/raid1/www/Hosts/bankrupt/TCRAP_Public/010628.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, June 28, 2001, Vol. 4, No. 126


                         Headlines


A U S T R A L I A

AUSTRIM NYLEX: Announces New Structure, Write-Downs
EMANUELE GROUP: Court Says Liquidator May Sue Fosters
HALESCOM LIMITED: CBD Writes Off Investment
HIH INSURANCE: JBWere Becomes A Substantial Holder
HIH INSURANCE: JBWere Invites Clients To Tender Securities
IMPULSE AIRLINES: ACCC, Virgin Blue's At Odds Over Merger
NORMANS WINES: Merger With Xanadu To Be Restructured
PMP LIMITED: Director Fraser Posts Interests
RECKON LIMITED: Signs Subscription Deal With Intuit
WAIVCOM WORLDWIDE: Executes Deed Of Company Arrangement


C H I N A   &   H O N G  K O N G

EASTERN REVENUE: Winding Up Petition Set For Hearing
WUN TUNG: Faces Winding Up Petition
YET POST: Petition To Wind Up


J A P A N

KIA MOTORS: US$200M Notes Get `BB-' From S&P
SEAGAIA: Govrnment Willing To Extend Help
TOKYO LIFE: Daido, Taiyo Win Right To Take Over


K O R E A

HYNIX SEMICON: Investors Convert GDRs To Common Shares
HYUNDAI ENGINEERING: Creditors May Penalize Insurers
HYUNDAI ENGINEERING: Creditors To Roll Over W2T In Debts
HYUNDAI MERCHANT: Sells Off 2M Shares In HHI
HYUNDAI SECURITIES: Group Wraps Up Sales Talks With AIG
SEOUL BANK: Sale Deadline Moved To September
SSANGYONG CONSTRUCTION: Creditors To Assume W217.3-B Bonds


M A L A Y S I A

ABRAR CORP: Encik Appointed CEO Of Abrar Group Int'l
DATAPREP HOLDINGS: FIC Approves Proposed Workout Scheme
EXPRESSWAY LINGKARAN: Seeking Debt Refinancing Resolution
GADEK CAPITAL: SC Decision On Proposed Exemption Pending
GOLDEN PLUS: Will Default On Debt Payment
ISUTA HOLDINGS: SC Approval On Scheme Revisions Pending
LION CORP: Seeks Extension For Compliance Of PN 4/2001
UH DOVE: Seeking Extension To Secure Approvals


P H I L I P P I N E S

BENPRES HOLDINGS: Due Diligence Ongoing For Cable TV Merger
FAIRMONT HOLDINGS: Seeks To Implement 1B Rights Issue
NATIONAL STEEL: P14.5-M Non-Core Assets Sold
RFM CORP: No Investor Campaign For Cosmos In Works
RFM CORP: Quarterly Dividend On Preferred Shares In July


S I N G A P O R E

CAM INT'L: Board OKs Debt Workout Proposal
TIANJIN ZHONG: Trading Suspension Request


T H A I L A N D

METROPOLITAN BANK: Transferring Bad Loans To Phetchaburi
ROBINSON DEPARTMENT: Gets Court's Nod To Change Capital
SAMART CORP: Creditors' Support On Workout Plan Likely

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Announces New Structure, Write-Downs
---------------------------------------------------
The directors of Austrim Nylex Limited Tuesday announced a new
structure for the Group and expect improved earnings for the
2001-2002 financial year, following a thorough review of
operations by the Group's new management team over the last four
months.

The new structure is to be based on five operating divisions -
Plant Hire; Building Products; Plastic Products; Automotive
Products and Engineered Products.

Chairman John Moule said, "Our new structure puts the Group on a
solid footing, where we have identified those operations which
are performing well at the present time and have strong growth
prospects."

He added, "We have also identified business operations,
including the Textiles Division, which have not performed well
in recent months and will be rationalized through divestment or
closure. Various parts of our Plastic, Automotive and Engineered
Products Divisions will also be rationalized over the next 18
months."

As part of the review, Directors have announced an intention to
make additional pre-tax writedowns expected to total no more
than $258 million. This excludes the previously announced
writedown of $42 million, related to the rationalization of the
Coburg textiles operation. The net pre-tax loss after abnormal
items is now expected to be no greater than $300 million for the
year to June 30, 2001.

The writedowns reflect a change in Austrim Nylex's business
strategy, a revision of accounting estimates, adverse conditions
in the textiles industry and the effects of a slowing economy
over the last six months.

After the intended writedowns, Austrim Nylex will have
shareholders' funds of approximately $190 million.

With signs of improving conditions in a broad range of the
Group's operations, Directors announced a preliminary forecast
of earnings before interest, tax, depreciation and amortization
of approximately $100 million in the 2001-2002 financial year,
an improvement over the current year's operating result.

New Business Structure

The new structure of Austrim Nylex will enable greater synergies
within the Group and cost efficiencies through shared finance
and administration functions, as well as a range of other
initiatives including logistics management.

The divisions will have a more concentrated focus on improving
their operational efficiencies and increasing sales, profit and
return on shareholders' funds.

The new structure will reduce the number of division managers
reporting to Managing Director and Chief Executive, Mr Peter
Crowley, from 11 to five.

Outlook For Operating Divisions

There has been improvement in the building sector, with
increased government and private sector expenditure benefiting
the Group's Building Products and Plant Hire Divisions.

While improving consumer sentiment is resulting in better
conditions in the Plastic Products Division, Austrim Nylex is
considering a major rationalization of the division over the
next 12 months.

The Automotive and Engineered Products Divisions are expected to
increase sales and major steps are being taken to lower costs,
improve operational efficiencies and focus on new market
opportunities.


EMANUELE GROUP: Court Says Liquidator May Sue Fosters
-----------------------------------------------------
The Queensland Supreme Court has given the liquidator of the
collapsed Emanuel Group, Peter Macks, the all-clear to pursue a
case against Fosters Brewing to recover over $200 million from
the Elders/Fosters Companies, Canberra Times reported.

The Elders Group companies, which are currently under the
control of the Fosters Brewing Group, are creditors of the
Emanuel Group. Macks, the report says, is pursuing these
creditors to recover the money allegedly involved in the
transactions between among the Emanuel Group, members of the
Emanuel family, and the Elders companies.

These transactions, related to a $43-million loan from an Elders
Group company, were reportedly undertaken before the liquidation
of the Emanuel Group.

According to the report, this was the result of a case involving
property developer Joe Emanuel who attempted to bribe Canberra
public servant Tony Hedley, to facilitate the acquisition of
then government-owned Belconnen Mall. Emanuel was arrested and
faced criminal proceedings. It took ten years to overturn the
conviction of Emanuel.

Just before the winding up of the case, Emanuele's business,
engaged largely in property investment, collapsed. The collapse
incurring debts amounting to $240 million, which later grew to
$304 million.


HALESCOM LIMITED: CBD Writes Off Investment
-------------------------------------------
As referred to in the announcement made by CBD Online Limited
(CBD) on 21 June 2001, the Board of CBD has met to consider
advice from the Company's Auditors, PKF, obtained in relation to
the results of the accounting review conducted following the
transfer of its accounting records from the Halescom Limited
office to the CBD office.

At the adjourned Board meeting on Monday, 25 June 2001, the
Board determined that the following write-offs and write-downs
would be made:

Halescom Limited
- value of investment                           $8.0 million
- loan account                                   1.8 million
                                                $9.8 million

CBD Online Holdings Limited
- write down of value of investment by 50 percent $7.5 million

Total to be written off                        $17.3 million

With regard to trading for the eleven
months to 31 May 2001, the Company
has incurred losses of                          $3.0 million

With amortization accounting for a further       1.8 million

Total losses and amortization                   $4.8 million

Total trading losses, amortization,
write-offs and write-downs to 31 May 2001      $22.1 million

The Board anticipates that total losses and write-downs for the
financial year will be approximately $22.5 million.

As a result of the accounting review and actions taken since
March 2001, the Board is confident that all steps have now been
taken to identify necessary write-offs resulting from the
Halescom acquisition and the likely extent of trading losses for
this financial year.

The Board has also confirmed receipt of further funds from
Davstoc Investments Pty Ltd under the terms of the convertible
note agreement.


HIH INSURANCE: JBWere Becomes A Substantial Holder
--------------------------------------------------
JBWere Group Holdings Pty Ltd, JBWere Ltd and subsidiaries
became substantial shareholders in HIH Insurance Limited on 22
June 2001 with a relevant interest in the issued share capital
of 37,584,219 ordinary shares (7.88 percent).

Details Of Relevant Interests

The nature of the relevant interest the substantial holder had
in the following voting securities on the date the substantial
holder became a substantial holder are as follows:

Holder Of Relevant    Nature Of Relevant Interest   Class & No.
Interest                 (7)                       Of Securities

JBWere Group excluding  By virtue of the operation of
37,584,219
JBWere Capital Markets  section 608(3) of the fully paid
Ltd (ACN 004 463 263)    Corporations Law, JB Were
ordinary shares
                         Group has a relevant interest
                         in the holding detailed
                         below

JBWere Capital Markets  By virtue of agreeing to
37,584,219
Ltd                      acquire shares tendered to fully paid
                         it for sale by various ordinary
                         sellers on the terms of a shares
                         sale facility made available
                         by JB Were Capital Markets
                         Ltd on the terms attached


HIH INSURANCE: JBWere Invites Clients To Tender Securities
----------------------------------------------------------
JBWere Capital Markets Limited (Capital Markets, or the Company)
is inviting clients of JBWere Limited who have purchased shares
and/or convertible notes of HIH Insurance Limited (HIH) via
JBWere Limited, to tender these securities in HIH for sale to
Capital Markets.

The closing date for tenders is 5pm EST Thursday 21 June 2001.

Capital Markets reserves the right not to purchase all or some
of the securities tendered for sale.

Capital Markets believes that a purchase by Capital Markets of
any of your shares and/or convertible notes (HIH Securities)
tendered for sale to Capital Markets under this facility will
constitute a Capital Gains Tax Event for taxation purposes.

However, as Capital Markets is not providing the clients with
taxation advice, we strongly recommend that you seek your own
advice before acting.

JBWere also recommends clients seek independent advice in
relation to the value of HIH Securities which they wish to
tender for sale to the Company under this facility.

In extending this facility to the clients, Capital Markets did
not take into account the investment objectives, financial
situation and particular needs of any particular person. Before
participating in the facility you need to consider, with or
without the assistance of a securities adviser, whether
participation is appropriate in light of these factors.

The date of the Capital Gains Tax Event (if any) will be the
date shown on the contract note that will be sent to the clients
if we accept their tender.

Structure Of The Facility

As HIH is in provisional liquidation it may not be possible for
the Company to achieve transfer of legal title into its name. If
this happens, the client will continue to be identified as a
holder of HIH Securities on the HIH register, but the client
agrees that the client will hold those securities as a trustee,
on trust for Capital Markets, until registration can be
obtained.

The Company will therefore be the beneficial owner of the
securities and all Rights in respect of them, until registration
can be obtained.

Terms Of The Facility

By signing the transfer document:

* the client tenders the HIH Securities and all Rights in
respect of those securities for sale to Capital Markets at a
consideration of
0.1 cents per share or convertible note;

* the client warrant that HIH Securities tendered for sale are
free and clear of all mortgages, charges, liens and other
encumbrances and that the client is legally entitled to sell
those securities;

* the client acknowledges that the Company have recommended that
the client seek independent advice regarding the taxation
implications of this transaction and the value of the securities
to be tendered for sale;

* the client declares a trust in respect of those of your HIH
Securities which Capital Markets agrees to purchase (if any), in
favor of Capital Markets absolutely, pending registration of the
transfer;

* the client acknowledges and agrees that Capital Markets will
be entitled to all Rights (being those accruing after the
Company accepts the tender) in respect of those of the client's
HIH Securities which Capital Markets agrees to purchase (if
any). If any Rights are received by the client in respect of
those securities the client must pass them on to Capital
Markets;

* the client appoints Capital Markets and each of its officers
severally as the attorney, with effect until the time Capital
Markets is registered as the holder of those securities, with
power to reduce in the transfer form the number of HIH
Securities tendered to the number which Capital Markets agrees
to purchase and to do all things which the client could lawfully
do in relation to those securities or in exercise of any right
derived from the holding of those securities;

* the client agrees that in exercising the powers conferred by
that power of attorney, the attorney may act in the interests of
Capital Markets as the beneficial owner and intended registered
holder of those securities; and

* the client irrevocably authorizes and direct HIH to pay to
Capital Markets or to account to Capital Markets for all Rights
in respect of those securities.

In this document, `Rights' in respect of those of your HIH
Securities which Capital Markets agrees to purchase (if any),
means all dividends, distributions, accretions and rights
(including voting rights) attaching to or arising from the HIH
Securities after the Company accept the client's tender of HIH
Securities.

If Capital Markets accepts the tender in respect of all or any
of the client's HIH Securities the client should expect to
receive a contract note and payment for those securities within
five business days after the closing date for tenders. Payment
will be made by cheque.

As the buyer, Capital Markets will pay the stamp duty arising
from the transfer. No brokerage is payable in respect of the
sale of the client's HIH Securities.

This invitation and the agreement formed on acceptance by the
Company of the client's tender offer are governed by and shall
be construed in accordance with the laws of the Australian
Capital Territory.

For queries in relation to this proposal please contact the
adviser or the Client Service Team on 1800 00 33 55.

Completion Instructions

To participate in the Facility and tender any of the client's
HIH Securities for sale to Capital Markets on the above terms,
the client will need to complete and sign the enclosed transfer
form by:

* inserting the class (ordinary shares or convertible notes) and
number of securities the client wish to tender for sale;

* Inserting full name of seller including any account
designation;

* completing the date; and

* signing as seller

The client will also need to attach a copy of the client's most
recent holding statement.

The completed transfer form and a copy of the holding statement
in the enclosed reply paid envelope may be sent to:

JBWere - HIH Sale Facility
GPO Box 2050S
Melbourne 3001.

Or delivered to:

JBWere - HIH Sale Facility
Level 26
101 Collins St
Melbourne 3000


IMPULSE AIRLINES: ACCC, Virgin Blue's At Odds Over Merger
---------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) will
oppose the administrative decisions review application by Virgin
Blue to force the ACCC to review its decision in the Qantas-
Impulse merger, ACCC Chairman, Professor Allan Fels said
yesterday.

Fels said, "The ACCC understands that one major ground of appeal
by Virgin Blue is that reasons were not given for the decision.
In fact, the ACCC, although not legally required to, published
the reasons for its decision in a detailed media release and
published a summary and edited version of the Qantas
undertakings on the ACCC website, accc.gov.au.

"Moreover, the ACCC held a lengthy conference that was attended
by all major electronic and print media, and others, and
answered all questions about the reasons for its decision. It
followed this with extensive media interviews. It therefore
rejects the suggestion that it did not give reasons for its
decision in full.

"The ACCC held a number of meetings with Virgin Blue. On the day
that Impulse and Qantas announced their proposal the ACCC acted
immediately to contact Virgin Blue to seek its views and to see
if it was interested in acquiring Impulse, which it was not.

"Further meetings were held. A major meeting was held on 15 May
with Virgin Blue, attended by myself, the Commissioner
responsible for Mergers, Mr Ross Jones, and senior mergers staff
three days before the ACCC announcement. During that meeting and
others the full issues were canvassed and Virgin Blue was given
every opportunity to air its views.

"Similarly, frequent meetings were held with Impulse right up to
the time of the decision. The ACCC was not aware of the
communications between Virgin Blue and Impulse.

"It should be noted that the undertakings that the ACCC obtained
as a result of its decision were of substantial benefit to
Virgin Blue. The slots obtained would not have otherwise been
available. Virgin Blue has applied for two-thirds of these slots
to allow it to fly between Sydney and Melbourne.

"If the ACCC had opposed the Qantas/Impulse deal, as publicly
backed by Virgin Blue, it would be very unlikely that Virgin
Blue would have gained access to any of these slots. This was
explained by the ACCC publicly at the time of its announcement
of its decision."


NORMANS WINES: Merger With Xanadu To Be Restructured
----------------------------------------------------
The Implementation Agreement for the merger of Xanadu Wines
Limited and Normans Wines Limited has terminated as a result of
conditions precedent not having been satisfied in their
entirety.

The Companies wish to proceed with the merger and have executed
a Heads of Agreement committing to exclusively work together to
negotiate a restructuring of the transaction by 29 June 2001.

Further announcements will be made at the completion of the
negotiations.


PMP LIMITED: Director Fraser Posts Interests
--------------------------------------------
PMP Limited Director David John Fraser announces his interests,
in compliance with the Section 235 of the Corporations Law, as
follows:

Notice On Change Of Interests

Name of Director          David John Fraser

Name of Company           PMP Limited

The date of last
notification to the ASX
under Section 235
or Part 6.7               -

Date the interest changed  25 June 2001


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

Beneficial Interest             -
Non-beneficial Interest    50,000


RECKON LIMITED: Signs Subscription Deal With Intuit
---------------------------------------------------
Reckon Limited has entered into a Subscription Agreement with
Intuit Ventures Inc as announced on 14 May 2001.

The company's board believes the funds raised will bolster
working capital and enhance our ability to develop new products
for the Australian market.

Furthermore, this extends the relationship between Intuit Inc
and Reckon Limited beyond the payment of royalties by Reckon
Limited, and now means that Intuit Inc has a direct and
significant financial interest in the company.

Intuit is a leader in e-finance and develops financial software
and Web-based financial services for consumers and small
businesses. For nearly a decade Reckon has been developing,
marketing and supporting Intuit products for Australia and New
Zealand.

As part of the transaction, Intuit has agreed to convert its
exclusive contract with Reckon to a ten-year term with annual
renewal extension options. Intuit will also grant Reckon direct
access to source code so those future versions of Intuit
products will be released concurrently in Australia and the US.

The company believes that Intuit's investment demonstrates
Intuit's confidence in Reckon and the concurrent release of new
products in Australia and the USA will significantly improve
Reckon's competitive position in this country in that Australian
users will now have access to the very latest developments in
Quicken products.

Meanwhile, at the company's special general meeting of members
yesterday, members in attendance were made to vote on the
following resolutions:

* Resolution 1

To ratify the issue of 12,028,245 ordinary shares by the
Company, at an issue price of 19.22 cents per share, to Intuit
Ventures Inc on the 17 May 2001.

* Resolution 2

To approve the issue of a further 3,580,496 ordinary shares by
the Company, at an issue price of 19.22 cents per share, to
Intuit Ventures Inc.

The company also announces that its cash flow forecasts for the
June Quarter will be better than budgeted. On the current
trends, the company expects that it will be in a cash positive
position for the June Quarter.

Although the retail channel has remained slow, and upgrade sales
remain low. Management has kept very tight control on costs and
stock levels, maintaining their focus on restoring the company
to profitability.

The company's customer care program, Quicken Advantage, is
running ahead of forecasts and it's believed that it is bringing
an affordable package to the market allowing our customers to
manage and stay abreast of technological gains, at a fixed cost.


WAIVCOM WORLDWIDE: Executes Deed Of Company Arrangement
-------------------------------------------------------
Deed Administrator N Brooke announced that further to his letter
dated 8 June 2001 Waivcom Worldwide Limited executed a Deed of
Company Arrangement on 25 June 2001.

The terms of the executed Deed have not varied significantly
from those outlined in the previous notice, which means the
estimated return to creditors under the Deed is approximately 30
percent.

For queries please contact N Brooke on (03) 8603 6214 or Leonie
Barnard on (03) 8603 3997.


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


EASTERN REVENUE: Winding Up Petition Set For Hearing
----------------------------------------------------
The petition to wind up Eastern Revenue Industries Limited is
scheduled to be heard 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 Sin Hua Bank Limited, Hong Kong Branch whose
principal place of business is situated at 2A Des Voeux Road
Central, Hong Kong.


GUANGNAN HOLDINGS: Supermarket Unit Holds Clearance Sale
--------------------------------------------------------
Guangnan (KK) Supermarket Limited, the insolvent supermarket
subsidiary of Guangnan Goldings Limited, is holding a stock
clearance sale Tuesday and Wednesday this week, The Asian Wall
Street Journal reports.

According to the newspaper, Ernst & Young partner and
provisional liquidator of Guangnan (KK), Stephen Liu, deemed the
clearance sale as a way to realize the company's assets, since
no party has yet surfaced to acquire the business.



SHANGHAI FOREVER: Granted A Year's Time To Recover
--------------------------------------------------
Shanghai Forever Company has 12-month's time to turn its
business and bounce back to profitability, otherwise it will be
delisted from the Shanghai Stock Exchange, The Asian Wall Street
Journal reported, citing the China Securities News.


SINO-I.COM: Enters Deal With Macro Resources
--------------------------------------------
On 21 June 2001, Sino-i.com Limited entered into a conditional
agreement with the Macro Resources Limited (The Procurer)
pursuant to which Macro will procure the following for a total
consideration of HK$500 million:

(i) the transfer of a 78.8 percent equity interest in Beijing
Shihua to Shanghai Lang Ning, a PRC joint venture in which the
entire equity interest is ultimately owned by the Company;

(ii) the transfer to the Company or as it may direct certain
proprietary computer applications and solutions for securities
trading via Internet being owned and used by, an independent
third party, Pacific First Strategic Consultancy Limited; and

(iii) subject to completion of the Capital Reduction, the
provision of funding to the Company in an amount of HK$800
million by way of procuring Independent Subscribers, or failing
which the Procurer will subscribe as principal, for convertible
loan note(s) of the Company on terms described below.

The transactions contemplated under the Agreement constitute a
discloseable transaction for the Company under the Listing
Rules. The Procurer is owned as to 60 percent by Righteous, a
company wholly-owned by Mr. Yu, the chairman of the Company, and
as to 40 percent by Staverley, a wholly owned subsidiary of
Citic Guoan and a substantial shareholder of the Company.

Therefore, the transactions contemplated under the Agreement
also constitute a connected transaction for the Company under
the Listing Rules and will be subject to approval of the
Independent Shareholders of the ordinary resolutions at a
general meeting of the Company to be convened.

A circular of the Company, containing details of the Agreement
and information on the Company and Beijing Shihua, the
recommendation of the independent board committee and the advice
of the independent financial adviser, will be dispatched to
shareholders of the Company as soon as practicable.

Trading in the Shares was suspended at the request of the
Company with effect from 10:00 a.m. on 22 June 2001 pending the
release of this announcement. Application has been made to the
Stock Exchange for a resumption of trading in Shares with effect
from 10:00 a.m. on 27 June 2001.

Reference is made to the announcement of the Company dated 4
April 2001 in respect of the proposed adjustment of the nominal
value of the Shares of the Company by way of Capital Reduction.

Date Of Agreement: 21 June 2001

Consideration: HK$500,000,000 to be satisfied in cash by the
Purchaser within three months after the completion of the
Agreement.

Parties

Procurer: Macro Resources Limited, a company incorporated in
the British Virgin Islands with limited liability, the issued
share capital of which is owned as to 60 percent by Righteous
and as to 40 percent by Staverley. Righteous is a company
wholly-owned by Mr. Yu, the chairman and a controlling
shareholder of the Company. Staverley is a wholly owned
subsidiary of Citic Guoan and a substantial shareholder of the
Company. Mr. Yu and Staverley are parties acting in concert and
as at the date of this announcement, Mr. Yu and his associates
hold 1,508,325,316 Shares and Staverley holds 457,470,000 Shares
representing approximately 38.53 percent and 11.69 percent of
the existing issued share capital of the Company respectively,
and the total number of Shares being held by both Mr. Yu and
Staverley representing approximately 50.22 percent. The existing
shareholding structures of Macro Resources Limited and the
Company are as follows:

(a) Marco Resources Limited

(b) the Company

Purchaser: The Company, Sino-i.com Limited

Assets & Funds To Be Procured

Pursuant to the Agreement, the Procurer will procure the
following:

(a) the transfer of a 78.8 percent equity interest in Beijing
Shihua owned by Guoan Information, a subsidiary of Citic Guoan,
to Shanghai Lang Ning, a Sino-foreign equity joint venture in
which the entire equity interest is ultimately owned by the
Company. Such 78.8 percent equity interest represents
RMB98,500,000 (equivalent to approximately HK$93,000,000) in the
registered capital of Beijing Shihua;

(b) the transfer to the Company or as it may direct certain
proprietary computer applications and solutions for securities
trading via Internet being owned and used by an independent
third party, PFS, a company incorporated in British Virgin
Islands; and

(c) that, subject to the completion of Capital Reduction,
funding in an amount of HK$800 million to the Company will be
provided within 3 months after completion of the Agreement by
way of procuring Independent Subscribers, or failing which the
Procurer will forthwith subscribe as principal, for convertible
loan note(s) of the Company which will be subject to and have
the benefit of at least the following principal terms and
conditions:

(i) the principal amount outstanding under each such convertible
loan note will bear interest at a rate of 3 percent per annum
and will, unless converted in accordance with point (iii) below,
be repaid by the Company to the holder thereof in full on or
before the date falling not more than three years from the date
of issue of the note;

(ii) conditional on the Capital Reduction having been completed,
the holder of the note may convert all or any part of the
principal amount outstanding under the note into Shares at an
initial conversion price (subject to adjustments) equal to the
nominal value of each Share of HK$0.10 after completion of the
Capital Reduction at any time from the day after the date of
issue of the note and prior to the date falling on the third
anniversary of the date of issue of the note on which the
principal amount of the note shall be repaid;

(iii) all Shares to be issued on conversion will be issued free
from all claims, charges, lien, encumbrances and equities and be
identical and will rank pari passu in all respects with the
Shares then in issue;

(iv) the holder of the note will not be entitled to attend or
vote at any general meetings of the Company by reason only of it
being a holder of the note;

(v) no application will be made for the listing of or permission
to deal in any such note on the Stock Exchange or any other
stock exchange and none of any such notes may be assigned or
transferred unless with the prior approval of the Stock Exchange
and the Company.

Upon provision of the entire HK$800 million funding under
Tranche I and assuming full conversion of all convertible loan
notes issued under Tranche I at an initial conversion price of
HK$0.10 per Share, a total of 8,000 million Shares will fall to
be issued, representing approximately 204.37 percent of the
existing issued share capital of the Company and approximately
67.15 percent of its issued share capital as enlarged by the
issue of such Shares.

In addition to the HK$800 million funding under Tranche I, the
Procurer will have the right, within three months after
completion of the Agreement but subject to completion of the
Capital Reduction, to require the Company to issue another
convertible loan note(s) up to an additional amount of HK$200
million on terms described in paragraph (c) above by way of
procuring Independent Subscribers for such convertible loan
note(s).

If the additional HK$200 million funding is provided in full
under Tranche II and assuming full conversion of any convertible
loan note issued under Tranche II at an initial conversion price
of HK$0.10 per Share, a total of 2,000 million Shares will fall
to be issued, representing approximately 51.09 percent of the
existing issued share capital of the Company; approximately
33.82 percent of its issued share capital as enlarged by the
issue of such Shares; and approximately 14.37 percent of its
issued share capital as enlarged by Shares issued and to be
issued under Tranche I and Tranche II respectively. Assuming
full conversion of all convertible loan notes under Tranche I
and Tranche II at an initial conversion price of HK$0.10 per
Share, a total of 10,000 million Shares will fall to be issued,
representing approximately 255.46 percent of the existing issued
share capital of the Company and approximately 71.87 percent of
the enlarged issued share capital of the Company.

Applications will be made to the Stock Exchange for the listing
of and permission to deal in the Shares to be issued and to be
issued under Tranche I and Tranche II respectively.

The issue price and initial conversion price of HK$0.10 per
Share under Tranche I and Tranche II represent a premium of
about 12.36 percent to the closing price of HK$0.089 per Share
as quoted on the Stock Exchange on 21 June 2001, being the date
of the Agreement, and a discount of about 0.4 percent to the
average closing price of HK$0.1004 per Share as quoted on the
Stock Exchange for the last ten trading days up to and including
21 June 2001.

(a) The shareholding structure before and after the conversion
in full of the convertible loan notes by Independent
Subscribers:

  Shareholding Structure Shareholding Structure
  immediately  after immediately  after
Existing shareholding completion of completion of
structure Tranche I Tranche I & II
Approximate         Approximate
Approximate
No. of shares                             No.
of shares
                                No. of shares
Mr. Yu & his
Associates 1,508,325,316 (38.53%) 1,508,325,316 (12.66%)
1,508,325,316 10.84%
Staverley  457,470,000 (11.69%)   457,470,000 (3.84%)
457,470,000 (3.29%)
Independent Subscribers (note)
                -      8,000,000,000 (67.15%)
10,000,000,000 (71.87%)
Public   1,948,709,561 (49.78%)  1,948,709,561 (16.35%)
1,948,709,561(14.00%)
TOTAL    3,914,504,877 (100%)  11,914,504,877 (100%)
13,914,504,877 (100%)

Note:

The Procurer confirms that the number of Shares to be issued
under the convertible loan notes for each potential subscriber
and his/her associates will not be more than 10 percent of the
issued share capital of the Company as enlarged by such issue.

(b) The shareholding structure before and after the conversion
in full of the convertible loan notes by the Procurer:

  Shareholding Structure immediately
Existing shareholding structure after completion of
Tranche I
   Approximate
Approximate
        No. of shares    percentage    No. of shares
percentage

Mr. Yu & his associates (Note 1)
           1,508,325,316  38.53% 1,508,325,316
12.66%
Staverley (Note 1)
           457,470,000  11.69% 457,470,000
3.84%
Procurer (Note 1)
           - - 8,000,000,000
67.15%
Public
          1,948,709,561 49.78% 1,948,709,561
16.35%
TOTAL :   3,914,504,877 100% 11,914,504,877
100%

Note:

1. The Procurer is owned by Mr. Yu and Staverley at 60 percent
and 40 percent respectively. Since Mr. Yu and Staveley are
together the controlling shareholders of the Company and parties
acting in concert holding 50.22 percent of the issued share
capital of the Company, the controlling shareholding of the
Company shall remain unchanged upon the full conversion of the
convertible loan notes by the Procurer.

If public float cannot be maintained immediately after the
conversion of the convertible loan notes, trading in the Shares
may be suspended for a prolonged period until public float is
maintained. The Directors will take appropriate steps as soon as
possible to ensure that a sufficient public float exists for the
Shares. Shareholders and investors are advised to exercise
caution in dealing in the Shares.

2. The convertible loan notes under Tranche II will not be
issued unless the convertible loan notes under Tranche I are
fully placed to the Independent Subscribers.

Consideration

Subject to downward adjustment as described in the section
headed "Repayment of debts owed to Beijing Shihua" below, the
total consideration for the Assets and funding to be procured as
described above is HK$500,000,000 (as to HK$450,000,000 for the
78.80 percent interest in Beijing Shihua, HK$40,000,000 for the
Assets and HK$10,000,000 for underwriting the provision of the
HK$800 million funding referred to above).

The Consideration was determined after arm's length negotiation
between the parties by taking into account (i) Beijing Shihua's
audited net profits after taxation, minority interests and
extraordinary item for the two years ended 31 December 1999 and
2000 were about RMB42.6 million and RMB28.2 million respectively
(equivalent to about HK$39.4 million and HK$26.1 million
respectively); (ii) market comparables (e.g. price earning
ratio); (iii) the undertaking given by the Procurer in relation
to the net profits after taxation of not less than RMB30,000,000
for each of the years ending 31 December 2001 and 31 December
2002; and (iv) the selling prices of the other software and
applications from other independent vendors purchased by the
Company and its subsidiaries in the past.

The Consideration will be satisfied in cash by the Purchaser
within three months after the completion of the Agreement.

Conditions

Completion of the Agreement is conditional upon:

(a) all necessary consents, permits, approvals, licenses and
authorizations having been obtained from, and all necessary
filings and registrations having been performed with, all
relevant governmental and other authorities, bureaus, agencies
and departments in the PRC and in any other applicable
jurisdiction in connection with the transactions contemplated
under the Agreement, the implementation of and all other matters
incidental to the Agreement;

(b) save for completion of the Agreement, all steps and actions
required to be taken to give full effect to the transfer of the
78.80 percent equity interest in Beijing Shihua and of the
Assets and all other transactions contemplated under the
Agreement having been taken and completed (including without
limitation the passing of all requisite resolutions by the board
of directors and shareholders of Beijing Shihua in accordance
with its articles and other constitutional documents approving
the transfer of such interest and such appointment and
resignation of directors of Beijing Shihua as the Company may
request with effect from completion of the Agreement);

(c) the Company having received a legal opinion (in form and
substance satisfactory to it from a legal adviser in the PRC
confirming the valid and effective transfer of the 78.80 percent
equity interest in Beijing Shihua contemplated under the
Agreement in accordance with all applicable PRC laws, rules and
regulations and covering such other matters as are related to
Beijing Shihua or relevant to the transactions contemplated
under the Agreement as the Company may request;

(d) the Listing Committee of the Stock Exchange having granted
listing of and permission to deal in all Shares to be issued on
full conversion of those convertible loan notes which may be
issued under Tranche I and Tranche II; and

(e) the Independent Shareholders having approved the Agreement,
the issue of all Shares to be issued on full conversion of those
convertible loan notes which may be issued under Tranche I and
Tranche II, the implementation of the transactions contemplated
under and all other matters incidental to the Agreement in
accordance with the provisions of the Listing Rules.

The Company has the discretion to waive any of the conditions
set out in paragraphs (a) to (c) above. If the conditions are
not fulfilled or so waived by 5:00 p.m. on the date falling 75
days after the date of the Agreement i.e. on 4 September 2001 or
such other date as the parties may agree, the Agreement will,
subject to the liability of any party to the other in respect of
any antecedent breaches of the terms of the Agreement, be null
and void and of no effect.

Completion

Completion of the Agreement will take place on the third
business day after the above-mentioned conditions are fulfilled
or such other date as the parties may agree. The Procurer will
deliver or cause to be delivered to the Company the following:

(a) Copies of all consents, approvals, authorizations, permits
or licenses and all board or shareholders' resolutions or any
other documents and evidence as the Purchaser may request
showing full satisfaction of the above-mentioned conditions (a)
to (c);

(b) Such other documents as may be reasonably required to give
good title to the Interest free from all encumbrances and to
enable Shanghai Lang Ning or such other person as the Company
may direct to become the registered holder thereof;

(c) Assets are capable of being physically delivered;

(d) All source codes and documents as may reasonably be required
by the Company to complete the transfer of the Assets to the
Company or as it may direct, and vest the full benefit of and
legal title to the Assets in the Company or as it may direct;

(e) All papers, records and other documents relating to the
Assets;

(f) Such other documents as may be required to give to the
Company or as it may direct good title to the Assets and to
enable the Company or such person as it may direct to become the
registered owner thereof.

Information On Beijing Shihua

Beijing Shihua is a company incorporated with limited liability
and a Sino-foreign equity joint venture established under the
laws of the PRC and is principally engaged in the provision of
financial information, investment analysis and systems
development services. As at the date of this announcement, the
Company is (through its interest in Shanghai Lang Ning)
interested in 1.20 percent equity interest in Beijing Shihua and
Guoan Information (a subsidiary of Citic Guoan) is interested in
the remaining 98.80 percent equity interest in Beijing Shihua.
Upon the completion of the Agreement, Shanghai Lang Ning will
hold an 80 percent equity interest in Beijing Shihua, and Guoan
Information will hold the remaining 20% equity interest in
Beijing Shihua. As at the date of this announcement, Beijing
Shihua has a registered capital of RMB125 million, all of which
has been fully paid up.

The audited net asset value of Beijing Shihua as at 31 December
1999 and 2000 were about RMB29.2 million (equivalent to about
HK$27.0 million) and RMB148.5 million (equivalent to about
HK$137.5 million) respectively. The audited consolidated net
profit after taxation, minority interests and extraordinary item
of Beijing Shihua for the years ended 31 December 1999 and 2000
were about RMB42.6 million (equivalent to about HK$39.4 million)
and RMB28.2 million (equivalent to about HK$26.1 million)
respectively.

Information On Assets

Assets to be procured to transfer from PFS, an independent third
party, are (a) solutions designed for the securities brokerages
utilizing the Internet and mobile technologies. Such solutions
are designed for trading under a global market environment
amongst brokers, providing trading platform with functions of
order routing, order matching, risk management, credit control,
real-time margin and portfolio management system with real-time
settlement system, and also catering for multi-instrument e.g.
equities, bonds, unit trusts and futures etc., multi-market e.g.
stock exchanges in Hong Kong, Indonesia and Singapore etc.,
multi-currency, multi-channel e.g. Internet, mobile phone and
palm etc., and multi-language e.g. English and Chinese (both
traditional characters and simplified characters) etc.; and (b)
AMS/3 gateway interface applications which allows the investors
to have a direct link to the Stock Exchange of Hong Kong for
trading of securities.

Further Undertakings

Profits of Beijing Shihua

Pursuant to the Agreement, the Procurer has undertaken to the
Company that the total net profits after taxation of Beijing
Shihua for each of the years ending 31 December 2001 and 31
December 2002 will not be less than RMB30 million and, in the
event that such profit as shown in the audited financial
statements of Beijing Shihua for either of the years ending 31
December 2001 and 31 December 2002 is less than the amount of
RMB30 million, the Procurer will pay to the Company an amount
comprising such shortfall after written demand by the Company
provided that the Procurer will not be liable for any breach of
this undertaking if such breach is caused by Force Majeure.

Repayment of debts owed to Beijing Shihua

As at the date of this announcement, Citic Guoan, its
subsidiaries and their respective associates are indebted to
Beijing Shihua in an amount of about HK$150 million. Pursuant to
the Agreement, the Procurer has also undertaken to the Company
that it will procure that, within three months after completion
of the Agreement:

(a) Citic Guoan, its subsidiaries and their respective
associates (as defined in the Listing Rules) will each have
discharged in full any indebtedness owing by it to Beijing
Shihua (whether or not then due for payment) and, to the extent
that such indebtedness is not so discharged, the Consideration
will be reduced by an amount equal to the amount of such
indebtedness not so discharged where upon the Company will
procure Beijing Shihua to waive such indebtedness;

(b) Beijing Shihua will be released, without payment by or other
cost to Beijing Shihua, from all debts and obligations to, and
from all guarantees, indemnities, mortgages and surety or
security arrangements of any kind given by Beijing Shihua in
favour of, or as security for any indebtedness or liability of,
Citic Guoan, any of its subsidiaries or any associate of any of
them, or any director of Beijing Shihua and the Procurer will,
on demand, indemnify the Company and keep it indemnified from
and against any failure so to procure and from any liability
pending any such release.

The Company will make further announcement to the public in the
event that the Procurer fails to fulfil any of its undertakings
set out under the heading of "Further Undertakings".

Terms & Consideration Given By Procurer To Citic Guoan & PFS

Agreements have been entered between the Procurer and Citic
Guoan and PFS for the sales of the Interests and the Assets
respectively.

The Company has been advised by the Procurer that (a) the
consideration in respect of the procurement of transfer of 78.8
percent equity interest in Beijing Shihua, and transfer of
certain proprietary software applications and solutions agreed
between the Procurer and Citic Guoan, and between the Procurer
and PFS are the same as that in the Agreement i.e. at the
consideration of RMB450 million (subject to the adjustment of an
amount equal to the amount of the indebtedness not so discharged
as disclosed under the heading "Further Undertakings - Repayment
of debts owed to Beijing Shihua" of this announcement) and RMB40
million respectively payable by the Procurer to Citic Guoan and
PFS respectively and such consideration will be paid in cash;
and (b) the other conditions in respect of the transfer of
Beijing Shihua's equity interest and the certain proprietary
software applications including completion are same as that in
the Agreement except clause (d) and (e) under the heading
"Conditions" of this announcement. Since the Procurer is owned
by the controlling shareholders of the Company, for the benefits
and interests of the Company, the Procurer confirms that no
benefits and rights accrued to itself under the transfer of the
Interests and the Assets under the Agreement.

Reason s For Procuring Arrangement

Under the Agreement, the obligations of the Procurer which is
ultimately owned by Mr. Yu (60 percent) and Citic Guoan (40
percent), they are together the controlling shareholders of the
Company, are (i) guarantee of net profits of RMB30 million after
taxation for each of two years ending 31 December 2001 and 31
December 2002; (ii) undertaking of provision of funding to the
Company in an amount of HK$800 million in the event that the
Procurer fails to place the convertible note(s) to Independent
Subscribers; and (iii) the indebtedness of approximately HK$150
million owing to Beijing Shihua by Citic Guoan, its subsidiaries
and their respective associates will be discharged by them or
the Consideration will be reduced by an amount equal to the
amount of such indebtedness not so discharged. However, if the
Company enters into agreement separately with the vendors in
respect of the disposal of 78.8 percent equity interest in
Beijing Shihua, and the disposal of a certain proprietary in
computers applications and solutions for securities trading, the
aforesaid undertakings and guarantees would not be in force
which would in turn seriously affect the commercial viability of
each transaction contemplated in the Agreement.

Reasons For The Transaction

The Group is principally engaged in the investment and operation
of Internet and information services in the PRC, and in property
development and investment. China Enterprise ASP Limited ("CE"),
a subsidiary of the Company, is one of the largest operators
providing Internet based services to various enterprises and
corporations in the PRC. The significant client base of CE
complements the institutional brokerage clients of Beijing
Shihua. Given 1,000 sales force in CE, Beijing Shihua may and
can utilize such ready strong sales force to expand its business
from traditional brokerage clients to individual retail
investors. On the other hand, CE may expand its services and
businesses to the clients of Beijing Shihua through Beijing
Shihua's 10 regional offices throughout the PRC.

The Board believes that the Assets will significantly improve
and enhance the capability in trading of securities in the PRC.
Currently, Beijing Shihua only provides financial information
services to the securities brokerage industry. Given the
sophisticated trading platform to be provided by PFS, Beijing
Shihua may and can provide with its clients additional and more
efficient securities trading services, which in turn will lead
to additional income. In combination of sophisticated trading
platform and the provision of financial information, the Board
anticipates that Beijing Shihua will become one of the largest
service providers to the financial and securities industry in
the PRC.

One of the business objectives of the Group is to expand its
business and market share in the IT industry in the PRC. With
the placement of convertible notes or bonds, the Group will
improve its short-term liquidity, and its long-term financing
capability will be enhanced as well. It is the intention of the
Company to continue to expand its equity base so that its
ability of further acquisition of assets and/or businesses in
the future will be improved.

The Board considers that the terms and conditions of the
Agreement are fair and reasonable and in the best interest of
the Group.

Use Of Proceeds

The net proceeds from the placement of convertible loan note(s)
under the Tranche I and Tranche II will be used to pay debts and
working capital of the Company.

Maintenance Of The Public Float

If public float cannot be maintained immediately after the
conversion of the convertible loan notes, trading in the Shares
may be suspended for a prolonged period until public float is
maintained.

The directors of the Company will jointly and severally
undertake to the Stock Exchange to take appropriate steps as
soon as possible to ensure that a sufficient public float exists
for the Shares as required under the Listing Rules.

Shareholders and investors are advised to exercise caution in
dealing in the Shares.

GENERAL

The transactions contemplated under the Agreement constitute a
discloseable transaction for the Company under the Listing
Rules. The Procurer is owned as to 60 percent by Mr Yu, the
chairman of the Company, and as to 40 percent by Staverley, a
wholly owned subsidiary of Citic Guoan and a substantial
shareholder of the Company. Therefore, the transactions
contemplated under the Agreement also constitute a connected
transaction for the Company under the Listing Rules and will be
subject to approval of the Independent Shareholders of the
ordinary resolutions at a general meeting of the Company to be
convened. Staverley and the respective associates of Staverley
and Mr. Yu will abstain from voting on the resolutions approving
the Agreement.

A circular of the Company containing, among others, details of
the Agreement, a letter from the independent board committee of
the Company giving recommendations to the Independent
Shareholders in respect of the Agreement, a letter from an
independent financial adviser advising the independent board
committee in respect of the Agreement and a notice convening an
extraordinary general meeting of the Company will be dispatched
to the shareholders of the Company as soon as possible.

Suspension & Resumption Of Trading

Trading in the Shares was suspended at the request of the
Company with effect from 10:00 a.m. on 22 June 2001 pending the
release of this announcement. Application has been made to the
Stock Exchange for a resumption of trading in Shares with effect
from 10:00 a.m. on 27 June 2001.


WUN TUNG: Faces Winding Up Petition
-----------------------------------
The petition to wind up Wun Tung Furniture Company Limited is
set for hearing before the High Court of Hong Kong on August 1,
2001 at 9:30 am. The petition was filed with the court on May
29, 2001 by  Airland Enterprise Company Limited whose registered
office is situated at 2nd Floor, Yau Tong Industrial Building, 2
Shung Shun Street, Kowloon, Hong Kong.


YET POST: Petition To Wind Up
-----------------------------
The petition to wind up Yet Post International Limited is
scheduled to be heard before the High Court of Hong Kong on July
11, 2001 at 10:00 am. The petition was filed with the court on
May 17, 2001 by The National Commercial Bank Limited, Hong Kong
Branch whose principal place of business is situated at 1-3
Wyndham Street, Hong Kong.



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


KIA MOTORS: US$200M Notes Get `BB-' From S&P
--------------------------------------------
Standard & Poor's Tuesday assigned its double-`B'-minus rating
to Kia Motors Corp's proposed US$200 million senior unsecured
notes due 2006.

The corporate credit rating on Kia (BB-/Stable/--) reflects the
company's relatively narrow product range and dependence on the
Korean market, as well as its relatively low operating
efficiency and modest debt protection measures. A key strength
is its leading position in the Korean recreational, or sports
utility, vehicle (SUV) market, which has allowed the company to
demonstrate an impressive operational and financial recovery
after its bankruptcy in July 1997.

Moreover, Kia's credit quality is bolstered by its membership of
the Hyundai Motor group, led by Hyundai Motor Co. (BB/Stable/--
). This group, including Kia, controls about three-quarters of
the Korean vehicle market and exports to the U.S. and other
overseas markets.

In the future, the sharing of costs incurred in developing new
vehicle platforms, combined with other benefits of joint
operations, should lead to an improvement in Kia's operating
efficiency and profitability.

With a 29 percent market share, Kia is the second-largest auto
manufacturer in Korea after Hyundai Motor. However, the
company's annual sales volume is only about 1 million units, and
it lags behind its larger competitors in terms of global market
share and economies of scale.

Although labor costs are low in Korea compared with the U.S.,
Europe, and Japan, Kia has a relatively high cost position owing
to its smaller operations and low capacity utilization.
Moreover, Kia's financial profile is still weak compared with
that of Hyundai Motor and most international automakers,
although it has improved considerably.

This improvement was a result of financial restructuring and a
rapid recovery in Kia's operating performance after the then-
bankrupt company became part of the Hyundai Motor group in March
1999. Still, Kia's cash flow protection and profitability
measures continue to lag those of most of its peers.

While Kia lacks the advantages of scale or diversity enjoyed by
its larger international peers, it has successfully achieved
solid market positions in the Korean SUV segment. The company
controls 42 percent of this segment, which accounts for 45
percent of its current domestic product mix. In addition, Kia
produces virtually all the vehicles used by the Korean military.

Korean carmakers still face limited competition from imports,
which account for less than 1% of the market. Kia has been able
to increase its export sales rapidly over the past two years,
backed by its competitive product prices and improving product
mix and quality.

Kia is linked to Hyundai Motor through their common chairman and
CEO, as well as integrated research and product development
activities. In addition, a network of shareholdings has linked
Kia, Hyundai Motor Co., and a number of smaller mostly
automotive oriented companies into a new "chaebol" or business
group.

The Hyundai Motor chaebol appears to have largely disaffiliated
itself from the old, widely diversified Hyundai chaebol. While
Korean rules limit the means by which affiliated companies can
directly support each other, Standard & Poor's believes that Kia
now enjoys enhanced access to funding, technology, and a broader
pool of management talent as a result of the group structure,
particularly in view of the strategic importance of Kia to
Hyundai Motor.

Outlook: Stable

The stable outlook is based on the expectation that Kia will
sustain or improve its operating and financial profile in the
face of likely tougher domestic competition and weaker export
markets in the near to medium term, Standard & Poor's said.


SEAGAIA: Government Willing To Extend Help
------------------------------------------
Miyazaki Governor Suketaka Matsukata announced Tuesday that his
prefectural government intends to extend whatever possible help
to rehabilitate Seagaia resort complex, whose operator went
insolvent in February, Japan Times reports yesterday.

However, the governor revealed that his talks with American
investment firm Ripplewood Holdings LLC, over the latter's bid
acquire the resort complex, did not include specific terms on
how the rehabilitation would come about, the report says.

"There were no discussions, such as over taxes," the governor
told reporters, the newspaper says.

Last month, Ripplewood reached a concession with the parties
involved in the resort to take over the Seagaia's operator,
Phoenix Resort Limited, which sought court protection in
February with debts totaling Y326.1 billion.

According to the report, the Miyazaki Prefectural Government
holds a 25 percent stake in Phoenix Resort.


TOKYO LIFE: Daido, Taiyo Win Right To Take Over
-----------------------------------------------
Second-tier insurers Daido Life Insurance Company and Taiyo
Mutual Life Insurance Company are going to take over Tokyo
Mutual Life Insurance Company. The two were granted the right to
do so Tuesday, Reuters reported.

"The offer of Taiyo and Daido group was better than that of the
other two parties, GE Edison and AIG," Tokyo Mutual
Administrator Masaharu Ohashi told Reuters, adding that the
tandem offered higher guaranteed yields, as against those made
by the other contenders, including American International Group
Inc (AIG), GE Edison Life Insurance Company.

Ohashi further added, "The guaranteed returns have already been
reduced to two percent for policies set since 1999, and the cut
applies to those existing policies up to 1998."

Tokyo Mutual ranked as Japan's 16th largest insurer before it
went bankrupt in March, with debts reaching Y980.2 billion end
of September 2000.


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


HYNIX SEMICON: Investors Convert GDRs To Common Shares
------------------------------------------------------
Investors of Hynix Semiconductor Inc who subscribed to the
ailing chipmaker's global depository receipts (GDRs) started the
conversion of their GDRs into common shares yesterday on the
Korean stock exchange, The Asian Wall Street Journal reported,
citing LG Investment and Securities Company, the lead-manager of
the local GDR issue.

As of June 15, GDRs issued totaled 104,165,000 priced at $12
apiece. The report says that each GDR corresponds to five local
common shares, at a share price of about W3,100, equivalent to a
24.5 percent discount over the local stock market price as of
the time it was offered.

Friday last week, the Korea Stock Exchange approved the listing
of the 520.8 million new Hynix shares on the market starting
yesterday, thus increasing the Hynix shares to 1 billion from
495 million, the daily reports.


HYUNDAI ENGINEERING: Creditors May Penalize Insurers
----------------------------------------------------
Creditors of Hyundai Engineering and Construction Company (HDEC)
are thinking of imposing penalties on Korea Life Insurance and
Kyobo Life Insurance for their refusal to participate in the
bailout plan for the company, The Korea Herald reports
yesterday.

The imposition of penalty charges on the life insurers, the
report says, is under the rules set by the consultative council
of creditor institutions. According to the rules, any charges,
the report adds, must be submitted to the council once the
insurers have made public their intention.

Both Korea Life and Kyobo Life have refused to participate in
the debt-for-equity swap and rights offering as part of the
bailout program approved by the creditors of HDEC.


HYUNDAI ENGINEERING: Creditors To Roll Over W2T In Debts
--------------------------------------------------------
A total of W2 trillion of the entire sum of W3.65 trillion in
maturing debts of Hyundai Engineering and Construction Company
(HDEC) will be rolled over, after the creditors of the troubled
builder agreed to the proposal Tuesday, The Digital Chosun
reported Wednesday.

Apart from the rollover, the creditors also reached an agreement
to forego the sell off of about 35 percent of their equity in
the company for a certain period. The equities were acquired
through the debt-for-equity swap made early in the month.

According to an official at one of the creditor banks, the
creditors are likely to own 67 percent of HDEC's total equity,
with the 35 percent equity ceiling kept to retain the management
rights of the company with the creditors.


HYUNDAI MERCHANT: Sells Off 2M Shares In HHI
--------------------------------------------
Hyundai Merchant Marine Company Tuesday completed the sale of
its 2 million shares in Hyundai Heavy Industries (HHI) at an
average per share price of W31,200, The Korea Herald reported
yesterday.

Profit from the sale, which was made through Hyundai Securities
Company, was pegged at W10,000 per share.

The sale is part of the company's efforts to bolster its
liquidity and to raise cash to be used in spinning off its
affiliates.


HYUNDAI SECURITIES: Group Wraps Up Sales Talks With AIG
-------------------------------------------------------
The Hyundai Group is in the final phase of negotiating with the
American International Group Inc (AIG) consortium over the sale
of the group's 16.6 percent stake in Hyundai Securities Company
to the American investor, The Asian Wall Street Journal
reported.

The sale price is currently estimated between W15,000 to W20,000
per share, the newspaper said.


SEOUL BANK: Sale Deadline Moved To September
--------------------------------------------
The Public Fund Oversight Committee (PFOC) announced Tuesday the
postponement of the sale deadline of Seoul Bank from June 30 to
September 30, The Digital Chosun reported, citing PFOC Chairman
Part Seung.

Along with this decision, the committee also agreed to the
retention of the bank's current staff, including the bank's
President Kang Jung-won, but only until the sale is completed.


SSANGYONG CONSTRUCTION: Creditors To Assume W217.3-B Bonds
----------------------------------------------------------
Twenty-two creditors of Ssangyong Construction have decided to
assume W217.3 billion worth of convertible bonds (CBs), which
comprise a part of the bond issuance to be made by the company
towards the end of July, The Digital Chosun reports, citing
major creditor bank Cho Hung Bank.

Cho Hung said the rest of W430.2 billion in convertible bonds
would be taken over by the Hanarum Mutual Financing, getting
W190.9 billion, Ssangyong Cement, W21 billion, and the company's
employees, W1 billion.

Meanwhile, the creditors also agreed to bring down the interest
rate for their loans amounting to W330 billion to the company to
only five percent per annum.


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


ABRAR CORP: Encik Appointed CEO Of Abrar Group Int'l
----------------------------------------------------
Abrar Corporation Berhad announced the Company's Managing
Director, Encik Nor Aminudin Nor Rahmat, has been appointed
Chief Executive Officer of Abrar Group International Sdn Bhd
(AGISB) (Special Administrators appointed) effective 1 June
2001.

AGISB is a substantial shareholder of the Company. AGISB has
been placed under the administration of Special Administrators
since 27 May 2000 by Pengurusan Danaharta Nasional Berhad.

The Special Administrators of AGISB are currently in the middle
of preparing a workout proposal for AGISB, and have appointed
Encik Nor Aminudin Nor Rahmat as the Chief Executive Officer of
AGISB, in exercising their powers under the Pengurusan Danaharta
Nasional Berhad Act, 1998.


DATAPREP HOLDINGS: FIC Approves Proposed Workout Scheme
-------------------------------------------------------
Dataprep Holdings Berhad revealed the Foreign Investment
Committee (FIC), via its letter dated 20 June 2001, approved the
Proposed Restructuring Scheme of the Company. The approval is
subject to, among others, the condition that the Company
increases its Bumiputera equity interest to at least 30 percent
before 30 June 2002.

Background

The Group rents and maintains data processing equipment and
software, markets computer systems and peripherals, personal
computers and computer software, and carries out research and
development of computer software.

Among the Group's key projects is the development of the
electronic community for Kulim High Tech Park. In 1997 the Group
signed a franchisee agreement with Telekom to market its
Corporate Information Superhighway Malaysia Bhd network
services.

The Company, on 13 January 2000, entered into a MOU with VXL
Holdings Sdn Bhd on a proposed subscription of 40m new shares
and 15,151,515 warrants in Dataprep for RM53.03 million cash by
VXL.

The proposed subscription is an integral part of Dataprep's
proposed restructuring scheme involving a capital reduction and
consolidation, debt restructuring, subscription of shares with
warrants, offer for sale of shares to Bumiputera parties by VXL,
and offer for sale of warrants to existing shareholders of
Dataprep by VXL.


EXPRESSWAY LINGKARAN: Seeking Debt Refinancing Resolution
---------------------------------------------------------
United Engineers (Malaysia) Berhad (UEM) clarified some of the
incorrect statements stated in the articles featured in The
Edgeonline, 20 June 2OO1, entitled "Elite's RMl.86 bin bonds
issue hits snag", and The Sun, 22 June 2001 of the same title.

On 9 March 2001, UEM made an announcement, that Expressway
Lingkaran Tengah Sdn Bhd (ELITE), a wholly-owned subsidiary of
UEM, has obtained approval of the Securities Commission (SC) in
respect to its new proposed debt refinancing scheme.

The proposed refinancing scheme involves the issuance of Al-Bai
Bithaman Ajil Islamic Debt Securities (BaIDs) by ELITE, with a
face value of RM1,860 million in series with tenures of 5 years
to 13 years and a profit of 5% on the face value payable semi-
annually.

PJB Capital Sdn Bhd (PJB) is the primary subscriber of the
proposed BaIDs. The proceeds of the BaIDs issue will be utilized
to refinance the financial obligations of ELITE and fund
deposits of designated accounts.

However, before the BaIDs can be issued, PJB is required to
comply with certain requirements imposed by SC.

After a series of correspondences and meetings with all parties
concerned over a period of time, PJB informed that they are
unable to fully comply with SC's requirements and thereafter,
PJB has forwarded a written request to ELITE to be relinquished
from the role as primary subscriber.

As of today, ELITE has yet to respond to PJB's request and no
merchant bank has been appointed by ELITE to replace PJB.
However, ELITE is currently exploring various alternatives to
expeditiously resolve the matter.


GADEK CAPITAL: SC Decision On Proposed Exemption Pending
--------------------------------------------------------
On 13 March 2001, the Board of Directors of Gadek Capital
announced that the Company, among others, on 12 March 2001
entered into conditional Sale and Purchase Agreement with Datuk
Lim Siew Choon, Sebaya Murni Sdn Bhd, Capt (R) Noziah Bt Dato'
Hj Osman, Zaheera Bt Ahmad, Major (Rtd) Ismail bin Ahmad and Lim
Choon Hai, for the Proposed KCR Acquisition.

Pursuant to the above, Gadek Capital on 27 March 2001 applied to
the Kuala Lumpur Stock Exchange (KLSE) for a ruling on the
requirements of Section 118 of the KLSE Main Board Listing
Requirements (MBLR). The KLSE, via its letter dated 31 May 2001,
advised that the Proposed KCR Acquisition is not intended to be
caught under Section 118 of the MBLR.

Gadek Capital had also on 30 April 2001 applied to the
Securities Commission (SC) for an exemption from appointing an
independent adviser for the Proposed KCR Acquisition pursuant to
the requirements of Chapter 20 of the SC Policies and Guidelines
on Issue/Offer of Securities (Proposed Exemption) and the
decision from the SC is still pending.

Background

Gadek Capital, an investment holding company under the umbrella
of the DRB-HICOM group has, as its subsidiary, Credit
Corporation (CCM), a licensed finance company having 25 branches
in Malaysia.

CCM has been earmarked to be consolidated under the Hong Leong
Banking Group.

On 18 February 2000, Gadek Capital received approval from BNM
for the merger of CCM and Hong Leong Bank.


GOLDEN PLUS: Will Default On Debt Payment
-----------------------------------------
Golden Plus Holdings Berhad says the following companies will,
as of 30 June 2001, default in payment of interest and principal
over loans totaling RM24,845,196 (Loans) with monthly
installments of RM907,093. Details of the loans are as tabulated
in Table A below.

1. Due to the adverse economic conditions in the region since
1997, the assets that has been purchased and funded by the Loans
has not been performing and has not been able to generate
sufficient cash flow to service the installment payments.

2. The Company is in the process of carrying the following to
address this default: Negotiating with Eon Bank Berhad to
restructure the Loans and amend the schedule of payments and
Installments.

Aggressively seeking purchasers for the following assets to
repay the Loans in full: Sale of office space in Wisma
Perindustrian, which has an estimated independent market
valuation of RM21.8 million as at 8 March 1999, to repay Loan 1
and Loan 2 (described in Table A below) in full; Sale of the
plant and machinery included in Golden Plus Quarry (Sabah) Sdn
Bhd, which have an estimated independent market valuation of
RM9.56 million as at 15 March 2001, to partially repay Loan 3;
Sale of land located in Jalan Tun Razak OR Hampshire Park, Kuala
Lumpur, owned by 100 percent owned subsidiary companies of
Golden Plus Holdings Berhad, which have an estimated combined
independent market valuation of RM24.7 million as at 28th
February 2001, to repay the balance outstanding under Loan 3.

Barring unforeseen circumstances, the Company is relatively
confident that we will be able to restructure the Loans with Eon
Bank Berhad to ratify this position but in the event the Loans
are not fully or partially restructured, Eon Bank Berhad will be
able to do one or more of the following: Exercise their right
over and dispose the collateral (tabulated in Table A) for the
Loans, including the appointment of a receiver or manager over
Golden Plus Quarry (Sabah) Sdn Bhd; Call on the corporate
guarantee of Golden Plus Holdings Berhad for Loan 2 and Loan 3
for the balance of the Loans remaining unpaid after the disposal
of the collateral.

Barring unforeseen circumstances, the Company is relatively
confident that with the successful completion of the steps under
(2) above, the Loans will be fully discharged and the Default in
Payment position ratified.

Table A

Borrower    Lender  Facility   Outstanding     Installment
Collateral
                    (RM)      at 30 Jun 2001  Outstanding
                                              at 30 Jun 2001
Golden Plus -Eon Bank-9,300,000-4,617,910-403,946 Fixed Charge
Holdings     Berhad    Term Loan              over office space
Berhad                                       known as 16th flr,
(Loan 1)                                    Wisma Perindustrian
                                            Kota Kinabalu

Corporate- Eon Bank-13,000,000 - 8,743,109- 500,240 Fixed Charge
             Berhad                                  over
Business (M)         Term Loan             office space known
Sdn Bhd, a wholly                             as 1st, 4th,
owned subsidiary                              5th, 6th, 12th Flrs
of Golden Plus                               Wisma Perindustrian
Holdings Bhd                               & Corporate Guarantee
(Loan 2)                                    Golden Plus Holdings

Golden Plus -Eon Bank-16,381,371-11,484,177-910,00 Debenture
                                                   over the
Quarry        Berhad   Term Loan             Golden Plus Quarry
(Sabah) Sdn                                  (Sabah) Sdn Bhd's
Bhd, a 60%                                   plant and machinery
owned unit                                    financed and
of Golden Plus                               Corporate Guarantee
Holdings Bhd                                  of Golden Plus
(Loan 3)                                          Holdings


ISUTA HOLDINGS: SC Approval On Scheme Revisions Pending
-------------------------------------------------------
Isuta Holdings Berhad (IHB) says the Securities Commission's
approval for the company's revised restructuring proposal is
still pending.

IHB is also awaiting the approval from the Ministry of
International Trade and Industry (MITI) for the recognition of
Bumiputera investors for the Proposed Special Issue and Private
Placement/Offer for Sale.

Profile

A Penang-based Group, Isuta focuses on the manufacture and
trading of critical environment products and related merchandise
like garments, rubber gloves and packaging materials. Raw
materials are sourced locally and from Korea, Japan and the US.
Its customer base includes the electronics, medical,
pharmaceutical and food industries.

The Group is the only company to offer a complete range of
critical manufacturing products and requirements from the design
stage of the cleanroom to packaging materials for finished
products, to all intermediate stages.


LION CORP: Seeks Extension For Compliance Of PN 4/2001
------------------------------------------------------
Lion Corporation Berhad refers to its announcement of 26
February 2001 wherein the Company [pursuant to Paragraph 8.14 of
the Revamped Listing Requirements and Practice Note No. 4/2001]
announced that the Company is an affected listed issuer.

Pursuant to paragraph 5.1 of Practice Note No. 4/2001, the
Company, which has on 5 July 2000 announced its detailed plan to
regularize its financial condition, the Proposed Group-Wide
Regularization Scheme (Proposed GWRS), is required to obtain all
approvals necessary for the implementation of the Proposed GWRS
within a period of four months from the date of its First
Announcement (collectively, the Approvals). The four months'
period expires on 25 June 2001.

The Company has obtained several of the Approvals, the progress
of which are set out in the Company's announcements of 26
February 2001, 30 March 2001 and 2 May 2001 respectively.
However, a number of Approvals are still pending.

The Company has, for the detailed reasons set out in its letter
to Kuala Lumpur Stock Exchange dated 25 June 2001, applied to
the Kuala Lumpur Stock Exchange to extend the time period for
the Company to comply with the requirements in paragraph 5.1 of
Practice Note No. 4/2001 from 25 June 2001 to 31 December 2001.

Background

The Company was originally established in Singapore in 1939
under the name of Lion Teck Chiang Chiang Foundry Company to
carry on the business of an iron foundry. As the Company
expanded its activities to cover the manufacture of rubber
compound for tyre retreading, furniture products as well as
steel slotted angles, panels and shelves, the operation was
expanded overseas.

In 1972, Lion (Teck Chiang) Sdn Bhd was incorporated in Malaysia
to restructure all these operations.

Since then, the Company has ventured into other areas including
agriculture, horticulture, motor vehicle assembly, security
equipment production and office furniture manufacturing.

In 1986, it acquired a stake in Megasteel, which has a license
to produce hot rolled coils, which is one of the key raw
materials used in higher value added manufacturing, engineering,
industrial and construction-related applications.

The RM2.5-billion plant is currently the only producer of such
products in the country with annual rated capacity of 2m m/t.

The Group is currently in the process of finalizing a
restructuring scheme aimed at consolidating, stabilizing and
rationalizing the cash flow and funding of the Group and
optimizing utilization of the Group's businesses.


UH DOVE: Seeking Extension To Secure Approvals
----------------------------------------------
UH Dove Holdings Berhad applied to the Kuala Lumpur Stock
Exchange (KLSE) on 18 June 2001 for an extension of three
months, i.e. 27 September 2001, for the company to obtain all
necessary approvals for the Proposed Rescue/Debt Restructuring
Scheme.

The Company is awaiting the outcome of the Company's application
for time extension from the KLSE.


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


BENPRES HOLDINGS: Due Diligence Ongoing For Cable TV Merger
-----------------------------------------------------------
Referring to the news article entitled "Sky-Home Cable merger
seen completed this month" published in the 20 June 2001 issue
of the Business World, it was reported that "Philippine Long
Distance Telephone Company (PLDT) and Benpres Holdings Corp. are
expected to identify the strategic investor for the planned
merger of their cable operations by the end of the month.

In an interview with reporters yesterday, Benpres Director and
Treasurer Eugenio Lopez III said the partners will complete due
diligence audits on their respective cable businesses within the
month."

Benpres Holdings Corporation (BPC) explained that:

"We would like to confirm that there is an ongoing due diligence
review of the respective cable businesses of the Lopez group and
of Mediaquest Holdings, Inc. in connection with the planned
merger of the cable operations of SkyCable and Home Cable.

"The parties are also in the process of evaluating potential
investors in this venture.

"Rest assured we shall promptly advise the public about all
significant corporate developments."


FAIRMONT HOLDINGS: Seeks To Implement 1B Rights Issue
-----------------------------------------------------
A news article entitled "Megaworld to dilute stake in Fairmont
to raise funds" published in the 21 June 2001 issue of the
Business World reported "Property firm Megaworld Corp. will be
selling shares in Fairmont Holdings, Inc., formerly BW Resources
Corp., to raise at least PhP1 billion to finance new ventures in
the low-cost housing segment. Megaworld President Andrew L. Tan
told reporters after the company's stockholders meeting
yesterday that the parent firm's stake in the formerly
controversial gaming firm may be diluted to pave the way for
interested investors. The real estate developer, however, will
also be subscribing in the PhP1 billion rights offer although it
has not yet determined the extent of its participation."

Megaworld Corporation (MEG) stated that:

"The management of Fairmont Holdings, Inc. is considering a One
Billion rights issue to be implemented, hopefully, in the next
five months and that the proceeds of the rights issue will be
used to finance Fairmont's mass housing business.

"In addition, we would like to confirm that Megaworld may
participate in said rights issue but is also open to assigning
its subscription rights in favor of interested investors.

"The dilution in Megaworld's stake in Fairmont referred to in
the news article will arise from such assignment by Megaworld of
its entitlement to the rights issue and not from the sale by
Megaworld to investors of its present shareholdings in
Fairmont."


NATIONAL STEEL: P14.5-M Non-Core Assets Sold
--------------------------------------------
National Steel Corporation liquidator Danilo Concepcion has sold
off non-core assets of the beleaguered steel firm, generating
proceeds totaling P14.53 million, Business World reported
yesterday.

The cash raised from the sale, according to the report, will be
used to help finance the preservation of the steel firm's plant
in Iligan City.

Referring to the sale, Concepcion told the newspaper, "the
firm's assets are no longer theirs (the company's)...the
liquidator is the legal owner of all (NSC) assets of the company
and need not notify (the company and its stockholders) of any
disposition."

Moreover, Concepcion was quoted as saying that the sale of the
non-core assets was made to "defray costs of maintenance" and
not to pay off obligations of the company with its creditors.

At present, the steel firm's Iligan plant incurs a monthly
maintenance cost of P10 million, the report says.


RFM CORP: No Investor Campaign For Cosmos In Works
--------------------------------------------------
The news article entitled "PepsiCo seen having edge in race to
acquire RFM's Cosmos Bottling Corp" published in the 23 June
2001 issue of the Philippine Star reported RFM Corporation (RFM)
"is aggressively pursuing suitors for its Cosmos Bottling Corp.
subsidiary... No deal has been clinched yet as RFM is torn
between seeking as high a price as it can get or settling for a
lower payout, but retaining majority control, the sources said.

... RFM had quoted a price of PhP16 billion for its 85-percent
stake in Cosmos translating to a price of about PhP7 per share,
while San Miguel had offered PhP12 billion... An industry source
said `Pepsi's bid is just for a minority participation with a
possibility of merging the local bottling operations of Pepsi
with Cosmos'."

RFM explained that:

"First, the company wants to emphasize that RFM is not
aggressively pursuing suitors for Cosmos. We mentioned earlier
that due to the outstanding performance of Cosmos, financial and
strategic investors have continued to approach RFM and Cosmos to
explore investment opportunities or strategic tie-ups.

"Time and again, talks continue to take place but these have
been on an exploratory basis only and have not reached any form
of agreement or conclusion. The RFM/Cosmos management is duty-
bound to look at all options or offers that come its way and
decide which, if any, would be in the best interests of their
shareholders."


RFM CORP: Quarterly Dividend On Preferred Shares In July
--------------------------------------------------------
RFM Corporation (RFM) has confirmed that the next quarterly cash
dividend on RFM Preferred Shares will be due on 11 July 2001.

Details of the cash dividend are as follows:

Cash Dividend Rate: P0.1167 per RFM Preferred Shares
Ex-Date: 22 June 2001
Record Date: 27 June 2001
Date Payable: 11 July 2001
Quarterly Period Covered: 11 April 2001 to 11 July 2001 (91
days)


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


CAM INT'L: Board OKs Debt Workout Proposal
------------------------------------------
The Board of Directors of CAM International Holdings Ltd
announced the following:

1. Resignation of an executive director

Mr Foo Ko Hing has resigned as an executive director of the
Company with effect from 30 May 2001.

2. Discontinuance of restructuring scheme proposed by Mr Ong
Puay Koon

Further to the announcement made on 14 August 2000 by the
Company in relation to the restructuring scheme proposed by Mr
Ong Puay Koon, the Company wishes to announce that the Company
and Mr Ong have discontinued their negotiations on the proposed
restructuring scheme following Mr Ong's decision not to proceed
with the restructuring scheme.

3. New Proposal for restructuring of the indebtedness of the
Company and its subsidiaries (the Group)

The Board has received a joint corporate rescue and
restructuring proposal (the New Proposal) from Mr Koh Chun Wai
and the Company's Chairman Dato Dr Tan Tiong Hong to
comprehensively restructure the indebtedness of the Group.

The Board has considered and approved (save for Dato Dr Tan
Tiong Hong who abstained from voting) the New Proposal based on
inter-alia, the commercial merits of the New Proposal,
acceptability to the Company's creditors and the need for fresh
working capital.

The Company has engaged Dexia BIL Asia Singapore Limited as its
financial adviser (the Financial Adviser). The Financial Adviser
shall assist the Board in submitting the circular (including
details of the New Proposal) (the Circular) for the approval of
the Singapore Exchange Securities Trading Limited (SGX-ST).

The Circular is expected to be submitted to the SGX-ST by the
end on July 2001.


TIANJIN ZHONG: Trading Suspension Request
-----------------------------------------
The Directors of Tianjin Zhong Xin Pharmaceutical Group
Corporation Limited requested for a suspension in the trading of
the company's shares with effect from 8.30 a.m. on Wednesday, 27
June 2001, pending the release of an announcement.

Tianjin is a Chinese drug maker, engaged primarily in the
manufacture of Chinese pharmaceutical products under its own
brand names. The firm is listed in Singapore and China, where it
recently issued 40 million 'A' shares for the domestic market.


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


METROPOLITAN BANK: Transferring Bad Loans To Phetchaburi
--------------------------------------------------------
Bangkok Metropolitan Bank (BMB) is planning to transfer its bad
loans amounting to Bt102.3 billion to Phetchaburi Asset
Management by end of this month, before BMB reduces its capital
to Bt9.8 billion, The Bangkok Post reported Tuesday.

Once the capital reduction is complete, the Government Pension
Fund will take 51 percent stake in the bank, diluting the stake
of the Financial Institutions Development Fund to 49 percent
from 99 percent.

The transfer, which is part of the bank's restructuring
exercise, will be divided into three lots, as follows:

* first lot - includes assets worth Bt102.3 billion, classified
as non-performing as of Dec 31;

* second lot - to cover re-entry non-performing loans arising
from the period April 1 to June 30, with transfer scheduled for
August; and

* third lot - to cover restructured debt expected to turn bad
again, with transfers to be made in June 2002.

According to BMB Executive Director and Acting President Kopr
Kritayakirana, BMB's non-performing loans will drop to zero by
June 2002, as opposed to 57.16 percent of total loans at the end
of 2000.


ROBINSON DEPARTMENT: Gets Court's Nod To Change Capital
-------------------------------------------------------
The Central Bankruptcy Court has granted the approval to
Robinson Planner Limited, the Plan Administrator of Robinson
Department Store Public Company Limited (Company), to proceed
with registration of capital reduction, capital increase, and
amendment to the Articles of Association and Memorandum of
Association of the Company with the Commercial Registration
Department, Ministry of Commerce, in order to comply with the
Business Reorganization Plan of the Company.

The Company would like to provide additional information in
respect of the Company's capital reduction. This is done by way
of canceling the 38,911,849 unissued shares, which have the par
value of Bt10 per share and aggregated value of Bt389,118,490,
from the existing registered capital of Bt1,870,000,000 to
Bt1,480,881,510, divided into 148,088,151 ordinary shares, with
par value of Bt10 per share, in order for the existing
registered capital of the Company to be equal to the existing
paid-up capital of the Company prior to registration of the
registered capital of the Company that said 38,911,849 unissued
shares are a portion of the shares issued for reservation of
exercising of the conversion right to convert the convertible
bonds into the ordinary shares.

The details of the convertible bonds are provided as follows:

   1. US$40,000,000 4.25 percent. Convertible Bonds due 2004,
issued in 1994 (divided into 40,000 units, which have the
denomination of US$1,000 per unit). The Convertible Bonds have
maturity period of 10 years.

      The ratio of exercising of the conversion right is 1 unit
of Convertible Bond : 526.1948 ordinary shares.

      The Convertible Bonds may be converted from 7 July 1994 up
to and including 1 March 2004.

      The Company has issued and allocated 21,050,000 ordinary
shares for reservation of exercising of the conversion right of
said Convertible Bonds. To date, 7,160 units of the Convertible
Bonds have been converted into 4,004,342 ordinary shares.

   2. US$49,760,000 3.25 percent. Convertible Bonds due 2000,
issued in 1995 (divided into 4,976 units, which have the
denomination of US$10,000 per unit). The Convertible Bonds have
maturity period of 5 years.
      The ratio of exercising of the conversion right is 1 unit
of Convertible Bond: 4,441.1469 ordinary shares.

      The Convertible Bonds may be converted from 27 August 1995
up to and including 27 June 2000.

      The Company has issued and allocated 21,050,000 ordinary
shares for reservation of exercising of the conversion right of
said Convertible Bonds. To date, such Convertible Bonds is all
matured and 19 units of the Convertible Bonds have been
converted into 83,811 ordinary shares.

      Nevertheless, due to the recent implementation of the
Company's Business Reorganization Plan, which was approved by
the Central Bankruptcy Court that according to such Plan,
holders of the Convertible Bonds are classified as the Unsecured
Financial Creditors. The debts under such Convertible Bonds
shall be restructured per the conditions stated in the Business
Reorganization Plan of the Company and during the period of
implementing the Plan, the conversion right to convert the
Convertible Bonds into ordinary shares shall not be exercised
further.

Then, the shares issued for reservation of conversion of said
Convertible Bonds are no longer necessary.  Thus, the Plan
Administrator of the Company is proceeding with the Company's
capital reduction by way of canceling the unissued shares of the
Company that were issued for reservation of conversion of said
Convertible Bonds. This is prior to proceeding with the
Company's capital increase by way of issuing new shares for the
Private Placement in accordance with the Business Reorganization
Plan of the Company.


SAMART CORP: Creditors' Support On Workout Plan Likely
------------------------------------------------------
Samart Corporation has met, negotiated and submitted more
information to most of the creditors and got quite positive
feedback with regard to their support on the Company's debt
restructuring plan.

Details of preliminary Debt Restructuring:

* The Company's debt will be reduced from existing Bt8.7 billion
to be Bt3.975 billion with 6 years tenure of payment.

* The remaining debt will be paid by transferring of 10,5
million of SHIN shares to creditors for a total consideration of
Bt2.2 billion. The rest of Bt2.525 billion debt will be settled
by conversion from debt to equity.

* After such conversion, the creditors will be the shareholders
of the Company and its subsidiaries by:

   - Hold approximately 18 percent of SAMART's shares;

   - Hold approximately 9 percent of SAMTEL's shares;

   - Hold 30 percent of sharers in SAMART's subsidiaries exclude
SAMTEL group.

* After the restructuring, the Company's interest payment will
be reduced from Bt550 million to Bt250 million per annum.


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

Troubled Company Reporter -- Asia Pacific is a daily
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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