TCRAP_Public/010810.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

           Friday, August 10, 2001, Vol. 4, No. 156


                         Headlines



A U S T R A L I A

ACTS NET: Case Profile
AGRO HOLDINGS: Case Profile
ANACONDA NICKEL: Cuts Workforce As Ramp-up Continues
AUSTRALIAN MAGNESIUM: Securities Trading Halt
COLES MYER: Buys Back Shares


C H I N A   &   H O N G  K O N G

DAVNET DIGITAL HK: Enters Provisional Liquidation
FAME SHOP: Winding Up Sought
G-PROP HOLDINGS: Strikes Bonds Deal With Asia Financial
HOME DE COMFORT: Winding Up Petition Slated For Hearing
SEEKON LIMITED: Winding Up Petition Hearing Set
TRANSGREAT DEVELOPMENTS: Faces Winding Up Petition
TRUNKNET COMPANY: Winding Up Sought By NCB


I N D O N E S I A

INDAH KIAT: Net Sales Climb 18.3% To US$1.5B
PINDO DELI: Posts Net Sales Of US$764M
TRI POLYTA: Hasten Debt Payment, Bank Of NY Notice Says
TJIWI KIMIA: Suffers A Decline In Net Sales


J A P A N

DAIEI INC: Decides To Sell Off Printemps Ginza
MATSUSHITA ELECTRIC: 3,000 Workers Seeking Early Retirement
TOKYO MUTUAL: Reducing Guaranteed Yield To 2.6%
* Fitch Downgrades Individual Ratings Of Japanese Banks


K O R E A

DAEWOO ELECTRONICS: Creditors Hope To Complete Sale By Year-End
DAEWOO MOTOR: Company Split Resolves GM Sale Quandary
HYNIX SEMICON: Govt Will Stem Flow Of Funds
HYUNDAI INVESTMENT: Government Set To Finalize Sale This Week
HYUNDAI PETROCHEM: Squabble Between Creditor Groups Heats Up
LG GROUP: Ordinary Profit To Fall 18%
SAMSUNG GROUP: Turnover Expected To Fall 1%
SHINHAN BANK: Holding Company Plan Meets Resistance


M A L A Y S I A

DATAPREP HOLDINGS: Executes Supplemental Debt Deal
EMICO HOLDINGS: Proposes Debt Restructuring Scheme
PENAS CORP: Enters MOU with Island Hospital
PILECON ENGINEERING: Che Aladita Bin Che Amdan Resigns
SISTEM TELEVISYEN: Simpletech Backs Out Of Restructuring Plan
TECHNOLOGY RESOURCES: Appoints New Executive Director
TECHNOLOGY RESOURCES: Posts RM678.7M In Revenues
TENAGA NASIONAL: RAM Assigns AA1(s) To Proposed Debt Issue
UNITED ENGINEERS: Appoints OSK Securities as Independent Advisor


P H I L I P P I N E S

RFM CORP: Gain Of P5B Expected From Cosmos Sale
WESTMONT INVESTMENT: SEC Urging DOJ To Reconsider Decision


S I N G A P O R E

ASIA FOOD: Cites No Reasons For Rise In Trading Volume
CAPITALAND: Aussie Unit To Sell Property To Employees
GOLDEN AGRI: Unaware of Reasons in Price Spike, Volume Rise
METRO HOLDINGS: Liquidate Dormant Units


T H A I L A N D

INTER FAR: Posts Bt16.322M Q2 Net Loss
NEP REALTY: Board Approves Capital Increase
SANYO UNIVERSAL: Premier To Buy Sanyo Shares
THAI PETROCHEM: US Congressman Questions Rehab Planner

    -  -  -  -  -  -  -  -

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


ACTS NET: Case Profile
----------------------
The following case profile of Acts Net Limited, which is under liquidation,
is compiled by PricewaterhouseCoopers (PwC):

Territory: Australia
Company Name: Acts Net Limited
Lead Partner: Robert Kus
Case Manager: James Shady
Date of Appointment: 24 February 2000
Normal Contact: James Shady
Contact Phone No: (03) 8603 3840

PwC Office

Location:  Melbourne
PO Box:  GPO Box 1331L
Street Address:  215 Spring Street
City:  MELBOURNE
State:  VIC
Postcode:  3000
DX:  DX 77 Melbourne
Phone:  (03) 8603 1000
Fax:  (03) 8603 6044
Appointor:  Supreme Court of Victoria
Registered Office of company: 84 Pall Mall, Bendigo 3550
Company No / ACN: 075 887 115
Type of Appointment: Official Liquidator
Lead Partner - Full Name: Christopher Thomas Daly
Second Partner - Full Name: Robert Matija Kus

Case Information

   Time:  12:00 PM
   Return time:  12:00 PM
   Time:  12:00 PM
   Return time:  12:00 PM
   Time:  12:00 PM

    Other Key Information

Report as to Affairs received from directors:

   Reports as to affairs were received from the following parties: Graeme
Milner, a director as at the date of appointment - received 7

   April 2000

   Craig Hunter, a director as at the date of appointment - received 22

   March 2000

   Nadine Richmond, a former director - received 27 March 2000

   Lorraine Hunter, a former director - received 27 March 2000.

These documents have been lodged with the ASIC.

Dates of trading by insolvency practitioner:

   Not applicable

Business sold/ceased trading:

   Not applicable

Job closure:

   Time frame to job closure uncertain

Background Information

   A potential investor reported concerns regarding the Company and Scheme
to the Western Australian Regional Office of ASIC on or about 2 September
1999, at which stage ASIC commenced an investigation into the affairs of the
Company and subsequently applied to the Court to wind up the Company and
Scheme in February 2000.

   Prior to the winding up application the Australian Federal Police (AFP)
raided the premises of the Company and Scheme and the residences of
officers, and seized books and records relevant to the affairs of the
Company and Scheme.

   On 24 February 2000 Christopher Daly and Rober Kus of
PricewaterhouseCoopers were appointed joint official liquidators of the
Company and Scheme and joint receivers of certain property of the Scheme by
Order of the Supreme Court of Victoria, Melbourne, in proceeding number 4374
of 2000.

   The Company is an Australian public company limited by guarantee and was
incorporated in Victoria on 7 October 1996. The Company's audited accounts
for the 1998 financial year list its principal activities as that of
"conducting religious activities, representation at overseas mission
operations and training of religious practitioners".

   Current officers of the Company, according to ASIC's records, are as
follows:

   Directors

     Terence John Hunter

     Craig Desmond Hunter

     Graeme Jeoffrey Milner

  Company Secretaries

     Lorraine Grace Hunter (resigned 12 October 1998 however remains listed
as secretary in ASIC's database)

    Graeme Jeoffrey Milner

    The Company began promoting international trade debenture investment
schemes during 1997, raising approximately US$1.8m to December 1997 (scheme
one) and a further US$590,000 to February 1999 (scheme two). Funds were
invested by residents of Australia and New Zealand.

Current status of assignment and actions required by creditors

   PricewaterhouseCoopers has undertaken various investigations and actions
in order to recover the funds invested in various schemes promoted by Acts
Net Limited and its directors. A brief report on the current status of the
investigations and potential recoveries appears below.

Where are the monies and how much was invested?

   Investigations into the Company's/Scheme's records have established that
there were two major investments made by the Scheme and that some money was
also on lent to related parties. The investments were as follows:

   Investment 1: Fenmore International Limited (Fenmore)

      Fenmore is a company based in Ontario, Canada. Approximately US$1.52
million was placed by the Company/Scheme with Fenmore during 1997. Fenmore
purports that the funds were then on lent, with the approval of the Scheme's
promoters, and invested in Europe, where Fenmore says the funds were then
misappropriated. Fenmore has instructed solicitors in London to pursue the
entities responsible for the misappropriation of the funds, comprising those
of the Scheme and other entities.

      "We have contacted both Fenmore and its solicitors in London to advise
them of our appointment in respect of the Scheme.

      "We understand that Fenmore has obtained judgments against the parties
responsible for the misappropriation and we have been advised that the
solicitors are currently waiting for Fenmore's claim to be settled.
Settlement was expected in July, however, recent correspondence from Fenmore
suggests that the settlement has not been completed. Fenmore has indicated
that it still expects settlement to occur and that all investing parties
will be informed accordingly.

     "If settlement does not occur, we understand that Fenmore intends to
instruct its solicitors to enforce the existing judgments against the
defendants.

     "We have not been provided with any indication of the likely return to
the Scheme from the settlement and Fenmore has specified that it will be
seeking a release of its obligations to the Scheme before remitting any
funds to us.

     "In this regard, we are therefore not confident of the funds being
repaid in full, nor can we provide any meaningful estimate of the proportion
of the investment, if any, that may be recovered."

   Investment 2: Dakota Capital Management (Dakota)

     "Based on the promoters' advice to us, Dakota is an investment company
allegedly located in the US state of Nevada.

     "Approximately US$590,000 was invested with Dakota during 1999. The
books and records of the Company/Scheme indicate that the funds were placed
with Dakota after a number of transactions were conducted through a foreign
registered company controlled by the promoters of the Scheme, Southern
Hemisphere Holdings Inc.(SHHI). SHHI is allegedly a company registered in
the British Virgin Islands.

      "Our staff have attempted to investigate the authenticity of SHHI,
however, corporate legislation in the British Virgin Islands provides
significant secrecy provisions and it has been impossible to obtain further
information on SHHI.

     "The promoters of the Scheme have executed "declarations of trust" in
respect of SHHI transferring control of SHHI to us.

     "The declarations of trusts were requested as the funds were
transferred through a bank account held by SHHI at Jyske Bank in Denmark
before allegedly being placed with Dakota. Jyske Bank has chosen not to
assist us with our investigations and has to date refused to provide details
of transactions conducted through the SSHI account or details of any funds
that may remain in the account.

      "We have recently sought assistance from our firm's Copenhagen office
in relation to the release of information to us by Jyske Bank.
Our staff have undertaken searches of US Corporate records and identified a
Nevada registered company, Dakota Capital Management Inc.

      "A manager from our firm's Las Vegas office has met with the directors
of this company, who have advised that they do not have any knowledge of an
investment allegedly made by the Scheme or SHHI.
Utilizing the authority obtained from the promoters of the Scheme my staff
and we have also made numerous attempts to contact Dakota at the addresses
provided to us by the promoters of the Scheme.

      "We have requested the immediate repayment of funds but we have not
received any substantive response.

      "From our investigations, we have concluded that an unknown party may
have used the name "Dakota Capital Management" as a front to fraudulently
obtain the Scheme's funds. Much of the correspondence between the promoters
of Acts Nets and Dakota has been conducted through a secure email portal
known as "hushmail.com".

      "We have consulted with computer forensics experts, who have advised
that it is not possible to trace the origin of email generated through this
portal.

      "The correspondence from Dakota has been signed by "Paul Wilson". We
have been unable to ascertain the existence or whereabouts of, correspond
with or speak to, a "Paul Wilson". A review of electronic correspondence
from Dakota to the Scheme's promoters indicates that the monies may not have
been transferred to the United States as advised by the promoters, but may
have been redirected back to Australia. We are not presently able to
identify the actual recipients or their locations.

Money on lent to related parties

    "The books and records of the Company/Scheme show that not all of the
funds received were invested with Fenmore and Dakota.

    "We estimate that approximately $US264,000 has been loaned to related
parties. The parties concerned have acknowledged that they received some
money from the Company/Scheme. To date $AUD24,000 has been recovered and we
are continuing to negotiate further repayments.

What is happening to the directors of the Company and Scheme?

    "In our capacity as Receiver and as Official Liquidator of the Company
and Scheme, we are required to submit a report to the Australian Securities
and Investment Commission (ASIC) on the conduct of the promoters and
directors in relation to the management of the Company and Scheme. Our final
report will be lodged with ASIC shortly.

    "This report enjoys qualified privilege and is not available to the
public.

   "Investors will be aware that ASIC is continuing to investigate the
actions of the promoters/ directors. Unfortunately, we are unable to advise
if ASIC will undertake any further action against the directors.

Who is paying for the costs of PricewaterhouseCoopers and their solicitors?

   "The payment of the costs of the liquidations and receivership, rank in
priority to creditors' claims.

   "The Court Order allows for the payment of the liquidators' and
receivers' fees at hourly rates recommended by the Insolvency Practitioners
Association of Australia (IPAA). IPAA rates represent a significant discount
on rates normally charged by my firm for work of this nature.

   "We and our are working to ensure that the costs of the liquidations and
receivership do not become excessive. However, the nature of the business
and investment activities conducted by the promoters has and will require
further significant levels of investigative work to recover any funds.

How will investors be classified if the monies are recovered?

   "It is our view that there is no basis for treating investors as anything
other than ordinary unsecured creditors. In order to minimize costs we will
seek legal confirmation of this issue only if sufficient funds are recovered
for the payment of a dividend to the creditors.

Next milestone and estimated timetable

   "When significant information becomes available that will confirm either
the recovery of our inability to recover the investments.

Likely outcome for creditors and timetable

   "At this stage it is impossible to predict if further amounts will be
recovered. Consequently, we cannot advise of the likelihood of a dividend
being paid to investors.


AGRO HOLDINGS: Case Profile
---------------------------
PricewaterhouseCoopers posts the following case profile of Agro Holdings
Limited:

Territory:  Australia
Company Name:  Agro Holdings Limited
Lead Partner:  Geoff Totterdell
Case Manager:  Mathew Gollant
Date of Appointment:  30 March 2001
Normal Contact:  Mathew Gollant
Contact Phone No:  08-9238-5113

PricewaterhouseCoopers (PwC) Office

Location:  Perth
PO Box:  GPO Box D198
Street Address:  Level 10, Australia Place 15 William Street
City:  PERTH
State:  WA
Postcode:  6000
DX:  DX 77 Perth
Phone:  (08) 9238 3000
Fax:  (08) 9238 5299
Appointor:  Challenge Bank Limited
Registered Office of company:  108 Stirling Highway, Nedlands WA 6009
Company No / ACN:  009 372 150
Type of Appointment: Receiver and Manager
Lead Partner - Full Name: Geoffrey Frank Totterdell

              Case Information

Other Key Information

Report as to Affairs received from directors:

   A Report as to Affairs has been received from the Directors and sent to
the ASIC.

Dates of trading by insolvency practitioner:

   Limited trading under the supervision of the Receiver and Manager
commenced on 30 March 2001 and ceases on 27 July 2001.

Business sold/ceased trading:

   The businesses at Moora and Wongan Hills branches in WA have been sold.
Business premises as Narrogin and Lake Grace have been sold. Offers have
been accepted for business assets situated at Narembeen/Kulin, Wyalkatchem
and Cunderdin. Sales of theis being negotiated for the NSW branches. Trading
has ceased in WA and NSW.

Job closure:

   Possibly December 2001

Background Information

   Geoff Totterdell was appointed Receiver and Manager of Agro Holdings Pty
Ltd on 30 March 2001 by Challenge Bank Ltd. The company operates farm
machinery dealerships in Western Australia, trading under the following
trading names:

      Western Australia

      Agro Machinery

      Carsons

      Marley White & Co

      Lake Grace Machinery

      Aquip Machinery

      New South Wales

      Bird Farm Equipment

   The main products supplied are John Deere farm machinery .

Current status of assignment and actions required by creditors

   The operations in WA ceased in June 2001 with the sale of businesses at
Moora, Wongan Hills and Cunderdin as going concerns. The company has ceased
to trade under the supervision of the Receiver and Manager in NSW as at 27
July 2001. The assets at each NSW branch are available for sale. Creditors
are requested to refer to the "Notice to Creditors and Suppliers" posted on
this website for information and arrangements in relation to ongoing
supplies to the company.

Next milestone and estimated timetable

   The Receiver and Manager is currently negotiating the sale by private
treaty of the NSW branches. An auction of agricultural machinery and
workshop plant and equipment in WA is scheduled for 24 July at the Wagin WA
branch and 31 July for the Merredin WA branch.

Likely outcome for creditors and timetable

   Challenge Bank will receive the proceeds of sale of the fixed assets and
subject to payments of employee priorities the balance of proceeds of sale
from floating charge assets will be distributed according to a priority
agreement entered into between John Deere Limited, Esanda Finance Limited
and Challenge Bank. It is envisaged that Challenge Bank will not be repaid
in full. Acccordingly, aside from employees, unsecured creditors will not
receive a reduction in their debts from the realization of assets.


ANACONDA NICKEL: Cuts Workforce As Ramp-up Continues
----------------------------------------------------
Anaconda Nickel Limited announced Wednesday it has reduced its head office
and on-site workforce by over 10 percent following the continued ramp-up of
Murrin Murrin which has progressed in line with the forecast and is
achieving a level of operational stability.

Some sixty staff and employees from across the operations in Perth and
Murrin Murrin were given redundancy packages this afternoon, effective
immediately.

Anaconda CEO Andrew Forrest said he regretted the loss of valuable
employees, but the Murrin Murrin operations, which averaged production of 86
percent and 90 percent of budget for nickel and cobalt respectively in the
financial year ending June 30, had reached a level of stability that no
longer warranted  additional human resources.

On August 1, Anaconda announced Murrin Murrin had reached 80 percent of
design capacity, with production for July being 3017 tons of Nickel.

Contractor numbers will also be reviewed over coming months.

"[Wednesday's] redundancies are both an outcome of the Strategic Review
being undertaken across all of Anaconda's business activities and also part
of the ongoing review of operations at Murrin Murrin," Forrest said.

"Against this review background, more stable operations and declining
commodity prices, Anaconda will continue to make appropriate decisions to
effectively manage its cashflow and business."

Today's workforce reduction is expected to reduce Anaconda's operating costs
by approximately $16 million per annum.

For further information, contact:

Andrew Forrest
Tel 08 9212 8400


AUSTRALIAN MAGNESIUM: Securities Trading Halt
---------------------------------------------
The securities of Australian Magnesium Corporation Limited (the Company)
will be placed in pre-open, pending the release of an announcement by the
Company.

Unless the Australian Stock Exchange (ASX) decides otherwise, the securities
will remain in pre-open until the earlier of the commencement of normal
trading on Monday, 13 August 2001 or when the announcement is released to
the market.

Security Code: ANM


COLES MYER: Buys Back Shares
----------------------------
Troubled retailer Coles Myer Limited announced the following daily share
buy-back notice:

                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
Coles Myer Ltd.

ACN or ARBN
004 089 936

INFORMATION ABOUT BUY-BACK

1. Type of buy-back               On market within 10/12 limit

2. Date Appendix 3C was given     12 October 2000
   to ASX

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH ACCEPTANCES HAVE
BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                    BEFORE           PREVIOUS
                                   PREVIOUS            DAY
                                     DAY

3. Number of shares bought       1,517,540           50,000
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                 $
4. Total consideration paid     9,509,303            328,400
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                        Highest price paid   Highest price paid
                             $6.63                $6.59
                            Date: 7 Aug 2001

                        Lowest price paid    Lowest price paid
                             $5.99                $6.53
                            Date: 24 July 2001
                                                 Highest price
                                             allowed under rule
                                                    7.33:
                                                    $6.87

PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      Nil
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     28,432,460
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

NOTE:  Number of shares in the ordinary class on issue is
1,176,972,496

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law requirements
relevant to this buy-back.

2. There is no information the listing rules require to be
   disclosed that has not already been disclosed, or is not contained in, or
attached to, this form.


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


DAVNET DIGITAL HK: Enters Provisional Liquidation
-------------------------------------------------
Broadband communications provider Davnet Digital Hong Kong has gone into
provisional liquidation after its Australian parent withdrew funding last
Friday.

Provisional liquidator John Lees said the company did not have huge amount
of debt.  He was trying to find buyers to take over the assets and client
base of the company.

Davnet has about 20 employees in Hong Kong.


FAME SHOP: Winding Up Sought
----------------------------
The National Commercial Bank Limited of 1-3 Wyndham Street, Central, Hong
Kong is seeking the winding up of Fame Shop Limited. The petition, which was
filed on July 3, 2001, will be heard before the High Court of Hong Kong on
September 19, 2001.


G-PROP HOLDINGS: Strikes Bonds Deal With Asia Financial
-------------------------------------------------------
G-Prop (Holdings) Limited (the Company) on 4 August 2001, entered into the
Placing of Convertible Bonds Due 2004 Agreement with Asia Financial
(Securities) Limited (the Placing Agent) in relation to a private placing on
a best endeavor basis of the Convertible Bonds (including the Partial
Bonds).

The Convertible Bonds will have an initial principal amount of
HK$380,000,000 in the denomination of HK$1,000,000 each.

In the Placing Agreement, the Company has full and absolute powers on
deciding whether to create and issue the Partial Bonds, whether in parts,
proportion or partial amounts. The Company also has full powers on deciding
the timing of the placing of the Partial Bonds which pursuant to the Placing
Agreement shall take place on or before 14 December 2001 subject to
fulfillment of conditions thereof.

Any Partial Bonds placed by the Company are subject to the same terms and
conditions as the Convertible Bonds.

The Shares to be issued upon conversion of the Convertible Bonds (including
the Partial Bonds) at the initial conversion price of HK$0.28 represent:

   (i) approximately 1,481.94 percent of the existing issued share capital
of the Company and

   (ii) approximately 93.68 percent of the issued share capital of the
Company as enlarged by the new Shares to be issued upon full conversion of
the Convertible Bonds.

The Placing Agent is, and the placees will be, independent of, and not
connected with, the Directors, chief executives, substantial shareholders of
the Company or its subsidiaries, or any of their respective associates (as
defined in the Listing Rules).

Completion of the placing of the Convertible Bonds (including the Partial
Bonds) is conditional upon the conditions summarized under the paragraph
headed "Conditions of the placing" below.

The net proceeds from the placing of the Convertible Bonds (including the
Partial Bonds), after deduction for the total estimated expenses of
approximately HK$4 million, are expected to amount to approximately HK$357
million, which will be used:

   (i) as to approximately HK$290.2 million for purchase of the existing
convertible bonds;
   (ii) as to approximately HK$22.0 million for payment of interest accrued
on the existing convertible bonds;

   (iii) as to approximately HK$20.0 million for repayment of a promissory
note; and

   (iv) as to the remaining balance of HK$24.8 million as working capital
for the usual and ordinary business of the Group. The Company does not have
any immediate plan to utilize the remaining balance of the net proceeds from
the placing of the Convertible Bonds other than as working capital.

The placing of the Convertible Bonds (including the Partial Bonds) and the
issue of Shares by the Company upon the exercise of the conversion right
attached to the Convertible Bonds (including the Partial Bonds) are subject
to the approval of the Shareholders at a special general meeting of the
Company to be convened for such purpose.

A circular containing details of the placing of the Convertible Bonds
(including the Partial Bonds) and a notice to convene a special general
meeting to be held not later than 30 September 2001 for the Shareholders to
approve, among other things, the placing of the Convertible Bonds (including
the Partial Bonds) and the issue of the Shares by the Company upon the
exercise of the conversion rights attached to the Convertible Bonds
(including the Partial Bonds) will be sent to the Shareholders as soon as
practicable.

            PLACING AGREEMENT DATED 4 AUGUST 2001

(a) Placing Agent

     Asia Financial (Securities) Limited has been appointed by the Company
as the Placing Agent. The placing of the Convertible Bonds (including the
Partial Bonds) is to be undertaken on a best endeavor basis and is not
underwritten by the Placing Agent.

(b) Independence of the Placing Agent and placees

     The Placing Agent, the placees and their respective ultimate beneficial
owners are, and will be, independent of, and not connected with, the
directors, chief executives, substantial shareholders of the Company or its
subsidiaries, or any of their respective associates (as defined in the
Listing Rules).

     Pursuant to the Placing Agreement, there is no limitation on the number
of placees to be procured by the Placing Agent. The Board does not expect at
this stage that the Placing will result in an introduction of any
substantial Shareholder upon the exercise of the conversion rights attached
to the Convertible Bonds.

     Further announcement will be made by the Company if there is an
introduction of any substantial Shareholder as a result of the Placing upon
the exercise of the conversion rights attached to the Convertible Bonds.

(c) The Convertible Bonds

   Principal amount

      The initial principal amount of the Convertible Bonds will be
HK$380,000,000 due 2004 in denomination of HK$1,000,000 each.

   Issue price

      95 percent of the principal amount of the Convertible Bonds, i.e.,
HK$361,000,000.

   Interest

      The Convertible Bonds do not bear any interest on the principal amount
thereof.

   Redemption date

      The Convertible Bonds which are not redeemed, purchased or converted
are due to be redeemed on the day immediately following three years after
the first issue of the Convertible Bonds, or, if that is not a business day,
the first business day thereafter.

     After the expiry of one year from the first issue of the Convertible
Bonds, the Company shall be entitled at any time and from time to time by
notice in writing to the holders of the Convertible Bonds declare that the
Convertible Bonds (or Partial Bonds) be redeemed on such date (being a date
not earlier than the expiry of 30 days after the date of the notice but
before the maturity date of the Convertible Bonds) as set out in the notice
when the Convertible Bonds (or Partial Bonds) shall be redeemed by the
Company at the principal amount of the outstanding Convertible Bonds.

     The Convertible Bonds are liable to be redeemed at the option of the
holders of the Convertible Bonds upon the occurrence of an Event of Default
or a Potential Event of Default (as defined in the Instrument).

   Purchase

     The Company may at any time and from time to time purchase the
Convertible Bonds at any price as agreed between the Company and the
relevant holders of the Convertible Bonds.

   Conversion

     The outstanding principal amount of the Convertible Bonds may be
convertible into ordinary shares of the Company in amounts or integral
multiples of HK$1,000,000 at any time from the day immediately following the
date of issue of the Convertible Bonds, being the date of completion of the
Placing Agreement, up to 4:00 p.m. (Hong Kong time) on the day immediately
following three years after the date of issue of the Convertible Bonds, or
if that is not a business day, the first business day thereafter.

   Conversion price

     The initial conversion price is HK$0.28 per Share (subject to
adjustment as provided in the Instrument), representing a discount of
approximately 1.06 percent to the average closing price of HK$0.283 per
Share on the Stock Exchange for the 10 consecutive trading days ending on
3rd August, 2001, and equal to the closing price of HK$0.28 per Share on the
Stock Exchange on 3rd August, 2001, being the last day of trading in the
Shares prior to the date of this announcement.

     The initial conversion price was agreed after arm's length negotiations
between the Company and the Placing Agent.

   Shares to be issued upon conversion

      The Shares to be issued upon conversion of the Convertible Bonds will
rank pari passu in all respects among themselves and with the Shares in
issue on the relevant date of conversion.

      The existing issued share capital of the Company is HK$915,791 divided
into 91,579,065 Shares. Assuming that the entire principal amount of the
Convertible Bonds is converted at the initial conversion price of HK$0.28
per Share, a total of 1,357,142,857 Shares will be issued.

      These Shares represent:

         (i) approximately 1,481.94 percent of the existing issued share
capital of the Company; and

         (ii) approximately 93.68 percent of the issued share capital of the
Company as enlarged by the new Shares to be issued upon full conversion of
the Convertible Bonds.

      As mentioned in the prospectus of the Company dated 31 July 2001, the
Directors announced on 9 July 2001 that the Company proposed to raise
approximately HK$11.4 million, before expenses, by an open offer of
45,789,532 Offer Shares at a subscription price of HK$0.25 per Offer Share
on the basis of one Offer Share for every two Shares held by the Qualifying
Shareholders.

      Upon completion of the Open Offer by or around the end of August 2001,
the total issued shares of the Company will be 137,368,597 Shares.
Accordingly, the 1,357,142,857 Shares to be issued upon full conversion of
the Convertible Bonds represent:

         (i) approximately 987.96 percent of the issued share capital of the
Company as enlarged by the new Shares to be issued upon completion of the
Open Offer; and

         (ii) approximately 90.81 percent of the issued share capital of the
Company as enlarged by the new Shares to be issued upon completion of the
Open Offer and the full conversion of the Convertible Bonds.

      The shareholding of the existing public Shareholders will be diluted
from 100 percent to 6.32 percent as a result of the full conversion of the
Convertible Bonds at the initial conversion price.

      Based on the register of substantial Shareholder maintained by the
Company as at the date of this announcement, there is no person interested
in 10 percent or more of the issued Shares of the Company.

   Voting rights of holders of the Convertible Bonds

     The holders of the Convertible Bonds will not have any right to attend
or vote at any meeting of the Company by virtue of their being the holders
of the Convertible Bonds.

   Transferability

      Save with the consent of the Stock Exchange, the Convertible Bonds can
only be transferred to persons who are not connected persons of the Company
(as the term "connected person" is defined in the Listing Rules).

   Application for listings

      The Company will apply to the Listing Committee of the Stock Exchange
for the listing of, and permission to deal in, the Shares which may fall to
be issued upon conversion of the Convertible Bonds. No listing of the
Convertible Bonds will be sought on the Stock Exchange or any other stock
exchanges.

   Completion

      The Placing Agreement will be completed on or before 14 December 2001
after the fulfillment of the conditions referred to in the paragraph headed
"Conditions of the placing" below (or such later date as the Placing Agent
and the Company may agree in writing but in any event not later than 31
December 2001) (Completion Date).

(d) The Partial Bonds

     In the Placing Agreement, the Company has full and absolute powers on
deciding whether to create and issue the Partial Bonds, whether in parts,
proportion or partial amounts.

     The Company also has full powers on deciding the timing of the placing
of the Partial Bonds which pursuant to the Placing Agreement shall take
place on or before 14 December 2001 subject to fulfillment of conditions
thereof.

     The Placing Agreement provides that any Partial Bonds placed by the
Company are subject to the same terms and conditions as the Convertible
Bonds.

(e) Information on the Company

     The Company is an investment holding company. The Group is principally
engaged in property investment and development. The Company also holds 50
percent shareholding interest in Legend Power, which together with its
subsidiaries is engaged in the business of manufacturing, sale and leasing
of energy saving machines internationally.

      From August to December 2000, gross proceeds of HK$378.8 million were
raised from issuing 7.5 percent convertible bonds due 2002. HK$30 million
has been used for acquisition of an advertising agency company, HK$110
million has been used for acquisition of CashThrough International Limited,
HK$104.9 million has been used to acquire 12.5 percent interest in Legend
Power, HK$40 million for acquisition of 10 percent interest in a bio-tech
company which is engaged in conducting research and development on gene
therapy technologies and transforming such technologies into manufacture of
bio-tech products, and the balance of HK$93.9 million has been used as
general working capital of the Group.

      In June 2001, net proceeds of HK$7.35 million were raised from issuing
14,500,000 new Shares, out of which HK$2.5 million has been used as working
capital of Legend Power, and the balance has been used as working capital of
the Group.

      The net proceeds of the Open Offer will be approximately HK$10.4
million. The Company intended to use HK$5 million as the working capital of
Legend Power which has just started a factory operation in Hong Kong in
early 2001, and the balance is intended to be used as general working
capital of the Company.

(f) Conditions of the placing

      The obligations of the Placing Agent under the Placing Agreement are
conditional upon the following conditions being fulfilled (or, as to the
condition set out in sub-paragraph (iii) below, the waiver in writing of
such condition by the Placing Agent) at or before 5:00 p.m. (Hong Kong time)
on 30th September, 2001 (or such later time and date as the Placing Agent
and the Company may agree in writing):

         (i) the Bermuda Monetary Authority granting its consent, if
required, to the issue of the Convertible Bonds (including the Partial
Bonds) and the Shares falling to be issued on the exercise of the conversion
rights to be attached to the Convertible Bonds (including the Partial Bonds)
in accordance with the requirements of the Companies Act 1981 of Bermuda not
later than 5:00 p.m. (Hong Kong time) on 30 September 2001 (or such later
time as the Placing Agent may determine);

         (ii) the Listing Committee of the Stock Exchange granting approval
for the listing of, and permission to deal in, all the Shares falling to be
issued on the exercise of the conversion rights to be attached to the
Convertible Bonds (including the Partial Bonds) by no later than 5:00 p.m.
on 30 September 2001 (Hong Kong time) (or such later time as the Placing
Agent may determine);

        (iii) no event having occurred or occurring before the Completion
Date which would constitute an Event of Default or a Potential Event of
Default (as defined in the Instrument) had the Convertible Bonds (including
the Partial Bonds) been issued;

        (iv) the Company delivering to the Placing Agent an opinion from a
firm of Bermuda barristers and attorneys confirming the legality,
enforceability, validity and due execution of the Instrument and that the
manner of the placing of the Convertible Bonds (including the Partial Bonds)
as contemplated by the Placing Agreement complies with the requirements of
applicable Bermuda law and such other matters as the Placing Agent may
reasonably require; and

         (v) approval of the issue of the Convertible Bonds (including the
Partial Bonds) and the allotment and issue of Shares upon the exercise of
the conversion rights to be attached to such bonds, in each case by ordinary
resolution passed at a special general meeting of the Company to be convened
by no later than 10:00 a.m. on 30 September 2001 (or such later date as the
Placing Agent may agree in writing with the Company).

(g) Shareholder's approval

     The placing of the Convertible Bonds (including the Partial Bonds) and
the issue of Shares by the Company upon the exercise of the conversion right
attached to the Convertible Bonds (including the Partial Bonds) are subject
to the approval of the Shareholders at a special general meeting of the
Company to be convened for such purpose.

     A circular containing details of the placing of the Convertible Bonds
(including the Partial Bonds) and a notice to convene a special general
meeting to be held not later than 30 September 2001 for the Shareholders to
approve, among other things, the placing of the Convertible Bonds (including
the Partial Bonds) and the issue of the Shares by the Company upon the
exercise of the conversion rights attached to the Convertible Bonds
(including the Partial Bonds) will be sent to the Shareholders as soon as
practicable.

(h) Reasons for the placing of the Convertible Bonds (including the Partial
Bonds)

     The proceeds of the placing of the Convertible Bonds will be used
primarily for the purchase of the existing convertible bonds. The details of
the existing convertible bonds are as follows:

Shares to be
Type of existing  Outstanding Conversion issued upon
convertible bonds  Due date     bond amount price conversion
                                 HK$        HK$
10.0% CBs 23 Dec 2001 25,000,000 10.783    2,318,464

7.5% Cbs 21 Aug 2002 51,600,000 10.126    5,095,793

7.5% CBs 24 Oct 2002 50,400,000 5.623     8,963,186

7.5% CBs  23 Nov 2002 72,800,000 5.874    12,393,598

7.5 CBs 16 Nov 2002 90,400,000 6.010    15,041,597

Total  290,200,000  43,812,638

     The Board considers that the placing of the Convertible Bonds
(including the Partial Bonds) provides a good opportunity of raising funds
to purchase the existing convertible bonds which primarily will be due in
2002 (details of which are mentioned above) and is an appropriate means of
raising additional capital for the Company since the placing of Convertible
Bonds (including the Partial Bonds) will not have an immediate dilution
effect on the shareholding of the existing Shareholders. If the conversion
rights attached to the Convertible Bonds (including the Partial Bonds) are
exercised, the Company will be able to enhance its capital base and enlarge
its shareholders' base.

     The Board considers that the terms of the Placing Agreement, which were
arrived at after arm's length negotiations between the Company and the
Placing Agent, are fair and reasonable and are in the interests of the
Company.

(i) Use of proceeds

     The net proceeds from the placing of the Convertible Bonds (including
the Partial Bonds), after deduction for the total estimated expenses of
approximately HK$4 million, are expected to amount to approximately HK$357
million, which will be used:

         (i) as to approximately HK$290.2 million for purchase of the
existing convertible bonds;

         (ii) as to approximately HK$22.0 million for payment of interest
accrued on the existing convertible bonds;

         (iii) as to approximately HK$20.0 million for repayment of a
promissory note; and

         (iv) as to the remaining balance of HK$24.8 million as working
capital for the usual and ordinary business of the Group. The Company does
not have any immediate plan to utilize the remaining balance of net proceeds
from the placing of the Convertible Bonds other than as working capital.

(j) Warning

     The placing of the Convertible Bonds (including the Partial Bonds) may
or may not be complete in full or at all. Shareholders and investors are
reminded to exercise caution when dealing in the Shares.

(k) Resumption of trading

     At the request of the Company, trading in the Shares has been suspended
from 10:00 a.m. on 6 August 2001. Application has been made by the Company
to the Stock Exchange for resumption of trading with effect from 10:00 a.m.
on 7 August 2001.

Meanwhile, G-Prop (Holdings) Limited revealed in July that its total revenue
for the year ended 31 March 2001 amounted to HK$11 million, a decrease of 67
percent when compared with turnover of last year.

The Group continues to streamline the non-profit making operations,
especially in property investment business.

The Group incurred a loss for the year of approximately HK$458 million. The
previous corresponding period saw a loss of approximately HK$230 million.

Liquidity and Financing

As of 31 March 2001, the Group's borrowings amounted to HK$366.2 million. Of
the total borrowings at the year-end date, the maturity profile spread over
a medium term period with HK$55.9 million repayable within 1 year and
HK$310.3 million within 2 to 5 years.

All of the Group's borrowings were in Hong Kong dollar at year-end and
approximately 78 percent of the borrowings are fixed rate convertible bonds.

The Group's gearing ratio increased, calculated on the basis of the Group's
net borrowings (after deducting cash and bank balances of HK$3.4 million)
over shareholders' fund, at approximately 748 percent at the year end date.


HOME DE COMFORT: Winding Up Petition Slated For Hearing
-------------------------------------------------------
The winding up petition against Home de Comfort Limited is scheduled to be
heard before the High Court of Hong Kong on September 26, 2001. The petition
was filed on June 9, 2001 by Pacific Finance (Hong Kong) Limited, Hong Kong
Branch, whose registered office is situated at 25th Floor, Devon House,
Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong.


SEEKON LIMITED: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Seekon (HK) Limited is set to be heard before the
High Court of Hong Kong on September 19, 2001. The petition was filed on
July 3, 2001 with the said Court by The National Commercial Bank Limited of
1-3 Wyndham Street, Central, Hong Kong.


TRANSGREAT DEVELOPMENTS: Faces Winding Up Petition
--------------------------------------------------
Transgreat Developments Limited is facing a winding up petition which will
be heard before the High Court of Hong Kong on August 22, 2001. The petition
was filed on June 12, 2001 by Sin Hua Bank Limited, Hong Kong Branch whose
principal place of business is situated at 2A Des Voeux Road Central, Hong
Kong.


TRUNKNET COMPANY: Winding Up Sought By NCB
------------------------------------------
The National Commercial Bank Limited is seeking the winding up of Trunknet
Company Limited. The petition, which was filed with the High Court of Hong
Kong on June 14, 2001, will be heard before the Court on August 29, 2001.


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


INDAH KIAT: Net Sales Climb 18.3% To US$1.5B
--------------------------------------------
PT Indah Kiat Pulp & Paper Tbk's consolidated net sales were approximately
US$1,545.5 million in 2000, an 18.3 percent increase from its consolidated
net sales of approximately US$1,306.3 million in 1999.

This increase resulted primarily from increases in total sales volumes of
Indah Kiat's products from 2,676 thousand tons in 1999 to 2,935 thousand
tons in 2000 and an increase in average realized sales prices of BHK pulp
from US$411 per ton in 1999 to US$515 per ton in 2000 which was partially
offset by the effects of a decrease in average realized sales prices of
printing and writing paper from US$801 per ton in 1999 to US$714 per ton in
2000 and packaging products from US$471 per ton in 1999 to US$437 per ton in
2000.

Indah Kiat's gross profit increased only slightly in 2000, from US$537.6
million in 1999 to US$545.3 million in 2000.  However, because of higher
cost of goods sold in 2000 resulting primarily from higher raw material
costs for wood, wastepaper, chemicals and long-fiber pulp, Indah Kiat's
gross profit gross profit margin decreased from 41.2 percent in 1999 to 35.3
percent in 2000.

Consolidated income from operations of Indah Kiat decreased 6.0 percent in
2000 to approximately US$403.0 million from approximately US$428.5 million
in 1999. Interest expense in 2000 increased 54.5 percent to US$280.4 million
compared to US$181.5 million in 1999 due to an increase in average interest
rates and average level of Indah Kiat's borrowings during the year.

Foreign exchange gains in 2000 were US$58.9 million compared to a foreign
exchange loss of US$119.5 million in 1999 amounts as a result of the
depreciation of the Indonesian Rupiah against the U.S. dollar in 2000.

In addition, in 2000, Indah Kiat made a provision for accounts receivable,
collection of which it has determined to be doubtful of approximately
US$410.0 million.  Of this amount, approximately US$198.0 million related to
receivables previously discounted to PT Bank Internasional Indonesia Tbk
("BII") as described in greater detail below under "-Provision for Doubtful
Accounts."

Indah Kiat booked an income tax credit of approximately US$198.5 million in
2000, compared to approximately US$3.5 million in 1999.
Indah Kiat's consolidated net loss was approximately US$147.4 million in
2000, compared to consolidated net income of approximately US$4.0 million in
1999.

As a result of repayment of loans maturing in 2000 and unavailability of
working capital funds in the latter part of 2000, Indah Kiat's unrestricted
cash, cash equivalents and time deposits fell significantly, from US$460.1
million as at December 31, 1999 to US$6.3 million as at December 31, 2000.

The remaining US$54.2 million of total cash, cash equivalents and short-term
investments of Indah Kiat as at December 31, 2000 were pledged as security
for working capital facilities.


PINDO DELI: Posts Net Sales Of US$764M
--------------------------------------
The consolidated net sales of PT Pindo Deli Pulp And Paper Mills were
approximately US$764.0 million in 2000, a 5.0 percent increase from its
consolidated net sales of approximately US$727.3 million in 1999.

Although Pindo Deli's sales volumes of tissue increased from 43 thousand
tons in 1999 to 48 thousand tons in 2000 and sales volumes of packaging
increased from 14 thousand tons in 1999 to 45 thousand tons in 2000, the
effect of these increases was partially offset by a decrease in sales volume
of paper from 622 thousand tons to 615 thousand tons and a decrease in
average realized sales prices for paper products from US$848 per ton in 1999
to US$712 per ton in 2000 and packaging products from US$759 per ton in 1999
to US$693 per ton in 2000.

As a result of a significant increase in raw material costs, particularly
for wood at Lontar Papyrus and pulp purchases by Pindo Deli, Pindo Deli's
gross profit decreased 47.8 percent to US$129.4 million, or a gross profit
margin of 16.9 percent, in 2000 compared to US$247.7 million, or a gross
profit margin of 34.1 percent, in 1999.

Consolidated income from operations of Pindo Deli was approximately US$37.3
million in 2000, a 78.2 percent decrease from consolidated income from
operations of approximately US$171.2 million in 1999.

Interest expense increased 75.5 percent to US$184.5 million in 2000 compared
to US$105.2 million in 1999 due to higher average interest rates on
borrowings and a reduction in the amount of interest capitalized.

Foreign exchange loss decreased from US$70.6 million in 1999 to US$47.2
million in 2000 primarily due to higher foreign exchange gains from the
revaluation of Yen and Deutschemark denominated debt as a result of the
effect of the appreciation of U.S. dollar against these currencies.

In addition, in 2000, Pindo Deli made a provision for accounts receivable,
collection of which it has determined to be doubtful of approximately
US$210.0 million (of which US$107.1 million related to Lontar Papyrus).

Of this amount, approximately US$119.0 million (including US$44.1 million at
Lontar Papyrus) related to receivables previously discounted to BII as
described in greater detail below under "-Provision for Doubtful Accounts."

Pindo Deli booked an income tax credit of approximately US$41.9 million in
2000, compared to an income tax expense of approximately US$21.3 million in
1999.

Pindo Deli's consolidated net loss was approximately US$328.0 million in
2000, compared to its consolidated net loss of approximately US$9.2 million
in 1999.

Property, plant and equipment-net of Pindo Deli increased in 2000 in part as
a result of an advance of US$101.1 million by Pindo Deli in connection with
an agreement to acquire PT Dinamika Mustika, PT Persadamas Langgeng and PT
Sinarindo Pirantimas (collectively, the "Acquirees"), companies controlled
by APP's controlling shareholders, which collectively own approximately
1,700 hectares of land adjacent to Pindo Deli's principal mill in Karawang,
West Java, Indonesia.

This land was acquired by the Acquirees over the past several years on
behalf of Pindo Deli for future expansion projects.  In the fourth quarter
of 2000, Pindo Deli agreed to acquire the shares of the Acquirees for an
aggregate consideration of approximately US$170.0 million, including the
assumption of outstanding loans from BII of approximately US$70.0 million.

These BII loans were part of the approximately US$1.0 billion in loans from
BII to APP's Indonesian subsidiaries guaranteed by IBRA earlier this year.

As a result of an increase in working capital requirements and the use of
cash balances to fund these requirements in 2000 and unavailability of
working capital funds in the latter part of 2000, Pindo Deli's consolidated
unrestricted cash, cash equivalents and time deposits fell significantly,
from US$297.8 million as at December 31, 1999 to US$8.2 million as at
December 31, 2000.

The remaining US$27.1 million of total cash, cash equivalents and short-term
investments of Pindo Deli as at December 31, 2000 (including US$11.1 million
at Lontar Papyrus) were pledged as security for working capital facilities.


TRI POLYTA: Hasten Debt Payment, Bank Of NY Notice Says
-------------------------------------------------------
PT Tri Polyta Indonesia Tbk (TPIA) (the company) received a notification
from Bank of New York about a warrant to hasten the obligation payment
valuing US$185 million to be due in 2003, Bisnis Indonesia reported Tuesday,
citing the company's report to Jakarta Stock Exchange.

The obligation issued by a subsidiary PT Tri Polyta Finance BV was
guaranteed by TPIA.

TPIA has met with the obligation handler to restructure the debt, according
to TPIA Director Suriyadi.

In 2000, he explained, TPIA met initial agreement with obligation handler
committee. But it has not been finalized, so that TPIA will try to reach
agreement with obligation handlers.

TPIA failed to meet interest payments on secured notes in 1999 and 2000.
Tycoon Prajogo Pangestu controls almost 60 percent of the company.


TJIWI KIMIA: Suffers A Decline In Net Sales
-------------------------------------------
The consolidated net sales of PT Pabrik Kertas Twiji Kimia Tbk in 2000
decreased 4.5 percent to approximately US$829.0 million in 2000 from
approximately US$868.3 million in 1999.

Although sales volumes of paper, stationery and packaging increased from
985,068 tons in 1999 to 1,012,467 tons in 2000 and the average realized
sales price for stationery products increased slightly from US$1,264 per ton
in 1999 to US$1,298 per ton in 2000, the effect of these increases was more
than offset by a decrease in Tjiwi Kimia's average realized sales price for
paper products from US$814 in 1999 to US$684 in 2000.

As a result of significantly higher raw materials costs, particularly BHK
pulp costs, in 2000, Tjiwi Kimia's gross profit decreased 78.0 percent from
US$281.8 million, or a gross profit margin of 32.5 percent, in 1999 to
US$61.9 million, or a gross profit margin of 7.4 percent, in 2000.

Consolidated loss from operations of Tjiwi Kimia was approximately US$61.7
million in 2000, compared to a consolidated income from operations of
approximately US$183.9 million in 1999. Interest expense in 2000 increased
23.7 percent to US$114.8 million compared to US$92.8 million in 1999 due to
less capitalization of interest in 2000.

Foreign exchange gains in 2000 decreased from 1999 amounts as a result of
the depreciation of the Indonesian Rupiah against the U.S. dollar in 2000.

In addition, in 2000, Tjiwi Kimia made a provision for accounts receivable,
collection of which it has determined to be doubtful of approximately
US$145.1 million.  Of this amount, approximately US$54.3 million related to
receivables previously discounted to BII as described in greater detail
below under "-Provision for Doubtful Accounts."

Tjiwi Kimia's consolidated net loss was approximately US$338.0 million in
2000, compared to consolidated net income of approximately US$104.0 million
in 1999.

As a result of the use of cash balances for working capital purposes in 2000
and unavailability of working capital funds in the latter part of 2000,
Tjiwi Kimia's unrestricted cash, cash equivalents and time deposits fell
significantly, from US$179.8 million as at December 31, 1999 to US$4.8
million as at December 31, 2000. The remaining US$34.5 million of total
cash, cash equivalents and short-term investments of Tjiwi Kimia as at
December 31, 2000 were pledged as security for working capital facilities.


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


DAIEI INC: Decides To Sell Off Printemps Ginza
----------------------------------------------
Ailing retail chain operator Daiei Incorporated has decided to sell off its
entire stake in department store subsidiary Printemps Ginza SA to reduce
Daiei's interest-bearing debts amounting to Y2.56 trillion, The Japan Times
Online reports Wednesday.

According to the online publication, the department store will be sold to a
company formed by Printemps Ginza executives, employees and a fund entity
under the Fuji Bank group. The sale price is now pegged at Y7 billion.

Printemps Ginza was established in 1983, the report says, through the
alliance of Daiei Inc and French department store Printemps. It was opened
in 1984 in Tokyo's Ginza shopping center.


MATSUSHITA ELECTRIC: 3,000 Workers Seeking Early Retirement
-----------------------------------------------------------
Around 3,000 employees of about 30 local subsidiaries of Matsushita Electric
Industrial Corporation are seeking to avail themselves of early retirement
programs, The Japan Times reported Thursday, citing company officials.

According to the newspaper, 22 regional sales subsidiaries will be merged
into one entity in October. Before the year ends, Matsushita Leasing Company
and Matsushita Credit Company will also be merged.

Tuesday, the Matsushita Electric reported a consolidated net loss of Y19.37
billion in the first quarter of fiscal 2001, swinging from a profit of Y9.4
billion in the corresponding period a year ago.


TOKYO MUTUAL: Reducing Guaranteed Yield To 2.6%
------------------------------------------------
Tokyo Mutual Life Insurance Company announced that it would reduce its
guaranteed yield to an average of 2.6 percent from 4.7 percent, in
accordance with the failed insurer's rehabilitation plan released Wednesday
by its court-appointed trustee, Kyodo News reported Wednesday.

Meanwhile, the court-appointed trustees are now demanding payment of Y680
million in damages from three heirs of the company's late chairman Toshio
Shibayama.

The demand was made on charges that Shibayama committed management
misconduct.


* Fitch Downgrades Individual Ratings Of Japanese Banks
-------------------------------------------------------
Fitch, the international rating agency, lowered the Individual ratings of
the following Japanese banks today, resolving the Rating Watch Negative that
was put in place on 14 March. Toyo Trust & Banking is the only exception,
with its Individual rating being affirmed. Fitch's Individual ratings assess
how a bank would be viewed if it were entirely independent and could not
rely on external support. Therefore, it is an assessment of the intrinsic
strength of a bank. The Outlooks for the Long-term ratings have also been
revised to Negative as noted for each bank below. These actions complete the
review of Japanese bank ratings placed on Negative Rating Watch in March
2001.

    Mitsubishi-Tokyo Financial Group

    Bank of Tokyo Mitsubishi: Individual rating lowered to 'D' from 'C/D'

    Mitsubishi Trust & Banking Corporation: Individual rating lowered to
'D/E' from 'D'

    The Long-term rating of both banks is affirmed at 'A+'; Outlook revised
to Negative

    Mizuho Financial Group

    Dai-Ichi Kangyo Bank: Individual rating lowered to 'D/E' from 'D'

    Fuji Bank: Individual rating lowered to 'D/E' from 'D'

    Industrial Bank of Japan: Individual rating lowered to 'D/E' from 'D'

    Mizuho Holdings: Individual rating lowered to 'D/E' from 'D'

    The Long-term rating of all three banks is affirmed at 'A'; Outlook
revised to Negative

    Yasuda Trust: Individual rating lowered to 'E' from 'D/E'. The Long-term
rating is affirmed at 'A-' (A minus); Outlook changed to Negative.

    Mizuho Trust: Individual rating affirmed at 'C'. The Outlook of the
bank's Long-term rating of 'A' has been changed to Negative as a result of
the change in Outlook of the core banks in the Mizuho Financial Group.

    UFJ Group

    Sanwa Bank: Individual rating lowered to 'D/E' from 'D'.

    Tokai Bank: Individual rating lowered to 'D/E' from 'D'

    Toyo Trust & Banking: Individual rating affirmed at 'D/E'

    The Long-term ratings of the three banks have been affirmed at 'A' with
a revised Outlook to Negative.

    Sumitomo Mitsui Banking Corporation: Individual rating lowered to 'D/E'
from 'D'; Long-term rating affirmed at 'A', with Outlook changed to
Negative.

    Asahi Bank: Individual rating lowered to 'D/E' from 'D'; Long-term
rating downgraded to 'BBB+' from 'A-'; Outlook revised to Negative

    Sumitomo Trust & Banking Corporation: Individual rating lowered to 'D/E'
from 'D'. Long-term rating affirmed at 'BBB+'; Outlook revised to Negative

    Chuo-Mitsui Banking Corporation: Individual rating lowered to 'E' from
'D/E'. Long-term rating downgraded to 'BBB-' (BBB minus) from 'BBB+'
Negative Outlook, at which level the Outlook is revised to Stable on the
expectation of external support being provided, if needed. The bank has the
largest market shares in some business areas among peer trust banks and has
plans to further improve balance sheet integrity and profitability. It is,
however, faced with a challenging operating environment.

    Bank of Yokohama: Individual rating lowered to 'D/E' from 'D'. Long-term
rating affirmed at 'BBB+'; Outlook changed to Negative

    Ashikaga Bank: Individual rating lowered to 'E' from 'D/E'

    Chiba Bank: Individual rating lowered to 'D/E' from 'D'

    Hokuriku Bank: Individual rating lowered to 'E' from 'D/E'

When placing the ratings on Watch, Fitch expressed concern over two risks
facing Japan's banks: the stock market and the continuing bad debt problem.

COMBINATION OF WEAK STOCK MARKET AND FURTHER LOAN LOSSES A CONCERN

Although the banks plan to substantially reduce their equity holdings over
the next few years, the current situation is that all major banks have
investments in Japanese stocks exceeding their own equity capital. The
volatility in stock prices has the potential to give rise to unrealized
losses that could erode the banks' capital. Now that marking-to-market of
such securities is required, any such losses will directly impact bank
capital.

Fitch recognizes that the banks currently conform to regulatory capital
requirements and that they should be able to absorb any losses arising from
their stock portfolios. The agency is less certain that they could deal with
both stock market-related losses and further loan losses, which it expects
to be significant.

BANKS' WATCHLIST CREDITS - ADDITIONAL RESERVE BUILDING REQUIRED

In conducting its review of Japanese banks' asset quality Fitch has focused
on the "gray area", otherwise known as the Watchlist credits. These are
exposures to borrowers that are in "weak financial condition", not
infrequently with a negative net worth, but which have been judged by the
banks to have made timely payments of interest and principal without
support.

These credits were equivalent to 14.5 percent of all exposures for the major
banks as of September 2000, based on recent FSA figures. In view of more
realistic classification of credits being adopted by many banks as well as
the weak outlook for the economy, Fitch believes that this ratio is not
likely to decline, even as a significant portion will eventually migrate to
more distressed levels of "doubtful" and "bankruptcy". As general loan loss
reserves accumulated for possible losses on these watch credits are minimal,
additional reserve building equivalent to several years of pre-provision
operating profits will be necessary, in the agency's opinion.

RESTRUCTURING/RATIONALIZATION NOW - HEALTHY BANKING SECTOR LATER

Fitch recognizes that if the Japanese economy were to revive strongly its
concerns over bank asset quality would be lessened. Yet given the problems
facing the corporate and financial sectors and public finance, a strong
economic recovery in the near term would require a miracle that no one
currently expects.

Far more likely is a period of little or no growth due to deeper corporate
restructurings in the depressed sectors together with rationalization of
public finance. In the longer term, this will revive Japan's real economy
and result in a healthy banking and financial system. In the short-term,
however, a surge in bankruptcies and asset write-downs by Japanese companies
will increase the pain for the banks.

Fitch's expectations of further loan losses combined with the possibility of
stock market-related losses lead it to lower the Individual ratings of most
of the Japanese banks it rates. Long-term ratings have been lowered for
those banks where performance is weaker than the agency's expectations and
market positioning is of concern.

For most banks, including the majors, the expectation of strong government
support continues to underpin Fitch's Long-term debt ratings. Hence, most of
these have not been changed.

However, the Outlooks have in most cases been changed to Negative from
Stable, reflecting the fact that not only is the financial condition of the
banks under pressure, but their ultimate source of strength in the event of
need, the government, is also undergoing deterioration in its own financial
position as public debt levels rise.

A further lowering of Japan's sovereign ratings, currently 'AA+' with a
Negative Outlook, could lead to a review of the strength of potential
government support for the banks' Long-term debt ratings.

Contact: Reiko Toritani; Philip Jones, Tokyo, Tel: +813 3288 2628, David
Marshall, Hong Kong, Tel:+852 2263 9963, Brett Hemsley (Banks); Brian
Coulton (Sovereigns) London, Tel:+44 (0)20 7 417 3494/6284, Fred Puorro, New
York, Tel:+1 212 908 0500


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


DAEWOO ELECTRONICS: Creditors Hope To Complete Sale By Year-End
---------------------------------------------------------------
Creditors of Daewoo Electronics Company are hoping to complete the sale of
key assets of the company by the year end, The Asian Wall Street Journal
reports, citing an official at major creditor Hanvit Bank.

Up for sale are Daewoo Electronics' electric home appliances, computers, DVD
players and other digital products, among other core operations assets, the
newspaper says.

Meanwhile, the report adds, the company has completed the disposal of assets
totaling W75 billion.

In July, creditors of the company approved a bailout plan, which called for
a debt-to-equity conversion involving the sum of W735.3 billion, the
newspaper says.


DAEWOO MOTOR: Company Split Resolves GM Sale Quandary
-----------------------------------------------------
The government and creditors of Daewoo Motors have resolved to split the
company for its sale to General Motors, The Digital Chosun reported
yesterday.

Under this agreement, the Bupyeong plant of the insolvent Korean automaker
will be excluded from the sale of the Gunsan and Changwon plants, the sales
network and after-service operations of the company, the report says.

The central Bupyeong plant will remain as a separate new firm, which will
proceed with its self-rescue programs.

According to the report, the government deemed the split as most beneficial
to the nation's economy.

Creditors of Daewoo Motor are expected to submit the final sales proposal to
GM soon. The proposal may include the creditors' request to GM to raise its
proposed acquisition prices for the Gunsan and Changwon plants, and to take
a stake in the Bupyeong plant, the report says.


HYNIX SEMICON: Govt Will Stem Flow Of Funds
-------------------------------------------
Deputy Prime Minister Jin Nyum Wednesday said the government will stop
extending public fund to bailout Hynix Semiconductor, leaving the fate of
the ailing chipmaker to the creditors and the market, The Korea Herald
reported yesterday.

Hynix is currently battling with another liquidity crisis even after it
successfully raised $1.25 billion through the recent global depository
receipts issue.


HYUNDAI INVESTMENT: Government Set To Finalize Sale This Week
-------------------------------------------------------------
The government is expected to finalize talks this week with the American
International Group (AIG)-led US consortium for the sale of Hyundai
Investment Trust, The Digital Chosun reported yesterday, citing Deputy Prime
Minister Jin Nyum.

According to Financial Supervisory Commission (FSC) Chairman Lee Keun-young,
the sale should be completed by Friday at the latest.

Meanwhile, the government, Lee added, has submitted its final
counter-proposal to the consortium, containing the means the government will
undertake the public funds injection into Hyundai Investment Trust, the
report said. However, the fund injection will only be made once the sale is
consummated.


HYUNDAI PETROCHEM: Squabble Between Creditor Groups Heats Up
------------------------------------------------------------
The dispute between banks and other creditors of Hyundai Petrochemical over
the debt restructuring program for the ailing company is "intensifying",
with twelve investment trust companies planning a seizure of certain assets
of the company, The Korea Herald reported yesterday, citing industry
sources.

The non-bank creditors are demanding payment on W200 billion in overdue
corporate bonds, the report said.

This new move by the trust firms was spurred by the decision of main
creditor Hanvit Bank seeking the rollover of corporate bonds maturing in
October.

Meanwhile, Hanvit Bank will meet with other creditors on Monday to discuss
the sale of the company and debt restructuring program and a debt capital
writeoff, the report said.


LG GROUP: Ordinary Profit To Fall 18%
-------------------------------------
Hyundai Securities, in its monthly "Earnings Guide", revealed  the ordinary
profit of the LG Group in the current business year is expected to drop 18
percent to W1.3 trillion, The Korea Herald reported Thursday.

However, the report says profit from operations may climb 9 percent to W2.1
trillion on expected turnover of W29.3 trillion, up 7 percent from the
previous year's figures.

On July 5, TCR-AP reported the debts of LG Group's non-financial units now
stand at W35.74 trillion, as opposed to assets of W11.57 trillion.

In its consolidated financial statement, the group's debt-to-equity ratio
has tripled in 2000. It had more than doubled in the previous year.

LG Group has five financial units and 44 non-financial units.


SAMSUNG GROUP: Turnover Expected To Fall 1%
-------------------------------------------
According to Hyundai Securities, in its monthly "Earnings Guide", the annual
turnover of the Samsung Group in 2001 is expected to experience a 1 percent
decline to W91 trillion, The Korea Herald reported Thursday.

Operating profit will likely nosedive 47 percent to W5.1 trillion.


SHINHAN BANK: Holding Company Plan Meets Resistance
---------------------------------------------------
Around 38 percent of Shinhan Bank shareholders (14,281) have expressed their
opposition to the bank's plan to place itself, together with its affiliated
firms, namely Shinhan Securities and Shinhan Capital, under a holding
company, The Korea Herald reported Thursday, citing Korea Securities
Depositary (KDS).

According to the report, KDS revealed these shareholders, in their notice of
opposition to the plan, would exercise their appraisal rights, which may
cost the company as much as W1.61 trillion, should other shareholders agree
with the plan.

Some shareholders of Shinhan Securities and Shinhan Capital have also
expressed their intention to oppose the plan. These shareholders comprise
45.6 percent and 17.2 percent of the total stake of Shinhan Securities and
Shinhan Capital, respectively.


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


DATAPREP HOLDINGS: Executes Supplemental Debt Deal
--------------------------------------------------
Further to Dataprep Holdings Bhd's announcements dated 2 May 2001 and 12
June 2001, the company and its subsidiaries executed a Supplemental Debt
Settlement Agreement on 6 August 2001. The agreement was created with its
creditor banks to incorporate the changes made in the terms of the
settlement of debts owing to the creditor banks, the terms and conditions of
which were previously announced 12 June 2001.


EMICO HOLDINGS: Proposes Debt Restructuring Scheme
--------------------------------------------------
Emico Holdings Berhad announced Wednesday the board of directors resolved to
undertake the Proposed Debt Restructuring Scheme, the details of which are
set out below.

PROPOSED DEBT RESTRUCTURING SCHEME

Emico had, on 4 August 2000, announced that the group and company had
defaulted in interest and principal payments for certain banking facilities
due to the economic slowdown and higher financing costs.

Subsequently, pursuant to Practice Note 4/2001 ("PN4") of the Listing
Requirements of the Kuala Lumpur Stock Exchange ("KLSE"), the Company
announced on 23 February 2001 that it is an affected listed issuer under
paragraph 2.0 of PN4 due to the deficit in its adjusted shareholders' equity
on a consolidated basis.

In addressing the current financial predicament, Emico had on 8 August 2001
entered into a debt restructuring agreement ("Agreement") with the borrowers
comprising Emico and its subsidiary ("Borrowers") and the lenders
("Lenders") for the compromise of debts amounting to RM117,439,362 ("Debts")
owed by the Borrowers to the Lenders as at 30 June 1999.

Pursuant to the Agreement, the Lenders have agreed to compromise on the
principal indebtedness and all interest accruing thereafter until the Debt
Conversion Date owed by the Borrowers in the following manners:

  (i) RM9,141,530 of the Debts shall be converted into restructured
facilities; and

  (ii) RM108,297,832 of the Debts shall be converted into the following
securities to be issued by Emico:

     - 840,001 units of redeemable secured loan stocks ("RSLS") of RM100 per
unit at an issue price of around RM81.31 each for the settlement of an
amount of RM68,297,832 of the Debts; and

     - 451,537 units of irredeemable convertible secured loan stocks
("ICSLS") of RM100 per unit at an issue price of around RM88.59 each for the
settlement of an amount of RM40,000,000 of the Debts.

RATIONALE FOR THE PROPOSED DEBT RESTRUCTURING SCHEME

The Proposed Debt Restructuring Scheme is aimed at maximizing the recovery
for the Lenders of Emico, while allowing the Group to operate as a going
concern. The issuance of RSLS and ICSLS by Emico to the Lenders will enable
Emico to concentrate on its core businesses with the view towards generating
sufficient cash flows to repay the Lenders in due time.

Net tangible assets ("NTA")

The Proposed Debt Restructuring Scheme would not have a material impact on
the NTA of the Group for the financial year ending 31 December 2001 as the
Proposed Debt Restructuring Scheme is expected to be completed during the
financial year ending 31 December 2002.

Earnings

The Proposed Debt Restructuring Scheme would not have a material impact on
the earnings of the Group for the financial year ending 31 December 2001 as
the Proposed Debt Restructuring Scheme is expected to be completed during
the financial year ending 31 December 2002.

5. APPROVALS REQUIRED

The Proposed Debt Restructuring Scheme is subject to the approvals from the
following:

   (i) Securities Commission ("SC");

   (iii) KLSE, and for the listing of and quotation for the new ordinary
shares to be issued pursuant to the conversion of the ICSLS;

   (iv) shareholders of Emico at an extraordinary general meeting to be
convened for the purpose of approving the Proposed Debt Restructuring
Scheme; and

   (vi) any other relevant authorities, if required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Save for the Put and Call Option as disclosed in Table 3 below, and so far
as the Directors of Emico are aware, none of the Directors and substantial
shareholders of the Company or persons connected to them has any interest,
direct or indirect, in the Proposed Debt Restructuring Scheme.

7. DIRECTORS OPINION

The Directors having taken into consideration of all aspects of the Proposed
Debt Restructuring Scheme are of the view that the Proposed Debt
Restructuring Scheme is in the best interests of the Company.

8. ADVISERS

Affin Merchant and Arthur Andersen Corporate Advisory Sdn Bhd have been
appointed by the Company as Advisers for the Proposed Debt Restructuring
Scheme.

An Independent Adviser will be appointed at a later stage in relation to the
Put and Call Option, if required.

9. DISCLOSURE OF INTERESTS

Affin Merchant is related to Affin Bank Berhad ("Affin Bank") by virtue of
Lembage Tabung Angkatan Tentera ("LTAT") being the common ultimate
shareholder via Affin Holdings Berhad ("AHB"). AHB holds 63.2% equity
interest in Affin Merchant and 100% equity interest in Affin Bank
respectively.

Save as disclosed above, Affin Merchant does not hold any EMICO shares in
its investment portfolio and its banking division has no lending facilities
to Emico and thus to its best knowledge, there is no situation of conflict
of interest arising in its role as Adviser to the Company for the Proposed
Debt Restructuring Scheme.

10. SUBMISSION TIME FRAME

In accordance with PN4, submissions to the relevant authorities including
the SC will be made within two (2) months from the date of announcement.


PENAS CORP: Enters MOU with Island Hospital
-------------------------------------------
Penas Corporation Berhad (Pencorp), on 8 August 2001, entered into a
Memorandum of Understanding (MOU) with Island Hospital Sdn Bhd (IH) whereby
Pencorp agreed to invite IH to participate in a proposal to regularize
Pencorp's financial position (Proposal).

1. SALIENT TERMS OF MOU

The salient terms of the MOU are as follows :

(i) the MOU shall be valid for a period of one (1) month from the date of
MOU or such longer period as the parties thereto may prior to the expiry of
the one (1) month mutually agree in writing.

(ii) A restructuring scheme which may involve the following will be
formulated:

   (a) acquisition of the shares of IH by a Newco to be incorporated, to be
satisfied by the issuance of one (1) new ordinary fully paid-up share of
RM1.00 each in Newco for each ordinary IH share to be acquired by Newco;

   (b) a scheme of arrangement with the shareholders and creditors of
Pencorp; and

   (c) upon completion of (a) and (b) above, the transfer of listing status
of Pencorp to Newco.

2. INFORMATION ON IH

IH is a company incorporated in Malaysia with authorized share capital and
paid-up share capital of RM25,000,000 and RM20,000,000 respectively. IH is
principally engaged in the provisions of healthcare services via its
hospital namely Island Hospital, located in the island of Penang.

The full details of the Proposal will be announced upon its finalization.

Pencorp, according to its company profile in the KLSE, is under a debt
restructuring exercise with the view to returning to profitability. The
scheme will involve, among others, the injection of businesses and property
development projects into the Group


PILECON ENGINEERING: Che Aladita Bin Che Amdan Resigns
------------------------------------------------------
Pilecon Engineering Berhad announced Wednesday the resignation of Che
Aladita Bin Che Amdan as independent and non-independent chairman.

Date of change : 08/08/2001
Type of change : Resignation
Designation : Chairman
Directorate : Independent & Non Executive
Name : CHE ALADITA BIN CHE AMDAN
Age : 34
Nationality : Malaysian

Qualifications : Bachelor of Engineering (Civil) (Honours) from the
University of Technology Malaysia and Diploma of Engineering (Civil).

Working experience and occupation: He joined Pilecon Geotechnics Sdn Bhd as
a Site Engineer upon graduation till May 1993. He then worked as a Design
Engineer with the Department of Irrigation and Drainage in Structural &
Geotechnical Division Headquarters Kuala Lumpur till April 1997. At present,
he is a Project Engineer with Johor Tenggara Oil Palm Berhad. He has vast
experience mainly in engineering works.

Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder of the listed
issuer : No
Details of any interest in the securities of the listed issuer or its
subsidiaries : None

Composition of Audit Committee (Name and Directorate of members after
change) : Yeong Toong Fatt and Lim Keon

Remarks : The Composition of the Audit Committee comprises of Yeong Toong
Fatt and Lim Keon.


SISTEM TELEVISYEN: Simpletech Backs Out Of Restructuring Plan
-------------------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) was informed by Simpletech Sdn Bhd
on 8 August 2001 that it rescinded its offer to participate in the proposed
restructuring scheme.

As such, the company will explore alternative restructuring schemes, further
developments of which will be announced once finalized.


TECHNOLOGY RESOURCES: Appoints New Executive Director
-----------------------------------------------------
Technology Resources Industries Berhad announced August 8 the redesignation
of Dato' Lim Kheng Yew as executive director of the company from a
non-independent and non-executive director of the company.

Date of change : 08/08/2001
Type of change : Redesignation
               : Boardroom
Previous Position : Others
New Position : Director

Directorate : Executive
Name : Dato' Lim Kheng Yew
Age : 50
Nationality : Malaysian
Qualifications : Institute of Chartered Accountants
                 (England and Wales)
Working experience and occupation  : Executive Chairman of KYM
                                      Holding Berhad
Directorship of
public companies (if any) : Juan Kuang (M) Industrial Berhad
                            KYM Holding Berhad
                            Naluri Berhad

Family relationship with any director and/or major shareholder of the listed
issuer : Nil
Details of any interest in the securities of the listed issuer or its
subsidiaries : Nil

Remarks : Prior to his appointment as Executive Director, Dato' Lim Kheng
Yew was a Non Independent and Non Executive Director of the company.


TECHNOLOGY RESOURCES: Posts RM678.7M In Revenues
------------------------------------------------
Technology Resources Industries Berhad released August 8 its Unaudited
Quarterly Report on Consolidated Results for the financial year period which
ended June 30, 2001.

The report indicated that the company had revenue of RM678.713 million in
the individual period of the current year, RM515.475 million in the
individual period of the preceding year corresponding quarter, RM1.3196
billion in the cumulative period of current year to date and RM977.7 million
in the cumulative period of the preceding year corresponding period.

The report also indicated that the company had a net profit of RM2.332
million in the individual period of the current year, RM-35.648 million in
the individual period of the preceding year corresponding quarter, RM-0.124
million in the cumulative period of current year to date and RM-39.598
million in the cumulative period of the preceding year corresponding period.


TENAGA NASIONAL: RAM Assigns AA1(s) To Proposed Debt Issue
----------------------------------------------------------
Rating Agency Malaysia (RAM) has assigned a structured rating of AA1(s) to
the proposed RM1.5 billion Repackaged Tenaga Income Securities (Repackaged
TIS) of Tenaga Nasional Berhad (TNB).

The Repackaged TIS will comprise the Bond Principal issued by TNB and a
Conditional Payment Obligation (CPO) on the part of RHB Sakura Merchant
Bankers Berhad (RHB Sakura).

The Repackaged TIS will be issued in 2 tranches. Tranche 1, of RM1 billion,
will be issued immediately, while Tranche 2, of RM500 million, will be
issued in the future.

The rating is premised on the structural features of the proposed Repackaged
TIS and TNB's credit strength. RHB Sakura will effectively resell the bonds
issued by TNB. In the process, RHB Sakura will retain the TNB Bond Coupons
and TNB Redeemable Preference Shares (RPS), and will replace the
interest-paying obligation on the Repackaged TIS with the CPO.

Under the transaction structure, investors of the Repackaged TIS will
receive 2 payments: semi-annual payments under the CPO from RHB Sakura
during the tenure of the Repackaged TIS; and repayment of the Bond Principal
from TNB on its maturity date. RHB Sakura will receive semi-annual interest
payments from TNB in the form of either RPS dividends or TNB Bond Coupons.
The interest received will be captured directly into a Special Account,
which RHB Sakura will not have access to. Proceeds from this account can
only be utilized for payments on the CPO.

Meanwhile, RHB Sakura also undertakes to supplement any shortfall in the
Special Account, 2 days before the Payment Date of the CPO (T-2). This
obligation is backed by an agreement with TNB to indemnify RHB Sakura for
any losses incurred in making the top-up payment.

Although the Repackaged TIS holders do not have a direct claim against TNB
with regard to CPO payments, the mechanisms incorporated into the
transaction ensure that the risk of non-payment of the CPO by RHB Sakura
ultimately falls on TNB's credit strength.

In addition, the Special Account, TNB RPS and TNB Bond Coupons owned by RHB
Sakura will be charged to the Repackaged TIS holders as security for the
CPO. Investors of the Repackaged TIS will effectively take on TNB's credit
risk, with respect to payments of both the CPO and Bond Principal.

TNB is the dominant electricity provider in Peninsular Malaysia and Sabah.
Its private debt securities currently carry long-term and short-term ratings
of AA1 and P1 from RAM. RHB Sakura carries general bank ratings of A2 and P1
from RAM.


UNITED ENGINEERS: Appoints OSK Securities as Independent Advisor
----------------------------------------------------------------
United Engineers (Malaysia) Berhad (UEM) announced Wednesday that, in
compliance with the requirements of the Malaysian Code on Takeovers and
Mergers, 1998, the company appointed OSK Securities Berhad (OSK) as the
Independent Adviser to the board of directors and the shareholders of UEM on
the Voluntary Offer   6 August 2001.

The appointment of OSK as Independent Adviser was also approved by the
Securities Commission on 2 August 2001.

The company's independent advice circular shall be posted within ten (10)
days from the date of the offer document.

The following is Aseambankers Malaysia Berhad's conditional voluntary offer
on behalf of Syarikat Danasahan Sdn Bhd to acquire for cash:

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

2. The remaining 98,053,203 warrants representing approximately 98.84% of
the warrants in UEM as at 19 April 2001, 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.


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


RFM CORP: Gain Of P5B Expected From Cosmos Sale
-----------------------------------------------
Debt-saddled RFM Corporation is expected to net up to P5 billion in cash
after it made repayment on its debts using the proceeds from the P15-billion
sale of softdrink subsidiary Cosmos Bottling Corporation to conglomerate San
Miguel Corporation, The Philippine Daily Inquirer reported Wednesday, citing
RFM Vice President Ramon Lopez.

Currently, RFM unaudited bank debts stand at P2.3 billion, while assets
total P2.8 billion.

With proceeds from the Cosmos sale, RFM will repay P1.3 billion in cash
advances and P1.5 billion in preferred shares held by Cosmos in RFM unit
Swift Foods, Inc, leaving RFM with P10 billion in net cash proceeds, the
newspaper said.


WESTMONT INVESTMENT: SEC Urging DOJ To Reconsider Decision
----------------------------------------------------------
The Securities and Exchange Commission (SEC) is preparing a petition urging
the Department of Justice (DOJ) to review its ruling against the commission'
s complaint against officials of the collapsed Westmont Investment
Corporation (Wincorp), The Daily Tribune reported Monday, citing an SEC
official.

The petition is in response to the commission's pursuit to lodge criminal
charges against Wincorp officials.

According to the newspaper, the following Wincorp officials, in the SEC
complaint, have allegedly violated the provision of Sections 8 and 29 of the
Securities Regulation Code (SRC): John Anthony Espiritu (chairman), Manuel
Tan Kian See (vice chairman), Antonio Ong (president), Henry Cua Loping
(treasurer), Vicente Cualoping (director), Simeo Cua (director), Mariza
Santos-Tan (director), Alfonso Reyno III (director), Manuel Estrella
(director), Nemesio Briones (corporate secretary) and Francis Orena
(assistant corporate secretary).

Also included are branch managers and officers of Westmont Bank, namely:
Lester Yu, Susan Tan, Harry Yap, Victoria Carlos, Cesar Co, Rene Madrid,
Anita Tan, Chester Hung, Nenita Ho, Neil Labrador, Nikki Que, Susan Dagain,
Dolly Go Teo, Don Plata, Emmanuel Puno, Cora Go, Domingo Chin, Vicente Yu,
and Antonio Go.

In its complaint, SEC cited these officials were liable to the investment
contracts undertaken by Wincorp and confirmation advices, which the report
says, were "securities in the form of certificates of participation within
the meaning and intent of the SRC, hence, prior registration with the SEC
was required."

However, DOJ argued, "It is patent from the allegations of the private
complainants that the supposed violations by the respondents occurred
earlier that the implementation of the SRC, which was sometime in 1995 or
1997...it is clear that the provisions of the SRC should not apply in the
instant complaint but rather the law in force at the time the supposed
violations were committed, which was the Revised Securities Act."

Claims against the Wincorp officials amount to P7 billion, the newspaper
said.


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


ASIA FOOD: Cites No Reasons For Rise In Trading Volume
------------------------------------------------------
Asia Food & Properties Limited (AFP) would like to state that the Directors
and its substantial shareholders are not aware of any possible reasons which
could have contributed to the sharp increase in the trading volume of AFP's
shares.

Headquartered in Singapore, AFP is an investment holding company with
operational businesses in agri-resources, food and property.

Listed on the Singapore Exchange in 1997, AFP's principal operations are
located in Indonesia, China, Singapore and Malaysia.

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

For further information, please contact:

Asia Food & Properties Ltd - Mee-Wah Tan - Corporate Affairs Director Tel:
+65-3295707 / 2207720, Fax: +65-3295709, E-mail: corpaff@afp.com.sg


CAPITALAND: Aussie Unit To Sell Property To Employees
-----------------------------------------------------
Capitaland Limited announced Wednesday property sales to employees under
clause 1006(4):

   1. Pursuant to Clause 1006(4)(b) of the SGX Listing Manual, the board of
directors announced that its Australian subsidiary, the Australand Holdings
Ltd (AHL) Group, has sold properties developed by AHL to two of its
employees. The sales are expected to be completed in August 2001 and
September 2001 respectively.

   2. The sales are within the guidelines for such transactions approved by
the Audit Committee. The Audit Committee has determined that the number and
terms of the sales are considered to be fair and reasonable, and in the best
interest of CapitaLand and its minority shareholders.


GOLDEN AGRI: Unaware of Reasons in Price Spike, Volume Rise
-----------------------------------------------------------
Golden Agri-Resources (GAR), in reply to the 7 August 2001 query from the
Singapore Exchange (SGX) in relation to Tuesday's sharp increase and trading
volume of company shares, said the directors and its substantial
shareholders are not aware of any possible reasons which could have
contributed to the sharp increase in the price and trading volume of GAR's
shares.

For further information, please contact:

Golden Agri-Resources Ltd
Mee-Wah Tan
Corporate Affairs Director
Tel +65-3295 707
Fax +65-3295 709
E-mail corpaff@afp.com.sg


METRO HOLDINGS: Liquidate Dormant Units
------------------------------------------
The board of directors of Metro Holdings Ltd announced Wednesday that the
following dormant non-operating wholly-owned subsidiaries of Sun Cruises
Holdings Pte Ltd, a 69.79% subsidiary of the company, have been placed under
members' voluntary winding up:

   1. Sun Viva Ltd
   2. Sun Viva Two Ltd

The announcement said the winding up of Sun Viva Ltd and Sun Viva Two Ltd
will have no material impact on the business or affairs of the Metro Group
nor will it have any material effect on the consolidated net tangible assets
per share and the consolidated earnings per share of the Metro Group for the
current financial year ending 31 March 2002.


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


INTER FAR: Posts Bt16.322M Q2 Net Loss
--------------------------------------
Inter Far East Engineering Public Company Limited posted a net profit loss
of Bt16.322 million for the second quarter.


Reviewed Quarterly Financial Statements
             Inter Far East Engineering
                Ending  June 30
                (In thousands)

                       Quarter 2               For 6 Months
          Year      2001        2000          2001        2000

Net profit (loss)  (16,322)    (51,698)   (44,557)    (89,791)
EPS (baht)           (0.76)      (2.40)   (2.07)      (4.17)


NEP REALTY: Board Approves Capital Increase
-------------------------------------------
NEP Realty and Industry Public Company Limited's board of
directors resolved 8 August 2001 with the following essential particulars:

   1. Unanimous approval for the company to subscribe for the capital
increase in the ordinary shares of NEP Property Co Ltd (NEPP), a subsidiary
of the company, for 29,600,000 shares at a par value of Bt10 per share,
totaling 296 million bath.

      Whereupon, NEP Property Co Ltd will use the capital increase fund of
Bt296 million in its restructuring of the debts of the company.

     After the capital increase the company still maintains the 100%
shareholding of the registered capital in NEPP.

   2. Unanimous approval for submission to the shareholders meeting for
consideration and approval for transfer of the business in NEP Property Co.,
Ltd. (NEPP) by selling all ordinary shares in NEPP to Nava Nakorn Co Ltd
(NAVA) with the following particulars:

     1. Date, Month, Year of  Transaction :Upon approval from the
Shareholders Meeting

     2. Parties concerned

        Seller: NEP Realty and Industry Public Company Limited
        Buyer: Nava Nakorn Co Ltd

Relationship with the Company : The company is the majority shareholder in
NAVA holding  shares at the ratio of 53.36% of the 46.64% total registered
capital, with the remaining shareholders having no relationship nor
connection with the company.

   3. Details of Assets: 49,600,000 ordinary shares, par value of 10 baht
per share, totaling 496 million baht, with the book value after the increase
of the registered capital of all said ordinary shares valued approximately
at 4 million baht.

   4. Combined value of consideration and term of payment

      Combined value of consideration: Total selling price of Bt38 million

     Term of Payment: On the date of execution of the Share Purchase and
Sale Agreement, payment of Bt10 million will be made and the remaining Bt28
million to be paid in installments thereafter, as follows:

       1st year payment of approximately 833,330 baht per month,
totaling 10 million baht.

       2nd year payment of 750,000 baht per month, totaling 9 million
baht.

       3rd year payment of 750,000 baht per month, totaling 9 million
baht.

   5. Criteria of determining the value of consideration

      Being the price agreed between the Buyer and Seller with reference to
the net Book Value of the shares of NEPP in the determination.

   6. General Characteristics of the Transaction

      Category of Transaction :  Being a transaction between the Company and
its Subsidiary, which does not fall under the criteria of the Notification
of the Stock Exchange of Thailand, Re : Criteria, Procedures and Disclosure
of Connected Transactions of Listed
Companies.

      Size of Transaction: Calculated from the total value of
consideration to be received by the company as compared with
the value of the total assets of the company, being 1.49%, which does not
fall under the criteria under the Notification of the Stock  Exchange of
Thailand, Re : Criteria, Procedures and Disclosure on Acquisition or
Disposal of Assets of Listed Companies.

   7. Benefits expected to receive:

      7.1 The company could cut-off or reduce its future burden in the
accounting losses according to its proportion of the shareholding in NEPP,
which will further result in an improvement of the financial status of the
company.

      7.2 The Company will receive payment from transfer of the said
investment for use in the debt restructuring of the company.


SANYO UNIVERSAL: Premier To Buy Sanyo Shares
--------------------------------------------
Premier Enterprise Public Company Limited announced Wednesday its proposal
to purchase the shares of Sanyo Universal Electric (SUE) from minor
shareholders.

Premier, as a major shareholder of SUE, support the latter's restructuring
and have expressed its determination to purchase shares from the minor
shareholders.

Premier proposed that Premier Enterprise Plc. and Premier Capital (2000)
Company Limited be included in the list of the share purchase offerors at
Bt2.50 per share.

Besides, the company has appointed Adkinson Securities Plc. to be the
financial advisor of the offerors.

However, as the company is still under the rehabilitation process with the
financial institute creditors, under the Corporate Debt Restructuring
Advisory Committee (CDRAC) supervision, the purchase offer will only
materialize after the company has obtained approval from the financial
institute creditors, the other party to the contract.

Besides, it also depends on the approval procedure of Sanyo Universal
Electric's voluntary delisting of shares from the Stock Exchange of Thailand
(SET).


THAI PETROCHEM: US Congressman Questions Rehab Planner
------------------------------------------------------
American Congressman Major R Owens has cited US creditor banks'
"questionable" handling of Thai Petrochemical Industry (TPI)'s
debt-restructuring case as an example in his support of legislation in the
US Congress for tighter regulation of US banks' offshore activities, the
Nation reported August 9.

There have been "questionable" acts committed by Effective Planners Co, the
rehabilitation planner of TPI, which was in effect the agent of US banks in
restructuring TPI's massive debt, Owens said August 2 in a statement in
Congress.

Several US banks, including Citibank and US Export-Import Bank, as well as
International Finance Corp, were among TPI's major creditors. With Thai
court approval, local and foreign creditors took over majority ownership of
TPI.

These "questionable actions" included the diminution of TPI's value by
dubious accounting procedures and poor business practices, and expenditure
of millions of dollars to a bodyguard company that was either not in
existence or appropriately registered.


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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