TCRAP_Public/010711.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, July 11, 2001, Vol. 4, No. 134


                         Headlines

A U S T R A L I A

AUSTRIM NYLEX: Stokes Changes Holding
CFA GROUP: Settlement Date For Units Slated For August
GOLD TREASURE: Placed In Voluntary Provisional Liquidation
MTM ENTERTAINMENT: Babcock & Brown Purchase More Shares
NORMANS WINES: Will Pay Growers In Full This Month
PMP LIMITED: Forges Alliance With Seven Network


C H I N A   &   H O N G  K O N G

COUNTIFAIR PROPERTIES: Faces Winding Up Petition
EASTECH TECHNOLOGY: Petition To Wind Up
KHOLNER INTERNATIONAL: Winding Up Petition Set For Hearing
NEW WORLD CYBERBASE: Sells Shares In Bostar, Hitech
PACIFIC CENTURY: Hopes To Raise US$3.8B From Bonds Issue
PSINET INC: Sells HK Unit To Silver Linkage
SHANGHAI INTERNATIONAL: Winding Down Business
SHUN TAT: Winding Up Petition Hearing Set
SINO-I.COM: Shareholders Approve Capital Reduction
SINOPEC CORP: Closure Of Register Of Members Starts July 25
SINOPEC CORP: EGM Slated For August 24
SINOPEC CORP: EGM To Decide On Acquisition Deal
TEM FAT: Long Stop Date Extended To July 12


I N D O N E S I A

TELEKOMUNIKASI: Pulls Out Of Joint Operation


J A P A N

KOOKMIN BANK: Head For Merged Bank To Be Picked
NATIONAL OIL: PM Koizumi Seeks Liquidation


K O R E A

CHOONG-IL: Insolvent, Operations Suspended
CHOYANG SHIPPING: Reopening Japan-Korea Route
DAEWOO MOTOR: GM To Bid W800-B
HYUNDAI PETROCHEM: Naptha Cracker Operation Reduced to 80%
SUKJIN MUTUAL: Insolvent, Says FSC


M A L A Y S I A

AUSTRAL AMALGAMATED: Moratorium Extended
JUTAJAYA HOLDING: Danaharta Grants Moratorium Extension
MAY PLASTICS: In Process Of Implementing Workout
RAHMAN HYDRAULIC: Reports Status Of Proposed Workout Scheme
SRI HARTAMAS: Due Diligence Ongoing
TAJO BERHAD: Defaulted Payment Subject To Restructuring
TAN CHONG: Faces Winding Up Petition
TECHNO ASIA: Proposal Subject To Adviser's Review


P H I L I P P I N E S

BENPRES GROUP: Tollway Unit Secures $370-M Loan
CAPITOL WIRELESS: Creditors Refuse To Give Payment Extension


S I N G A P O R E

ACMA LIMITED: EGM To Resolve Planned Capital Increase
ASIA FOOD: Teguh Wijaya Appointed As Director
GOLDEN AGRI: Henry Kee Appointed As Joint Secretary
GOLDEN AGRI: Changes Registered Office
HO WAH GENTING: Director Lin Resigns
HO WAH GENTING: Horiguchi Operations Stopped
HO WAH GENTING: ICB Withdraws Facilities
I-ONE.NET: Amends Acceptance Of Options


T H A I L A N D

ALPHATEC ELECTRONIC: Case Transferred To Bankruptcy Court
TANAYONG PUBLIC: Subject To Rehab Plan Preparation
THAI HEAT: Submits Rehab Plan To Court

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Stokes Changes Holding
-------------------------------------
Kerry Matthew Stokes changed his relevant interest in Austrim
Nylex Limited on 6 July 2001 as stated below:

                              Previous Notice   Present Notice
Substantial   Class of        Person's Voting  Person's Voting
Shareholder   Securities (4)  Votes    Power(5) Votes   Power(5)

Australian
Capital Equity
Pty Ltd*       Ordinary    37,130,627 15.22% 48,122,818  19.73%

Clabon
Pty Ltd**      Ordinary    36,854,914 15.11% 47,847,105  19.61%

Stokes**       Ordinary    35,422,313 14.52% 46,414,504  19.03%

Binalong
Pty Ltd        Ordinary    13,528,006  5.55% 23,528,006  9.65%

Garden Park
Pty Ltd***     Ordinary    22,476,508  9.21% 23,468,699  9.62%

Garden Park
Equities
Pty Ltd        Ordinary   22,421,507  9.19%  23,413,698  9.60%

* Includes Clabon Pty Ltd/Stokes

** Includes Garden Park Pty Ltd and Binalong Pty Ltd

*** Includes Garden Park Equities Pty Ltd


CFA GROUP: Settlement Date For Units Slated For August
------------------------------------------------------
On April 6, 2001 the Board of Consolidated Foods Australia Ltd
announced it had commenced proceedings to recover approximately
$1.758 million plus interest and costs owed to it as a result of
a Supreme Court Judgment awarded to its subsidiary company CFA
Group Services Pty Ltd.

CFA Group Services Pty Ltd appointed PricewaterhouseCoopers as
receivers in late March and has since exercised its Power of
Sale over units in a residential property development over which
it holds security.

PricewaterhouseCoopers have obtained unconditional contracts for
the sale of a number of the units. Sales proceeds total $2.548
million.

Settlement date for the units is scheduled for 7 August 2001.

It is expected that the entire $1.758 million, plus interest,
will be paid to CFA Group Services from the sales proceeds.


GOLD TREASURE: Placed In Voluntary Provisional Liquidation
----------------------------------------------------------
Gold Treasure Pty Limited (Gold Treasure), an associate of
Hudson Timber & Hardware Limited (HTL), was placed into
voluntary provisional liquidation yesterday by order of the
Supreme Court of New South Wales.

This follows a breakdown in relations between the two
shareholders of Gold Treasure in terms of business reporting and
management.

David Clout of Clout & Associates, Chartered Accountants of
Level 1, 307 Queen Street Brisbane Qld 4000 was appointed
provisional liquidator by an application made by Chaudhary Group
Pty Limited (Chaudhary), a Gold Coast based company associated
with Shahid Chaudhary, Gold Treasure's managing director.

HTL, a 50 percent shareholder in Gold Treasure, did not oppose
the Chaudhary application as it had previously made an
application for winding up of Gold Treasure to the Supreme Court
of New South Wales on 22 June 2001.

HTL's application was due to be heard on 23 July 2001.


MTM ENTERTAINMENT: Babcock & Brown Purchase More Shares
-------------------------------------------------------
Babcock & Brown Group increased its relevant interest in MTM
Entertainment Trust on Monday, 9 July 2001, from 28,273,536
ordinary units (35.34 percent) to 30,349,514 ordinary units
(37.94 percent).


NORMANS WINES: Will Pay Growers In Full This Month
--------------------------------------------------
Normans Wines Limited is paying its growers and expects to have
all July payments made in full during the course of the month
and early August.

As is the historical case, grower payments are aligned to bulk
wine sales receipts. Time lines are similar to previous years.
Based on the significant price reduction for bulk wine this year
and very large surpluses in the market volumes sold have had to
be greater than previous years to meet the grower commitments.

As stated previously, branded product sales both in Australia
and internationally continue to grow.


PMP LIMITED: Forges Alliance With Seven Network
-----------------------------------------------
Seven Network Limited and PMP Limited today announced the
creation of a strategic joint venture partnership which provides
the next stage in Seven's development as a multi-faceted media
and communications company and allows PMP to further develop its
core businesses in Australia.

Under today's agreement, Seven will acquire for $65.0 million, a
50 percent interest in PMP's Australian and New Zealand
magazines businesses - including titles such as New Idea, TV
Week, Girlfriend, B, That's Life, Elle, For Me and Home
Beautiful - and the magazine distribution company, Gordon and
Gotch.

Seven has also granted PMP a right to sell its interest in the
joint venture to Seven for $75.0 million.

This put option can be exercised by PMP twelve months from the
date of completion of the agreement. For PMP, it is intended the
joint venture will remain a core business activity for the
company. The existence of the put option provides PMP with
additional financial flexibility as it works toward establishing
a sustainable funding structure.

In addition to its investment in PMP's magazine business, Seven
will also acquire a strategic shareholding in PMP Limited
(subscribing for a placement of 37.0 million new shares at 55
cents per share, representing 12.7 percent of PMP's expanded
capital) providing the company with a fresh capital injection of
$20.35 million. Seven plans to build this shareholding to 20
percent through on-market acquisitions of further shares.

It is anticipated that the transaction will be completed by July
31 - following due diligence.

The partnership provides significant opportunities for both
companies to cross-promote each other's businesses and leverage
both companies' key strengths in reaching Australian consumers.

The agreement will lead to the promotion of the company's
magazine titles on the Seven Network and the creation of
additional editorial opportunities through the leveraging of
Seven's acknowledged strengths in Australian program production.
Both companies are planning a number of marketing campaigns -
through magazines and point-of-sale - to promote Seven's
programs.

Seven fully supports the board and management of PMP. Seven has
not sought an appointment to the board of the company.

Details of the joint venture partnership were released today by
the Executive Chairman of Seven Network Limited, Kerry Stokes,
and the Chairman of PMP Limited, James Donnelley.

Commenting, Stokes said: "Our joint venture with PMP represents
the next stage in Seven's development as an integrated media and
communications company - building on our strengths in broadcast
television, and our plans for development in subscription
television.

"Our partnership with PMP makes sound financial and strategic
sense. It is also a natural fit for both PMP and Seven to join
together to create what is an independent, third `voice' in
Australian media.

"PMP's magazine business is profitable and we are confident
that, with the strengthening in the advertising market and our
acknowledged capabilities in creating solutions for advertisers,
we will see further growth in profit performance of PMP's
magazines over the coming twelve to eighteen months. As well,
PMP's titles will further benefit from editorial and marketing
connections with Seven.

"With PMP, Seven now has a strategic partnership with one of the
two biggest magazine publishers in Australia. It is a
partnership that further strengthens the content opportunities
for out development in online with i7 and the PMP magazine
websites, and for the creation of new forms of text and data
communication - in particular new opportunities for text-based
information in digital and interactive television.

"Six years ago, we created the first successful magazine-
television integration with Better Homes and Gardens, and over
the past twelve months, we have successfully leveraged our
broadcast television content into online. We believe our
partnership with PMP will allow both companies to successfully
create and implement fully integrated offerings to consumers and
advertisers - across current and future communications
technologies."

PMP Chairman, James Donnelley, said: "The joint venture with
Seven is a unique and strategic fit that offers significant
cross promotional, programming and content related opportunities
for both companies.

"Having Seven as a joint venture partner will help underpin the
future profitability and growth of the magazine publishing
operations. It also provides PMP with a leading Australian media
company as a cornerstone shareholder and releases more than $85
million in cash that can be used to reduce debt.

"While the sale to Seven of an interest in the publishing and
magazine distribution assets will be earnings per share neutral,
the Board acknowledges the issue of 37 million PMP shares to
Seven will have a dilutive effect on earnings per share for
existing PMP shareholders. However, the strategic benefits
associated with the Seven partnership and the positive impact on
investor confidence were considered more important and
ultimately in the best interests of shareholders and the future
of PMP. The Board believes that these strategic benefits have
the potential to improve earnings per share in the medium term."

Under the terms of the joint venture agreement, PMP will
continue to provide all print requirements for the publishing
operations. The joint venture agreement is subject to the
successful completion of contractual terms and a brief due
diligence process.

Further information:

Simon Francis
Seven Network
(02) 9967 7986 or (0418) 777 748

Glen Thomas
PMP Limited
(02) 9464 3563 or 0407 839 475


================================
C H I N A   &   H O N G  K O N G
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COUNTIFAIR PROPERTIES: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Countifair Properties Limited is
scheduled for hearing before the High Court of Hong Kong on July
25, 2001 at 9:30 am. The petition was filed with the court on
May 25, 2001 by Sin Hua Bank Limited Hong Kong Branch whose
principal place of business is situated at 2A Des Voeux Road
Central, Hong Kong.


EASTECH TECHNOLOGY: Petition To Wind Up
----------------------------------------
The petition to wind up Eastech Technology Limited will be heard
before the High Court of Hong Kong on July 25, 2001 at 9:30 am.
The petition was filed with the court on May 25, 2001 by Sin Hua
Bank Limited Hong Kong Branch whose principal place of business
is situated at 2A Des Voeux Road Central, Hong Kong.


KHOLNER INTERNATIONAL: Winding Up Petition Set For Hearing
----------------------------------------------------------
The petition to wind up Kholner International Hardware Supply
Company Limited is scheduled to be heard before the High Court
of Hong Kong on July 11, 2001 at 9:30 am. The petition was filed
with the court on May 14, 2001 by Asia Commercial Bank Limited
Hong Kong Branch whose principal place of business is situated
at 120 Des Voeux Road Central, Hong Kong.


NEW WORLD CYBERBASE: Sells Shares In Bostar, Hitech
---------------------------------------------------
The Directors of New World Cyberbase (the Company) revealed that
on 9 July 2001, the Company entered into a conditional sale and
purchase agreement pursuant to which the Company has agreed to
sell and Marginal Gain, a wholly-owned subsidiary of NWD, has
agreed to purchase the Sale Shares, representing the entire
issued share capital of Bostar Limited and Hitech Logistics
Limited, at an aggregate consideration of approximately US$2
million (or equivalent to approximately HK$15.6 million).

Pursuant to the Agreement, the Company will waive the
Shareholder's Loans at Completion.

Bostar and Hitech, wholly-owned subsidiaries of the Company, are
investment holding companies whose principal assets are their
respective equity interests in approximately 9.009 percent and
36.4 percent of the issued share capital of HiTrust(BVI) and
HiTrust(HK). HiTrust(BVI) and HiTrust(HK) are principally
engaged in the provision of secure authentication, e-commerce
infrastructure and Internet payment gateway services in the
Greater China region.

Given that Marginal Gain is an associate (as defined under the
Listing Rules) of NWD and NWD is a substantial shareholder of
the Company, the Disposal constitutes a connected transaction
for the Company under the Listing Rules. The relevant details of
the Disposal will be included in the next published annual
report and accounts of the Company pursuant to the requirements
under Rule 14.25(1) of the Listing Rules.

Sale and purchase agreement dated 9 July 2001

Parties:

The vendor: the Company

The purchaser: Marginal Gain

The guarantor: NWD, as guarantor for Marginal Gain's obligation

Assets to be disposed of: The Sale Shares, representing the
entire issued share capital of each of Bostar and Hitech.

Waivers of the Shareholder's Loans: Pursuant to the Agreement,
the Company will execute two deeds of waiver at Completion
regarding the Shareholder's Loans pursuant to which the Company
will unconditionally and irrevocably waive the obligations of
Bostar and Hitech to repay the Bostar Shareholder's Loan and the
Hitech Shareholder's Loan respectively. Based on the unaudited
management accounts of Bostar and Hitech as at 31 March 2001,
the Bostar Shareholder's Loan and the Hitech Shareholder's Loan
amounted to approximately HK$43.6 million and approximately
HK$16.6 million respectively.

Release of guarantee: Pursuant to the Agreement, NWD shall
procure NW Finance to execute a deed of release in favor of the
Company at Completion unconditionally and irrevocably releasing
all obligations of the Company in respect of the guarantee made
by the Company to NW Finance for the due repayment of the NWF
Loan by Bostar.

Consideration: The aggregate consideration for the Disposal is
US$2,000,001 (or equivalent to approximately HK$15.6 million),
comprising US$1 for the disposal of the Bostar Sale Share and
US$2,000,000 for the disposal of Hitech Sale Share. The
consideration for the Disposal shall be payable by Marginal Gain
in cash upon Completion and is arrived at after arm's length
negotiations between the Company and Marginal Gain and with
reference to the unaudited net assets value (without taking into
account the Shareholder's Loans) of Bostar and Hitech as at 31
March 2001. Having considered the net deficit positions (after
taking into account the Shareholder's Loans) of Bostar and
Hitech as at 31 March 2001, the Company will waive the
Shareholder's Loans at Completion.

Given the unaudited net deficit (without taking into account the
Bostar Shareholder's Loan) of Bostar amounted to approximately
HK$4.7 million as at 31 March 2001, the consideration for the
disposal of Bostar Sale Share is at a nominal value of US$1.
Based on the unaudited management accounts of Hitech as at 31
March 2001, the consideration for the disposal of Hitech Sale
Share represents a premium of approximately 25.9 percent to the
unaudited net assets value (without taking into account the
Hitech Shareholder's Loan) of Hitech of approximately HK$12.4
million.

The proceeds of the Disposal will be used as general working
capital of the Group.

Condition: The Disposal is conditional upon (the "Condition")
the obtaining by Marginal Gain and the Company of all necessary
consents, authorizations or other approvals (or, as the case may
be, the relevant waiver) of any kind in connection with the
entering into and performance by them of the terms of the
Agreement which may be required under the Listing Rules or from
the Stock Exchange or any regulatory authority.

Completion: Upon compliance with or fulfillment of the
Condition, Completion shall take place on the third business day
following the fulfillment of the Condition or such other date as
the Company and Marginal Gain may agree in writing prior to
Completion.

If the Condition is not fulfilled on or before 31 August 2001 or
such later date as may be agreed between the Company and
Marginal Gain, the Agreement will lapse.

Background of Bostar and Hitech

Bostar and Hitech are companies incorporated in the British
Virgin Islands on 11 October 1999 and 8 March 2000 respectively
and are direct wholly-owned subsidiaries of the Company
immediately before the Completion. Bostar and Hitech are
principally engaged in investment holding.

The principal assets of Bostar and Hitech are their respective
equity interests in approximately 9.009 percent and 36.4 percent
of the issued share capital of HiTrust(BVI) and HiTrust(HK).
HiTrust(BVI) and HiTrust(HK) are principally engaged in the
provision of secure authentication, e-commerce infrastructure
and Internet payment gateway services in the Greater China
region.

Based on the unaudited management accounts of Bostar for the
period from 11 October 1999 (date of incorporation) to 31 March
2001, Bostar recorded a net loss of approximately HK$48.2
million. Based on the unaudited management accounts of Hitech
for the period from 8 March 2000 (date of incorporation) to 31
March 2001, Hitech recorded a net loss of approximately HK$4.2
million.

Based on the unaudited management accounts of Bostar and Hitech
as at 31 March 2001, the unaudited net deficit (without taking
into account the Bostar Shareholder's Loan) of Bostar and the
unaudited net assets value (without taking into account the
Hitech Shareholder's Loan) of Hitech amounted to approximately
HK$4.7 million and approximately HK$12.4 million respectively.

Based on the unaudited management accounts of Bostar and Hitech
as at 31st March, 2001, the Bostar Shareholder's Loan and the
Hitech Shareholder's Loan amounted to approximately HK$43.6
million and approximately HK$16.6 million respectively.

Gain On The Disposal

As a result of the Disposal, it is estimated that the Group will
record an unaudited gain of approximately HK$7.9 million which
will be reflected in the results of the Group for the year
ending 31 March 2002.

Reasons For and Benefits Of The Disposal

The Group is principally engaged in the provision of one-stop-
shop e-Business solutions and products, including application
solutions, network solutions, information technology services
and software products for the Greater China region by employing
the advanced technology and through partnerships with industry
players.

In view of the explosive growth of information technology and
software markets in the Greater China region, the Group affirms
its long-term strategy of leveraging leading edge e-Business
enabling technologies. The Disposal will enable the Group to
focus and capitalize its resources on these high growth business
areas such as application and software markets in the Greater
China region.

In addition, the Disposal will release the Group's financial
obligation under the NWF Loan and will enhance the Group's cash
flow.

Connected Transaction

Given that Marginal Gain is an associate (as defined under the
Listing Rules) of NWD and NWD is a substantial shareholder of
the Company, the Disposal constitutes a connected transaction
for the Company under the Listing Rules.

The Directors, including the independent non-executive
Directors, are of the view that the Agreement has been entered
into on normal commercial terms and that the terms of the
Agreement are fair and reasonable and in the best interest of
the Company and its shareholders as a whole.

The relevant details of the Disposal will be included in the
next published annual report and accounts of the Company
pursuant to the requirements under Rule 14.25(1) of the Listing
Rules.


PACIFIC CENTURY: Hopes To Raise US$3.8B From Bonds Issue
--------------------------------------------------------
After launching its roadshow to market bonds worth US$2.5
billion, Pacific Century Cyberworks expects to raise up to
US$3.8 billion, as it is concurrently negotiating for the
extension of the maturity date of part of its existing debts,
The Hong Kong IMail reported yesterday.

The bonds offering, made amid gloomy prospects in the
telecommunications industry, is touted by industry analysts as
the biggest debt sale in Asia this year.

Invesco Asia Fund Manager Sean Chang told IMail, "The credit
itself is well-known for regional players, however its stock is
not doing so good, which is going to have some impact on the
debt [sale]."


PSINET INC: Sells HK Unit To Silver Linkage
-------------------------------------------
PSINet Inc. Monday announced that the Company and its wholly
owned subsidiary, PSINet North America Holdings Inc., has
entered into a definitive share purchase agreement for the sale
of PSINet Hong Kong Limited and certain of its subsidiaries to
Silver Linkage Investments Inc., a wholly-owned subsidiary of
CITIC Pacific Limited, a company publicly listed on The Stock
Exchange of Hong Kong.

The proposed purchase is subject to a number of closing
conditions, including approval under the U.S. bankruptcy
proceedings.

PSINet expects that its operations in Hong Kong will continue to
operate in the normal course of business, providing reliable
services to its customers. PSINet's operating subsidiaries in
Hong Kong are not part of the filing by PSINet Inc. and certain
of its U.S. subsidiaries under Chapter 11 of the U.S. Bankruptcy
Code.

Headquartered in Ashburn, Va., PSINet, Inc. is a leading
provider of Internet and IT solutions offering flex hosting
solutions, global eCommerce infrastructure, end-to-end IT
solutions and a full suite of retail and wholesale Internet
services through wholly-owned PSINet subsidiaries.

Services are provided on PSINet-owned and operated fiber, web
hosting and switching facilities, currently providing direct
access in more than 900 metropolitan areas in 27 countries on
five continents.

CITIC Pacific Limited is incorporated in Hong Kong and is
publicly listed on The Stock Exchange of Hong Kong. It is
principally engaged in infrastructure (aviation, bridges,
tunnels, environmental businesses and telecommunications),
trading and distribution and property in Hong Kong and Mainland
China.

This release contains information about management's view of
PSINet's future expectations, plans and prospects that
constitute forward-looking statements for purposes of the safe
harbor provisions under the Private Securities Litigation Reform
Act of 1995.

Actual results may differ materially from those indicated by
these forward-looking statements as a result of a variety of
factors including, but not limited to, the doubt as to PSINet's
ability to continue as a going concern, risks associated with
efforts to restructure the obligations of PSINet and Metamor,
risks associated with proceedings commenced by PSINet and its
subsidiaries under the U.S. Bankruptcy Code, competitive
developments, risks associated with PSINet's growth, the
development of the Internet market, regulatory risks, and other
factors that are discussed in the Company's Form 10-K and other
documents filed with the SEC.

Contact: PSINet Inc., Flo Bryan, 703/726-1077; or Abernathy
MacGregor Group Jason Thompson, 212/371-5999.


SHANGHAI INTERNATIONAL: Winding Down Business
---------------------------------------------
Shanghai International Finance Company has gone into liquidation
and is winding down its business, with a liquidation committee
already formed to oversee loans collections and payment of its
obligations, The Asian Wall Street Journal reported Monday.

Liquidation began in May, after it was approved by the People's
Bank of China.

Shanghai International is a finance firm jointly owned by Bank
of East Asia (Hong Kong), Sanwa Bank (Japan), Bank of China, and
Bank of Communications (Shanghai), each with 25 percent
stakeholding.


SHUN TAT: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Shun Tat Plastic Electronic Factory
Limited is set for hearing before the High Court of Hong Kong on
August 29, 2001 at 9:30 am. The petition was filed with the
court on June 11, 2001 by Eastec Technology Limited whose
registered office is situated at Units 903-6, 9th Floor, Tower
1, Harbour Centre, 1 Hok Cheung Street, Hunghom, Kowloon, Hong
Kong.


SINO-I.COM: Shareholders Approve Capital Reduction
--------------------------------------------------
The reduction of capital of Sino-i.com Limited from
HK$3,000,000,000 to HK$600,000,000 has been approved by the
shareholders and confirmed by the Court accordingly.

Trading in the new ordinary shares of HK$0.10 each in the
capital of the Company on The Stock Exchange of Hong Kong
Limited will commence on 10 July 2001.

Adjustment Proposal

The Board of the Company announces that the Adjustment Proposal
was approved by a special resolution passed on 3 May 2001 at a
general meeting by the shareholders of the Company and was
confirmed by an order of the Court made on 27 June 2001. Such
order and the minutes required under section 61 of the Companies
Ordinance have been duly registered with the Companies Registry
on 5 July 2001 and therefore, the Adjustment Proposal takes
effect on the same day.

Accordingly, the capital of the Company is HK$600,000,000
divided into 6,000,000,000 shares of HK$0.10 each of which
3,914,504,877 shares were in issue as at 5 July 2001.

Trading Arrangements

Trading in the new ordinary shares of HK$0.10 each in the
capital of the Company (such new shares created as a result of
the capital reduction of the Company becoming effective on 5
July 2001) will commence on 10 July 2001.

Share Certificates

The Board also announces that the printing of new shares
certificates has been completed. Shareholders who desire to
exchange their existing shares certificates for the new
certificates may do so at no cost if effected within 30 days
from the day of this announcement. Subsequent changes will incur
a fee of HK$2.50 (or such higher amount as may from time to time
be allowed by the Stock Exchange) for each of such certificate
to be issued.


SINOPEC CORP: Closure Of Register Of Members Starts July 25
-----------------------------------------------------------
The register of members of Sinopec Corp. will be closed from 25
July 2001 to 24 August 2001 (both days inclusive), during which
period no transfer of shares will be registered, says Company
Secretary Zhang Honglin.

In order to be eligible to attend and vote at the extraordinary
general meeting of Sinopec Corp. to be held on Friday, 24 August
2001, all transfers accompanied by the relevant share
certificates must be lodged with share registrars for H shares
of Sinopec Corp. in Hong Kong, Hong Kong Registrars Limited,
2/F, Vicwood Plaza, 199 Des Voeux Road Central, Hong Kong, not
later than 4:00 p.m. on 24 July 2001.


SINOPEC CORP: EGM Slated For August 24
--------------------------------------
China Petroleum & Chemical Corporation, otherwise known as
Sinopec Corporation, announces that the second extraordinary
general meeting of the company for year 2001 ("EGM") will be
held at the Conference Hall, 6th floor of the head office
building of Sinopec Corp. at A6 Huixindong Street, Chaoyang
District, Beijing 100029, China on Friday, 24 August 2001 at
9:30 a.m. (or so soon thereafter as the extraordinary general
meeting of Sinopec Corp. convened on that day in the same place
in relation to the approval of the acquisition of Sinopec
National Star Petroleum Company shall have concluded) for the
purposes of considering and, if thought fit, passing the
following resolutions which will be proposed as ordinary
resolutions:

Ordinary resolutions

   1. "THAT Mr Wang Yi be and is hereby appointed as a director
of Sinopec Corp."

   2. "THAT Mr Zhang Enzhao be and is hereby appointed as a
director of Sinopec Corp."

The biographies of the two candidates are as follows:

WANG YI, male, was born in April 1956. In July 1982, he
graduated from Beijing University specializing in Chinese
history. In November 1984, he was a postgraduate of Beijing
University specializing in modern Chinese history. In January
1998, he obtained a doctorate degree from Xinan Finance
University specializing in economics.

He is a Senior Economist. He started working in April 1971 and
had been a worker at Kunming Steel Plant and Yunan Cereals and
Oil Machinery Plant. In November 1984, he served as Assistant
Lecturer at Beijing University. In October 1985, he served as
Secretary to the Organ Affairs Administration of the State
Council.

In September 1992, he served as Deputy Director of the
Securities Commission of the State Council. In October 1995, he
served as Vice Chairman of China Securities Regulatory
Commission. In January 1999, he served as Deputy Governor of the
State Development Bank. Mr Wang has been engaged in policy
research, financial securities management and guidance work for
a long time and has extensive experience in management.

ZHANG ENZHAO, male, was born in December 1946. In July 1984, he
graduated from Fudan University specializing in finance. From
April 1985 to September 1985, he participated in the Advanced
Corporate Management Course jointly organized by Shanghai
Jiaotong University and the Chinese University of Hong Kong. He
is a Senior Economist. Mr Zhang joined the Construction Bank in
December 1964.

In July 1984, he was the Deputy Governor of China Investment
Bank Shanghai Branch. In January 1986, he served as Deputy
Governor of China Construction Bank Shanghai Branch. In June
1987, he served as Governor of China Construction Bank Shanghai
Branch. In September 1999, he was Deputy Governor of China
Construction Bank. Mr Zhang has been engaged in financial
management for a long time and has extensive experience in
financial management.

China Petrochemical Corp (Sinopec) in December last year signed
a debt-for-equity swap agreement with asset management.

Sinopec negotiated a swap deal with the China Construction Bank
on loans at 13 subsidiaries worth more than 30 billion yuan
(about HK$28 billion). They would be mainly debt-ridden ethylene
producers in Maoming, Tianjin, Guanzhou, Zhongyuan and Beijing,
as well as refineries in Yanshan, Baling and Anqing.

The swap deal for the Maoming plant would be the biggest. The
plant had stopped paying interests on loans of 12 billion yuan
in October. The deal lowered its debt-to-asset ratio from 99 per
cent to 30 per cent.


SINOPEC CORP: EGM To Decide On Acquisition Deal
-----------------------------------------------
Sinopec Corporation announces that an extraordinary general
meeting ("EGM") of China Petroleum & Chemical Corporation
("Sinopec Corp.") will be held at the Conference Hall, 6th floor
of the head office building of Sinopec Corp. in Beijing, China
on Friday, 24 August 2001 at 9:00 a.m. for the purposes of
considering and, if thought fit, passing the following
resolution which will be proposed as an ordinary resolution:

Ordinary resolution

   "THAT the Acquisition (as defined in the circular dated 30
June 2001 dispatched to shareholders of Sinopec Corp., a copy of
which has been produced to the meeting marked "A" and signed by
the Chairman of the meeting for the purpose of identification),
including the Acquisition Agreement, the On-going Connected
Transaction Adjustment Agreement and the On-going Connected
Transactions be and are hereby approved and that the Directors
be and are hereby authorized to take all steps in connection
therewith as they may in their absolute discretion think fit."

Sinopec Corp. and Sinopec Group Company entered into the
Acquisition Agreement on 11th June, 2001, whereby Sinopec Corp.
has agreed to acquire the entire equity interest of Sinopec
National Star at a consideration of RMB6,446.1 million (or
approximately US$779 million).

The acquisition price is based on production from Sinopec
National Star's existing crude oil and natural gas reserves. In
addition, Sinopec Corp.'s management believes that the prospect
of development from Sinopec National Star's assets base is
promising.

Taking into account of Sinopec National Star's net indebtedness
of approximately RMB2,683.9 million (or approximately US$324
million) as of 31 December 2000, the acquisition price equals
RMB9,130 million (or approximately US$1.1 billion) for the
enterprise value of Sinopec National Star, which represents
approximately US$1.77 per BOE of Sinopec National Star's proved
oil and natural gas reserves of approximately 622 million BOE.

The consideration is expected to be funded by the proceeds of
the proposed issue of domestic ordinary shares of Sinopec Corp.
as announced on 17 April 2001.

Since Sinopec Group Company is a substantial shareholder of
Sinopec Corp. and Sinopec National Star is a wholly-owned
subsidiary of Sinopec Group Company, the Acquisition Agreement
constitutes a connected transaction for Sinopec Corp. under the
Listing Rules. Under the Acquisition Agreement, Sinopec National
Star will grant a non-exclusive licence to Sinopec Group Company
under which Sinopec National Star will allow Sinopec Group
Companies to use the intellectual properties rights owned by
Sinopec National Star at no consideration.

Following the completion of the Acquisition, Sinopec National
Star will (either by itself or through the Company) continue to
have transactions with members of the Sinopec Group Companies.
In this connection, Sinopec Corp. and Sinopec Group Company
entered into the On-going Connected Transaction Adjustment
Agreement.

Sinopec Corp. intends to seek the approvals of Independent
Shareholders for (i) the Acquisition (including the Acquisition
Agreement and the On-going Connected Transaction Adjustment
Agreement); (ii) the On-going Connected Transactions; and (iii)
the New Caps subject to certain conditions as set out in this
announcement and the Circular to be despatched in respect of the
Acquisition. An EGM will be convened and held for the purposes
of seeking such approvals.


TEM FAT: Long Stop Date Extended To July 12
-------------------------------------------
Further to the joint announcement dated 29 May 2001 of Tem fat
Hing Fung (Holdings) Limited, RNA Holdings, and Can Do Holdings
Limited (collectively called herein as Listed Companies) in
relation to the postponement of dispatch of circulars, lapse of
an acquisition agreement and extension of the long stop date of
the Final Agreements, the respective Boards of the Listed
Companies announce that the long stop date of the Final
Agreements will be further extended from 5 July 2001 to 12 July
2001.

Further to the announcement of Tem Fat dated 27 June 2001 in
relation to the postponement of dispatch of circulars of Tem
Fat, the dispatch of the circular of Tem Fat relating to the
Final Agreements together with notice of special general
meeting, since Tem Fat requires more time to prepare the
financial information, in particular, the indebtedness
statements to be incorporated into the circular, the circular
needs to be further postponed to on or before 31 July 2001.

Application for waiver from strict compliance with the Listing
Rules in relation to the time frame for the dispatch of such
circular will be made to the Stock Exchange by Tem Fat.

Approval from shareholders of Tem Fat is one of the conditions
precedent for the completion of the transactions contemplated
under the Final Agreements and it is anticipated that no general
meeting to consider the Final Agreements can be convened before
12 July 2001.

The extended long stop date of 12 July 2001 may need further
extension. The relevant group/related companies of Cheung Kong,
Mr. Chan and his controlled company may or may not agree to
further extend the long stop date.

The relevant group/related companies of Cheung Kong. Mr. Chan
and his controlled company may waive the condition for
simultaneous completion of all the transactions contemplated
under the Final Agreements.
Shareholders and investing public are advised to exercise
caution when dealing in the securities of Tem Fat. Further
announcement will be made if and when appropriate.

Further to the joint announcement dated 29 May 2001 of the
Listed Companies in relation to the postponement of dispatch of
circulars by the respective Listed Companies, lapse of an
acquisition agreement of Can Do and extension of the long stop
date of the Final Agreements, the respective Boards of the
Listed Companies announce that:

   (i) an extension letter to the Final Agreements was entered
into on 5 July 2001 between the relevant group/related companies
of Cheung Kong, Mr. Chan and his controlled company; and

   (ii) a supplemental agreement to the Final Agreements was
entered into between Can Do and a relevant group/related company
of Cheung Kong to further extend the long stop date for the
fulfillment or waiver of the conditions of the Final Agreements
from 5 July 2001 to 12 July 2001.


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


TELEKOMUNIKASI: Pulls Out Of Joint Operation
--------------------------------------------
PT Ariawest's contract with the state-owned domestic call
provider PT Telekomunikasi Indonesia (TLK) over the jointly
operated telephone project in West Java has ceased due to
Ariawest's negligence to pay revenues for 14 months, The Asian
Wall Street Journal reports citing TLK's Operations and
Marketing Director Komarudin Sastrakusuma.

Ariawest, which is partly owned by AT&T Corp. states TLK
violated terms on 1995 agreement, under which the company must
pay the TLK 30 percent of revenues for the right to operate the
fixed-line service. Mr Komarudin further stated that the
company's plan to liberalize the local telecom market by 2003
has changed the terms of this agreement, and has threatened
legal action if TLK doesn't pay adequate compensation to end the
contract.

Mr Komarudin said that due to the termination of the contract,
TLK will buy the company's assets in West Java based on their
net book value.

Mr Komarudin claims Ariawest has missed payments to Telkom
totaling Rp509 billion.

Ariawest filed a $1.3 billion arbitration case against Telkom on
the contract dispute.


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


KOOKMIN BANK: Head For Merged Bank To Be Picked
-----------------------------------------------
The merger of Kookmin Bank and Housing & Commercial Bank (H&CFB)
will pick its president from the two incumbent presidents of the
two respective banks, namely Kim Sang-hoon and Kin Jung-tae, The
Digital Chosun reports yesterday.

According to the report, the one that will not be picked will
then head the board of directors of the merged entity.

Meanwhile, Kookmin Bank and H&CB are scheduled to lower their
deposit rate on banks' three-month to six-month time deposits
from 5.8 percent per annum to 5.5 percent per annum.

Hence, when the tax on interest income of 16.5 percent is
accounted for, the deposit rate will further fall to 4.59
percent from 4.85 percent, which is said to be lower than the
inflation during the first half of this year of 4.7 percent.

Moreover, Kookmin Bank and H&CB will lower the banks' six-month
to one-year deposits from 5.9 percent to 5.7 percent and the
same of one-year time deposits from 6 percent to 5.9 percent.


NATIONAL OIL: PM Koizumi Seeks Liquidation
------------------------------------------
Prime Minister Junichiro Koizumi is seeking the liquidation and
dissolution of debt-laden state-owned Japan National Oil
Corporation, as part of the government's structural reform
campaign to save as much as Y1 trillion, Dow Jones Newswires
reports Monday.

Koizumi told Dow Jones, "I encouraged Mr. Horiuchi to proceed
boldly in the direction of abolishing it. The bureaucrats appear
to be thinking of reasons to keep it going, but I said please
see to it that that isn't the case."


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


CHOONG-IL: Insolvent, Operations Suspended
------------------------------------------
The business operations of Choong-il Mutual Savings and Finance
Company will suspended for six months, after the Financial
Supervisory Commission (FSC) declared the provincial thrift
institution insolvent, The Korea Herald reports Saturday.

FSC said that Choong-il registered a BIS capital adequacy ratio
below 1 percent, as its debts exceeded its assets, the newspaper
says.

Consequently, the company's management staff will be relieved
from their posts within the six-month ban period ending January
25.

FSC, the report says, has also ordered the insolvent financial
firm to produce and submit remedial measures and a management
improvement plan. Failure to do so would mean that the company
would be forced to go into liquidation.


CHOYANG SHIPPING: Reopening Japan-Korea Route
---------------------------------------------
Choyang Shipping is scheduled to reopen its Japan-Korea shipping
route, which was jettisoned after the company filed for court
receivership, The Herald Sun reported over the weekend.

Choyang will also reopen routes from Korea to Singapore, Taiwan,
Hong Kong and other Asian ports within the month.

Choyang Shipping, one of the largest Korean sea shipping firms,
and its subsidiary Nam Buk Fisheries, with debts of W387.6
billion and W23 billion respectively, applied last month for
court protection from creditors at the Seoul District Court.

Lacking liquidity, Choyang decided to seek court
protection after its failed attempt to make a turnaround by way
of self-rescue exercises, including an asset disposal program
involving 70 percent of its assets to generate cash of about
W706.9 billion.

Another Choyang subsidiary Samik Logistics also sought court
mediation. Samik received from both Choyang and Nam Buk payment
guarantees worth W180 billion. Samik owes creditors a total of
W15.2 billion.

To operate the Japan-Korea route, Choyang will deploy Korea
Pearl, a 333-TEU container vessel, and the Korea Master, the
report says.


DAEWOO MOTOR: GM To Bid W800-B
------------------------------
An unidentified Korean government official said General Motors
Corporation (GM) is likely to offer W800 billion to take over
insolvent Daewoo Motor Company's passenger car business,
Bloomberg reported Tuesday, citing Dong-A Ilbo newspaper.

GM's takeover offer, the report says, may include only a select
range of Daewoo plants, excluding Daewoo's W2.2-trillion vehicle
inventory, while it proposes forming a new entity to take over
the Korean automaker's assets.

It remained unclear whether GM's takeover bid includes Daewoo's
central Bupyong plant.

Daewoo Motor was declared insolvent in November of last year,
with accumulated losses reaching W18.3 trillion, incurred over
the past two years.


HYUNDAI PETROCHEM: Naptha Cracker Operation Reduced to 80%
----------------------------------------------------------
Hyundai Petrochemical Company has reduced operations of its two
naptha crackers to 80 percent since Monday, owing to shortage of
feed stock, The Asian Wall Street Journal reported Tuesday,
citing a company spokesman.

Today, it is expected that production will be further reduced to
70 percent.

The company's Daesan complex, which operates two naphtha
crackers with a total production capacity of 1.05 million metric
tons a year, may likely be shut down by the end of the week, as
creditors of the company have refused to release emergency fund
to pay for the importation of the raw material, the newspaper
reports.

The shortage is due to the fact the company's creditor banks
refused to open the letter of credit for the importation of raw
materials, an action to counter the objection of the company's
largest shareholders to a creditors' urging to undertake a full-
scale capital reduction.

This move by the creditors to reduce capital is one of the three
conditions set in exchange for the provision of rescue funds to
the company. The two other conditions are management revamp and
the labor union's agreement to further restructuring measures.

Four of the largest shareholders of the company that are
opposing the capital reduction move are: Hyundai Engineering and
Construction Company, Hyundai Motor, Hyundai Development
Company, and Hyundai Department Store.


SUKJIN MUTUAL: Insolvent, Says FSC
----------------------------------
The Financial Supervisory Commission (FSC) has deemed Sukjin
Mutual Savings and Finance Company as an insolvent financial
institution, and consequently, suspended its operations for six
months, The Korea Herald reports over the weekend.

According to the report, Sukjin has debts surpassing its assets
value, with BIS capital adequacy ratio falling below 1 percent.

Following the insolvency declaration, FSC banned the managing
staff of Sukjin from assuming duties within a six-month period
ending January 25.

The FSC also ordered the provincial thrift institution to
produce a corrective action and management improvement plans to
be submitted to the financial watchdog. Otherwise, the company
will be compelled to undertake a purchase and acquisition
measure or go into liquidation.


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


AUSTRAL AMALGAMATED: Moratorium Extended
----------------------------------------
On 6 July, 2000, Lim Tian Huat and George Koshy of Arthur
Andersen & Co. were appointed by Pengurusan Danaharta Nasional
Berhad to act as the Special Administrators of the following
subsidiaries of Austral Amalgamated Berhad (AAB) pursuant to
Section 24 of the Pengurusan Danaharta Nasional Berhad Act 1998:

1. Danau Kota Development Sdn. Bhd. (Company No.: 119720-H)

2. Profound View Sdn. Bhd. (Company No.: 333076-W)

3. Likas View Sdn. Bhd. (Company No.: 16908-P)

The moratorium under Section 41 of the Act, which took effect
from the date of the appointment, has been further extended to 5
July 2002. The extension is pursuant to Section 41(3) of the
Act.

During the period of the moratorium, no creditor may take action
against the aforesaid Companies except in accordance with
Section 41 of the Act.

All dealings and enquiries may be directed to the Special
Administrators.

Background

Upon incorporation, the Company was in tin mining, but it
diversified into the property sector in 1992 through the
acquisition of Danau Kota Development. Tin mining ceased
completely in 1993. Later, the Company ventured into the travel
industry.

On 16 November 98, the Company and certain subsidiaries obtained
a restraining and stay order from the High Court for the purpose
of implementing a restructuring scheme.

On 9 September 1999, Arthur Andersen & Co was appointed as
Special Administrators (SA) to the Company by Pengurusan
Danaharta Nasional Bhd to manage the operations and assets of
the Company. The SA were also subsequently appointed on 6 July
2000 over three other subsidiary companies namely, Danau Kota
Development Sdn Bhd, Likas View Sdn Bhd and Profound View Sdn
Bhd.

The objectives of the SA are to maintain the operations of the
Group while formulating a restructuring proposal.

On 12 June 2000, the SA announced that they had entered into a
conditional SPA to acquire business assets of Furqan Business
Organisation Bhd which includes an investment holding and
management services company, a licensed leasing business and a
hotel development property.

The proposed corporate restructuring scheme involves a composite
scheme of arrangement which includes the transfer of the listing
status of the Company to Furqan, a rights issue and the
acquisition of the above assets.

The proposals were approved by Danaharta on 10 October 2000 and
by secured creditors on 27 October 2000. Subsequently, on 21
March 2001 and 16 April 2001, the FIC and SC respectively
approved the scheme, subject to a downward revision of one of
the assets to be acquired.


JUTAJAYA HOLDING: Danaharta Grants Moratorium Extension
-------------------------------------------------------
The Board of Directors of Jutajaya Holding Berhad announces that
Pengurusan Danaharta Nasional Berhad, which is one of their
scheme creditors, in its letter dated 4 July 2001, agreed to
grant a further six month moratorium period up to 31 December
2001 to enable the Company to propose a revised debt
restructuring scheme to creditors.

Pursuant to an Extension Agreement dated 30 April 2001, all
other scheme creditors of the Company and one of its subsidiary
company, namely Orbit Prestige Sdn Bhd have therein also agreed
to grant to the Company an extension of time until 31 December
2001 in respect of the restructure of the debt between the
Company, Orbit Prestige and its secured and unsecured creditors.

Background

The Company originated in 1955 as a family partnership in Pulau
Ketam, Selangor, dealing in fishing nets, boating equipment and
fishing gear. It served primarily the needs of the local
fisherfolk in the area and also several coastal towns within
Selangor until 1965 when the business was shifted to Klang.

After over 30 years of involvement in the marketing of fishing
nets and gear, the partners subsequently ventured into the
manufacture of fishing nets which led to the incorporation of
the Company. Jutajaya obtained its manufacturing license to
manufacture fishing nets in December 1985.

The Group's products have since extended to synthetic nettings,
ropes and twines. These products are mainly used in the fishing
industry, plantations, construction-related industries and
sporting activities.

In a rationalization exercise carried out in 1996, its net and
rope making operations were transferred to a subsidiary and the
Company transformed into an investment holding company.

The Group then diversified into property development via the
acquisition of a property development company within the same
year. To further branch into the construction sector, the Group
acquired Jutajaya Buildtech Sdn Bhd (formerly known as Kemayan
Construction Sdn Bhd).

In July 1999, the Company acquired 100 percent of Bidalan Teguh
Sdn Bhd, an investment holding company which owns a 70 percent
stake in Desiran Juta Sdn Bhd. Desiran has entered into a JVA
with Labuan Fisheries (M) Sdn Bhd to acquire the rights to
manage, upgrade, and rehabilitate a fisheries complex located in
Labuan for a period of 25 years commencing 8 December 1998.

The business of Desiran includes manufacturing and sale of ice
blocks, sale of diesel to trawlers, processing and packaging of
seafood products and fishing. In the same year, the Company
acquired 71 percent in Action Wear (Malaysia) Sdn Bhd, which is
involved in the manufacturing of sports apparel for the export
market.


MAY PLASTICS: In Process Of Implementing Workout
------------------------------------------------
May Plastics Industries Berhad (MPI) announces that the status
has not changed as announced on 1 June 2001:

The Company has obtained the following approvals from the
following authorities/parties to implement the Proposals:

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

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

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

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

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

   * The KLSE's approval-in-principle on 4 May 2001 for
admission of KSUH to the Official List of the Second Board of
KLSE and the initial listing and quotation of the KSUH's shares
and KSUH warrants on the Second Board of KLSE; and the
additional listing of and quotation for new shares in KSUH to be
issued pursuant to the exercise of the KSUH Warrants.

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

Background

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

Currently, the Board has resolved to undertake a rescue-cum-
restructuring scheme (RCRS), which will involve, among others,
the formation of a new company and a management buy-out of
certain of its subsidiaries.

The SC's approvals were obtained on 23 June 2000 and 7 November
2000, MITI on 7 June 2000 and FIC on 30 May 2000. Subsequently,
the approval from shareholders, warrantholders and scheme
creditors was received on 22 December 2000. The High Court later
sanctioned the scheme on 26 February 2001.

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


RAHMAN HYDRAULIC: Reports Status Of Proposed Workout Scheme
-----------------------------------------------------------
In accordance with paragraph 4.1(b) of Practice Note 4/2001 of
the Kuala Lumpur Stock Exchange Listing Requirements, Rahman
Hydraulic Tin Berhad announces that there is no change to the
status of the Company's plan to regularize its financial
condition since its previous Monthly Announcement made on 1 June
2001.

As of Monday last week, and in accordance with paragraph 5.1(c)
of PN4, the Company is within the stipulated timeframe of four
(4) months from the date of submission (i.e. 5 April 2001) to
obtain all necessary approvals for implementation of its
Proposed Restructuring Scheme.

Background

Special Administrators (SA) were appointed to the Company (RHTB)
on 16 June 2000 pursuant to Section 24 of the Pengurusan
Danaharta Bhd Act 1998.

On 27 September 2000, a Heads of Agreement was entered into with
Speed Operations Sdn Bhd, an agent of the vendor of White Knight
Companies, for a restructuring of RHTB which will result in the
vendors becoming RHTB's substantial shareholders.

The proposed White Knight Companies to be injected by the
vendors are Metronic Engineering Sdn Bhd, Skymech Automation Sdn
Bhd and its subsidiaries, Metro Health Sdn Bhd, MH Medic Sdn
Bhd, and the Esquetech Group of Companies. The SA are presently
formulating a workout proposal with Speed Operations.

Currently also, there is an injunction against the Directors of
the Company which was brought about through a legal action taken
by one of the shareholders of the Company.

The Company meanwhile continues with its tin mining operations
in Perak, property development at Taman Kempas, Sungei Petani,
rubber gloves manufacturing, and rubber and oil palm plantation.

Since its formation, RHTB has been in the business of tin ore
extraction from mining leases located in Klian Intan, Perak.
RHTB widened its earnings base in 1970 via purchase of rubber
plantation Ladang Pinang Tunggal. The rubber gloves
manufacturing business which produces mainly latex examination
gloves for both export and the local market, commenced business
in 1988. The factory is located near Batu Caves, Selangor.

In 1990, RHTB added property development to its portfolio.


SRI HARTAMAS: Due Diligence Ongoing
-----------------------------------
The Special Administrators of Sri Hartamas Berhad announce that
the necessary due diligence exercises are presently being
carried out pursuant to the Reconstruction Agreement executed
between FACB Resorts Berhad and the Special Administrators on
the restructuring proposal of Sri Hartamas Berhad.

The Special Administrators shall disclose further details of the
implementation of the said restructuring proposal upon
submission of the proposal to the Securities Commission for
approval.

Should you require further information please do not hesitate to
contact Special Administrator Ooi Woon Chee at 03-255 3388 ext.
8002 or Tan Kim Chuan at ext. 8101.

Background

Originally, the operations of the Company (SHB) were
concentrated on the manufacture of textiles. Subsequently, due
to the impact of depressed textile markets on the Company's
earnings, SHB requested the suspension of trading of its shares
on KLSE in order to carry out a revamp of its operations.

A capital reconstruction scheme was undertaken in 1984 and all
textile manufacturing operations were discontinued. The
Company's shares were suspended on 6 March 1975 and requoted on
KLSE on 27 July 1984.

In 1994, another reconstruction scheme was carried out.

Today, the Company's core activities are property development
including dealing in land, property investment and investment
holding. Property development projects undertaken by the Group
are mainly located in Kuala Lumpur, Port Dickson, and Johor
Bahru.

Also, the Group operates two hotels located in Penang and in
Malacca as well as a hotel investment in China.

As part of its diversification strategy, SHB had, on 14 December
1998, entered into a JVA with Bartercard International Pty Ltd
to undertake operations of the "Bartercard System" in Malaysia.

On 2 February 2000, SHB and its two subsidiaries, Sri Hartamas
Construction and Mawar Tiara, entered into three separate
agreements with South-Pacific Avenue (Malaysia) Sdn Bhd, Swiss-
Region Development and Prosperous Portfolio respectively to
dispose of some interests in subsidiaries and land.

These proposals will enable the Company to reduce further its
gearing as well as divest loss-making subsidiaries. These
proposals were subsequently held in abeyance pending the
assessment of Special Administrators (SAs) appointed to the
Company.

On 5 January 2001, however, the agreements have lapsed and
deemed aborted.

On 16 June 2000, Pengurusan Danaharta Nasional Bhd appointed
SAs, Messrs KPMG Corporate Services Sdn Bhd, to the Company and
subsequently on 21 August 2000 and 18 October 2000 respectively
appointed these SAs to the Company's five subsidiaries.
Concurrent with this appointment, a twelve-month moratorium was
placed on SHB and these subsidiaries to allow the SAs to
preserve the Group's assets and work out proposals for the
purpose of achieving the Group's survival.

Pursuant to the workout proposal, the SAs had on 22 November
2000, invited prospective proposers to submit their plans to
restructure the Group. As at the closing date of 6 December
2000, 12 proposals were received, including two from public-
listed companies. Out of these 12, three were for the Group's
restructuring and nine for bidding of certain assets of the
subsidiaries.

Upon approval of the selected proposal by Danaharta and an
independent advisor, a meeting of secured creditors will be
convened to vote on the proposal.

The SAs had also on 7 March 2001 entered, on behalf of SHB's
subsidiary Sri Hartamas Hotels, into an agreement with Sin Yik
Development Sdn Bhd to dispose off Tanjung Bungah Hotel in
Penang.

The sale is subject to the completion of conditions precedent,
which includes the relevant approvals for the Group's workout
proposal.


TAJO BERHAD: Defaulted Payment Subject To Restructuring
-------------------------------------------------------
On 13 November 1998, Tajo Berhad (Tajo) announced a default in
payment of interest by its subsidiary Tajo Project Management
Sdn Bhd (TPM) pursuant to Practice Note 2/98.

Subsequent to that, several other announcements were made
relating to defaults in payment of interest and principal by
Tajo and its subsidiaries.

On 28 December 1998, Tajo further announced the appointment of
PricewaterhouseCoopers as its financial advisors for the
restructuring of the Tajo Group.

On the 8 October 1999, Amanah Merchant Bank Berhad (now known as
Alliance Merchant Bank Berhad) announced on behalf of the Board
of Directors of Tajo that it has obtained an Order from the High
Court of Malaya for Tajo to convene for its creditors as defined
by the Proposed Scheme of Arrangement a Court Convened Meeting
pursuant to Section 176 of the Companies Act 1965.

Tajo has made regular and timely announcements on the progress
of its restructuring scheme and Proposed Scheme of Arrangement
and continues to do so on a monthly basis in compliance with
Practice Note 4/2001 since it announced on the 23 February 2001
that Tajo is considered the "affected listed issuers".

In compliance with Section 3.1 of Practice Note 1/2001 Tajo
hereby wishes to announce the details of all the facilities
currently in default by Tajo and its subsidiaries.

   a) Reason For Default In Payment

     Due to the slowdown in the regional economy in general and
the construction and building industry specifically following
the financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell down.

   b) Measures by the listed issuers to address the default in
payments

     On the 27 September 1999, Amanah announce a proposed Scheme
of Arrangement pursuant to Section 176 of the Companies Act
1965. A services of Announcements have been made following the
first announcement, based on the revisions and updates that have
developed since the first announcement.

The last significant announcement in relation to the Proposed
Scheme of Arrangement was made on 11 May 2001 by Alliance
Merchant Bank Berhad (Alliance) formerly known as Amanah.

   c) Financial and legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
Agreements for the Indebtedness

     The total outstanding as at 31 May 2001, in relation to the
payments which are in default and are the subject matter of the
restructuring scheme is RM195,644,175.00.

Since Tajo is either the principal borrower or the guarantor for
this loan, it is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

   d) In the event of default is in respect of secured loan
stocks or bonds, the lines of action available to the guarantors
or security holders against the listed issuer

     Tajo's bonds were unsecured.

   e) In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager

     As a debenture holder pursuant to the secured loans made by
MAA to Tajo they are empowered to appoint a receiver manager.

   f) Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (cross
default) and the details thereof, where applicable; and

     The facilities listed above represent all the borrowings of
the Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

     The creditors have however refrained from serious legal
action other than those which have been disclosed in our Annual
Report and Circulars as well as Announcements, since they have
voted unanimously in favor of the Scheme which is currently
under review by the authorities.


TAN CHONG: Faces Winding Up Petition
------------------------------------
Warisan TC Holdings Berhad announces that a major shareholder of
the Company, Tan Chong Consolidated Sdn Bhd (TCC), has notified
the following:

   1. That a winding-up petition has been served on TCC and
several of its shareholders; and

   2. TCC has filed an application to strike out the winding-up
petition together with a stay in further proceedings.

The Company does not have any further information with regard to
the said petition.

For the avoidance of doubt, Warisan TC Holdings Berhad wishes to
clarify that it is not involved in the winding-up petition
served on TCC.

This announcement is made to avoid any possible confusion over
the identities of the two different companies.


TECHNO ASIA: Proposal Subject To Adviser's Review
-------------------------------------------------
Techno Asia Holdings Berhad, being an affected issuer, wishes to
announce the monthly status of its financial regularization
plan, as follows:

Pursuant to Section 24 of the Pengurusan Danaharta Nasional
Berhad (Amendment) Act, 2000, Mr. Lim Tian Huat and Mr. Chew
Cheng Leong of Messrs. Arthur Andersen & Co. were appointed
Special Administrators over the Company and a subsidiary
company, Prima Moulds Manufacturing Sdn. Bhd. on 2 February,
2001.

Both Mr. Lim Tian Huat and Mr. Chew Cheng Leong were
subsequently appointed Special Administrators of the following
subsidiary companies of the Company on 30 April 2001:

   1. Mount Austin Properties Sdn. Bhd. (formerly known as
Westmont Mount Austin Sdn. Bhd.);

   2. Cempaka Sepakat Sdn. Bhd;.

   3. Ganda Edible Oils Sdn. Bhd.;

   4. Litang Plantations Sdn. Bhd.;

   5. Wisma Dindings Sdn. Bhd.;

   6. Ganda Plantations (Perak) Sdn. Bhd.; and

   7. Techno Asia Venture Capital Sdn. Bhd. (formerly known as
Westmont Venture Capital Sdn. Bhd.).

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

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

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

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

Background

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

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.

The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.

Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.
In July 2000, the Company appointed a merchant bank as adviser
to a proposed restructuring exercise which is presently still
under discussion.

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


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


BENPRES GROUP: Tollway Unit Secures $370-M Loan
-----------------------------------------------
Even without the government's risk guarantee, Manila North
Tollways Corporation (MNTC), a subsidiary of the Benpres Group,
was able to secure a loan worth $370 million from a consortium
of foreign banks, The Business World reports Tuesday.

The loan was extended by Export Finance and Insurance Corp of
Australia, the Asian Development Bank, the International Finance
Corp., SEK of Sweden, and a group of international banks,
including ABB Structured Finance, Credit Agricole Indosuez, the
Dai-Ichi Kangyo Bank, DG Bank Deutsche Genossenshaftsbank, and
Sumitomo Bank.

Early this year, MNTC entered into a construction contract with
Leighton Contractors (Asia) Limited for a lump-sum price in
excess of $150 million. The deal will call for Leighton to
conduct the full design construction, rehabilitation and
expansion of the North Luzon Expressway (NLEx).

The North Luzon Tollway Project (NLTP), the newspaper says, is
the government's flagship infrastructure project considered as
the first toll road to be funded under a financing structure
that has no government guarantee.


CAPITOL WIRELESS: Creditors Refuse To Give Payment Extension
------------------------------------------------------------
Three creditor banks of Capitol Wireless, Incorporated (Capwire)
are refusing to grant the company an extension for debt
repayments, filing separate motions with the Regional Trial
Court in Makati City demanding that Capwire complied with the
court-approve restructuring plan, The Business World reports
Tuesday.

The three creditor banks are Land Bank of the Philippines,
Development Bank of the Philippines (DBP), and Bank of the
Philippine Islands (BPI), the newspaper reports, citing Capwire
Senior Vice-President and Chief Finance Officer Joel Aguilar.

Capwire was asking its creditors to extend to another two years
its period for repayments on debts amounting to around P1
billion, the newspaper says. Capwire was also seeking lower
interest payments.


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


ACMA LIMITED: EGM To Resolve Planned Capital Increase
-----------------------------------------------------
Acma Limited announces that an Extraordinary General Meeting
(EGM) of Acma Ltd (the Company) will be held at 17 Jurong Port
Road, Singapore 619092 on 30 July 2001 at 3.30 p.m. for the
purpose of considering and, if thought fit, passing with or
without any modifications the following resolutions:

As Special Resolution

Resolution 1

   1. That, the existing Article 143 of the Articles of
Association shall be deleted in its entirety and the following
substituted therefore as Articles 143A and 143B:

      "143A. Subject to Article 143B below, a member who (having
no registered address within the Republic of Singapore) has not
supplied to the Company an address within the Republic of
Singapore for the service of notice shall not be entitled to
receive notice from the Company.

      143B. Notwithstanding the provisions of Article 140, in
connection with an issue of shares by the Company at a discount
pursuant to Section 68 of the Act, in respect of any member who
(having no registered address within the Republic of Singapore)
has not supplied to the Company an address within the Republic
of Singapore for the service of notice, such member shall be
deemed to be duly served with any notice or document when:

          (1) such notice is or document is duly posted up in
the office of the Company's share registrar; or

          (2) such document or notice is advertised in a
newspaper published in the English language in the place where
the registered office of the Company is situated."

As Ordinary Resolutions

Resolution 2

   Authorized Share Capital

   2. That the authorized capital of the Company be and is
hereby increased from $250,000,000 divided into 500,000,000
ordinary shares of $0.50 each to $600,000,000 divided into
1,200,000,000 ordinary shares of $0.50 each by the creation of
700,000,000 new ordinary shares of $0.50 each.

Resolution 3

   Issue of Shares at a discount to par value pursuant to
Section 68 of the Companies Act (Chapter 50) (Act).

   3. That, subject to the confirmation of the High Court of
Singapore (the Court) pursuant to Section 68 of the Act
(Confirmation of the Court), approval be and is hereby given for
the issue of the Rights Shares (as defined below) at $0.095 for
each Rights Share, representing a 81 percent discount to the par
value of an ordinary share of $0.50 each in the capital of the
Company (Ordinary Shares) on such terms and conditions as may be
ordered by the Court.

Resolution 4

   Rights Issue

   4. That, subject to and contingent upon the passing of
Resolutions 1 to 3 above and the Confirmation of the Court,
approval be and is hereby given for the Rights Issue (as defined
below) and for the Directors to:

      4.1 (a) provisionally allot and issue a minimum of
607,340,111 and a maximum of 752,082,562 new ordinary shares of
$0.50 each in the capital of the Company (Rights Shares) at
$0.095 for each Rights Share (or such other price as the
Directors may think fit), such Rights Shares (when issued and
fully paid) to rank pari passu in all respects with the then
existing Ordinary Shares except for any dividends declared in
respect of the financial year ended 31 December 2000 or any
rights, allotment or other distributions, for which the Record
Date is prior to the issue of the New Shares (Record Date means,
in relation to any dividends, rights, allocations or other
distributions, the date on which as at the close of business,
shareholders of Ordinary Shares must be registered with the
Company or in the case of Shareholders whose shares are
registered in the name of The Central Depository (Pte) Ltd
(CDP), with CDP, in order to participate in such dividends,
rights, allocations or other distribution);

        (b) create and issue, in conjunction with the Rights
Shares, a minimum of 86,762,873 and a maximum of 107,440,366
detachable warrants (Warrants 2004) on such terms and conditions
as the Directors may in their absolute discretion think fit,
each such Warrant 2004 to entitle the holder thereof to
subscribe for one (1) new Ordinary Share (New Share) any time
from the date of listing of the Warrants 2004 on the Singapore
Exchange Securities Trading Private Limited (the SGX-ST) and for
a period not exceeding 3 years from the date of listing of the
Warrants 2004 subject to the terms and conditions of the deed
poll (Deed Poll) constituting the Warrants 2004 to be executed
by the Company on such terms and conditions as the Directors may
think fit; and

       (c) such further warrants as may be required or permitted
to be issued in accordance with the terms and conditions of the
Warrants 2004 (any such further warrants to rank pari passu with
the Warrants 2004 and for all purposes to form part of the same
series, save as may otherwise be provided in the terms and
conditions of the Warrants 2004);

      by way of a renounceable rights issue (Rights Issue) on
such terms and conditions (including but not limited to the
following) as the Directors may in their absolute discretion
determine:-

        (i) the Rights Shares with Warrants 2004 shall be
offered and provisionally allotted to all Shareholders
(including Overseas Shareholders) in the proportion of seven (7)
Rights Shares with one (1) Warrant 2004 for every two (2)
existing Shares in the Company then held by them (fractional
entitlements to be disregarded) or in such other proportions as
the Directors at any time and from time to time may in their
absolute discretion determine;

       (ii) in the event that Overseas Shareholders wish to
accept, renounce or sell their entitlements to the Rights Shares
with the Warrants 2004, such Overseas Shareholders may do so in
the following manner:

       Overseas Depositors

          (aa) by obtaining a copy of the Abridged Prospectus
together with the ARE from the office of the Share Registrar in
Singapore and completing the ARE according to the instructions
on the ARE. The completed AREs with the requisite payments can
be submitted to the CDP, Share Registrar or Authorized Trading
Centre (ATC) to accept their Rights Entitlements;

         (bb) by accepting their Rights Entitlements via an
Automated Teller Machine (ATM) of the Participating Banks
according to the instructions provided in the Abridged
Prospectus; or

         (cc) by making the necessary arrangements with their
stock brokers in Singapore to sell their Rights Entitlements
during the nil-paid Rights Entitlements trading period.

      Overseas Scripholders

        (aa) by obtaining a copy of the Abridged Prospectus
together with the PAL from the office of the Share Registrar in
Singapore and submitting the PAL to the Share Registrar to
accept or renounce their Rights Entitlements.

     (iii) in the event that Overseas Shareholders do not wish
to accept, renounce or sell their entitlements to the Rights
Shares with Warrants 2004, Mr. Quek Sim Pin (the "Major
Shareholder"), a major shareholder of the Company, has given the
following undertakings to the Company, OUB and KE:

        (aa) (from the date of his undertaking up to and
including the Closing Date) he shall maintain in his nominee
account (the Nominee Account") kept with Overseas Union Bank
Nominees (Private) Limited, such number of Shares that is
equivalent to the aggregate number of Shares held by the
Overseas Shareholders, as determined by OUB with the assistance
of the Company where required, or where such aggregate number of
Shares held by the Overseas Shareholders are not readily
determined such other number of Shares as OUB may notify in
writing, as soon as practicable after the Books Closure Date and
in any event not later than 5.00 p.m. on the next Market Day
following the Books Closure Date;

       (bb) with the assistance of OUB Asset Management Ltd or a
fund manager acceptable to OUB (the Fund Manager), he shall sell
or procure the sale of such number of his "nil-paid" provisional
allotments of Rights Shares with Warrants 2004 which is
equivalent to the number of provisional allotments of Rights
Shares with Warrants 2004 which have been provisionally allotted
to the Overseas Shareholders (the Overseas Shareholders Rights
Entitlements) as soon as practicable after dealings in the
provisional Rights Shares with Warrants 2004 have commenced. The
proceeds from such sale of such number of his "nil-paid"
provisional allotments of Rights Shares with Warrants 2004 (the
Relevant Proceeds) will be transferred to a bank account to be
managed by OUB on his behalf (the "Designated Bank Account").
The "nil paid" provisional allotments of Rights Shares with
Warrants 2004 sold by the Fund Manager shall be referred to as
the "Sold Entitlements";

      (cc) at the Closing Date, he shall, among other things:

          (i) compensate such Overseas Shareholders at the
Closing Date, up to such sum which is equivalent to the
following formula divided among the total number of Overseas
Shareholders who have not accepted, sold or renounced their
entitlements to the Rights Shares with Warrants 2004, in
proportion to the respective entitlements to the Rights Shares
with Warrants 2004 provisionally allotted to such Overseas
Shareholders as at the Books Closure Date (the Compensation):

Total Net Proceeds from   x Number of Rights Entitlements
the sale of the Sold        not accepted, sold or renounced
Entitlements pursuant       by the Overseas Shareholders
to paragraph 4.1 (iii)      ____________________________
(bb) above                  Total Number of Overseas
                            Shareholders' Rights
                            Entitlements

"Total Net Proceeds from the sale of the Sold Entitlements
pursuant to paragraph (bb) above" shall mean the Relevant
Proceeds less any costs and expenses payable to OUB by way of
reimbursement for arranging for such sale, together with any
brokerage fees, commissions, taxes, duties or levies chargeable
thereon, provided that if the amount to be distributed to any
Overseas Shareholder shall be less than $10.00, it will be
retained for the benefit of the Company.

        (ii) subscribe and/or procure the subscription of such
number of Rights Shares with Warrants 2004 that is equivalent to
the Major Shareholder's Rights Entitlements less the Sold
Entitlements pursuant to paragraph 4.1(iii) (bb) above; and

       (iii) make an application for such number of excess
Rights Shares with Warrants 2004 that is not less than the Sold
Entitlements pursuant to paragraph 4.1(iii) (bb) above (the
Relevant Excess Rights Shares with Warrants 2004), on the terms
of his undertaking and of the Abridged Prospectus and its
accompanying documents; and

        (iv) any fractional entitlements to be disregarded in
accordance with the terms of the Rights Issue and/or any Rights
Shares with Warrants 2004 not taken up or accepted for any
reason may be aggregated and allotted to satisfy excess
applications for Rights Shares with Warrants 2004 or otherwise
be disposed of or dealt with in such manner and on such terms
and conditions as the Directors may in their absolute discretion
deem fit in the interests of the Company.
4.2 allot and issue:

            (a) a minimum of 86,762,873 and a maximum of
107,440,366 New Shares arising from the exercise of the Warrants
2004 to the holders of the Warrants 2004 on the exercise
thereof, subject to and otherwise in accordance with the terms
and conditions of the Warrants 2004, such New Shares (when
issued and fully paid) to rank pari passu in all respect (save
as may be otherwise provided in the terms and conditions of the
Warrants 2004) with the then existing Shares of the Company
except that they will not be entitled to any dividends declared
in respect of 31 December 2000 and to participate in any
dividends, rights, allocations or other distributions for which
the Record Date is prior to the issue of the New Shares;

            (b) on the same basis as Resolution 4.2 (a) above,
allot and issue such further new Ordinary Shares as may be
required to be allotted and issued on the exercise of any
Warrants 2004 referred to Resolution 4.1(c) above;

               4.3 take such steps, make such amendments to the
terms of the Rights Shares with Warrants 2004 and exercise such
discretion as the Directors may in their absolute discretion
deem fit, advisable or necessary in connection with all or any
of the above matters; and
4.4 unless otherwise defined herein, capitalized terms in these
Resolutions shall bear the same meanings as in the Circular to
Shareholders dated 7 July 2001 in connection with the Rights
Issue.

Resolution 5

Priority allocation to the application for the Relevant Excess
Rights Shares with Warrants 2004 by the Major Shareholder

   5. THAT, subject to and contingent upon the passing of
Resolutions 1 to 4 above and the Confirmation of the Court, the
Company shall and is hereby authorized to give, in relation to
the Major Shareholder's application for Excess Rights Shares
with Warrants 2004 pursuant to Resolution 4.1(iii)(cc) above,
priority to the Major Shareholder to be allotted the Relevant
Excess Rights Shares with Warrants 2004 from the pool of Rights
Shares with Warrants 2004 not accepted, sold or renounced by the
Overseas Shareholders, provided that such priority shall be
limited to the lower of:

      (a) the number of the Sold Entitlements pursuant to
Resolution 4.1(iii)(bb) above; and

      (b) the number of Rights Entitlements not accepted,
renounced or sold by the Overseas Shareholders.


ASIA FOOD: Teguh Wijaya Appointed As Director
---------------------------------------------
Asia Food & Properties Limited announced that Teguh Ganda
Wijaya, 56 and brother of Franky Oesman Wdijaja and Frankle
(Djafar) Widjaja, has been appointed as non-executive director
of the company, effective July 6, 2001.

Teguh is Vice President Commissioner of PT Duta Pertiwi and PT
Sinar Mas Agro Research and Technology. He has also served on
the boards of Sinar Mas companies and is currently President
Director of PT Indah Kiat Pulp & Paper Corporation.

Teguh has been involved in the pulp and paper, financial,
property and agriculture businesses of the Sinar Mas Group since
1974.

His past directorships include the following:

AFP Properties (USA) Limited
Asia Food & Properties Limited
Golden Agri-Resources Ltd
Handful Resources Limited
Jeanchan Limited
Koon Chung Limited
Ningbo Jinye Land Co. Ltd
Ningbo Zhonghua Paper Co., Ltd
Shanghai Golden Bund Real Estate Co Ltd

His present directorships include:

APP Bio-Tech Company Pte Ltd
APP China (Ningbo) Limited
APP China Holding Limited
APP China Investment (II) Limited
APP China Investment Limited
APP China (Suzhou) Pte Ltd
APP China Tissues Limited
APP Import & Export Pte Ltd
APP International Finance (BVI) III Limited
APP International Marketing Pte Ltd
APP Logistics Pte Ltd
APP Management Services Limited
APP Printing (Holding) Pte Ltd
APP Ventures Pte Ltd
Asia Paper (Shanghai) Co., Ltd
Asia Pulp & Paper Company (China) Ltd
Asia Pulp & Paper Company (China) Pte Ltd
Asia Pulp & Paper Company (Taiwan) Pte Ltd
Asia Pulp & Paper Company Ltd
Asia Pulp & Paper Enterprise Limited
Asia Pulp & Paper Services Limited
Bina Sinar Amity Transportation Services (Singapore) Pte Ltd
Borneo Pulp & Paper Sdn. Bhd.
China Eternal International Limited
Double-Fair Investment Limited
Fangcheng Jincheng Forestry Co., Ltd
First Western Holding Co.
Global West Holding Co.
Gold East Paper (Jiangsu) Co., Ltd
Gold Hai Paper (Kunshan) Co., Ltd
Gold Hongye Paper (Suzhou Industrial Park) Co., Ltd
Gold Huasheng Paper (Suzhou Industrial Park) Co., Ltd
Gold Lun Chemicals (Zhenjiang) Co., Ltd.
Goster Pte Ltd
Guangxi Jinqinzhou High-Yield Forest Co., Ltd
Hainan Jinhai Forestry Co., Ltd
Hainan Jinhai Pulp & Paper Co., Ltd
Hainan Jinhua Forestry Co., Ltd
Hangzhou Sinar Mas Paper Product Service Co., Ltd
Hubei Sinar Mas Paper Product Service Co., Ltd
Jin Qing Yuan Timberland (Papermill) Ltd
Jin Yu (Qingyuan) Tissue Paper Industry Co., Ltd
Jin-Shaoguan First Quality Timberland (Paper Mill) Ltd.
Jinxin (Qingyuan) Paper Industry Pte., Ltd
Marque Technologies Limited
Ningbo Asia Paper Converting Co., Ltd
Ningbo Asia Paper Tube & Carton Box Co., Ltd.
Ningbo Zhonghua Paper Co., Ltd
PT Duta Pertiwi Tbk
PT Ekacentra Usahamaju
PT Indah Kiat Pulp & Paper Tbk
PT Pabrik Kertas Tjiwi Kimia Tbk
PT Pangeran Plaza Utama
PT Paraga Artamida
PT Pindo Deli Pulp and Paper Mills
PT Purimas Sasmita
PT Purinusa Ekapersada
PT Royal Oriental Ltd
PT Sarana Papan Ekasejati
PT Sinar Mas
PT Sinar Mas Cakrawala
PT Sinar Mas Griya
PT Sinar Mas Teladan
PT Sinar Mas Wisesa
PT Sinarwisata Lestari
PT Sinarwisata Permai
PT SMART Corporation Tbk
PT Supra Veritas
Risewell Holdings Limited
Shanghai Sinar Mas Logistics Co., Ltd
Shanghai Sinar Mas Paper Products Services Co., Ltd
Sinar Mas F&P Paper Trading (Beijing) Co., Ltd
Sinar Mas Holdings (Mauritius) Ltd
Sinar Mas Investments (Pte.) Ltd
Sinar Mas Paper (Chengdu) Co., Ltd
Sinar Mas Paper (China) Investment Co., Ltd
Sinar Mas Paper (Dalian) Co., Ltd
Sinar Mas Paper (Guangzhou) Co., Ltd
Sinar Mas Paper (Kunming) Co., Ltd
Sinar Mas Paper (Qingdao) Co., Ltd
Sinar Mas Paper (Shenzhen) Co., Ltd
Sinar Mas Paper (Tianjin) Product Services Co., Ltd
Sinar Mas Paper (Xi'an) Co., Ltd
Sinar Mas Paper (Xiamen) Co., Ltd
Sinar Mas Paper (Xishan) Co., Ltd
Sinar Mas Paper (Zhejiang) Co., Ltd
Sinar Mas Paper (Zhengzhou) Co., Ltd
Sinar Mas Paper Product (Tianjin) Co., Ltd
Sinar Mas Pulp & Paper (India) Limited
Wirakarya Shipping Pte Ltd
Yalong Paper Products (Kunshan) Co., Ltd.


GOLDEN AGRI: Henry Kee Appointed As Joint Secretary
---------------------------------------------------
The Board of Directors of Golden Agri-Resources Ltd (GAR) wishes
to announce that, effective 30 June 2001:

1. Mr Chow Yew Kee, Henry has been appointed as Joint Secretary
of GAR;

2. Ms Jane Teah Seow Lian and Ms Teoh Su-Ling have resigned as
Joint Secretaries of GAR.

Listed on the Singapore Exchange in 1999, Golden Agri-Resources
Ltd. (GAR) is one of the largest private palm oil plantations in
the world. Its principal operations are located in Indonesia.

With a total planted area of 273,000 hectares, the company's
primary activities include the cultivation and harvesting oil
palm trees, collecting fresh fruit bunch and processing these
into crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening. GAR operates 18 palm-oil processing mills, two
refineries and four kernel crushing mills. GAR's turnover in
2000 was approximately US$388 million.

GAR is 55 percent owned by SGX listed Asia Food & Properties Ltd
(AFP), an investment holding company with operating businesses
in agri-resources, food and properties. Listed on the SGX in
1997, AFP's principal operations are located in Indonesia,
China, Singapore and Malaysia.

The AFP Group of Companies employs more than 60,000 people with
strong local, regional and international knowledge and
experience. AFP's turnover in 2000 was S$1.4 billion.

For further information, please contact:

Asia Food & Properties Ltd - Mee-Wah Tan - Corporate Affairs
Director
Tel +65-3295 707, Fax +65 3295 709, E-mail corpaff@afp.com.sg


GOLDEN AGRI: Changes Registered Office
--------------------------------------
The Board of Directors of Asia Food & Properties Ltd (AFP)
wishes to announce that:

   1. the Registered Office of AFP has been changed to 3 Shenton
Way, #17-03 Shenton House Singapore 068805;

   2. Mr Chow Yew Kee, Henry has been appointed as Secretary of
AFP on 30 June 2001;

   3. Ms Jane Teah Seow Lian and Ms Teoh Su-Ling have resigned
as Joint Secretaries of AFP on 30 June 2001;

   4. Mr Teguh Ganda Wijaya has been appointed as Director of
AFP on 6 July 2001; and

   5. Mr Wong Kok Siew has resigned as Director of AFP on 6 July
2001.


HO WAH GENTING: Director Lin Resigns
------------------------------------
The Board of Directors of Ho Wah Genting International Ltd (the
Company) announces the resignation of Mr Lin Mee Huat Casey as
Non-Executive Director of the Company as well as Independent
Member and Chairman of the Audit Committee of the Company with
effect from 5 July 2001.


HO WAH GENTING: Horiguchi Operations Stopped
--------------------------------------------
The Board of Directors of Ho Wah Genting International Limited
(the Company) announces that on 6 July 2001, the Company's
business operations, Horiguchi Engineering (Singapore) Pte Ltd
(Horiguchi) ceased its operations.

The employment of all staff and employees of Horiguchi were
terminated as a result thereof. Horiguchi was the Company's sole
operating subsidiary.

For the financial year ended 31 December 2000, Horiguchi
contributed the entire turnover amounting to $3,347,000 reported
by Ho Wah Genting International Limited and its subsidiaries
(the Group). Therefore, following the cessation of operations by
Horiguchi, the Group no longer carries out any business
operations.

Notwithstanding the proposed acquisition of an interest in two
toll road operations in the People's Republic of China via the
acquisition of the entire issued and paid up capital of Heng Da
Investments Pte Ltd which was announced on 29 November 2000, the
Company is currently seeking other investment opportunities to
replace the marine engineering business previously carried out
by Horiguchi.

The Company will make proper and timely announcement of any
material developments.


HO WAH GENTING: ICB Withdraws Facilities
----------------------------------------
The Board of Directors of Ho Wah Genting International Limited
(the Company) revealed that by a letter dated 3 July 2001,
Industrial & Commercial Bank Limited (ICB) had withdrawn and
recalled the entire banking facilities granted by ICB to the
Company pursuant to a Letter of Offer dated 29 August 1999.

As at the date of its withdrawal and recall, the Company's total
liability under the said banking facilities amounts to
approximately S$4,198,753.75. The withdrawal and recall of the
said banking facilities will not give rise to any further
liability. It does however, cause the entire sum owed to ICB
under the said banking facilities to become due and payable
immediately.

Save for the said now withdrawn banking facilities provided by
ICB, the Company has no other banking facilities.

As announced by the Company on 6 April 2001, the Company intends
to dispose of, and is seeking for a purchaser for, its factory
premises located at 182 Gul Circle, Singapore 629630.

Proceeds from this intended disposal will be used to partially
repay the outstanding liabilities owing to ICB under the now
withdrawn banking facilities (the ICB Debt).

Concurrently, the Company is discussing with the Company's
controlling shareholder to provide additional financial support
to repay the balance of the ICB Debt.

Further, in the event the Company's proposed acquisition of
interests in two toll road operations in the People's Republic
of China announced on 29 November 2000 is completed, the Company
has secured an undertaking from the new controlling shareholder
of the Company to provide financial support sufficient to fully
repay the ICB Debt.

The Company is now discussing with ICB to restructure the
liability due to ICB under the now withdrawn facilities,
including setting out a new repayment schedule. However, if the
Company is not able to obtain ICB's agreement to restructure the
ICB Debt, and the Company fails to repay the ICB Debt or to make
alternative arrangement(s) to ICB's satisfaction, the Company
wishes to inform that ICB could appoint a receiver or manager
over the Company's assets which have been provided to ICB as
security for the now withdrawn banking facilities, or to
petition for the winding up of the Company, or both.

Pending satisfactory resolution of the Company restructuring of,
or the repayment of, the ICB Debt, the Company has sought a
suspension of trading of the Company's shares.

The Company will make appropriate announcements in relation to
the Company's discussions with ICB in this regard, and would
like to inform shareholders and the public that sufficient
information has been disseminated to investors at all relevant
times.


I-ONE.NET: Amends Acceptance Of Options
---------------------------------------
Further to the announcement made by i-One.Net International Ltd
(the Company) on 3 July 2001, the Company wishes to announce
that the disclosure by the directors relating to their
acceptance of share options granted pursuant to the i-One.Net
Executives' Share Option Scheme 2001 should read as follows:

Name of Director Number      Exercise Exercise
                 Of Options    Price   Period

Lim Jit Poh      200,000     S$0.0767 25 Jun 2002-24 Jun 2006

Wang Kai Yuen   150,000      S$0.0767 25 Jun 2002-24 Jun 2006

Kwek Leng Kee   100,000      S$0.0767 25 Jun 2002-24 Jun 2006

Lim Chin Tong   500,000      S$0.0767 25 Jun 2002-24 Jun 2011

Lim Cher Lin    350,000      S$0.0767 25 Jun 2002-24 Jun
2011


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


ALPHATEC ELECTRONIC: Case Transferred To Bankruptcy Court
---------------------------------------------------------
Alphatec Electronic Public Company Limited is engaged in
manufacturing, sale, hire-purchase, import-export of electronic
equipment.

The company's Petition for Business Reorganization was filed to
the Civil Court. It was later transferred to the Central
Bankruptcy Court. The following are the details:

Black Case Number Lor.Phor. 1/2541

Red Case Number Phor. 13/2542

Petitioners: Bangkok Bank Public Company Limited and 5 other
Petitioners

Planner: Price Waterhouse Corporate Finance and Restructuring
Company Limited

Debts Owed to the Petitioning Creditors: Bt15,324,143,311

Date of Court Acceptance of the Petition: May 12, 1998

Court Order for Business Reorganization and Appointment of
Planner: June 4, 1998

On 2 February 1999, the creditors' meeting passed a resolution
amending issues 1-4 of the new planner's plan and the issue that
was amended by Krungthai Bank Public Co., Ltd.

Krungthai Bank Public Co., Ltd, creditor no.116, accepted issues
1-4 of the new planner's plan but did not accept issue 5 of the
new planner's plan.
Regarding this matter, the creditors' meeting passed a special
resolution accepting the above amended plan and a resolution
establishing the creditors' committee which is comprised of:

1. BANGKOK BANK PUBLIC CO., LTD.

2. KRUNGTHAI BANK PUBLIC CO., LTD.

3. I N G BANK NV.

4. BANGKOK METROPOLITAN BANK PUBLIC CO., LTD.

5. UNION BANK OF BANGKOK PUBLIC CO., LTD.

6. NAKORNTHON BANK PUBLIC CO., LTD.

7. CREDIT AGRICOLE INDOSUEZ BANK BANGKOK BRANCH.

On 12 February 1999, the court issued an order accepting the
reorganization plan of the debtor pursuant to Section 90/58
paragraph 1 of the Bankruptcy Act B.E. 2483 and appointing
PricewaterhouseCoopers FAS Limited to be the plan administrator.
The plan administrator has rights and duties pursuant to Section
90/59 of the Bankruptcy Act B.E. 2483. On 10 February 1999,
CREDIT AGRICOLE INDOSUEZ BANK BANGKOK BRANCH, creditor number
154, filed a request to withdraw from being part of the
creditors' committee and the official receiver made an order
permitting the withdrawal and as a result there are 6 members
remaining in the creditors' committee.

Contact: Ms. Poonsiri, Tel.6792511


TANAYONG PUBLIC: Subject To Rehab Plan Preparation
--------------------------------------------------
The Stock Exchange of Thailand (SET) has established procedures
Companies Under Rehabilitation (REHABCO) if the company's
financial statements show negative shareholders' equity on its
balance sheet.

However, it should be noted that any unrealized losses that
occurred as a result of the 1997 change in the exchange rate
system can be used to adjust its shareholders' equity.

In addition, in case the auditor has issued a qualified opinion,
the Exchange may consider the financial condition of the listed
company by including the adjusted condition from the auditor's
report. If company shareholders' equity is less than zero, the
SET will transfer the listed company to the REHABCO category.

The SET considered the audited annual financial statements ended
March 31, 2001 filed by Tanayong Public Company Limited (TYONG)
and found that TYONG shareholders' adjusted equity had a
negative value. As a result, TYONG has been subjected to
rehabilitation plan preparation.

Therefore, the SET will proceed under the requirements of the
Rules Governing Delisting of Securities, 1999 as follows:

   1. Publicly announces that TYONG has been subjected to
rehabilitation plan preparation and temporarily post SP
(Suspension) sign to suspend further trading on July 9, 2001.

   2. Transfer TYONG's securities to REHABCO category on July
12, 2001, and the SET will suspend further trading for 30 days
from the date of announcement to August 7, 2001. This is to give
the companies' management time to make prudent decisions that
benefit all parties concerned.

   3. TYONG must inform the SET by August 7, 2001 whether it has
decided to prepare a rehabilitation plan to propose to the
company's shareholders; or whether it would like to ask for
voluntary delisting; or whether it would like to try other
options which will benefit all company stakeholders involved.

The company must also provide the SET with a time schedule to
implement its decisions.

   4. And to propose to the shareholders, the company must
proceed as follows:

     4.1 Appoint an independent financial advisor to assist
management in the preparation of the rehabilitation plan.

     4.2 Co-operate fully with the independent financial advisor
in organizing a meeting to present the rehabilitation plan to
analysts and shareholders, and then also propose it to the
shareholders for approval.

     4.3 Co-operate with the independent financial advisor in
reporting every three months to the SET on its actual
implementation progress, as compared to the rehabilitation plan
until the causes of possibly being delisted are eliminated.

     In case the company submits a petition under the Bankruptcy
Act, the company is able to implement the rehabilitation plan
approved by the creditors and the court in place of the plan
approved by the company's shareholders. However, the company
still has the duty to report the SET about the implementation
progress (see No 4.3).

   5. The SET will allow trading the securities of TYONG under
the REHABCO category from August 8, 2001 to September 6, 2001
after receipt of all required information (see No.3.). This is
to give all shareholders a chance to trade the securities,
before further suspension during the company has implemented the
rehabilitation plan.

   6. The SET will post an SP (suspension) sign to prohibit the
trading of TYONG on September 7, 2001 onward. However, the
company may request the SET to allow continued trading under the
REHABCO category, if it has completed its debt restructuring
more than 50 percent of its total debts, and the rehabilitation
plan has either been approved by the shareholders or the
Bankruptcy Court in accordance with the conditions specified by
the SET.

The SET requests that all shareholders and general investors
study the complete set of TYONG's financial statements and also
follow up the proposed rehabilitation plan prepared by the
company and its financial advisor, which will be presented to
TYONG shareholders' meetings or the Bankruptcy Court.


THAI HEAT: Submits Rehab Plan To Court
--------------------------------------
Thai Heat Revival Company Limited as the reorganization planner
of Thai Heat Exchange Public Company Limited has sent the
rehabilitation plan to the central bankruptcy court on June 27,
2001.

The details of plan is as follows:

   1. Converting the debt of 13 financial institutions to
12,583,200 convertible prefer shares at Bt10.00 per share
totaling Bt125,583,200.

   2. The remaining debt of 13 financial institutions amount of
Bt265 million will be fully paid within 10 years.

   3. Stopping accrued interest from March 2001 onward until the
court admit the company into rehabilitation process. After that
the company has to pay the interest at the rate 3 percent per
annum until December 2003 and the rate not more than 5 percent
per annum for the year 2004 - 2005 and MLR rate for the year
after 2006.

   4. Account payables pay at normal credit term.

   5. Labor payables will be fully paid within 5 years.

   6. Thai Heat Revival Company Limited will be the management
planner for the period of 5 years.

The official receiver has set the date for the creditors to vote
on the rehabilitation plan on August 3, 2001 and the central
bankruptcy court set the date to judge the rehabilitation
process on September 6, 2001.


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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