TCRAP_Public/010614.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, June 14, 2001, Vol. 4, No. 116


                         Headlines

A U S T R A L I A

ALLSTATE EXPLORATION: Trading Suspension Requested
ALLSTATE EXPLORATION: Beaconsfield Suspended From Trading
ONE.TEL LIMITED: ASIC Freezes Founder's Assets


C H I N A   &   H O N G  K O N G

ALIVE NETWORKS: Liquidation Begins
BRIGHT RIVER: Winding Up Petition Hearing Set
GUANGDONG INVESTMENT: Gets Exchange's Nod On Concession
GUANGDONG INVESTMENT: Increase In Trading Volume
HINET HOLDINGS: Enters Subscription Deal With Kingfair
HONG KONG CONSTRUCTION: Clarifies Reports On Shares Sale
HONG KONG CONSTRUCTION: Signs Standstill Deal
MAXFIELD INDUSTRIES: Winding Up Petition Hearing Set
PAK TAT: Petition To Wind Up
TAK SING: Hearing of Winding Up Petition Set
TOPLIGHT TRADING: Winding Up Petition Slated
ZHUHAI AIRPORT: Gov't Officials' Support Gives Hope


I N D O N E S I A

SINAR MAS: Charged With Oligopoly
STEADY SAFE: Swings To Net Loss Of Rp1.25-Trillion


K O R E A

DAEWOO MOTOR: Talks To Continue Next Week
HYUNDAI MERCHANT: Shipping Operations Revamp Planned
KOREA COAL: To Be Privatized Or Liquidated By 2005
KOREA EXPRESS: Court OKs Debt Rescheduling Plan


M A L A Y S I A

DATAPREP HOLDINGS: SC Approves Restructuring Scheme
DIPERDANA HOLDINGS: Faces Winding Up Petition
DIPERDANA HOLDINGS: Trading Resumes
MANCON BERHAD: SC Requests For Proposal Revision
MOTIF HARTA: Defaults Interest Payment
PELABUHAN TANJUNG: Acquisition By MMC Proposed
SUNWAY CITY: Subsidiary Faces Winding Up Petition
SUNWAY CITY: Reports Investment In Subsidiary


P H I L I P P I N E S

METRO PACIFIC: Completes Refinancing Of LTCP Issue
NATIONAL POWER: Gov't To Lower Bond Float To US$350-M
PHILIPPINE AIRLINES: Posts Net Profit Of P436.5-M
PILPINO TELEPHONE: Clarifies News Report
RFM CORP: Denies Reports Re Acquisition By SMC Of Cosmos
RFM CORP: SMC Denies Reports On Deal With Cosmos
RFM CORP: Divestiture Of Non-Core Assets Will Cut Debts
URBAN BANK: PDIC Postpones Approval On Rehab Plan


S I N G A P O R E

KEPPEL CAPITAL: Receives Cash Offers From OCBC
LIM KAH NGAM: Freehold Cecil St Building Up For Sale


T H A I L A N D

EASTERN STAR: Director Resigns
QUALITY HOUSES: Two Directors Resign
THAI PETROCHEM: Additional Info On Shares Sale Released

     -  -  -  -  -  -  -  -          

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


ALLSTATE EXPLORATION: Trading Suspension Requested
--------------------------------------------------
Beaconsfield Gold requested trading in its securities be
suspended before the commencement of trading 8 June 2001, on the
basis that the company was aware that Allstate Explorations NL
(Allstate) was going to make an important announcement later
that day.

Allstate is the current manager of the Beaconsfield Mine Joint
Venture with a 51.51 percent interest and Beaconsfield Gold,
with a 48.49 percent interest, is the minority participant in
the Joint Venture. Beaconsfield Gold also currently holds 25.6
percent of the voting shares in Allstate but does not have a
representative on the Allstate board of directors.

Allstate Administration

On 8 June 2001, the directors of Allstate announced that
Allstate was being placed in voluntary administration. It was
also announced that Allstate's banker, Macquarie Bank Limited
(Macquarie), would work closely with the administrators to
ensure the continued operation of the Beaconsfield gold mine.

Beaconsfield Gold considers a likely scenario is that Macquarie,
as the major secured creditor to Allstate, will seek the sale of
the Allstate interest in the Joint Venture to a third party at
the maximum possible price. This sale process, under
administration, may take several months to consummate and, in
that time, the performance of the Beaconsfield mine would
clearly need to be maximized.

Beaconsfield Gold would welcome the entry of a financially
strong, experienced mining company to the Joint Venture.

Beaconsfield Gold has been communicating with its banker,
BankWest, to evaluate the ramifications to Beaconsfield Gold of
the administration of Allstate and ongoing management of the
mine.

Beaconsfield Gold will also evaluate its ongoing cash
requirements to meet any cash calls made by the manager of the
mine.

Since 1993, Beaconsfield Gold has raised approximately $50
million in cash from the company's loyal shareholder base and
will, if necessary, seek to raise additional shareholder funds,
by way of a rights issue and/or share placements, to preserve or
increase the company's interest in the Beaconsfield gold mine.
To maintain flexibility in this regard, Beaconsfield Gold
intends to call an extraordinary general meeting of shareholders
to approve the placement by directors of up to $5 million worth
of shares at 90 percent or greater of market price.

Beaconsfield Gold currently owns 18.9 million fully paid shares
in Allstate (approximately 30.0 percent of the total issued).
Under the Goldfields offer (subsequently withdrawn), this
holding was worth approximately $1.3 million (excluding any
value for Allstate's share of the Joint Venture claims against
the treatment plant contractor).

The worth of the holding in the event of the sale by the
administrators of Allstate's interest in the Joint Venture to a
third party will clearly depend on the sale price achieved.

Trading in Beaconsfield Gold securities on the ASX will resume
on Wednesday morning, 13 June 2001.


ALLSTATE EXPLORATION: Beaconsfield Suspended From Trading
---------------------------------------------------------
The securities of Beaconsfield Gold NL was suspended from
quotation from the commencement of trading on Wednesday 13 June
2001, at the request of the Company, pending an announcement
from the administrator of Allstate Exploration which is likely
to have a significant impact on the Company's position in
relation to the Beaconsfield Joint Venture.

Security Code:          BCD
                        BCDOC


ONE.TEL LIMITED: ASIC Freezes Founder's Assets
----------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), said ASIC has obtained Court
orders restraining the disposal of assets by John David (Jodee)
Rich, his wife Maxine and his sister Nocolet Long.

The orders were obtained in a hearing this afternoon before  
Justice Robert Austin of the Supreme Court of New South Wales.

The orders prohibit all three parties from disposing of any
property (including monies and securities) and from sending
monies out of Australia (subject to stipulated living and legal
expenses). The order against Maxine Rich extends to property
recently acquired from her husband.

The orders extend to a number of private companies controlled by
the defendants, also.

Rich has also been restrained from leaving the country without
Court approval.

The orders were obtained ex parte and a further hearing has been
ordered for Wednesday 13 June 2001.

ASIC also foreshadowed its intention to seek similar orders next
Wednesday in relation to the property of Bradley Keeling and  
Mark Silbermann. Orders for short notice for that hearing were
granted by Justice Austin this afternoon.

"ASIC's investigations into the collapse of One.Tel are
continuing and today's proceedings do not constitute any finding
of wrongdoing against Mr Rich or the other defendants," Knott
said.

"However, pending completion of the investigation, it is
important that steps be taken to guard against any disposal of
assets by former key managers of the company.

"ASIC will not comment further on these proceedings at this
time," he said.


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


ALIVE NETWORKS: Liquidation Begins
----------------------------------
Failed television company Alive Networks went into liquidation
Tuesday with estimated assets of HK$164,150 versus debts of
HK$74.9 million only seven months after it was launched.

The largest creditor of the company is former CEO Ian Henry with
HK$38.06 million, according to the creditors' list.  Other large
creditors include United States telecommunications company AT&T
with US$3.9 million and Pacific Century Matrix, a subsidiary of
Pacific Century CyberWorks, with US$1.9 million.  These figures
are sharply higher than those on the creditors' list, which
exclude penalty payments.

Baker Tilly was voted as the liquidator of Alive at a creditors
meeting yesterday and is now looking for potential buyers for
the business.


BRIGHT RIVER: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Bright River International Limited is
scheduled for hearing before the High Court of Hong Kong on June
20, 2001 at 9:30 am. The petition was filed with the court on
March 2, 2001 by Armstrong world Industries (H.K.) Limited whose
principal place of business is situated at 19th Floor, Cindic
Tower, 128 Gloucester Road, Hong Kong.


GUANGDONG INVESTMENT: Gets Exchange's Nod On Concession
-------------------------------------------------------
Guangdong Investment Limited has obtained the approval of the
Hong Kong Stock Exchange to apply the De-minimis Concession and
the Modified Calculation Concession in calculating the "assets
test" and the "consideration test" for the purposes of
classifying notifiable transactions (other than connected
transactions) of Guangdong Investment Limited.

This is in accordance with the guidelines issued by the Stock
Exchange on 3 May 2001. Terms and expressions defined in the
Guidelines shall, unless the context otherwise requires, have
the same meaning when used in this announcement.

Rationale For Application

The Company and its subsidiaries have a negative net tangible
asset value based on the Group's latest audited published annual
accounts as of 31 December 2000.

This negative net tangible asset value does not arise from
operational losses in the ordinary and usual course of business
during the current and/or prior financial year(s). As a result
of the negative net tangible asset value, the Company would be
required to disclose and obtain shareholder approval in respect
of all acquisitions and realizations of assets notwithstanding
that, in monetary terms, the transactions in question may be
insignificant.

The De-minimis Concession and the Modified Calculation
Concession will allow the Company flexibility to carry on its
business activities, whilst providing the market with sufficient
information to appraise the position of the Company.

De-minimis Concession

As from 25 May 2001 and until the date of publication of or the
due date of the next annual report of the Company, whichever is
earlier, the Company shall apply the De-minimis Concession such
that each transaction (other than connected transactions) will
be considered de-minimis if:

(1) the transaction is carried out in the normal and ordinary
course of business of the Company;

(2) the transaction is entered into on normal commercial terms;
and

(3) the consideration or the value of the transaction does not
exceed HK$1,000,000.

In such circumstances, the "assets test" and the "consideration
test" shall not apply and such transaction shall not be subject
to any disclosure or shareholder approval requirements.

Modified Calculation Concession

During the Relevant Period and except for transactions that are
de-minimis, the Company shall apply the Modified Calculation
Concession in accordance with the Guidelines in calculating the
"assets test" and the "consideration test" in order to classify
notifiable transactions (other than connected transactions) of
the Company. Accordingly:

(1) the "assets test" shall be performed by dividing the gross
assets less intangibles and current liabilities of the asset to
be acquired or realized by the gross assets less intangibles and
current liabilities of the Group; and

(2) the "consideration test" shall be performed by dividing the
consideration for the asset to be acquired or realized by the
gross assets less intangibles and current liabilities of the
Group.

The value of the gross assets less intangibles and current
liabilities of the Group is approximately HK$17,282,109,000,
based on the Group's latest audited published annual accounts as
of 31 December 2000.

Accordingly, the "assets test" and the "consideration test" for
the purposes of classifying notifiable transactions (other than
connected transactions) shall be determined in accordance with
the thresholds set out below.

Classification of Notifiable Transactions (other than Connected
Transactions)

During the Relevant Period, in relation to any transaction
(other than a connected transaction and a transaction that is
de-minimis) entered into by any member of the Group that:

(1) is either an acquisition or realization and the value of
which does not exceed HK$864,105,000, the Company shall not be
required to comply with any disclosure or shareholder approval
requirements in respect of such transaction;

(2) is either an acquisition or realization and the value of
which exceeds HK$864,105,000 but does not exceed
HK$2,592,316,000, the Company shall apply the requirements for
discloseable transactions;

(3) is either an acquisition or realization and the value of
which exceeds HK$2,592,316,000 but does not exceed
HK$4,320,527,000, the Company shall apply the requirements for
major transactions; and

(4) is an acquisition and the value of which exceeds
HK$4,320,527,000, the Company shall apply the requirements for
very substantial acquisitions.

For the avoidance of doubt, the "profits test" and "equity test"
remain applicable to the Company.

Share Transactions

During the Relevant Period, in relation to any acquisition of
assets (including securities but excluding cash) for a
consideration that includes the issue of securities by the
Company for which listing will be sought, the requirements for
share transactions shall apply in the event the value of the
transaction does not exceed HK$864,105,000.

Connected Transactions Excluded

The De-minimis Concession and the Modified Calculation
Concession shall not apply in respect of connected transactions.

Details of the De-minimis Concession and the Modified
Calculation Concession shall be included in the Company's next
published annual report and accounts.


GUANGDONG INVESTMENT: Increase In Trading Volume
------------------------------------------------
According to Guangdong Investment Limited (GDI) Chairman Li
Wenyue, the board of the company has noted the increase in the
trading volume of the ordinary shares of the Company on 12 June
2001. The board also states that the board is not aware of any
reasons for such increase.

The company confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price sensitive
nature.

Made by order of the Board of Guangdong Investment Limited, the
directors of which (other than Zhong Guangchao who is ill and is
currently hospitalized) individually and jointly accept
responsibility for the accuracy of this statement.

In December, GDI wrapped up its financial restructuring with 81
percent interest in GH Water Supply (Holdings) and US$20 million
of infused capital from the Guangdong provincial government.

The company is going to fasttrack its disposal program of non-
core assets, including 20 losing businesses, to raise the sum of
HK$3 billion so as to fulfill its debt obligations, which still
amount to HK$4.5 billion.


HINET HOLDINGS: Enters Subscription Deal With Kingfair
------------------------------------------------------
On 12 June 2001, HiNet Holdings Limited and Kingfair Company
Limited entered into the Subscription Agreement.

Under the Subscription Agreement, the Company issued and the
Subscriber subscribed the Notes in an aggregate principal amount
of HK$100,000,000. Each Note bears interest at the rate of 5
percent per annum and is due on the third anniversary of the
date of issue of the relevant Note, being the Maturity Date.

The whole (and not part only) of the principal amount of each
Note (being HK$1,000,000) may be converted into Conversion
Shares on any business day at the Conversion Price.

Unless converted into Shares or repaid in accordance with the
terms and conditions of the Notes, the principal amount of any
Note remaining outstanding shall be automatically redeemed in
accordance with the terms and conditions of the Notes on the
Maturity Date.

The terms of the Subscription Agreement were negotiated on an
arm's length basis and on normal commercial terms and the
Directors believe that they are fair and reasonable so far as
the Company is concerned.

At the request of the Company, trading in the Shares and
warrants of the Company has been suspended from 10:00 a.m. on 12
June 2001.

Application has been made by the Company to the Stock Exchange
for resumption of trading with effect from 10:00 a.m. on 13 June
2001.

Subscription Agreement

Date: 12 June 2001
Issuer: HiNet Holdings Limited
Subscriber: Kingfair Company Limited, an independent third party
not connected with any of the directors, chief executives or
substantial shareholders of the Company and its subsidiaries or
any of their respective associates (as defined in the Listing
Rules).

Neither the Subscriber nor its beneficial owner has had any
prior shareholding in the Company.

Aggregate amount of the Notes:

HK$100,000,000, being the face-value of the Notes, payable in
full in cash by the Subscriber on the date of Completion.

Principal terms of the Notes:

Interest:

Each Note bears interest from the date of its issue at the rate
of 5 percent per annum. Such interest is payable semi-annually
in arrears on 30 June and 31 December in each year.

Conversion:

The whole (and not part only) of the principal amount of each
Note (being HK$1,000,000) may be converted into the Conversion
Shares on any Business Day at the Conversion Price. The
Conversion Shares which fall to be issued on upon conversion of
the relevant Note shall rank pari passu in all respects with the
Shares in issue on the date of issue of the Conversion Shares.

Maturity:

The third anniversary of the date of issue of the relevant Note,
being the Maturity Date. Pursuant to the Subscription Agreement,
the Company shall issue the Notes on the date of Completion.

Unless converted into Shares or repaid in accordance with the
terms and conditions of the Notes, the principal amount of any
Note remaining outstanding shall be automatically redeemed in
full with accrued interest on the Maturity Date.

Transfer:

The Notes may be assigned to any third party which is not a
connected person (as defined in the Listing Rules) of the
Company subject to compliance with the terms and conditions of
the Notes and further subject to the conditions, approvals,
requirements and any other provisions of or under:

(a) the Stock Exchange or its rules and regulations;

(b) the approval of the listing in respect of the Conversion
Shares; and

(c) all applicable laws and regulations.

Early Redemption:

The holder of a Note has a right, at any time by written notice,
to require the Company to redeem the whole or part of the
outstanding principal amount of the relevant Note at 125 percent
of the face value of such outstanding amount, together with
interest accrued, if the closing price per Share falls below 35
percent of the Fixed Conversion Price in effect at such time for
a period of 15 consecutive trading days following the date of
issue of the relevant Note.

Conditions Precedent:

The obligations of the parties to the Subscription Agreement to
effect Completion shall be conditional upon:

(a) the Listing Committee of the Stock Exchange having granted
listing of and permission to deal in the Conversion Shares to be
issued pursuant to the Notes; and

(b) the Bermuda Monetary Authority having approved the issue of
the Notes and the Conversion Shares to be issued pursuant to the
Notes and the transferability of the Notes and the Conversion
Shares to be issued pursuant to the Notes.

If the conditions precedent referred to above are not fulfilled
on or before the 14th Business Day from the date of the
Subscription Agreement (or such later date as may be agreed
between the Subscriber and the Company), the Subscription
Agreement shall lapse and become null and void and the parties
shall be released from all obligations under the Subscription
Agreement, save for any liability arising out of any antecedent
breaches of the Subscription Agreement.

General Mandate To Issue Shares:

Assuming full conversion of all the Notes at the Fixed
Conversion Price, 1,000,000,000 Conversion Shares will be issued
representing approximately 19.85 percent and approximately 16.56
percent of the Existing Issued Share Capital and the Enlarged
Issued Share Capital respectively, which Conversion Shares shall
be issued pursuant to the general mandate granted to the board
of Directors at the special general meeting of the Company held
on 9 March 2001.

Use Of Proceeds:

The net proceeds of approximately HK$100,000,000 derived from
the issue of the Notes shall be used for the purpose of
repayment of the Group's existing liabilities of HK$100,000,000.

Shareholding Structure:

Shine United International Inc. (a company wholly-owned by Mr.
Patrick K. C. Wong, a Director and the chairman of the Company)
is currently the single largest shareholder of the Company,
holding 1,352,260,000 Shares, representing approximately 26.84
percent of the Existing Issued Share Capital. Assuming full
conversion of all the Notes at the Fixed Conversion Price and
that 1,000,000,000 Conversion Shares are issued, the
shareholding interest of Shine United International Inc. in the
Company shall decrease correspondingly from approximately 26.84
percent to approximately 22.40 percent.

Listing:

No application shall be made for the listing of, or permission
to deal in the Notes on the Stock Exchange or any other stock
exchange. Application shall be made to the Listing Committee of
the Stock Exchange for the listing of, and permission to deal
in, the Conversion Shares, and if required, to the Bermuda
Monetary Authority for approval of the issue of the Notes and
the Conversion Shares and the transferability of the Notes and
the Conversion Shares.

General:

The terms of the Subscription Agreement were negotiated on an
arm's length basis and on normal commercial terms and the
Directors believe that they are fair and reasonable so far as
the Company is concerned.

The Company has undertaken to the Stock Exchange to promptly
notify the Stock Exchange upon becoming aware of any dealings in
the Notes by any connected person of the Company (as defined in
the Listing Rules).

Resumption Of Trading:

At the request of the Company, trading in the Shares and
warrants of the Company has been suspended from 10:00 a.m. on 12
June 2001. Application has been made by the Company to the Stock
Exchange for resumption of trading with effect from 10:00 a.m.
on 13 June 2001.

Definitions:

Company: HiNet Holdings Limited, a company incorporated in
Bermuda with limited liability, the securities of which are
listed on the Stock Exchange

Completion: the date fixed for the completion of the
subscription and issue of the Notes pursuant to the Subscription
Agreement, being the third Business Day following the date on
which all the conditions precedent have been fulfilled

Conversion Price: if the conversion rights attached to the
relevant Note are exercised (a) prior to the 30th day from the
date of issue of the relevant Note, the Fixed Conversion Price;
and (b) on or after the 30th day from the date of issue of the
relevant Note, the lower of the Fixed Conversion Price or the
Floating Conversion Price; provided that if such price shall be
less than the nominal amount of a Share, the nominal amount of a
Share unless it shall be in compliance with the relevant
provisions of the terms and conditions of the relevant Note

Existing Issued Share Capital: the issued share capital of the
Company as at 12 June 2001 of 5,037,531,891 Shares

Fixed Conversion Price: the price of HK$0.10 per Conversion
Share, subject to adjustment under the terms and conditions of
the Notes

Floating Conversion Price: the product of (a) the arithmetic
average of any four closing prices per Share during the twenty
(20) consecutive trading days immediately prior to the Exercise
Date and (b) 93 percent

Notes: the series of convertible notes in an aggregate principal
amount of HK$100,000,000 due on the Maturity Date to be issued
by the Company in denomination of HK$1,000,000 each and to be
subscribed by the Subscriber pursuant to the Subscription
Agreement

Share(s): ordinary share(s) of HK$0.10 each in the capital of
the Company

Subscription Agreement: the agreement dated 12 June 2001 entered
into between the Company and the Subscriber relating to the
subscription and issue of the Notes


HONG KONG CONSTRUCTION: Clarifies Reports On Shares Sale
--------------------------------------------------------
Hong Kong Construction (Holdings) Limited (the Company) made
clarifications in relation to a recent article in the Oriental
Daily News published on 9th June 2001 in relation to the
possible sale of certain shares by China Everbright
International Limited to Shanghai Construction (Group) General
Corporation and the possible placing of new shares by the
Company.

The Directors have been informed by Everbright International,
the controlling shareholder of the Company, of its intention to
dispose of certain portion of its shareholding in the Company to
independent third parties not connected with the Company and/or
the directors, chief executives, substantial shareholders of the
Company, its subsidiaries or their respective associates as
defined in the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (so that the actual share
interest of Everbright International in the Company is below 35
percent) before the completion of its disposal of shares in the
Company to Shanghai Construction.

The Disposal may result in change in the single largest
shareholder of the Company. Everbright International has never
considered $1.696 per share for the Disposal.

However, Everbright International has further notified the
Company that it is still negotiating with Shanghai Construction
on such Disposal and no definitive agreement has been signed.

Accordingly, the content of the Article in relation to the
pricing and the amount of shareholdings in the Company to be
disposed of by Everbright International may or may not be
correct.

The directors of the Company would like to further clarify that
the Company is considering a possible fund-raising exercise
through various means, including but not limited to, placement
of new shares.

The Company has considered a price range (which include $1.09)
within which the Company is willing to place out new shares and
has also considered the proposed placement of 65 million new
shares of the Company to independent third parties and it has
approached BNP Paribas Peregrine Capital Limited as potential
financial advisor to the Company.

The Company has not approached other brokers for the proposed
placement. No definitive agreements (including but not limited
to pricing and the amount of proposed placement), however, have
been reached with any underwriters, subscribers or potential
placees.

The directors stress that the Disposal and the fund-raising may
or may not materialize. Shareholders of the Company and
potential investors are reminded to exercise caution when
dealing in the shares of the Company. Further announcement
regarding the Disposal and fund raising, if materializes, will
be made by the Company in compliance with the Listing Rules as
and when appropriate.

Trading in the shares of the Company was suspended from 10:00
a.m. on 11 June 2001 at the request of the Company pending the
issue of this announcement and application has been made to the
Stock Exchange for the resumption of trading in the shares from
10:00 a.m. on 13 June 2001.


HONG KONG CONSTRUCTION: Signs Standstill Deal
---------------------------------------------
Hong Kong Construction (Holdings) Limited has entered into the
Standstill Letter with the Bank Creditors on 11 June 2001.

The purpose of the Standstill Letter is to formalize the
Informal Standstill Arrangements and to confirm how these
arrangements are deemed (i) to have applied retrospectively
during the Informal Standstill Period; and (ii) to apply
prospectively, in each case as and from the Effective Date.

The purpose of the Informal Standstill Arrangements is to
provide each of the Obligors with greater stability while a
financial restructuring is being finalized.

Reference is made to the announcements made by the board of
directors of Hong Kong Construction (Holdings) Limited dated 12
December 2000 and 4 January 2001 respectively. The Board of the
Company announces that the Company and its subsidiaries
(collectively, the Obligors) have entered into a standstill
letter on 11 June 2001 with their bank creditors. The purpose of
the Standstill Letter includes the followings:

(i) to formalize the existing informal standstill arrangements
(the "Informal Standstill Arrangements") which represent an
initial phase of the restructuring proposal for the Obligors.
The purpose of these arrangements is to provide each of the
Obligors with greater stability whilst a financial restructuring
is being finalized.

The Board is hopeful that the restructuring can be completed
within the next few months. Under the Informal Standstill
Arrangements and as from 1st December 2000 the Bank Creditors
have "stood still" as regards, among other things, the repayment
of all principal and interest actually due and owing to them on
an unsecured basis by the Obligors on the loan and other
financial facilities of approximately HK$1.77 billion extended
to the Obligors by the Bank Creditors and any facilities derived
from it.

Currently, there are no standstill arrangements in place with
the holders of floating rate notes issued by Hong Kong
Construction (Capital) Limited (HKCCL) and which were due for
repayment on 11th December 2000. The aggregate principal amount
due under the Notes by HKCCL to the Holders together with
interest accrued in the principal amount up to 11th June 2001 is
approximately US$39.91 million; and

(ii) to confirm how the Informal Standstill Arrangements are
deemed

(a) to have applied retrospectively during the informal
standstill period (the "Informal Standstill Period") being the
period beginning on 1st December 2000 and ending on the
Effective Date (defined below); and

(b) to apply prospectively, in each case as from the time that
the conditions set out in the Standstill Letter have been
satisfied or otherwise complied with by the Obligors in form and
substance satisfactory to the coordinator on behalf of the Bank
Creditors (or, alternatively, have been waived by the
Coordinator) at which time the terms of the Standstill Letter
will become effective.

The conditions required to be satisfied by the Company include
the execution and delivery by each of the Obligors of a
debenture granting fixed and floating charges over their
respective assets and of standard certified true copy corporate
documentation including memorandum and articles of association
and board resolutions of each of the Obligors.

Subject to the occurrence of any event of default, the Formal
Standstill Arrangements will remain in place until the earlier
of the time that they are replaced by a restructuring agreement
to be entered into between the parties to the Standstill Letter,
or 15 January 2002, as from which time the Formal Standstill
Arrangements will be automatically renewed on a month to month
basis, in the absence of any objection from any Bank Creditor.

No agreement has yet been reached between the Company and the
Bank Creditors on the terms of the financial restructuring. In
the meantime, shareholders of the Company and potential
investors are reminded to exercise caution when dealing in the
shares of the Company.


MAXFIELD INDUSTRIES: Winding Up Petition Hearing Set
----------------------------------------------------
The petition to wind up Maxfield Industries Limited is scheduled
to be heard before the High Court of Hong Kong on June 20, 2001
at 9: 30 am. The petition was filed with the court on April 25,
2001 by The China State Bank Limited, a banking corporation
incorporated in the People's Republic of China and having a
branch in Hong Kong at China State Bank Building, 39-41 Des
Voeux Road Central, Hong Kong.


PAK TAT: Petition To Wind Up
----------------------------
The petition to wind up Pak Tat Curtain 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 28,
2001 by Standard Chartered Bank of 3rd Floor, 4-4A Des Voeux
Road Central, Hong Kong.


TAK SING: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Tak Construction Co. Limited is
scheduled to be heard before the High Court of Hong Kong on
August 1, 2001 at 9:30 am.  The petition was filed with the
court on May 25, 2001 by Tak Sing Construction Company Limited
whose registered office is situated at Room 1005, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.


TOPLIGHT TRADING: Winding Up Petition Slated
--------------------------------------------
The petition to wind up Toplight Trading Limited will be heard
before the High Court of Hong Kong on 20 June 2001 at 9:30 am.  
The petition was filed with the court on 25 April 2001 by The
China State Bank Limited, a banking corporation incorporated in
the People's Republic of China and having a branch in Hong Kong
at China State Bank Building, 39-41 Des Voeux Road Central, Hong
Kong.


ZHUHAI AIRPORT: Gov't Officials' Support Gives Hope
---------------------------------------------------
Two Zhuhai mayors and a top official of the Zhuhai Airport Group
are backing up the troubled Zhuhai Airport, brushing off media
reports that the 69 billion yuan project is heading for closure,
South China Morning Post reports Tuesday.

The Zhuhai Airport is bearing a financial burden of close to one
billion yuan in outstanding debts, apart from operation
difficulties, the report says.

Moreover, over a week ago, a Guangzhou newspaper reported that
Zhuhai airport was "essentially bankrupt", Post says.
Consequently, upon the demand of the airport's creditors the
Zhuhai Intermediate Court and the Guangzhou Maritime Court
ordered the assets of the group be frozen.

Group President Zhang Zhen-yi remained confident about the
airport's fate and that the local government will play a
proactive role in cleaning up the airport's debts.

He told Post, "Zhuhai airport will absolutely not be shut.
History will bear witness to it."


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


SINAR MAS: Charged With Oligopoly
---------------------------------
The Commission for Business Competition Supervision (KPPU) is
charging Sinar Mas Group with oligopoly in the pulp and paper
sector, as the company allegedly violated the anti-monopoly and
unhealthy competition law by discriminating against its rivals
in the paper making industry, Asia Pulse reports yesterday,
citing KPPU Deputy Chairman Pande Radja Silalahi.

Paper maker PT Lokomotif Eka Sakti Executive William Sukarsa,
the Sinar Mas Group is controlling the bond paper production,
giving preferential options to affiliate companies, especially
regarding payment schemes.


STEADY SAFE: Swings To Net Loss Of Rp1.25-Trillion
--------------------------------------------------
PT Steady Safe's business performance in 2000 reached a net loss
of Rp1.245 trillion from a net profit of Rp111.54 billion
recorded in the preceding year, IndoExchange reports yesterday.

The loss was largely blamed on the rise in non-operating
expenses to Rp1.02 trillion in 2000 from a non-operating profit
of Rp217.74 billion in 1999. This was due to the company's
foreign exchange losses amounting to Rp701.76 billion.

Shareholders' equity stood at negative Rp2.335.35 billion, a
steep rise from the capital deficient Rp983.76 billion recorded
in the previous year, the report says.


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


DAEWOO MOTOR: Talks To Continue Next Week
-----------------------------------------
The negotiations for the sale of Daewoo Motor between the
company's creditor banks and American carmaker General Motors
(GM) will likely resume next week, The Digital Chosun reports
yesterday.

A creditor bank official was quoted in the report as saying, "We
are reviewing the results of the first round of negotiations
with GM over the sale of Daewoo Motor held in Hong Kong earlier
last week. We expect to resume the negotiations once again next
week."

GM, in the first round of talks, reportedly maintained its
position on the acquisition of only the profitable units of the
ailing Korean automaker, which excluded the main Bupyeong plant.
It was also reported that the price offer may range from US$2
billion to US$3 billion.


HYUNDAI MERCHANT: Shipping Operations Revamp Planned
----------------------------------------------------
After its withdrawal from the Mt. Kumgang tourism venture,
Hyundai Merchant Marine (HMM) will be busy reorganizing its
shipping operations, geared towards giving a facelift to its
image and reducing its debts by W100 billion, The Korea Herald
reports yesterday.

Also, the company is negotiating with three European shipping
firms to dispose of its liners.

Another plan the company will take on, will be aimed at
improving the company's financial structure. For this, the
company will be consulting with its financial adviser Credit
Swiss First Boston on the company's operations and economic
state.


KOREA COAL: To Be Privatized Or Liquidated By 2005
--------------------------------------------------
The government will either privatize or liquidate Korea Coal
Corporation by 2005, The Asian Wall Street Journal reported
Tuesday, citing the Ministry of Commerce, Industry and Energy.

However, in preparation for the sale or liquidation, the company
will have to be subjected to programs aimed at improving the
standing of the state-owned company's financial structure, which
is currently burdened with debts that have exceeded its assets
by W158.4 billion (as of Dec 31 2000), the newspaper reports.

Last year, the company posted accumulated losses of W606.7
billion, the report says.

At present, Korea Coal employs a total of 2,663 workers.


KOREA EXPRESS: Court OKs Debt Rescheduling Plan
-----------------------------------------------
The Seoul District Court has approved the debt rescheduling plan
of Korea Express Company, The Asian Wall Street Journal reported
Tuesday.

The court-approved plan will call for the conversion of the
bankrupt logistics company's debts totaling W271.3 billion into
equity, while other debts amounting to W416.3 billion will be
written off by creditor banks.

Moreover, the company will make repayments on debts worth W778.5
billion to creditor banks, the newspaper reports.

In the course of the plan, Korea Express will cancel its own
shares totaling 1.25 million. However, the report says, shares
other shareholders own will be slashed at the ratio of 1 to 6.

Korea Express, which guaranteed Dong Ah Construction Industrial
Company's debts worth W700 billion, applied for court
receivership on November 3, 2000, right after the latter company
filed for court receivership.

Korea Express is a former affiliate of Dong Ah. It was spun off
from Dong Ah in early 2000.


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


DATAPREP HOLDINGS: SC Approves Restructuring Scheme
---------------------------------------------------
Dataprep Holdings Berhad stated the Securities Commission (SC)
has, via its letter dated 7 June 2001 (which was received late
evening on 11 June 2001), approved the Proposed Restructuring
Scheme and Proposed ESOS of the Company as follows:

(i) The capital restructuring of Dataprep, involving the
reduction in the issued and paid-up share capital of Dataprep of
RM0.50 for every existing ordinary share of RM1.00 each in
Dataprep and thereafter the consolidation of two of the
resulting shares of RM0.50 each into one ordinary share of
RM1.00 each (Proposed Capital Reduction and Consolidation), as
proposed;

(ii) The issuance of RM30,000,000 of 3-year irredeemable
convertible unsecured loan stock 2001/2004 (ICULS-3) at 100
percent of the nominal value and RM34,062,520 5-year
irredeemable convertible unsecured loan stock 2001/2006 (ICULS-
5) at 100 percent of the nominal value as full settlement of the
debt owing to the creditor banks, based on the declarations made
by Arab-Malaysian and Dataprep dated 18 May 2001 respectively
and the terms and conditions set out (including the conversion
price of ICULS-3 and ICULS-5 of RM1.50) to the SC (Proposed Debt
Restructuring), as proposed. The SC noted that that ICULS-3 and
ICULS-5 are subject to the call and put options entered into
between VXL Holdings Sdn Bhd (VXL) and the creditor banks;

(iii) The issuance of 40,000,000 new Dataprep shares at an issue
price of RM1.25 per share together with 15,151,515 detachable
Warrants at an issue price of RM0.20 per warrant (with the
exercise price of RM1.50 for each Warrant for each new Dataprep
share) to VXL (Proposed Subscription of Shares with Warrants),
as proposed;

(iv) Offer for sale by VXL of up to 10,939,560 Dataprep share to
Bumiputera investors nominated by VXL at an issue price of
RM1.25 per share (Proposed Offer for Sale of Shares to
Bumiputera Parties by VXL), as proposed;

(v) Offer for sale rights to allotment of up to 13,093,340
Warrants by VXL to the existing shareholders of Dataprep
[excluding all Bumiputera parties who will participate in the
proposed offer for sale as mentioned in 1(iv) above] at an issue
price of RM0.20 per Warrant, on the basis of one (1) right to
allotment of Warrant for every Dataprep share held after the
proposed capital restructuring as mentioned above (Proposed
Offer for Sale of Rights to Allotment of Warrants by VXL), as
proposed;

(vi) Offer for sale/ placement of 90,000 unit of ICULS-3 and
ICULS-5 by the creditor banks to selected/identified investors
(Proposed Placement/Offer for Sale of ICULS by Creditor Banks),
as proposed;

(vii) Proposed ESOS for eligible employees and Executive
Directors of Dataprep involving up to a maximum of ten percent
of the issued and paid-up share capital of Dataprep, as
proposed; and

(viii) Proposed listing and quotation of all the Dataprep's
shares, ICULS-3, ICULS-5 and warrants to be issued pursuant to
the restructuring scheme of the Dataprep on the Kuala Lumpur
Stock Exchange (KLSE), as proposed.

The SC also noted that upon completion of the above proposals,
the proceeds raised from the issuance of shares together with
Warrants as mentioned in 1(iii) above will be utilized as set
out in Table 1.

The following conditions shall be complied with in respect of
the utilization of proceeds:

(i) The SC's approval should be sought for any changes to the
original utilization of proceeds from the issuance of
shares/Warrants should these changes involve the utilization
other than for the core business of Dataprep;

(ii) The approval of the shareholders of Dataprep is required
for the utilization of proceeds from the issuance of
shares/Warrants as mentioned above and for any changes more than
or equal to 25% of the original total utilization of proceeds.
However, should these changes be less than 25%, an appropriate
announcement should be made to the shareholders of Dataprep;

(iii) Any extension of time on the period of utilization already
determined by Dataprep for the utilization of the proceeds from
the issuance of the shares/Warrants must be approved by Board of
Directors of Dataprep through a final resolution and an
announcement must be made to the KLSE; and

(iv) Appropriate disclosure on the status of utilization of
proceeds from issuance of the shares/Warrants is required to be
made in the quarterly report and the annual report of Dataprep
until all the proceeds have been fully utilized.

Conditions To SC's Approval

The abovementioned SC's approval is subject to, among others,
the following conditions:

(i) In respect of the SC's approval for the Proposed ESOS, the
subscription price shall comply with the SC's Guidelines which
states that the subscription price shall be at a maximum
discount of ten percent to the five day weighted average market
price of Dataprep's shares prior the date of the offer of the
ESOS options or the par value of Dataprep shares, whichever is
higher; and

(ii) Dataprep is to ensure that it is disclosed in the circular
to its shareholders that the Proposed Restructuring Scheme of
Dataprep is under the sponsorship of the Corporate Debt
Restructuring Committee.

Proposed Debt Restructuring

Dataprep has revised its Proposed Debt Restructuring to
incorporate the SC's requirement that the post-restructuring
(but prior to the conversion of convertibles) net tangible
assets (NTA) per share of the Company achieves a minimum 50% par
value of its ordinary shares.

The Company is in the midst of executing a supplemental to the
Debt Settlement Agreement dated 5 December 2000 with the
creditor banks to reflect these changes.

Save for the changes to the Proposed Debt Restructuring, details
of other proposals remain unchanged. The revised Proposed Debt
Restructuring as approved by the SC is set out below:

Proposed Settlement with Creditor Banks

It is proposed that Dataprep issue, as full settlement of the
debt owing to the creditor banks, the following instruments:

   (i) RM30,000,000 of ICULS-3; and

   (ii) RM34,062,520 of ICULS-5.
   (collectively referred to herein as the ICULS)

The above instruments will be distributed in the following
manner:

Settlement of Interest

The available ICULS-3 will be used, firstly, to settle interest
owing to certain creditor banks as at 31 December 1999 amounting
to RM4,212,398 on the basis of RM1.00 ICULS-3 for every RM1.00
debt.

Settlement of Principal

As at 31 December 1999, the principal amount owing to the
creditor banks amounts to RM64,062,520. Out of this, a total of
RM4,212,398 will be waived and the balance of RM59,850,122 will
be converted into ICULS-3 and ICULS-5 on the basis as detailed
below:

   (i) RM25,787,602 will be converted into ICULS-3 on the basis
of RM1.00 ICULS-3 for every RM1.00 debt.

   (ii) The balance RM34,062,520 will be converted into ICULS-5
on the basis of RM1.00 ICULS-5 for every RM1.00 debt.

The above ICULS are to be prorated to all the creditor banks
against the principal owing as at 31 December 1999.

With the above, all accrued interest, penalty charges and future
interest to be accrued up to the completion date of the Proposed
Restructuring Scheme owing to the creditor banks will be waived.

The principal terms of the ICULS are included in Table 2.

The ICULS will be subjected to put and call options. The
principal terms of the put and call options is detailed below.

Salient Terms of the Put and Call Options

The creditor banks may retain a portion of the ICULS issued to
them and these ICULS will not be subjected to the put and call
options. The ICULS receivable by the creditor banks, after
taking into account the ICULS retained by the creditor banks as
well as the ICULS to be placed out to meet the public spread
requirements by the KLSE, will be subjected to the put and call
options.

Put Option

   (i) The creditor banks will be granted the option of selling
their holdings of their ICULS to VXL and/or parties procured by
VXL;

   (ii) The put options in respect of the ICULS-3 and ICULS-5
may be exercised in the manner detailed in Table 3. Put options
not exercised as at any of the end of the years specified above
shall not accumulate to the following year and will thereafter
lapse and cease to be valid;

   (iii) Upon the exercise of the put options by the creditor
banks, VXL and/or parties procured by VXL will acquire the ICULS
in respect of which the put option is being exercised, at the
price of RM1.00 for every RM1.00 ICULS (Put Price); and

   (iv) Upon the exercise of the put options by the creditor
banks, VXL and/or parties procured by VXL will pay the creditor
banks gross holding cost of 9 percent per annum less the gross
amount of any interest received by the creditor banks for the
period the ICULS in respect of which the put option is being
exercised were held, calculated on the amount of the Put Price.

Call Option

   (i) VXL and/or parties procured by VXL will be granted a call
option to acquire ICULS from the creditor banks;

   (ii) The call option may be exercised at any time after the
6-month period commencing from the date of the issue up to the
maturity of the ICULS, on one or more occasions and for any
amount of ICULS still held by the creditor banks on a pro-rata
basis, by notice to all the creditor banks. The call option not
exercised within the specified exercise period will thereafter
lapse and cease to be valid;

   (iii) Upon the exercise of the call option by VXL and/or
parties procured by VXL, the creditor banks will dispose of the
ICULS in respect of which the call option is being exercised at
the price of RM1.00 for RM1.00 ICULS ("Call Price"); and

   (iv) Upon the exercise of the call option by VXL and/or
parties procured by VXL, VXL will pay the holders of the ICULS
gross holding cost of 9% per annum less the gross amount of any
interest received by the creditor banks for the period of the
ICULS in respect of which the call option is being exercised
were held, calculated on the amount of the Call Price.

Security
   (i) Pursuant to the put and call options, VXL will place in a
stakeholder account such amount of Dataprep shares (above that
amount of ICULS retained by the creditor banks) that will result
in the creditor banks having a security coverage of 0.5 times in
value of the total amount of ICULS under the put and call
options;

   (ii) The security coverage of 0.5 times should be applied
against the outstanding ICULS covered under the put and call
options;
   
   (iii) The Dataprep shares will be released in proportion to
the security coverage required for the ICULS covered under the
put and call options;

   (iv) The price of Dataprep shares to be applied for
computation of security coverage will be based on the five (5)
day weighted average share price of Dataprep on the date
Dataprep announces to the KLSE that the revised Proposed
Restructuring Scheme is unconditional;

   (v) VXL shall not be obliged to provide additional securities
to maintain the security coverage if the market price of
Dataprep shares subsequently falls below the price determined in
accordance with (iv) above; and

   (vi) VXL may substitute securities of any company listed on
the Main Board of KLSE in replacement of Dataprep shares
(Substituted Securities). Upon such substitution, the security
coverage shall be valued according to the market price of
Dataprep's Shares on the day of substitution (Substituted
Security Coverage). In the event the price of the Substituted
Securities falls below the price on the day of substitution, VXL
shall provide such additional securities of any companies listed
on the Main Board of the KLSE, which are sufficient to maintain
the Substituted Security Coverage.

The proposals are expected to contribute positively to the
earnings of the Dataprep Group for the financial year ending 31
March 2002. Interest savings arising from the Proposed
Restructuring Scheme is estimated at RM6.0 million per annum.

Shareholding

Upon the completion of the Proposed Restructuring Scheme, VXL
will emerge as the largest controlling shareholder of Dataprep,
holding approximately 51.9 percent of the enlarged issued and
paid-up share capital of the Company prior to the conversion of
ICULS and exercise of Warrants and ESOS options.

Approvals

The following approvals are pending as at the date of this
announcement:

   (i) the shareholders of Dataprep at an Extraordinary General
Meeting to be convened;

   (ii) the creditors banks via the execution of the
Supplemental Debt Settlement Agreement between Dataprep and the
creditor banks;

   (iii) the sanction of the High Court of Malaya for the
Proposed Capital Reduction and Consolidation;

   (iv) the Foreign Investment Committee, for the Proposed
Restructuring Scheme;

   (v) the Ministry of International Trade and Industry, for the
Bumiputera parties, nominated pursuant to the Proposed Offer for
Sale of Shares to Bumiputera parties; and

   (vi) any other relevant authorities


Table 1
  RM'000
1. Capital and research & development expenditure for new
businesses
- Financial Year 2002                              10,400
- FY 2003                                           9,100
2. Investment in core activities/business 13,000
3. Working capital  19,330
4. Estimated expenses for the exercise 1,200
                                               53,030

Table 2

Form and Denomination: In registered form in denominations of
RM1.00 and multiples thereof.
  
Issue Price: At 100 percent of the nominal value of RM1.00 each.
  
Tenure  
- ICULS-3: 3 years commencing from the date of issue of the
ICULS-3.
- ICULS-5: 5 years commencing from the date of issue of the
ICULS-5.
  
Interest: Interest shall be at the rate of 4% per annum, payable
in arrears on the anniversary of the date of issue of the ICULS
during the tenure which they shall remain outstanding, except
that the last interest payment shall be made on the maturity
date of the ICULS.
  
Taxation: All payments of interest shall be made without
withholding or deduction for taxation unless otherwise required
by law.
  
Conversion Period: The ICULS shall be convertible into ordinary
shares at any time after the issue date, up to maturity of the
ICULS.
  
Conversion Price: RM1.50, which shall be satisfied by tendering
RM1.50 nominal amount of ICULS, for cancellation by Dataprep,
for each new ordinary share.
  
Status of new ordinary sares arising from the conversion of the
ICULS: The new ordinary shares to be issued upon the conversion
of the ICULS shall rank pari passu in all respects with the then
existing ordinary shares, except that they will not be entitled
to any dividends, rights, allotments or other distributions, the
entitlement date of which is prior to the date of allotment and
issue of the said new ordinary shares arising from the
conversion of ICULS.
  
No Redemption: There shall be no redemption of the ICULS. On
maturity, all outstanding ICULS will be mandatorily converted
into new ordinary shares.
  
Status of the ICULS: The ICULS shall constitute unsecured
obligations of Dataprep and rank pari passu in all respects
without priority amongst themselves but shall be subordinated to
all other present and future unsecured and unsubordinated
obligations of Dataprep from time to time outstanding including
all obligations and liabilities which have priority solely by
Malaysian Law.
  
Trust Deed: The ICULS-3 and ICULS-5 shall be constituted by
trust deed to be executed by Dataprep and an authorized trustee
acting for the benefit of the holders of the ICULS.
  
Rating: The ICULS shall not be rated.
  
Listing: An application will be made for the ICULS and the
ordinary shares in Dataprep to be issued upon conversion of the
ICULS to be listed on the KLSE.  

Table 3
ICULS outstanding as at end of  
              Year 3 Year 4 Year 5
Total
RM RM RM
RM
    
ICULS-3 17,228,445 - -
17,228,445
ICULS-5 - 16,926,019 17,136,501
34,062,520
Total 17,228,445 16,926,019 17,136,501
51,290,965
    
%  34 33 33
100

Table 4
                                                 No. of shares
                                                   RM'000
Existing Issued and Paid-up Share Capital        31,989
Proposed Capital Reduction and Consolidation    (15,994)
                                                 15,995
To be issued pursuant to the Proposed Subscription of Shares
with Warrants         
                                                40,000
                                                55,995
To be issued pursuant to the conversion of the ICULS-3 1 20,000
75,995
To be issued pursuant to the conversion of the ICULS-51 22,709
98,704
To be issued pursuant to the exercise of ESOS options2  5,600
104,304
To be issued pursuant to the exercise of Warrants 15,152
119,456

Notes:

1 Based on the conversion price of RM1.50

2 Based on the number of shares in issue prior to the conversion
of the ICULS and exercise of Warrants


DIPERDANA HOLDINGS: Faces Winding Up Petition
---------------------------------------------
Diperdana Holdings Berhad announces the following information
regarding the winding up petition:

(a) Date of presentation of winding up petition

   The date for the presentation of the winding-up petition has
been fixed for 5 July 2001. The winding up petition was served
on 12 May 2001.

(b) Particulars of the Claim and Amount

   The claim under the petition amounts to RM81,538.57 and
relates to disputed amounts claimed for an aborted job awarded
in August 1995.

(c) Details of the default

The claim is a disputed amount and Diperdana through its
lawyers, Messrs. Mohamed Hazul & Co. had written to the
Petitioner's lawyer on 22nd February 2001 for the following
information so that the matter could be settled.

   (Extract of the letter)

   (i) Diperdana's clients deny that they are owing your client
for the whole sum of RM81,538.57 as alleged by your client in
your abovementioned notice;

   (ii) Diperdana's clients deny, put your client on "strict
proof" to prove your client's claim against our clients;

   (iii) Diperdana's clients request your client to provide our
clients with the particulars of work done and documentations on
how your client arrived to the abovementioned figure in total.

The petitioner through its lawyer replied with copies of their
invoices demanding payment and did not present the requested
documentation for the matter to be resolved.

On February 23, 2001 the Company's lawyer again replied to the
Petitioner stating that they be put on "strict proof" to
substantiate the claims and again requested for particulars of
work done and documentation and how the petitioner arrived to
the abovementioned claim.

Instead of presenting documentation of proof to settle the
matter, the Petitioner decided to proceed with a petition of
winding up under Section 218 of the Companies Act 1965.

(Note: The Winding up petition is not based on a Court
Judgement)

(d) Winding-up against a subsidiary

The winding up petition is against the listed Holding Company,
which has a net asset value of RM81.6 million as at 31 December
2000.

(e) Financial and Operation Impact

The expected financial impact should not exceed RM81,538.57,
which will be placed with the Court till the matter is resolved.

(f) Expected Losses

The Company is not expected to incur any losses as the winding-
up petition is expected to be set aside.

(g) Steps Taken and proposed is respect of the winding up
petition

(i) Diperdana will be applying to the Court to set aside the
petition.

(ii) An amount of RM81,538.57 will be deposited with the Court
as proof of the Company's commitment to settle the amount due as
per documents to be presented by the Petitioner.

(iii) The Company also intends to seek redress from the Court
for any damages.


DIPERDANA HOLDINGS: Trading Resumes
-----------------------------------
The Stock Exchange of Thailand (SET) announced that trading of
Diperdana Holdings Berhad's shares resumed 9:00 a.m., Wednesday,
13 June 2001.

Profile

Diperdana Holdings Bhd is a leading container hauler in Malaysia
and a total logistics provider. The Company's main
activities/services are container haulage by road and rail and
container trucking services; container depots namely container
storage, repair, cleaning and reefer services; warehousing
activities including storage and management of stocks,
distribution, consolidation and breaking of cargo, third party
supply chain management to, from and within Asia; and forwarding
including custom brokerage, intermodal transportation,
chartering, marine insurance, etc.

The Company has 437 units of prime movers and 2,198 units of
trailers. It operates throughout Malaysia from its base
facilities located at Port Klang, Selangor (35 acres); Prai,
Penang (10 acres) and Pasir Gudang, Johor (10 acres).
Operational centers/ interchanges are also located at Bukit Kayu
Hitam on the Thai/Malaysian border, at Ipoh and at Malacca. On
an average the Company moves 1,200 TEU of containers a day. It
also caters for reefer services and provides special services
for the movement of dangerous cargo by containers. Trucking
services are undertaken between Bangkok/Songkla in Thailand to
Prai/Port Klang in Malaysia.

In the container depot division, the Company has 15 acres in
Port Klang, Selangor, 5 acres in Prai, Penang and 7.5 acres in
Pasir Gudang, Johor. The depots are equipped to store, repair
and wash containers. Reefer points are also available at all
three locations to provide reefer services to shipping lines and
consignees. Some of the major users of these facilities are
Transamerica Leasing Ltd, Wan Hai Lines, Evergreen and APL-NOL.

Under warehousing, the Company provides total supply chain
services for shippers and consignees. The Company operates
200,000 sq ft of warehousing at Westport, Port Klang, 84,000 sq
ft at North Port, Port Klang and 75,000 sq ft at Prai, Penang.
The infrastructure in Westport is designed with advanced
logistics for distribution and value adding activity at a single
location. The Distripark offers storage, warehousing, handling,
stuffing/unstuffing and loading/unloading of cargo.

The Company handles all categories of cargo to be moved by air
and sea to any part of the world. Services include customs
documentation, port clearance, international transportation,
monitoring and coordinating of shipments.


MANCON BERHAD: SC Requests For Proposal Revision
------------------------------------------------
Mancon Berhad announces that the Securities Commission (SC) has
informed that the company's proposals will not be considered on
the grounds that the Proposed Acquisition of Muar Coatal
Development Sdn Bhd has not received the prior approval of the
Foreign Investment Committee.

As such, the SC has requested for a revised/new Proposal to be
submitted to the SC for their consideration.

The Board of Mancon are currently reviewing the options
available to the Company and will make such further
announcements to the Kuala Lumpur Stock Exchange in due course.

The proposals are the following:

* Proposed Capital and Share Premium Account Reduction
* Proposed Composite Scheme of Arrangement
* Proposed Liquidation of Wangsa Idaman Sdn Bhd (WISB)
* Proposed Capital Raising
* Proposed Acquisition
* Proposed Increase in Authorized Share Capital


MOTIF HARTA: Defaults Interest Payment
--------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) stated Motif
Harta Sdn Bhd (MHSB) has defaulted on its interest servicing
obligation and principal sum due amounting to RM2,920,470.97 in
respect of its RM63.0 Million Syndicated Term Loan Facilities
from a number of financial institutions.

As of 12 June 2001, the total principal drawdown and outstanding
under the Loan is RM22.8 Million. The Loan is secured against a
first fixed charge over MHSB's land, debenture on the fixed and
floating assets of MHSB and the corporate guarantee issued by
AHTIN.

The Loan is to partly finance the construction of a hotel to be
developed on MHSB's land in Melaka.

The default arose principally due to the hotel project being
shelved in 1998 due to the economic slowdown. MHSB suspended
interest payments and commenced plans to restructure the Loan.
It is the AHTIN Group's intention to restructure the Loan.

Legal & Financial Implication

MHSB has sought the Lenders' approval for indulgence not to pay
the interest and principal sum due pending completion of the
Loan restructuring. Non payment of interest constitute an event
of default in which case, the Lenders may initiate the following
actions to recover the same under the said Loan:

a) Legal action against the borrower; and/or

b) Liquidation and winding up of the borrower.

Measures Taken By MHSB

AHTIN and MHSB have engaged MP Capital Advisory Sdn Bhd (MPCASB)
as financial advisor to restructure the said Loan facility.

MHSB, in conjunction with MPCASB are currently in negotiation
with Alliance Bank Malaysia Berhad, the Lead Arranger of the
Loan. MHSB is confident that a solution will be arrived at which
will avoid legal action and/or liquidation proceedings against
the company.

AHTIN will make periodic announcements on the status of MHSB's
Loan and the debt restructuring scheme.


PELABUHAN TANJUNG: Acquisition By MMC Proposed
----------------------------------------------
In announcing the proposed acquisition of 50.1 percent equity
interest in Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) (Proposed
PTP Acquisition) on November 10, 2000, Malaysia Mining
Corporation (MMC) also indicated that the funding of the  
acquisition is expected to be financed by funds to be raised
from the capital market and/or internally generated funds.

Presently, MMC is actively holding discussions with several
financial institutions to undertake the funding of the cash
portion of the Proposed PTP Acquisition from the capital market.

MMC related that the final detailed terms and conditions of the
proposed funding are yet to be finalized. MMC will take the
necessary announcement at the appropriate time should any
arrangement be finalized in respect of the matter.


SUNWAY CITY: Subsidiary Faces Winding Up Petition
-------------------------------------------------
Sunway City Berhad (Suncity) announces that a winding-up
petition has been filed against Sunway City (Ipoh) Sdn Bhd, a 65
percent owned subsidiary of Suncity. The details are as follows:

1. Recently, it came to the company's knowledge that Messrs
Azman & Tay Associates Sdn Bhd presented a winding-up petition
in court against Sunway City (Ipoh) Sdn Bhd (SCI) on 18 December
2000. However, there was no record of the petition having been
received by our registered office.

2. The petition is premised upon a claim for professional fees
allegedly not paid. The sum claimed is RM135,980.44 as at 18
April 2000. There does not appear to be any interest claimed.

3. The details of the circumstances leading to the filing of the
petition:

   (a) Azman & Tay is a firm of Professional Quantity Surveyors
engaged by SCI for several projects.

   (b) Part of Azman & Tay's duties is to invite tenders from
contractors for the said projects.

   (c) When tenders are received, the tenderers would pay
refundable tender documentation fees to Azman & Tay. Azman & Tay
has the obligation to return the same to all unsuccessful
tenderers.

   (d)To the best knowledge of SCI, Azman & Tay has failed to
return the refundable tender documentation fees to unsuccessful
tenderers amounting to RM182,540.82 (as at 18 December 2000).

   (e) SCI has vide its letter dated 15 August 2000 filed a
complaint to the Board of Surveyors who are investigating the
matter.

   (f) Azman & Tay has issued a Notice pursuant to Section 218
of the Companies Act, 1965 dated 21 August 2000. SCI has
disputed that there was any monies owed to Azman & Tay.

   (g) Despite such dispute, Azman & Tay filed the petition.

4. In practical terms, there is no financial and operational
impact arising from the aforesaid petition.

5. The losses (if any) arising from the proceedings are expected
to be limited to the amount claimed and any cost awarded against
SCI.

6. SCI intend to oppose the petition on, inter alia, the
following grounds:

   (i) There is no debt owing to Azman & Tay as they have
converted the refundable tender documentation fees owed to the
tenderers towards the settlement of any fees which may be owing
to Azman & Tay. In particular, the aggregate of all refundable
tender deposit so converted exceeds the sum claimed in the
petition against SCI.

   (ii) SCI is not insolvent and is fully able to pay its debts.
In fact, SCI has on 11 June 2001 deposited with its solicitors,
Messrs Tan Swee Im & Company the amount claimed by Azman & Tay
in the petition as proof of its ability to pay the amount
claimed. Furthermore, SCI's solicitors have on the same date
informed the solicitors acting for Azman & Tay, Messrs Richard
Tee & Co, of the foregoing.

   (iii) Azman & Tay has failed to comply with various
procedural requirements in respect of the petition.


SUNWAY CITY: Reports Investment In Subsidiary
---------------------------------------------
Sunway City Berhad (Suncity) revealed the total cost of
investment of Suncity in Sunway City (Ipoh) Sdn Bhd is
RM18,362,500.

Background

Property group, Suncity, commenced operations in 1986,
principally to develop the Bandar Sunway township in Petaling
Jaya. Developed on the concept of "Resort Living Within The
City", Bandar Sunway comprises residential, commercial and
industrial units, theme park, recreational club, amphitheatre,
hotel, shopping-cum-entertainment mall and a college.

Through the Sunway Lagoon Theme Park, which opened on 24 October
1992, the Group is involved in the leisure and tourism industry.

The Group has positioned itself in the hospitality industry via
Sunway Lagoon Resort Hotel, a five-star deluxe hotel-cum-
convention center which was opened in December 1996. This was
followed by the opening of Sunway Pyramid, Malaysia's first
fully themed shopping, entertainment and fun mega-mall, in
August 1997.

The Suncity Group has a presence in the Northern Region of
Peninsular Malaysia through the Pusat Bandar Seberang Jaya
privatisation project and two business-class hotels, Sunway
Hotel Penang, at Georgetown, and Sunway Hotel Seberang Jaya. The
Group is also located in Ipoh through Sunway City Ipoh, a JV
development launched in April 1996.

Overseas, the Group has interests in the Allson hotel management
group; Sunway Hotel Phnom Penh which was opened in March 1998;
an industrial township in Harare, Zimbabwe; residential
development near Cape Town, South Africa; and a theme park,
"Wonderland Sydney" in Australia.

March 2000 saw the full completion of a restructuring exercise,
which brought into the Group a strategic partner, GIC Real
Estate Pte Ltd, a global investor with track record and
experience in property investment.


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


METRO PACIFIC: Completes Refinancing Of LTCP Issue
--------------------------------------------------
Metro Pacific Corporation announced it has successfully
refinanced Bonifacio Land Corporation's (BLC) Five-Year
Convertible Long-Term Commercial Paper (LTCP) issue.

Commenting on the refinancing, MPC President Ricardo S. Pascua
said: "This is a significant step for MPC and marks the
conclusion of a process started in 2000. In line with our stated
objectives, this seven-year facility realigns debt to future
revenue streams."

Background

In May 1996 BLC issued P3.05 billion LTCPs, with a redemption
value of P4.913 billion. In December 2000, MPC initiated
refinancing discussions, which concluded in May 2001 with new
P2.118 billion fully-secured seven-year facility.


NATIONAL POWER: Gov't To Lower Bond Float To US$350-M
-----------------------------------------------------
The National Government is planning to reduce its planned bond
issue from US$500 million to US4350 million, as it is mulling
over a proposal to generate funds by way of syndicated loans to
refinance maturing debts and obligations of National Power
Corporation (Napocor), Business World reports yesterday.

Finance Secretary Jose Isidro Camacho said his department will
begin meeting with a number of investment banks to underwrite
the bond issue, which the Bangko Sentral ng Pilipinas (Central
Bank or BSP) has already approved in principle.


PHILIPPINE AIRLINES: Posts Net Profit Of P436.5-M
-------------------------------------------------
The beleaguered national flag carrier Philippine Airlines (PAL)
posted a (unaudited) net profit of P436.5 million for the fiscal
year ended March 31, owing to an growing overseas Filipino
worker (OFW) client base, The Straits Times (Singapore) reports
Monday.

With this swing in business performance, PAL is bullish to
resurface from the five years it has been under receivership.

PAL President Avelino Zapanta told Straits Times that the
airline's business banked on the 100,000 Filipino workers in
Singapore and the huge numbers in the Middle East and North
Asia.

Zapanta was quoted as saying, "We have a very steady traffic
stream even during the most difficult times. The overseas
Filipino workers you see here and in the Middle East, Japan,
Europe - they are our market. We are very encouraged by our
financial results. We hope this is something we can sustain."

The airline is currently burdened with debts amounting to US$2
billion.


PILPINO TELEPHONE: Clarifies News Report
----------------------------------------
Pilipino Telephone Corporation says that the following is a
reference to the attached news article entitled "Accounting
processes to cut PLDT investment in Piltel" published in the 7
June 2001 issue of the Business World.

The article reported that "Philippine Long Distance Telephone
Company (PLDT) will be reducing its investment in cellular
subsidiary Pilipino Telephone Corp. (Piltel) through a series of
accounting processes that will effectively cut its 58 percent
ownership to only a minority stake. With the move, analysts said
PLDT will no longer be dragged by Piltel's losses since the
cellular firm's financials need not be consolidated into the
parent firm's books..."

Furthermore, Piltel first vice-president Celso T. Dimarucut said
"existing PLDT common shareholders will suffer from a 6.9
percent dilution on their shares as a result of the debt-to-
equity conversion" under Piltel's debt restructuring plan.

Pilipino Telephone Corporation (PLTL), however, explains:

"The statements included in the Business World article dated 7
June 2001 entitled `Accounting processes to cut PLDT investment
in Piltel' including the comment that `PLDT will be reducing its
investment in Piltel through a series of accounting processes
that will effectively cut its 58 percent ownership to only a
minority stake' is not correct.

"However, because Piltel and PLDT will settle certain
restructuring related expenses by exchanging some Piltel common
shares held by PLDT, PLDT's percentage ownership of the
outstanding common stock of Piltel will fall below 50 percent.

"As such, Piltel will be equity accounted in PLDT's financial
statements following Statement of Financial Accounting Standard
(SFAS) No. 21, which states that, consolidation is required only
in cases where the investor owns more than one-half of the
outstanding voting stock of the company.

"PLDT will continue to equity account the losses of Piltel until
the carrying value of PLDT's investment in Piltel common stock
is reduced to zero, after which, under SFAs No. 11, PLDT would
no longer apply the equity method of accounting for Piltel.

"PLDT also has investments in Piltel preferred stock issued in
relation to drawings under the PLDT Letter of Support and the
debt to equity swap under the terms of the Piltel debt
restructuring plan.

"Following SFAs No. 10, such investments in preferred stock will
be carried at cost and adjusted for any provisions due to
permanent impairment in value which will be reviewed and
determined by PLDT in conjunction with its auditors on a
quarterly basis.

"The comment on the dilution is accurate. Following the
completion of the debt restructuring plan of Piltel, PLDT issued
approximately 11.6 million convertible preferred shares to
Piltel creditors, as disclosed in the Piltel press release
entitled `Piltel Meets Deadline for Conditions Required to
Execute Landmark Debt Restructuring Pan on 4th June' filed with
the PSE on 28 May 2001.

"These PLDT convertible preferred shares are convertible anytime
at the option of the holders at a ratio of 1:1. Dilution of
approximately 6.9 percent would occur assuming full conversion
of the PLDT convertible preferred shares to PLDT common shares."


RFM CORP: Denies Reports Re Acquisition By SMC Of Cosmos
--------------------------------------------------------
RFM Corporation disputes the information related in a news
article entitled "Foreign firm brokers buy deal between SMC,
Cosmos" published in the 6 June 2001 issue of the Business
World.

The article reported that "Despite repeated denials, San Miguel
Corp. (SMC) is indeed eyeing RFM Corp.'s Cosmos Bottling Corp.
(CBC) to capture the low-end segment of the market, and talks
are being brokered by a third party. A well-placed source told
Business World SMC is indeed interested in acquiring CBC from
the RFM Group `at the right price'. The source said a foreign
investment firm is doing the negotiations on behalf of CBC.
Aside from SMC, the broker has allegedly approached PepsiCo.
Inc. for the possible purchase of the RFM firm. ...Talks have it
that the RFM Group's asking price for the sale of its subsidiary
is between P16 billion and P20 billion. When asked how much SMC
is willing to purchase the CBC shares, the SMC source said the
parties are still negotiating for the valuation. ..."

RFM Corporation (RFM) explains:

"We wish to reiterate our earlier statement on the matter that
RFM is intent on pursuing its vision of becoming a leading
player in the refreshments sector, and our softdrinks company,
Cosmos, will definitely play a big role in our portfolio. As our
President and CEO Jose A. Concepcion III puts it, `it will be
very difficult to find a business whose model is recession-
proof, exhibiting consistently high volume growth and
profitability.'

"Given this outstanding performance of Cosmos, many financial
and strategic investors have, over the years, been expressing
their investment interest in Cosmos. These groups have time and
again, been requesting for updates on the operational and
financial performance of Cosmos, which we are duty-bound to
provide. Thus, there have always been unsolicited offers and
expressions of interest received by our company, but please note
that all these have been non-binding and there is nothing of
significance that would require disclosure."


RFM CORP: SMC Denies Reports On Deal With Cosmos
------------------------------------------------
A news article entitled "Foreign firm brokers buy deal between
SMC, Cosmos" published in the 6 June 2001 issue of the Business
World fostered a response from San Miguel Corp.  

The article reported that "Despite repeated denials, San Miguel
Corp. (SMC) is indeed eyeing RFM Corp.'s Cosmos Bottling Corp.
(CBC) to capture the low-end segment of the market, and talks
are being brokered by a third party. A well-placed source told
Business World SMC is indeed interested in acquiring CBC from
the RFM Group 'at the right price'. The source said a foreign
investment firm is doing the negotiations on behalf of CBC.
...When asked how much SMC is willing to purchase the CBC
shares, the SMC source said the parties are still negotiating
for the valuation. ..."

San Miguel Corporation (SMC) explains that the company has not
been and is not in negotiations for the acquisition of Cosmos
Bottling Corporation.


RFM CORP: Divestiture Of Non-Core Assets Will Cut Debts
-------------------------------------------------------
RFM Corporation has decided to sell off its Blue Bay brand of
Swift Tuna Corporation to foreign company Canter Management
Limited, as part of its non-core assets disposal program to pay
off obligations resulting from 2.75 percent convertible bonds
due in 2006, Business World reports Tuesday.

Although the company did not disclose any sale price, an
analyst, the newspaper reports, valued the brand at US$5
million.

"Blue Bay is not a market leader and it's not even at the top in
the list of big players in the tuna business. So if RFM will
push through with the sale, the company will be able to encash
their investment which is better than holding on to the brand
that is not really doing well," the analyst told World.

Among other non-core assets, RFM Corporation is planning to
divest its food lines, such as poultry, commodity and unbranded
products and processed meat units, as the company aims to focus
on branded, high-margin units, particularly the refreshment
products like ice cream, softdrinks and juices, the newspaper
says.

Meanwhile, the company has completed the divestment of its
interest in Consumer Savings Bank and in Psi Technologies
Holdings, Inc, a semiconductor maker. From the sale of both, the
company was able to generate revenues totaling US$36 million,
the report says.


URBAN BANK: PDIC Postpones Approval On Rehab Plan
-------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has
postponed the handing down of its decision on the proposed
rehabilitation plan for the closed Urban Bank to Friday or early
next week, Business World reports Tuesday.

According to PDIC, the plan presented by Export and Industry
Bank (Exportbank) and partner National Association of Urban Bank
Depositors, Inc (Naud) fell short of what was required of it by
the state deposit insurer, the newspaper says.

PDIC Executive VP Ricardo Tan was quoted in the report as
saying, "We're still looking at the financial models they
presented to us. What they have accomplished is not yet enough
to give us some degree of confidence to make recommendations
that their rehabilitation plan will be to the safety of Urban
Bank depositors and creditors."

PDIC, Tan added, is simply asking for assurance from the
proposed plan that its proponents have adequate liquidity to
fulfill all obligations to Urban Bank's creditors and
depositors, and to sustain the bank's operation, the report
says.

However, the Exportbank-Naud partnership will likely get PDIC's
nod as it already has achieved at least half of the requirements
of the state deposit insurer, the report says.


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


KEPPEL CAPITAL: Receives Cash Offers From OCBC
----------------------------------------------
Keppel Capital Holdings Limited (KCH) received a notice of
voluntary conditional cash offers Tuesday from OCBC Bank. The
offers are at S$3.38 per KCH share and S$1.01 per KCH listed
warrant.

"We are in talks with other local banks, including OCBC, which
have indicated interest in KCH and its subsidiaries. We will
evaluate OCBC's offers. Meanwhile, we advise shareholders and
warrantholders to take no action until they receive further
notice from KCH," said Mr Lim Chee Onn, Chairman of KCH.

KCH's Board of Directors will appoint financial advisors to give
their recommendations on the offers to shareholders and
warrantholders.

For further information, contact Sarah Seah, Manager, Group
Corporate Communications Division, Keppel Corporation Ltd at
tel: 8857420 or email: sarah.seah@kepcorp.com.


LIM KAH NGAM: Freehold Cecil St Building Up For Sale
----------------------------------------------------
Following the successful sale of LKN-Prinsep House, Lim Kah
Ngam's (LKN) 14-story freehold building on Cecil Street had been
put up for sale, Business Times reports Tuesday.

Knight Frank, which is handling the sale of the property, is
currently accepting tender offers until July 18, the report
says.

According to the report, sources say the property could be sold
for $60 million, equivalent to $830 per square foot of net floor
area. Revenues from the planned sale will be directed to the
current debt reduction efforts of the company and its
restructuring program.

Under the company's restructuring program, LKN will depart from
the property business, the report says. Still to be disposed of
will include, among others, the company's 31,000 square-foot
freehold site at Changi Road/Lorong 110.

At the end of December 2000, LKN's total debts and obligations
reached $350 million, composed of bank loans and bonds. Most of
the total amount was replaced via a bond issue in March worth
$314 million.

In addition, the company sustained a net loss of $20.8 million
due to high interest on borrowings, Business Times reports.


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


EASTERN STAR: Director Resigns
------------------------------
Eastern Star Real Estate Public Company Limited said Director
M.R. Pridiyathorn Devakula has submitted a resignation letter,
dated 4 June 2001 to the Company. The letter was received on 8
June 2001.

When the Board of Directors have considered a new director to
replace the vacant position all affected parties will be
notified.

Recently, the shareholders of the company, at the ordinary
general meeting held on 1 June 2001, approved the proposed
reduction of the company's registered capital from Bt4.055
billion to Bt2.301 billion. This will be divided into
230,138,911 shares, with par value of Bt10, by canceling the
175,330,610 unissued ordinary shares, par
value of Bt10, amounting to Bt1,753,306,100.

At the same meeting, the shareholders unanimously approved the
proposed issue and offer of warrants to buy ordinary shares
(Warrants) to the existing shareholders.


QUALITY HOUSES: Two Directors Resign
------------------------------------
Quality Houses Public Company Limited said Khun Chaiyant
Chokviriyakorn and Khun Ravee Mongkoltavee, have resigned as
Directors of the company. The resignations are effective June
11, 2001.


THAI PETROCHEM: Additional Info On Shares Sale Released
-------------------------------------------------------
Thai Petrochemical Industry Public Company Limited revealed the
following additional information regarding the results of the
company's recent sale of shares, as follows:

1. Information relating to the share offering
        
Category of shares offered: ordinary share
Number of shares offered: 6,150,000,000 shares
Offered to: Certain creditors of TPI according to debt owed to
them by TPI.
Price per share: Bt5.52
Subscription and payment period: 9 March 2001 being the closing
date of the Company's business reorganization plan.

2. Results of the sale of shares:

partly sold out, with 234,785,052 shares remaining.

The Company will deal with the remaining share as follows:

The remaining shares are reserved for the adjustment of debt by
the official receiver.

Note: The capital increase is intended to allow the issue of
shares to creditors that are converting debt into equity in
pursuance of the Company's business reorganization plan.

3. Details of the sale

   3.1 Details of the Sale of shares reported to you on 16 March
2001

           Thai investors         Foreign investors            
Juristic         Natural       Juristic        Natural    total      
persons           persons      persons        persons                    

Number of persons     
49                                 2                          51

Number of shares   
Subscribed          
3,260,003,054                 2,638,908,157        5,898,911,211  

Percentage of
total shares   
offered for sale      
53                                   42.90                 95.90  

   3.2 Details of the additional report of the Sale of shares


Thai investors                 Foreign investors            

Juristic         Natural     Juristic       Natural     total
persons       persons       persons       persons           

Number of persons       
1                                                        1

Number of shares   
Subscribed          
16,303,737                                          16,303,737  

Percentage of
total shares   
offered for sale      
0.265                                                0.265  

The company also says that the additional party was not
mentioned in the previous report because, among other creditors,
it is the only Non-scheme Creditor entitled to the share
allotments. The Plan Administrator regrets for such mistake
happening.

However, the Plan Administrator would like to confirm that it
does not have any intention to breach the criteria and
procedures on share selling report.

4. Amount of money received from the sale of shares

No proceeds will arise from the issue, because the shares are
being paid for by a set-off of debt according to the Company's
business reorganization plan.



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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