TCRAP_Public/010716.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

           Monday, July 16, 2001, Vol. 4, No. 137


                         Headlines


A U S T R A L I A

131 SHOP.COM.AU: Online Advantage Acquires Shares
131 SHOP.COM.AU: Online Advantage, New Substantial Holder
BRIDGEDFS LIMITED: CBA Becomes Substantial Holder
BRIDGEDFS LIMITED: Posts Top 20 Shareholders
BRIDGEDFS: Principal Mutual Acquires Relevant Interest
CALTEX AUSTRALIA: S&P Affirms BBB+/A-2 Ratings, Negative Outlook
MAYNE NICKLESS: Downgrade Likely For Moody's Baa1 Rating
MTM ENTERTAINMENT: New Directors Appointed
ONE.TEL LIMITED: Court Grants Injunction Against Telstra


C H I N A   &   H O N G  K O N G

EXCEL PROSPER: Faces Winding Up Petition
FAIRWOOD HOLDINGS: Reports Loss Due To Implementation of MPF
ICG ASIA: Cites No Reasons For price Increase
TAI KA HUNG: Winding Up Petition To Be Heard
TRENDY PROFIT: Winding Up Petition Set For Hearing
SZE SUN: Winding Up Petition Hearing Set


I N D O N E S I A

PT CONCORD BENEFIT: JSX Delisting Likely


J A P A N

MITSUBISHI HEAVY: Reorganizes Tire Equipment Operations
TOKYO-MITSUBISHI: Moody's Assigns A3 to Yen Subordinated Bonds


K O R E A

DAEWOO MOTOR: Sale Negotiation Completion Near
HANA BANK: Sells W413.9 Bad Assets
KOOKMIN BANK: Establishment of the new CEO Selection Committee


M A L A Y S I A

AYER HITAM: Subsidiary Suspends Interest Payment
JOHOR PORT: Unit Resolves to Voluntarily Wind Up
LONG HUAT GROUP: Winds Up Furniture Subsidiary
MYCOM BERHAD: Defaults Principal Payment
NCK CORPORATION: Reports Details of Defaulted Payments
PANGLOBAL BERHAD: Applies Extension To Proposed Scheme
RHB CAPITAL: Unit Liquidation Planned
RNC CORPORATION: Liquidates Two Subsidiaries
S & P FOOD: SC Approves Appeal to Change Proposed Condition


P H I L I P P I N E S

CAPWIRE TELECOMMUNICATIONS: Prospective Investor Talks Continue
NATIONAL POWER: Expects To Top P2.3bln Loss Last Year


S I N G A P O R E

AMTEK ENGINEERING: Associated Company to Cease Business
SEE HUP: Explains Auditor's Unqualified Report


T H A I L A N D

MANAGER MEDIA: Business Reorganization Filed In Civil Court
POWER-P PUBLIC: Reports on Development of Restructuring Plan
SIAM CITY: Notifies Details and Agendas of EGM No. 1/2544


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


131 SHOP.COM.AU: Online Advantage Acquires Shares
-------------------------------------------------
Leading e-Commerce provider Online Advantage has acquired a 19.7
percent strategic stake, being the purchase of 12,700,000
shares, in 131Shop.com.au (131Shop).

Shareholders of 131Shop will be asked to approve a number of
resolutions and will consider the acquisition of RedStar Pty Ltd
and TIG Pty Ltd on the 10 July 2001. Both are specialist
providers of e-Commerce systems with exclusive blue chip
clients.

Clients of RedStar and TIG include: 3M, Australia Post, Mayne
Nickless, Carlton & United Breweries, BHP, Reebock and Johnson &
Johnson to name a few.

As one of the resolutions, 131Shop is to be renamed Focus
Technologies.

Online Advantage sees the stake in 131Shop as a strategic
investment that allows for the alignment of similar e-Commerce
technologies under the umbrella of Tomorrow Limited and Online
Advantage.


131 SHOP.COM.AU: Online Advantage, New Substantial Holder
---------------------------------------------------------
131 Shop.com.au Limited (131 Shop) [ASX:0TO] released a
statement saying Online Advantage Limited (Online Advantage)
[ASX:0LA] has become a substantial shareholder in the company -
acquiring 19.7 percent of 131 Shop in an on-market purchase at
$0.085 per share.

Commenting on the investment, 131 Shop Chairman Wayne Bos said,
"Online Advantage is in the business of delivering eCommerce
technology and supply chain solutions which is complementary to
131 Shop's new operational focus. We welcome Online Advantage as
a shareholder and look forward to exploring business
opportunities which exist between the two organizations."

131 Shop has also proposed a name change, to Focus Technologies
Limited at a General Meeting of shareholders.


BRIDGEDFS LIMITED: CBA Becomes Substantial Holder
-------------------------------------------------
Commonwealth Bank of Australia became a substantial shareholder
in Bridge DFS Limited on 4 July 2001 with a relevant interest in
the issued share capital of 10,591,107 ordinary shares (10.59
percent).


BRIDGEDFS LIMITED: Posts Top 20 Shareholders
--------------------------------------------
BridgeDFS Limited announces the Company's top 20 shareholders as
follows:

Top Twenty Shareholders As At 11 July 2001
Fully Paid Ordinary Shares

Name                                        Holding    %

ASX Ltd                                15,000,000     15.0
Chase Manhattan Nominees Ltd           14,200,071     14.2
Permanent Trustee Australia Ltd        8,103,077      8.1
National Nominees Ltd                  6,439,275     6.44
Perpetual Trustees Nominees Ltd         5,857,584     5.86
JP Morgan Custodial Services Pty Ltd (Equi A/C)4,354,816 4.35
Cogent Nominees Pty Ltd                4,097,755      4.1
Commonwealth Custodial Service Ltd     2,663,030     2.66
Westpac Custodian Nominees Ltd         2,584,108     2.58
Perpetual Nominees Ltd (PWSCF A/C)     2,203,529      2.2
JP Morgan Custodial Services Pty Ltd   2,151,064     2.15
Queensland Investment Corporation      2,015,000     2.02
Perpetual Nominees Ltd (JBEMEP A/C)    2,012,500     2.01
HSBC Custody Nominees (Australia) Ltd  1,934,499     1.93
Idameneo (No 79) Nominees Pty Ltd      1,836,943     1.84
Invia Custodian Pty Ltd                1,250,000     1.25
Zurich Australia Ltd                   1,118,710     1.12
Citicorp Nominees Pty Ltd              1,100,000      1.1
Government Superannuation Office
(State Super A/C)                      1,081,109     1.08
Commonwealth Custodial Service Ltd (100 A/C) 1,027,000  1.03

Total                                  81,030,070    81.03


BRIDGEDFS: Principal Mutual Acquires Relevant Interest
------------------------------------------------------
Principal Mutual Holding Company became a substantial
shareholder in Bridge DFS Limited on 4 July 2001 with a relevant
interest in the issued share capital of 7,516,205 ordinary
shares (7.52 percent).


CALTEX AUSTRALIA: S&P Affirms BBB+/A-2 Ratings, Negative Outlook
----------------------------------------------------------------
Standard & Poor's affirmed Wednesday its triple-'B'-plus/'A-2'
corporate credit ratings and rated guaranteed debt programs on
Caltex Australia Ltd. The outlook is revised to negative from
stable, reflecting the company's weak financial performance and
tough industry conditions, which could make it difficult for
Caltex to improve its credit protection measures in the short
term.

The ratings on Caltex reflect the company's satisfactory stand-
alone credit quality as a result of its strong market position
in Australia's downstream petroleum industry, and ratings
support from its higher-rated ultimate parents. However, strong
competition in Australia, thin regional refining margins, and
deteriorating credit measures have weakened the company's
financial profile.

Caltex is 50% owned by Caltex Corp. (CC), with the remaining
shareholding publicly owned. CC is a 50/50 joint venture between
Texaco Inc. (single-'A'-plus/Watch Pos/'A-1') and Chevron Corp.
(double-'A'/Stable/'A-1'-plus). Although CC and its ultimate
parent companies provide no explicit support, Standard & Poor's
believes that Caltex is a strategic asset in the Asian region
and benefits from the parents' technical support and services.

Caltex maintains a leading market position with about 28% of the
Australian petroleum marketing and distribution industry,
supported by a strong retail network covering all Australian
states. Caltex, however, faces increased pricing pressure from
independent operators marketing imported, low-priced automotive
fuel. The increased competitive pressure from independent retail
and terminal operators with access to low-priced imported Asian
refined product has eroded refiner margins in Australia. At Dec.
31, 2000, independent operators held about 5% of the Australian
retail petroleum market, compared with about 3% in 1998. This
increase has yet to affect Caltex's overall market position.

Caltex operates two refining facilities-Kurnell in Sydney and
Lytton in Brisbane. The combined capacity of these facilities is
230,000 barrels per day (bbl/d), which represents about 28% of
Australia's total refining capacity. Caltex's StarMart network
of convenience stores continues to grow, providing a stable
nonfuel royalty stream with more stable margins.

At Dec. 31, 2000, Caltex's leverage (net debt-to-net capital
ratio) increased marginally to 62% from 60% at Dec. 31, 1999
(63% in 1998), predominantly due to the working capital impact
of higher crude oil prices. Caltex's nonoperating lease-adjusted
leverage policy is 45%-50% or about 55% on a lease-adjusted
basis. However, prolonged weak refiner margins may delay the
company's ability to generate free cash flow to reduce debt.
Future capital expenditure is expected to be funded from
operating cash flow, with less reliance on debt funding. In
fiscal 2000, Caltex reported weak profitability, and the company
expects its first-half profit result to be small due to the
recent significant deterioration in refiner margins.

OUTLOOK: NEGATIVE.

Given Caltex's current poor financial performance and the
refining industry's weak fundamentals, the ongoing ownership and
technical support from Caltex's ultimate parent companies is
critical to the Caltex ratings. Also important is Caltex's
ability to improve its credit protection measures and reduce
debt to within management's leverage target. A lower rating
could result if parental support is diminished following the
completion of the Chevron and Texaco merger (taking into account
the pooling of interest treatment and the two-year limitation on
disposal), or if Caltex's financial profile weakens further, or
if its leverage target is not achieved within the next 18
months-24 months, Standard & Poor's said.


MAYNE NICKLESS: Downgrade Likely For Moody's Baa1 Rating
--------------------------------------------------------
Moody's Investors Service Thursday continued its review for
possible downgrade of the senior unsecured Baa1 rating of Mayne
Nickless Limited (Mayne). The initial review commenced on May
31, 2001. At the same time Moody's has confirmed Mayne's short
term rating of Prime-2.

Mayne has announced it is revising its bid to acquire F.H.
Faulding & Co Ltd (FHF), the Australian-based international
pharmaceutical and health care group, providing a cash component
to the previous all scrip only offer.

The continuing review will consider the impact on Mayne's
financial and operating risk profile should the revised bid
succeed. Moody's notes that benefits may arise from the proposed
acquisition. Moody's will therefore focus on this issue, as well
as the predictability and sustainability of the prospective
group's cash flows.

The ratings affected by Moody's review for possible downgrade
are as follows:

Senior unsecured rating of Baa1

Issuer rating of Baa1

The rating confirmed is as follows:

Short term rating of Prime-2

Mayne's revised bid values FHF at approximately A$2.5 billion
and caps the cash component of the bid at A$1.1 billion. Mayne
has sufficient lines of committed liquidity to support the cash
element. Concurrent to the bid for FHF, Mayne has negotiated
potential sales of both FHF's oral pharmaceutical and injectable
pharmaceutical businesses. These would, if successful,
significantly reduce Mayne's cash investment.

Moody's notes that the revised bid and potential asset sales
provide further evidence of management's execution capabilities.
This will be an important factor in determining the future
direction of the rating, particularly in providing certainty as
to the ongoing risk profile of the company.

Mayne Nickless Limited, headquartered in Melbourne, provides
health care, contract logistics, and time critical express
services.


MTM ENTERTAINMENT: New Directors Appointed
------------------------------------------
The Directors of MTM Funds Management Limited (MTM) announce the
appointment of three new Directors. Their appointments follow
the acquisition by Sunderton on Tuesday, 10 July 2001, of 50
percent of MTM owned by Inanda & Associates Pty Limited.

In accordance with the terms of the Option Deed the three new
Directors appointed, Philip Green, Robert Topfer and Michael
Maxwell are representatives of Babcock & Brown.


ONE.TEL LIMITED: Court Grants Injunction Against Telstra
--------------------------------------------------------
The Australian Competition and Consumer Commission's (ACCC) case
against Telstra was adjourned today following an interim
injunction ordered by the Court against Telstra that there be no
further representations made to One.Tel Next Generation
customers that if they transferred their business to Telstra's
competitors, or failed to transfer to Telstra, or failed to
transfer to Telstra by a specified date, they may be liable to
pay termination fees to One.Tel.

"The ACCC welcomes the court's interim injunction order which
the Commission was seeking. This vindicates the ACCC's swift
action," ACCC Chairman, Professor Allan Fels, said. "Any failure
by Telstra to comply with this interim injunction order would be
at risk of constituting contempt of court."

The history of this matter is that the ACCC wrote to Telstra on
Friday 29 June putting the allegations about the representations
to Telstra and seeking assurances that these representations
would not be made.

The ACCC's letter was not public.

Telstra advised the ACCC on Monday 2 July that it denied the
behavior was occurring but in any case had issued instructions
to prevent the behavior happening.

The ACCC produced evidence on oath to the court that the
behavior continued this week, contrary to Telstra's written
advice of 2 July, at least in respect of calls made by ACCC
staff to the Telstra call center.

The ACCC notes that yesterday (Thursday) and today in the
morning, Telstra has continued to publicly deny that any such
representations as the ACCC alleges have been made.

The ACCC also notes that since 9 June Telstra, which has the
lists of One.Tel customers, has pursued an active program of
contacting them. Some 200, 000 customers are involved.

"In view of this, the ACCC believes that among other things, the
interim injunction ordered by the Federal Court was required,"
Professor Fels said.

The ACCC will now continue with this case seeking declarations
of unlawful conduct, a permanent injunction to ensure the
behavior is not repeated, an opportunity for consumers who may
have been misled to rescind their new Telstra contracts without
penalty, corrective advertisements and a compliance program by
Telstra.

Following the ACCC's announcement of the case yesterday, a
considerable number of calls have been received on the ACCC
hotline (1300 302 502) by other One.Tel customers claiming
behavior similar to that alleged in the case.

There have been some recent allegations that "prosecution by
media release is eroding the relationship between business and
the ACCC."

Professor Fels noted that the courts have recognized that "a
moderately worded, accurate news release" published by the ACCC
serves a very useful purpose in ensuring that the media is not
left to make its own inquiries and compile its own summaries
with the risk that, by accident, inaccuracies might occur and
greater harm done to defendants.

"In the ACCC's view the Public Interest nature of this matter
warranted the course adopted by the ACCC in issuing a press
release yesterday - clearly informing the Public including
One.Tel customers what it was the ACCC was in fact doing," Said
Professor Fels. "Telstra's continuing denials that it was making
misleading statements to One.Tel customers made the public
statement by the ACCC even more important in this case."


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C H I N A   &   H O N G  K O N G
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EXCEL PROSPER: Faces Winding Up Petition
----------------------------------------
The petition to wind up Excel Prosper Industrial Limited is
scheduled for hearing before the High Court of Hong Kong on
Court on the 1st day of August 2000 at 9:30 am. The petition was
filed with the court on the 29th day of May 2001 by The National
Commercial Bank Limited, Hong Kong Branch whose principal place
of business in Hong Kong is situated at 1-3 Wyndham Street,
Central, Hong Kong.


FAIRWOOD HOLDINGS: Reports Loss Due To Implementation of MPF
------------------------------------------------------------
Fairwood Holdings has blamed a net loss of HK$9.89M in the year
to March 31 on the implementation of the Mandatory Provident
Fund (MPF), South China Morning Post reports Friday.

The fast food chain recorded a profit of HK$14.5M the previous
year.  For the year, turnover dropped 7.65% to HK$847.72M.
Losses per share were 0.2 HK cents against earnings per share of
1.21 HK cents a year ago.

Chairman and chief executive Dennis Lo Hoi Yeung said the coming
into effect of the MPF in December last year cost the company an
extra HK$10M for its 2,500 staff.  Lo said a shift in consumer
expenditure to China was another factor in the loss.

In a bid to reduce operating cots and improve efficiency, he
said Fairwood planned to move the labor-intensive processes of
its centralized kitchen and part of its business support
functions to China.

As of March 2000, the company's long term debt was HK$25.33
million and total liabilities were HK$159.52 million. The long
term debt to equity ratio of the company is very low, at only
0.08, according to Wright Investors' Service.


ICG ASIA: Cites No Reasons For price Increase
---------------------------------------------
In a statement released at the Hong Kong Stock Exchange, ICG
Asia Limited said it had noted the recent increase in the price
and the increase in trading volume of the shares of the Company.

"We wish to state that we are not aware of any reasons for such
increase," the Company said.

"Save in connection with the voluntary conditional cash offers
relating to shares and warrants of the Company as announced on
20th June, 2001 and 11 July 2001, we confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price
sensitive nature."

Earlier, ICG Asia Limited (the Company) entered into a
Restructuring Agreement with its subsidiary, MegaVillage.com
Holdings Limited, pursuant to which MegaVillage agrees to waive
in full the Milestone Payment in consideration for the sale of
the Repurchase Shares held by the Company to MegaVillage.

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

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

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

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

Those operational milestones have been met by MegaVillage.


TAI KA HUNG: Winding Up Petition To Be Heard
--------------------------------------------
The petition to wind up Tai Ka Hung Huat Limited is scheduled to
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 23, 2001
by Chau Kwok Wa of 4th Floor, 230 Sha Tsui Road, Tsuen Wan, New
Territories, and Hui Nga Suen of Room 13, 1st Floor, 430 Des
Voeux Road West, Hong Kong.


TRENDY PROFIT: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Trendy Profit Investment Limited is set
for hearing before the High Court of Hong Kong on August 15,
2001 at 9:30 am. The petition was filed with the court on the
5th day of June 2001 by Kincheng Banking Corporation which is
having a branch office and carrying business at Kincheng Bank
Building, No. 55 Des Voeux Road Central, Hong Kong.


SZE SUN: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Sze Sun Laundry Limited is set for
hearing before the High Court of Hong Kong on the 8th day of
August 2001 at 9:30 am.  The petition was filed with the court
on June 4, 2001 by Chan Chi Wing of Room 2112, Yan Shek House,
Shek Yam Estate, Kwai Chung, New Territories, Hong Kong.


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I N D O N E S I A
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PT CONCORD BENEFIT: JSX Delisting Likely
----------------------------------------
Publicly listed garment maker PT Concord Benefit Enterprises is
facing delisting from the Jakarta Stock Exchange (JSX) after the
Indonesian Supreme Court declared it bankrupt, Asia Pulse
reports Wednesday.

The company has a debt of US$86 million. The bankruptcy petition
was filed by PT Tata International Multifinance, PT Bank
Siconesia, PT Sigma Batara, PT Total Thread Ind, PT Indover Bank
and PT Winner Garment Manufacturing, PT Concord's creditors.

Trading of the company has already been suspended but JSX will
invite the management for a hearing before delisting it.


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


MITSUBISHI HEAVY: Reorganizes Tire Equipment Operations
-------------------------------------------------------
Mitsubishi Heavy Industries Ltd has reached an agreement with
its labour union on the transfer of its tire equipment operation
from its Nagasaki plant to its Hiroshima plant, AFX Asia
reported Friday referring to the Japan Industrial Journal.

The completion of the transfer is expected to be on August 1,
2001.

The company will also relocate 50 staffs at Nagasaki plant to
Hiroshima.


TOKYO-MITSUBISHI: Moody's Assigns A3 to Yen Subordinated Bonds
--------------------------------------------------------------
Moody's Investors Service assigned A3 ratings to a senior
subordinated debt issued by The Bank of Tokyo-Mitsubishi Ltd.
This is a takedown from the bank's Yen 2 trillion Japan domestic
shelf registration program.

The A3 rating assigned to the subject takedown is unaffected by
Moody's recent rating review, which placed only BTM's D+ bank
financial strength rating under review for possible downgrade.

The following takedown is rated A3:

Series 2 Japanese Yen 500 billion domestic senior subordinated
bond, due on 7/29/2011

BTM, along with Mitsubishi Trust & Banking (senior unsecured
rated A3), recently formed a holding company named Mitsubishi
Tokyo Financial Group, Inc. MTFG, with consolidated assets of
Yen 100 trillion, is one of Japan's four mega financial groups.


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K O R E A
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DAEWOO MOTOR: Sale Negotiation Completion Near
----------------------------------------------
Jin Nyum, Deputy Prime Minister said that sale negotiation of
Daewoo Motor has entered the final stretch, Digital Chosun
reported Friday.

Jin, who is also the Finance and Economy Minister, expects that
sales price would go up as Daewoo posted operational profits for
the past three months.

Meanwhile, Financial Supervisory Commission Chairman Lee Kuen-
young refuted a media report that GM has offered 800 billion for
Daewoo Motor. He said on a KBS radio program Thursday that Korea
Development Bank and the company are the forerunners of the
sales negotiations and that he has nothing to disclose.


HANA BANK: Sells W413.9 Bad Assets
----------------------------------
Hana Bank signed a formal contract with Lehman Brothers on
Thursday to sell bad assets worth W413.9 billion, The Korea
Herald reported Friday.

The bank has already received the payment the Lehman Brothers
agreed to buy in an international auction last April.

A bank official said that in the first half of this year alone,
the bank sold off problem assets worth W487.4 billion. As of the
end of June, its ratio of non-performing loans stood at 2.15
percent, down from 5.6 percent at the end of last year.


KOOKMIN BANK: Establishment of the new CEO Selection Committee
--------------------------------------------------------------
Kookmin Bank and H&CB Merger Steering Committee has organized
the selection committee that will designate the new bank's CEO
nominee. This committee is a six-member team that consists of
the two major shareholders (one from each bank), two outside
directors (one from each bank), and two members from the Merger
Steering Committee.

Nomination of the CEO candidate and the selection process will
be decided within the 6-member team. The committee is expected
to decide the new bank's CEO nominee by the end of July 2001.
The selected CEO nominee will be proposed to the shareholder's
meeting for merger approval scheduled on 19 October 2001.


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


AYER HITAM: Subsidiary Suspends Interest Payment
------------------------------------------------
Ayer Hitam Dredging Malaysia Berhad's wholly owned subsidiary,
Motif Harta Sdn Bhd has suspended its interest and principal sum
payments amounting to RM3,105,470.97 due to several financial
institutions (the Lenders) under the RM63million Syndicated Term
Loan (STL) facilities. The total principal drawdown and
outstanding on the STL facilities as at 12 July 2001 is
RM22.8million.

With the assistance of MP Capital Advisory Sdn Bhd as financial
adviser, the parent company is in discussion with the Lenders
for a debt-restructuring scheme. Negotiations are currently on
going and at an advanced stage. The company expects to formalize
the debt-restructuring scheme within third quarter of 2001 and
will make the appropriate disclosures and announcement as soon
as the terms are agreed.


JOHOR PORT: Unit Resolves to Voluntarily Wind Up
------------------------------------------------
JP Transport Sdn. Bhd. (JPT), a wholly owned subsidiary of Johor
Port Berhad (JPB) is set to voluntarily wind up after its
extraordinary general meeting held at 10.00 a.m on the 12th of
July 2001.

The said meeting also approve V. Venkatachalam s/o V.
Venkatachalam Chettiar, Public Accountant (Malaysia) of Ahmad
Abdullah & Goh, Suite 17-05, Level 17, Menara Landmark, 12,
Jalan Ngee Heng, 80000 Johor Bahru, as the liquidator to wind up
the affairs, effective on July 12, 2001.

The voluntary winding up of JPT, a solvent company is to
facilitate its merger with JP Container Services Sdn. Bhd.
("JPCS") another wholly owned subsidiary of JPB, and this merger
is part of a rationalization exercise of JPB to optimize
operations within the Johor Port Group.

With the winding up of JPT, the transport of containers within
the Port and all related activities are now being rendered by
JPCS. As all assets and liabilities of JPT had already been
transferred to JPCS, there will be no financial or operational
impact on the Group, its employees or its customers.


LONG HUAT GROUP: Winds Up Furniture Subsidiary
-----------------------------------------------
Long Huat Group Berhad announces that Long Huat Furniture Sdn
Bhd (LHF), a wholly owned subsidiary of the group, has been
served with a Winding-up Petition on June 26, 2001 by FECC
Enterprise Sdn. Bhd. vide Kuala Lumpur High Court Suit No. D4-
28-542-2001.

FECC presented the winding-up petition to the High Court on 6
June 2001 and the winding-up petition was served on LHF on 26
June 2001.

The claim under the petition amounted to RM89,290.13 and the
amount under the winding-up petition relates to the goods
allegedly sold and delivered by FECC to LHF.

The total cost of investment by the group in LHF is RM3.0
million and, in addition, LHF has an amount of RM3.66 million
due on the 31st of August 2000.

LHF operates a furniture factory located in Maran, Pahang. It
had been one of the major contributors to the L.Huat Group's
profitability over the years. However, due to the lack of
working capital, LHF had suspended operations at the Maran
factory prior to the serving of the winding-up petition.

Accordingly, the winding-up proceedings will not have any
material impact on the Group.

The amount had already been provided for in the accounts of LHF
as at 31 August 2000. There are no further expected losses to
LHF from the winding-up proceedings except for legal costs and
costs related to the winding-up proceedings.


MYCOM BERHAD: Defaults Principal Payment
----------------------------------------
Mycom Berhad revealed a default in principal payments had
occurred on the Revolving Credit Facilities (RCF) of
RM15,000,000 each granted to two of its wholly owned
subsidiaries, Tingkayu Plantations Sdn Bhd (Tingkayu) and
Pertama Development Sdn Bhd(Pertama). The companies own oil palm
estates. The RCF were granted pursuant to Facilities Agreements
dated September 23, 1997 and were extended to December 31, 2000
by Supplementary Agreements dated December 7, 1999 (RCF
Agreements).

1) BACKGROUND

RHB Bank Berhad (RHB) and OCBC Bank (Malaysia) Berhad (OCBC) are
the syndicated lenders and Alliance Merchant Bank Berhad
(formerly known as Amanah Merchant Bank Berhad)(AMB) is the
Agent (together known as the Lenders). The RCF are secured by
various land titles with oil palm estates (Security).

2) REASON FOR THE DEFAULT

The Lenders have informed Tingkayu, Pertama & Mycom that they
will not be rolling over the RCF but have accepted the interest
payment for June 2001 on a without prejudice basis. The Lenders
have also informed that the RCF are in default and have demanded
repayment of all monies due under the RCF.

3) MEASURES TAKEN TO ADDRESS THE DEFAULT

Mycom is undergoing a debt and corporate restructuring scheme
lead by the Corporate Debt Restructuring Committee and is in the
last stages of a resubmission of a more comprehensive scheme to
the Securities Commission.

The Company has committed under the CDRC Scheme to dispose the
Security in the future years in order to raise cash. However,
Mycom will continue to locate suitable purchasers for Tingkayu
and Pertama in line with the CDRC Scheme and has requested the
Lenders to withhold legal action. Mycom is also not able to
refinance the RCF because of the ongoing CDRC Scheme. In fact,
both RHB & OCBC are participating financial institutions under
the CDRC Scheme. Mycom will inform the CDRC of the latest
development.

4) FINANCIAL AND LEGAL IMPLICATIONS

The financial implications are dependent on the legal outcome.

Mycom will make periodic announcement on a monthly basis of the
status of default and the steps taken to address the default
from time to time.


NCK CORPORATION: Reports Details of Defaulted Payments
------------------------------------------------------
NCK Corporation Berhad (NCK) wishes to announce details of the
announcement in respect of the Default in Payment to the
Lenders:

The required information to be announced are as follows:

a) NCK and its subsidiaries defaulted in facilities granted by
financial institutions amounting to RM572,855,187.98 as at 31
May 2001. The credit facilities represent more than 5% of the
Net Tangible Assets of NCK (under paragraph 2.1 (d)
Circumstances which requires NCK to make immediate
announcement).

The facilities were used to finance working capital, capital
expansion and diversification into property development and
manufacturing activities. However, due to the economic downturn
in 1997/1998; the Group's businesses were severely affected due
to over expansion and high leverage.

As a result, NCK defaulted on its principal and interest
payments to its lenders.

b) NCK worked on various Proposed Restructuring Exercises (PRE)
with several white knights to rescue the group vis a vis
restructure the debts with the help of Corporate Debts
Restructuring Committee (CDRC), Bank Negara Malaysia. However,
the attempts failed, resulting in the appointment of Special
Administrators by Pengurusan Danaharta Nasional Berhad on 16th
of April 2001(please refer to announcement made on 25 April 2001
ref no. NC-010425-78331).

c) Some of the Lenders have commenced legal action against NCK
and its subsidiaries for failing to meet its financial
obligations. With the appointment of Special Administrators on
16 April 2001, there is a 1-year moratorium over NCK. During
this period, no creditor may take action against NCK.

d) The default in payment constitutes an event of default under
a different agreement for indebtedness as NCK provides corporate
guarantees to financial institutions totaling RM467,213,000 for
credit facilities granted to its subsidiaries.


PANGLOBAL BERHAD: Applies Extension To Proposed Scheme
------------------------------------------------------
The restraining order under Section 176 of the Companies Act,
1965 dated 21 September 1998 granted to Panglobal Berhad and
four (4) of its subsidiaries, namely PanGlobal Properties Sdn.
Bhd., Limbang Trading (Limbang) Sdn. Bhd., Global Minerals
(Sarawak) Sdn. Bhd. and Menara PanGlobal Sdn. Bhd, will expire
on the 16th of July 2001.

On behalf of Panglobal Berhad, Commerce International Merchant
Bankers Berhad wishes to announce that the company had on the
11th of July 2001 applied to the High Court of Malaya for a
further extension. The Proposed Scheme, which has been approved
by the Scheme Creditors, is pending approval from the Securities
Commission and Bank Negara Malaysia.

An appropriate announcement will be made once the outcome of the
aforementioned application to the Court is known.

Background

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

In early 1995 the Company underwent a restructuring as part of
which it acquired Limbang Trading Sdn Bhd which is involved in
timber extraction and related activities and Global Minerals
(Sarawak) Sdn Bhd which operates a coal mine. Both companies
operate in Sarawak. In addition, the Company acquired property
development land in Johor Bahru.

On February 2, 2000, the High Court granted a holding over
injunction to a shareholder to preserve the status quo of the
proposed Econstates disposal, the shares of which had been
pledged to an offshore bank for a loan facility granted to the
Company. On 21.3.2000, the offshore bank gave notice that it
would force sell the shares following the expiry of the
restraining order on 20.3.2000. On 23.3.2000, the Company was
notified that the shares had been forced sold on 22.3.2000 at
RM2.00 per share. Subsequently, on 27.3.2000, the Company was
served a notice by a shareholder that an ex parte injunction had
been obtained to restrain RBH and the offshore bank from
completing the force sale. The injunction does not involve the
Company as the Econstates shares were forced sold by the
offshore bank. In view of the action taken by the offshore bank,
the SPA dated 23.9.99 between RBH and the Company was
terminated.


RHB CAPITAL: Unit Liquidation Planned
-------------------------------------
RHB Capital Berhad announces that PT Rashid Hussain Securities
(PT RHS), an indirect subsidiary of RHB Capital, will be ceasing
its operations and thereafter be liquidated.

PT RHS is a stockbroking company based in Jakarta, Indonesia and
is a member of the Jakarta Stock Exchange and the Surabaya Stock
Exchange.

The decision to cease the operations of, and subsequently to
liquidate PT RHS, was made following the unsuccessful
discussions on the proposed sale of PT RHS to a potential buyer.

The cessation of operations of PT RHS is expected to be
completed by 31 July 2001.

The cessation of operations and liquidation of PT RHS is not
expected to have any material impact on the consolidated
earnings of the RHB Capital Group for the current financial year
ending 30 June 2002.

Background

RHB Capital (RHBC) was incorporated to facilitate the
implementation of a scheme of arrangement pursuant to Section
176 of the Companies Act, 1965 undertaken by RHB Bank Bhd
(RHBB), whereby RHBC acquired 100 percent of RHBB via a one-for-
two share exchange exercise, resulting in RHBC becoming the
holding company of RHBB.

Pursuant to the scheme, RHBC also acquired RHB Sakura Merchant
Bankers Bhd (RHBSM), RHBF Sdn Bhd, RHB Leasing Sdn Bhd, RHB
Insurance Bhd (RHBI), RHB Capital Properties Sdn Bhd and RHB
International Trust (Labuan) Sdn Bhd from RHBB for RM330
million. The scheme was completed on 29 December 1994.

Subsequently, in 1997, a restructuring scheme took place
pursuant to which Rashid Hussain Bhd (RHB) gained more than 55
percent control of the Company. The scheme involved the
injection into RHBC of RHB's securities and asset management
business, the properties located at Jalan Tun Razak as well as
KYB Sdn Bhd and KYF Sdn Bhd.

Effective 1 July 1997, the banking business of RHBB and KYB and
the finance company operations of RHBF and KYF were merged.
Following this, RHB and RHBC made a mandatory general offer on
behalf of RHB Bena Sdn Bhd to acquire the remaining KYB shares
not owned by RHB Bena. This was followed by the compulsory
acquisition of the remaining KYB shares not owned by RHBC which
was completed on 10 December 1997, following which KYB became a
wholly owned subsidiary of RHBC.

On 1 July 1998, RHBF merged its finance company operations with
RHBB and all the assets and liabilities of RHBF, save for KYF,
were transferred into RHBB pursuant to the High Court's vesting
order on 27 June 1998. Also, in April 1999, the Company's
shareholders approved RHBB's acquisition of 90.36 percent in
Sime Bank Bhd for RM770 million, the compulsory acquisition of
the remaining 9.64 percent in Sime Bank for RM82.24 million and
the disposal of 30 percent in RHBB to Khazanah Nasional Bhd for
RM725.4 million.

Upon completion of the acquisition of Sime Bank and the disposal
of 30 percent in RHBB to Khazanah on 3 June 1999, Sime Bank's
banking operations comprising its banking assets and liabilities
were merged with RHBB effective 30 June 1999.

On 27 October 2000, RHBB completed the acquisition of 100
percent in Delta Finance Bhd (DFB) and 90 percent in
Interfinance Bhd (IB). The finance company business of IB was
merged with DFB on 1 December 2000.

On 18 December 2000, RHBB completed the compulsory acquisition
of the remaining 10 percent in IB not held by RHBB and IB became
a wholly-owned subsidiary of RHBB. DFB's finance company
business was conducted under its new name, RHB Delta Finance Bhd
with effect from 8 January 2001.

On 25 September 2000, RHBC, together with RHBSM, unveiled the
group restructuring scheme which upon completion, will separate
the BNM regulated entities of the RHBC Group from the non-BNM
regulated entities under two holding companies.

RHBC will be one of these holding companies while the other
holding company, RHB Securities Holdings Bhd (RHBSH), will house
the Group's securities and related businesses. The scheme will
see, among others, the merger of RHBC's subsidiary, Rashid
Hussain Securities Sdn Bhd (RHS) with Straits Securities Sdn
Bhd, Mercury Securities Sdn Bhd and SJ Securities Sdn Bhd, in
order to be accorded the `Universal Broker' status pursuant to
the domestic stockbroking consolidation programme.

In addition, RHBSM will transfer its listing status to RHBSH via
a share exchange exercise. As part of the scheme, RHBC will
issue shares and warrants as consideration to the holders of 49%
interest in RHBSH (not held by RHBC after the share exchange)
whose shares were cancelled by RHBSH. In return, RHBSH will
issue shares to RHBC, resulting in the former becoming a
subsidiary of the latter.

As part of the rationalization, RHBC and RHBSM will also
transfer its non-BNM regulated companies and RHB Unit Trust
Management Bhd respectively to RHBSH. Further to this, RHBC will
transfer its entire 75 percent and 70 percent stake in RHB
Insurance Bhd and RHB Leasing Bhd respectively to RHBB.

Upon completion of the scheme and the de-merging of RHBSH from
the RHBC Group, the Company will hold through RHBB, the BNM
regulated entities and will cease to have any shareholding in
RHBSH. RHBC also planned to raise funds via private placement,
rights issue and bonds issue.

The restructuring scheme was subsequently revised in December
2000 with the fund raising exercise announced earlier replaced
with RM650m Serial Bonds issue and, the issue of shares and
warrants as consideration for the 49 percent of RHBSH not held
by RHBC changed to an issue of shares only.

The Serial Bonds issue was later aborted in February 2001
following the MOF's rejection on 30 January 2001 of the
Company's purchase of RM1b irredeemable non-cumulative
convertible preference shares (INCPS) in RHBB from Danamodal
Nasional Bhd.

On 8 January 2001, the Company entered into an agreement to
dispose of RHB Insurance Brokers Sdn Bhd (RHBIB) to Encik
Mohamad Abdullah, RHBI's former director and CEO. This is part
of the local insurance industry consolidation program that does
not allow RHBC to hold shares in more than one entity licensed
under Section 69 of the Insurance Act, 1996.

The disposal of RHBIB has been approved by BNM and FIC and was
completed on 2 March 2001. In the same month, RHB Asia Pte Ltd,
a wholly-owned subsidiary, agreed to acquire 99.99 percent in
Thai Sakura Securities Co Ltd, in Bangkok, Thailand. The
acquisition will complete the Group's stockbroking presence in
the South East Asia region.


RNC CORPORATION: Liquidates Two Subsidiaries
--------------------------------------------
The Special Administrators of RNC Corporation Berhad wishes to
announce that members' resolution have been passed on 10 July
2001 for the following wholly-owned subsidiary companies to be
wound-up by way of members' voluntary liquidation:

a. Viva Vista Sdn Bhd
b. Vast Pacific Sdn Bhd.

Siew Kah Toong has been appointed liquidator for the subsidiary
companies.

The liquidation of the subsidiary companies will not have any
financial or operational impact on RNC, as the subsidiary
companies have not commence operation since its incorporation.


S & P FOOD: SC Approves Appeal to Change Proposed Condition
-----------------------------------------------------------
The Securities Commission (SC) approves on Wednesday the appeal
of S&P Food Industries (Malaysia) Berhad to vary one of the
conditions imposed on its Proposal dated June 14, 2001. The
proposals include capital reduction, scheme of arrangement, debt
restructuring, claim settlement, acquisition of new business,
acquisition of oil palm estate, capitalization of debts, and
disposal of existing business.

The condition, as imposed by the SC in its letter dated 14 June
2001 is that SPF/ Cepatwawasan Group Berhad (CGB), is to obtain
all relevant approvals in relation to the estates and landed
properties of the companies/estate to be acquired pursuant to
the Proposed Acquisition of New Businesses and Proposed
Acquisition of Oil Palm Estate (Approvals).  The acquisition
will occur within a period of six months from the date of
issuance of the circular to shareholders.

The condition is now revised to that the proposed Directors of
CGB, namely Seah Tee Lean, Datuk Lo Fui Ming, Ho Hee Chung, Tan
Kum Peng, Ouh Mee Lan and Tsen Thau Tet, give an undertaking to
the SC that they will endeavor to obtain the Approvals within a
period of six  months from the date of issuance of the Circular
to shareholders.

Approval is subject to the following conditions:

(i) the proposed Directors of CGB must ensure that they have
made the applications to obtain the Approvals;

(ii) the applications to obtain the Approvals must comply with
all relevant land law and regulations; and

(iii) CIMB is required to confirm to the SC that the
applications to obtain the Approvals have been made to the
relevant authorities before the undertaking as stated in
paragraph 3 above is given to the SC.

In addition, SPF/CGB is required to report on the status of the
applications to obtain the Approvals in its quarterly
announcements to the Kuala Lumpur Stock Exchange until all
Approvals have been obtained.

Save as disclosed, the other conditions imposed by the SC vide
its letter remain unchanged.

The Directors of SPF have accepted the conditions herein and all
the other conditions imposed by the SC vide its letter dated 14
June 2001.


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


CAPWIRE TELECOMMUNICATIONS: Prospective Investor Talks Continue
---------------------------------------------------------------
Capwire Telecommunications is in talks with three foreign
companies, two based in Hong Kong while one in the United
States, which have expressed interest in investing in the
company, Philippine Star reported Friday.

Capwire executive VP and CEO Maureen V. Santiago said the three
companies are all in the telecommunications field, but are more
focused on the data business, to which Capwire is refocusing its
current business.

The business plan positions the telecommunications company as a
provider of bundled Internet services that are designed to meet
the customers' many and diverse communication requirements,
deploying high-quality services via international private leased
circuit, satellite or frame relay.

Santiago projects modest growth in the next 10 years although
she admitted that the company will be having a hard time to meet
the restructuring agreement terms it signed with creditor banks
last year.

Santiago said they could fully settle their total debt
obligations by 2011 if creditor banks agree to the amendments.
The proposed amendments include a rescheduling of the value date
on the repayment scheme, a reduction of the interest rate cap,
and a reclassification of unpaid interest as of end-June 2001.

Three creditor banks filed separate motions with the Regional
Trial Court in Makati City demanding that Capwire complied with
the court approve restructuring plan earlier this month.


NATIONAL POWER: Expects To Top P2.3bln Loss Last Year
-----------------------------------------------------
State-owned National Power Corp. said it expects losses during
the second quarter to have topped the P2.3-billion net loss it
incurred during the same period last year, The Daily Tribune
announced Friday.

In spite of the marked improvement in financial performance in
the first quarter, which is 86.6 percent lower than the
projected loss of P5.989 billion, the continued dive of the peso
since April had caused the power firm to lose P1.2 billion from
the currency devaluation.

However, a company official said that there were some accounts
that were not booked in the first quarter accounting, causing
Napocor to register a lower-than-expected loss in the first
three months of the year.

Napocor earlier projected a P16.865-billion net loss for the
whole year and a return-on-rate base of 1.82 percent on account
of a P47 to a US dollar average exchange rate. But the amount
may no longer be realistic given the continued fall of the peso
and the mandated 30-centavo per kilowatt-hour reduction in
electricity rates, which started last month.

The power firm stands to lose P3.723 billion from the mandated
rate reduction should the tariff cut are imposed by June this
year. This in turn would result to an aggregate loss of P20.587
billion for the whole year or higher than the P12.9-billion net
loss incurred in 2000.


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


AMTEK ENGINEERING: Associated Company to Cease Business
-------------------------------------------------------
The Board of Amtek Engineering Ltd ("Amtek") wishes to announce
its associated company, Internet Appliance Inc ("IAI"), in USA
is taking steps to cease business after failing to secure a
third round of funding from venture capitalists. IAI's wholly
owned subsidiary, Internet Appliance Pte Ltd ("IAPL"), in
Singapore will also cease business.

The IAI group started business in 1997 to design, develop and
manufacture a new generation of special-purpose internet
appliance. It is a plug-and-play, easy to install, fully
configured "all-in-one" box with hardware and software solutions
for e-mail, internet access, web site, print-server and firewall
including secured VPN (virtual private network) option. It has
since further developed dedicated thin-line servers for use by
ASP (Application Software Providers).

In April 2000, IAI managed to secure a second round of funding
of US$15 million (including US$5 million from the conversion of
debt to equity). Amtek's total investment in IAI amounted to
S$12 million representing an equity stake of 49.8%. However, the
funds have since been exhausted with the IAI group generating
little revenue.

Amtek will have to make a write-off of S$3 million after having
equity accounted for its past losses to-date. Based on the
unaudited half-year results ended 31 December 2000, the write-
off represents a loss of 1.65 cents per share and would have
reduced Amtek's group earnings per share from 6.01 cents to 4.36
cents. The effect on Amtek's group net tangible assets as at 31
December 2000 is not significant.

None of the Directors or substantial shareholders of Amtek have
any interest, direct or indirect, in the aforesaid transaction
save their shareholdings in Amtek.


SEE HUP: Explains Auditor's Unqualified Report
----------------------------------------------
See Hup Seng Limited (the "Company") issued its Annual Report
for 2000 (the "Annual Report") on 11 July 2001.

The Auditors, Messrs Ernst & Young, had issued an unqualified
report on the financial statements of the Company and of the
Group, but drew attention to a going concern issue, the text of
which is reproduced below:

"Without qualifying our opinion, we draw attention to Note 2 in
the financial statements. The Group and Company incurred a net
loss of S$9,615,000 and S$7,688,000 respectively during the year
ended 31 December 2000 and as at that date, the Group's current
liabilities exceeded its current assets by S$2,158,000. These
factors, along with the matter as set forth in Note 2, raise
doubt that the Group and Company will be able to continue as a
going concern. The financial statements do not include any
adjustments relating to the recoverability and classification of
recorded asset amounts or the amounts and classification of
liabilities that might be necessary should the Group and Company
be unable to continue as a going concern."

Note 2 to the financial statements states:

"The financial statements have been prepared on the going
concern basis as the Group and the Company expect to meet their
financial obligations as and when they fall due.

Subsequent to the year end, two subsidiary companies did not
repay the monthly loan installments due on the 8th of each month
of US$78,000 each for the months of March to June 2001 and
S$570,000 which was due on 13 March 2001. However, as at the
date on which these financial statements have been authorized
for issue, these loan installments have been paid in full and
the bank has not served the two subsidiary companies with a
letter of default nor sought to recall the loan."

The Company wishes to highlight that there is an omission in
Note 2 and accordingly, Note 2 should read as follows:-

"The financial statements have been prepared on the going
concern basis as the Group and the Company expect to meet their
financial obligations as and when they fall due.

Subsequent to the year end, two subsidiary companies and the
Company did not repay the monthly loan installments due on the
8th of each month of US$78,000 each for the months of March to
June 2001 and S$570,000 which was due on 13 March 2001
respectively. However, as at the date on which these financial
statements have been authorized for issue, these loan
installments have been paid in full and the bank has not served
the two subsidiary companies and the Company with a letter of
default nor sought to recall the loan."

A Corrigendum on Note 2 will be sent to the Company's
shareholders.

The Chairman, Thomas Lim, had addressed the 'going concern'
issue in the Annual Report, the text of which is reproduced
below:-

Going Concern Issue

"Our auditor, Ernst & Young, has issued their audited report on
30 June 2001. They have commented on the Group's net current
liabilities position of S$2.2 million as at 31 December 2000 and
the delay in our repayment of loan installment's due on 8th of
each month of US$78,000 each for the months of March to June
2001 and S$570,000 due on 13 March 2001 to the bank. However, as
at the date on which these financial statements have been
authorized for issue, these loan installments have been paid in
full.

Our bank has assessed the Group's position and did not serve the
Company with letter of default nor sought to recall the loan.
The extension was mainly caused by the delay in arrival of funds
from China and slow down in the payment received from some of
our major debtors. As of today, we are expecting funds from the
Chinese subsidiary and have improved our collection from these
major debtors. We have settled the outstanding loan repayments
and will focus on improving our cash flow.

The Group remains in a net assets position as at 31 December
2000 with net shareholder equity at S$15.6 million. The new
office building/yard and purchases of many state-of-the-art
fixed assets and facility have contributed to a significant
increase in our Group's fixed assets by S$16.3 million.
Meanwhile the amounts due within one year to banks and hire
purchase creditors, who financed these fixed assets purchases,
have increased by S$5.0 million compared to 1999. Compounded by
the slow down in volume of works experienced by our customers,
we were not able to generate enough revenue to cover the related
incremental costs such as depreciation and interest charges
associated with these additions. The Group's debt to equity
ratio (gearing) is at 1.9 times."


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


MANAGER MEDIA: Business Reorganization Filed In Civil Court
-----------------------------------------------------------
Manager Media Group Public Company Limited (Debtor) is engaged
in publishing newspapers and magazines including daily, weekly,
monthly and special issues, such as "Manager" daily issue,
"Manager" weekly issue and "Manager" monthly issue.

The Petition for Business Reorganization was filed in the Civil
Court:
Black Case Number Lor.Phor. 5/2541
Red Case Number Lor.Phor. 5/2541
Petitioner:
Thai Military Bank Public Company Limited
Thai Farmers Bank Public Company Limited
Manager Media Group Public Company Limited debtor
Administrative Planner: Saovaluck Thiranuchunyong
Debts owed to the Petitioning Creditors: 2,737,587,388.35 Baht
Date of Court Acceptance of the Petition: October 9,1998
Court Order for Business Reorganization: November 6, 1998
There are 359 Creditors submitting Applications for payment of
debts. Total debts owed to the petitioning Creditors is
4,726,097,449.67 baht.
The creditors' meeting passed the special resolution accepting
the plan and the special resolution appointing the creditor
committee comprised of 7 creditors, which are:
1. Krung Thai Bank Public Company Limited (Creditor No. 125)
2. Suwit Jindasanguon (Creditor No. 200)
3. Thai Farmer Bank Public Company Limited (Creditor No. 216)
4. Bangkok Commercial Asset Management Company Limited
(Creditor No. 262)
5. Eastern Printing Public Company Limited (Creditor No. 61)
6. Thai Military Bank Public Company Limited (Creditor No.
44)
7. SG Asia Credit Public Company Limited (Creditor No. 208)
The Civil 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 appointed Sonti Limtongkul to be a
plan administrator on August 3, 1999.
The Court issued an order appointing Saovaluck Thiranuchunyong
to be an administrative planner on May 29, 2000.
The announcement of Court Order for Business Reorganization and
Appointment of the Planner in Siam Rath Company Limited was on
June 7, 2000
The announcement of Court Order for Business Reorganisation and
Appointment of the Planner in Government Gazette was on June 20,
2000.
Contact Person: Chalermkiat, Tel. 6792513


POWER-P PUBLIC: Reports on Development of Restructuring Plan
------------------------------------------------------------
With respect to Power-P Public Company Limited application with
the Central Bankruptcy Court on 1st June 2001 Court Case No.
Black 453/2544, requesting approval for our conducting a
restructuring plan, the company now reports that the Court had
its hearing on 2nd July 2001 at 9.00 a.m.  Due to no objection
against the plan by the Creditors, the court then ruled to
dispense process of such hearing and approved the application by
naming Power-P Planner Co., Ltd. as the restructuring scheme
planner.

Following said ruling, Power-P Planner Co., Ltd. shall have to
complete its restructuring Plan within 3 months, plus 2
extensions of one month each if necessary, from date of
publication of such ruling in the Government Gazette.

The company will keep the Stock Exchange of Thailand further
informed of the details of the plan and its development.


SIAM CITY: Notifies Details and Agendas of EGM No. 1/2544
---------------------------------------------------------
Siam City Cement Public Company Limited informs the Stock
Exchange of Thailand the time, place and agendas of the
Extraordinary Shareholders' Meeting No. 1/2544.

The Extraordinary Shareholders' Meeting No. 1/2544, shall be
held on 9 August 2001, at 3.00 p.m. at 9 Floor, Bank of Ayudhya
Public Company Limited, Ploenchit Branch, 555 Ploenchit Road,
Lumpinee, Patumwan, Bangkok, to consider the following matters:

  1. To consider adopting the Minutes of the 8th Annual General
Meeting of Shareholders held on 25 April 2001

  2. To consider approving the transfer of the sums in the
reserve for loss on the Baht devaluation and the general reserve
to reduce the accumulated losses of the Company

  3. To consider canceling the resolutions of the prior
shareholders' meetings which approved the appropriation of a
portion of the profits of the Company as the general reserve
and/or the reserve for loss on the Baht devaluation. To consider
approving the transfer of such remaining portion of the general
reserve after the reduction of the accumulated losses of the
Company to be the retained earnings of the Company

  4. To consider other matters (if any)


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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