the assets of AHB, as determined by
Steelcase;

(iii) The reduction of the principal amount due and payable in
respect of the promissory note by deduction of the Earnout is
conditional upon the following:

(a) there are no monies owing by AMSB and ATSB to Rengard
pursuant to the Environmental Indemnity (defined in 2.1.5 above)
given by AMSB and ATSB to Rengard under the Asset Disposal
Agreement;

(b) if, as at the Maturity Date, there are monies owing by AMSB
and ATSB to Rengard pursuant to the Environmental Indemnity,
Steelcase agrees that the cumulative Earnout shall firstly be
applied towards the reduction of the liability of AMSB and ATSB
in respect of the Environmental Indemnity and any remainder
shall be applied towards the reduction of the principal amount
due and payable in respect of the promissory note on the
Maturity Date;

(c) at the Maturity Date, the EVA of Rengard on a cumulative
basis for the first five (5) years must be greater than zero;
and

(d) in the event the EVA of Rengard for any particular year
after reaching positive EVA on a cumulative basis is less than
zero, the cumulative EVA for each of the subsequent years
following that particular year must also be greater than zero,
otherwise all previous Earnout are lost.

Share Charge Agreement

The Share Charge Agreement sets out the terms under which AHB
will charge its 25,000 Rengard Shares to Steelcase. The salient
terms of the Share Charge Agreement include the following:

(i) AHB undertakes and agrees with Steelcase that, throughout
the continuance of the Share Charge or so long as the Loan or
any part thereof remains owing, AHB shall, unless otherwise
agrees in writing, at all times remain the legal and beneficial
owner of its Rengard Shares and not create or attempt or agree
to create or permit to arise or exist any charge over all or any
part of its Rengard Shares or any interest therein or otherwise
assign, deal with or dispose of all or any part of the Rengard
Shares;

(ii) Upon an event of default as prescribed in the agreement,
Steelcase or its nominees may, after issuing a written a notice
of demand, sell, Steelcase shall be entitled to the legal and
beneficial interest of AHB's Rengard Shares as full and final
settlement of the indebtedness and all other obligations and
liabilities of AHB under the Facility Agreement, and the
promissory note and the share charge to be executed; and

(iii) Upon foreclosure of AHB's Rengard Shares, Steelcase shall
be entitled to deal with the said Rengard Shares in whatsoever
manner as Steelcase may in its absolute discretion think fit.

Contract Manufacturing Agreement

The Contract Manufacturing Agreement sets out the term and
conditions of AHB's appointment of Rengard to manufacture,
assemble and supply the products which are listed in the said
agreement. The salient terms of the Contract Manufacturing
Agreement include the following:

(i) The relationship of AHB with Rengard established by the
Contract Manufacturing is that of independent contractors only,
and nothing contained in the Contract Manufacturing Agreement
shall create any relationship of agency or partnership between
AHB and Rengard;

(ii) Rengard shall ensure that it will not sell or supply or
procure the sale or supply, or attempt to sell or supply or aid
any third party in the sale and supply of the Products to any
third party apart from to AHB and/or its Affiliates (except at
the written direction of AHB and/or its Affiliates);

(iii) AHB will grant to Rengard a non-exclusive license in
Malaysia to utilize such of the technology made available to
Rengard for the manufacture and assembly of the Products at its
factory only; and

(iv) All discoveries and/or improvements made by Rengard which
pertain to the Product and the technology and any information
concerning the same of which comes into the possession of
Rengard shall forthwith be disclosed in confidence to AHB and
shall belong to and be the absolute property of AHB including
the right to apply for and own intellectual property and/or
industrial property deriving therefrom without further payment
to Rengard for any invention concerning the same and made during
the continuance of the Contract Manufacturing Agreement.

Distributorship Agreement

The Distributorship Agreement sets out the terms and conditions
upon which Steelcase will grant AHB the exclusive and non-
transferable right for a period of two (2) years to purchase
from Steelcase and to market, distribute, sell and service
Steelcase office furniture products as set forth in the
Distributorship Agreement within Malaysia to end-use customers,
unless sooner terminated in accordance with the terms of the
Distributorship Agreement. The salient terms of the
Distributorship Agreement include the following:

(i) AHB may not market, distribute and sell the Products to a
customer for resale by the customer save and except for the
marketing, distribution and sale of the Products by AHB to its
authorized dealers;

(ii) In respect of sales within Malaysia, Steelcase reserves the
right to sell the Products directly to end-use customers only;
and

(iii) AHB's exclusive and non-transferable right to market,
distribute, sell and service the Products in Malaysia is subject
to Steelcase's agreement to AHB's business plan and AHB's
achievement of an annual volume of sales of the Products as
provided in the Distributorship Agreement. For the first year of
the Distributorship Agreement, the volume of sales of the
Products to be achieved by AHB shall not be less than
US$500,000. For the second year of the Distributorship
Agreement, the volume of sales of the Products to be achieved by
AHB shall not be less than US$1,000,000.

Tenancy Agreement

The Tenancy Agreement sets out the terms and conditions with
regard to the rental of the Demised Premises by AHB from
Rengard. The salient terms of the Tenancy Agreement include the
following:

(i) AHB shall not without Rengard's prior written consent
assign, sublet or part with possession of the Demised Premises
or any part thereof to any third party; and

(ii) Upon expiration of the term of the initial tenancy, AHB and
Rengard may mutually agree to extend the tenancy for such a
period of time at a monthly rental based on the prevailing
market rate as determined by an independent valuer.

Utilization of Proceeds

The Proposed Disposals will raise gross proceeds amounting to
US$17,500,000 (RM66,500,000). The proceeds will be utilized to
repay bank borrowings and hire purchase obligations of the AHB
Group, corporate expenses, working capital and taxes including
real property gains tax. The actual amount to be utilized to
repay specific bank borrowings and hire purchase obligations
will determined upon reaching an agreement with the respective
financial institutions and hire purchase creditors. A further
announcement will be made upon completion in negotiating with
the financial institutions and hire purchase creditors.

Rationale for the Proposed Strategic Alliance

The Proposed Strategic Alliance is expected to add value to both
Steelcase and the AHB Group as it would enable Rengard, in which
AHB will have a 25 perecent equity stake, to capitalize on the
manufacturing experience, international know-how and negotiation
leverage. The Steelcase Group is believed to be the largest and
leading office furniture leader in the world. The Proposed
Strategic Alliance would also enable the AHB Group to increase
its product range and product offering as AHB would be the
exclusive Steelcase dealer in Malaysia.

The Proposed Strategic Alliance would also enable the Group to
realize a gross non-recurring gain at Group level of RM34
million and gross cash inflow of US$17.50 million (RM66.50
million), which together with the Proposed ICULS Issue (defined
below) would provide a comprehensive financial solution to the
Group's debt and liquidity issue.

Status of proposals previously announced by AHB

On 30 September 1999, Alliance, on behalf of AHB, announced the
following:

(i) a proposed bonus issue of 6,656,667 new AHB Shares on the
basis of one (1) new AHB Share for every three (3) existing AHB
Shares held on a date to be determined;

(ii) a proposed renounceable rights issue of 13,313,333 new AHB
Shares at an issue price of RM1.40 per new AHB Share payable in
full on acceptance, on the basis of two (2) new AHB Shares for
every three (3) existing AHB Shares held, together with
13,313,333 new free warrants issued on the basis of two (2) new
free warrants for every three (3) existing AHB Shares held on a
date to be determined (Proposed Rights Issue with Warrants); and

(iii) a proposed executives' share option scheme (Proposed
ESOS),

(collectively referred to as the Initial Proposals).

Further, on 20 July 2000, AHB, on behalf of AHB, announced the
following:

(i) a proposed voluntary debt restructuring scheme involving
debts of AHB and four (4) of its subsidiary companies owing to
certain financial institutions and non-financial institutions
amounting to approximately RM80,511,700 (Proposed Debt
Restructuring); and

(ii) a proposed issue of RM14,410,000 new nominal value 5-year
5.5% irredeemable convertible unsecured loan stocks as follows:

(a) RM14,250,000 new nominal value irredeemable convertible
unsecured loan stock (ICULS) as part settlement of approximately
50 percent of unsecured debts amounting to RM28,769,910 to
unsecured creditors; and

(b) RM160,000 new nominal value ICULS in respect of 50 percent
of a bank guarantee facility converted into unsecured debt
amounting to RM320,000 to a financial institution (collectively
referred to as the Proposed ICULS Issue).

The Initial Proposals were approved by the Securities Commission
(SC) on 13 December 1999. The shareholders of AHB had also
approved the Initial Proposals and Proposed ICULS Issue at an
extraordinary general meeting (EGM) held on 22 December 2000.
The SC had also approved an extension of time for implementing
the Initial Proposals by 30 June 2001. The Proposed ICULS Issue,
which is subject to SC's approval, is pending.

As a result of the Proposed Strategic Alliance, the Board will
decide whether to proceed with the Initial Proposals at a later
date after consultation with the respective financial
institutions and hire purchase creditors with whom the AHB Group
has financial obligations that are proposed to be repaid via the
proceeds therefrom. Nevertheless, the Board proposes to complete
the Proposed ICULS Issue.

Further, the voluntary Proposed Debt Restructuring agreement
would expire today. In view of the Proposed Strategic Alliance,
the Company proposes to hold immediate discussions with
creditors with a view to amend and vary such terms as may be
necessary, including extending the amended Proposed Debt
Restructuring retrospectively. A public announcement will be
made in due course upon completion of negotiation with
creditors.

The Company is presently designated an affected listed issuer
under Practice Note No. 4 issued by the Kuala Lumpur Stock
Exchange (KLSE). Upon completion of the Proposed Strategic
Alliance, the Proposed Bonus Issue, the Proposed Rights Issue
with Warrants, the Proposed ICULS Issue and the Proposed ESOS,
the Company would apply to the KLSE to have it removed from such
designation.

Effects of the Proposed Strategic Alliance

Share Capital

The Proposed Strategic Alliance will not have any effect on the
issued and paid-up share capital of the Company.

Earnings

Based on the book value of the assets to be disposed as at 30
June 2000, the Proposed Disposals are expected to result in a
gross non-recurring gain at AHB Group level of approximately
RM34.26 million before expenses and taxes. The Proposed
Disposals would have no material effect on the earnings at
Company level.

The Proposed Strategic Alliance is not expected to have any
material effect of the earnings of the AHB Group for the
financial year ending 30 June 2001, aside from the non-recurring
gain, as it is not expected to be completed in the current
financial year. However, the Proposed Strategic Alliance is
expected to contribute positively for the financial year ending
30 June 2002 and beyond.

Net Tangible Assets (NTA)

The effects of the Proposed Strategic Alliance on the NTA of the
AHB Group based on the audited consolidated balance sheet
accounts as at 30 June 2000 assuming the Proposed Strategic
Alliance was completed on that date is set out in Table III
below.

Shareholding Structure

The Proposed Strategic Alliance will not have any effect on the
shareholding structure of AHB.

Approvals Required

The Proposed Strategic Alliance is subject to the following
approvals:

(i) the SC for the Proposed Disposals and issuance of the
promissory note to Steelcase;

(ii) the BNM for the Proposed Facility Arrangement;

(iii) the Foreign Investment Committee for the Proposed
Subscription and Proposed Disposals;

(iv) the Ministry of International Trade & Industry for the
Proposed Disposals;

(v) the shareholders of AHB at an EGM to be convened in respect
of the Proposed Strategic Alliance; and

(vi) any other relevant authority.

In addition, the Agreements are inter-conditional upon each
other.

Interests of Directors, Substantial Shareholders and Connected
Persons

In so far as the Board of Directors is aware, none of the
Directors and/or substantial shareholders of AHB and persons
connected to the Directors or substantial shareholders of AHB
under Section 122A of the Companies Act 1965 has any interest,
direct or indirect, in the Proposed Strategic Alliance.

Statement by the Board of Directors

Having considered all aspects of the Proposed Strategic Alliance
and the terms and conditions of the Agreements, the Board of
Directors of AHB is of the opinion that the Proposed Strategic
Alliance is in the best interests of the Company and its
shareholders.

Application to the Authorities

The relevant application to the authorities pertaining to the
Proposed Strategic Alliance will be made within four (4) months
from the date of this announcement.

Adviser

Alliance has been appointed as adviser to AHB for the Proposed
Strategic Alliance.

Document for inspection

The Agreements and the Valuation Report relating to the Land may
be inspected at the registered office of AHB at Suite 11.1A,
Level 11, Menara Weld, 76 Jalan Raja Chulan, 50200 Kuala Lumpur,
from Mondays to Fridays (except public holidays) during business
hours up to and including the date of the EGM.

Table I: Salient Terms of the Promissory Note

Loan obligation: US$4,375,000
Tenure: Five (5) years from the date of disbursement of the
Loan.
Principal and Payments: AHB shall repay all outstanding
principal on the Maturity Date.

Principal, interest and any other sums payable under this Note
shall be payable in lawful money of the United States if the
Loan is denominated in United States currency or shall be
payable in the lawful money of Malaysia, if the Loan is
denominated in Ringgit Malaysia and by immediately available
funds.

Interest rate: Interest shall accrue on the outstanding
principal balance of the Loan at an annual rate of 6.75% if the
Loan is denominated in United States currency. If the Loan is
denominated in Ringgit Malaysia, interest of cost of funds plus
a margin of 0.5% per annum shall accrue, provided always that if
there are additional administrative charges and costs incurred
by the Lender in connection with the credit facility obtained by
the Lender to fund the Loan, the Lender reserves its right to
increase the margin. Interest shall be calculated based on a
quarter-yearly basis upon a 365 and a quarter day year, based
upon the actual days elapsed and arrears.

Default interest rate: Upon the occurrence of an event of
default (and effective for so long as such default continues
unremedied), the interest rate shall be 2 percent per annum over
the interest rate set forth above, which would otherwise be in
effect at the time of such time of such default. The default
interest shall be paid in Ringgit Malaysia (if the Loan is
denominated in Ringgit Malaysia) or United States currency (if
the Loan is denominated in United States currency).

Dividends: AHB shall be obligated to pay any dividends
distributed by Rengard from time to time, which are accruing to
Rengard from time to time, which are accruing to AHB toward any
liability of AMSB and ATSB in respect of the Environmental
Indemnity and any remainder shall be applied towards the
reduction of the principal amount due and payable in respect of
the promissory note.

Events of default: An event of default which has occurred and is
continuing under the Facility Agreement shall, at the option of
the holder of the promissory note, followed by a notice of
demand issued and delivered in accordance the Facility Agreement
will result in all sums of outstanding, interest and principal
under the promissory note immediately due and payable

Table II: Salient Terms of the Earnout

The "Earnout" is a cumulative amount, subject to a maximum of
US$4,125,000, calculated annually as follows (assuming Rengard
is positive EVA on a cumulative basis and remains positive EVA
thereafter through the Maturity Date or the Exit Date, whichever
is applicable). If an annual EVA is negative in any year
subsequent to a year in which an Earnout is derived, the Earnout
for the prior year shall be reduced by proportion of the
negative Earnout resulting from the negative EVA accordingly:

Earnout = AHB Volume x EVA
  Rengard Volume  

where:

"AHB Volume" means the annual turnover of AHB during the tenure
of the promissory note, calculated based on the audited accounts
of Rengard.

"Rengard Volume" means the annual turnover of Rengard, during
the tenure of the promissory note, calculated based on the
audited accounts of Rengard.

"EVA" means the excess of the Annual Net Operating Profit After
Tax over the Required Return on Capital Invested.

"Annual Net Operation Profit After Tax' means the annual amount,
during the tenure of the promissory note, of the net operating
profit or loss of Rengard as calculated based upon the audited
accounts of Rengard for the period which shall be prepared in
accordance with United States generally accepted accounting
principles.

"Required Return on Capital Invested" means 15 percent of the
aggregate amount of capital invested in Rengard (Capital
Invested) for each year during the tenure of the promissory
note.

"Capital Invested" means the total initial capital invested by
SAPH and AHB in Rengard pursuant to the Share Subscription
Agreement plus:

(i) any further loan amount advanced to Rengard existing from
time to time from any financial institution which entails
Steelcase providing a corporate guarantee in respect of such
loan;

(ii) any further loan amount advanced to Rengard by the Lender
or SAPH existing from time to time;

(iii) any further increase in the share capital of Rengard;

less any dividends declared by Rengard in that year.


GADEK (MALAYSIA): Facing Suit For Non-Payment Of RM736-M
--------------------------------------------------------
Gadek (Malaysia) Berhad, a unit of DRB-Hicom Berhad, has been
hit with suits filed against the company by eight domestic and
foreign creditor banks after the company failed to pay a total
of RMK736.66 million under a guarantee facility agreement dated
March 18, 1996, The Edge Daily reported Wednesday. The bank
redeemable guaranteed bonds matured on March 20, 2001.

The banks are Commerce International Merchant Bankers Bhd,
Oversea-Chinese Banking Corporation Bhd, Public Bank Bhd,
Maybank International (L) Ltd, Bayerische Landesbank
Girozentrale, Sanwa Bank Limited, RHB Bank Bhd and Bumiputra-
Commerce Bank Bhd.

These banks sought legal process to demand payment on claims of
up to RM319.54 million and US$109.77 million, including
interests. The writ of summons was filed with the Kuala Lumpur
High Court.


IDRIS HYDRAULIC: Denies Media Reports On Forced Sale
----------------------------------------------------
Idris Hydraulic (Malaysia) Berhad admits the fact that 30.02
percent stake in Prime Utilities Berhad (PUB) is charged to
Arab-Malaysian Merchant Bank Berhad (AMMBB) and Arab-Malaysian
Bank Berhad (AMBB), but has no knowledge of the forced sale of
the company's stake in PUB by AMMBB and AMBB. The company will
make an official announcement once the event occurs.

Under the Corporate Debt Restructuring Committee scheme, certain
portions of the sale proceeds of any assets disposed by the
Company will be given proportionately to all creditors and in
accordance with the Debt Restructuring Agreement.

The company also has no knowledge of the approximately RM110
million tossed around as sale price.

Background

Idris Hydraulic's headquarters if located at the 4th Floor, No.
2, Jalan Dewan Sultan Sulaiman 1 Off Jalan Tuanku Abdul Rahman
50728 Kuala Lumpur (tel. no.: 03-26917988; fax: 03-26917966).

The Company 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.


L&M CORP: Default Payments Reach RM188.8-M
------------------------------------------
The Board of Directors of L & M Corporation (Malaysia) Bhd posts
update on the status of default in payments by the L&M Group. As
of 31 May 2001, the total default payments to financial
institutions in respect of various credit facilities by L&M
Group is RM188,809,126.60.

The Company has taken steps to address the default by way of
undergoing a corporate and debts restructuring scheme governed
by Section 176 of the Companies Act 1965. The lenders of the
Company have sanctioned the Scheme at the court-convened
creditors meeting held on 17 January 2001.

Background

The company's headquarters is located at No. 6, Persiaran
Kerjaya (Jln Glenmarie) Seksyen U1, 40150 Shah Alam Selangor
Darul Ehsan (Tel : 03-531 8318, 554 6888; Fax : 03-531 8325)

On 29 May 2000, the High Court granted the Company a restraining
and stay order pursuant to section 176 of the Companies Act,
1965 which has been extended.

On 22 November 2000 the Company filed an application for another
extension for a further period of 90 days from 1 December 2000
to 28 February 2001.

Meanwhile, L&M proposes undertaking a restructuring scheme which
involves: transfer of its listing status to Eastern Atlas Bhd
(EAB), a newly incorporated company, disposal of the entire
equity interests in L&M Geotechnic Sdn Bhd (LMG) and L&M
Instrumentation Sdn Bhd (LMI) to EAB, rights issue, composite
scheme of arrangement with financial institutions and trade and
other creditors of L&M and/or LMG and/or the subsidiaries of L&M
with corporate guarantees from L&M encompassing five separate
schemes of arrangement, acquisition by EAB of the entire equity
interests in Satujaya Sdn Bhd, Kayman Integrated Sdn Bhd and
Vistashine Sdn Bhd, liquidation of the remaining subsidiaries of
L&M, excluding LMG and LMI, and listing of EAB on KLSE.

L&M and its companies had mainly provided specialised
engineering and construction services. Currently, other than the
Pelabuhan Tanjung Pelepas Project undertaken by L&M Geotechnic
Sdn Bhd, there are neither any on-going projects nor new
projects secured by other subsidiary companies.

Subsidiaries L&M Piling Sdn Bhd and L&M Prestressing Specialist
Sdn Bhd were wound up by creditors on 1 June 2000 and 5 July
2000 respectively.


LAND & GENERAL: Workout Includes Assets Disposal
------------------------------------------------
Land & General Berhad said the L&G's debt restructuring
proposals which were previously announced earlier to the Kuala
Lumpur Stock Exchange, involve the divestment of non-core assets
and investments to raise cash proceeds to meet debt commitment
and to utilize any balance thereof to finance the core property
development activities of the L&G Group.

The World Trade Center, Melbourne is included in L&G's
divestment list. The divestment program covers numerous non-core
assets over a period of seven years. Should there be a need, L&G
will make the appropriate announcement promptly if any deal is
concluded in any of the disposals of its non-core assets and
investments.

Background

Originally a sawmiller, trader in sawn timber and also a
manufacturer and trader in timber mouldings, the Group has since
expanded its activities to include real estate development,
timber logging and downstream processing, manufacturing of
polyvinyl chloride resins, compound and PVC products, marine
transportation and support services to the oil and gas sector,
education, and high technology.

Among its property development projects are Bandar Sungai Buaya,
Lembah Beringin and Bandar Sri Damansara.

The Group has logging rights to 195,000 ha of timber concessions
in Papua New Guinea which are logged through an approved process
of selective logging and could last for at least 15 years. In
Indonesia, the Group has access to approx. 800,000 ha of timber
for the supply of logs. The Group also has saw milling and kiln
drying operations in Fiji.

The Group's PVC operations produce 55 percent of the country's
PVC resin output and control 85 percent of the specialized PVC
compound market. Its PVC manufacturing facility has a production
capacity of 27,000 m/t per annum, with one of the largest vinyl
chloride monomer (VCM) storage tanks in the world.

The main PVC subsidiary, Perlis Consolidated Sdn Bhd, is
principally involved in the manufacturing and marketing of PVC
flooring and sheets.

The Group's furniture business is undertaken by its wholly-owned
subsidiary, Lang Furniture (Selangor) Sdn Bhd which specialises
in rubberwood furniture of which over 90 percent is exported.
The Company owns and runs its furniture factory in Pandamaran,
Selangor.

Education operations provide quality educational facilities and
services from kindergarten stage to tertiary level. The Group
has to-date established Sekolah Bestari, a private school, and
Manjaria Kindergarten at Bandar Sri Damansara.

The Group's interest in the oil and gas industry is represented
mainly by its shareholding in listed company Bumi Armada Bhd
(BAB). Through subsidiary Bumi Armada Navigation Sdn Bhd, the
Group provides marine transportation, tanker operations and
marine support services for the offshore oil and gas industries
of East and West Malaysia and Brunei.

On 3 February 2000, the Company announced that it is undertaking
a debt restructuring exercise involving the restructuring and
rescheduling of approx. RM529 million of its existing loans and
facilities; trade creditors extending the repayment period and
part payment to some trade creditors from the property
development subsidiaries of the Group; bondholders restructuring
and rescheduling the 4.5 percent bonds due 2004 and the
financing of the redemption of preference shares in Bandar
Sungai Buaya Sdn Bhd.


MAY PLASTICS: Exchange Admits Listing
-------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI)
say the KLSE has approved, in-principle, the following on 4 May
2001:

(i) admission to the Official List and the initial listing and
quotation for the entire enlarged issued and paid-up share
capital of KSU Holdings Berhad (KSUH) comprising 176,405,915
ordinary shares of RM1.00 each and 13,298,175 warrants of KSUH
on the Second Board of KLSE; and

(ii) additional listing of up to 13,298,175 new ordinary shares
of RM1.00 each in KSUH to be issued pursuant to the exercise of
the KSUH Warrants.

The Company had earlier announced that it has obtained the
following approvals from the following authorities/parties to
implement the Proposals:

* Securities Commission on 23 June 2000 and 7 November 2000;

* Ministry of International Trade and Industry on 19 November
1999 and 7 June 2000;

* Foreign Investment Committee on 22 October 1999 and 30 May
2000;

* Shareholders, warrantholders and scheme creditors of MPI on 22
December 2000;

* The High Court of Malaya pursuant to Section 176 of the
Companies Act, 1965 on 26 February 2001.

The Company is now in the process of implementing the Proposals.

Background

May Plastics undertakes the manufacture of plastic parts and
sub-assembly of plastic parts for the electrical, electronics
and telecommunication industries, and plastic parts of auto
accessories and other injection-moulded plastic products.

Currently, the Board has resolved to undertake a rescue-cum-
restructuring scheme (RCRS), which will involve, among others,
the formation of a new company and a management buy-out of
certain of its subsidiaries. The SC's approvals were obtained on
23 June 2000 and 7 November 2000, MITI on 7 June 2000 and FIC on
30 May 2000. Subsequently, the approval from shareholders,
warrantholders and scheme creditors was received on 22 December
2000. The High Court later sanctioned the scheme on 26 February
2001.

Upon successful completion of the proposed RCRS, the new core
business of the Group will comprise property development, which
will center around Taman Kenanga in Sepang, a 335-acre self-
contained freehold township. This will be effected through the
delisting of May Plastics and admission of KSO Holdings Bhd to
the Second Board in its stead.


SRI HARTAMAS: KLSE Publicly Reprimands Company
----------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission (SC), slapped Sri Hartamas Berhad
(SRIHART) with a public reprimand  for breach of Sections 335
and 33 of the Exchange's Main Board Listing Requirements (MBLR).

Section 335 of the MBLR stipulates that a company is required to
make immediate public disclosure of all material information
concerning its affairs, except in exceptional circumstances.

Section 33 of the MBLR stipulates that a company is required to
make an immediate announcement to the Exchange for any
application filed with a court to wind-up the company or any of
its subsidiaries.

SRIHART had breached Section 335 of the MBLR for failing to make
an immediate announcement to the Exchange for public release
when the Company's wholly-owned subsidiary, Metrolux Sdn Bhd
together with MBf Property Services Sdn Bhd were found jointly
liable by the High Court of Kuala Lumpur on 11 August 2000 for
20 percent of the damages sustained by residents of Blocks 2 and
3 of the Highland Towers. The announcement was made on 30 August
2000, after a delay of 13 market days.

SRIHART had also breached Section 33 of the MBLR for failing to
make an immediate announcement for public release when the
Company's wholly-owned subsidiary, Sri Hartamas Contractors Sdn
Bhd was served with a winding-up petition on 23 October 2000.
The announcement was made on 6 November 2000, after a delay of
nine (9) market days.

The public reprimand was imposed pursuant to Section 392 of the
MBLR after taking into consideration various relevant factors
and after consultation with the Securities Commission.

The Exchange views the above contravention seriously and hereby
cautions SRIHART on their responsibility to maintain appropriate
standards of corporate responsibility and accountability in
order to achieve greater disclosure and transparency to its
shareholders and the investing public.

Public Reprimand

Breach of Sections 335 and 33 of the Kuala Lumpur Stock Exchange
Main Board Listing Requirements

(1) In consultation with the Securities Commission and after
taking into consideration various factors, the Exchange hereby
publicly reprimands Sri Hartamas Berhad for breach of Sections
335 and 33 of the Exchange's Main Board Listing Requirements.

(2) Section 335 of the MBLR stipulates that a company is
required to make immediate public disclosure of all material
information concerning its affairs, except in exceptional
circumstances.

(3) Section 33 of the MBLR stipulates that a company is required
to make an immediate announcement to the Exchange for any
application filed with a court to wind-up the company or any of
its subsidiaries.

(4) SRIHART had breached Section 335 of the MBLR for failing to
make an immediate announcement to the Exchange for public
release when the Company's wholly-owned subsidiary, Metrolux Sdn
Bhd together with MBf Property Services Sdn Bhd were found
jointly liable by the High Court of Kuala Lumpur for 20 percent
of the damages sustained by residents of Blocks 2 and 3 of the
Highland Towers on 11 August 2000. The announcement was made on
30 August 2000, after a delay of 13 market days.

(5) SRIHART had also breached Section 33 of the MBLR for failing
to make an immediate announcement for public release when the
Company's wholly-owned subsidiary, Sri Hartamas Contractors Sdn
Bhd was served with a winding-up petition on 23 October 2000.
The announcement was made on 6 November 2000, after a delay of
nine (9) market days.

(6) The public reprimand was imposed pursuant to Section 392 of
the MBLR after taking into consideration various relevant
factors and after consultation with the Securities Commission.

(7) The Exchange views this contravention seriously and hereby
cautions the Company of their responsibility to maintain
appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.


SURIA CAPITAL: SC Extends Asset Disposal Implementation
-------------------------------------------------------
The Board of Directors of Suria Capital Holdings Berhad revealed
that the Securities Commission has, via its letter dated 31 May
2001, inter-alia, approved the proposed extension for the
implementation of the Proposed Disposal of 178,492,232 ordinary
shares of RM1.00 each, representing 100 percent of the issued
and paid-up capital of Sabah Bank Berhad for another one year
with effect from 11 June 2001.

The extension was sought to facilitate the identification of a
new business/investment by Suria.

Profile

Prior to its public listing, the Company (SCHB) undertook a
restructuring exercise, which included the acquisition of Sabah
Development Bank Bhd (SDB) and Sabah Bank Bhd (SBB).

SCHB was, until then, principally a property development
company. With the completion of the restructuring, SCHB was
transformed into an investment holding company.

In 1999, BNM directed the consolidation of the banking industry,
subsequent to which SCHB entered a MOU on 29 March 2000 with
Malaysian Plantations Bhd and Multi-Purpose Bank Bhd for the
proposed disposal of SBB.

With the disposal, SCHB would be left without a core business
activity. In light of this, SCHB is presently identifying new
assets as the replacement assets for the Group.

The Company had disposed of SDB to the State Government of Sabah
in 1999.


TECHNO ASIA: Lim, Chew Appointed As SAs Of Units
------------------------------------------------
Pursuant to Section 24 of the Pengurusan Danaharta Nasional
Berhad (Amendment) Act, 2000, Mr. Lim Tian Huat and Mr. Chew
Cheng Leong of Messrs. Arthur Andersen & Co. were appointed
Special Administrators over Techno Asia Holdings Berhad and its
subsidiary company, Prima Moulds Manufacturing Sdn Bhd on 2
February, 2001. Both Mr. Lim Tian Huat and Mr. Chew Cheng Leong
were subsequently appointed Special Administrators of the
following subsidiary companies of the Company on 30 April, 2001:

1. Mount Austin Properties Sdn Bhd
(formerly known as Westmont Mount Austin Sdn Bhd);
2. Cempaka Sepakat Sdn Bhd;
3. Ganda Edible Oils Sdn Bhd;
4. Litang Plantations Sdn Bhd;
5. Wisma Dindings Sdn Bhd;
6. Ganda Plantations (Perak) Sdn Bhd; and
7. Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Special Administrators have assumed control and taken
possession of the assets and records of the above companies.

The Special Administrators have on 20 April 2001 invited
proposals from any interested parties with credible asset
backing and relevant management expertise to participate in the
restructuring of the Company.

he proposals received from all interested parties following the
close of the tender period on 11 May 2001 are being evaluated by
the Special Administrators to facilitate a workout proposal to
be developed.

The workout proposal would be subject to an examination by an
Independent Adviser, whose role is to review the reasonableness
of the proposal, taking into consideration the interests of all
creditors (whether secured or unsecured) and shareholders.

Background

The Company carried on the business of cultivating and
processing oil palm in its early days, under the name of Central
Oil Palm Industries Sdn Bhd. The Company later evolved into an
investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations,
power generation and hotel operations.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.
The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.

Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.

In July 2000, the Company appointed a merchant bank as adviser
to a proposed restructuring exercise which is presently still
under discussion.

In September 2000, the Company received a requisition from 11
shareholders to convene an EGM to remove 5 of the directors
pursuant to the powers conferred by Section 144(3) of the
Companies Act 1965. Following an EGM on 21 November 2000, the
directors were removed and six new directors were appointed


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


NATIONAL BANK: New Board To Draw Up New Rehab Plan
--------------------------------------------------
The new board of Philippine National Bank (PNB) has agreed to
work out a new rehabilitation plan which will be hinged on the
government's present obligations with the bank, The Philippine
Star reported yesterday. However, the amount aimed to offset the
emergency loans with the Bangko Sentral ng Pilipinas (BSP or
Central Bank) has yet to be determined by the board.

The emergency loan received from the BSP last year totaled P15
billion.

According to PNB Chairman Norberto Nazareno, the new
rehabilitation plan will kick off with a debt-to-equity
conversion of about P5 billion of the P10-billion emergency loan
with Philippine Deposit Insurance Corporation (PDIC), the
newspaper said.

However, Nazareno added that only one-fifth of the outstanding
emergency loan from both the BSP and PDIC will be subjected to
the conversion, so as to keep the bank's private ownership.

Part of the remaining balance will be utilized in offsetting the
advances worth about P13.3 billion extended by PNB to the
government, while the rest will be restructured through the
issuance of a promissory note (PN) to BSP, the newspaper said.


NATIONAL POWER: P3.7-B Loss A `Funding Gap"
-------------------------------------------
According to Energy Secretary Jose Isidro Camacho, National
Power Corporation's (Napocor) estimated loss of P3.7 billion,
due to the implementation of the rate reduction as provided in
the approved power reform bill, is "more of a funding gap rather
than a loss", The Philippine Daily Inquirer reported Wednesday.

The ratified bill, which calls for a cut of P0.30 per kilowatt-
hour at the residential end-users was scheduled to be signed by
President Arroyo yesterday. The cut will result from the bill's
provision of 15- to 25-year amortization of Napocor's contracts
with independent power producers, the newspaper said.

But Camacho is confident the half-year loss of P3.7 billion
could be recouped over time through the financial restructuring
of the state-owned utility firm.

Camacho told the Inquirer, "Even the cost of the contracts with
independent power producers alone, we can recover through the
universal charge. The losses are simply a matter of timing. It's
a funding gap."


PILIPINO TELEPHONE: PLDT To Cut Stake
-------------------------------------
Philippine Long Distance Telephone Company, Inc. (PLDT) has
decided to pull out a fraction of its investment in mobile phone
subsidiary Pilipino Telephone Corporation (Piltel). Using
accounting procedures, PLDT will reduce its 58 percent stake in
Piltel, Business World reported yesterday.

An analyst at a foreign brokerage firm told the newspaper,
"Piltel will eventually no longer have an impact on PLDT's
income statement since its financials will no longer be
consolidated in the balance sheet. PLDT's investment in Piltel
will just be equitized."

The report said that PLDT's investments in Piltel preferred
stock is currently valued at P1.6 billion, and is expected to
climb to as much as P6 billion.

Last Monday, Piltel started the restructuring of its obligations
totaling P39.496 billion, or about 98 percent of its total debts
worth P40.359 billion.


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


ASIA PULP: Court Orders Payment To UBAF
---------------------------------------
The High Court of Singapore has ordered Asia Pulp and Paper to
pay US$13 million to Union de Banques Arabes et Francaises'
(UBAF), Bisnis Indonesia reported yesterday.

UBAF sought the legal proceedings with claims against APP after
it failed to fulfill its obligations on its credit facility
contract, Bisnis said.

According to the report, APP's paper companies owe debt arrears
amounting to as much as US$12.2 billion.

Also, last Monday, the same court handed down a decision on
another case against APP filed by another creditor Deutch Bank
Fortis, with claims of US$7.43 million against the pulp and
paper giant, the report said. Likewise, the court ordered APP to
pay the bank the said amount, which included APP's obligations
on credit facility contract, overdraft, and guarantee.


SPP LIMITED: Court Confirms Capital Reduction
---------------------------------------------
SPP Limited announced that the proposed capital reduction
exercise to reduce the par value of each ordinary share in the
capital of SPP Limited from $0.25 to $0.05 was confirmed May 25,
2001 by the High Court of Singapore.

At an Extraordinary General Meeting of SPP Limited held on 16
April 2001, the shareholders of the Company approved, the
reduction in the par value of each ordinary share in the capital
of the Company from $0.25 to $0.05.

The Board of Directors of the Company wishes to announce that
the Company proposes to lodge the Order of Court with the
Registrar of Companies on 8 June 2001.

The Shares will have a par value of $0.05 each on and from the
Effective Date. The listing of and quotation for the New Shares
on the Main Board of the Singapore Exchange Securities Trading
Limited (SGX-ST), in place of the same number of the original
Shares with a par value of $0.25 each, will commence with effect
from 9.00 a.m. on 11 June 2001.

Deposit of Share Certificates with The Central Depository (Pte)
Limited (CDP)

Shareholders who hold physical share certificates for the Shares
in their own names and who wish to deposit the same with CDP and
have their New Shares credited to their Securities Accounts must
deposit their Old Share Certificates, together with the duly
executed instruments of transfer in favor of CDP, no later than
five (5) days on which the SGX-ST is open for trading in
securities prior to the Effective Date.

After the Effective Date, CDP will only accept for deposit share
certificates for ordinary shares in the Company, which reflect a
par value of $0.05 each.

Shareholders who wish to deposit their share certificates with
CDP after the Effective Date must first deliver their Old Share
Certificates to B.A.C.S. Private Limited at 63 Cantonment Road,
Singapore 089758 in exchange for New Share Certificates. The New
Share Certificates will then be sent by ordinary mail to the
registered addresses of the Shareholders at their own risk
within fifteen (15) Market Days from the date of receipt of the
Old Share Certificates.

Issue of New Share Certificates

Depositors having Shares standing to the credit of their
Securities Account and Shareholders who have deposited their Old
Share Certificates with CDP at least five (5) Market Days prior
to the Effective Date need not take any action.

The Company will arrange with CDP to facilitate the exchange of
New Share Certificates pursuant to the Capital Reduction.

Shareholders who have not deposited their Old Share Certificates
as aforesaid or who do not wish to deposit their Old Share
Certificates with CDP are advised to forward all their Old Share
Certificates to the Share Registrar at 63 Cantonment Road,
Singapore 089758 as soon as possible after they have been
notified of the Effective Date and preferably, by the Effective
Date for cancellation and exchange for New Share Certificates.
The New Share Certificates will be sent by ordinary mail to the
registered addresses of the Shareholders at their own risk
within fifteen (15) Market Days from the Effective Date or the
date of receipt of the Old Share Certificates, whichever is the
latter.

Shareholders who hold physical share certificates are reminded
that their Old Share Certificates are no longer valid for
settlement of trading in the Company's Shares on the SGX-ST (as
the Company is under a book-entry (scripless) settlement system)
but will continue to be accepted for cancellation and issue of
New Share Certificates in replacement thereof for an indefinite
period by the Share Registrar. The New Share Certificates will
not be valid for delivery pursuant to trades done on the SGX-ST
although they will continue to be prima facie evidence of legal
title.

No receipt will be issued by the Share Registrar for the receipt
of the physical Old Share Certificates tendered.

Shareholders should note that New Share Certificates will not be
issued to Shareholders unless their Old Share Certificates have
been tendered to the Share Registrar for cancellation.

Please notify the Share Registrar if you have lost any of your
existing Old Share Certificates or if there is a change in your
address from that reflected in the Register of Members.

The Register of Members for the New Shares will be maintained at
63 Cantonment Road, Singapore 089758.


THAKRAL CORP: Finalizes Scheme Of Arrangement Documents
-------------------------------------------------------
As previously disclosed on 30 April 2001, Thakral Corporation
Limited announce that the documentation for the Section 210
Companies Act scheme of arrangement application to the High
Court is being finalized in consultation with its professional
advisors.


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


COUNTRY (THAILAND): Court Cancels Order For Rehab
-------------------------------------------------
The Central Bankruptcy Court Friday last week lifted its order
for property developer Country (Thailand), which has been listed
under the Rehabco Category at the Stock Exchange of Thailand, to
go into business rehabilitation, which the company's creditors
rejected early this year, Bangkok Post reports.

The company's debts now stand at Bt12.79 billion.

The plan would have entailed the repayment of 45 percent of the
sum owed to the company's homebuyers, with 5 percent to be
settled by cash repayment through a span of eight years, while
the remaining payable to be converted into equity, the report
said.


DURABLE TEXTILE: Board OKs Capital Increase
-------------------------------------------
Thai Durable Textile Public Company Limited, hereby report the
resolutions of the Board of Directors Meeting no. 3/2001 held on
5 June 2001 between 11.00 a.m. in relation to the increase of
registered capital and its allotment as follows:

1. Increase of Capital

The Board of Directors has resolved to increase the registered
capital of the Company of another Bt4,318,517,000 from the
existing registered capital of Bt700,000,000 to Bt5,018,517,000
by an issue of 431,851,700 new ordinary shares at the par value
of Bt10 each.

2. Allotment of capital increase

2.1 The Board of Directors has resolved to allot 431,851,700 new
ordinary shares at the par value of Bt10 each, totaling
Bt4,318,517,000.

2.2 To allocate 30,051,000 new ordinary shares of the par value
of Bt10 each to Bangkok Bank Public Company Limited (BBL) which
is a creditor of the Company, in accordance with the Debt
Restructuring Agreement dated 27 December 2000 and the Amendment
Agreement for the Debt Restructuring Agreement dated 24 May 2001
(Debt Restructuring Agreement) within the following periods:

(a) To allocate 18,900,000 new ordinary shares at the offering
price of Bt1 to BBL within 7 months from the execution date of
the Debt Restructuring Agreement. The terms and conditions and
other relevant  details will be determined at the discretion of
the Board of Directors; and

(b) To allocate 11,151,000 new ordinary shares at the offering
price of Bt1. In any event, the allocation of these new shares
must be completed within 12-month period from the completion of
the allocation under (a) above. The terms, conditions and other
relevant details will be determined at the discretion of the
Board of Directors.

2.3 Any unsubscribed shares remaining from the rights issue or
as a result of any fraction of shares under clause 2.1(2) (3)
and (4) may be allotted at the same offering price to the  
shareholders who subscribe for excess rights shares on the pro
rata basis by reference to the total number of unsubscribed
shares and the total number of shares subscribed under the
excess entitlements. The terms, conditions and offering details
such as the closing date of the share register book to determine
the shareholders' entitlement to the allotment of the rights
shares, the ratio of the existing shares to new ordinary shares
under the rights issue, the offering price and the subscription
period will be determined at the discretion of the Board of
Directors.

2.4 Any unsubscribed shares remaining from the rights issue
and/or as a result of any fraction of shares under 2.1(4) may be
offered in one or several tranches from time to time by way of
private placement at the offering price of Bt1 or more each
share in accordance with the Notification of the Securities and
Exchange Commission re: application and permission for the offer
of new shares. The details of the offer such as conditions,
subscription period and offering price will be determined at the
discretion of the Board of Directors.

2.5 The offering price of Baht one or greater per share under
(1), (2), 3) and (4) which is lower than the par value of Bt10
each, can be made in accordance with Section 52 of the Public
Companies Act B.E. 2535.  It is provided that a company that has
been operating at least one year may offer shares at the price
lower than the par value if it has accumulated loss and the
shareholders' approval is obtained. The company had accumulated
loss as shown in its financial statement as of 31 December 2000.

3. The date of the shareholders' meeting for the approval of the
capital increase and share allotment.

The Extraordinary General Meeting of Shareholders No. 1/2001
will be held on 9 July 2001 at 11.00 a.m. at Sui Sian Room, 9th
floor, Landmark Hotel 138 Sukhumvit Rd., Klongtoey, Bangkok.

4. Approval by relevant governmental agency and conditions

The capital increase must be registered with the Commercial
Registry Department, Ministry of Commerce.

5. Objectives and plans in utilizing the proceeds received from
the capital increase

5.1 To use as a working capital.

5.2 To strengthen the financial conditions of the Company.

5.3 To acquire new machinery.

6. Expected benefits the Company will receive

6.1 To increase it's working capital for business operations.
6.2 To reduce the debt to equity ratio of the Company.
6.3 To improve the financial stability of the Company.
6.4 To increase production and quality of goods.

7. Benefits the shareholders will receive

Shareholders will realize capital gains because the Company has
the suitable capital structure and future business growth.

8. Other details necessary for shareholders to approve the
capital increase/share allotment.

- None -

9. Timetable for the capital increase/share allotment

9.1 The share register book will be closed on 20th June 2001 at
12.00 a.m. until the conclusion of the

Meeting to determine the rights of the shareholders to attend
the Extraordinary General Meeting of Shareholders No. 1/2001 and
the rights of the shareholders to subscribe for new ordinary
shares under the rights issue.

9.2 The Extraordinary General Meeting of Shareholders No. 1/2001
will be held on 9 July 2001.

9.3 The subscription period for the First Trench of the rights
offering would be between 16 - 20 July 2001 (only working day).

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.


EASTERN PRINTING: Files Petition For Rehab With Court
-----------------------------------------------------      
Eastern Printing Public Company Limited has submitted a petition
for Rehabilitation with the Central Bankruptcy Court on June 6,
2001 case No.Black 467/44.

The Central Bankruptcy Court has set hearing date on July 2,
2001 at 9:00 A.M.


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

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

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