/raid1/www/Hosts/bankrupt/TCRAP_Public/010809.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, August 9, 2001, Vol. 4, No. 155


                         Headlines



A U S T R A L I A

CABLE & WIRELESS: Agrees With ASIC To End Proceedings
DAVNET LIMITED: Seeks Extension Of Voluntary Suspension
MTM ENTERTAINMENT: Babcock & Brown Raises Stake
MTM ENTERTAINMENT: Sunderton Won't Extend Takeover Bid
NATURAL GAS: Removal From Official List Scheduled
OVERSEAS & GENERAL:Share Write-off, Capital Reduction Approved
YOST TECHNOLOGIES: Administrator Appointed


C H I N A   &   H O N G  K O N G

GALAXY ADVANCE: Winding Up Petition To Be Heard
HIGHDONE COMPANY: Winding Up Petition Hearing Set
KEEN CHOICE: Hearing of Winding Up Petition Set
NEXT MEDIA: Executive Director Chan Resigns
PERFECT SCENE: Winding Up Petition Set For Hearing
ROCKAPETTA HOLDINGS: Sells 111M Shares To Charm Management
TSE SUI: Selling Non-Core Assets To Raise HK$25M
UNI-WIN INVESTMENTS: Faces Winding Up Petition


I N D O N E S I A

CHANDRA ASRI: Fails To Resume Operations
PASIFIK SATELIT: May Face Nasdaq Delisting


J A P A N

DAIWA BANK: BHC Creation Signifies Strong Systemic Support
MATSUSHITA ELECTRIC: S&P's Posts CreditWatch Negative Ratings
SUMITOMO MITSUI: Pursuing Bad Loans Disposal Plan


K O R E A

DAEWOO SECURITIES: Sues Trust Companies For $127M In Losses
HYUNDAI INVESTMENT: Government To Resolve Sale Issue
HYUNDAI PETROCHEM: Non-Bank Creditors Disapprove Of Debt Plan
KOREA LIFE: Government To Inject W1.5T To Expedite Sale
SUNGSHIN CEMENT: Exclusion From KDB Debt-Buyout List Likely


M A L A Y S I A

IDRIS HYDRAULIC: Exchange Grants Extension
L&M CORP: Default Stands At RM189.44M
RAHMAN HYDRAULIC: Extension, Workout Scheme Approval Pending
RAHMAN HYDRAULIC: Solicitors File Defense Re Writ Of Summons
SIN HENG: Gets SC Approval For Time Extension
TAI WAH: Gets SC Approval For Proposed Workout Scheme
TECHNO ASIA: Enters MoU With Semai, Dr Yu


P H I L I P P I N E S

RFM CORP: SMC To Keep Cosmos Acquisition Cost Of P15B
URBAN BANK: Back In Business


S I N G A P O R E

CAM INTL: Gets Court Approval To Convene Scheme Meeting
ISOFTEL LIMITED: Expects Worse Half-Year Results
THAKRAL CORP: Finalizing Documentation For SOA


T H A I L A N D

ABICO HOLDINGS: Board Agrees To Sell Chokchai Milk Stake
ADVANCE PAINT: Nathikanchanalab Appointed New Audit Chair
BUMRUNGRAD HOSPITAL: Invests In VitalLife
MEDIA OF MEDIAS: Rehab Plan Approval Expected This Month
SUN TECH: AMC Claims Rights
THAI DURABLE: Raises Registered Capital
THAI PRECISION: Reorg Petition Filed With Bankruptcy Court

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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CABLE & WIRELESS: Agrees With ASIC To End Proceedings
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
Tuesday announced it has settled proceedings in relation to
Cable & Wireless Optus Limited's (Optus) accounting treatment in
its 2000 Annual Report.

Optus commenced proceedings against ASIC in the Supreme Court of
NSW on 10 January 2001.

At issue was whether Optus' agreement to provide transmission
capacity to AAPT was properly accounted for in its 2000
financial statements, in accordance with Australian Accounting
Standard (AASB) 1008.

The proceedings, which sought declarations, followed discussions
with ASIC about whether under the agreements it would be more
appropriate to recognize revenue immediately or over the term of
the arrangement, which was ASIC's preferred approach.

ASIC continues to disagree with Optus' interpretation of AASB
1008. However, it recognizes that there are complexities
surrounding the application of the standard to the specific
aspects of telecommunications capacity involved in the present
dispute.

ASIC has noted that SingTel, which has announced a proposal to
acquire Optus, has stated that it would not apply, in its
consolidated accounts, the accounting treatment adopted by
Optus.

In those circumstances, ASIC does not consider that the costs of
pursuing a disputed court case are warranted in the public
interest and ASIC has informed Optus that it will not take
action against Optus, its directors or auditors if the
agreements are treated as finance leases.

ASIC also notes that there may be scope to clarify AASB 1008 and
will be raising this matter with the Australian Accounting
Standards Board.

ASIC and Optus will each bear their own costs.


DAVNET LIMITED: Seeks Extension Of Voluntary Suspension
-------------------------------------------------------
Davnet Limited on Tuesday requested an extension of the
voluntary suspension from the trading of its shares previously
implemented on Friday 3 August 2001.

In accordance with Listing Rule 17.1, I advise:

   1. Davnet is continuing its negotiations with several of the
financiers referred to in its release to the market on 3 August
and is working towards achieving a binding commitment with one
or more of them by close of business on Friday 10 August.

   2. Davnet intends to make a further ASX announcement before
the commencement of trading on Monday 13 August 2001.

The Company is not aware of any reason why the suspension should
not be continued.

ASX MARKET RELEASE

The securities of Davnet Limited Friday was suspended from
Official Quotation immediately, at the request of the Company,
pending the release of an announcement by the Company regarding
its refinancing negotiations and review of operations.

Security Code:  DVT

VOLUNTARY SUSPENSION

Further to the trading halt in Davnet Ltd shares, granted on 1
August 2001, which expires at the commencement of trading on 3
August 2001, Davnet Limited requests a voluntary suspension of
its shares, from the commencement of trading today, Friday 3
August 2001, which Davnet expects to end at the commencement of
trading on Tuesday 7 August 2001.

Davnet had initially requested that a new trading halt be
granted for the same period, however, ASX has advised that its
policy is not to allow consecutive trading halts, hence this
voluntary suspension request.

In accordance with Listing Rule 17.2, I advise:

   1. Davnet Ltd has reached the stage of due diligence with
several financiers and is continuing discussion with others and
is working towards achieving a binding commitment with one or
more of them by close of business on Monday 6 August.

   2. As a consequence of the review of its operations,
announced to the market on 1 August 2001, Davnet Ltd has advised
each of its operating subsidiaries in Canada, Hong Kong and
Singapore that it will not be providing further funding to those
subsidiaries at this stage and cannot say if and when this
situation may change. The Davnet group's operations elsewhere
will be reviewed in the light of the outcome of the discussions
with financiers referred to above.

   3. Davnet Ltd intends to make a further ASX announcement
before the commencement of trading on Tuesday 7 August 2001,
when it expects that the suspension will end.

Davnet Ltd is not aware of any reason why the suspension should
not be granted.


MTM ENTERTAINMENT: Babcock & Brown Raises Stake
-----------------------------------------------
Babcock & Brown increased its relevant interest in MTM
Entertainment Trust on 6 August 2001, from 50,961,218 ordinary
units (63.70 percent) to 52,163,526 ordinary units (65.20
percent).


MTM ENTERTAINMENT: Sunderton Won't Extend Takeover Bid
------------------------------------------------------
Sunderton Pty Ltd announces that it will not be extending its
takeover bid for the MTM Entertainment Trust past the current
bid close date of 17 August 2001.

For any questions please call Director R Topfer on 02 9229 1800.


NATURAL GAS: Removal From Official List Scheduled
-------------------------------------------------
Natural Gas Australia Limited (the Company) will be removed from
the official list of the Australian Stock Exchange Limited as
from the close of trading Wednesday, 8 August 2001, under
listing rule 17.11, following the implementation of the
Company's three schemes of arrangement to effect a merger with
Santos Limited.

Security Code: NGA


OVERSEAS & GENERAL:Share Write-off, Capital Reduction Approved
--------------------------------------------------------------
Overseas & General Limited (OGL) announced Tuesday that the High
Court of the Isle of Man has, on 2 August 2001, approved:

   1. the writing off of the paid up share premium account
(amounting to A$28,042,857.34) against the retained losses of
OGL; and

   2. the reduction of the paid up capital of OGL from
A$30,334,733.60 to A$15,167,366.80.

A copy of the court order is attached.

The board of directors of OGL further announces that the court
order will be lodged with the registrar of companies, Isle of
Man, on 6 August 2001.

Once the registrar of companies certifies the registration of
the order, his certificate is conclusive evidence that all
requirements of the Companies Acts (Isle of Man) have been
complied with.

The above write off of the share premium account and the
reduction of capital will be effective once the certificate of
registration of the court order is obtained from the registrar
of companies, Isle of Man. A further announcement will be made
once this certificate is obtained.

The above write off of the share premium account and the
reduction of capital are part of the restructuring exercise of
OGL, which was approved by the members of OGL on 30 November
2000 and 25 May 2001.

   EFFECT OF REGISTRATION OF THE COURT ORDER ON THE WRITE OFF
      OF SHARE PREMIUM ACCOUNT AND REDUCTION OF CAPITAL

Once the certificate of registration of the court order of the
registrar of companies, Isle of Man is obtained, the following
effects are noted:

   1. The authorized share capital of OGL shall be
A$1,000,000,000, divided into 1,000,000,000 shares of A$1 each.

   2. The OGL share option plan, which was approved by the
members of OGL on 25 April 1997, will be amended as follows:

     (a) Replace the definition of "Shares" in clause 4 of the
plan with the following:

        "Shares" means ordinary fully paid shares of A$1 in the
capital of the Company.

     (b) Replace clause 6 of the plan with the following:

         The total number of Options that may be issued under
the Plan at any time shall not exceed 750,000 options.

     (c) Replace clause 10(iii) of the plan with the following:

         Shares allowed to Eligible Employees on exercise of
Options shall be issued at a price determined by the Board of
Directors in its absolute discretion, but the price shall not be
less than A$4 per share.

   3. Every 20 fully paid issued ordinary shares in OGL be
consolidated into 1 fully paid ordinary share of A$1 each, with
fractions being rounded down to the nearest whole number.

   4. Every 20 issued options to subscribe for fully paid voting
ordinary shares in OGL that are issued pursuant to the option
plan approved by the members of OGL on 25 April 1997 and
exercisable on or before 30 May 2002 be consolidated into 1
option with an exercise prize of not less than A$4, with
fractions being rounded down to the nearest whole number.

      TIMETABLE FOR REQUOTATION OF THE SHARES OF OGL

The board of directors further announces it is now discussing
with the Australian Stock Exchange Limited on a requotation of
its shares on the Australian Stock Exchange Limited. An
announcement will be made once an agreement is reached with the
Australian Stock Exchange Limited.

COMPLETION OF THE RESTRUCTURING

The board of directors further announces that all other
approvals that are required to complete the restructuring of OGL
(as approved by the members of OGL on 30 November 2000 and 25
May 2001) have been obtained, apart from the approvals of
certain Fijian authorities to the mortgage of shares in Fenning
Pacific (Fiji) Limited by OGL in favor of Land & General Berhad.

The board of directors of OGL announces that it has taken steps
to do the following matters, as contemplated by the
restructuring of OGL (as approved by the members of OGL on 30
November 2000 and 25 May 2001):

   1. the conversion of the intercompany loans of OGL from Land
& General Berhad into:

     (a) 66,061,666 class B shares (with the terms referred to
in schedule 1) ("Class B Shares"); and

     (b) 15 million convertible bonds (with the terms referred
to in schedule 2) ("Convertible Bonds"); and

   2. the signing of legal mortgage over its shares in Fenning
Pacific (Fiji) Limited and Vietnam Industrial Investments
Limited, in favor of Land & General Berhad, as security for
moneys owing under the Convertible Bonds and other moneys that
may be owing by OGL to Land & General Berhad, from time to time.

      The Class B Shares and the Convertible Bonds will be
issued from registers of the Company in the Isle of Man. It is
currently contemplated that the conversion of the debt into the
Class B Shares and the Convertible Bonds and the signing of the
legal mortgage of shares in Vietnam Industrial Investments
Limited will occur within 7 days of the registrar of companies,
Isle of Man certifying the registration of the court order
dealing with the write off of the share premium account and
reduction of capital.

      It is contemplated that the legal mortgage of the shares
in Fenning Pacific (Fiji) Limited will be signed once all
relevant approvals of the Fijian authorities are obtained.

      The share mortgages of the shares in Vietnam Industrial
Investments Limited and Fenning Pacific (Fiji) Limited will be
registered by OGL, with the registrar of companies in the Isle
of Man.

QUESTIONS

All questions on the matters dealt with in this announcement
shall be directed to Mr Leong Kian Ming, the chief operating
officer of OGL, in Kuala Lumpur, Malaysia on 0015 60 3 6275 7788
(telephone), 0015 60 3 6275 1715 (facsimile) or kmleong@land-
general.com (email address).

IN THE HIGH COURT OF JUSTICE OF THE ISLE OF MAN CHANCERY
DIVISION

In the matter of the Companies Acts 1931-1993

and

In the matter of Overseas & General Limited a Company
incorporated under the laws of the Isle of Man having its
registered office situate at 2nd Floor Sixty Circular Road
Douglas Isle of Man IMI 1SA

and

In the matter of the petition of Overseas & General Limited
("the Company") dated 11th July 2001

At a Court at Douglas the 23rd day of July 2001

His Honor the Deemster Cain

Upon the foregoing Petition being called this day in presence of
counsel for the Petitioner and having heard Counsel and having
read the Petition and the supporting documents and it appearing
that the Special Resolutions referred to in the Petition for the
reduction of capital of the Company have been passed and the
Court being of the opinion that the proposed reduction of the
capital of the Company does not involve either the diminution of
any liability in respect of unpaid capital or the payment to any
shareholders of any paid up capital and it is ordered that the
settlement of list of creditors of the Company be dispensed with
and that to further notice of the Petition be required

and it is further ordered that the reduction of capital of the
Company by means of

   (1) the writing off of the paid up share premium account of
the Company amounting to A$28,042,857.34 against the retained
losses of the Company; and

   (2) the reduction of the paid up share capital of the Company
from A$30,334,733.60 to A$15,167,366.80;

resolved on and effected by Special Resolution 1 and Special
Resolution 2 passed at an Extraordinary General Meeting of the
Company held on 30th November 2000 be and the same is hereby
confirmed in accordance with the provisions of Section 58 of the
Companies Act 1931

And the Court hereby approves the Minute set forth in the
Schedule to this Order

And it is further ordered that this Order be produced to the
Financial Supervision Commission and that an office copy hereof
be delivered to the Financial Supervision Commission together
with a copy of the Minute

   SCHEDULE ABOVE REFERRED TO MINUTE APPROVED BY THE COURT

By virtue of special resolutions of the Company and with the
sanction of an Order of the High Court of Justice of the Isle of
Man dated the 23rd day of July 2001 the share premium account of
the Company was reduced from 28,042,857.34 Australian Dollars to
zero (nil balance) and the paid up share capital of the Company
was reduced from 30,334,733.60 Australian Dollars to
15,167,366.80 Australian Dollars.


YOST TECHNOLOGIES: Administrator Appointed
------------------------------------------
Triton Corporation Limited announced Gregory John Keith of Grant
Thornton Chartered Accountants, Melbourne Tuesday were appointed
as Administrator of Yost Technologies Limited pursuant to Part
53A of the Corporations Act.

The appointment follows difficult trading conditions in recent
months, particularly during June and July 2001, for Yost in the
cabling/telecommunications sector.

Triton has provided no guarantee in respect to Yost, but states
it is an unsecured creditor for approximately $4.2 million.

Triton remains optimistic that the Administrator may be able to
restructure the business and return it to a going concern basis
to preserve some value for Triton shareholders.


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C H I N A   &   H O N G  K O N G
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GALAXY ADVANCE: Winding Up Petition To Be Heard
-----------------------------------------------
The petition to wind up Galaxy Advance 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 June 11, 2001 by
Bank of China, Hong Kong Branch, whose registered office is
situated at Bank of China Tower, 1 Garden Road, Hong Kong.


HIGHDONE COMPANY: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Highdone Company Limited will be heard
before the High Court of Hong Kong on August 22, 2001 at 9:30
AM.  The petition was filed with the court June 12, 2001 by Bank
of China, Hong Kong Branch, whose registered office is situated
at Bank of China Tower, 1 Garden Road, Hong Kong.


KEEN CHOICE: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Keen Choice Industrial Limited is
scheduled to be heard before the High Court of Hong Kong on
September 19, 2001 at 9:30 AM. The petition was filed with the
court on July 3, 2001  by The National Commercial Bank Limited
of 1-3 Wyndham Street, Central, Hong Kong.


NEXT MEDIA: Executive Director Chan Resigns
-------------------------------------------
The Board of Directors of Next Media Limited (the Company)
announced Chan Chun Shing, Otto has resigned as an Executive
Director of the Company, effective August 7, 2001.

"The Board would like to thank Mr. Chan for his invaluable
contribution during his term of office with the Company," said
Company Secretary Janis Lee.

Meanwhile, last month, TCR-AP reported that Next Media Limited,
an Internet and magazine publisher, was likely to go deeper into
the red when it reports full-year results, analysts said.  An
analyst at a local brokerage forecast a net loss of $68 million
for the year ending March 31, but added that number could be too
optimistic.

One "should brace for the worst" because the firm has been
largely reserved about its situation, he said.

Next Media operates a handful of websites, including atnext.com
and appledaily.com, and Easyfinder magazine. It also has a
printing and publishing arm.

The firm has already reported net loss of $43.4 million for the
six months to September 30, 2000, due to significant losses
sustained by its Internet businesses.  It also reported a loss
of $78.5 million in the year to March 31, 2000.

Another analyst at a local brokerage said he expects Next Media
to continue making provisions for its online failures.  Last
year the company laid off 200 staff members from its online
ventures.

Next Media has been repositioning itself, shifting its focus to
magazine and newspaper publishing, after the dotcom euphoria
faded last year. The company's shares have fallen more than 90
percent from their peak of $5.45 in February 2000.


PERFECT SCENE: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Perfect Scene Development Limited is
scheduled for hearing before the High Court of Hong Kong on
August 29, 2001 at 9:30 AM. The petition was filed with the
court on June 14, 2001 by The National Commercial Bank Limited
of 1-3 Wyndham Street, Central, Hong Kong.


ROCKAPETTA HOLDINGS: Sells 111M Shares To Charm Management
----------------------------------------------------------
Rockapetta Holdings Limited Tuesday (7 August 2001) entered into
the Subscription Agreement with Charm Management Limited (the
Subscriber), pursuant to which the Subscriber has agreed to
subscribe for a total of 111,000,000 Shares at a subscription
price of HK$0.15 per Share.

The New Shares represent about 18.82 percent of the existing
issued share capital of the Company and about 15.84 percent of
the issued share capital of the Company as enlarged by the issue
of the New Shares.

The net proceeds of the Subscription are expected to amount to
about HK$16.6 million.

The Company intends to use the net proceeds of the Subscription
to repay certain of the Group's short-term borrowings of
approximately the same amount which will mature in or around
August and September this year.

Should the Group successfully renew all or any of such short
term borrowings, the Company intends to use the net proceeds or
the balance thereof for general working capital of the Group
and/or for future investments should suitable opportunities
arise in future.

The Subscription is subject to, among other things, the approval
of the listing of, and permission to deal in, the New Shares
from the Stock Exchange.

The Subscription will be completed on the second business day
after the fulfillment of all the conditions to which the
Subscription is made subject, which is expected to be on or
about 17 August 2001.

At the request of the Company, trading in the Shares on the
Stock Exchange has been suspended with effect from 10:00 a.m. on
7 August 2001. Application has been made to request for the
resumption of trading of the Shares on the Stock Exchange at
10:00 a.m. on 8 August 2001.

Date of the Subscription Agreement

7 August 2001.

Subscriber

   Charm Management Limited.

   The obligations of the Subscriber under the Subscription
Agreement are guaranteed by the Guarantor.

Information of the Subscriber

   The Subscriber is a company incorporated in the British
Virgin Islands and has not carried on any business since its
incorporation other than the entering into of the Subscription
Agreement. The Subscriber does not hold any Shares as at the
date hereof.

   The Subscriber is wholly and beneficially owned by the
Guarantor. The Guarantor is a professional accountant and a
strategic investor with a wealth of experience in investing in
public and private companies in the industrial sector in Hong
Kong and overseas.

   Each of the Subscriber and the Guarantor is an independent
third party not connected with or acting in concert with any
director, chief executive or substantial shareholder of the
Company or any of its subsidiaries or any of their respective
associates (as defined under the Listing Rules).

New Shares to be subscribed for

   The Subscriber will subscribe for 111,000,000 Shares,
representing about 18.82 percent of the existing issued share
capital of the Company of 589,760,000 Shares and about 15.84
percent of the issued share capital of the Company as enlarged
by the issue of the Subscription Shares.

Subscription Price

   HK$0.15 per Share.

   The Subscription Price represents a discount of about 21.88
percent to the closing price of HK$0.192 per Share quoted on the
Stock Exchange on 6 August 2001, being the last trading date
prior to the suspension of trading of the Shares on 7th August
2001 and a discount of about 25.92 percent to the average
closing price of HK$0.2025 per Share quoted on the Stock
Exchange for the ten trading days ended on (and including) 6
August 2001.

   The Directors consider the Subscription Price and the other
terms of the Subscription Agreement, which were arrived at on an
arm's length basis, to be fair and reasonable and in the
interest of the Company. Having regard to the current sluggish
state of the stock market and the demand for shares in companies
comparable with the Company, the Directors believe that the
slightly high discount to the closing price of the Shares is
justifiable in the circumstances.

Payment of Subscription Price

   The aggregate Subscription Price for the New Shares is
HK$16,650,000 and will be paid by the Subscriber in cash in full
on completion of the Subscription.

Reasons and use of proceeds

   In view of the current market which the Directors consider
that the Subscription represents an opportunity to raise capital
for the Company while broadening the shareholder and capital
base of the Company.

   The net proceeds of the Subscription are expected to amount
to about HK$16.6 million. The Company intends to use the net
proceeds of the Subscription to repay certain of the Group's
short term borrowings of approximately the same amount which
will mature in or around August and September this year.

   Should the Group successfully renew all or any of such short
term borrowings, the Company intends to use the net proceeds or
the balance thereof for general working capital of the Group
and/or for future investments should suitable opportunities
arise in future.

Mandate to issue New Shares

   The New Shares will be issued under the general mandate
granted to the Directors at the annual general meeting of the
Company held on 21 May 2001.

Ranking of New Shares

   The New Shares will, when issued, rank pari passu in all
respects with the existing issued Shares at the date of
allotment.

Condition of the Subscription

   The Subscription is conditional upon:

      (a) the Listing Committee of the Stock Exchange granting
or agreeing to grant listing of and permission to deal in the
New Shares; and

      (b) (if required) the Bermuda Monetary Authority
consenting to the issue of the Subscription Shares.

          on or before 7th September 2001, or such later date as
the parties may agree, failing which the Subscription will
lapse.

Completion

   Completion of the Subscription will take place on the second
business day after the fulfillment of all the conditions
mentioned under the paragraph headed "Conditions of the
Subscription" above, which is expected to be on or about 17
August 2001.

Application for New Shares

   Application will be made by the Company to the Stock Exchange
for the listing of, and permission to deal in, the New Shares.

Substantial shareholder

   According to the register maintained by the Company under the
Securities (Disclosure of Interests) Ordinance as at the date
hereof, the only substantial shareholder of the Company is
MCC814 (Holdings) Limited, which is a company wholly and
beneficially owned by Mr. Chan Sheung Wai, the chairman of the
Company, which currently holds approximately 10.17 percent of
the issued share capital of the Company.

   Upon completion of the Subscription, MCC814 (Holdings)
Limited will hold approximately 8.56 percent of the enlarged
issued share capital of the Company and will cease to be a
substantial shareholder of the Company.

Existing intention of the Subscriber

   The Subscriber has no present intention to nominate any
person to the board of the directors of the Company or to change
the existing management or business of the Group or to inject
any business or assets into the Group.

Suspension and resumption of trading

   At the request of the Company, trading in the Shares on the
Stock Exchange has been suspended with effect from 10:00 a.m. on
7 August 2001. Application has been made to request for the
resumption of trading of the Shares on the Stock Exchange at
10:00 a.m. on 8 August 2001.


TSE SUI: Selling Non-Core Assets To Raise HK$25M
------------------------------------------------
Troubled jeweler Tse Sui Luen Jewellery (International) is
planning to dispose of its non-core assets amounting to as much
as HK$25 million, to cut the company's debts, now totaling
HK$294 million, South China Morning Post reported Wednesday.

This move is part of the company's fulfillment of its debt
restructuring agreement, which called for the repayment of HK$24
million to creditors within the current year, the report said.

Under the same debt workout deal with creditors, the cash-
strapped jeweler would have to redeem preference shares
amounting to HK$231 million by the end of February next year.
In the year ended 28 February 2001, the company suffered a net
loss of HK$68.28 million, down from the previous year's losses
of HK$285.56 million.


UNI-WIN INVESTMENTS: Faces Winding Up Petition
----------------------------------------------
The petition to wind up Uni-Win Investments Limited is scheduled
to be heard before the High Court of Hong Kong October 3, 2001
at 9:30 AM.  The petition was filed with the court on July 11,
2001 by The Kwangtung Provincial Bank, Hong Kong Branch whose
principal place of business is situated at 1st to 3rd Floors,
Euro Trade Centre, 13-14 Connaught Road Central, Hong Kong.


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CHANDRA ASRI: Fails To Resume Operations
----------------------------------------
PT Chandra Asri Petrochemical Center (CAPC) failed to restart
its olefin center as scheduled due to a technical breakdown,
Bisnis Indonesia reported Tuesday.
CAPC started a mini-shutdown for routine maintenance on June 12,
a Bisnis source informed. The problem was discovered during
maintenance. CAPC should have started operating again June 17.
Troubles in the compressor have delayed the ramp up of the
olefin center.
PT Tri Polyta Indonesia Tbk, main user of CAPC's propylene, in
its letter informed the Jakarta Stock Exchange the propylene
supply from CAPC was hindered due to the postponement of the
facility operation.
"It is expected the operation will be delayed until the third
week of August," wrote TPIA Director Suryadi.CAPC president
director Gerard Yacobus denied the restart failure and stated
the factory will operate again on August 28.
The debt-laden company is under the care of Indonesian Bank
Restructuring Agency.
In June this year, IBRA agreed to swap around US$382 million of
its credit extended to CAPC for shares, while the remaining
US$50 million would be retained as loan, quoted from TCR-AP June
22 issue.

PASIFIK SATELIT: May Face Nasdaq Delisting
------------------------------------------
PT Pasifik Satelit Nusantara (Nasdaq: PSNRE), a diversified
provider of fixed and mobile satellite communications in the
Asia Pacific region, today reported it received a notification
from the Nasdaq that its net tangible assets/market
capitalization/total assets and total revenues have failed to
meet the continued listing requirements, as set forth in Nasdaq
Marketplace Rules 4450(a)(03) and 4450 (b)(01).

The notification resulted from PSN's July 19, 2001 press
release, in which it said that it expects its financial
statements to show a negative net worth as at December 31, 2000.

To date, PSN's year 2000 financial statements have yet to be
completed, and its net worth condition cannot be confirmed until
its auditors have completed their review of the Company's
records.

PSN has previously received notifications from the Nasdaq of its
intent to commence delisting proceedings against PSN due to the
company's delinquency in filing its Form 20-F for the period
ended December 2000, and failure to maintain the $1.00 minimum
bid price per share.

With regard to the filing delinquency, Nasdaq Listing
Qualifications Hearings has granted PSN a hearing, scheduled for
August 31, 2001. As such, the delisting action from the Nasdaq
has been stayed.

There can, however, be no assurance that the Nasdaq will grant
PSN's request for continued listing. With regard to PSN's
failure to meet the minimum bid price per share, pursuant to the
Nasdaq Marketplace Rule 4310 (c)(8)(B), the Nasdaq has provided
90 calendar days, or until October 23, 2001, for the Company to
regain compliance with the bid price requirement. PSN stated
that it plans to address each of the Nasdaq compliance issues at
the August 31 hearing.

About PT Pasifik Satelit Nusantara

PT Pasifik Satelit Nusantara (PSN) (http://www.psn.co.id)is the
first private satellite communications company in Indonesia and
one of the leading satellite companies in the Asia Pacific.

Based in Jakarta, PSN is focused on becoming a fully integrated
provider of satellite-based telecommunications products and
services in Asia, including the wholesale leasing of satellite
capacity and five emerging new services:

     * Xpress Connection(TM), a low-cost, VSAT-based rural
telephone service;

     * Private Line, a WAN-based extension of Xpress
Connection(TM) targeted at the corporate market;

     * BYRU (pronounced: be ru), a GSM satellite service based
on ASIA Cellular Satellite (ACeS), a satellite-based, handheld
digital mobile telecommunications system which will provide both
voice and data services;

     * PASTI, a fixed application of the ASIA Cellular Satellite
(ACeS) system that enables the benefits of satellite telephony
anywhere within the home or office; and

     * Multi-Media Asia (m2@), being developed as Asia's first
satellite-based multimedia digital telecommunications system,
supporting two-way voice and data services, Internet access, fax
and DTH television services.


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


DAIWA BANK: BHC Creation Signifies Strong Systemic Support
----------------------------------------------------------
Moody's Investors Service deemed Daiwa Bank's plan to form a
bank holding company (BHC) as indicative of strong systemic
support. This confirmed Moody's "long-held expectation for
continuation of such support."

Moody's said, "However, the expected financial effects are
rather limited and, thus, there is no rating impact on Daiwa
Bank."

On August 1, 2001, Daiwa Bank announced a BHC structure would be
created at the beginning of 2002. The bank also announced the
separation of its banking from its trust assets through the
establishment of two separate operating subsidiaries, which fall
directly under the holding company.

Also joining the BHC structure are two regional banks affiliated
with Daiwa, namely Kinki-Osaka Bank and Nara Bank (both
unrated).

Moody's further noted, thus:

"Moody's believes this development has limited financial merits,
other than cost cutting, and the implications for the Daiwa Bank
Group's operating franchise are not significant. Consequently,
Daiwa's ratings are affirmed. However, Moody's interprets this
development as a notable event because it is a clear indication
of strong regulatory support for Daiwa Bank, which is the Osaka
region's core financier with a substantial small-to-middle
market local customer base.

"Moody's has kept the view that regulatory support for Daiwa
should be ample, since it is a very important local financial
institution. Moody's also believes that any major regulatory
action against Daiwa Bank is unlikely in the near term, given
the potential systemic risk.

"Daiwa Bank's substantially weakened capitalization, in light of
the introduction of mark-to-market accounting, raised concerns
about Daiwa's ability to pay dividend in recent periods,
affecting the market perception of the bank.

"However, the recent regulatory change allowing a BHC to
recognize part of legal reserves as distributable profits
undoubtedly removes the imminent dividend pressure facing Daiwa,
which now plans to pay common and preferred dividends from the
parent holding company's capital.

"Moody's believes this regulatory forbearance is another proof
of strong regulatory support for Japan's weakened banking
system. Consequently these developments underscore Moody's
rationale for Daiwa's Baa3 deposit rating, despite its E bank
financial strength rating.

"Moody's does not believe the creation of the holding company
itself would result in substantial improvements in the Group's
creditworthiness in the short-to-medium term. However, the
rating agency believes the banking group's planned restructuring
will proceed under solid and continued regulatory support and,
thus, Daiwa's rating outlook is stable."


MATSUSHITA ELECTRIC: S&P's Posts CreditWatch Negative Ratings
-------------------------------------------------------------
Standard & Poor's Tuesday placed its long- and short-term
ratings on Matsushita Electric Industrial Co. Ltd. and its
subsidiary Victor Co. of Japan Ltd. (JVC Corp.) on CreditWatch
with negative implications (see list below).

The CreditWatch placement of Matsushita reflects a decline in
the company's profits, attributable to its inefficient cost
structure.

The action is also based on a deterioration in the company's
business environment as a result of weaker demand in the global
information technology and communications markets, as well as
the unfavorable effects of low demand in the mature home
electric appliances market.

JVC is 52.4 percent owned by Matsushita, and was placed on
CreditWatch as a result of the strong relationship it has with
its parent company.

In the first quarter of the fiscal year ending March 2002
(fiscal 2001), Matsushita posted an operating loss of Y38.7
billion. At the same time, the company lowered its forecasts for
the first half of fiscal 2001 to Y74 billion in losses from Y20
billion in profits.

Matsushita announced its midterm management plan in November
2000. Since then, the company has been pursuing the
reorganization of its business lines, reforms in its
manufacturing management system, and the restructuring of its
domestic sales and distribution systems for home electric
appliances.

Standard & Poor's views management's determination to push
forward the company's restructuring efforts as a positive
development. However, improvement in Matsushita's high cost
structure has been slow so far, which is highly likely to impede
a recovery in its profitability.

Within both its audio-visual and communications networks and
components business and its device business, Matsushita is
focusing on semiconductor and mobile communications as the core
areas of potential growth.

Nevertheless, a recent deterioration in its business environment
may force the company to make a downward revision to the initial
targets outlined in its plan.

Standard & Poor's will resolve the CreditWatch placement after
evaluating the feasibility of Matsushita's midterm management
plan; the chances of an improvement in its cost structure; and
the likely extent of a recovery in its profitability.

Unfavorable prospects for a recovery in the company's
profitability, suggesting a possible deterioration in its
financial profile, could result in the ratings on Matsushita and
JVC being lowered.

RATINGS PLACED ON CREDITWATCH NEGATIVE

Matsushita Electric Industrial Co. Ltd.
Long-term corp credit rating       AA-
Snr unsecd debt                    AA-
Short-term corp credit rating      A-1+

MFC MTN Corp.
Long-term corp credit rating        AA-
Snr unsecd debt                     AA-
Short-term corp credit rating       A-1+

Panasonic Finance Inc.
Long-term corp credit rating        AA-
Short-term corp credit rating       A-1+
CP program                          A-1+

Panasonic Finance (Europe) PLC
Long-term corp credit rating        AA-
Short-term corp credit rating       A-1+
CP program                          A-1+

Victor Co. of Japan Ltd. (JVC Corp.)
Long-term corp credit rating       BBB+
Snr unsecd debt                    BBB+
Short-term corp credit rating      A-2

JVC Finance B.V.
Euro CP program (guaranteed by Victor Co. of Japan Ltd.)  A-2

U.S. JVC Corp.
MTN program (guaranteed. by Victor Co. of Japan Ltd.)    BBB+
CP program (guaranteed by Victor Co. of Japan Ltd.)      A-2


SUMITOMO MITSUI: Pursuing Bad Loans Disposal Plan
-------------------------------------------------
Sumitomo Mitsui Banking Corporation is prepared to proceed with
its planned disposal of bad loans within the current financial
year ending in March 2001, The Associated Press (AP) reported
Tuesday, citing Sumitomo Mitsui President Yoshifumi Nishikawa.

Along this line, the nation's second largest bank has upped its
planned loan disposal to $3.2 billion for the current fiscal
year, from $1.6 billion as announced in December, the AP said.

Meanwhile, the "megabank" is considering cutting its workforce
by 4,900 to 22,600 over the next three years.

Apart from workforce reduction, the megabank intends to close
overlapping branches, leaving around 400 branches, the report
said.


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


DAEWOO SECURITIES: Sues Trust Companies For $127M In Losses
-----------------------------------------------------------
Daewoo Securities Company is suing two domestic investment trust
companies for its $127 million in investment losses, The Asian
Wall Street Journal reported Wednesday, citing JoongAng Ilbo.

According to the report, Daewoo Securities was granted a loan
amounting to $127 million by Credit Suisse First Boston in 1998.
The amount was used to acquire the Soviet Union's government
bonds upon the request of Korea Investment Trust Management &
Securities Company and Hyundai Investment Trust & Securities
Company.

The report further says that following the default of the
Russian bonds, Daewoo Securities had to repay the loan on its
own, while the two investment trust companies refused to accept
liability.


HYUNDAI INVESTMENT: Government To Resolve Sale Issue
----------------------------------------------------
The government is expecting to finalize the sale of Hyundai
Investment Trust & Securities Company (HITS) to the American
consortium led by American International Group (AIG)next week,
The Asian Wall Street Journal reported Wednesday, citing Finance
and Economy Minister Jin Nyum.

According to the report, the government has pledged to inject
public funds into the company once the takeover is in effect in
order to free HITS from its present debt burden.


HYUNDAI PETROCHEM: Non-Bank Creditors Disapprove Of Debt Plan
-------------------------------------------------------------
The non-bank creditors of Hyundai Petrochemical Company do not
like the company's debt restructuring plan, and may reject it,
The Asian Wall Street Journal reported Tuesday, citing The Korea
Herald.

According to the report, if the non-bank creditors, comprising a
quarter of the company's total liabilities, refuse to accept the
debt workout plan, the company would be forced to go under court
receivership.

The report added that the Lotte Group is interested in
acquiring the company, but only if creditors decide to
reschedule the company's debts.


KOREA LIFE: Government To Inject W1.5T To Expedite Sale
-------------------------------------------------------
The Korean government has announced it would bring a total of
W1.5 trillion in public funds into Korea Life Insurance Company
to fast-track the debt-saddled insurer's regularization program
and planned sale, The Asian Wall Street Journal reported
Tuesday.

State-run Korea Deposit Insurance Corporation (KDIC)owns the
ailing insurer. Earlier KDIC injected a total of W2.05 trillion
in public funds, the newspaper says.

Co-managing the sale of the life insurer are Merrill Lynch &
Company (MER) and Korea Exchange Bank (KEB). Completion of the
sale is expected by the year's end.


SUNGSHIN CEMENT: Exclusion From KDB Debt-Buyout List Likely
-----------------------------------------------------------
Sungshin Cement Manufacturing is likely to be dropped from the
debt-buyout list of the state-run Korea Development Bank (KDB)
by October, The Korea Herald reported Wednesday.

KDB's plan to take the debt-laden cement-maker out of the list
is spurred by the improvement in the company's financial state.
KDB believes the company will be capable of repaying its
maturing bonds.

The improved financial health of the company is largely due to
"stringent restructuring", the report said, citing a KDB
official.

Sungshin Cement has corporate bonds worth W10 billion and W84.3
billion, with maturity in November and December, respectively.


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


IDRIS HYDRAULIC: Exchange Grants Extension
------------------------------------------
Idris Hydraulic (Malaysia) Berhad (IHMB) announced the Kuala
Lumpur Stock Exchange (KLSE) has, via its letter dated 2 August
2001, granted an extension until 25 August 2001 for IHMB to do
the following:

   (a) revise the Proposed Restructuring Exercise;

   (b) make a requisite announcement to the KLSE; and

   (c) submit its revised Proposed Restructuring Exercise to the
regulatory authorities for approval.

IHMB is in the midst of finalizing a new Debt Restructuring
Agreement (DRA) with the various lenders of IHMB and certain of
its subsidiaries (Lenders) to give effect to a revised Proposed
Restructuring Exercise.

Upon the signing of the new DRA with all the Lenders, IHMB will
make the necessary announcement to the KLSE and resubmit the
revised application to the relevant authorities for their
consideration.

Upon the submission of the revised Proposed Restructuring
Exercise to the relevant authorities, IHMB would need to make a
separate application to the KLSE to seek for an additional
extension of time from the KLSE to obtain all the approvals
necessary for the implementation of the revised Proposed
Restructuring Exercise.

On 19 June 2001, IHMB applied to the Kuala Lumpur Stock Exchange
(KLSE) for an extension of time until end October 2001 to obtain
all approvals necessary for the implementation of the Proposed
Restructuring Exercise.


L&M CORP: Default Stands At RM189.44M
-------------------------------------
L & M Corporation (Malaysia) Berhad revealed that, as of 31 July
2001, the total default payments to financial institutions in
respect to various credit facilities by L&M Group is
RM189,441,577.31.

The L&M Group has taken steps to address the default by way of
undergoing a corporate and debts restructuring scheme governed
by Section 176 of the Companies Act 1965. The Scheme is in the
midst of finalization in preparation for submission to the
Securities Commission.

Wednesday last week, the company board of directors announced
the terms and conditions for the profit guarantee and
stakeholder agreement, under its regularization program, have
not yet been finalized.

The L&M Group restated, as announced 2 July 2001, the Company
had applied for a deadline extension for submission of all
necessary documents to Securities Commission and other relevant
authorities.

The Company is still waiting for a response from the Exchange.


RAHMAN HYDRAULIC: Extension, Workout Scheme Approval Pending
------------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB)
revealed the Company has yet to obtain all approvals necessary
for the implementation of the Proposed Restructuring Scheme. The
plan was submitted for approval 5 April 2001.

As announced on 1 August 2001, the Company's financial advisor
applied 17 July 2001 to the KLSE for an 3-month extension from
the deadline of 5 August 2001 to obtain such necessary approval.
The Company is presently awaiting reply from the KLSE.

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

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

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

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

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

Since its formation, RHTB has been in the business of tin ore
extraction from mining leases located in Klian Intan, Perak.
RHTB widened its earnings base in 1970 via purchase of rubber
plantation Ladang Pinang Tunggal.

The rubber gloves manufacturing business which produces mainly
latex examination gloves for both export and the local market,
commenced business in 1988. The factory is located near Batu
Caves, Selangor. In 1990, RHTB added property development to its
portfolio.


RAHMAN HYDRAULIC: Solicitors File Defense Re Writ Of Summons
------------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB)
announced the solicitors for RHTB, on 3 August 2001, filed a
Statement of Defense in respect to the Writ of Summons issued by
the High Court of Malaya at Kuala Lumpur, Suit No. D4-22-988
Year 2001.

RHTB in its Statement of Defense, has denied the Plaintiff's
claims and further challenged the Plaintiff's locus standi to
commence the suit. The Plaintiff is a beneficial owner of 5,000
ordinary shares of RHTB.

The Statement of Defense was filed without prejudice to RHTB's
rights to make an application to the Court to strike the
Plantiff's claim.

Further suit developments will be announced in due course.


SIN HENG: Gets SC Approval For Time Extension
---------------------------------------------
Sin Heng Chan (Malaysia) Berhad announced the Securities
Commission (SC), via its letter dated 2 August 2001, has
approved the extension of time for the completion of the
Proposed Rights Issue from 30 August 2001 to 29 February 2002.

Background

The Company commenced operations at Jalan Kilang, Malacca, and
was the feeds business. Over the years it expanded operations to
cover Butterworth and Kuantan.

In recent years, the Company incurred losses which were
aggravated by the currency crisis in 1997.

As a result, on 11 August 1999 Danaharta Nasional Bhd appointed
Special Administrators to assume control of the assets and
affairs of the Company. The Special Administrators are in the
midst of preparing a workout proposal.

On 5 July 2000, the Company received a voluntary take-over offer
from FCW Holdings Bhd for the acquisition of its entire share
capital.


TAI WAH: Gets SC Approval For Proposed Workout Scheme
-----------------------------------------------------
Tai Wah Garments Manufacturing Berhad (TWGB) announces that the
Securities Commission (SC) has, via its letter dated 3 August
2001, approved the Proposed Restructuring Scheme subject to
certain conditions.

The approval of the SC is subject to the following conditions:

   (i) The Bumiputera investors and the management team of TWGB
Group are required to give respective undertakings that they
will subscribe for the new ordinary shares of RM1.00 each in
TWGB (TWGB Shares) allocated to them pursuant to the Proposed
Special Issues;

   (ii) TWGB is required to comply with the requirement for the
public shareholding spread prior to the quotation of the new
TWGB Shares on the Kuala Lumpur Stock Exchange (KLSE);

   (iii) TWGB is required to make full disclosure in its
circular to shareholders and abridged prospectus in relation to
the following:

        (a) Material litigation and investigation, if any, and
its implication on TWGB;

        (b) Future plans of TWGB after the Proposed
Restructuring Scheme including its plan to diversify the
customer base of Tai Wah Garments Industry Sdn Bhd (TWGI); and

        (c) Risk factors in relation to the garment
manufacturing operations in particular the dependence of the
subsidiary of TWGB, i.e. TWGI on NIKE Inc.;

   (iv) TWGB shall focus on its existing core business, i.e.
manufacturing of garments;

   (v) SIBB has to submit the draft circular to shareholders to
the SC for review; and

   (vi) TWGB shall fully comply with the requirements of the
SC's Policies and Guidelines on Issue/Offer of Securities, in
particular Chapters 12, 14, 17 and 25.

The SC has also via its letter taken note on the proceeds
arising from the Proposed Restructuring Scheme. The utilization
of proceeds on the core business of TWGB will be as follows:

        Utilization of proceeds                RM'000

a) Settlement to Scheme Creditors              63,361

b) Capital expenditure                         10,000

c) Working Capital                             18,549

d) Restructuring Expenses                       1,620

Total                                          93,530

The utilization of proceeds is subject to the SC's conditions as
follows:

   (i) Approval from the SC is required for any changes in the
utilization of proceeds arising from the Proposed Rights Issue
with Warrants and Proposed Special Issues, if it is utilized for
purposes other than for core business of TWGB;

   (ii) Approval from the shareholders of TWGB is required for
the utilization of proceeds as stated above and for any
variation of 25 percent or more in the utilization of proceeds
as planned. If the variation is less than 25 percent,
appropriate disclosure must be made to the shareholders of TWGB;

   (iii) Any extension of time from the period that was fixed by
TWGB for the utilization of proceeds stated above has to be
approved via a Board resolution and full disclosure has to be
made to the KLSE; and

   (iv) Appropriate disclosure in respect of the status on the
utilization of proceeds stated above must be made in the
quarterly and yearly results of TWGB until the proceeds are
fully utilized.


TECHNO ASIA: Enters MoU With Semai, Dr Yu
-----------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
(TAHB), formerly, Westmont Land (Asia) Berhad, on behalf of the
Company entered on 6 August 2001 into a conditional Memorandum
of Understanding (MOU) with Semai Warnasari Sdn Bhd (Semai) and
Dr Yu Kuan Chon (the Investor) with the intention of setting the
key areas of understanding on a corporate restructuring exercise
pending the finalization and approval of the Workout Proposal.

The Restructuring Scheme may involve the following:

   (a) Reduction and consolidation of the issued and paid-up
share capital of TAHB;

   (b) Acquisition of the shares of TAHB, after the reduction
and consolidation exercise in (a) above, by Semai, to be
satisfied by the issuance of one (1) new ordinary fully paid-up
share of RM1.00 each in Semai for each ordinary TAHB share
acquired by Semai;

   (c) Acquisition of the entire issued and paid-up share
capital of Kar Sin Berhad, Yu & Sons Sdn Bhd, Thye Ann Realty
Sdn Bhd, Persiaran Eksklusif Sdn Bhd and such additional or
substituted companies as TAHB, Semai and the Investor (the
"Parties") may agree;

   (d) Upon completion of (b) and (c) above, transfer of the
listing status of TAHB to Semai in consideration for a cash
amount, which will be utilized for part settlement of TAHB
Group's debt; and

   (e) Upon completion of the above, disposal of the entire
issued and paid-up share capital of TAHB by Semai to a special
purpose vehicle for a nominal sum.

The Restructuring Scheme is intended to form a part of the
Workout Proposal which will be subject to an examination by an
Independent Advisor, who will review the reasonableness of the
Workout Proposal taking into consideration the interests of all
creditors and shareholders.

The MOU shall commence from the date of the MOU and terminate on
the expiry of one (1) month from the date of the MOU or the
execution of the principal agreement in relation to Proposed
Restructuring Scheme, whichever is earlier (Expiry Date). The
Parties may extend the Expiry Date by mutual agreement in
writing.

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

On 2 February 2001, Mr Lim Tian Huat and Mr Chew Cheng Leong of
Messrs. Arthur Andersen & Co. were appointed by Pengurusan
Danaharta Nasional Berhad (Danaharta) to act as Special
Administrators of TAHB and Prima Moulds Manufacturing Sdn Bhd
(PMMSB), a wholly-owned subsidiary of TAHB, pursuant to Section
24 of the Pengurusan Danaharta National Berhad Act 1998
(Danaharta Act).

On 30 April 2001, the Special Administrators were further
appointed to the following subsidiary companies of TAHB:

   a) Mount Austin Properties Sdn Bhd;

   b) Cempaka Sepakat Sdn Bhd;

   c) Ganda Edible Oils Sdn Bhd;

   d) Litang Plantations Sdn Bhd;

   e) Wisma Dindings Sdn. Bhd;

   f) Ganda Plantations (Perak) Sdn Bhd; and

   g) Techno Asia Venture Capital Sdn Bhd.

The primary objective of the Special Administrators is to
preserve the assets of TAHB and its subsidiaries and to
formulate a Workout Proposal.


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


RFM CORP: SMC To Keep Cosmos Acquisition Cost Of P15B
-----------------------------------------------------
San Miguel Corporation (SMC) is going to keep the acquisition
cost of Cosmos Bottling Corporation (CBC), a softdrink
subsidiary of RFM Corporation, at the agreed P15 billion, The
Business World reported Wednesday.

The newspaper also said SMC has reportedly expressed its
commitment to maintain the sale price no matter the results of
the due diligence on the debt-saddled food conglomerate.

RFM Corporation President and CEO Jose A Concepcion III was
quoted as saying, "It's a verbal agreement that they will take
care of us, that they're buying market share. They're not
looking at the equipment, whether they are old or new. But
basically, they are buying market share. I trust that the verbal
discussion is a gentleman's agreement."

The acquisition price of P15 billion, for the 100 percent
ownership in CBC, was stipulated and agreed in the memorandum of
understanding (MoU) signed Monday by RFM Corp. and SMC, the
report says.


URBAN BANK: Back In Business
----------------------------
Philippine Deposit Insurance Corporation (PDIC) formally
reopened Urban Bank yesterday, under the ownership of Korea
Exchange Bank (Exportbank), The Business World reported
Wednesday.

The re-opening of the bank was due to shareholder, Urbancorp
Investments, Inc, the bank's investment house, and Exportbank
approval of the banks' merger.

The merger is part of the rehabilitation plan for the bank and
its subsidiary prepared by Exportbank.

Under the plan, the merged entity will have an authorized
capital stock of P7.5 billion, comprised of 6 billion common
shares and 1.5 billion preferred shares at P1 apiece.


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


CAM INTL: Gets Court Approval To Convene Scheme Meeting
-------------------------------------------------------
CAM International Holdings Limited announces that at the 3
August 2001 hearing of the application by the Company to the
High Court of Singapore to convene a meeting (Scheme Meeting)
with some of its creditors to consider a proposed scheme of
arrangement for the purpose of implementing a proposed debt
restructuring plan, the Honorable Justice Kan Ting Chiu approved
the application to convene a Scheme Meeting.

The meeting will be held at the Carlton Hotel, Singapore on 7
September 2001 at 2.30 PM, for the purpose of considering and if
thought fit, approving with or without modification, the Scheme.


ISOFTEL LIMITED: Expects Worse Half-Year Results
------------------------------------------------
iSoftel Limited says that the first half-year results of the
Company and Group are expected to be worse than anticipated.

The businesses of the Company and Group, faced with significant
slowdown in the telecommunications industry, more particularly,
in the US and Asian markets, have declined substantially in the
last 2 quarters.

The Group also faces the growing trend of delayed investments
from customers who, in anticipation of the continued worsening
economic situation, have opted for prudence and prefer to defer
any new expansionary investment plans.

The severe economic situation has also impacted on the Group's
bad debt position with increasing debtors defaulting on payments
and the Company facing greater difficulties in collections.

For prudent accounting, the Company and Group have taken the
necessary steps to increase their provisions for doubtful debts
for 2001. The Directors, therefore, expect the Group to incur a
loss for the first half year of 2001.

To alleviate any further losses, the Board has adopted
aggressive cost-cutting measures for the Company and Group.

There will be substantial reductions in operating costs across
the board and they include among other things, staff and
management taking salary-cuts, freezing and reduction of
headcounts which will be more severely applied to in certain
loss-making operating units.

The Directors expect to continue these cost-cutting measures
through to the next 2 quarters and would consider deepening and
beefing up any further cost reduction measures to bring the
Company's and Group's operations costs down in line with the
market situation.

Notwithstanding the current weak market conditions and
anticipated bleak performance for the first half year, the
Directors are confident that the Group will continue to thrive
on the expansion plans and investments that iSoftel has made
earlier in establishing a presence in the recently deregulated
Asia-Pacific region and the opening of iSoftel Beijing office.

In respect of the latter, the Company anticipates a potential
influx of businesses from China given the current deregulation
of the Chinese telecommunications markets, China's entry into
the World Trade Organisation and its recently being awarded as
the official organizer of the 2008 Olympics.

Kevin Chia, the CEO and President of iSoftel Ltd comments,
"iSoftel will continue to strengthen its core business of
providing carrier grade solutions for the first and second tier
telecommunications service provider in the fixed and wireless
network. In view of the anticipated slowdown in the global
economy, we cannot take our own growth for granted. Indeed, we
will continue to strengthen our fundamentals while tempering our
ambitions with prudence in the months ahead."

The Directors are in the process of finalizing the first half-
year results of the Company and Group for the period ended 30
June 2001 and expect to release the announcement before end
September 2001.


THAKRAL CORP: Finalizing Documentation For SOA
----------------------------------------------
Further to its announcement of 29 June 2001 whereby the details
of its debt restructuring plan were highlighted, the Company is
now in the process of finalizing the documentation required for
filing of the scheme of arrangement (SOA) pursuant to Section
210 Companies Act.

Debt Restructuring Plan

During FY 2001, the Group has continued to work with its
financial advisors towards the restructuring of its balance
sheet, reducing its debt and rearranging its borrowings.

As part of this process, the Group has implemented certain
initiatives, which include the following:

   1. As previously announced on 28 December 2000, the Group had
disposed of total non-core assets of S$47.5 million including
its property investment in Australia.

   2. As of 31 March 2001, the Group paid down a total of S$97.2
million of its outstanding debt. Amount due to banks at 31 March
2001 stood at S$478.6 million.

   3. As a result of the initiatives taken to enhance its
liquidity, the Group had cash balances of S$89 million as at 15
June 2001.

   4. The Group has continued to service interest on its bank
debt from its internal resources. The interest charge incurred
on the Group's borrowing for the FY 2001 amounted to S$41.8
million.

The Group, with the assistance of its Independent Financial
Advisor, has proposed to its bank creditors a debt restructuring
plan to restructure its indebtedness. The debt restructuring
plan will be by way of a scheme of arrangement under section 210
of the Companies Act and will include the following:

   1. Debt buy-back exercise to be funded by a sum of S$20
million from funds of the Company and S$15 million cash
injection by the Thakral Family into the company;

   2. Cash distribution of up to S$40 million to the remaining
bank creditors after the debt buy-back;

   3. The remaining bank debts estimated at S$292 million
(subject to the outcome of the debt buy-back exercise), and the
S$15 million cash injection by the Thakral Family will be
converted to equity at a price of S$0.25 per share;

   4. A long-term debt level of S$87 million which has been
confirmed to be sustainable by an independent financial
consultant will be retained by the Group after restructuring;
and

   5. Application to Court for capital reduction to reduce the
par value of the shares and to offset the accumulated losses
against the share premium account.

Upon completion of the restructuring of the Group's borrowings,
the interest charge on the residual debt is expected to decrease
significantly and is estimated at S$6.7 million in the first
full year following the restructuring compared to the present
interest burden of S$41.8 million. The Group's cashflow from
operations before interest for FY 2001 amounted to S$22.6
million.

Accordingly, the Group expects that its cashflow in future years
will be adequate to service and repay its long-term debt and
fund its future business growth.

The Directors are confident of a successful conclusion of the
negotiations with the Group's bankers on the debt restructuring
plan.

The Directors also expect that the restructuring when completed
will have a very positive impact on the Company's shareholder
funds, its net tangible assets and future health and
profitability of the Group.

They estimate that, based on the NTA of the Group as at 31 March
2001, on completion of the debt restructuring and capital
reduction, the current negative NTA of S$160.18 million will be
converted to a positive NTA of S$147 million and the NTA per
share will improve from a negative NTA per share of S$0.27 to a
positive NTA per share of S$0.08.


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


ABICO HOLDINGS: Board Agrees To Sell Chokchai Milk Stake
--------------------------------------------------------
ABICO Holdings Public Company Limited has held a meeting of the
company's Board of Directors, session No. 2/2544 on 6 August
2001, the followings are the major resolutions as made by the
meeting.

        The meeting has approved a resolution to sell all of the
capital investment in the ordinary shares of Chokchai Milk
Company Limited totaling 19,799,993 shares which was figured out
at 98.99 per cent of the paid up registered capital of the
company to Dairy and Beverage Co., Ltd., which has no
relationship with ABICO Holdings Public Company Limited in any
way, at Bt0.01 [one satang] per shares, with total value of
Bt197,999.93.

        Basing on pricing principle, the book value per share
was taken into consideration which is the deficit value
because Chokchai Milk Company Limited is operation result has
been continuously in net loss with the accumulated loss incurred
at the end of 2000 amounting to Bt1,227.72 million and the value
according to its deficit account at minus Bt51.39 per share
[fifty one baht and thirty nine satang].

       This has caused the capital investment of ABICO Holdings
Public Company Limited [PCL] in its subsidiary company to have
no value. Additionally, from the financial status inspection
report together with the assessment of the share value of
Chokchai Milk Co., undertaken by Siam City M.B. Co.,Ltd. basing
on the data and the information from the Financial Statement of
Chokchai Milk Co.,Ltd. in the year 2000 and that of the first
quarter of the year 2001.

      The assessments are identical and that the value is below
zero. So, the sales of that capital investment as stated will be
profitable from the sales of the capital investment equalizing
the value of total amount and then the profit from the sales of
this capital investment will be acknowledged in third quarter of
the year 2001.

     However, the execution operation was calculated basing on
the announcement of Stock Exchange of Thailand [SET] relating to
the criteria on acquisition and the sales of assets by
considering from the calculation on the criteria of value with
the returns for 0.001 percent of total assets which do not meet
the criteria and the execution operation as stated earlier is
not related to any execution concerned at all.

      Since ABICO Holding Public Co.,Ltd. has had its business
management reorganization in its subsidiary companies in early
2001 by having sold its assets in the principal business of
Chokchai Milk Co.,Ltd. to ABICO Dairy Farm CO.,Ltd. on March
15,2001 and has accordingly reported to SET thereinafter.

      Therefore, ABICO Dairy Farm Co.,Ltd. of which its 99.9
percent of shares are being held by ABICO Holdings Public
Co.,Ltd., will run the business principally in being employed
for producing ready to drink milk and other kinds of drinks.

      In addition, it also has and important business plan by
being employed for producing ready to drink milk and other kinds
of drinks for Multi-National Group of companies by executing a
long term employing for producing contract.

      According to the long-term contract, the official
production is scheduled to begin in the third quarter of the
year 2001. Thus will consequently be beneficial to business
operations of the Groups of ABICO Holdings Public Co.,Ltd. in
both the revenue and the cash flow of the business operations
from the third quarter of the year 2001 onward.

     So, the sales of the ordinary shares of Chokchai Milk
Co.,Ltd. can have no effects on business structures as well as
on revenue structures of the Group of the ABICO Holdings Public
Co.,Ltd. at all.


ADVANCE PAINT: Nathikanchanalab Appointed New Audit Chair
---------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company announces
that Police General Prayoon Komarakol na Nakorn, the Chairman of
company Audit Committee passed away on July 1, 2001 and the
Board of Directors held the meeting no.3/2544 on August 1, 2001
and resolved to appoint the following person:

Name                                       Position

Mr.Thirasakdi Nathikanchanalab  Chairman of the audit  committee
        effectively from August 2, 2001
       onwards.


The other members of the committee include:

    Audit Committee Chairman    Mr. Thirasakdi  Nathikanchanalab

    Audit Committee Member      Mr. Nathee  Phanichcheeva

    Audit Committee Member      Mr. Sompakdi  Vatevilai

    Audit Committee Secretary  Mrs. Narumol  Punnakitikashem

A listed company's Audit Committee, which represents the board
of directors, is responsible for the following duties stated on
the charter and must report to the board of directors on:

* Oversee a listed company's financial reporting process
in which the financial statement must be correct sufficient and
credible by coordinating with an independence public accountant.

* Ensure a listed company has adequate and effective
internal control systems.

* Ensure the finding and appointing of company's external
auditor with reasonable audit fee.

* Ensure a listed Company follows all the relevant
regulations and laws.

* Ensure a listed Company dots not engage in any
activities that may lead to a conflict of interest.

* Commission a listed company annual report and disclosure
of its information in which certified by an audit chairman.

* Commission other matters according to the laws or given
by the board of directors of the Company.

The period of service for members is as follows:

        3.1  Audit Committee Chairman     3 years

        3.2   Audit Committee Member      3 years

(including the appointment and the withdrawal of audit committee
members)

The Company confirms these Audit Committee members have the
qualifications required by the Stock Exchange of Thailand.

Early this year, Advance Paint and Chemical (APC), which is
currently trading under the Rehabco category, sought permission
from the stock exchange to delay submission of its debt
rehabilitation plan by 12 months while it is in the process of
transferring loans to an asset management company.

Krung Thai Bank transferred APC's delinquent loans to Sukhumvit
Asset Management Co. Ltd. (SAM).

APC had submitted a rehabilitation petition to the Central
Bankruptcy Court.


BUMRUNGRAD HOSPITAL: Invests In VitalLife
-----------------------------------------
Bumrungrad Hospital Public Company Limited has invested in a
subsidiary company, VitalLife Corporation Limited which is
planned to manage the preventive healthcare service.

The company has a registered capital of Bt100,000. BHPC holds
994 shares, which is 99.4 percent of the total registered share
at the total price of Bt10,000.

BHPC had made payment in full on March 26, 2001. The shares
price was based on net book value. The Company will receive the
return on investment in form of dividend once the company earns
profit from its operation.

However, the amount of investment does not require any
disclosure under the Rules, Procedures and Disclosure of
Information Concerning the Acquisition and Disposition of Assets
of Listed Companies, Bumrungrad Managing Director Mrs. Linda
Lisahapanya said.

On August 6, 2001, TCR-AP reported that Bumrungrad Hospital
Public Co Ltd's board of directors, in its August 1, 2001
meeting, approved the execution of a Memorandum of Understanding
with Auriga S.A. The agreement creates the joint operation of
the business of VitalLife Co Ltd, a subsidiary company rendering
preventive healthcare services.

The board also resolved and authorized managing director Linda
Lisahapanya to sign the shareholders agreement and other related
agreement purported by the aforementioned Memorandum of
Understanding.


MEDIA OF MEDIAS: Rehab Plan Approval Expected This Month
--------------------------------------------------------
Media of Medias Public Company Limited said the Company
rehabilitation plan would receive court approval August 24,
2001.


SUN TECH: AMC Claims Rights
---------------------------
The Central Bankruptcy Court ordered approval to Sun Tech Group
Public Company Limited's Business Reorganization Plan, naming
Srisongkram Planner Company Limited as the Plan Administrator on
May 3, 2001.

The Company would like to report the progress of the
implementation of the plan:

     On June 18, 2001, Asset Management Corporation (AMC),
Creditor no. 1351, claim their rights to the Company which are
as follows:

        AMC, as Tranche B creditor securities are secured as
collateral and a benefinicial creditor of the guarantee by the
company, claimed to the company, as the guarantor, for paying
their debts as specified in clause 6.1.2.5 (2) of the plan.

        AMC, as Tranche C creditor and a beneficial creditor of
the guarantee by the company, claimed to the company, as the
guarantor, for paying their debts as specified in Clause 6.1.3.3
(1) of the plan.


THAI DURABLE: Raises Registered Capital
---------------------------------------
Thai Durable Textile Public Company Limited has increased the
registered capital of the company to 119,000,000 shares, par
value Bt10 by allotting to the existing shareholders, whose
names appeared on the share register book on June 20, 2001, at
the ratio of 1 existing share for 1.43 new share.

The subscription period is between 16 - 20 July 2001 as approved
by the Extraordinary Shareholders Meeting no. 1/2544 held on
July 9, 2001.

    Form of Report of the Result of the Sale of Shares
       Thai Durable Textile Public Company Limited
               Date    August 6, 2001

1. Information relating to the share offering

Category of shares offered              Ordinary shares

Number of shares offered            119,000,000 shares

Offered to                 (i) Existing shareholders by rights
                            issue at the subscription ratio
                             of 1 existing shares to 1.43
                               new ordinary shares;

                           (ii) shareholders may
                            subscribe for excess rights
                            shares at the same offering price;
                               and

                           (iii) Bangkok Bank Public Company
                               Limited by way of private
                                  placement.


Price per share                      Baht1.00

Subscription and payment period   16-20 July, 2001
                                 (for rights offering)

                                 26 July 2001
                               (for private placement)

Results of the sale of shares:

     [ / ] totally sold out
     [   ] partly sold out, with remaining shares.

    The company will deal with the remaining shares as follows:

Details of the sale


Thai investors            Foreign investors         Total
Juristic       Natural     Juristic     Natural
Persons        persons     persons      Persons

Number of persons
2           100           1               2        105

Number of shares subscribed
18,901,430  70,184,831  15,079,044   14,834,695  119,000,000

Percentage of total shares
15.88         58.98       12.67         12.47      100.00

offered for sale

Amount of money received from the sale of shares

Total amount                 Bt119,000,000

Less expenses (specify)     ---

Net amount received          Bt119,000,000

The Company hereby certifies that the information contained in
this report is true and complete in all respects.


THAI PRECISION: Reorg Petition Filed With Bankruptcy Court
----------------------------------------------------------
The Petition for Business Reorganization of Thai Precision
Manufacturing Company Limited (the Debtor), which is engaged in
production of aluminium products, was filed to the Central
Bankruptcy Court:

   Black Case Number Phor. 11/2542

   Red Case Number Phor. 16/2542

Petitioner: Bangkok Bank Public Company Limited

Planner: South Sathorn Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt719,000,705.60

Date of Court Acceptance of the Petition: August 16,1999

Court Order for Business Reorganization and Appointment of
Planner: October 13, 1999

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: June 12, 2000

Announcement of Court Order for Accepting the Business
Reorganization Plan: in Matichon Public Company Limited and Siam
Rath Company Limited: June 16, 2000

Announcement of Court Order for Accepting Business
Reorganization Plan: in Government Gazette on June 27, 2000

Contact: Mr. Thanawat Tel. 6792525 ext. 123


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

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

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