TCRAP_Public/010627.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

           Wednesday, June 27, 2001, Vol. 4, No. 125


                         Headlines

A U S T R A L I A

AUSTRIM NYLEX: Securities Trading Suspended
BEACONSFIELD GOLD: Ferrier Hodgson Appointed Receiver, Manager
BRIDGEDFS LIMITED: Selling ISA Shares
MAXIS CORP: To Issue Convertible Notes
MAXIS CORP: To Issue New Shares For Capital
ONE.TEL LIMITED: Owes Optus $68.3 Million
PMP LIMITED: Director Chegwyn Posts Interests


C H I N A   &   H O N G  K O N G

APEX COMPUTRONICS: Hearing of Winding Up Petition Set
ICG ASIA: Enters Workout Deal With MegaVillage
JUMBO FORTUNE: Winding Up Petition To Be Heard
SHANDONG XINHUA: H Holders Reject Proposed Shares Repurchase
SHANDONG XINHUA: Posts Results Of AGM
SKY DATAMANN: Winding Up Petition Hearing Set
SUN'S JEWELLERY: Winding Up Petition Slated For Hearing
TIANJIN DEVELOPMENT: No Reason For Increased Turnover
TIANJIN INT'L: To Make Late Y148-M Coupon Payment


I N D O N E S I A

BANK UNIVERSAL: IBRA Eyes Merger To Boost Capital
BUKAKA TEKNIK: Gets 75% Foreign Debt Payment Reduction
PERUSAHAN LISTRIK: Posts Q1 Net Loss Of Rp3.4 Trillion


J A P A N

DEVELOPMENT BANK: Moody's Assigns Aa2 Rating
MYCAL CORP: Goldman Sachs Increases Stake


K O R E A

DOOSAN GROUP: Restructuring Successful
HYUNDAI ENGINEERING: Hana To Reject Proposal
HYUNDAI GROUP: Gives Up Stake In Securities Unit
HYUNDAI PETROCHEM: Creditors Meeting Set For Today
HYUNDAI PETROCHEM: Fresh Funds Worth W405-B Likely
SSANGYONG GROUP: Restructuring On The Verge Of Collapse


M A L A Y S I A

INSTAGREEN CORP: Gets SC's Nod On Workout Scheme
KELANAMAS INDUSTRIES: SC Rejects Proposed Workout Scheme
KEMAYAN CORP: Unit Sells Stake In Shelomi
MANCON BERHAD: Fails To Meet Regularization Schedule
MYCOM BERHAD: Seeking More Time To Execute Workout
RENONG BERHAD: Unit Settles Debt With PATI
SURIA CAPITAL: Gov't Approves Proposed SPA Injection
TECHNO ASIA: Amends Notice Re AGM


P H I L I P P I N E S

BAYAN TELECOMS: Seeks Reverse Ruling On Service License
URBAN BANK: PDIC To Sign MOA Next Week
URBAN BANK: Exportbank To Defer Drawdown Of P600-M SSS Loan


S I N G A P O R E

I-ONE.NET: Revamps Audit Committee
KEPPEL TATLEE: Court Approves Privatization Scheme


T H A I L A N D

CARNAUDMETALBOX: Amends Delisting Application
ITALIAN-THAI: Creditors To Vote On Revised Plan In July
NATIONAL FERTILIZER: Consortium To Resume Plant Work
SIAM STEEL: Pays Bt75-M To Creditors

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Securities Trading Suspended
-------------------------------------------
The securities of Austrim Nylex Limited (the Company) and
Austrim National Radiators Limited will be placed in pre-open
pending the release of an announcement by the Company. Unless
Australian Stock Exchange (ASX) decides otherwise, the
securities will remain in pre-open until the earlier, the
commencement of normal trading on Thursday, 28 June 2001 or when
the announcement is released to the market.

Security Codes: ARL
                ANTG


BEACONSFIELD GOLD: Ferrier Hodgson Appointed Receiver, Manager
--------------------------------------------------------------
Ferrier Hodgson has been appointed Receiver and Manager of
Beaconsfield Gold NL and its subsidiary companies Beaconsfield
Gold Mines Pty Ltd, Beaconsfield Operations Pty Ltd and
Beaconsfield Tasmania Pty Ltd.

Ferrier Hodgson was appointed by Bank of Western Australia Ltd
on 25 June 2001.


BRIDGEDFS LIMITED: Selling ISA Shares
-------------------------------------
The Directors of BridgeDFS Limited note the announcement by
Bridge Information Systems America of their intention to dispose
of their 55 percent shareholding in the company via means of an
institutional book build.

The text of this announcement is attached. To ensure an informed
market throughout this process the directors of the company have
decided to announce their estimate of the interim profit for the
half year to 30 June 2001.

The profit before tax for the half year is estimated to be $8.3
million. This is based off estimated revenue for the half year
of $19.6 million. These results compare favorably to budget for
the year to date, being 12 percent ahead in revenue and 6
percent ahead in terms of profit before tax. This result is
unaudited and based on five months of actual trading and one
month of forecast.

BridgeDFS Managing Director, Peter Dunai, said, "I am pleased
that the company has continued to trade strongly into 2001 in
what has been a testing environment for the financial markets in
Australia."

For further information please contact:
Peter Dunai
Managing Director
(03) 9018 5800

Bridge Information Systems America, Inc

Bridge Information Systems America, Inc announced yesterday that
it has instructed Macquarie Equity Capital Markets to conduct a
book build to dispose of its 55 per cent shareholding in
BridgeDFS. The bookbuild will commence on the evening of Monday
of July 2, 2001, and close on the evening of Tuesday July 3,
2001. Bids will be sought from Australian and international
institutions and will also include broker sponsored bids.

BridgeDFS is a separate entity from Bridge Information Systems
America, Inc. BridgeDFS is not reliant on Bridge Information
Systems America, Inc for any of its revenue, intellectual
property, or network. The operational relationship consists of
service agreements for cost sharing with premises and various
administrative functions.

Bridge Information Systems America, Inc, recently sought
protection under Chapter 11 of the Bankruptcy Code in the United
States. Bridge Information Systems America, Inc reserves the
right to withdraw the shares from sale if the price achieved for
the shares is below expectations.

For further information contact:
Neil Watson
EQUITY CAPITAL MARKETS
Macquarie Bank
(02) 8232 4931

BACKGROUND

(The following is the company's announcement dated 24 April
2001)

The Independent Directors of BridgeDFS (the Company) have
conditionally agreed to release Bridge Information Systems
America Inc (BISA) from its escrow commitments in connection
with BISA's prospective sale of 55 million shares in the Company
(the Shares).
The Shares represent 55% of the Company's shares on issue.

1. Background

On 9 April 2001, the Company announced that it had been advised
by Macquarie Bank Limited (MBL) that:

* MBL had been appointed by BISA in connection with its
prospective sale of the Shares;

* MBL's appointment had been approved by the US Bankruptcy
Court;

* BISA and a number of its affiliated companies had agreed with
their creditors and the US Bankruptcy Court that the Shares
would be sold; and

* MBL, on behalf of BISA, had requested that the Independent
Directors of BridgeDFS release BISA from its escrow commitments
in respect of the Shares to allow a sale process to be
commenced.

The Company also announced that it had appointed Caliburn
Partnership to advise the Independent Directors on both the
escrow arrangements and the proposed sale process.

2. The Proposed Sale Process

MBL has advised the Company that the proposed sale process will
involve a dual trade sale and institutional bookbuild and that
these parallel processes will be used to work towards a decision
point at which BISA will either:

* proceed to final negotiations with a trade buyer or buyers who
have provided an indicative price; or

* undertake a sell-down to Australian and overseas institutions.

The dual sale process envisaged by MBL involves five separate
but related steps which are designed to determine whether the
price which BISA will receive from a sale of the Shares is
likely to be maximized through a trade sale or through an
institutional sell-down.

Sales Envisaged By MBL

Step 1: Preparation

* Announcement to ASX by the Company of BISA's request for a
release of the escrow

* List of potential and prospective buyers developed

* Divestment strategy timetable finalized

* ASIC approval

Step 2 Indications Of Interest

* Preliminary approaches made to potential trade buyers

* Confidentiality Agreement distributed to interested parties

* Likely structural preferences of interested buyers identified

* Conditional release of escrow obtained

Step 3: Indicative Offers

*  Trade Sale

- distribute any additional information to selected potential
buyers

- obtain non binding indicative offers

* Sell Down

- consider a limited roadshow to institutional investors in Asia
and/ or North America who have not yet had the opportunity to
invest

- following roadshow, assess market appetite for institutional
sell down

Step 4: Firm Offers

* Trade Sale

- shortlist the best offers

- management interviews/data room (if consented to by the
Company)

- obtain firm offer

* Sell Down

- conduct bookbuild

Step 5: Completion

* Trade Sale

- negotiate documentation with preferred offeror or offerors

- sign and complete the offer

*  Sell Down

- settlement of bookbuild

If a trade sale eventuates, MBL have advised that the process
will also involve the successful tenderer making a takeover
offer for all of the outstanding shares in the Company.

3 Conditions To Release Of Escrow

The Independent Directors have formed the view that an orderly
sale of the Shares is likely to be in the interests of the
Company as a whole. BISA's financial predicament means that it
can no longer be committed to the future development of the
Company and its desire to sell the Shares is likely, in the
opinion of the Independent Directors, to create a significant
"overhang" on the market if the Shares are not able to be sold
because of the escrow.

The Independent Directors have therefore agreed to release the
Shares from the escrow provisions provided that the sale is
conducted in an orderly manner and involves:

* in the case of a trade sale - a proper testing of the market;
and

* in the case of an institutional sell-down - an orderly sell-
down.

The conditions to which the release of the escrow are subject
are set out in the Attachment to this Announcement.

4 Impact On Stock Exchange Escrow Provisions

The Australian Stock Exchange ("ASX") holds 15 million shares in
the Company which represents 15% of the Company's shares on
issue. These shares are also subject to escrow provisions. If
the BISA escrow release becomes unconditional, then the ASX
escrow will also be released according to the terms of its
voluntary escrow.

Conditions To Release Of Escrow

A. Conditions

1. BISA and MBL must comply materially with the process proposed
by MBL, including the minimum timeframes that have been agreed
with MBL.

2. If the sale of the Shares is being progressed by way of a
trade sale (even if it is also being progressed by way of a
market sell down):

(a) BISA and MBL must:

   (1) forthwith advise Caliburn of the identities of the
parties whom MBL and BISA have approached or been approached by
prior to the date of this announcement with respect to the
Shares;

   (2) advise Caliburn as soon as practicable of the identities
of parties whom MBL and BISA intend to approach, and those who
approach BISA or MBL upon any such approach being made, with
respect to the Shares;

   (3) provide or make available to Caliburn copies or summaries
of all substantive documents provided to, or received from,
those parties upon the provision or receipt of such documents by
MBL or BISA; and

   (4) fully update Caliburn on the progress of discussions with
such parties at the end of each stage of the timetable agreed
with MBL;

(b) BISA and MBL must deliver to Caliburn true and complete
copies of the information which MBL is required to provide to
the Australian Securities and Investments Commission (ASIC)
under the terms of the exemptions provided by ASIC on the
conduct of the tender process (including the parties approached
and the results achieved) by no later than the same time at
which MBL is required to provide this information to ASIC;

(c) BISA, MBL and their employees or agents must not disclose,
or cause to be disclosed, to prospective bidders, any
information of a confidential nature which has been obtained by
BISA from BridgeDFS without:

   (i) the Independent Directors specifically agreeing to such
disclosure in writing; and

   (ii) prospective bidders signing a confidentiality agreement
in the form provided to Caliburn on 17 April 2001 or as amended
in negotiations between BISA, MBL and the relevant prospective
bidder; and

(d) BISA and MBL and their employees or agents must not in any
way seek to constrain bidders in the tender process from
developing private discussions with the Independent Directors or
their advisers or from responding to approaches from the
Independent Directors or their advisers.

3. If the sale of the Shares is being progressed by way of a
market sell down (even if it is also being progressed by way of
trade sale):

   (a) the market sell down must be conducted by way of an
exempt investor bookbuild, with the book being cleared at the
highest price at which the book is at least 110% covered;

   (b) BridgeDFS must be consulted on the list of institutions
to which BISA or MBL will be seeking to market prior to BISA or
MBL contacting those parties and BISA and MBL agree to extend
the list to include other institutions identified by BridgeDFS
and its advisers;

   (c) BridgeDFS must be given the opportunity (but shall not
have the obligation) to review material being presented to the
market as part of the sell-down process prior to such material
being presented to the market;

   (d) BridgeDFS, in its absolute discretion, must be given the
opportunity to participate in any institutional roadshow
conducted by BISA or MBL as part of the sell-down process;

   (e) BridgeDFS must be regularly and fully updated with
respect to the progress of the institutional bookbuild and must
be given access in a constructive manner to all bookbuild
material; and

   (f) subject to the book being cleared at the price specified
in paragraph (a) above, the Independent Directors will have
absolute discretion over which of the institutions who have
successfully bid into the book are allotted shares and the
number of shares that will be allotted to each successful bidder
(the Independent Directors will exercise this discretion in a
way that will not unreasonably disadvantage legitimate long-term
investors whether Australian or foreign based).

4. BISA must agree, on terms acceptable to BridgeDFS, that in
the event of a sale by BISA of more than 5% of the issued share
capital of BridgeDFS, BridgeDFS shall have the right, by written
notice to BISA at any time within 90 days of BridgeDFS being
notified of such sale, to terminate any existing agreements
between BridgeDFS and BISA or BISA's associates (including the
Shared Services Agreement and Redistributor Agreement) without
any penalty or other compensatory payment being required from
BridgeDFS.

B. Reservation Of Rights

The Independent Directors have reserved the right to agree or
refuse (in their absolute discretion) to allow short listed
offerors to have access to management interviews and a data room
depending on their level of comfort with respect to the:

* process generally;

* bona fides of a short listed offeror;

* pricing and other deal terms being offered by a short listed
offeror;

* commercial sensitivity of the information being sought; or

* legal liability (if any) associated with such discussions.

C. Agreement By Independent Directors

The Independent Directors have agreed, in order to facilitate
the conduct of the process being implemented by MBL:

   (1) to enter into a mutually acceptable confidentiality
agreement with BISA and MBL in relation to the information to be
provided to the Independent Directors and their advisers under
the terms of this letter; and

   (2) that Caliburn will fully update MBL on the status of any
discussions which Caliburn has had with any of the parties
referred to in Section A above at the end of each of the steps
envisaged in the proposed timetable.

In the event that any fact comes to the attention of the
Independent Directors or Caliburn that could reasonably
constitute a breach of any of the conditions precedent contained
above or a failure of the process outlined by MBL to constitute
a "proper testing of the market", the Independent Directors
agree to inform MBL as soon as reasonably practicable. However,
any failure to notify MBL under this paragraph shall not be
actionable by MBL or BISA and shall not prejudice in any way any
rights of the Independent Directors.

The Independent Directors have consented to the release of the
Shares, and to the commencement of the process set out in
paragraph 2 of Section A above, but on the basis that BISA may
not legally or beneficially transfer any shares without the
consent of the Independent Directors, which consent may only be
refused if any of the conditions in Section A have not been
complied with in all material respects.


MAXIS CORP: To Issue Convertible Notes
--------------------------------------
Maxis Corporation is applying for the issuance of the company's
convertible note to raise its working capital. The following is
the company's application:

    Convertible Note

Issuer: Maxis Corporation LTD ('the Company')
Holder: Abrahams Advertising PTY LTD
Date of issue: 6 June 2001
Expiry: 5.00 PM, EST, 6 June 2002
Amount: Twenty thousand dollars ($20,000.00)
Interest rate: Ten percent per annum (10% per annum)

Terms Of Issue: The Convertible Noted Is Subject To The
Following Conditions:

(i) The Convertible Note may be converted in part or in total to
fully paid ordinary shares in the capital of the company at any
time before the expiry date, at 20% discount to the market price
of the shares, calculated at the weighted average of the last 5
trading days prior to conversion.

In the event there is no market for the shares, it may be
converted at 5.0 cents per share.

(ii) The Convertible Note, in part or in total, may only be
redeemed for cash at any time during the last 30 days before its
expiry, by giving 7 days notice of redemption in writing to the
Company.

(iii) No interest shall be payable if the Note is converted to
shares. However, in the event the Note (in part or in total) is
redeemed for cash, interest calculated at 10 percent per annum
will be paid together with the amount redeemed.

(iv) In the event of a takeover of the Company, the Holder must
be notified with sufficient time to allow it to convert and
accept the takeover offer, if it so chooses. In the alternative,
the Holder may retain the Note and redeem for cash as per the
terms above.


MAXIS CORP: To Issue New Shares For Capital
-------------------------------------------
Maxis Corporation Limited is seeking fresh additional working
capital through the issuance of new shares. The following
details the company's application for quotation of additional
securities and agreement:

              New Issue Announcement

Application For Quotation Of Additional Securities & Agreement

Information or documents not available now must be given to
Australian Stock Exchange (ASX) as soon as available.
Information and documents given to ASX become ASX's property and
may be made public.

Name of Entity
Maxis Corporation Limited

ACN or ARBN
009 239 285

We (the entity) give ASX the following information.

Part 1 - All Issues
You must complete the relevant sections (attach sheets if there
is not enough space).

1. Class of securities issued          Ordinary shares
   or to be issued

2. Number of securities issued         600,000
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   Ordinary fully paid
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration        5 cents

6. Purpose of the issue (if            Working capital
   issued as consideration for
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities        22 June 2001
   into uncertified holdings
   or despatch of certificates

                                      Number Class
8. Number and class of all       246,391,387  Ordinary shares
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                      Number Class
9. Number and class of all        44,850,000  Options
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        N/A
   of a trust, distribution
   policy) on the increased
   capital (interests)

Part 2 - Bonus Issue Or Pro Rata Issue

Items 11 to 33 are Not Applicable

Part 3 - Quotation Of Securities
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities
    (If the additional securities do not form a new class, go to
43)

    Tick to indicate you are providing the information or
documents

35.    The names of the 20 largest holders of the additional
         securities, and the number and percentage of
         additional securities held by those holders

36.    A distribution schedule of the additional securities
         setting out the number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

All Entities

Fees

43. Payment method (tick one)

       Cheque attached

       Electronic payment made
       Note: Payment may be made electronically if Appendix 3B
is
             given to ASX electronically at the same time.

    X  Periodic payment as agreed with the home branch has been
       arranged
       Note: Arrangements can be made for employee incentive
             schemes that involve frequent issues of securities.

Quotation Agreement

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant to ASX that the issue of the securities to be
quoted complies with the law and is not for an illegal purpose,
and that there is no reason why those securities should not be
granted quotation. We warrant to ASX that an offer of the
securities for sale within 12 months after their issue will not
require disclosure under section 707(3) of the Corporations Law.

3.  We will indemnify ASX to the fullest extent permitted by law
in    respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.

              New Issue Announcement

Application For Quotation Of Additional Securities & Agreement

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Name of Entity
Maxis Corporation Limited

ACN or ARBN
009 239 285

We (the entity) give ASX the following information.

Part 1 - All Issues
You must complete the relevant sections (attach sheets if there
is not enough space).

1. Class of securities issued          Convertible Note
   or to be issued

2. Number of securities issued         One
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   See attached
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      N/A
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration        $20,000

6. Purpose of the issue (if            Working capital
   issued as consideration for
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities        06 June 2001
   into uncertified holdings
   or despatch of certificates

                                      Number Class
8. Number and class of all       246,391,387  Ordinary shares
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                      Number Class
9. Number and class of all        44,850,000  Options
   securities not quoted                   1  Convertible Note
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        N/A
   of a trust, distribution
   policy) on the increased
   capital (interests)

Part 2 - Bonus Issue Or Pro Rata Issue

Items 11 to 33 are Not Applicable

Part 3 - Quotation Of Securities
You need only complete this section if you are applying for
quotation
of securities

    Items 34 to 37 are Not Applicable

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

All Entities

Fees

43. Payment method (tick one)

       Cheque attached

       Electronic payment made
       Note: Payment may be made electronically if Appendix 3B
is
             given to ASX electronically at the same time.

    X  Periodic payment as agreed with the home branch has been
       arranged
       Note: Arrangements can be made for employee incentive
             schemes that involve frequent issues of securities.

Quotation Agreement

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant to ASX that the issue of the securities to be
quoted complies with the law and is not for an illegal purpose,
and that there is no reason why those securities should not be
granted quotation. We warrant to ASX that an offer of the
securities for sale within 12 months after their issue will not
require disclosure under section 707(3) of the Corporations Law.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


ONE.TEL LIMITED: Owes Optus $68.3 Million
-----------------------------------------
Cable & Wireless Optus confirmed yesterday that it is owed $68.3
million by One.Tel Limited, in line with what has been indicated
by the One.Tel Administrators.

Optus will try to recover this money from OneTel. However,
statements by the Administrators indicate creditors cannot be
certain of recovering any money owed.  Accordingly, the whole of
this amount will be written off against profit.

Underlying trading revenues remain strong, despite a predicted
tightening in the wholesale capacity market, due to global
pressure in the sector.

For more information:
Stephen Woodhill
Phone: 02 9342 7850


PMP LIMITED: Director Chegwyn Posts Interests
---------------------------------------------
PMP Limited Director Peter Gordon Chegwyn posts his interests,
in compliance with the Section 235 of the Corporations Law, as
follows:

Notice On Change Of Interests

Name of Director          Peter Gordon Chegwyn

Name of Company           PMP Limited

The date of last
notification to the ASX
under Section 235
or Part 6.7               14 October 1991

Date my interest changed  25 June 2001

The director has a relevant interest in the following shares in
the company or related bodies corporate:

Beneficial Interest            71,038
Non Beneficial Interest        11,108


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


APEX COMPUTRONICS: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Apex Computronics Company Limited is
scheduled for hearing before the High Court of Hong Kong on
August 15, 2001 at 9:30 am. The petition was filed with the
court on June 7, 2001 by Nan Fung Finance Limited whose
registered office is situated at 9th Floor, Central Building,
Pedder Street, Central, Hong Kong.


ICG ASIA: Enters Workout Deal With MegaVillage
----------------------------------------------
ICG Asia Limited (the Company) has entered into a Restructuring
Agreement with its subsidiary, MegaVillage.com Holdings Limited,
pursuant to which MegaVillage agrees to waive in full the
Milestone Payment in consideration for the sale of the
Repurchase Shares held by the Company to MegaVillage. Further
details of the terms of the Restructuring Agreement are set out
below.

As the consideration for the transaction represents less than 3
percent of the consolidated net tangible assets of the Company
as disclosed in its audited accounts for the year ended 31
December 2000, the Restructuring Agreement falls within the de
minimus rule under Rule 14.25(1) of the Listing Rules.

Accordingly, the Restructuring Agreement is only subject to
disclosure requirements and no independent shareholders'
approval is required. The Company will include details of the
Restructuring Agreement in its next published annual report in
accordance with the Listing Rules.

Introduction

The Directors announce that the Company has entered into the
Restructuring Agreement pursuant to which MegaVillage agrees to
waive in full the Milestone Payment in consideration for the
sale to MegaVillage of the Repurchase Shares held by the
Company.

The Milestone Payment was payable by the Company to MegaVillage
after certain operational milestones were met by MegaVillage
pursuant to the terms of the Subscription Agreement.

Those operational milestones have been met by MegaVillage. The
parties have agreed to restructure the shareholdings in
MegaVillage as described below.

Restructuring Agreement

Date: 22 June 2001

Parties: 1. the Company

  2. Lewis Chan, the controlling shareholder of
Tradewind

  3. Tradewind, a shareholder of MegaVillage, holding
approximately 47.05 percent of the issued share capital of
MegaVillage.

  4. MegaVillage

Restructuring Agreement:

The Restructuring Agreement sets out the terms and conditions
pursuant to which MegaVillage agrees to waive the Milestone
Payment. In consideration for the waiver, the Repurchase Shares
will be sold to MegaVillage by the Company. The consideration
was determined between the parties after arm's length
negotiations based on the future prospects of MegaVillage and
progress to date in establishing a business-to-business
ecommerce business.

Shareholding:

The existing issued and paid up capital of MegaVillage comprises
40,000,000 MegaVillage Ordinary Shares representing
approximately 47.05 percent of the issued share capital of
MegaVillage, and 45,000,000 MegaVillage Convertible Preference
Shares representing 52.95 percent of the issued share capital of
MegaVillage.

The Company currently holds all the MegaVillage Convertible
Preference Shares in MegaVillage. Tradewind currently holds all
the MegaVillage Ordinary Shares in MegaVillage.

The 45,000,000 MegaVillage Convertible Preference Shares will be
converted into 45,000,000 MegaVillage Ordinary Shares in
accordance with their terms prior to the repurchase of the
Repurchase Shares by MegaVillage.

After completion of the Restructuring Agreement, the Company
will hold an approximately 19.9 percent interest in MegaVillage.
Following completion of the Restructuring Agreement, there will
be no outstanding payment obligations of the Company in respect
of the Milestone Payment or in respect of the shares held by the
Company in MegaVillage.

MegaVillage:

MegaVillage carries on a business of trading consumer products
over the Internet through websites or portals established and
operated by MegaVillage and its subsidiaries. MegaVillage
currently holds 17,514,124 Company Shares representing
approximately 0.31 percent of the issued share capital of the
Company.

Completion: The Restructuring Agreement is expected to be
completed on or before 30 June 2001.

Agreement of Release

Completion of the Restructuring Agreement is conditional upon
the parties to the Restructuring Agreement entering into an
Agreement of Release pursuant to which MegaVillage releases and
discharges the Company from any claims in respect of the
Milestone Payment. The Company also agrees that MegaVillage
shall be entitled to dispose of the 17,514,124 Company Shares
held by it after 3 October 2001 or on any reorganisation or
change of control of the Company, whichever is earlier.
Previously, MegaVillage had agreed that it would not dispose of
the 17,514,124 Company Shares held by it before 3 January 2002
except with the consent in writing of the Company.

Shareholders' Agreement

Completion of the Restructuring Agreement is also conditional
upon the parties to the Restructuring Agreement entering into a
Shareholders' Agreement. The Shareholders' Agreement provides
for the appointment of directors to the Board of MegaVillage,
and certain other operational matters, including the proportions
in which, in the event of a winding-up of MegaVillage, any
assets of MegaVillage available for distribution will be
distributed to Tradewind and the Company after payment of
creditors.

Reasons for the transaction

The transaction is carried out to satisfy the Company's
obligation to pay the Milestone Payment without affecting the
Company's cash resources.

The Directors (including the independent non-executive
Directors) are of the view that the transaction is on normal
commercial terms and fair and reasonable so far as the
independent shareholders of the Company are concerned.

Connected Transaction

MegaVillage, being a non wholly-owned subsidiary of the Company,
is a connected person of the Company under the Listing Rules and
the Restructuring Agreement accordingly constitutes a connected
transaction of the Company.

As the consideration for the transaction represents less than 3
percent of the consolidated net tangible assets of the Company
as disclosed in its audited accounts for the year ended 31
December 2000, the Restructuring Agreement falls within the de
minimus rule under Rule 14.25(1) of the Listing Rules.

Accordingly, the Restructuring Agreement is only subject to
disclosure requirements and no independent shareholders'
approval is required. The Company will include details of the
Restructuring Agreement in its next published annual report in
accordance with the Listing Rules.

General

The Company is principally engaged in business services,
investments and operations related to information technology and
other communication media, although some of its subsidiaries
also continue some operations in toys manufacturing and property
development and investment.


JUMBO FORTUNE: Winding Up Petition To Be Heard
----------------------------------------------
The petition to wind up Jumbo Fortune Enterprise Limited is
scheduled for hearing before the High Court of Hong Kong on
August 15, 2001 at 9:30 am. The petition was filed with the
court on June 7, 2001 by Nan Fung Finance Limited whose
registered office is situated at 9th Floor, Central Building,
Pedder Street, Central, Hong Kong.


SHANDONG XINHUA: H Holders Reject Proposed Shares Repurchase
------------------------------------------------------------
The class meeting of holders of overseas listed H shares of
Shandong Xinhua Pharmaceutical Company Limited was held on 22
June 2001 at the Company's Conference Room at No. 14, Dongyi
Road, Zhangdian District, Zibo, Shandong Province, the People's
Republic of China.

The proposed special resolution as set out in the Notice of
Class Meeting for Holders of H Shares of the Company dated 12
March 2001 in relation to authorization to the Board of
Directors to repurchase H Shares of the Company was not passed.

The Board asked for the authority to:

(i) make amendments to Article 19 and Article 22 of the Articles
of Association as it thinks fit so as to reduce the registered
share capital of the Company and to reflect the new capital
structure of the Company upon the repurchase of H Shares of the
Company as contemplated; and

(ii) file the amended Articles of Association with the relevant
governmental authorities of the PRC.


SHANDONG XINHUA: Posts Results Of AGM
-------------------------------------
The 2000 annual general meeting (AGM) of Shandong Xinhua
Pharmaceutical Company Limited was held on 22 June 2001 at the
Company's Conference Room at No. 14, Dongyi Road, Zhangdian
District, Zibo, Shandong Province, the People's Republic of
China (the "PRC").

The following resolutions were passed as ordinary resolutions at
the AGM:

1. The Report of the Directors of the Company for year 2000 was
approved.

2. The Report of the Supervisory Committee of the Company for
year 2000 was approved.

3. The Audited Financial Statements of the Company for year 2000
was approved.

4. The Company's profit distribution plan for year 2000 was
approved as follows:

(i) In accordance with the relevant PRC regulations, the Company
maintains revenue reserves based on the audited accounts
prepared in accordance with the PRC accounting standards.
Accordingly, the amounts of RMB6.91 million, RMB3.46 million and
RMB6.91 million, representing 10 percent, 5 percent and 10
percent of the Company's profit after taxation respectively will
be appropriated to the statutory surplus reserve, the statutory
public welfare fund and the discretionary surplus reserve
respectively.

(ii) A final cash dividend of RMB0.08 (equivalent to HK$0.0754)
per share will be distributed to all the shareholders whose
names appeared on the register of members of the Company on 21
May 2001 before 4:00 p.m.

(iii) In accordance with the provisions of the Articles of
Association of the Company, the Company has appointed Bank of
China (Hong Kong) Trustees Company Limited (registered under the
Trustee Ordinance of Laws of Hong Kong) as the receiving agent
(the Receiving Agent) of the holders of H shares in Hong Kong to
receive on their behalf dividends declared in respect of the H
shares. Dividends payable to holders of H shares will be paid by
the Receiving Agent and the relevant cheques will be dispatched
on or before 30 June 2001 (H shares dividends payment date). The
cheques will be distributed to the holders of H shares by
ordinary post and shall be posted at the risk of the recipients.

5. The profit distribution budget plan for year 2001 was
approved.

6. The re-appointments of Shine Wing, Certified Public
Accountants in the PRC, and PricewaterhouseCoopers, Certified
Public Accountants in Hong Kong, as the Company's PRC and
international auditors, respectively, for year 2001 was
approved, and the Board of Directors was authorized to fix their
respective remuneration.

7. The remuneration of directors and supervisors for year 2001
was approved.

8. The resignations of Mr. Li Zhi and Mr. Zhang Gong-quan as
directors of the Company were approved.

9. The Board of Directors be authorized to have a discretion to
make any investments whatsoever without prior approval from the
shareholders provided that the aggregate amount of such
investments does not exceed 10 percent of the total asset value
of the Company as specified in the latest audited financial
report subject to all applicable laws, rules and regulations.

10. The following amendment to the Articles of Associations of
the Company was approved as a special resolution:

   A new article 93a shall be added after Article 93 of Chapter
10 of the Articles of Association of the Company as follows:

   "The Board of Directors of the Company be authorized to have
a discretion to make any investments whatsoever without prior
approval from the shareholders provided that the aggregate
amount of such investments does not exceed 10 percent of the
total asset value of the Company as specified in the latest
audited financial report subject to all applicable laws, rules
and regulations."

11. The proposed special resolution set out in paragraph 11 of
the Notice of Annual General Meeting for the Year 2000 dated 12
March 2001 authorizing the Board of Directors to repurchase H
shares of the Company was passed by shareholders of the Company
at the AGM. However, since at the class meeting of holders of H
shares of the Company held on the same date, the special
resolution proposed to authorize the Board of Directors to
repurchase H shares of the Company was not passed by the holders
of H shares of the Company, the condition set out in paragraph
11(c)(i) of the Notice was not satisfied. Accordingly, the
Repurchase Resolution is not effective.


SKY DATAMANN: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Sky Datamann (Hong Kong) Limited is set
for hearing before the High Court of Hong Kong on July 18, 2001
at 9:30 am. The petition was filed with the court on May 21,
2001 by CCP Engineering Limited whose registered office is
situated at Room 1112, 11th Floor, Shun Fat Industrial Building,
17 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong.


SUN'S JEWELLERY: Winding Up Petition Slated For Hearing
-------------------------------------------------------
The petition to wind up Sun's Jewellery Conpany Limited will be
heard before the High Court of Hong Kong on August 29, 2001 at
9:30 am. The petition was filed with the court on June 15, 2001
by Lee Heng Diamond Company Limited whose registered office is
Room 1201, Aon China Building, 29 Queen's Road Central, Hong
Kong.


TIANJIN DEVELOPMENT: No Reason For Increased Turnover
-----------------------------------------------------
The directors of Tianjin Development Holdings Limited noted the
increases in the trading volume of the shares of the Company on
22 June 2001 and wish to state that they are not aware of any
reasons for the increases.

According to Director Wang Guang Hao, the company has confirmed
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.


TIANJIN INT'L: To Make Late Y148-M Coupon Payment
-------------------------------------------------
Tianjin International Trust and Investment Company (Tianjin
ITIC) is going to make a late coupon payment on its outstanding
samurai bond, amounting to Y148 million, The Asian Wall Street
Journal reported Monday.

This will be made through a fund provision from the Tianjin
Municipal Government. Tianjin ITIC will fall into technical
default, although many think that the company will not be able
to repay Y12.5 billion, or 2.375 percent samurai maturing at the
end of December this year.

According to issue trustee Fuji Bank, Tianjin ITIC will make the
coupon payment on Wednesday, 27 June 2001, the last day of the
14-day grace period for the interest payment.

The deadline fell on 13 June 2001.


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


BANK UNIVERSAL: IBRA Eyes Merger To Boost Capital
-------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) is eyeing the
merger of Bank Universal with banks other than PT Lippo Bank, as
one of the potential options to help bolster the bank's capital,
The Asian Wall Street Journal reported Monday.

IBRA's Deputy Chairman Felia Salim was quoted as saying, "We are
still considering some alternatives. It's too early to say now,
but merging it with other banks, not only with Lippo, is still
possible."

She added that the agency has to reach a final decision before
the end of the year.

Bank Universal is one of the 11 banks in the sector that would
be consolidated into four core institutions under the control of
the government.


BUKAKA TEKNIK: Gets 75% Foreign Debt Payment Reduction
------------------------------------------------------
PT Bukaka Teknik Utama's creditors agreed to give up to 75
percent discount on its foreign debt payment, Jakarta Post
reported Monday .

Due to the discount, the company will only pay 25 percent of its
total US$142 million foreign debts, which is around Rp1.40
trillion to 39 foreign banks and other international
institutions, Imron Zubaidy, the company's vice president, said.

Imron announced a memorandum of understanding had been signed
between the company & Malaysia's Golden Tower Company to take
over the company's liabilities to the overseas financial
institutions.

"If the Malaysian went ahead with the deal, it would spend less
than $35 million to settle all of Bukaka's foreign debts," Imron
said.

Bukaka also owes Rp70.9-billion debt to the Indonesian Bank
Restructuring Agency (IBRA).

Imron said the company is close to a deal with IBRA to
reschedule the debt repayments over eight years.

The company, which is partly owned by PT Bukaka Investindo,
suffered a huge loss of Rp700 billion last year, down from
Rp14.5 billion net profit the previous year due to inflated
interest payment on its foreign debts.


PERUSAHAN LISTRIK: Posts Q1 Net Loss Of Rp3.4 Trillion
------------------------------------------------------
State-run PT Perusahaan Listrik Negara posted a net loss of
Rp3.4 trillion in the three months this year and expects to book
a 2001 net loss of IDR4.43 trillion, Asian Wall Street Journal
reported Monday, citing the company's financial director Parno
Isworo.

The company is expected to have operating revenue of Rp26.97
trillion this year though operating costs would be higher
amounting to Rp35.96 trillion, Parno said.

The company sells electricity in rupiah, but most of its costs
are in dollars. Parno added that the company's misfortune is due
to U.S. dollar inflation against the rupiah.

The company's debt restructuring, which was granted by the
government last week, would bring a sharp decrease to last
year's net loss of IDR24 trillion.

Under the debt restructuring scheme, the company received a
government subsidy of Rp34.07 trillion, of which Rp5.288
trillion debt in principal would be treated as a new 20-year
loan, with a two-year grace period. The remaining debts of
Rp28.78 trillion would be written off in a bid to keep the
company going around.


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


DEVELOPMENT BANK: Moody's Assigns Aa2 Rating
--------------------------------------------
Moody's Investors Service has assigned its Aa2 domestic-currency
issuer rating to Development Bank of Japan (DBJ), one of Japan's
largest policy lending financial institutions.

The rating outlook is negative.

Moody's has already assigned Aa1 rating to its Japanese
Government guaranteed foreign currency and euro-yen denominated
senior debts, which remain unchanged.

The rating reflects Moody's belief that the Japanese Government
will have a strong willingness and ability to materially support
the position of DBJ's non-government guaranteed long-term
debtholders in a manner equivalent to that of holders of the
Government's direct domestic debt.

The negative rating outlook reflects the negative outlook for
the Japanese Government's domestic currency debt rating, which
will constrain DBJ's rating.

The rating is based on Moody's positive evaluation of the
following key rating elements:

1) DBJ, working closely with the Ministry of Finance (MOF) and
other Ministries, has played an important policy financing role
in the Japanese economy, and has provided crucial long term
fixed rate funds to widely defined areas and sectors considered
by Government to be vital to Japan's future economic development
over a long period of time.

2) MOF's extensive involvement and supervision in planning,
budgeting, development of lending policy, policy execution,
funding and capital management, and the detailed legal framework
of DBJ's operations, which will substantially reduce uncertainty
as to DBJ's future operations.

Based on this observation as to its functions and strong
supervisory framework, Moody's expects that DBJ will continue to
have a high policy priority because of the Government's view
that substantial economic and other national benefits are
derived from its operations, and that DBJ will continue to be
one of the preferred recipients of Fiscal Investment and Loan
Program (FILP) finance among the various FILP agencies.

At the same time, Moody's believes that DBJ's stand-alone
financial performance, particularly its asset quality, may
possibly be subjected to increasing downward pressure.

In particular, Moody's considers that DBJ is exposed to a number
of troubled third sector-led real estate development projects,
whose operating results are substantially below original budget
expectations and, in fact, may be serious enough to require
further debt restructuring going forward.

Also, its loan portfolio distribution will not be free from the
impact of Japanese economic and industry structural change,
thereby contributing to the declining weight of such sectors as
utilities.

However, Moody's believes that the size of DBJ's current
capitalization and likely continuing capital support from the
Government, continue to provide a cushion against this economic
risk.

Also, in Moody's view, DBJ will continue to rely heavily on a
continuous stable supply of very long-term funds from the FILP
system in order to justify its existence as a policy lending
financial institution. However, the difficult fiscal conditions
facing the Japanese Government may place long-term pressure on
the effective functioning of the FILP system.

Furthermore, a possible change of funding flow in the Japanese
economy, and ongoing discussion regarding the reform of Special
Corporations and their future status, could contribute to the
emergence of a political environment that is less sympathetic to
Special Corporations and which may constrain overall funding
from the FILP system over the intermediate term.

Although these future developments could possibly affect DBJ's
crucial funding base, Moody's considers these risks are balanced
by its close relationship with Government and strong
governmental supervision; the likelihood of additional
government capital injection to maintain DBJ's adequate
operating base; and its stand-alone solvent financial condition,
thereby continuing to minimize the relative risk of non-
government guaranteed long-term debtholders.

The change in the FILP system, as well as ongoing debate on the
role of Special Corporations in Japan, is considered by Moody's
to be a rational approach to streamlining and strengthening the
funding base of those FILP agencies and should assist in making
their operations more commercially-oriented and efficient over
the long-term.

However, Moody's believes that the credit risk of FILP agencies,
including DBJ, would be more accurately assessed in the context
of their respective policy importance and economic and social
benefit viewed from the perspective of Japanese Government,
rather than as pure private stand-alone enterprises.

Development Bank of Japan, with its main office in Tokyo, Japan,
is incorporated under the Development Bank of Japan Act, with
100 percent Japanese Government ownership. Its total assets (as
at March 31, 2000) were about Y19 trillion.


MYCAL CORP: Goldman Sachs Increases Stake
-----------------------------------------
Goldman Sachs group companies have increased their combined
stake in Mycal Corporation to 15 percent, making the group as
the largest shareholder in the troubled retailer, The Financial
Times reported Monday.

Mycal is currently under heavy restructuring exercises aimed at
cutting its debts totaling Y1,160 billion.

Under the same restructuring program, Mycal intends to dispose
of its assets and shut down stores by February 2004. Currently,
the company is working out to reduce its debts by end of August
to Y910 billion.


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


DOOSAN GROUP: Restructuring Successful
--------------------------------------
Doosan, one of the nation's oldest chaebols, has succeeded in
its restructuring program, spinning off from its flagship
business in food and beverages to current specialization in
heavy industries, after acquiring Korea Heavy Industries and
Construction (Hanjung) last year, The Digital Chosun reported
Monday.

Doosan recently completed the sell-off of its 55 percent stake
in OB Brewery, its half-a-century-old division, to Dutch firm
Hops Cooperative U.A. to the tune of W560 billion.

Proceeds from the sale will be used to pay off debts at Doosan
Corporation, cutting its group-level debts to W1.4 trillion from
W2 trillion, and hence, bringing down its debt-to-equity ratio
to 180 percent from 228 percent, the report says.

Moreover, at the rate things are going, the group intends to
bolster its heavy industries units through the acquisition of
two major subsidiaries of the Korea Electric Power Corporation
(Kepco).

Starting 1995, the group disposed of its profitable units like
Coca Cola Korea, 3M Korea and Doosan Seagrams, streamlining its
operations to five units from 16.


HYUNDAI ENGINEERING: Hana To Reject Proposal
--------------------------------------------
Hana Bank will reject the proposal by Hyundai Engineering and
Construction (HDEC) for the bank to assume convertible bonds
(CBs) worth W75 billion, as part of the ailing builder's plan to
float CBs totaling W750 billion, The Digital Chosun reported
yesterday, citing Hana Bank President Kim Seung-yu.

However, Hana Bank is currently in talks with other creditor
banks of HDEC to draw up a bailout package for the company.


HYUNDAI GROUP: Gives Up Stake In Securities Unit
------------------------------------------------
The Hyundai Group is giving up its stake in its brokerage firm
Hyundai Securities, The Korea Herald reported Monday, citing a
top government official. The group is in talks with the American
International Group (AIG) consortium for the sale of 19.8
percent share block.

An official at Financial Supervisory Commission told Herald,
"The two parties are now negotiating the selling price."

Originally, the government was in talks with the AIG consortium
over the sale of Hyundai Investment Trust and Securities (HITS).
However, AIG later expressed its interest also in acquiring a
controlling stake in Hyundai Securities.

In turn, the government decided to save Hyundai Life Insurance
from responsibility for the insolvency of Hyundai Securities, on
the condition that the Hyundai Group give up its entire stake in
the securities brokerage unit.


HYUNDAI PETROCHEM: Creditors Meeting Set For Today
--------------------------------------------------
Creditors of Hyundai Petrochemical Company are scheduled to meet
today, 27 June 2001, to draw up recovery measures for the
company, The Asian Wall Street Journal reports, citing the Seoul
Economic Daily.

Among other measures, the creditors are expected to consider
fresh capital infusion, a debt-to-equity conversion, and a
rollover of maturing bonds.

Earlier, Hyundai Petrochemical's major shareholders, namely
Hyundai Heavy Industries Company and Hyundai Motor Company,
reportedly have both agreed to make a full write-down of their
investment in the company.


HYUNDAI PETROCHEM: Fresh Funds Worth W405-B Likely
--------------------------------------------------
Hyundai Petrochemical may get bailout funds worth W405 billion
from its creditor banks, apart from a rollover of maturing loans
by end of October, The Asian Wall Street Journal reported
yesterday, citing the Seoul Economic Daily.

The funds can be broken down into $250 million in trade
financing, and W85 billion in new loans, while the debt rollover
will involve the sum of W100 billion.

Moreover, the creditors have also agreed to make a full write
down of the petrochemical firm's capital amounting to W530
billion, then plan to recapitalize with W430 billion.

This proposed bailout package for the company is up for approval
at the creditors' meeting Wednesday.


SSANGYONG GROUP: Restructuring On The Verge Of Collapse
-------------------------------------------------------
Owing to its leveraged investments into automobile production,
the Ssangyong Group is plummeting into a precarious financial
state again, despite its restructuring attempts. The company has
already disposed of its loss-making affiliates, The Digital
Chosun reported Monday.

Ssangyong's attempt to crack into the automobile business cost
the group a total of W1.7 trillion in debts. A huge portion of
this amount has remained unpaid, even if it has already sold off
some assets to pay off the group's debts.

Subsidiaries that have been sold off include: Ssangyong Paper to
Procter and Gamble; its interest in Ssangyong Oil Refinery; and
its 29.4 percent stake in Ssangyong Cement to Taiheiyo Cement of
Japan.

At present, the group's negotiations with the Carlyle Group
investment fund for the sale of Ssangyong Investment and
Communication are underway.

Despite the sale of the group's assets, its subsidiaries,
Ssangyong Precision Industries and Ssangong Heavy Industries,
have remained indebted, unable to pursue their debt servicing.


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


INSTAGREEN CORP: Gets SC's Nod On Workout Scheme
------------------------------------------------
Instagreen Corporation Berhad (ICB) announced the Securities
Commission (SC), via its letter dated 20 June 2001 (which was
received on 22 June 2001) has approved the company's Proposed
Restructuring Scheme.

Save for the revision on the purchase consideration of LBS Bina
Holdings Sdn Bhd and its subsidiary and associated companies
(LBS Group) from RM250,000,000 to RM198,030,000, the Proposed
Restructuring Scheme was approved as proposed.

As a consequence to the revision, the number of consideration
shares in LBS Bina Group Berhad (LBGB) (the new listing vehicle)
to be issued to the vendors of LBS Group will be revised from
250,000,000 to 198,030,000 ordinary shares of RM1.00 each.

The SC approval is subject to, among others, a moratorium on 50
percent of the consideration shares in accordance with the SC's
Policies and Guidelines on Issue/Offer of Securities.

The SC has also approved the following:

   i) application by the vendors of LBS Group for a waiver from
the obligation to make a mandatory offer under Practice Note
2.9.3 of the Malaysian Code On Take-Overs and Mergers 1998; and

   ii) An Employee Share Option Scheme for LBGB up to 10% of the
issued and paid-up share capital of LBGB to be offered to the
Eligible Employees and Executive Directors of LBGB Group.

With the SC approval for the Proposed Restructuring Scheme
obtained within four months from the date of the First
Announcement dated 23 February 2001, ICB is deemed in compliance
with Practice Note 4/2001.


KELANAMAS INDUSTRIES: SC Rejects Proposed Workout Scheme
--------------------------------------------------------
The Board of Directors of Kelanamas Industries Berhad (KIB)
announces that the Securities Commission (SC) has rejected the
Proposed Rescue/Restructuring Scheme via its letter dated 13
June 2001 as the SC deems that Dolomite Berhad (DB) is not
suitable for undertaking the rescue and restructuring of KIB.

It was announced by KIB on 19 June 2001 that the Board of
Directors of KIB has resolved that an application will be made
to appeal against SC's rejection within one month from 13 June
2001.

DB is in the process of compiling the necessary
information/documents to facilitate KIB's aforesaid appeal to
the SC.

Background

At the time of listing the Company, then called Sungei Besi
Mines Bhd (SBM), was one of the major tin producers in Malaysia.
SBM had been incorporated to take over the business of the
Sungei Besi Mines Ltd (Sungei Besi), a UK-incorporated company.
Effective 1 November 1976, the issued share capital of Sungei
Besi was cancelled in exchange for shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company.

A period of diversification followed from 1991 to 1997 during
which the SBM Group became involved in property investment,
trading and distribution of consumer products, manufacture of
cordials, fruit juices, soft drinks and food products, granite
quarrying and stockbroking. SBM changed its name to Kelanamas
Industries Bhd (KIB) in 1993 to reflect its diversification from
tin mining into the new areas of business.

On 12 February 1999 the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), was put under a Special
Administrator appointed by Pengurusan Danaharta Nasional Bhd.
Assec subsequently went through a restructuring exercise to help
restore its financial and operational viability.

The scheme has been fully implemented including a capital
reduction and new issue of shares to the new investor on 17 July
2000. As such, from that date, Kelanamas Capital Sdn Bhd
(subsidiary of KIB) only holds 45 shares of a total of
30,000,100 shares of ASSEC on issue. Therefore, ASSEC is no
longer a related company of KIB.

In addition, in May 2000, Kelanamas entered into an agreement
with Dolomite Bhd (DB) pursuant to the Group's restructuring
involving DB and its eight subsidiaries. The restructuring
entails capital reduction, debt reconstruction and acquisition
of the DB Group. The Group's future viability hinges on the
successful outcome of this restructuring scheme.

As part of the scheme, disposal/liquidation of all other
subsidiaries/assets/businesses shall be undertaken by Kelanamas.
Any corporate guarantee liabilities arising from the liquidation
of these subsidiaries and associated companies will be assumed
by the Company in its debt restructuring schemes.


KEMAYAN CORP: Unit Sells Stake In Shelomi
-----------------------------------------
The Directors of Kemayan Corporation Berhad announce that
Coralquest (M) Sdn Bhd, a wholly-owned subsidiary of Kemayan on
21 June 2001 entered into a share sale agreement with Hwong Yih
Siang to dispose of it's entire shareholding in Shelomi Limited
(SL) for US$294,597 in cash.

SL (incorporated in Hong Kong) is a wholly-owned subsidiary of
Coralquest. The only asset of SL is 95 percent equity interests
in Ambogo Sawmill Limited (incorporated in Papua New Guinea)
[Ambogo].

The purchase consideration is arrived on a willing-buyer and
willing-seller basis after taking into account of the country
risk in Papua New Guinea and the realizable value of Ambogo
carried out by independent registered public accountants and
company auditors in Papua New Guinea. The purchase consideration
is fully paid upon execution of the share sale agreement.

None of the directors, substantial shareholders nor persons
connected with them have any interests, direct or indirect in
the transaction.

Background

The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects.

Besides these, the Group is also involved in other activities
like timber logging and saw-milling, food manufacturing,
retailing and trading, education, aviation, hotel and tourism.

Subsequently, the Company is now undertaking a composite scheme
of arrangement with the objective of returning the Group to
profitability. The scheme involves a proposed capital
reconstruction, rights issue and acquisition/settlements.

The Company has obtained a restraining order on 12 August 1998
from the High Court for an initial period of nine months. This
has been extended to 30 September 2000.


MANCON BERHAD: Fails To Meet Regularization Schedule
----------------------------------------------------
An announcement was made on 12 June 2001 that the proposed
restructuring scheme of Mancon Berhad would not be considered by
the Securities Commission (SC) and that a revise/new proposal
need to be submitted to the SC for their further consideration.

In view of the decision made by the SC, we wish to inform that
Mancon has failed to comply with the time schedule to regularize
its financial condition as required under paragraph 5.1(c) of
Practice Note 4/2001, i.e. to obtain all approvals by 26 June
2001.

The Company will be making an appeal to the Exchange for further
extension of time to regularize its financial condition and an
announcement will be made at the appropriate time.


MYCOM BERHAD: Seeking More Time To Execute Workout
--------------------------------------------------
The Board of Directors of Mycom Berhad announces the Company has
sought an extension from the Kuala Lumpur Stock Exchange (KLSE)
to obtain the necessary approvals for the implementation of its
proposed restructuring exercise from the Due Date.

The Company will make further announcements as, and when, new
development in relation to the proposed restructuring exercise
arises.

On 26 February 2001, the Company announced its status as an
affected listed issuer (First Announcement). According to
Practice Note (PN) No. 4/2001, the affected listed issuer will
be given four months from the date of the First Announcement to
obtain all approvals necessary for the implementation of plan to
regularize the company's financial position, that is, by 25 June
2001 (Due Date) in the case of Mycom.

In addition, on 28 February 2001 the company announced that the
Securities Commission (SC) had requested for further input in
order to arrive at a more comprehensive restructuring exercise
for their consideration. Since then, the Company has been taking
the necessary steps to comply with the request.


RENONG BERHAD: Unit Settles Debt With PATI
------------------------------------------
Renong Berhad said 22 June 2001, Prolink Development Sdn Bhd, a
64 percent owned subsidiary of the company, entered into a
settlement agreement with PATI Sdn Bhd, a 50 percent owend
associated company of United Engineers (UEM), for a partial
settlement amounting to RM3,632,971.00 out of an outstanding
claim by PATI on Prolink of approximately RM15,505,544.35.

The Outstanding Claim arose from certain services rendered by
PATI to Prolink in the ordinary course of its business,
including all late payment and other interest charges, legal
fees and other incidental charges.

Details Of The Proposed Settlement

   1. The Proposed Settlement involves a partial settlement
amounting to RM3,632,971.00 out of the Outstanding Claim on
Prolink against the transfer to PATI of six units of freehold
double-storey bungalow houses held under PTD 77166, PTD 77167,
PTD 77181, PTD 77189, PTD 77194 and PTD 77197, and five (5)
parcels of freehold bungalow lots held under PTD 77370, PTD
77386, PTD 77390, PTD 77394 and PTD 77409 located within Taman
Nusa Perintis I, Bandar Nusajaya, Johor Darul Takzim.

   2. The Properties shall be transferred to PATI by way of sale
and purchase agreements (SPA) made at the time and in the manner
and subject to, inter-alia, the terms and conditions mentioned
below. The consideration for each SPA is based on the standard
selling prices of the Properties.

   3. These Properties are presently charged to Malayan Banking
Berhad (Chargee).

   4. Prolink and PATI also agreed, covenanted and undertook to
and with each other that the Settlement Sum shall be settled in
the following manner:

     (i) Prolink shall procure the proprietor and vendor
companies in respect of the development and sale of each of the
Properties to enter into a SPA with PATI as purchaser at the
respective Agreed Price and shall procure the said vendor and
proprietor to account for, and deem to have been paid, the
instalments of the Agreed Price for each of the Properties as
they become due and payable in accordance with the respective
SPA upon the deduction of equivalent amounts from the amounts
due from Prolink to PATI; and

    (ii) PATI shall effect payment for each installment of the
Agreed Price by way of a deduction of an equivalent sum from,
all sums which are due and payable by Prolink to PATI in respect
of the Outstanding Claim.

   5. Subject to the full compliance by PATI with the terms of
each SPA and the Settlement Agreement, Prolink agreed to effect
or to procure the redemption and discharge of the Properties
from the charge in favor of the Chargee and thereafter to
deliver such instruments or documents as are reasonably
necessary either to evidence or to ensure that the transfer of
the Properties is made free of encumbrances to PATI at the time
of delivery of the instruments of transfer.

   6. Both Prolink and PATI further agreed that the remaining
indebtedness due and payable to PATI would be approximately
RM11,872,573.35 after completion of the Proposed Settlement, and
no interest of any kind, late payment charges, penalties or
other such charges, costs, impositions, fees or expenditures
whatsoever shall be chargeable on the Balance Sum.

   7. A copy of the Settlement Agreement is available for
inspection at the Registered Office of Renong at 2nd Floor,
Bangunan MCOBA, 42, Jalan Syed Putra, 50460 Kuala Lumpur between
9.00 a.m. and 5.00 p.m. from Monday to Friday (except for public
holidays) for a period of three months from the date of this
announcement. The salient features of the Settlement Agreement
are set out above.

   8. The Properties were developed by Prolink Nusajaya Sdn.
Bhd., a wholly-owned subsidiary of Prolink.

Rationale For Proposed Settlement

Prolink is engaged in the business of property development and
PATI had rendered certain services for Prolink. The Outstanding
Claim on Prolink has been long overdue and the Proposed
Settlement is in the best interest of Prolink to reduce its
liabilities without affecting its cashflow.

Financial Effects Of The Proposed Settlement

The Proposed Settlement has no effect on Renong's share capital
and its substantial shareholders' shareholdings. It also has no
material effect on the net tangible assets and earnings per
share of the Renong Group for the financial year ending 30 June
2001.

Conditions Of The Proposed Settlement

The Proposed Settlement is not subject to and conditional upon
any approval.

Directors' and Substantial Shareholders' Interests

Y. Bhg. Tan Sri Dato' Seri Halim bin Saad is a Director of
Renong, Prolink and UEM. He is also a substantial shareholder of
Renong. In addition, Y. Bhg. Tan Sri Radin Soenarno Al-Haj is a
Director of Renong and UEM while Y. Bhg. Dato' Dr. Ramli Mohamad
is a Director of Renong, UEM and PATI.

Renong has a substantial interest in Amra Resources Sdn. Bhd.,
which in turn is a substantial shareholder in Prolink. UEM, on
the other hand, is a substantial shareholder of PATI, whilst
Renong has a substantial shareholding in UEM.

Therefore, Y. Bhg. Tan Sri Dato' Seri Halim bin Saad is deemed a
substantial shareholder of both Prolink and PATI by virtue of
his substantial shareholding in Renong.

In this regard, Y. Bhg. Tan Sri Dato' Seri Halim bin Saad, Y.
Bhg. Tan Sri Radin Soenarno Al-Haj and Y. Bhg. Dato' Dr. Ramli
Mohamad are deemed interested in the Proposed Settlement and
have accordingly abstained and will continue to abstain from
voting at the Board meetings of Renong in respect of the
Proposed Settlement.

Save as disclosed above, none of the other Directors and
substantial shareholders of Renong or persons connected to them
has any interest, direct or indirect, in the Proposed
Settlement.

Recommendation

The Directors of Renong, after careful deliberations on the
Proposed Settlement, are of the opinion that the terms of the
Proposed Settlement are fair and reasonable and that the
Proposed Settlement is in the best interest of the Company.


SURIA CAPITAL: Gov't Approves Proposed SPA Injection
----------------------------------------------------
Further to its announcement dated 8 June 2001, which was made in
reply to the Kuala Lumpur Stock Exchange's query FM-1010607-
37755, Suria Capital Holdings Berhad (SCHB) announce that the
company had received a letter dated 20 June 2001, from the Sabah
State Economic Planning Unit informing Suria officially of the
State Government's approval to inject the Sabah Ports Authority
(SPA) upon its corporatization into Suria. The parties involved
will negotiate on the terms of the injection.

Background

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: Amends Notice Re AGM
---------------------------------
Techno Asia Holdings Berhad (formerly Westmont Land Asia Berhad)
released a correction to the 14 June, 2001 announcement. The
substance of the announcement dated 14 June 2001 remains the
same.

The only correction is that the announcement was made and
released by the Special Administrators and not by the Board of
Directors or the Company Secretaries. For ease of reference, the
company is setting out the full terms of the corrected
announcement as follows:

Further to the company's notice of the Annual General Meeting
which was announced on 30 May 2001, the company wish to announce
the following additional Agenda to be transacted at the said
meeting:

Shareholders are hereby notified that subsequent to the issuance
of the notice of Annual General Meeting, the Company received
letters from two members nominating Encik Alam Shah Bin Abdul
Rahman, Cik Susana Binti Ab Rahman, Mr Lim Heng Piew, Encik
Ishak Bin Ismail, Encik Roslan Bin Soib, Encik Hazlan Bin Hashim
and Mr Kong Fui Kien @ Patrick Kong for appointment as Directors
of the Company at the forthcoming Thirty Second Annual General
Meeting to be held on 28 June 2001.

NOTICE IS ALSO HEREBY GIVEN THAT the following additional
resolutions will be tabled at the Thirty Second Annual General
Meeting for consideration:

Resolution No. 6     To appoint Encik Alam Shah Bin Abdul Rahman
as Director.

Resolution No. 7 To appoint Cik Susana Binti Abdul Rahman
as Director.

Resolution No. 8 To appoint Mr Lim Heng Piew as Director.

Resolution No. 9 To appoint Encik Ishak Bin Ismail as
Director.

Resolution No. 10 To appoint Encik Roslan Bin Soib as
Director.

Resolution No. 11 To appoint Encik Hazlan Bin Hashim as
Director.

Resolution No. 12 To appoint Mr Kong Fui Kien @ Patrick Kong
as Director.

Techno Asia Holdings Bhd.
(Special Administrators Appointed)

Lim Tian Huat and Chew Cheng Leong
Special Administrators


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


BAYAN TELECOMS: Seeks Reverse Ruling On Service License
-------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel) is seeking a reverse
ruling by the Supreme Court second division on the Court of
Appeals decision to revoke the company's permit to construct,
install, operate and maintain a nationwide cellular mobile phone
service (CMTS), Business World reported yesterday.

According to Bayantel VP for Legal Affairs Edgardo Balbin, the
Supreme Court has yet to hand down its decision on a separate
motion for consideration filed by the National
Telecommunications Commission (NTC), affirming the company's
provisional authority to operate and provide CMTS.

"We will just rely on the appeal filed by the NTC through the
Solicitor General to uphold the validity of the license,"Balbin
was quoted as saying.

He continued, "The worst-case scenario is if we lose, we will
have to re-apply to the NTC. The Court of Appeals said its
ruling is without prejudice to re-applying. But if we re-apply,
Extelcom (Express Telecommunications Co., Inc.) might just
oppose us again."

The Supreme Court, in a resolution, cited that Bayantel failed
to raise the case to the Supreme Court within 15 days from
receipt of the Court of Appeals resolution, which is a
requirement in the Rules on Civil Procedure.


URBAN BANK: PDIC To Sign MOA Next Week
--------------------------------------
The state deposit insurer Philippine Deposit Insurance
Corporation (PDIC) is set to sign the memorandum of agreement
(MOA) next week with Export and Industry Bank (Exportbank) for
the reopening and rehabilitation of Urban Bank, Business World
reported Monday.

According to the original timetable, PDIC's approval of the plan
prepared by Exportbank and its partner National Association of
Urban Bank Depositors (Naud) was expected during the last week
of May.

In his report to the office of the President, PDIC President
Norberto Nazareno stated, "Based on evaluation results, the PDIC
board will make a determination on whether UBI (Urban Bank) may
be rehabilitated and/or placed in such condition that it may be
permitted to resume business with safety to its depositors,
creditors and the general public, subject to the approval of the
Monetary Board of the Bangko Sentral (Central Bank)."


URBAN BANK: Exportbank To Defer Drawdown Of P600-M SSS Loan
-----------------------------------------------------------
Philippine Deposit Insurance Corporation (PDIC) deemed the P600-
million loan from the Social Security System (SSS) as more
expensive than other borrowings of the closed Urban Bank, which
compelled Export and Industry Bank (Exportbank) to postpone the
drawdown of the loan, The Philippine Daily Inquirer reported
Monday, citing Exportbank President Benjamin Castillo.

The loan is under the proposed rehabilitation program for Urban
Bank and its subsidiary Urbancorp Investments Corporation,
according to the daily.

Castillo explained his bank's decision, saying "So to avoid
placing a burden on the merged bank, we would not draw down on
the infusion immediately."

He continued, "Based on the evaluation of the PDIC, even without
the SSS infusion, we have enough capital to start operations and
implement the rehabilitation plan."


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


I-ONE.NET: Revamps Audit Committee
----------------------------------
The Board of Directors of i-One.Net International Ltd announces
the appointment of Kwek Leng Kee as a member of the Audit
Committee effective immediately. Kwek replaces Lim Chin Tong,
the Chief Executive of the Company, who has stepped down from
the committee.

These changes are made in line with the Board's policy to adopt
the recommendation of the Corporate Governance Committee with
regards to the composition of the Audit Committee.

Kwek is an independent director pursuant to Clause 902(4)(a) of
the Listing Manual.

With these changes, the Audit Committee now comprises the
following members:

a) Lim Jit Poh - Independent Member and Chairman
b) Wang Kai Yuen - Independent Member
c) Kwek Leng Kee - Independent Member


KEPPEL TATLEE: Court Approves Privatization Scheme
--------------------------------------------------
The Directors of Keppel TatLee Finance Limited (KTF) say the
High Court has approved the proposed Scheme of Arrangement in
respect of the privatization of KTF and the reduction of KTF's
share capital to effect the Scheme.

Subject to the lodgment of an office copy of the Order of Court
approving the Scheme with the Registry of Companies and
Businesses, it will become effective on 3 July 2001.

Shareholders should note the following important events and
dates:

Last day for trading of KTF Shares 26 June 2001
Books Closure Date 5.00 p.m., 29 June 2001
Effective Date of Scheme 3 July 2001
Date for delisting of KTF Shares 4 July 2001

Date for payment of $0.98 for each KTF Share to shareholders
entitled under the Scheme  12 July 2001


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


CARNAUDMETALBOX: Amends Delisting Application
---------------------------------------------
CarnaudMetalbox (Thailand) Public Company Limited submitted an
application for the delisting of its shares with the following
amended details:

1. Type of Securities of the Company

   1.1 Ordinary shares

       1.1.1 In the amount of 17,622,196 shares at the par value
of Bt10 each, totaling Bt176,221,960.

       1.1.2 Becoming listed securities on the Stock Exchange
since April 30, 1975.

       1.1.3 The latest trading price: Baht 88.00 per share on
June 19, 2001.

   1.2 Debentures/Convertible Debentures

       None

   1.3 Warrants

       None

  1.4 Other types of securities (please specify):

      None

2. Approval from the shareholders meeting to delist the shares

   The extraordinary shareholders meeting No.1/2001, held on
June 20, 2001 has resolved to delist the shares of the Company
with the following details:

   2.1 The number of all the shareholders: 624 holding,
17,622,196 shares.

   2.2 The number of small shareholders each of whom holds
shares of not more than 5/1000 of the paid-up capital but not
less than 1 board lot: 527, holding 2,546,158 shares,
representing 14.45 percent of the paid-up capital.

   2.3 The number of shareholders who attended the meeting in
person:54

   2.4 The number of shareholders who attended the meeting by
proxy:32, holding 941,875 shares, representing 5.34 percent of
the paid-up capital.

   2.5 The number of shareholders who approved the delisting of
shares:49, holding 14,317,382 shares, representing 81.25 percent
of the paid-up capital.

   2.6 The number of shareholders who objected to the delisting
of shares: 3, holding 36,600 shares, representing 0.21 percent
of the paid-up capital.

3. Reasons and facts concerning the delisting of shares

   a. Throughout these many years, CMBT's shares have been
underperformed due to its limited trading volume.  This coming
delisting will give the opportunity to the existing shareholders
either to sell the shares to the tender offeror at the tender
offer price or to maintain their share holding positions.

   b. According to the SET regulations, CMBT is, from time to
time, required to disclose its financial and business
information, which competitors who are not listed do not have to
do. This puts CMBT at a competitive disadvantage. Additionally,
such disclosure incurs costs and expenses including man-hours as
part of CMBT's administrative expenses.

   c. CMBT has no plan to raise funds through the SET because
CMBT is able to rely on its internal working capital for future
corporate funding.

4. The general offer to purchase shares and other securities
convertible into shares of the company from the shareholders and
holders of securities.

   4.1 The offeror or group of offerors and relationship with
the Company: Claremont Holdings (Thailand) Ltd. is a wholly
owned subsidiary of CarnaudMetalbox Asia Limited (CMBA), a
controlling shareholder of the Company.

       CMBA holds 99.99 percent of the total issued shares in
Claremont Holdings (Thailand) Ltd.

       CMBA directly holds 12,509,000 shares, representing 70.98
percent of the total issued shares in the Company and indirectly
holds 650,000 shares through CarnaudMetalbox Packaging Pte. Ltd.
(a wholly owned subsidiary of CMBA) representing 3.69 percent of
the total issued shares in the Company.

   4.2 Offer price of securities (classified into each type of
securities)

       The offer price for the ordinary shares is Bt90.00 per
share.

       The offerees will bear a brokerage fee of 0.25 percent of
the offer price and value added tax (VAT) of 7 percent of the
brokerage fee; therefore, the amount receivable by shareholders
(after deducting the said fee and VAT) would be Bt89.75925 per
share.

   4.3 Name of financial advisor of the offeror

       United Advisory Services Company Limited

   4.4 Name of independent financial advisors

       IFCT Advisory Co., Ltd. and The Industrial Finance
Corporation of Thailand

   4.5 Tender offer period

       From July 20, 2001 to September 21, 2001, totally 45
working days.

       * the tender offer period is subject to the delisting
application approval made by the Stock Exchange of Thailand.
The Company will promptly announce the revised tender offer
period, if any.

5. Shareholders list as at June 20, 2001.

   5.1 Top ten major shareholders as of the date of shareholders
meeting at which the resolution to delist the Company's shares
was adopted (June 20, 2001.)

Name       Nationality  Occupation  No. of Shares    %
                                    Shares Held   Shareholding

1. CarnaudMetalbox Asia Limited
       Singapore    Holding company 12,509,000      70.98

2. CarnaudMetalbox Packaging Pte. Ltd.
     Singapore    Packaging         650,000         3.69

3. Mr. Charlie Maligamas
     Thai         Business         340,000          1.93

4. Mrs. Vasanee thammasutkati
     Thai         Business        255,000             1.45

5. Mr. Somkiet Limsong
    Thai         Business         217,500             1.23

6. HSBC Trustee (Singapore) Ltd.
    Singapore    Business        157,500             0.89

7. Mrs. Sajee Suthikam
     Thai         Business        147,200             0.84

8.      Mr. Vikarn Nakasari
    Thai         Business        144,000             0.82

9. Karntunthai  Finance & Securities Plc.
   Thai         Business        141,250             0.80

10. Mrs. Sukanya  Chaiyapud
   Thai         Business       116,700             0.66
Total                         14,678,150            83.29%


6. Board of Directors of the Company as at June 20, 2001.

Name              Position             % Shareholding

1. Mr. William Henny Voss  Chairman     -

2. Mr. Ray Fazackerley  Managing Director  -

3. Mr. Jozef Salaerts  Director           -

4. Mr. Lee Chin Siong Patrick  Director and Financial Controller
-

5. Ms. Bunnag Siriphonlai   Director and Plant Manager
-

6. Mr. Teerajitt Sthirotamawong  Independent Director / Chairman
Audit Committee               -

7. Mr. Winai Dulyavidh   Independent Director / Audit Committee
-

8.  Mr. D.F.A. Raikes   Independent Director / Audit Committee
                                      0.01%

Total                                 0.01%


ITALIAN-THAI: Creditors To Vote On Revised Plan In July
-------------------------------------------------------
Creditors of Italian-Thai Development (ITD) are scheduled to
vote on the company's revised debt restructuring plan by end of
July, The Nation reports Monday. The revised plan was finalized
last week and will be presented to the creditors.

The revised plan takes into account the "lower-than-expected"
cashflow owing to the sluggish economy, the report says, citing
a company creditor.

Moreover, the revised plan would call for the use of cash
amounting to Bt1.7 billion to buy back part of the company's
debts totaling Bt12.85 billion. The buy-back would be made at a
discount of over 65 percent.

Also, the plan would involve the disposal of the company's non-
core assets worth over Bt4 billion, including its interests in
Bangkok Transit System (BTSC) and in Thai Telephone &
Telecommunications.

The remainder of the company's debts would then be converted
into equity, which may result in the dilution of the stake of
the Karnasuta family, which currently holds 60 percent stake.


NATIONAL FERTILIZER: Consortium To Resume Plant Work
----------------------------------------------------
The compromise offer of National Fertilizer Plc (NFC) regarding
the three-year legal dispute between the company and the
Japanese-Korean consortium could see the resumption of work on
NFC's plant worth US$241 million to its design specifications,
The Bangkok Post reported Monday.

The offer was proposed by NFC acting chief executive Wisanu
Niwesmarntra to the executives of both the Mitsui Engineering
and Shipbuilding Company, and Hyundai Engineering and
Construction Company, the newspaper says.

Wisanu explained, "Each side suffers the longer it is dragged
on. The contractors are sure to bear substantial legal fees each
year, while NFC will continue to suffer from low production
efficiency that has resulted in higher production costs."

NFC took the legal action against the consortium on grounds that
the Japanese-Korean contractors failed to build the plant
according to the original design specifications, which was
developed by Norwegian fertilizer manufacturer Hydro Agri.

Former NFC President Nath Chamornmarn then moved for the seizure
of the Bt1.2-billion performance bond issued by the Bank of
Tokyo. The bank rejected the motion for it was apprehensive that
insolvent Hyundai Engineering could not pay back the amount, the
report says.


SIAM STEEL: Pays Bt75-M To Creditors
------------------------------------
Plan Administrators of Siam Steel International Public Company
Limited, Deloitte Touche Tohmatsu Planners Co., Ltd. and Siam
Steel Planner Co., Ltd. report on the progress of the
Rehabilitation Plan as follows:

1. Payment to financial institution creditors According to the
Term in the Rehabilitation Plan, the fourth interest payment and
third repayment of principal to Financial Institution Creditors
was made on 28 March 2001 for the period 29 December 2000 to 29
March 2001. The interest payments amounted to Bt22.5 million and
repayment of principal was Bt20 million, a total of Bt42.5
million.

2. Conversion of Debt to Equity

This is currently in progress, as the completion of the first
stage of conversion of debt to equity is expected by June 30,
2001.

3. Granting of Security

The Steering Committee unanimously agreed to grant security, and
The Bank of Ayudthya was appointed as Security Agent.


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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