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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, July 6, 2001, Vol. 4, No. 131


                         Headlines

A U S T R A L I A

ALPHA HEALTHCARE: Ramsay Proceeds With Compulsory Acquisition
BULONG OPERATIONS: Moody's Withdraws Ca Rating
ISIS COMMUNICATIONS: Unaware Of Reasons For Price Movement
MTM ENTERTAINMENT: Babcock & Brown Changes Relevant Interest
ONE.TEL LIMITED: Sells UK Unit To Centrica
PASMINCO LIMITED: `BB+' Rating On CreditWatch Negative
PMP LIMITED: Talks With Local Banks Ongoing
PMP LIMITED: Rating On CreditWatch Negative, S&P Says
RECKON LIMITED: Intuit Changes Holding
REPLY2 LIMITED: Placed In Voluntary Administration


C H I N A   &   H O N G  K O N G

CHINA CONSTRUCTION: Court Adjourns Petition Hearing
CHINA CONSTRUCTION: FRN Dealings To Halt On Friday
CHINA RESOURCES: Qiao Named Executive Director
CIL HOLDINGS: Trading Suspended
CIL HOLDINGS: Defers Announcement Of Results
EASTBORO INTERNATIONAL: Petition To Wind Up
GOOD UNIVERSE: Winding Up Petition Hearing Set
NEW CENTURY: Faces Suit Over Loan Payment Default
PACIFIC CENTURY: Unaware Of Reasons For Turnover
PERIWIN DEVELOPMENT: Hearing of Winding Up Petition Set


I N D O N E S I A

BANK INTERNASIONAL: Bank Mandiri's Takeover Likely


J A P A N

ASAHI MUTUAL: Forms Alliance With MetLife
TAIYO MUTUAL: S&P Affirms Ratings


K O R E A

DAEWOO ENGINEERING: Plans Debt Workout Completion This Year
DAEWOO HEAVY: Will Emerge From Workout This Year
DAEWOO MOTOR: GM Deal Expected To Close This Month
DAISHIN LIFE: Facing Liquidation
HYUNDAI MERCHANT: Creditors Grant W1.6T Bailout Package
LERNOUT & HAUSPIE: Signs Re-publishing Deal With Quadtel Unit
SAMSUNG GROUP: Court Scraps Fine


M A L A Y S I A

ACTACORP HOLDINGS: Fine Tunes Restructuring Plan
AMSTEEL CORP: Revising Workout Plan
ASSOCIATED KAOLIN: Due Diligence Ongoing
CONSTRUCTION & SUPPLIES: Talks With Creditors Continue
KINTA KELLAS: Subsidiary Signs Settlement Deal With Prolink
MBF HOLDINGS: Reports On Status Of Regularization Plan
RENONG BERHAD: Putra's Debt Workout Under Transport Reform
TONGKAH HOLDINGS: Receivers, Managers Appointed


P H I L I P P I N E S

BAYAN TELECOM: Seeking Interest Payment Reduction
METRO PACIFIC: Subsidiary To Sell Development Rights
MUSIC CORP: Q1 Net Loss Stands At P91M


S I N G A P O R E

ASIA PULP: NYSE Suspends Trading; Moves For Delisting
BRIERLEY INVESTMENTS: Longleaf Changes Relevant Interest
GOLDTRON LIMITED: Turnover Stands At S$333.9M
THAKRAL CORP: Finalizes Debt Workout Terms


T H A I L A N D

DUSIT RESORT: Reports On Pattaya Conflict
EASTERN PRINTING: Court Appoints Yuth As Planner
KRISDA MAHANAKORN: Signs Workout Deal With Bangkok Bank
PREECHA GROUP: Shareholders OK Capital Increase
SAHAMITR PRESSURE: Board Approves Workout Plan Draft
TUNTEX THAILAND: Completes Debt Workout With Creditors


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


ALPHA HEALTHCARE: Ramsay Proceeds With Compulsory Acquisition
-------------------------------------------------------------
Ramsay Health Care Limited's wholly owned subsidiary, Ramsay
Centauri Pty Limited, is proceeding with compulsory acquisition
of all the outstanding shares in Alpha Heathcare Limited after
receiving acceptances under its $0.40 per share takeover bid
giving it a relevant interest in 90.4 percent of Alpha as at 3
July 2001.

Ramsay managing director, Pat Grier, said Ramsay's review of
Alpha's operations was well underway and the trading positions
of Alpha's hospitals have been found to be in line with Ramsay's
expectations.

"We are pleased to be able to move to successfully complete our
takeover of Alpha, which has further enhanced Ramsay's position
as one of the leading private hospital operators in Australia,"
Grier said.

He said Ramsay would account for acquisition and consolidation
costs of the Alpha takeover in the 2001 financial year just
closed.

"We are confident of recording a positive earnings per share
contribution from Alpha operations in the current financial
year," Grier said.

The Alpha acquisition has expanded Ramsay's presence in New
South Wales and its acute surgical and psychiatric services, and
has provided it with a strong rehabilitation network.


BULONG OPERATIONS: Moody's Withdraws Ca Rating
----------------------------------------------
Moody's Investors Service has withdrawn the Ca rating it
assigned to Bulong Operations Pty Ltd's Notes of US$185.0
million due 2008.

Bulong has defaulted on the US dollar Notes in January 2000, and
the company has been pursuing a debt-for-equity restructure plan
in conjunction with its creditors. Moody's says it does not have
sufficient information about the restructuring process and,
given Bulong's default position, has withdrawn the rating.

Bulong Operations Pty Ltd, headquartered in Western Australia,
is a mining company that operates the Bulong laterite nickel
project.


ISIS COMMUNICATIONS: Unaware Of Reasons For Price Movement
----------------------------------------------------------
Isis Communications Limited posted its answer to the queries of
the Australian Stock Exchange (ASX) concerning the recent price
movement and trading of the company's securities, as follows:

ASX: Is the Company aware of any information concerning it that
has not been announced which, if known, could be an explanation
for recent trading in the securities of the Company?

Isis: Other than the information contained in the ASX Release of
3 July 2001, the Company is not aware of any information
concerning it that would explain the recent price movement and
trading in its securities. The Company entered into the Facility
agreement, the subject of the Release, on 3 July 2001.

ASX: If the answer to question 1 is yes, can an announcement be
made immediately? If not, why not and when is it expected that
an announcement will be made?

Please note, if the answer to question 1 is yes and an
announcement cannot be made immediately, you need to contact us
to discuss this and you need to consider a trading halt (see
below).

Isis: Not applicable since announcement was made on 3 July 2001.

ASX: Is there any reason to think that there may be a change in
the operating profit before abnormal items and income tax so
that the figure for the half-year ended 30 June 2001 would vary
from the previous period by more than 15 percent? If so, please
provide details.

Isis: At this time there is no reason to believe that the
operating profit before abnormal items and income tax would vary
by more than 15 percent from the previous period. It should be
noted however that it is the intention to treat all items as
normal items: gee paragraph 4, below.

ASX: Is there any reason to think that the Company may record
any material abnormal or extraordinary profit or loss for the
half year ended 30 June 2001? If so, please provide details.

Isis: It is the intention to treat all items as normal items and
any such items for the half-year ended 30 June 2001 that would
otherwise have been treated as abnormal items will be
identified. Any such items in aggregate are expected to be
substantially less than the amount of abnormal items reported at
the end of the previous period.

ASX: Is there any other explanation that the Company may have
for the price change in the securities of the Company?

Isis: The Company is unable to offer any further explanation.

ASX: Please confirm that the Company is in compliance with the
listing rules and, in particular, listing rule 3.1.

Isis: The Company has and will continue to observe its
obligations under the Listing Rules, and in particular Listing
Rule 3.1.

Listing Rule 3.1

Listing rule 3.1 requires an entity to give ASX immediately any
information concerning it that a reasonable person would expect
to have a material effect on the price or value of the entity's
securities. The exceptions to this requirement are set out in
the rule.

In responding to this letter the company should consult listing
rule 3.1 and the guidance note titled "Continuous disclosure:
listing rule 3.1". If the information requested by this letter
is information required to be given to ASX under listing rule
3.1 the company's obligation is to disclose the information
immediately.

The company's responsibility under listing rule 3.1 is not
confined to, or necessarily satisfied by, answering the
questions set out in this letter.


MTM ENTERTAINMENT: Babcock & Brown Changes Relevant Interest
------------------------------------------------------------
Babcock & Brown Group increased its relevant interest in MTM
Entertainment Trust on 3 July 2001, from 23,791,960 ordinary
units (29.74 percent) to 25,127,439 ordinary units (31.41
percent).


ONE.TEL LIMITED: Sells UK Unit To Centrica
------------------------------------------
The Administrators of One.Tel Limited (Administrator Appointed)
yesterday announced that following a recommendation of the Board
of One.Tel Plc, they have sold the UK operations carried on by
One.Tel PLC to Centrica PLC, One.Tel Administrator S Sherman
says.

Further details are set out in the attached announcement by
Centrica PLC to the London Stock Exchange. Centrica wrote, thus:

Centrica plc announced it has acquired One.Tel plc, the UK
operation of One.Tel Limited (One.Tel UK). The transaction makes
Centrica the largest provider of indirect telecoms services in
the U.K. with around one million active customers.

One.Tel UK, the country's biggest indirect access telecoms
company, has been purchased for a total consideration of
GBP58million, including assumed liabilities. The acquisition is
being made through the administrators of Australian telecoms
business, One.Tel Limited, which went into administration on 29
May 2001.

The UK business, which was launched in August 1998 as a stand-
alone company, has continued to grow and trade profitably,
quickly becoming established as a leading residential services
provider. One.Tel UK, like Centrica, is a reseller or virtual
network operator, with limited infrastructure ownership. It will
continue to trade under the One.Tel brand.

One.Tel UK has 650,000 active customers, providing a fixed line
service through an access code, dialers or carrier pre-
selection. It also provides mobile indirect access and plans to
launch a direct mobile service to customers later this year. The
business provides Internet service to 100,000 customers in the
UK.

The acquisition will also give Centrica control of the One.Tel
brand in Europe and North America. For year ending 30 June 2001
One.Tel UK predicts unaudited sales of approximately GBP100
million.

Centrica's telecoms operation was launched last September
through British Gas Communications, offering fixed line, mobile
and Internet service provision.

Ian El-Mokadem, Managing Director of Centrica Telecommunications
said: "We are delighted to acquire a customer focused telecoms
business with a strong brand and a reputation for innovation and
technological development. We will continue to build on the
strong position One.Tel UK has created and are confident that
their sales and Marketing expertise will enhance our proven
capability in the telecoms market.

"Centrica now has around one million active telecoms customers
and today's acquisition is a significant step towards our target
of 10 per cent of the residential market."

Chris Weston, Managing Director of One.Tel UK, said: "This is
very good news for One.Tel UK. We are committed to working with
Centrica to grow this profitable business, offering value for
money telephony products and services under the One.Tel brand."

Enquiries;

Centrica Media Relations: 01753 758445

Centrica Investor Relations: 01753 758114

One.Tel UK Media Relations: 0207 771 9966

Notes:

1. In Britain, Centrica plc trades under the British
Gas/Scottish Gas, Goldfish and the AA brands. In Canada,
Centrica trades through the established Direct Energy brand and
in the United States through Energy America.


PASMINCO LIMITED: `BB+' Rating On CreditWatch Negative
------------------------------------------------------
Standard & Poor's Monday placed Pasminco Limited's (Pasminco)
double-'B'-plus long-term rating on CreditWatch with negative
implications following continual weak zinc prices, a soft market
outlook for the commodity, subpar credit protection measures,
and reducing financial flexibility.

The company's single-'B' short-term rating is affirmed.

The CreditWatch listing reflects the mining company's recent
poor profit performance due to weak zinc and lead metals prices,
restrictive foreign currency hedging, and high debt levels
arising from the company's growth strategy.

In the short term, Pasminco maintains adequate committed undrawn
funding lines of about A$110 million; however, the company has a
near-term debt maturity profile, with about A$197 million in
bank lines maturing by June 2002.

The company's first debt maturity falls due in January 2002 for
about A$33 million, or US$17 million, and is expected to be
serviced by existing cash flow and cash balances. Subsequent
debt maturities relate to bilateral bank facilities, which
currently are under renegotiation.

The CreditWatch will be resolved on determination of Pasminco's
debt refinancing and long-term capital structure. The long-term
rating could be lowered if the company is unable to achieve a
satisfactory debt profile, Standard & Poor's said.


PMP LIMITED: Talks With Local Banks Ongoing
-------------------------------------------
In response to the Standard & Poor's announcement (see separate
story) Tuesday that PMP Limited had been placed on Creditwatch
negative, the company wishes to inform the market of the
following points:

   * PMP is currently in discussions with its Australian banks
regarding a medium term debt platform for the company. These
discussions are continuing and the company's banks remain
supportive.

   * The sale of the UK publishing assets has not been finalized
and a final outcome is unlikely to be known prior to the end of
July.

   * PMP is committed to improving its Standard & Poor's credit
rating over the medium term.

Further information: David Rowland, PMP Limited (02) 9464 3503


PMP LIMITED: Rating On CreditWatch Negative, S&P Says
-----------------------------------------------------
Standard & Poor's Tuesday placed on CreditWatch with negative
implications its double-'B'-plus long-term corporate credit
rating on PMP Limited.

"The CreditWatch reflects uncertainty surrounding the timing and
expected proceeds from the divestment of PMP's U.K. magazine
publishing business," said Paul Draffin, associate, Corporate &
Infrastructure Ratings.

"Although PMP's core printing operations are expected to
underpin PMP's satisfactory cash flows in the medium term, the
company's inability to effect a timely sale of its U.K. assets,
at an acceptable price, will limit its capacity to return
financial measures to levels more consistent with a double-'B'-
plus rating in the short term. Furthermore, debt reduction from
internal cash flow generation is expected to be tempered by weak
print and advertising volumes in the next 12 months," said Mr.
Draffin.

Resolution of the CreditWatch also will focus on PMP's debt
financing arrangements. PMP is expected to breach debt-facility
covenants at June 30, 2001, because of masthead write-downs and
a weaker operating performance.

Standard & Poor's expects, however, that PMP's continued
satisfactory cash flows, together with its options for nonprint
asset sales, should facilitate continued support from PMP's
financiers in the medium term.

If the U.K. asset sale does not proceed in a timely manner and
if a satisfactory price is not achieved, or if other strategies
to effect a material reduction in debt levels are not
implemented, a downgrade in PMP's long-term rating is likely,
Standard & Poor's said.


RECKON LIMITED: Intuit Changes Holding
--------------------------------------
Intuit Ventures Inc increased its relevant interest in Reckon
Limited on 27 June 2001, from 12,028,245 ordinary shares (10.08
percent) to 15,608,741 ordinary shares (12.7 percent).


REPLY2 LIMITED: Placed In Voluntary Administration
--------------------------------------------------
AVIVA Corporation Limited revealed Reply2 Limited was placed
into voluntary administration yesterday by its two remaining
directors Cass O'Connor and Michael Hogg. Reply2 Limited's
subsidiary companies, Reply2 Centre Pty Ltd and Reply2 Australia
Pty Ltd were also placed in voluntary administration.

AVIVA holds a 29.6 percent interest in the issued capital of
Reply2 Limited and has a loan to the company of $180,000.

AVIVA has made initial contact with the administrator, John
Lord, and will be following the administration closely.

It is too early to determine the recoverability of the loan to
Reply2 Limited or the potential realizable value of AVIVA's 29.6
percent shareholding. The directors of AVIVA have serious
concerns about what amount of the loan may be recovered and
about the residual value, if indeed any, of the company's
investment in Reply2 Limited.

These latest developments in relation to Reply2 Limited do not
of themselves materially impact AVIVA's progress in the
acquisition of Redwin Industries Pty Ltd. They will however be
an element in determining the final relative pricing for the
transaction as originally advised.


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


CHINA CONSTRUCTION: Court Adjourns Petition Hearing
---------------------------------------------------
China Construction Holdings Limited (CIH) said the High Court of
the Hong Kong Special Administrative Region has adjourned the
petition hearing held on 3 July 2001 for the winding up of CIH
to 30 July 2001.

The Company has notified noteholders (of US$60 million floating
rate notes due 2000 and US$70 million floating rate notes due
2004) to convene meetings of the noteholders to be held on 23
July 2001, which is to consider, and if thought fit, pass an
extraordinary resolution approving the terms of the
restructuring package.

A further announcement on the progress will be released in due
course, said Managing Director S Chang.


CHINA CONSTRUCTION: FRN Dealings To Halt On Friday
--------------------------------------------------
Market participants are asked to note that dealings in the
Floating Rate Notes (FRNs) due 2001, issued by China
Construction Bank (stock code: 1113), will cease after the close
of business on Friday, 6 July 2001. The listing of which will be
withdrawn after the close of business on Wendesday, 11 July
2001.


CHINA RESOURCES: Qiao Named Executive Director
----------------------------------------------
The Board of Directors of China Resources Enterprise Limited
announces that Qiao Shibo was appointed as executive director of
the Company effective from 4 July 2001.

"The Board would like to express their warm welcome to Mr.
Qiao," said company Chairman Ning Gaoning.


CIL HOLDINGS: Trading Suspended
-------------------------------
At the request of CIL Holdings Limited (the Company), trading in
its shares will be suspended, effective 10:00 a.m. Wednesday 4
July 2001, pending the results of the hearing on 4 July 2001 at
the High Court in relation to the winding-up petition.

The petition was filed with the court on May 11, 2001 by Sin Hua
Bank Limited whose principal place of business in Hong Kong is
situated at 2A Des Voeux Road, Central Hong Kong.


CIL HOLDINGS: Defers Announcement Of Results
--------------------------------------------
Due to a change in the auditors of the Group, the announcement
of the final results of the Group for the year ended 30 June
2000 will be further postponed to be published on or before 20
July 2001 and the dispatch of the annual report to approximately
three weeks thereafter.

The delay in the publication of the audited consolidated final
results and the interim results and the delay in the dispatch of
the annual report and interim report constitute a breach of the
Listing Rules. In this regard, the Stock Exchange has expressly
reserved its right to take appropriate action against the
Company and/or its Directors.

The Company has entered into an agreement with Sin Hua Bank
Limited for adjournment of the hearing of the winding-up
petition to 9 July 2001.

Trading in the shares was suspended from 10:00 a.m. on 4 July
2001 at the request of the Company pending release of this
announcement and application has been made to the Stock Exchange
for the resumption of trading of the shares from 10:00 a.m. on 5
July 2001.

Investors are advised to exercise caution when dealing in the
shares of the Company.

Further to the announcement made by the Company on 27 February,
3 April and 11 April and 7 May 2001, the Directors announce that
there will be a further delay in the publication of the final
results of the Group for the year ended 30 June 2000 and the
interim results of the Group for the half year ended 31 December
2000 on or before 20 July 2001 and 3 August 2001 respectively.

The delay is due to a change in the auditors of the Group. The
previous auditors resigned on 24 April 2001 and the new auditors
were appointed on 4 May 2001. Having discussed with the new
auditors, the Directors anticipate that the audit should be
completed by 10 July 2001. Due to delay in the audit of the
annual accounts, the interim results cannot be finalised with a
reasonable degree of accuracy and the Directors anticipate the
interim results to be available for publication on or before 3
August 2001.

The delay in the publication of the audited consolidated final
results and the interim results and the delay in the dispatch of
the annual report and the interim report constitutes a breach of
Appendix 7b, paragraph 8(1), 10(1), 11(1) and 11(6) of the
Listing Rules at the material times. In this regard, the Stock
Exchange reserves its right to take appropriate action against
the Company and/or its Directors.

One Director dealt in shares of the Company on 19 January 2001
as announced on 22 January 2001. The Stock Exchange reserved its
right to take further action as appropriate in this regard. The
Directors have not dealt in the shares of the Company since 1
November 2000 and have undertaken to the Stock Exchange that
they will not deal in the shares of the Company until the
audited consolidated final results for the year ended 30 June
2000 and the interim results for the half year ended 31 December
2000 are published.

Reference is made to the announcement made by the Company on 18
May 2001 and 8 June 2001 in relation to the winding-up petition
served on the Company by Sin Hua Bank Limited (Sin Hua), which
was scheduled to be heard on 4 July 2001 at the High Court (the
Petition).

The Company has entered into an agreement with Sin Hua for
adjournment of the hearing of the Petition to 9 July 2001. The
Company is now in process of settlement negotiation with Sin Hua
and will issue further announcement as and when appropriate.

The Directors of the Company note the recent increase in the
trading volume of the shares of the Company and wish to state
that they are not aware of any reasons for such increase, save
as disclosed above.

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

Trading in the shares was suspended from 10:00 a.m. on 4 July
2001 at the request of the Company pending release of this
announcement and application has been made to the Stock Exchange
for the resumption of trading of the shares from 10:00 a.m. on 5
July 2001.

Investors are advised to exercise caution when dealing in the
shares of the Company.


EASTBORO INTERNATIONAL: Petition To Wind Up
-------------------------------------------
The petition to wind up Eastboro International Investment
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.


GOOD UNIVERSE: Winding Up Petition Hearing Set
----------------------------------------------
The petition to wind up Good Universe Limited is scheduled for
hearing before the High Court of Hong Kong on July 18, 2001 at
9:30 am. The petition was filed with the court on May 21, 2001
by The National Commercial Bank, Limited Hong Kong Branch whose
principal place of business is situated at 1-3 Wyndham Street,
Central, Hong Kong.


NEW CENTURY: Faces Suit Over Loan Payment Default
-------------------------------------------------
Shenzhen Development Bank is suing China Everbright Holdings and
New Century International Holdings Limited for US$16.6 million
after both companies failed to make payment on a loan.

In a writ filed with the High Court yesterday, Shenzhen
Development Bank Company claims New Century International as the
debtor and China Everbright as the guarantor have ignored
repeated requests for payment of a US$12 million loan.

The bank states letters of demand were sent to both companies on
December 1, 1998 and on two occasions in June this year.  The
writ states that the Shenzhen Development Bank agreed to loan
New Century US$12 million on August 29, 1998 on the condition
that it would be repaid with interest by June 30, 1999.

China Everbright Holdings executed a guarantee for the loan on
August 31, 1998.  As of May 31, 2001 the outstanding debt
amounted to US$16.6 million, US$12 million is the principal loan
amount and US$4.6 million is accrued interest.  The bank is
seeking an order from the court for full payment.


PACIFIC CENTURY: Unaware Of Reasons For Turnover
------------------------------------------------
Pacific Century Cyberworks Limited notes the recent increase in
the trading volume and the prices of the shares of the Company
and wish to state that we are not aware of any reasons for such
movements.

The company also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board of the company aware of any
matter discloseable under the general obligation imposed by
paragraph 2 of the Listing Agreement, which is nor may be of a
price-sensitive nature.


PERIWIN DEVELOPMENT: Hearing of Winding Up Petition Set
-------------------------------------------------------
The petition to wind up Periwin Development Limited is scheduled
for hearing before the High Court of Hong Kong on July 11, 2001
at 9:30 am. The petition was filed with the court on May 15,
2001 by Mouchel Asia Limited, whose registered office is
situated at 12th Floor, MLC Tower, 248 Queen's Road East,
Wanchai, Hong Kong.


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


BANK INTERNASIONAL: Bank Mandiri's Takeover Likely
--------------------------------------------------
The Indonesia Bank Restructuring Agency (IBRA) welcomed the
announcement Monday that Bank Mandiri is considering an
acquisition of Bank Internasional Indonesia (BII).

"We are committed to return BII to financial health. We believe
Bank Mandiri is a strong, well-capitalized bank, and BII would
be complementary to Bank Mandiri, " said I Putu Gede Ary Suta,
IBRA Chairman.

"We intend to transfer BII's Sinar Mas Group (SMG) loans to
IBRA. We also intend to seek ways to improve BII's position in
support of this transaction."

As part of the process, IBRA will take an active role in
safeguarding the interests of shareholders, depositors and other
stakeholders.

The Government's blanket guarantee of depositors and third
parties, as well as the guarantee of the liabilities of the
Sinar Mas Group (SMG) towards BII, will continue in effect.

"The involvement of Bank Mandiri paves the way for a solution
that is the best from everyone's point of view," Ary Suta said.


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


ASAHI MUTUAL: Forms Alliance With MetLife
-----------------------------------------
Asahi Mutual Life Insurance has linked up with American
insurance group MetLife's Hong Kong and Taiwan units, South
China Morning Post reported yesterday.

The alliance will position Asahi as the promotion arm of the two
MetLife offices as Asahi's preferred insurers to Japanese firms
with operations in Hong Kong and Taiwan.

Late in May, Asahi Mutual Life Insurance Company sought the
refinancing of its loans amounting to Y50 billion from a number
of financial institutions, in its bid to keep its solvency
margin from crumbling. A fraction of the loans is due to be
repaid within this month.

When refinancing is secured, the insurer's foundation fund,
which is equal to a nonlife insurer's capital, will be kept at
Y100 billion.

As of September 30, Asahi Mutual's solvency margin stands at 634
percent, which is way above the required minimum of 200 percent.


TAIYO MUTUAL: S&P Affirms Ratings
---------------------------------
Standard & Poor's Friday affirmed its insurer financial strength
ratings and long-term counter-party credit ratings on Japan's
Daido Life Insurance Co. (A+/Stable/--) and Taiyo Mutual Life
Insurance Co. (A/Stable/--).

The rating action follows a recent announcement by court-
appointed administrators that the two companies, which undertake
some joint operations under the T&D Life brand, have been
formally appointed as sponsors for failed insurer Tokyo Mutual
Life Insurance Co. (R), which filed for court protection in
March 2001.

The T&D Life group will inject a total of Y20 billion into Tokyo
Life. Of this, Y10 billion will take the form of common equity
and ť10 billion will consist of subordinated loans. These
contributions, which will be split equally between Daido Life
and Taiyo Life, are well within the financial tolerance of the
sponsor companies.

The acquisition of Tokyo Life will provide the T&D Life group
with a new customer base, as well as a platform for various new
products in the longer term. Although the acquisition is
expected to have a neutral effect on earnings initially, the
earnings profile of the restructured Tokyo Life should benefit
from the lowering of the guarantee yield, an enlarged capital
base, and improved asset quality.

Tokyo Life was a small, traditional insurer in the Japanese life
sector. The company's failure in March 2001 was a result of
asset quality issues, poor earnings-- stemming from a product
mix weighted towards policies with negative yields-- and
inadequate capital resources. The rating on Tokyo Life was
revised to `R' from triple-`Cpi' on March 23, 2001, Standard &
Poor's said.


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


DAEWOO ENGINEERING: Plans Completion Of Debt Workout This Year
--------------------------------------------------------------
As its successful rescue efforts propel the company's business
forward, Daewoo Engineering and Construction is set to complete
its debt restructuring program before the year`s end, The Korea
Herald reported, citing Deputy Prime Minister Jin Nyum.

The other former Daewoo Group affiliate, Daewoo Shipbuilding and
Marine Engineering, is seeing good prospects this year, as it is
moving forward to wrap up its own debt restructuring exercises.


DAEWOO HEAVY: Will Emerge From Workout This Year
------------------------------------------------
Daewoo Heavy Industries and Machinery, a former Daewoo Group
affiliate, is expected to graduate from its debt restructuring
program towards the end of the year, as the company now enjoys
promising business performance, The Korea Herald reports, citing
Deputy Prime Minister Jin Nyum.


DAEWOO MOTOR: GM Deal Expected To Close This Month
--------------------------------------------------
Daewoo Motor is expected to strike a deal with General Motors
Corporation (GM) this month. It is hoped the GM takeover of the
insolvent Korean automaker will reach finalization after the two
series of negotiations last month, The Korea Herald reports,
citing a creditor bank official.

Regarding speculations on the price offer of GM, which could
have resulted in the collapse of the talks, the official
explained, "The talks would have fallen apart if GM had proposed
too low a price. We don't believe the talks will collapse."

Among other key issues being discussed in the rounds of
negotiations is the takeover coverage, as GM had earlier
disclosed that it would exclude the central Bupyeong plant from
its takeover bid. However, the Korean automaker's creditors are
taking a firm stand that the plant be included in the deal, the
report says.


DAISHIN LIFE: Facing Liquidation
--------------------------------
Facing assignation as a non-viable financial firm by the
Financial Supervisory Commission (FSC), Daishin Life Insurance,
once the leader in the country's insurance sector, is bound for
liquidation, The Digital Chosun reports.

If the ailing insurer fails to submit a plausible self-rescue
plan before July 11, the liquidation process will begin.

Daishin, according to FSC, has net liabilities of around W241.1
billion.


HYUNDAI MERCHANT: Creditors Grant W1.6T Bailout Package
-------------------------------------------------------
Hyundai Merchant Marine (HMM) has won the nod of its creditor
banks for the provision of a bailout package amounting to W1.6
trillion, which will include a rollover of maturing debts, The
Korea Digital reported Wednesday.

Earlier, HMM presented its own self-rescue plan, which was hoped
to gain a total of W1 trillion from creditors, primarily through
disposal of its interests in the other Hyundai Group companies,
the report says.

These assets include a 7.2 percent stake in Hyundai Heavy
Industries, a 16.6 percent stake in Hyundai Securities, and a
9.25 percent stake in Hynix Semiconductor.

At present, after its withdrawal from the Mt Kumgang joint
venture, the company's debts owed to creditor banks was reduced
to W2 trillion from W3 trillion.


LERNOUT & HAUSPIE: Signs Re-publishing Deal With Quadtel Unit
-------------------------------------------------------------
Technology distributor Marketing Results (a subsidiary of
Quadtel) has signed a re-publishing deal with leading US-based
speech recognition software provider Lernout & Hauspie.

Under the terms of the agreement Marketing Results becomes both
the distributor and the re-publisher for the L&H Dragon range of
speech recognition solutions for Australia and Singapore.

Marketing Results plans to revitalize the Dragon product line in
the Australian reseller channel through a range of promotional
initiatives.

"As both distributor and re-publisher we are in a position to
invest strongly in the L&H Dragon range and give the products
the focus they deserve in the retail channel," said Rodney
Orrock, Sales and Marketing Manager of Quadtel-Marketing
Results.

"Also, by occupying both roles we give retailers the benefit of
having just one single point of contact - rather than two or
three - for all Dragon-related product and channel issues."

The L&H family of Dragon solutions are the world's most
intuitive and easy-to-use speech recognition products and are
the only speech recognition products tailored specifically for
Australian users.

The Marketing Results range of L&H Dragon products includes the
market-leading Dragon Naturally Speaking, the first speech
recognition software made specifically for Australians. This
innovative system is unique in its ability to recognize the
Australian accent accurately making the Dragon product markedly
more accurate in a much shorter time frame.

The re-publishing agreement with L&H has led to a significant
lowering of the retail prices across most of the Dragon range.

The standard retail price will be as follows:

Dragon Naturally Speaking Essentials 5.0

Old price $129.95

New price $99.95

Dragon Naturally Speaking Standard 5.0

Old price $229.95

New price $199.95

Dragon Naturally Speaking Preferred 5.0

Old price $349.95

New price $299.95

This deal will bring significant benefits to Marketing Results
with upwards of $2 million expected to be added to the bottom
line next financial year.

For further information contact Marketing Results on (02) 9492
4300.


SAMSUNG GROUP: Court Scraps Fine
--------------------------------
Seoul High Court Tuesday ordered the lifting of the fines
imposition made by the Korea Fair Trade Commission (KFTC) on
Samsung Group's major shareholders involved in the acquisition
of Samsung SDS bonds with warrant (BWs) at below-market price,
The Digital Chosun reports. The court explained that there are
no existing laws that sanction the fine imposition on parties
involved in such cases.

The trading watchdog slapped fines totaling W15.84 billion on
Samsung Group executives for the transaction, as it smacked of
`unfair cross-subsidiary assistance'.


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


ACTACORP HOLDINGS: Fine Tunes Restructuring Plan
------------------------------------------------
Pursuant to our earlier announcement on the proposed corporate
and financial restructuring, Actacorp Holdings Berhad is working
with its adviser, Perdana Merchant Bankers Berhad, to fine tune
the scheme which was submitted earlier through the Corporate
Debt Restructuring Committee, in order to comply with the
authorities' guidelines.

Background

The Actacorp Group is a one-stop construction concern.
Construction and engineering activities are undertaken by
flagship companies Teknik Cekap, V-Pile Sistem and Noble
Concepts.

Teknik Cekap is a Class "A" Contractor approved to undertake
government projects with no limit in size and value.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation of a
restructuring exercise under the purview of the CDRC. The
proposed restructuring exercise is intended to revitalize the
Group's financial position.


AMSTEEL CORP: Revising Workout Plan
-----------------------------------
In accordance with Paragraph 4.1(b) of Practice Note 4/2001 and
Paragraph 8.14 of the Listing Requirements of the KLSE, the
Directors of the Company hereby announce that as of 2 July 2001:

   1. The proposed group wide restructuring scheme announced on
5 July 2000 (Proposed GWRS) is still in progress;

   2. Due to the economic slowdown which has affected demand for
the products of some of the key operating companies within the
Lion Group, the Company has reviewed the profit forecasts of its
key operating companies and the estimated sale proceeds to be
derived from the Company's divestment program.

      In the light of these revised forecasts and estimated
sales proceeds, the Company, with the assistance of the
Corporate Debt Restructuring Committee, has recently commenced
negotiations with its bankers to revise the terms of the
Proposed GWRS; and

   3. The revised proposals, when finalized, will be announced
and submitted to the relevant authorities for their
consideration.


ASSOCIATED KAOLIN: Due Diligence Ongoing
----------------------------------------
The Special Administrators (SA) of Associated Kaolin Industries
Berhad are still working together with their advisers to prepare
the submission documents to the Securities Commission for their
approval.

The exercise currently involves both financial and legal due
diligence which are being conducted on the injected companies
i.e Greatpac Sdn Bhd and the Success Profile Sdn Bhd Group.

The submission of documents incorporate Associated Kaolin
Industries Berhad's corporate and debt restructuring proposal
(Proposed Workout).

Further details of the Proposed Workout will be announced in due
course.

The Company is undergoing a restructuring exercise to address
its current financial problems and Special Administrators (SA)
have been appointed to oversee the development of the
restructuring. Starting from their appointment on 3 May 2000, a
12-month moratorium has been placed on the Company to enable the
SA to prepare a work out proposal.

On 18 December 2000, pending finalization and approval of the
workout proposal, the SA entered into a MOU with Greatpac Sdn
Bhd and Success Profile Sdn Bhd, towards a capital
reconstruction and share exchange exercise, debt restructuring
and transfer of listing status to a newly incorporated company.

Meanwhile, the Company continues to produce and sell refined
kaolin processed at its factory in Tapah, Perak. Current
production capacity is 92,000 m/t. Besides being sold locally,
AKIMA refined kaolin is exported to China, Singapore, Thailand,
Philippines, Vietnam, Myanmar, Taiwan, Japan, South Korea, Hong
Kong, Bangladesh, Sri Lanka, Pakistan, Mauritius, Kenya and New
Zealand.


CONSTRUCTION & SUPPLIES: Talks With Creditors Continue
------------------------------------------------------
Construction and Supplies House Berhad (CASH) engaged a
Corporate Advisory firm in May 2001 to formulate and implement a
Debt Restructuring Scheme for the Group.

In connection with the aforesaid, CASH had sought the assistance
of the Corporate Debt Restructuring Committee (CDRC) to
facilitate the negotiation and implementation of the Debt
Restructuring Scheme.

The Debt Restructuring forms part of the planned restructuring
exercise, which includes the injection of various new assets of
which the negotiation with the vendors are still in progress,
with the objective of regularizing the financial condition of
the Company.

As of the date of this announcement, CASH is in the middle of
negotiating with the creditors involved under the Debt
Restructuring Scheme.

Further announcement will be made as and when necessary.

The Group is in the middle of securing a new business and
formalizing a restructuring proposal to put it back on a
stronger financial and operational footing.

On 15 August 2000, the Company entered into a MOU with vendors
of Kurnia Padu Sdn Bhd (KPSB), to acquire the entire paid-up
share capital of KPSB. KPSB owns 70 percent of HVD Holdings Sdn
Bhd which is primarily engaged in TV programme production.

The proposed acquisition amounts to a back door listing of the
KPSB Group. However, the manner in which the Company proposes to
satisfy the purchase consideration has not been finalized.

A definitive SPA is expected to be signed three months following
conclusion of a due diligence on the KPSB Group and finalization
of the purchase consideration.

The Company originally owned oil palm and rubber plantations,
which were sold in May 1971 when it ventured into the field of
commerce and industry. It diversified into property development
in 1982, supply and distribution of petroleum and petroleum-
based products and services in 1985, hotel business and the
financial services sector also in 1985, and the garment/textile
business in 1989/1990.

In 1993, the Company embarked upon a rationalization and
restructuring program to trim operations and place its business
on a profitable path, beginning with cessation of the petroleum-
based and garments/textile business. The property development
and construction businesses were streamlined in 1996 under then
subsidiary Cash Builders Sdn Bhd (subsequently disposed of in
1999).

In 1998, the current exercise was formulated to restructure
borrowings, dispose of investments and assets, issue new shares,
and inject new business, that has led to the KPSB proposal of
August 2000.


KINTA KELLAS: Subsidiary Signs Settlement Deal With Prolink
-----------------------------------------------------------
Kinta Kellas Public Limited Company announced that on 29 June
2001 Pengurusan Lebuhraya Berhad (PLB), a wholly owned
subsidiary of the company, entered into a settlement agreement
with Prolink Development Sdn Bhd (Prolink), a 64 percent owned
subsidiary of Renong Berhad, for a partial settlement amounting
to RM4,986,640 out of an agreed total indebtedness due from
Prolink to PLB of RM15,340,179.95 (Agreed Indebtedness).

The Agreed Indebtedness arose from certain services rendered by
PLB to Prolink in the ordinary course of its business.

Details Of The Proposed Settlement

The Proposed Settlement involves a partial settlement amounting
to RM4,986,640 (Settlement Sum) out of the Agreed Indebtedness
due from Prolink to PLB against the transfer to PLB of ten units
of freehold double-story bungalow houses held under PTD 77356,
PTD 77357, PTD 77381, PTD 77382, PTD 77429, PTD 77430, PTD
77431, PTD 77434, PTD 77435 and PTD 77438 located within Taman
Nusa Perintis I, Bandar Nusajaya, Johor Darul Takzim
(Properties).

The Properties shall be transferred to PLB by way of sale and
purchase agreements (SPA) made at the times and in the manner
and subject to, inter-alia, the terms and conditions mentioned
below. The consideration for each SPA (Agreed Price) is based on
a willing-buyer willing-seller basis for each of the Properties
after taking into consideration the selling prices and open
market valuation of the Properties totaling RM5,000,000 by
Colliers, Jordan Lee & Jaafar (JH) Sdn. Bhd., an independent
company of professional valuers, on 19 March 2001 using
Comparison and Cost methods of valuation.

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

PLB and Prolink also agreed, covenanted and undertaken to and
with each other that the Settlement Sum shall be settled in the
following manner:

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

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

Subject to the full compliance by PLB with the terms of each SPA
and the Settlement Agreement, Prolink agreed to effect or to
procure the redemption and discharge of the Properties from the
charge in favor of the Chargee and thereafter to deliver such
instruments or documents as are reasonably necessary either to
evidence or to ensure that the transfer of the Properties is
made free of encumbrances to PLB at the time of delivery of the
instruments of transfer. There is no liability to be assumed by
Kinta Kellas arising from the Proposed Settlement.

Both PLB and Prolink further agreed that the remaining
indebtedness due and payable to PLB would be RM10,353,539.95
after completion of the Proposed Settlement.

A copy of the Settlement Agreement and valuation report are
available for inspection at the Registered Office of Kinta
Kellas at 6th Floor, Menara 2, Faber Towers, Jalan Desa Bahagia,
Taman Desa, 58100 Kuala Lumpur between
9.00 a.m. and 5.00 p.m. from Monday to Friday (except for public
holidays) for a period of fourteen days from 29 June 2001. The
salient features of the Settlement Agreement are set out above.

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

Rationale For The Proposed Settlement

Prolink is engaged in the business of property development and
PLB had rendered certain services for Prolink. The Agreed
Indebtedness of Prolink to PLB has been long outstanding and the
Proposed Settlement is in the best interest of the Company to
reduce its total debt outstanding and to improve its liquidity,
when the Properties are sold in the open market.

Financial Effects Of The Proposed Settlement

The Proposed Settlement has no effect on Kinta Kellas's share
capital and its major shareholders' shareholdings. It also has
no material effect on the net tangible assets and earnings per
share of the Kinta Kellas Group for the financial year ending 31
December 2001.

Conditions Of The Proposed Settlement

The Proposed Settlement is not subject to or conditional upon
any approvals.

Directors' and Major Shareholders' Interests

Y. Bhg. Tan Sri Dato' Seri Halim bin Saad was a Director of
Kinta Kellas and UEM. He is a Director of Renong Berhad (Renong)
and Prolink and is also a major shareholder of Renong.

PLB is a wholly-owned subsidiary of Kinta Kellas, which in turn
is a 62.4 percent owned subsidiary of UEM, while Renong has a
major shareholding in UEM. Renong, on the other hand, has a
major interest in Amra Resources Sdn. Bhd., which in turn is a
major shareholder in Prolink.

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

UEM is also a major shareholder of Prolink by virtue of its
major shareholding in Renong.

UEM is also deemed interested in the Proposed Settlement.

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

Directors' Statement

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


MBF HOLDINGS: Reports On Status Of Regularization Plan
------------------------------------------------------
The Board of Directors of MBf Holdings Berhad (MBf-H) released
the status of MBf-H's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 (PN4/2001) issued by the
Kuala Lumpur Stock Exchange (KLSE).

Status of MBf-H's Plan to Regularize its Financial Condition

On 9 July 1998 and 20 July 1998, MBf-H announced that it will
restructure the operations in the MBf-H Group in an exercise
which includes debt restructuring for both the Company and its
selected subsidiary companies affected by the economic downturn.
The series of restructuring exercises are collectively referred
to as the "Proposed Schemes of Arrangement".

On 29 January 1999, 9 March 1999 and 8 September 2000, the
Company announced the composite schemes in the Proposed Schemes
of Arrangement and subsequent modifications to the schemes
pursuant to further discussions with the creditors.

The Proposed Schemes of Arrangement will involve the
implementation of the Proposed Local Schemes (which include
Proposed Reduction of Share Capital, Proposed Consolidation,
Proposed Reduction of Share Premium, Proposed Warrants Issue,
Proposed Acquisition of MBf Carpenters Limited and MBF Cards
(M'sia) Sdn Bhd and Proposed Local Debt Restructuring Scheme)
and Proposed Offshore Schemes (which include Proposed Sale of
MBf Carpenters Limited and MBF Cards (Malaysia) Sdn Bhd and
Proposed Offshore Debt Restructuring Schemes).

The Company has obtained approvals for the Proposed Schemes of
Arrangement from the following parties:

   (i) Local scheme creditors on 31 March 1999;

   (ii) Offshore scheme creditors on 11 September 2000;

   (iii) Sanction on the Proposed Offshore Schemes from the High
Court of Hong Kong S.A.R on 26 September 2000; and

   (iv) Shareholders at an extraordinary general meeting held on
10 January 2001.

The Company has also obtained the following sanctions from the
Kuala Lumpur High Court:

   (i) Sanction for the Proposed Local Restructuring Schemes
subject to the approvals of the relevant authorities, via
Petition No. D8-26-16-2001 on 17 April 2001; and

   (ii) Sanctions for the Proposed Reduction of Share Capital
and Proposed Reduction of Share Premium Account, subject to the
approvals of the relevant authorities, via Petition No. D8-26-
16-2001 on 17 April 2001.

The company on 26 June 2001 submitted the applications
pertaining to the Proposed Schemes of Arrangement to the
Securities Commission and the Foreign Investment Committee for
their consideration.


RENONG BERHAD: Putra's Debt Workout Under Transport Reform
----------------------------------------------------------
Renong Berhad says Projek Usahasama Transit Ringan Automatik Sdn
Bhd's (PUTRA) debt restructuring plan is being carried out as
part of the Urban Transport Restructuring Scheme, which is being
handled by the Corporate Debt Restructuring Committee (CDRC).

The CDRC has, as reported in The Business Times of 28 June 2001,
stated they have forwarded their recommendation to the Ministry
of Finance and is awaiting the greenlight to start discussing
the matter with the creditors and other relevant parties.

Further to the above, PUTRA have not yet been called for
discussion on the matter, and as such is not in a position to
confirm or deny the above statement appearing in The Asian Wall
Street Journal.


TONGKAH HOLDINGS: Receivers, Managers Appointed
-----------------------------------------------
The Board of Directors of Tongkah Holdings Berhad (THB or the
Company) hereby announce RHB Bank Berhad has given notice for
the appointment of Kenneth Teh Ah Kiam and Chew Hoy Ping of
PricewaterhouseCoopers as joint and several Receivers and
Managers over the assets of Tongkah Moulding Technologies Sdn
Bhd (TMT).

Date of appointment of Receivers and Managers 27 June 2001.

Details of subsidiary under Receivers and Managers

TMT was incorporated on 3 July 1981 under the name of Hon Seng
Plastic Industry Sdn Bhd. In August 1990 it changed its name to
Dai Dong-ZT Sdn Bhd and in May 1994 it assumed its present name.

TMT has an authorized capital of RM25,000,000 divided into
25,000,000 ordinary shares of RM1.00 each out of which
11,140,000 ordinary shares have been issued and credited as
fully paid-up.

The principal activity of TMT is the manufacture of plastic
injection parts mainly for the computer and consumer electronic
industries, automotive and healthcare products. THB holds
9,180,000 ordinary shares, representing 82.41 percent in TMT.

Net Book Value of the Affected Assets

The unaudited net tangible assets (NTA) of TMT as at 31 May 2001
was negative RM1.51 million.

Details of the events leading to the appointment of Receivers
and Managers

TMT has obtained several banking facilities from RHB Bank Berhad
totaling RM36.125 million. A debenture was created on the fixed
and floating assets of TMT for RM19.5 million and a fixed first
legal charge over TMT's property held under Plot 118, Bukit
Tengah Industrial Park, Bukit Mertajam, Penang. The repayment
for the credit facilities have been in default.

Financial and operational impact of the appointment of Receivers
and Managers on the THB Group

The appointment of the Receivers and Managers may give rise to
an event of default pursuant to three Trust Deeds executed by
THB each dated 27 August 1999 constituting RM186,558,296 Nominal
Value of 5 Year 1 percent-2 percent Redeemable Secured
Convertible Bonds A 1999/2004, RM275,980,363 Nominal Value of 5
Year 1 percent-2 percent Redeemable Secured Convertible Bonds B
1999/2004 and RM161,966,151 Nominal Value of 5 Year 1 percent-2
percent Irredeemable Convertible Unsecured Loan Stocks
1999/2004, respectively.

Expected losses arising from the appointment of Receivers and
Managers

The Company may need to make a provision for dimunition in value
of investment in TMT.

Steps proposed to be taken in respect of the appointment of
Receivers and Managers

The Company has been in negotiations with RHB Bank Berhad to
restructure the debts of TMT and will continued to do so.

Background

The Tongkah Group's activities presently comprise manufacturing,
financial services and healthcare support services. Under
manufacturing, the Group supplies quality stonework for property
development projects. The Company also holds 49% interest in
Sharp-Roxy Appliances Corporation which caters to consumer
electronic MNCs. Financial services cover stockbroking through
Kestrel Securities. Through Pantai Holdings, the Group is
involved in healthcare services.

On 21 April 1999, the Group proposed to undertake a debt
restructuring exercise, involving issues of loan stocks and
bonds to its lenders and bondholders. The proposal, which was
approved by the shareholders and the SC on 25 May 1999 and 5
July 1999 respectively, also entails the disposal of the Group's
several assets over a period of five years.

Among those divested include 33 percent in THB Industries Bhd,
100 percent in Tongkah Properties and 1.5 million shares in
Pantai Holdings Bhd (PHB). To comply with regulatory changes in
the stockbroking industry, the Company had on 30 June 2000
entered into an agreement with Avenue Assets Bhd (AAB) and MGI
Securities Sdn Bhd to dispose off its entire 75 percent interest
in Kestrel Securities.

The disposal will provide an alternative strategy for the Group
to maintain its investment in this industry, via cross
shareholdings in AAB by the Company and PHB.

In addition, on 14 December 2000, the Company agreed to sell its
entire 51 percent interest in Tongkah Electronics Sdn Bhd (TESB)
to Measurex Corporation Bhd (MCB). Tongkah subsequently entered
into a supplemental agreement with MCB on 13 March 2001 to
reduce the purchase consideration from RM3m to TM1.00, after
taking into account the lower value of TESB's NTA as at 31
December 2000.

Also in December, the Group proposed to acquire Le Premiere Sdn
Bhd which will enable it to participate in land development
projects in Johor Bahru and diversify its earnings base into
property development.

Furthermore, its subsidiary Tongkah Moulding Technologies (TMT)
is currently in discussion with interested parties in relation
to the proposed revival of the National Waste Management program
in Malaysia, which will see TMT becoming a key player in
providing the necessary equipment.


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


BAYAN TELECOM: Seeking Interest Payment Reduction
-------------------------------------------------
Bayan Telecommunications Inc (Bayantel) is seeking the
concessions of its creditor banks on its proposed reduction of
interest payments on debt amounting to P14.276 billion, Business
World reports Wednesday.

Bayantel, the newspaper says, is currently negotiating for the
restructuring of the debt.

As quoted in the newspaper, Bayantel Chief Finance Officer said,
"We've been continuing interest payments... I have indicated
that BayanTel will be able to pay interest at only reduced rates
for now. I asked for a reduction because this now reflects our
cash flow capacity."

The company, the report says, proposed the following interest
rate reduction:

   i) for peso-denominated loans - to use the 91-day Treasury-
bill (T-bill) (currently averaging 8.77 percent) plus a spread
of 1 percent;

   ii) for US dollar-denominated loans - a spread of 1 percent
over the London Interbank Offered Rate (Libor), currently at 3.9
percent.


METRO PACIFIC: Subsidiary To Sell Development Rights
----------------------------------------------------
Metro Pacific Corporation (MPC) says its 67.5 percent-held
subsidiary, Bonifacio Land Corporation (BLC), plans to sell its
rights to develop the northern central business district (CBD)
of the Bonifacio Global City. This northern CBD is located north
of S&R Price Club up to the Kalayaan gate of Fort Bonifacio and
adjacent to the University Park where three major international
schools are located.

This initiative will accelerate the advancement of the Bonifacio
Global City's undeveloped areas while allowing the MPC Group to
concentrate on its ongoing and future vertical developments
within the Big Delta and Expanded Big Delta.

Proposal

Under the terms of the proposed sale, FDBC will inject 18.9
hectares of land into a separate wholly owned company. Said
parcel of land represents the northern CBD, for which BLC has 55
percent development rights. The Bases Conversion Development
Authority (BCDA) holds the balance of 45 percent.

BLC is inviting strategic investors likely to include large,
well-capitalized developers or developer consortiums to
participate in the development of the identified area through
the acquisition of its 55 percent development rights.

Ricardo S. Pascua, president and CEO and MPC, commented: "By
enabling substantial developers access to the heart of the
Bonifacio Global City, we will accelerate development and
attainment of critical mass, which is essential in a project of
this scale and magnitude."

Pascua added that the sale of development rights will enable the
MPC Group to strengthen its balance sheet and concentrate on
major future prospects within the City which will augment early
sustained cash flows and long-term recurring income.

FBDC has developed 75 percent of granted land Fort Bonifacio
Development Corporation (FBDC) is developing 150 hectares of
land in stages.

In 1996, it sold P28.4 billion worth of land inventory. The
initial development focus was on Big Delta, an area covering 57
hectares in the southwest quadrant of the site.

The horizontal development of Big Delta, covering the
installation of utility services, telecommunications
infrastructure, drainage and other ancillary services was
completed on schedule and below budget in April 2000.

In early 1999, FBDC commenced the horizontal development of
Expanded Big Delta, an area covering a further 54 hectares to
the north and west of Big Delta.

The first phase of Expanded Big Delta is substantially complete.
Together Big Delta and Expanded Big Delta represent
approximately 75 percent of the land granted to FBDC for
development, or a total of approximately 111 hectares.

Business, residential and entertainment facilities operational
Major access routes are now open, increasing visibility and
accessibility to and from the Global City. The most recently
opened route 32nd Street connects the Makati CBD area via the
Kalayaan Flyover to C5, thereby making the City more accessible
to eastbound and southbound motorists.

Offices will shortly relocate to FBDC's e-Square IT Park with
the opening of HatchAsia GlobalCity Center (HGCC) and Net One
Center in August 2001. HGCC will house the headquarters of the
Philippines' leading business incubator HatchAsia.com. Net One
Center offers a full suite of technology and telecommunications
services to locators. The unified Philippine Stock Exchange is
also set to relocate to the Bonifacio Global City and is
currently in discussion with FBDC on this matter.

Residential development continues. Premier developments,
including MPC's Pacific Plaza Towers and the Meridien
Development Group's Essensa, already have residents. FBDC's
residential development, Bonifacio Ridge, is scheduled to top-
off early July and will be ready for turnover to its buyers in
2002.

Regent Parkway and One McKinley will also turnover units to
residential buyers in 2002, while Parque Bonifacio and Rialto
have likewise signed up with FBDC for development.

S&R Price, a U.S. company specializing in bulk sales, has taken
advantage of the recent liberalization of the retail laws, and
chose to open the first of its 10 Philippine stores in the City
in May 2001.

The Fort and its surrounding areas continue to attract a steady
stream of clients, while complementing developments such as
Bonifacio StopOver, a gas plaza with retail components, and the
operation of the expanded retail and entertainment area are
expected to commence operations in the latter part of this year.

In the City's 25-hectare University Park, the Manila Japanese
School is already open, the British School of Manila is
scheduled to open September 2001, and the International School
Manila will open for the school year 2002.

Background

   - In 1995, an MPC-led consortium won the bid to act as a 55.0
percent partner in a joint venture with the Philippine
government agency, Bases Conversion Development Authority
(BCDA), to develop a 150-hectare portion of the former military
base, Fort Bonifacio. This joint venture is called Fort
Bonifacio Development Corporation (FBDC).

   - Bonifacio Land Corporation (BLC) is the company formed by
the MPC-led consortium to hold the shares in FBDC. MPC holds
67.5 percent interest in BLC.

For further information, please contact:

Metro Pacific Corporation
Jose Ma. Lim
Group Vice President Chief Finance Officer
555-0211

Michael P. Goco
Group Vice President Corporate Development
888-0806


MUSIC CORP: Q1 Net Loss Stands At P91M
--------------------------------------
Music Corporation sustained a first quarter net loss of P91.001
million on P335.7 million in sales, The Asian Wall Street
Journal reported Wednesday.

The listed semiconductor company's operating loss amounted to
P91.09 million, as its cost of sales reached P102.6 million, and
expenditures totaled P342.2 million.


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


ASIA PULP: NYSE Suspends Trading; Moves For Delisting
-----------------------------------------------------
The New York Stock Exchange (NYSE) announced Tuesday it
determined the American Depositary Shares (ADS) of Asia Pulp &
Paper Company Limited (the Company), ticker symbol PAP, as well
as the Liquid Yield Option Notes due November 18, 2012 (Zero
Coupon) of APP Finance Mauritius Limited, ticker symbol PAP
ZR12, and the Guaranteed Senior Unsecured Floating Rate Notes
due October 4, 2001 of APP Finance Limited,  ticker symbol PAP
01, will be suspended immediately from trading and be removed
from the list.

Following suspension, application will be made to the Securities
and Exchange Commission to delist the issues. The Company will
not challenge this determination.

The NYSE's action is being taken in view of the fact that the
Company is below the NYSE's continued listing criteria relating
to: 30-day average share price less than $1.00.

The NYSE had previously notified the Company of its non-
compliance with the minimum share price criterion of $1 over a
30 trading-day period on January 22, 2001 with a cure date of
August 6, 2001.

The Company was unable to provide a plan advising the NYSE of
definitive action the Company has taken, or would take, that
would bring it into conformity with the continued listing
standard within the applicable NYSE guidelines given the ongoing
restructuring efforts at the Company.

The security, which has not traded since April 4, 2001, is
therefore not currently suitable for NYSE trading.

The NYSE noted that it may, at any time, suspend a security if
it believes that continued dealings in the security on the NYSE
are not advisable.


BRIERLEY INVESTMENTS: Longleaf Changes Relevant Interest
---------------------------------------------------------
Longleaf Partners International Fund increased its deemed
relevant interest in Brierley Investments Limited on 2 July
2001, from 103,353,000 ordinary shares (7.56 percent) to
103,593,000 ordinary shares (7.57 percent).


GOLDTRON LIMITED: Turnover Stands At S$333.9M
---------------------------------------------
During the year, Goldtron Limited (the Group) changed its
financial year-end from 31 March to 30 June [as announced on 30
March 2001] in order to incorporate the result of the
transactions pursuant to the Supplemental Scheme of Arrangement
(the Supplemental Scheme) within this financial year.

The current financial year is the 15-month period covering 1
April 2000 to 30 June 2001. This 12-month Second Interim
financial statement for the period 1 April 2000 to 31 March 2001
is presented in compliance with the regulations of the Singapore
Exchange Securities Trading Ltd (SGX-ST).

In this 12-month period, the Group recorded a turnover of
S$333.9 million, an increase of 25 percent over the previous 12-
month period.

The improvement of the Group turnover was due to better
performance in the Group's core activities of electronic
contract manufacturing (ECM) and component distribution (CD)
businesses in the 1st 6 months of this period.

As previously announced by the Company, the sudden drop in
demand in the fourth quarter of 2000 for certain electronic
products and components might have an adverse impact on the
performance of the Group core businesses of ECM and CD. That
drop in demand, which continued into the 1st and 2nd quarters of
2001, had an adverse impact in the 2nd 6-month period
performance where the Group recorded a turnover of S$155.5
million.

Although this was an increase of 18 period over the 2nd 6 month
period of the previous 12-month period, it was however a
decrease of 13 period over the 1st 6 months of this period.
Compared with the 1st 6-month period, the ECM and CD businesses
recorded a decrease in turnover of 15 percent and 9 percent
respectively in the 2nd 6-month period.

The Group pre-tax loss improved by 89 percent from S$5.2 million
in the previous 12-month period to S$0.6 million in this 12-
month period. Similarly, the Group operating loss after taxation
improved by 51 percent to S$4.0 million compared to an operating
loss of S$8.0 million in the previous 12-month period. The
improvement in the above results was due to similar reasons as
enumerated in the preceding paragraph.

The Group recorded a net extraordinary gain of S$43.3 million in
this 12-month period, which comprised:

   (a) net surplus of S$144.2 million arising from the
difference between the issue price (S$0.30 per share) of the
ordinary shares issued (to the Participating Creditors for the
conversion of 88 percent of the debt due to them to equity
pursuant to the debt restructuring exercise under the
Supplemental Scheme) and the fair market value of those shares;
and

   (b) gain on disposal of quoted investments (S$7.9 million);
offset by:

   (c) interest payable to the Company's Scheme Creditors
(S$14.9 million);

   (d) provision for diminution in value of quoted investments
(S$20.3 million);

   (e) write-off attributable to the further discontinuation of
non-core businesses (S$34.8 million); and

   (f) write-off/provision for Scheme professional fees, other
investments and other debtors (S$38.8 million).

The Group recorded an operating profit after tax and
extraordinary items of S$39.4 million in this 12-month period as
opposed to an operating loss after tax and extraordinary items
of S$90.7 million.
Supplemental Scheme

The following steps were taken towards completing the
implementation of the terms of the Supplemental Scheme since the
First Interim announcement (29 December 2000):

On 6 February 2001, the Company obtained in-principle approval
from the SGX-ST for the listing and quotation of the new
ordinary shares of S$0.05 each in the capital of the Company to
be issued in accordance with the Supplemental Scheme.

On 7 February 2001, at the extraordinary general meetings of the
ordinary and preference shareholders, all resolutions relating
to the matters set out in the notices of the meetings were duly
passed.

On 12 February 2001, the High Court granted an order to sanction
the Capital Reduction in connection with the implementation of
the Supplemental Scheme, whereby the par value of each ordinary
share and each preference share was reduced from S$0.20 to
S$0.05.

On 22 February 2001, pending further necessary steps towards
completion of the Supplemental Scheme, the Participating
Creditors extended the Initial Scheme of Arrangement and the
Supplemental Scheme for a further period of 4 months from 26
February 2001 to 25 June 2001.

On 19 March 2001, the Company lodged the Office Copy of the High
Court Order sanctioning the Capital Reduction with the Registrar
of Companies. Accordingly the Capital Reduction took effect on
19 March 2001.

On 2 April 2001, the Company announced that up to that date,
pursuant to the terms of the Supplemental Scheme:

   1. An aggregate cash of S$39.7 million was raised from the
Investor Group and the Other Investor in exchange for the
issuance of 794.6 million new ordinary shares;

   2. A further aggregate sum of S$5.4 million was raised with
the subscription of 108 million new ordinary shares by the
Employees who were entitled to participate in the Employee
Subscription;

   3. In full and final discharge and settlement of the
Company's indebtedness of approximately S$330.3 million to the
Participating Creditors under the Supplemental Scheme, the
Company allotted and issued an aggregate of 968.9 million new
ordinary shares to the Participating Creditors and made 12% cash
repayments to these Participating Creditors;

   4. The adjudication of the proofs of debt lodged by certain
Creditors whose claims were disputed by the Company were being
finalised by the Scheme Manager; and

   5. The Company would endeavor to procure the Investor Group
to inject the balance of approximately S$25 million into the
Company.

The Company would like to announce that between 2 April 2001 and
25 June 2001:

   1. The Investor Group injected a further cash sum of S$1
million in exchange for the issuance of 20 million ordinary
shares; and

   2. The Company further allotted and issued 51.1 million
ordinary shares to certain Participating Creditors whose
Supplemental Scheme Claims were subsequently admitted by the
Scheme Manager and made such cash repayments to these
Participating Creditors in full discharge of a further sum of
approximately S$17.4 million of the Company's indebtedness;

As at the date of this announcement, the adjudication of the
outstanding proofs of debt lodged by certain Participating
Creditors whose claims, amounting to a total of approximately
S$3.0 million may be disputed by the Company, are still being
finalized.

Although the Supplemental Scheme contemplated a minimum cash
injection of S$65 million, as at the date of this announcement,
the Investor Group and the Other Investor had injected an
aggregate cash sum of S$40.728 million as a result of certain
investors pulling out due to the present economic and stock
market condition.

Having regard to the fact that the cash injection was sufficient
to enable the Company to complete the debt restructuring
exercise under the Supplemental Scheme, the Company proceeded to
implement the Supplemental Scheme by the issue of the ordinary
shares and the cash repayment to the Participating Creditors.

By the acceptance of the ordinary shares and the cash repayment,
the Participating Creditors were deemed to have accepted the
benefits of the Supplemental Scheme as full satisfaction and
discharge of their Supplemental Scheme Claims.

Accordingly, the Supplemental Scheme was fully implemented and
terminated with effect from 26 June 2001.

With an aggregate of over S$330 million indebtedness having been
fully restructured by the implementation of the Supplemental
Scheme, the Company is now in a stronger financial position to
focus its efforts and resources on its core business.

No item, transaction or event of a material or unusual nature
that would affect substantially the results of the operations of
the Group and the Company for the period under review has
occurred between the end of the Second Interim (31 March 2001)
and the date of this announcement.

Commentary On Current Year Prospects

The drop in demand, as enumerated in paragraph 5(a) above, for
certain electronic products and components, will have a negative
effect on the performance of the Group's core businesses of ECM
and CD for the remaining period of the current financial period.

Apart from focusing its efforts and resources on its core
businesses of ECM and CD, the Group has started implementing
rationalization program to improve its overall performance and
competitiveness. The Company will continue to concentrate its
efforts on the orderly disposal of the remaining non-core
assets.

The Group has sufficient working capital and given the support
that it has received from its creditor banks, the Directors are
confident that the Group will continue as a going concern.

The preference shareholders of the company are entitled to
dividends at a rate of S$0.05 per share, payable on 26 November
of each calendar year. The last dividends payment was on 26
November 1997.

No dividends have been paid since then. However, provision for
the dividends and overdue interest at the rate of 5 percent per
annum which are due to the preference shareholders have been
accrued for in the Company's accounts.

During the 12-month period, 4,747,800 non-redeemable convertible
cummulative preference shares were converted into ordinary
shares. In addition, 1,871,436,229 placement of ordinary shares
were also made to the following during this period as part of
the execution of the Supplemental Scheme of Arrangement and
Debts Restructuring Plan. Conversion shares issued to the
Participating Scheme Creditors and shares issued to employees
and the New Investors were as follows:

968,876,229 - issued to Participating Scheme Creditors

108,000,000 - issued to Employees

794,560,000 - issued to New Investors

1,871,436,229

As at 31 March 2001, the outstanding number of ordinary shares
was 2,304,528,036 and outstanding number of non-redeemable
convertible cumulative preference shares was 23,820,681.

Comparative Figures Of The Group's Borrowings And Debt
Securities

(a) Amount repayable in one year or less, or on demand

As at 31 Mar 2001 As at 30 Sept 2000

Secured Unsecured Secured Unsecured

S$'000     S$'000      S$'000       S$'000
7,648      57,150      7,994        278,201

(b) Amount repayable after one year

As at 31 Mar 2001 As at 30 Sept 2000

Secured Unsecured Secured Unsecured

S$'000      S$'000     S$'000       S$'000
1,181 0 1,011 0


THAKRAL CORP: Finalizes Debt Workout Terms
------------------------------------------
Thakral Corporation Limited says the terms of a proposed debt
restructuring plan presented by its Independent Financial
Advisor (IFA), Arthur Andersen Associates (S) Pte Ltd, to its
bank creditors and announced on 30 March 2001 are now finalized
(subject to minor amendments).

The finalized debt restructuring plan will be by way of a scheme
of arrangement pursuant to Section 210 Companies Act (Cap. 50).
It will enable the Company to move forward by comprehensively
restructuring its indebtedness to its Bank Creditors.

The principal terms of the Debt Restructuring Plan will include
the following:

1. Debt Buy-Back Exercise

   As previously announced, a total sum of S$35 million,
comprising of a cash injection of S$15 million by the Thakral
Family into the Company by way of a subscription for new shares
at S$0.25 each and a sum of S$20 million from the internally-
generated funds of the Company will be set aside for the purpose
of a Debt Buy-Back Exercise.

   This Exercise involves the Company calling for a tender, open
to all its Bank Creditors, wherein each Bank Creditor may choose
to submit an offer to the Company to retire the whole or part of
its debt.

2. Cash Distribution

   A cash distribution of up to S$35 million coming from the
Company's cash reserves in an escrow account will be made to the
remaining Bank Creditors after the Debt Buy-Back Exercise has
been completed.

   A further cash distribution of up to S$5 million will be made
to the remaining Bank Creditors from the proceeds of realization
of the remaining non-core assets. In addition, monies, which may
be unutilized in the Debt Buy Back Exercise will be distributed
as well.

3. Sustainable Long-Term Debt

   An independent financial consultant appointed by the IFA has
reported that a long-term debt level of S$87 million (in
addition to local RMB working capital facilities in China) is
sustainable and will be retained by the Thakral Group after its
restructuring. This Long-Term Debt will comprise of two
tranches, viz:

      a. a five-year amortizing term loan of S$57 million. The
principal repayments will comprise of twelve equal quarterly
installments, the first installment being due in December 2003.

      Interest rates: Year 1 to 3 - SIBOR + 0.5 percent
      Year 4 to 5 - SIBOR +1.0 percent

      and

      b. a five-year bullet loan of S$30 million repayable by
the end of Year 5 Interest rate: Year 1 to 5 - SIBOR + 1.0
percent

4. Conversion of Bank Debts to Equity

   The remaining bank debts estimated to be valued at up to
S$292 million (subject to the outcome of the Debt Buy-Back
Exercise) will be converted to equity at a price of S$0.25 per
share.

5. Elimination of Accumulated Losses

   Subject to the necessary regulatory and shareholders'
approval, the Company will effect a capital reduction to reduce
the par value of each of its existing ordinary shares in its
share capital.

   The Company will then utilize the share premiums arising from
the capital reduction and the Debt-Equity Conversion to offset
against its accumulated losses. The Debt Restructuring Plan,
upon completion, will have an estimated positive impact on the
Company's shareholder funds and its net tangible assets of up to
S$307 million.

6. Grant of Put Option by Thakral Family to Bank Creditors

   A put option would be granted by the Thakral Family (via one
or more of the Thakral Family's investment holding companies) to
the Bank Creditors to put a total of up to S$22 million in value
of the Converted Shares (the Put Option Shares) over a period of
two years at the Conversion Price for S$7 million and at the
Conversion Price plus interest for S$15 million.

7. Grant of Call Option by Bank Creditors to Thakral Family

   The Converted Shares less the Put Option Shares (the Balance
Converted Shares) shall be held in an escrow account. The Bank
Creditors shall grant the Thakral Family a call option (the Call
Option) to acquire 53 percent of the Balance Converted Shares
(the Call Option Shares) at the Converted Price plus holding
cost, exercisable over a four-year period. The remaining 47
percent of the Balance Converted Shares will be released to the
Bank Creditors over thirty-six equal monthly installments.

In view of finalization of the terms of the Debt Restructuring
Plan, the Company's solicitors expect to make an application to
the High Court of Singapore soon/by August to convene a meeting
of the creditors of the Company for the purpose of approving the
Scheme.

In accordance with the estimated timetable established by the
IFA in consultation with the Bank Creditors, it is expected that
the Debt Restructuring Plan will be completed within 6 months
from the date of lodgment of the court approval with the
Registrar of the Companies and Businesses.

Upon completion of the restructuring, the interest charge on the
Sustainable Long-Term Debt is expected to decrease significantly
to S$6.7 million in the first full year following the
restructuring compared to the present interest burden of S$41.8
million.

The Group's cashflow from its business operations before
interest for FY2001 amounted to S$22.6 million. As such, the
Group's cashflow in future years will be adequate to service and
repay its long-term debts and fund future business growth.

The Group's cash balance as at 15 June 2001 was S$89 million.

Mr Nicky Tan of Arthur Andersen Associates (S) Pte Ltd, the IFA,
commented: "The Group has undergone a comprehensive
restructuring of its businesses and balance sheet. This includes
exiting non-viable businesses, undertaking cost reduction
measures, disposal of non-core assets and improving operational
efficiency and working capital utilization. When this Debt
Restructuring Plan is fully implemented, the Group's financial
position and balance sheet will be strengthened. The Group will
be well placed to take advantage of new opportunities arising
out of China; particularly with its impending entry into WTO."


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


DUSIT RESORT: Reports On Pattaya Conflict
-----------------------------------------
Following false and misleading news reports regarding the
controversy between The Dusit Thani Public Company Limited and
The World Intertrade Corporation Co., Ltd., Dusit Thani Plc.
would like to report the facts as follows:

   The Landmark Hotel Co., Ltd., a subsidiary company in which
Dusit Thani Plc owns 99.99 percent shareholding, signed on
September 7, 1987 a purchase agreement with World Intertrade
Corporation Co.,Ltd. for buying the Grand Palace Hotel building,
including all component parts and equipments. The said purchase
agreement specified the Landmark Co.,Ltd. to pay US$6 million,
equivalent to Bt154.14 million at that time, to Wardley Bank
which was the creditor of World Intertrade Corporation Co.,Ltd.
with the condition that Khun Thanes Telan and Khun Tritip Telan
had the right to repurchase the hotel within a period of ten
years (until September 6, 1997).

   The Grand Palace Hotel building was constructed on land
belonging to Siri pattaya Co., Ltd. World Intertrade Corporation
Co.,Ltd. had an original lease contract with Siripattaya
Co.,Ltd. covering a period of 30 years, from 1975-2005.
Subsequently, World Intertrade Corporation Co.,Ltd. cancelled
the lease contract with Siripattaya Co.,Ltd. prematurely. After
that Landmark Hotel Co.,Ltd. signed a new land lease contract
with Siripattaya Co.,Ltd. and registered with the Land
Department on September 30, 1987, effective on October 1, 1987
also for a period of 30 years. Landmark Co., Ltd. At that time
paid both unpaid overdue lease payment on behalf of World
Intertrade Corporation Co.,Ltd. to Siripattaya Co.,Ltd. in the
amount of over Bt10 million, and unpaid provincial building tax
from the year of 1984-1986 amounting to more than Bt2 million.

Following that, Landmark Hotel Co.,Ltd. closed Grand Palace
Hotel to undergo major renovation which cost more than Baht 400
million. The grand re-opening took place on November 29, 1988
under a new name of Dusit Resort Pattaya.

Since Dusit Thani Plc. also had the hotel management team,
therefore, Landmark Hotel Co., Ltd., which was its subsidiary
company, decided to enter the hotel management contract with
Dusit Thani Plc. for 10 years.

Dusit Thani Plc. would like to point out that the news claiming
that World Intertrade Corporation Co.,Ltd. allowed Dusit Thani
Plc. to manage Dusit Resort Pattaya and Dusit Thani Plc. took
this opportunity to seize this hotel from Khun Thanes is not the
truth.

It was necessary to raise a loan in the amount of Bt559.2
million for the major renovation of the hotel. Resulting from
this, Landmark Hotel Co., Ltd. was burdened with the high
interest on loan and also encountered losses on the operation.
The losses continued until January 31, 1994, with total deficit
amounting to Bt305 million.

Therefore, on February 1, 1994, Landmark Hotel Co., Ltd,
transferred the possession of hotel building and leasehold to
Dusit Thani Plc. with the condition remained unchanged that Khun
Thanes Telan and Khun Tritip Telan could buy the hotel back
until the deadline date of September 6, 1997.

Throughout this period, both of them showed no intention at all
to repurchase the hotel. On August 25, 1998, Khun Thanes filed a
lawsuit against four defendants, first Landmark Hotel Co., Ltd.,
second World Intertrade Corporation Co.,Ltd. , third Dusit Thani
Plc. and fourth Khun Tritip Telan.  Khun Thanes wanted to order
Dusit Thani Plc. to sell Dusit Resort Pattaya back to him at the
total price of Bt154 million.

Otherwise, Dusit Thani Plc. must pay compensation estimated at
Bt1,045,860,000.

On August 17, 2000, the South Bangkok Civil Court dismissed the
case filed by Khun Thanes, without holding any hearing with
Dusit Thani Plc. and Landmark Hotel Co., Ltd.

Consequently, Khun Thanes could not claim any compensation
whatsoever. On April 30, 2001, Dusit Thani Plc. filed a motion
to Pattaya Court to request for a court order to endorse its
ownership right over the hotel building, which has been
possessed for over 10 years.

However, Dusit Thani Plc. withdrew its Possession Motion on June
26, 2001, because the Company intended to file the Emergency
Hearing Motion on this case.

According to law, the former motion has to be withdrawn first,
before the latter motion could be filed.

Following that, the Official Receiver announced it would seize
the Dusit Resort Pattaya hotel building on June 21, 2001,
because World Intertrade Corporation Co.,Ltd. had been filed for
bankruptcy by the Revenue Department based on the ground that
World Intertrade Corporation Co., Ltd. could not pay its two
major creditors, the Revenue Department and Bangkok Bank. Dusit
Thani Plc. then filed the motion to the Revenue Department to
postpone the seizure of the building until June 29, 2001.

According to the Dusit Thani Board of Directors Resolution dated
June 26, 2001, Dusit Thani Plc. resolved to pay the amount
totaling Bt44,246,000 to the Official Receiver on behalf of
World Intertrade Corporation Co.,Ltd. in connection with the
Dusit Resort Pattaya Hotel's building, to prevent any damage
that may occur by virtue of Section 230 of the Civil and
Commercial Code of Thailand. However, the Official Receiver
declined to accept the payment, claiming that the Official
Receiver could not accept on behalf of the creditors.

A meeting among the debtor, creditors, and claimer was held on
July 3, 2001, with the result that the major creditors, the
Revenue Department and Bangkok Bank, have both agreed to accept
the payment from Dusit Thani Plc. Therefore, the Official
Receiver has ruled that the entire debt of World Intertrade
Corporation Co., Ltd. has now been fully paid.


EASTERN PRINTING: Court Appoints Yuth As Planner
------------------------------------------------
The Central Bankruptcy Court on Monday, July 2, 2001, appointed
Yuth Chinsupakul as Planner (of the Company's Rehabilitation
Plan) under court case No. Red 519/2544.


KRISDA MAHANAKORN: Signs Workout Deal With Bangkok Bank
-------------------------------------------------------
Krisda Mahanakorn Public Company Limited (KMC) on June 29, 2001
signed the debt restructuring agreement with Bangkok Bank Plc,
for the amount of Bt3,623.63 million accounting for 18.00
percent of total debt outstanding settled by Long term loan 7
years Bt1,500.93 million, 126.317 million preferred share at
Bt10 per share.

The affected Profit & Loss in Q2 is Bt567.86 million. This will
also result in increased Shareholder Equity to Bt1,831.03
million.

Now total completion amount of KMC's debt restructuring is
Bt17,128.48 million, accounting for 85.07 percent of total debt
outstanding.

The rest of loans under restructuring, currently managed by the
government-controlled bank, will be transferred to Thai Assset
Management (TAMC) soon.

Bangkok Commerce Asset Management Corporation (BAM) is the
largest creditor of this uncompleted restructuring portion with
the amount Bt2,342.08 million or 11.63 percent of total
outstanding debt.

After the loan of government-controlled Bank are transferred to
TAMC, KMC will open the negotiation and continue its debt
restructuring process with TAMC.


PREECHA GROUP: Shareholders OK Capital Increase
-----------------------------------------------
Preecha Group Public Company Limited announces the resolutions
made at the Extraordinary Shareholders Meeting No. 1/2001 held
on June 29, 2001 in additional that the shareholders resolved to
certify the minutes made at an ordinary shareholders' meeting
for the year 2001 and all the resolutions can be summarized as
follows:

   1. To certify the minutes made at an ordinary shareholders'
meeting for the year 2001.

   2. To increase the Company's registered capital 744,000,000
Baht which increasing from Bt600,000,000 to Bt1,344,000,000 by
issuing 74,400,000 new ordinary shares, par value at Bt10 each.

   3. To amend the Clause 4 of the Memorandum of Association in
consequence with the increase of the registered capital.

   4. The allotment of the 74,400,000 new ordinary shares are as
follows:

      4.1. 60,000,000 new ordinary shares will be offered to the
existing shareholders at the ratio of one new share, per one
existing share, the offering price is Bt0.10 per share. The
subscription period is from 17, 21 September 2001 from 9:00 a.m.
to 3:30 p.m. The Company will close the share registration to
determine the shareholders' right for the subscription (XR) on 9
July 2001 at 12:00 a.m.

      4.2 14,400,000 new ordinary shares will be offered to
National Finance Public Company Limited which is an institution
qualified under seventeen categories of the Announcement of the
Securities and Exchange Commission.  The offering price is Bt7.0
per share. The subscription period is from 3 to 5 July 2001,
during 9:00 a.m. to 3:30 p.m.

     Only the board or the person authorized by the Board of
Directors can specify the procedure and other conditions of the
subcription.

     If there are some remaining shares as a result of the above
allocation to the existing shareholders, these remaining shares
may be allocated at the discretion of the Board of Directors in
one or several transactions from time to time by private
placement in accordance with the Notification of the Securities
and Exchange Commission. The price will be Bt0.10 per share. The
board or person authorized by the board is eligible to set
conditions and procedures for selling the remaining shares.


SAHAMITR PRESSURE: Board Approves Workout Plan Draft
----------------------------------------------------
The Board of Director's Meeting of Sahamitr Pressure Container
Public Company Limited no. 6/2544 held on July 2, 2001 passed on
the following resolutions:

   1. The meeting duly considered and unanimously approved the
Board of Director's Minute of Meeting no. 5/2544 held on June
26,2001.

   2. The meeting duly considered and unanimously approved Draft
of Debts Restructuring Plan, and approved to have the contract
signed on June 29, 2001 at 15.00 p.m.

   3. No other considerations.


TUNTEX THAILAND: Completes Debt Workout With Creditors
------------------------------------------------------
Tuntex (Thailand) Public Company Limited announced the Company
has completed its debt restructuring with all the creditors
including the floating rate notes (FRN) holders by entering into
all related debt restructuring agreements.

The principal repayment has been extended for 7 years to Year
2007.


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

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Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC
USA. Lyndsey Resnick, Ronald Villavelez, Maria Vyrna Ni¤eza,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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