TCRAP_Public/010725.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 25, 2001, Vol. 4, No. 144


                         Headlines



A U S T R A L I A

CABLE & WIRELESS: SingTel Raises Stake To 23.19%
HARRIS SCARFE: Retailers, Union Leaders Call For Sale
HIH INSURANCE: ASIC's Search Warrants Invalid, Barrister Says
NORMANS WINES: Suspended From Official Quotation
ONE.TEL LIMITED: Creditors Favor Wind Up
OPTECOM LIMITED: Halts Telephony Operations
OPTECOM LIMITED: General Meeting Set For Aug 23
STRAITS RESOURCES: S&P Assigns BBB On Foreign Currency Rating


C H I N A   &   H O N G  K O N G

DISCO MANUFACTORY: Winding Up Petition Slated For Hearing
GREAT SOUTH: Winding Up Petition To Be Heard
NETEASE.COM: May Face Delisting For Disclosure Delay
PACIFIC CENTURY: Drops Bond Issue
PEARL ORIENTAL: Bank Seeks Receiver's Appointment To Unit
PEARL ORIENTAL: Cites No Reason For Decrease In Share Price
WEI YE: Winding Up Petition Hearing Set


J A P A N

AIWA COMPANY: Issuing New Shares To Sony
FUJITSU: To Downsize Staff; Plans To Suspend Production


K O R E A

HANBO IRON: Kamco Delays Auction
HYNIX SEMICON: Rambus Validates 256MB RIMM Modules
HYUNDAI ENGINEERING: Chung To Take Over 1M Shares
SAMSUNG CORP: To Launch Cutback
SAMSUNG ELECTRONICS: May Lose W130B For Q3, Analysts Say
SHINSONG INDUSTRIES: Completes Workout; Returns To Normalcy


M A L A Y S I A

DRB-HICOM: Sale Deal With Meitech Terminated
GADEK MALAYSIA: Drops Proposal To Sell Stake In POSB
GOLDEN PLUS: No Progress Yet On Payment Defaults
PILECON ENGINEERING: Gets Vietnam Water Project
RENONG BERHAD: Shares Trading Resumes
TAN CHONG: Court Stays Winding-Up Petition
UNITED ENGINEERS: Danasaham Offers Shares Acquisition
UNITED ENGINEERS: Gets Voluntary Offer Notice


P H I L I P P I N E S

MAYNILAD WATER: Likely To Get Go-Ahead On Rate Hike
NATIONAL BANK: Sells P1.2-B Assets In First Half
NATIONAL POWER: Wins ADB's Loan Retraction Approval
RFM CORP: To Consider SMC-Coke Offer To Take Over Cosmos


S I N G A P O R E

PANPAC MEDIA.COM: Employees Volunteer To Take Wage Cut


T H A I L A N D

BANGCHAK PETROLEUM: Govt Drops Plan To Sell Stake
ITALIAN-THAI: Creditors OK Debt Workout Plan
MEDIA OF MEDIAS: Creditors OK Rehab Plan
PANJAPOL PAPER: Reorg Petition Lodged With Bankruptcy Court

     -  -  -  -  -  -  -  -

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


CABLE & WIRELESS: SingTel Raises Stake To 23.19%
------------------------------------------------
Sing Tel Australia Investment Ltd increased its relevant
interest in Cable & Wireless Optus Limited on 23 July 2001, from
840,201,305 ordinary shares (22.19 percent) to 878,154,464
ordinary shares (23.19 percent).


HARRIS SCARFE: Retailers, Union Leaders Call For Sale
-----------------------------------------------------
Tasmanian retailers and union leaders are calling for the sale
of failed retail chain Harris Scarfe, in its entirety,
Australasian Business Intelligence reported Monday.

Meanwhile, a store at Eastlands Shopping Centre in Hobart closed
on July 21, the report said.


HIH INSURANCE: ASIC's Search Warrants Invalid, Barrister Says
-------------------------------------------------------------
According to a barrister of former HIH Insurance CEO Ray
Williams, Jonathon Beach, the Federal Court search warrants
authorizing Australian Securities and Investment Commission
(ASIC) to seize the failed insurer's documents were invalid, ABC
News Online reported Monday.

Beach, the report adds, argued in a Sydney court that the
search warrants bore "jurisdictional problems", as they failed
to identify the alleged offenses to which the seizure of
documents were related. He also added that most of the seized
documents were immaterial to the inquiry conducted by ASIC.

Former HIH director Rodney Adler concurs, the report said.

ASIC assured the court that it would not begin its inspection of
the seized documents, unless the legality of it had been
resolved.


NORMANS WINES: Suspended From Official Quotation
------------------------------------------------
The securities of Normans Wines Limited (the Company) are
suspended from quotation immediately pending the release of an
announcement.

Security Codes: NMW
                NMWG


ONE.TEL LIMITED: Creditors Favor Wind Up
----------------------------------------
Three hundred creditors of One.Tel Limited, which fell into
voluntary administration in May with debts of over $600 million,
voted yesterday for the winding up of the failed junior
telecommunications firm, The Courier Mail reports.

The creditors' meeting was held in Sydney yesterday.

In the same meeting, the creditors also ditched a proposal made
by former One.Tel director Jodee Rich to execute a deed of
company arrangement, the report says, citing minor creditor
Roger Staniforth.

Creditors are expected to receive 11 cents on the dollar.

According to administrators James Packer and Lachlan Murdoch of
Ferrier Hodgson, eight directors of One.Tel would be made liable
for up to $80 million in claims for insolvent trading, the
report says.


OPTECOM LIMITED: Halts Telephony Operations
-------------------------------------------
Optecom Limited Chairman C Kelliher announced the following:

"As previously announced and reported in the press, Optecom
Limited (the Company) is proposing to embark upon an exciting
new direction.

"The principal reason for this change of direction is that,
after considering the extent of funds required to fully develop
the sponsored telephony business previously undertaken by the
Company, the Directors were not confident that the Company could
produce an adequate return for shareholders.

"Accordingly, the Company has now ceased all operating
activities related to sponsored telephony, divested the majority
of its assets and discharged all material liabilities, leaving
the Company with $11 million in available cash reserves, net of
remaining liabilities.

"The Company has agreed, subject to obtaining the necessary
Shareholder approvals, to acquire Ambri Pty Limited (Ambri) from
Pacific Dunlop and to acquire intellectual property that is the
product of over a decade of research by Ambri, the CSIRO, the
University of Sydney and others in the field of Critical Care
diagnostic testing (the Ambri(TM) Technology). This will be done
in conjunction with a $21.5 million capital raising,
underwritten by Macquarie Equity Capital Markets Limited.

"The funds raised will be used to progress the commercialization
of the Ambri(TM) Technology into a diagnostic testing product,
including launching Ambri's products in the Australian market
and introducing them into the United States market.

"A General Meeting of Shareholders has been convened for
Thursday, 23 August 2001 to consider the resolutions to
implement the proposed Transaction and I would urge all
Shareholders to attend and vote. Shareholders are asked to vote
on each of the resolutions individually, the proposed
Transaction will not proceed unless all resolutions essential to
the implementation of the proposed Transaction (as identified in
the enclosed Notice of Meeting) are duly passed at the General
Meeting of Shareholders.

"Each of the Directors have indicated to me that they intend to
vote in favor of all the resolutions in respect of all the
Shares in which they have an interest, as they believe as I do,
that the proposed Transaction is in the best interests of the
Company."


OPTECOM LIMITED: General Meeting Set For Aug 23
-----------------------------------------------
Optecom Limited stated a General Meeting of the Company will be
held at The Auditorium, Level 27, the KPMG Centre, 45 Clarence
Street, Sydney, New South Wales on Thursday, 23 August 2001
commencing at 10.00 am to consider, and if thought fit, pass the
following resolutions. Defined terms used in this Notice of
Meeting have the meaning given in the accompanying Explanatory
Memorandum.

1. CONSOLIDATION OF CAPITAL - ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that:

     (a) pursuant to section 254H of the Corporations Law, the
issued share capital of the Company be consolidated at a ratio
of 1 share for every 20 shares currently on issue, rounded up to
the nearest whole number; and

     (b) pursuant to Listing Rule 7.22.1, that the existing
6,150,000 Options on issue be consolidated at a ratio of 1
option for every 20 options currently on issue, to 307,500
options post consolidation, and that the exercise price of such
options be multiplied by 20.

2. ACQUISITION OF AMBRI PTY LIMITED AND CHANGE TO THE NATURE OF
THE COMPANY'S BUSINESS-ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and implementation Agreement, that approval be given
in accordance with Listing Rule 11.1 to the acquisition by the
Company of all the issued shares in Ambri Pty Limited (ACN 066
251 652) in accordance with the terms and conditions of the
Purchase Agreement and Implementation Agreement summarized in
the accompanying Explanatory Memorandum, and the change in the
nature of the business activities of the Company to research,
development and the commercialization of the Ambri Technology
into the Ambri System.

3. ACQUISITION OF AMBRI PTY LIMITED AND ISSUE OF SHARES TO
NUCLEUS LIMITED - ORDINARY RE-SOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that approval be given
in accordance with Listing Rule 7.1 to the acquisition by the
Company of all the issued shares in Ambri Pty Limited (ACN 066
251 652) from Nucleus Limited (ACN 001 121 688), a wholly owned
subsidiary of Pacific Dunlop Limited (ACN 004 085 330), in
consideration for the issue to Nucleus Limited of 8,324,426
fully paid ordinary shares in the Company (on a post
consolidation basis), and in accordance with the terms and
conditions of the Purchase Agreement and Implementation
Agreement summarized in the accompanying Explanatory Memorandum.

4. ISSUE OF SHARES TO CSIRO AND THE UNIVERSITY OF SYDNEY -
ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreements, that approval be given
in accordance with Listing Rule 7.1 to the issue of 1,438,397
fully paid ordinary shares to CSIRO and 719,198 fully paid
ordinary shares to the University of Sydney in consideration for
the acquisition of patents and other intellectual property from
those parties in accordance with the terms and conditions of the
Deed to Assign Intellectual Property which are summarized in the
accompanying Explanatory Memorandum.

5. ISSUE OF SHARES UNDER SHARE OFFER - ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreements, that approval be given
in accordance with Listing Rule 7.1 to the issue of 19,369,369
fully paid ordinary shares in the Company (on a post
consolidation basis) at an issue price of $1.11 per share and on
the other terms and conditions of the Share Offer pursuant to
the accompanying Prospectus.

6. ISSUE OF OPTIONS TO MACQUARIE EQUITY CAPITAL MARKETS LIMITED
ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that approval be given
in accordance with Listing Rule 7.1 to the granting to Macquarie
Equity Capital Markets Limited (ACN 001 374 572) of options to
subscribe for up to 1,475,000 fully paid ordinary shares in the
Company (on a post consolidation basis) at an exercise price of
$1.25 per share and subject to the other terms and conditions
summarized in the accompanying Explanatory Memorandum, and to
the issue of shares upon exercise of such options.

7. APPOINTMENT OF DR JOHN EADY AS DIRECTOR - ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions Precedent in the Purchase
Agreement and Implementation Agreement, that Dr John Eady be
appointed as a Director of the Company.

8. APPOINTMENT OF DR JOSEPH SHAW AS DIRECTOR - ORDINARY
RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that Dr Joseph Shaw be
appointed as a Director of the Company.

9. APPOINTMENT OF KEVIN MCCANN AS DIRECTOR - ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that Mr Kevin McCann be
appointed as a Director of the Company.

l0. APPOINTMENT OF DR CHRISTINE CLIFTON AS DIRECTOR - ORDINARY
RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and implementation Agreement, that Dr Christine
Clifton be appointed as a Director of the Company.

11. APPOINTMENT OF BRYAN KELMAN AS DIRECTOR - SPECIAL RESOLUTION

Subject to all Essential Resolutions being passed and to the
satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that in accordance with
Section 201C of the Corporations Law, Mr Bryan Kelman, who is 74
years of age, be appointed as a Director of the Company until
the conclusion of the Company's next Annual General Meeting.

12. ESTABLISHMENT OF THE SHARE PLAN - ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that approval be given
for the purposes of Listing Rule 7.2 to the establishment of the
Share Plan on the terms and conditions summarized in the
accompanying Explanatory Memorandum, and to the issue of up to
2,091,564 fully paid ordinary shares in the Company,
representing 5 percent of the issued share capital of the
Company (on a post consolidation basis), pursuant to the Share
Plan.

13. ESTABLISHMENT OF THE OPTION PLAN - ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that approval be given
for the purposes of Listing Rule 7.2 for the establishment of
the Option Plan on the terms and condition summarized in the
accompanying Explanatory Memorandum, and to the granting of
options pursuant to the Option Plan representing up to 10% of
the Company's capital at an exercise of $1.11 per share and
subject to the other terms and conditions summarized in the
accompanying Explanatory Memorandum, and the issue of shares
upon exercise of such options.

14. ISSUE OF SHARES AND OPTIONS TO DR JOSEPH SHAW - ORDINARY
RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and implementation Agreement, that approval be given
in accordance with Listing Rule 10.14 to the issue to Dr Joseph
Shaw, a proposed Director of the Company, of 380,284 fully paid
ordinary shares in the Company under the Share Plan (on a post
consolidation basis), and the 228,249 options to subscribe for
shares in the Company at an exercise price of $1.11 per share
under the Option Plan, and on the other terms and conditions
summarized in the accompanying Explanatory Memorandum.

15. ISSUE OF OPTIONS TO NON-EXECUTIVE DIRECTORS

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that approval be given
in accordance with Listing Pule 10.11 to the granting to the
following current and proposed Directors of the Company of the
following number of options to subscribe for shares in the
Company at an exercise price of $1.11 per share on the terms and
conditions summarized in the Explanatory Memorandum:

DIRECTOR                    NUMBER OF OPTIONS

John Eady                       200,000
Bryan Kelman                    100,000
Kevin McCann                    100,000
Christine Clifton               100,000
Otto Buttula                    100,000

16. INCREASE IN CASH REMUNERATION OF NON-EXECUTIVE DIRECTORS -
ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that the maximum total
cash remuneration payable to the Non-Executive Directors be
increased from $150,000 to $400,000 per annum pursuant to clause
21.1 of the Constitution, to be apportioned amongst the Non-
Executive Directors in such manner as they may determine.

17. DEED OF ACCESS AND INDEMNITY IN FAVOUR OF DIRECTORS -
ORDINARY RESOLUTION

Subject to all other Essential Resolutions being passed and to
the satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that approval be given
to the Company entering into Deeds of Access and Indemnity in
favor of all continuing and proposed Directors and to the
granting of indemnities and payment of insurance premiums under
such Deeds, the terms of which are summarized in the
accompanying Explanatory Memorandum.

18. CHANGE OF NAME OF THE COMPANY TO AMBRI LIMITED - SPECIAL
RESOLUTION

Subject to the Essential Resolutions being passed and to the
satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that the name of the
Company be changed from Optecom Limited to Ambri Limited
pursuant to section 157(l) of the Corporations Law.

19. AMENDMENT OF CONSTITUTION - SPECIAL RESOLUTION

Subject to the Essential Resolutions being passed and to the
satisfaction of all conditions precedent in the Purchase
Agreement and Implementation Agreement, that clause 38 of the
Constitution relating to the provision of indemnities and
insurance in respect of liabilities incurred by Directors and
officers of the Company in acting in that capacity, be amended
as detailed in the accompanying Explanatory Memorandum pursuant
to section 136(2) of the Corporations Law.


STRAITS RESOURCES: S&P Assigns BBB On Foreign Currency Rating
-------------------------------------------------------------
Straits Resources Limited (ASX Codes: SRL and SRLG) revealed
Standard & Poor's have assigned a BBB long term foreign currency
rating to the US$34.5 million senior secured bank loan facility
and A$1.5 million bank guarantee facility established for
Straits (Nifty) Pty Ltd and arranged with ABN AMRO Australia
Limited.


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


DISCO MANUFACTORY: Winding Up Petition Slated For Hearing
---------------------------------------------------------
The petition to wind up Disco Manufactory Limited is scheduled
to be heard before the High Court of Hong Kong on August 15,
2001 at 9:30 am.  The petition was filed with the court on June
7, 2001 by Po Sang Bank Limited whose registered office is
situated at No. 71 Des Voeux Road Central, Hong Kong.


GREAT SOUTH: Winding Up Petition To Be Heard
--------------------------------------------
The petition to wind up Great South Investments Limited is
scheduled for hearing before the High Court of Hong Kong on
August 15, 2001 at 9:30 am. The petition was filed with the
court on June 7, 2001 by Po Sang Bank Limited whose registered
office is situated at No. 71 Des Voeux Road Central, Hong Kong.


NETEASE.COM: May Face Delisting For Disclosure Delay
-----------------------------------------------------
NetEase.com, Inc. (NASDAQ: NTESE), a leading Internet technology
provider in China, Monday announced that on July 19, 2001, it
received notice from The Nasdaq Stock Market (Nasdaq) that
Nasdaq intends to delist the company's American Depositary
Shares from the Nasdaq National Market at the opening of
business on July 27, 2001.

In the notice, Nasdaq asserted that NetEase.com is in violation
of Nasdaq Marketplace Rule 4310(c)(14) because it has not yet
filed with Nasdaq and the U.S. Securities and Exchange
Commission its Annual Report on Form 20-F.

NetEase.com intends to request a hearing on this matter prior to
July 27, 2001. The hearing will stay the delisting of
NetEase.com's shares, pending a decision by the Nasdaq Listing
Qualifications Panel.

The filing of NetEase.com's Annual Report has been delayed by
the company to allow it to finish, in as complete and accurate a
manner as possible, its internal investigation regarding
possible incorrect reporting within NetEase.com's internal
departments.

This internal investigation was previously announced by
NetEase.com on May 8, 2001 and July 11, 2001. The company's
Audit Committee, which is leading the investigation with the
assistance of the independent auditors and outside legal
counsel, is working to finish the investigation and file the
Annual Report in the near future.

There can be no assurance as to when the Nasdaq Listing
Qualifications Panel will reach its decision, or that such
decision will be favorable to the company. An unfavorable
decision would result in immediate delisting of the company's
American Depositary Shares from the Nasdaq National Market
irrespective of the company's ability to appeal the decision.

NetEase.com also announced Monday that, based on the results
thus far of its internal investigation, the public is cautioned
not to rely on the company's published audited financial
statements for the year 2000.

About NetEase.com

NetEase.com, Inc. is a leading China-based Internet technology
company and pioneered the development of applications, services
and other technologies for the Internet in China.

The NetEase.com Web sites, operated by its affiliate, organize
and provide access to 18 content channels through content
distribution arrangements with over 150 international and
domestic content providers.

In addition, the NetEase.com Web sites contain over 1,029,000
personal home pages created and maintained by users that enable
users to express themselves, share items, interests and areas of
expertise and to publish personal content accessible by other
Chinese Internet users.

The NetEase.com Web sites also offer online interactive
community services through 200 community forums and over 115,000
personal community forums created by registered users. At the
end of June 2001, the number of simultaneous chat room
participants reached 45,056 during peak hours, and the number of
registered users of the NetEase.com Web sites reached 24.1
million. Further, the average number of daily page views was
over 124.7 million in June 2001.

NetEase.com also offers auction and online mall technology
services, which provide opportunities for e-commerce and
traditional businesses to establish an online e-commerce
presence on the NetEase.com Web sites.


PACIFIC CENTURY: Drops Bond Issue
---------------------------------
The directors of Pacific Century CyberWorks Limited (the
"Company") have noted the recent movements in the trading volume
and the price of the shares of the Company and wish to state
that they are not aware of any reasons for such movements.

As stated in the Company's press release on 20 July 2001, after
receiving investment grade credit ratings of Baa1/BBB (stable
outlook) from Moody's Investors Service and Standard & Poor's
Ratings Service, respectively, PCCW-HKT Telephone has taken the
opportunity to meet with global fixed income investors to
discuss various refinancing options.

Despite strong investor interest in a potential debut bond
offering, PCCW-HKT Telephone has decided not to proceed with a
bond offering at this time. Specifically, present volatile bond
market conditions arising from Argentina and other uncertainties
in the emerging markets have resulted in potential pricing that
PCCW-HKT Telephone finds unattractive at this time in comparison
with its existing financing.

The Company is in sound financial condition and has no immediate
need to refinance its debt. The management of the Company will
continue to evaluate and assess its refinancing options to seek
terms which are favorable and which enhance benefit to
shareholders.

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


PEARL ORIENTAL: Bank Seeks Receiver's Appointment To Unit
---------------------------------------------------------
One of our wholly-owned subsidiaries, Pearl Century Limited
(PCL), received a notice on 19 July 2001 from The Bank of East
Asia Limited (BOEA), its sole mortgagee bank, for the
appointment of receivers over a property named "Genesis" located
at 23 Severn Road, The Peak, Hong Kong.

The receivers have taken possession of the property. They are
entitled to exercise power of sale over the property to realize
sale proceeds to recover the outstanding debt. The financial
impact on Pearl Century Limited and the Company will depend on
the value of the disposal of the property by the receivers.

The Property was mortgaged to BOEA to secure the repayment of a
loan which has fallen due. The aggregate of the principal and
interest as at the date hereof is approximately HK$312 million.

The Property has a value of HK$550 million as at 31 December
2000 as reflected in the consolidated balance sheet published in
the annual report of the Company for the year ended 2000 based
on a valuation determined by Vigers Hong Kong Limited, an
independent property valuer (the Independent Valuer).

The Company has been actively identifying potential buyers for
the Property and in fact negotiations have taken place with some
intending purchasers for the acquisition of the Property. No
concrete price or other terms of the contract have been
concluded at the moment.

Upon the appointment of the receivers, they can exercise power
of sale over the Property at their full discretion to realize
sale proceeds to recover the outstanding debt. The financial
impact on PCL and the Company will depend on the value of the
disposal of the Property by the receivers. Nevertheless, the
directors have been advised that the receivers owe a duty to the
mortgagor (i.e. PCL) to dispose of the Property at the best
achievable value.

On 18 July 2001, the Company resolved to appoint CCIF Corporate
Advisory Services Limited before becoming aware of the notice
appointing the receivers by BOEA as an independent financial
adviser for the purpose of making proposals to its creditor
banks regarding the Company's indebtedness, including proposals
for disposing of certain properties of the Company and its
subsidiaries' (the "Group") and for an equitable appropriation
of the sale proceeds. The Company convened a meeting of its
creditor banks on 20 July 2001 and at this meeting a proposal
was made to the creditor banks regarding an orderly disposal
program of certain of the Company's properties. Further meetings
will be held with the creditor banks during this week to discuss
the proposals.

As at 30 June 2001, the Group's property related assets, which
have been mortgaged to the creditor banks was approximately
HK$2,137 million based on the valuation by the Independent
Valuer as at 31 December 2000 and the estimated amount of total
indebtedness due to the creditor banks was approximately
HK$1,380 million. The executive directors are of the opinion
that if the properties are disposed of according to the proposed
orderly disposal program, the Group will be able to realize
sufficient sale proceeds to repay the total indebtedness in
full.

The appointment of the independent financial adviser was made
before the Company became aware of the appointment of the
receivers by The Bank of East Asia, Limited.

On 20 July 2001, the Company convened a meeting with its
creditor banks and in which, a proposal was made regarding an
orderly disposal program of certain of the Company's properties.
Further meetings to discuss the proposals with the creditor
banks will be held this week.

The Company will keep the public informed of further
developments on the discussions with the creditor banks and the
financial impact on the Company upon disposal of the property by
the receivers.

Shareholders of the Company and potential investors are advised
to exercise caution when dealing in shares in the Company.

Trading in the shares of the Company on the Stock Exchange was
suspended from 10:00 a.m. on Friday, 20 July 2001 at the request
of the Company pending the issue of this announcement.
Application has been made to the Stock Exchange for the
resumption of trading in the shares with effect from 10:00 a.m.
on Tuesday, 24 July 2001.


PEARL ORIENTAL: Cites No Reason For Decrease In Share Price
-----------------------------------------------------------
Pearl Oriental Holdings has noted the recent decrease in the
price of the shares of the Company and wish to state that it is
not aware of any reasons for such decrease save as disclosed in
its announcement dated 23 July 2001.

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


WEI YE: Winding Up Petition Hearing Set
---------------------------------------
The petition to wind up Wei Ye Engineering Limited is set for
hearing before the High Court of Hong Kong on August 22, 2001 at
9:30 am. The petition was filed with the court on June 8, 2001
by Lui Chun Cheong of 3rd Floor, No. 24 Wan Fung Street, Wong
Tai Sin, Kowloon, Hong Kong.




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


AIWA COMPANY: Issuing New Shares To Sony
-----------------------------------------
Aiwa Company has resolved to issue new shares worth Y7.5 billion
to parent Sony Corporation, for the purpose of increasing its
capital, Japan Times reported Tuesday.

Earlier, shareholders of the company refused to subscribe to the
planned issuance of new shares amounting to Y35 billion, the
report said. So, the new shares issuance will be made by the
company. In so doing, Sony will bring in new capital of Y25.2
billion to its affiliate, raising its substantial holding to
61.4 percent from 50.6 percent.

This exercise of new shares issue is part of the company's
restructuring program, the report says.


FUJITSU: To Downsize Staff; Plans To Suspend Production
-------------------------------------------------------
Fujitsu, a major player in the chip and computer sector, is set
to slash as much as one-fifth of its entire workforce, or about
9,000 employees, through its early retirement offer,
CBS.MarketWatch.com reported Monday.

Last week, the company announced that it was considering
suspending operations at its semiconductor business.

These moves are being taken by most of the players in the sector
due to the economic slowdown in the market.


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


HANBO IRON: Kamco Delays Auction
--------------------------------
State-controlled Korea Asset Management Corporation (Kamco) is
considering postponing the sale of insolvent Hanbo Iron & Steel
Company from September to October, The Asian Wall Street Journal
reported Monday, citing Seoul Economic Daily.

According to the report, the lack of prospective buyers is the
reason for Kamco's decision to delay the sale of Hanbo.


HYNIX SEMICON: Rambus Validates 256MB RIMM Modules
--------------------------------------------------
Hynix Semiconductor America Inc. (HSA) Monday announced that its
256MB RIMM Modules(TM) have received validation from Rambus and
are available in sample quantities. These modules are offered in
256M x 16 (non-ECC) and 256M x 18 (ECC) organizations.

This validation further strengthens Hynix's presence in the
high-speed main memory market and demonstrates the company's
commitment to the ongoing development and production of the
latest components and modules for advanced memory product
applications.

The RIMM modules are assembled by using eight devices of 32M x
8/9 (256M) Direct RDRAM(R) and capable of a sustained data
transfer rate of 1.6GB/s. The RIMM modules are offered in 184-
pad 1mm edge connector pad pitch and are targeted for server,
desktop, workstations and networking applications.

"Hynix has worked closely with Rambus in their validation
efforts, having recently introduced a 288Mb RDRAM," said Jared
Smith, Business Development Manager at Rambus Inc.

"The addition of Hynix's validated 256MB RIMM modules will
supplement the supply of RIMMs to satisfy the increasing
production of RDRAM-based systems."

"The Rambus validation of these RIMMs will help our design-in
activity and accelerate volume production," said Arun Kamat,
Director of Strategic Marketing at Hynix. "Hynix will continue
to promote Rambus in high bandwidth applications."

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI), (formerly Hyundai Electronics
Industries Co., Ltd.) based in Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors -- including DRAM, SRAM, Flash
memory and application specific standard products -- as well as
semiconductor manufacturing foundry services. Hynix
Semiconductor is the world's largest DRAM supplier, with
capacity of over 300,000 wafer starts per month.

Hynix is expanding each business unit with leading-edge products
to meet the needs of the emerging markets. The company has added
deep sub-micron foundry services to strategically broaden its
overall presence in the industry and achieve the goal of leading
the global semiconductor market.

Hynix has research, production, sales and marketing facilities
strategically located worldwide.

Hynix Semiconductor America Inc. (HSA) is a U.S. subsidiary of
Hynix Semiconductor Inc. and is headquartered at 3101 North
First St., San Jose, Calif., 95134. More information on Hynix
Semiconductor America and its products is available at the
company's web site www.us.hynix.com.

About Rambus Inc.

Rambus Inc. (Nasdaq:RMBS) designs, develops and licenses high
bandwidth chip-connection technology and provides the
comprehensive engineering support necessary for complete system
solution.

Rambus' technology and intellectual property are licensed by
leading semiconductor suppliers including DRAM, controller and
microprocessor manufacturers, ASIC developers, and foundries for
use in computer, consumer, and networking systems such as
personal computers, workstations, servers, game consoles, set-
top-boxes, digital TVs, high-speed switches and routers.

More information on Rambus Inc. is available at
http://www.rambus.com.


HYUNDAI ENGINEERING: Chung To Take Over 1M Shares
-------------------------------------------------
Hyundai Asan Chairman Chung Mong-hun is preparing to acquire 1
million shares of Hyundai Engineering and Construction (HDEC),
when the ailing builder issues the shares of common stock at
W5,000 per share face value, The Digital Chosun reported
Tuesday.

The shares issue is to "siphon off" W5 billion worth of
corporate bonds owned by the late Hyundai owner Chung Ju-yung.

At present, Chung has no shareholding in HDEC since the 20.47
million shares he previously owned were waived as a result of
the creditors' move to reduce the company's capital, the report
said.


SAMSUNG CORP: To Launch Cutback
-------------------------------
Samsung Corporation announced Monday that the company is set to
launch a cutback, through the reduction of "travel, traffic,
advertising and miscellaneous expenses", The Korea Herald
reported Tuesday.

A source at Samsung told Herald, "The company is seeking ways to
reduce travel, traffic, advertising and miscellaneous expenses."

He continued, "The belt-tightening is not substantial in terms
of its proportion of company-wide expenses but carries a
symbolic meaning boosting morale."

According to Samsung President Chung Woo-taik, the company's
exports this year are expected to fall to $21.5 billion from its
original forecast of $28 billion, owing to the slump in the
export market, the report said.

Samsung has sought measures to ameliorate its liquidity, largely
through the disposal of its assets amounting to W138 billion
made early this year.

Further divestment of assets worth W182 billion is scheduled for
finalization by the year's end.


SAMSUNG ELECTRONICS: May Lose W130B For Q3, Analysts Say
--------------------------------------------------------
The semiconductor operations of Samsung Electronics Company,
analysts predict, may post for the third quarter losses of about
W130 billion, largely due to the slump in the memory chips
business, The Asian Wall Street Journal reported Monday, citing
a report by Donga Ilbo.

Previously in the second quarter, Samsung's operating profit
nosedived to W260 billion, the newspaper said.


SHINSONG INDUSTRIES: Completes Workout; Returns To Normalcy
-----------------------------------------------------------
Starch producer Shinsong Industries, according to Korea Exchange
Bank (KEB), is now springing back to normal operations, after it
successfully completed its debt workout program, The Digital
Chosun reported Tuesday.

In hindsight, the company went into a workout program in April
1999 because of a severe liquidity crisis, the report says.

An official at KEB told Chosun that the firm undertook self-
rescue measures, such as the disposal of real estate properties
and divestment of loss-making businesses.


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


DRB-HICOM: Sale Deal With Meitech Terminated
--------------------------------------------
DRB-HICOM Berhad announces that the following proposal will not
proceed as planned:

     ˙ Proposed disposal of the entire equity interest in
Panduan Orbit Sdn Bhd (POSB), a wholly-owned subsidiary of DRB-
HICOM;

     ˙ Proposed transfer of the listing status of Gadek
(Malaysia) Berhad (Gadek) to POSB;

     ˙ Memorandum of Understanding (MOU) with Perbadanan
Kemajuan Negeri Kedah (PKNK) for the proposed transfer of the
listing status of HICOM Holdings Berhad (HICOM) to a special
purpose vehicle (SPV) and the proposed disposal of the entire
issued and paid-up capital of the SPV to PKNK.

In addition, the company says the conditional sale and purchase
agreement dated 24 February 2001 entered into between DRB-HICOM
and Meitech Development Sdn Bhd and the MOU dated 22 December
2000 entered into between DRB-HICOM and PKNK has been terminated
and lapsed respectively.

The Board of Directors of DRB-HICOM, after due consideration,
has decided not to proceed with the intention of leveraging on
the listing status of Gadek and HICOM respectively.

Background

DRB-Hicom Bhd is an industrial conglomerate focusing on three
main business sectors, i.e. automotive manufacturing and
distribution, property development and construction, and
services. Born of a corporate merger between Diversified
Resources Bhd, HICOM Holdings Bhd, Gadek (Malaysia) Bhd and
Gadek Capital Bhd and Master-Carriage Malaysia Sdn Bhd, it
synergises the industrial strength of these corporate entities.

Pursuant to the merger exercise, DRB-HICOM effectively holds 100
percent equity interest in HICOM Holdings, Gadek (Malaysia) and
Gadek Capital respectively. The merger also saw the withdrawal
of the Company from the national car project in 2000. Despite
this strategic withdrawal from the national car project, the
Group still maintains a strong position in the automotive
industry through its involvement in passenger cars, the national
truck project, and the national motorcycle project, as well as
certain segments including the assembly and distribution of
four-wheel drive vehicles.

The Group has been awarded the billion-dollar Electrified Double
Tracking Train project between Rawang and Ipoh. Infrastructure
Works are expected to be completed by December 2003. The value
of the Infrastructure Works is RM2.58 billion.

Apart from this, the Group will continue to focus on turnkey
construction projects, highway construction, marine
construction, civil and infrastructure works and property
development. The property development segment particularly will
see a benefit from the consolidation of the property and
construction activities undertaken by the three groups of
companies.

The Group is also involved in services sectors with subsidiaries
in airline services, leisure, vehicle inspection, information
technology, waste management and public transport.

In line with the Company's plan to leverage on its three
subsidiaries' listing status, the Company had on 21 December
2000 entered into a SPA with Malton Corporation Sdn Bhd for the
disposal of Gadek Capital Bhd.

Subsequently, it was agreed with Meitech Development Sdn Bhd and
Perbadanan Kemajuan Negeri Kedah (PKNK) to transfer the listing
status of Gadek (Malaysia) Bhd and HICOM Holdings Bhd
respectively. The SC approved the proposed disposal on 2 May
2001.


GADEK MALAYSIA: Drops Proposal To Sell Stake In POSB
----------------------------------------------------
Gadek (Malaysia) Berhad revealed the proposed disposal of the
company's entire equity stake in Panduan Orbit Sdn Bhd (POSB), a
wholly-owned subsidiary of DRB-HICOM Berhad, and the proposed
transfer of the listing status of Gadek to POSB will not proceed
as proposed.

Also, the conditional sale and purchase agreement dated 24
February 2001 entered into between DRB-HICOM Berhad and Meitech
Development Sdn Bhd has been terminated.

The Board of Directors of DRB-HICOM Berhad, being the holding
company of Gadek, after due consideration, has decided not to
proceed with the intention of leveraging on the listing status
of Gadek.

Gadek (Malaysia) is part of the DRB-HICOM Group. Gadek and its
Group of companies have diversified interests in the financial
services, construction and automotive sectors.

The Company's early ties were to UK-based Gadek Malaysia Ltd.
Diversification into automotives followed in 1992, construction
in 1995 and financial services in 1994.

In February 2000, BNM approval was obtained for the proposed
merger between subsidiary Credit Corporation (Malaysia) Bhd and
Hong Leong Bank Bhd (HLB) with HLB as the anchor bank.


GOLDEN PLUS: No Progress Yet On Payment Defaults
-------------------------------------------------
Golden Plus Holdings Berhad, in compliance with paragraph 3.2 of
the Practice Note No. 1/2001, announces that there has been no
development in the Company's default on payments position since
its announcement made on 25 June 2001.

Golden Plus Holdings Berhad defaulted on payment of interest and
principal over loans totaling RM24,845,196 (Loans) with monthly
installments of RM907,093.

Profile

Shortly after its incorporation in January 1984, the Company
underwent a restructuring exercise in conjunction with its
listing which involved the purchase of Golden Plus Granite,
Golden Plus Premix and Sri Serdang. In 1985 the Company expanded
its granite and limestone quarrying activities to the East Coast
of Peninsular Malaysia.

Group production capacity for quarry products totals 1,450 m/t
per hour, premix 560 m/t per hour, and ready-mixed concrete
830m3 per hour.

The Group started investing in commercial/office properties in
1989. To reflect this increased activity and to project a new
corporate image, the name of Golden Plus Holdings was adopted in
1990.

Diversification has increased the property development sector's
contribution to the Group's profit with development projects
undertaken in Kajang. In 1994, the Group expanded property
development activities to Huang-Du Garden, Shanghai. A water
theme park next to the development property in Huang-Du Garden
known as Shanghai Dino Beach commenced operations in 1997.

In November 1999, the Company entered into a conditional SPA
with RMC Industries (Malaysia) Sdn Bhd, a wholly-owned
subsidiary of RMC Group Plc, which is a public company listed on
the London Stock Exchange. The agreement is a proposed disposal
of the Company's entire shareholding in the aggregate, premix
and concrete business in West Malaysia to RMC.

The disposal involves sales of a 100 percent stake in Golden
Plus Granite Sdn Bhd; 100 percent of Golden Plus Quarry Melaka)
Sdn Bhd; 100 percent of Timor Barat Batu Sdn Bhd; 100 percent of
Golden Plus Premix Sdn Bhd (excluding its 70 percent-owned
subsidiary, Golden Plus Builders Sdn Bhd); 51 percent of Golden
Plus RDC Sdn Bhd and 100 percent of Golden Plus Management Sdn
Bhd.


PILECON ENGINEERING: Gets Vietnam Water Project
-----------------------------------------------
Pilecon Engineering Berhad (PEB) announces that PEB, SUEZ
(formerly named Suez Lyonnaise des Eaux) and TRACTEBEL (TRAC)
have on 19 July 2001 entered into a shareholders agreement (the
Charter) with a company known as Lyonnaise Vietnam Water Company
Limited (BOT Company).

The participation in the Legal Capital of the BOT Company shall
be SUEZ-70 percent, TRAC-20 percent and PEB-10 percent. The BOT
Company has pursuant to the Project secured a Build-Operate-
Transfer (BOT) Concession and Contract with the People's
Committee of Ho Chi Minh City to build, manage and operate a
Water Treatment Plant with a production capacity of 300,000
cubic meter/day to be located at Thu Duc District, Ho Chi Minh
City Vietnam to produce and supply water to Ho Chi Minh City
Vietnam.

The Ministry of Planning and Investment of Vietnam had granted
the Investment License to the BOT Company on 26 December 1997
paving the way for the BOT Company to operate, maintain and
manage the facilities for a concession period of 25 years after
start of operations of the treatment plant.

The Project cost approximately US$145 million (RM551 million)
and financing will be through 30 percent equity and the
remaining 70 percent will be raised by the BOT Company from
financial sources.

The Project demonstrates the successful implementation of the
Malaysian Government's call to the private sector to export
local privatization expertise overseas.

Barring any unforeseen circumstances, the Project when completed
will be expected to contribute positively to the investment
return of PEB during the concession periods.

The Project is, however, not expected to have any immediate
material effect on the earnings per share or the net tangible
assets of PEB or of the Group for the current financial year.

As far as PEB is aware, none of the directors and existing
substantial shareholders of PEB, have any interest, whether
direct or indirect, in the aforesaid transaction.

Meanwhile, Pilecon is facing a winding up petition served
against the company:

   1. Details of default: The claim is based on the appointment
of Shau Wah Woodworks & Construction as sub-contractor for
furniture and fittings for Anderson Primary School at Ang Mo Kio
Avenue 9, Singapore.

   2. The total cost of investment in Pilecon Pte Ltd:
RM10,229,653.00

   3. The financial and operational impact on the Group: In the
event that the winding-up proceeding succeeded, there would be
an estimated exceptional gain of RM9.1 million to the Group.

   4. The expected losses: Refer to Item 3 above.

   5. Amount of interest claimed: Nil

   6. Date of hearing of the winding-up petition: 27 July 2001

Profile

Since commencing operations in February 1980, the Company (PE)
has grown from a small piling firm to a construction company
offering soil and foundation engineering services as well as
undertaking major building and civil engineering projects in
Malaysia and countries such as Singapore, Brunei, Hong Kong,
Korea and Taiwan.

PE has also diversified into property development and water-
related projects. Major property development projects are in
Johor, notably in Bandar Bukit Bayu in Plentong and JB
Waterfront City, a multi-billion Ringgit infrastructural-cum-
property development to be developed over 15 to 20 years.

The Johor Baru Water Privatization Project awarded on a `build,
operate and transfer' basis involve s the upgrading of existing
facilities and construction of a new water treatment plant and
supply of potable water to the district of Johor Baru.

Besides Johor, PE also operates in Selangor, Wilayah
Persekutuan, Penang, Kedah, Malacca and Pahang.


RENONG BERHAD: Shares Trading Resumes
-------------------------------------
Trading of shares of Renong Berhad resumed 9.00 a.m., Tuesday,
24 July 2001.

Last week, it was reported that Pengurusan Danaharta Nasional
Berhad Managing Director Azman Yahya was likely to resign from
the state-run agency, to assume the post of tycoon Halim Saad in
Renong Berhad, following the government's take over in the
company.

Azman will be assigned to head the management of Renong, whose
primary task, upon takeover, will be to fasttrack asset sales
and reduce debts.


TAN CHONG: Court Stays Winding-Up Petition
------------------------------------------
The Kuala Lumpur High Court has granted a stay on the hearing of
a winding up petition against Tan Chong Consolidated Sdn Bhd,
The Edge reported Monday.

The petition was filed in May by Tan Chong group co-founder
Datuk Tan Kim Hor.

In addition, the court rejected an application filed by the
other faction of the family that owns the holding company, led
by Kim Hor's nephew Heng Chew, for a gag order that would
restrain other parties of the case to talk to the press. The
report says that the court cited lack of sufficient grounds to
grant the request.


UNITED ENGINEERS: Danasaham Offers Shares Acquisition
-----------------------------------------------------
United Engineers (Malaysia) Berhad (UEM) says the Company, on 23
July 2001, received a Notice of Conditional Voluntary Offer from
Aseambankers Malaysia Berhad, on behalf of Syarikat Danasaham
Sdn Bhd (Danasaham), a wholly-owned subsidiary of Khazanah
Nasional Berhad (Khazanah) to acquire:

     1. The remaining 815,303,483 ordinary shares of RM0.50 each
in UEM representing approximately 99.78 percent of the issued
and paid up capital of UEM as at 19 April 2001, which are not
already held by Khazanah;

     2. The remaining 98,053,203 warrants representing
approximately 98.84 percent of the warrants in UEM (Offer
Warrants), which are not already held by Khazanah; and

     3. All new ordinary shares of RM0.50 each in UEM that may
be issued pursuant to the exercise of any Offer Warrants in UEM.

The Board of UEM is not considering inviting any alternative
person to make a take-over offer for the ordinary shares and
warrants of UEM.

In accordance with the Malaysian Code on Take-Overs and Mergers
1998, the Board of Directors is seeking the Securities
Commission's approval for the appointment of an Independent
Adviser and will announce the appointment upon receiving the
Securities Commission's approval.



UNITED ENGINEERS: Gets Voluntary Offer Notice
---------------------------------------------
In reference to the put option granted by YBHG Tan Sri Halim
Saad, pursuant to the put option agreement dated 11 December
1998 regarding the extension of time for payment of second
installment, United Engineers (Malaysia) Berhad clarifies that:

     (a) The Company, as announced earlier, received Monday a
Notice of Conditional Voluntary Offer (Notice) from Aseambankers
Malaysia Berhad on behalf of Syarikat Danasaham Sdn Bhd
(Danasaham or the Offeror), a wholly-owned subsidiary of
Khazanah Nasional Berhad. As one of the conditions of the
voluntary offer in the Notice, the Offeror is seeking for
acceptances which would result in the Offeror and all persons
acting in concert with it holding in aggregate, together with
those UEM Shares already held or entitled to be acquired, of not
less than 90% of the Offer Shares. In the event the conditional
offer is successful, the Offeror has indicated in the Notice
that it will take steps to delist the Company from the Official
List of the KLSE. Accordingly, the Put Option debt will be dealt
with by the Offeror as it deems fit.

     (b) In the event that the conditional voluntary offer is
unsuccessful, the Company as previously announced will take all
the necessary measures to recover the Put Option debt in the
event that the second installment of RM100.0 million is not
received by 12 September 2001.

     (c) The Company wishes to advise that the Board of
Directors of the Company Monday decided to suspend, pending the
outcome of the Conditional Voluntary Offer, the consultancy work
that is currently undertaken by Arthur D. Little (ADL). As
previously announced ADL was engaged to advise the Company on
the strategy to increase shareholders' value.


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


MAYNILAD WATER: Likely To Get Go-Ahead On Rate Hike
---------------------------------------------------
Maynilad Water Service Incorporation (Maynilad) is likely to
receive the okay from the Metropolitan Waterworks and Sewerage
System (MWSS) to raise its rates, The Philippine Daily Inquirer
reported Monday.

However, though the rate hike is "inevitable", the adjustment is
expected to be lower than the original plan of P4.75 per cubic
meter, the newspaper said.

Before MWSS flashes the green light, its regulatory office will
have to finalize its review on Maynilad's financial assumptions
and thereafter, present its recommendation to MWSS board of
trustees and then the Cabinet.

Maynilad President Rafael Alunan III told the newspaper, "We are
willing to bring down the water adjustment to P4.50 per cubic
meter, it could be on a staggered basis or we could impose it as
a one-shot increase."

Maynilad has decided to forego its plan to slash employees'
wages, and might have to seek other options to cut its financial
losses, the report said.


NATIONAL BANK: Sells P1.2-B Assets In First Half
------------------------------------------------
Philippine National Bank (PNB) sold in the year's first half
assets totaling P1.2 billion, The Daily Tribune reported
yesterday. The asset disposal program is part of the debt-ridden
bank's restructuring plan.

Meanwhile, PNB, the newspaper said, posted an unaudited net loss
of P2.5 billion for the January to April period, owing largely
to higher loan-loss reserves and interest payments.

The loan-loss reserves as of end of June amounted to P18
billion, comprising 41 percent of the bank's valuation reserve
cover, the report said, citing PNB President Feliciano Miranda.


NATIONAL POWER: Wins ADB's Loan Retraction Approval
---------------------------------------------------
State-owned National Power Corporation (Napocor) has won the
approval of Asian Development Bank (ADB) to retract excess loan
allocations expected to reach $70.323 million under ADB's Power
Transmission Reinforcement Program (PTRP), The Daily Tribune
reports Tuesday.

The approval was made upon the beleaguered utility firm's need
to narrow expenditures.

This retraction would translate into interest savings estimated
at around $9.345 million. It would also lower commitment fees
payment for any setback in project implementation, the newspaper
reported.


RFM CORP: To Consider SMC-Coke Offer To Take Over Cosmos
--------------------------------------------------------
Cosmos Bottling Corporation (CBC) announces RFM Corporation
would like to confirm reports that it is favorably considering
the offer of SMC-Coke to purchase its stake in its softdrinks
subsidiary Cosmos Bottling Corporation.

However, the price, structure and other details of the
transaction are still being worked out.

This announcement is in response to the news article entitled
"San Miguel bags Cosmos for PhP14.5B" published in the 19 July
2001 issue of the Philippine Daily Inquirer.


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


PANPAC MEDIA.COM: Employees Volunteer To Take Wage Cut
------------------------------------------------------
To cushion the impact of the current economic slowdown, and the
rather uncertain short-term outlook, a program was initiated to
return Panpac Media.com Limited (the Group) to profitability by
reducing the group's operating cost drastically, and scaling
back investment temporarily until conditions improve. The plan
was activated at the start of the current fiscal period,
beginning April 1, 2001.

As part of the cost reduction exercise, all Panpac Media Group
employees from executive directors to mid-level managers to
junior officers, in both Singapore and Malaysia, were recently
asked to consider taking a wage cut.

The response from the staff in the two exercises carried out
separately in Singapore and Kuala Lumpur was spontaneous and
overwhelming. More than 90 percent of the total staff of 146
volunteered to take a wage cut with effect from July 1 2001.

The cuts range from 1 percent to 20 percent.

While the group believes that the voluntary wage cut by
employees of Panpac Media Group is unprecedented in both
Singapore and Malaysia, the manner by which employees have
responded to the call for the wage cut reflects clearly that a
strong bond exists between the employees and the Group. It
certainly augurs well for the future of the Group.

The voluntary wage cut by the employees is expected to reduce
the Group's annual wage bill by about $500,000.


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


BANGCHAK PETROLEUM: Govt Drops Plan To Sell Stake
-------------------------------------------------
The Thai Government, through the Thai Finance Ministry, has
decided to ditch its planned sale of stake in Bangchak Petroleum
Public Company Limited (BCP), The Asian Wall Street Journal
reports Tuesday, citing The Nation.

According to the report, the government has also decided to
undertake moves to firm up the company's management through
alliances with other state-run oil firms.

The Finance Ministry holds the majority stake in the oil
refiner.

Early this year, Bangchak blamed the government for its two-year
loss of Bt3.3 billion.

The oil refiner posted losses of Bt1.55 billion in 2000 and
Bt1.78 billion the preceding year fiscal year.


ITALIAN-THAI: Creditors OK Debt Workout Plan
--------------------------------------------
Creditors of Italian-Thai Development Public Company Limited
have approved the company's Bt12.85-billion debt restructuring
plan, which is to be completed within the next two or three
months, The Asian Wall Street Journal reports Monday, citing the
company's vice president for finance, Chatichai Chutima.

The plan will cover a six-year debt repayment extension, debt-
for-equity swap, and debt waivers, the newspaper says.

The company, according to the report, stalled its debt servicing
as a result of the Asian financial crisis, which had a domino
effect on the construction sector.

The company and the creditors reached an initial debt
restructuring agreement at the end of 1999.


MEDIA OF MEDIAS: Creditors OK Rehab Plan
----------------------------------------
Media of Medias Public Company Limited announces that at the
creditors' meeting for the examination of the rehabilitation
plan held on July 23, 2001 at the Bankruptcy Court, the
rehabilitation plan was approved by the creditors holding 62.84
percent of the eligible creditors.


PANJAPOL PAPER: Reorg Petition Lodged With Bankruptcy Court
-----------------------------------------------------------
Panjapol Paper Industry Company Limited (the Debtor) is engaged
in the Sale and Produce of paper, paper pulp, products from
paper and paper pulp, plastic bags and boxes. The Debtor's
Petition for Business Reorganization was filed to the Civil
Court. The case has been transferred to the Central Bankruptcy
Court:

     Black Case Number Phor. 4/2542

     Red Case Number Phor. 8/2542

Petitioner: Thai Farmer Bank and Panjapol Paper Industry Co. Ltd

Planner: Mr. Surapongs Tejavibulya

Debts Owed to the Petitioning Creditor: Bt682,995,753.07

Date of Court Acceptance of the Petition: May 18,1999

Court Order for Business Reorganization and Appointment of
Planner : August 23, 1999

Number of creditors filing Applications for Debt Repayment: 130

Amount of debts: Bt64,540,362,204.11

The creditors' meeting passed a special resolution accepted the
amended plan.

The Court issued an order accepting the reorganization plan:
April 3, 2000.

Contact: Mr. Songthom or Ms. Pacharee, Tel. 6792514


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

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

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