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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, August 13, 2001, Vol. 4, No. 157


                         Headlines



A U S T R A L I A

131 SHOP.COM: Pulling Prospectus From Market
AUSTRALIAN MAGNESIUM: Gets Govt Financial Backing For Stanwell
BARALLON ENTERPRISE: PwC Announces Company Sale
COLES MYER: Moody's Affirms Ratings; Outlook Remains Negative
GENERAL GOLD: Posts Notice Of Director's Interests
GENERAL GOLD: Seeking Participation In Non-Renounceable Issue
GENERAL GOLD: 12M Shares Issue Created To Pay Creditors
MAXIS CORP: SWF Investments Decreases Stake
WOOLSTOCK AUSTRALIA: Last Bale Of Stockpile Sold


C H I N A   &   H O N G  K O N G

APP CHINA: Net Sales in 2000 Stand At US$1.186B
GUANGNAN HOLDINGS: Selling 300M Shares
JUPITER TEXTILES: Faces Winding Up Petition
KWONG YUEN: Winding Up Petition Set For Hearing
PEACE DOVE: Petition To Wind Up
TOURIST ENTERPRISES: Winding Up Petition Slated For Hearing
TRIFORD RESOURCES: Hearing of Winding Up Petition Set
VICTORY GROUP: Hires Hing Wong For Odd Lots Services


I N D O N E S I A

BANK CENTRAL: Bapepam Seeks Data On Insider Trading
LONTAR PAPYRUS: Net Sales Climb 53.8% To US$332.9M


J A P A N

CHUO MITSUI: Fitch Downgrades Short-Term Rating To `F3'
MITSUBISHI MOTORS: Workers Selected For Early Retirement Plan


K O R E A

DAEWOO MOTOR: Split May Expedite Sale To GM
HANVIT BANK: Enters Alliance with Merrill Lynch
HYNIX SEMICON: 1.7M Units Of DDR SDRAM Sold In July
SHINHAN BANK: Pursues Holding Company Plan
* KERI Seeking The Creation Of Bankruptcy Court


M A L A Y S I A

EG.COM BERHAD: OKs Terms To Restructure RM19.5M In Debts
FIRST MALAYSIA: Central Depository OKs CAHB's Offer
LION CORP: Bourse Grants Time Extension
MAY PLASTICS: Status of Default Still Unchanged
MENANG CORP: Reports Year-End Earnings Of RM54M
PAN MALAYSIA: Labels Shares Disposal Pending MITI Approval
PPES ROADS: Winding Up Petition Filed
RAHMAN HYDRAULIC: NUPW Withdraws Complaint
RAHMAN HYDRAULIC: Writ Of Summons Vs. Unit Served
SJA BERHAD: Winding Up Petition Served


P H I L I P P I N E S

NATIONAL BANK: Tan Agrees To `Reverse Privatization'
RFM CORP: In Negotiations Re Possible Merger With Vitarich
URBAN BANK: SEC Approves Merger Papers


S I N G A P O R E

ASIA PULP: Posts Results Of Creditors' Meeting
VAN HER HORST: Fargro Arrives As White Knight


T H A I L A N D

DATAMAT PUBLIC: BOD Approves Debt Workout Deal
KULTHORN KIRBY: Increased Net Profit Due To Forex Gains
NEP REALTY: Converts Debts Into Equity In Unit
SIAM CONTAINER: Reorg Petition Filed With Bankruptcy Court
TPI POLENE: Sells TCL Shares To Ube Industries

     -  -  -  -  -  -  -

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


131 SHOP.COM: Pulling Prospectus From Market
--------------------------------------------
131 Shop.com.au, now known as Focus Technologies Limited, Friday
announced it would withdraw its prospectus from the market and
return all application monies.

Focus Technologies has elected to terminate the heads of
agreement under which it proposed to acquire Redstar ITC Pty
Ltd, and is reviewing potential courses of action in respect to
the termination.

In light of the termination of the Redstar transaction, the
company has also agreed not to proceed with the acquisition of
TIG International Pty Ltd.

Directors consider this decision to be in the best interests of
both the company and shareholders at this time.


AUSTRALIAN MAGNESIUM: Gets Govt Financial Backing For Stanwell
--------------------------------------------------------------
The Commonwealth and Queensland Governments Thursday indicated
backing for the Stanwell Magnesium Project.

With their commitments, Australian Magnesium Corporation Limited
is working towards the finalization of a revised funding package
for the development of the Project.

The details of the restructured equity raising, which will build
on the key components of its existing package, including a $932
million senior debt facility, are expected in the coming weeks.

For further comment and clarification, please contact:

Simon Jemison
Manager Public Relations Affairs and Communication
Ph: +61 7 3335 8500

             QUEENSLAND GOVERNMENT

   QUEENSLAND CABINET COMMITS $100 M TO AUSTRALIAN MAGNESIUM

The Beattie Government Thursday confirmed its $100 million
commitment to the Australia Magnesium Corporation project in
Central Queensland following a special Cabinet meeting called at
Parliament House this morning.

"This is about creating thousands of jobs for Rockhampton and
Central Queensland," Beattie said.

"The Queensland Government has been working determinedly to
ensure AMC is able to successfully complete its finance raising
to enable the magnesium plant to become a reality.

"This is about creating new industries which add value to our
natural resources," Beattie said.

"The Queensland Government has worked hard to develop an
infrastructure package, and encouraged the Federal Government to
take over the Gladstone Pilot plant for further diecasting
research.

"After the failure of the initial equity raising, the central
agencies of my Government met with key brokers to analysis why
the initial raising failed and to devise a strategy to get this
important project back on the rails.

"That strategy has been put into action over the last two weeks.

"The strategy involves a range of measures aimed at reducing the
amount of equity that needs to be raised from $680 million to
around $500 million, and making that equity offer more
attractive to an investment community focused on short term
returns.

"Firstly the State will fund an attractive yield enhancement on
new shares for the first three years at a cost of around $100
million. That $100 million contribution will be acknowledged by
AMC as a subordinated debt obligation to the Queensland
Government.

"This arrangement is effectively a loan from Queensland Treasury
Corporation, which will be delivered as a guaranteed dividend
payment to shareholders over the next three years," Beattie
said.

"Participants in the equity raising would receive an ordinary
share with a dividend guarantee, in a similar way to the Suncorp
Metway arrangement where a fixed interest payment was provided.

"The total cost of this support will be $100 million, but will
have no impact on the State Budget.

"It will be recovered from AMC as a subordinated debt obligation
- a loan - repayable at a commercial interest rate once the
plant is operational."

"Cabinet this morning approved that initiative subject to the
finalization of commercial terms.

"Secondly, we approached the Commonwealth to provide a $100
million loan facility.

"Those initiatives should then put the company in a position to
finalize a revised equity package to put to the market.

For the last 10 days State officials have been furiously working
to convince the Commonwealth to ensure the success of this vital
project.

"With State and Federal support now in place, AMC and its
brokers are now well placed to conduct a successful equity
offering to the market, to finalize the funding for this billion
dollar project.

"With these major commitments, we should see the birth of a new
industry for Queensland which will generate $4.5 billion of
investment over the next 15 years, and create new jobs for 7000
Queenslanders and training opportunities.

"The economic returns to the State will be massive," Beattie
said.

Minister for State Development Tom Barton said this plant would
be a catalyst for a major new industry cluster.

"It will open the way for aluminium and magnesium diecasting,
speciality metal manufacturing and tool making," Barton said.

"It will encourage the development of additional support and
service industries.

"This is the birth of a whole new industry for Australia and
Queensland adding value to our mineral resources and creating
satellite industries which will add further value by processing
the metal into end products."

Minister for Public Works and Housing and Member for
Rockhampton, Robert Schwarten, said the project would generate a
jobs boom in Central Queensland.

"The project will result in 1350 construction jobs, including
about 300 support engineers during engineering and
construction," Schwarten said.

"There will also be 350 operational jobs when the plant is fully
commissioned.

"A study has estimated that over the next 15 years the AMC plant
will be the driver which will result in at least 2000 permanent
direct jobs in central Queensland.

"This activity will lead to the creation of a further 5000
indirect jobs and that is great news for Central Queensland,"
Schwarten said.

Media contact: John Algate 3224 4500

MEDIA RELEASE

               SENATOR NICK MINCHIN
       MINISTER FOR INDUSTRY, SCIENCE AND RESOURCES

       MINCHIN ANNOUNCES GOVERNMENT BACKING FOR AMC

The Commonwealth Government has agreed to provide additional
support to the Australian Magnesium Corporation's (AMC) Stanwell
Magnesium project by acting as guarantor for a $100 million
loan.

Minister for Industry Science and Resources, Senator Nick
Minchin says the guarantee gives AMC the ability to continue its
equity raising and proceed with its $1.3 billion project.

"This is a massive project of great national importance. It will
be the world's largest magnesium refinery, creating 1,350 jobs
during the engineering and construction phase and 350 permanent
jobs once the plant is operational, nearly all in regional
Queensland," he said.

`Most importantly, the provision of this guarantee by the
Government ensures that the AMC technology, 50 per cent owned by
the Commonwealth, is developed to full commercialiZation. This
technology also has the attributes of being low cost and
environmentally friendly."

"Last November the Commonwealth committed $50 million towards
the development of the Australian Magnesium process technology,
jointly owned by the CSIRO and AMC.

"By securing the commercialiZation of the technology to underpin
a magnesium metal industry in Australia, a number of additional
benefits will subsequently flow through downstream value-adding
opportunities.

"The light metals industry in Australia has the potential to
generate an additional capital investment of $3.5 billion and
create a further 7,000 direct and indirect jobs in the
downstream and value-adding sectors over the long term.

"Given the strong level of support stemming from the Government,
it is expected that AMC will restructure its equity offering and
return to the market with an underwritten issue as soon as
possible.

"The development of AMC's Stanwell Project will mark the
foundation of a new industry for Australia."

Media contact: Jennifer Eddy, Senator Minchin's office, 02 6277
7580


BARALLON ENTERPRISE: PwC Announces Company Sale
-----------------------------------------------
PricewaterhouseCoopers (PwC) Corporate Recovery announced
Barallon Enterprice Industries Pty Ltd, which is under
receivership, is up for sale.

Company Name: Barallon Enterprise Industries Pty Ltd (Receivers
& Managers Appointed) - (BAR1962001)
Industry Group: Consumer and Industry Products
Industry Sector: Automotive

Business Brief:

Barallon is a well-established supplier of audio and
entertainment equipment, and related services to the automotive
OEM and after markets. Barallon provides its customers with pre-
delivery inspection, just in time supply, replacement and repair
services, and has recently completed the development of a
revolutionary fully integrated in-car multimedia entertainment
system.

The strength of Barallon's business is its established
relationships with major automotive OEM manufacturers including
Ford, Mazda and Nissan, its underlying profitability and Q1
supplier status with Ford.

Barallon represents a significant opportunity for a purchaser
seeking to develop or expand its supply and distribution
business for the automotive OEM market. A purchaser will also
acquire a business with considerable profit improvement
opportunities through the market launch of AMS, cost reductions,
and the potential to fully integrate Barallon with its own head
office and warehousing operations.

Sale Details

Indicative Price Range:  Unknown
Deposit Required:  10%
Status:  Closed for Registration
Registration Close Date:  15/06/2001
Sale Offer Close Date:  29/06/2001

Description

Overview

   Barallon's business comprises three primary areas:

        audio supply, which imports and supplies audio equipment
to the automotive OEM market;

        audio service, which undertakes the service, repair and
warranty support of audio equipment; and

       AMS, which has recently completed the development of a
fully integrated in-car AMS for the automotive OEM market.

   The audio supply area imports, performs PDI services, and
supplies on a JIT basis, audio equipment for Ford under a
consignment agreement with FMS. Barallon supplies approximately
107,000 audio units per annum. The Company also imports and
supplies CD changer kits for Ford in Australia.

   Barallon also provides a full warranty and out-of-warranty
repair and replacement services to customers. The Company
dispatches around 18,000 replacement audio units per annum and
performs all necessary repair services on returned faulty units.
Under warranty repair services are performed by Barallon on
behalf of FMS.

   Barallon has completed the technical development of a
revolutionary fully integrated in-car AMS for the automotive OEM
market. The system comprises a TFT screen display, control box
and has options for a DVD player and/or a VCR. The system also
has the facility for a standard games console to be connected.

   The AMS is targeted at the family car market, providing
passengers with in-car entertainment that will minimize
distractions to the driver. Other applications for AMS include
use as a media for advertising and information services in taxi
cabs, private car services and limousines.

   The system was initially developed for Ford and is now
approved by Ford for selected vehicles. Ford is marketing the
AMS under the "REX" brand. The AMS is now ready for full market
launch with adaptations only required to the fitting brackets
and the audio input connections, to prepare the system for
widespread use across all makes and models of motor vehicles.

   The Company operates primarily from its modern head office
and warehouse facility in Hallam, Victoria, where it employees
25 full time staff and 10 casual staff.

Financial Summary

A summary of the historical financial performance and
management's forecast are as follows:
  Actual Annualised Forecast
Figures are in $'000 Year to Year to Year toYTDYear
toYear to
  30/6/98 30/6/99 30/6/00to 11/5/0130/6/0131/3/02
Notes
Revenue (1) 4,999 9,342 4,5526,6817,7386,098

EBITDA 646 941 359216250701

AMS Development (2) - 156 293194225233

Adjusted EBITDA (3) 646 1,097 652410475934

Note (1): The significant increase in revenue for the year ended
30 June 1999 was primarily due to the large increase in the
number of units of CD changer kits supplied to Ford that year.
This was due to Ford offering a number of special value packs
with vehicles to increase sales.

          The decrease in revenue forecast for the year ending
31 March 2002 is mainly due to a reduction in CD changer kit
sales as Ford introduces CD audio units as standard in its Laser
range of motor vehicles.
Note (2): The development of the AMS technology is now complete.
Only modifications to the brackets and audio connections are
required for the AMS to be fitted to other makes of motor
vehicle.

Note (3): The adjusted EBITDA shows the true underlying
profitability of the Company's core business.

          The reduction in adjusted EBITDA for the year ended 30
June 2000 and the year to date is primarily as a result of the
depreciation of the Australian dollar and its impact on the
import of CD changers.

          Accumulated foreign exchange losses from February 2000
to 1 May 2001, under the Company's letter of credit facility,
are approximately $386,000. The supply price for CD changer kits
offered to Ford for new special value pack programs have now
been adjusted based on a revised exchange rate.

         Variable wages and other staff related costs for the
service department also increased mainly due to the addition of
three service technicians.

         Management is forecasting adjusted EBITDA to increase
for the year ending 31 March 2002 due to the price for CD
changer kits for Ford now being adjusted to reflect current
exchange rates.

Current Financial Situation

The primary reasons for the Company's inability to meet its cash
flow requirements are as follows:

     Barallon has invested around $650,000 into technical and
production development of the AMS. In addition, the Company has
accumulated losses of approximately $150,000 towards the market
launch of AMS; and

     The Company has incurred expenses of over $1.85 million
since July 1997 for the development of a private golf course in
Narre Warren North.

     The above development costs have resulted in a cash outflow
of around $2.59 million from the Company over the last four
years.

Key Investment Considerations

   Some of the key factors for a purchaser of Barallon to
consider include the following:

        Established Relationship with Automotive OEMs

        Barallon is a well established audio supply and service
business generating revenue in the region of $6 million per
annum. Barallon enjoys strong relationships with Ford, Mazda and
Nissan, and the Company is the exclusive audio service agent for
FMS in Australia.

       Forecast Revenue and Earnings

       Based on actual revenue for the year to date to 11 May
2001 of $6.7 million, the forecast revenue for the 12 months
ending 31 March 2002 is approximately $6.1 million. Management
forecast adjusted EBITDA for the 12 months ending 31 March 2002
at approximately $0.93 million.

       Assets of Around $2.6 million

       As at 11 May 2001, Barallon had total assets of around
$2.6 million excluding any value attributable to the
intellectual property relating to AMS.

       Fully Developed AMS

       The development of AMS for use in selected Ford motor
vehicles is now completed. The AMS will only require minor
modifications to the brackets and audio connections for the
launch of the systems to the wider automotive OEM and after
markets.

      Barriers to Entry

      There are significant barriers to entry due to
difficulties associated with establishing a preferred supplier
status with the automotive OEM market.

      Q1 Supplier Status

      Barallon became a Ford Q1 accredited supplier in December
1997. The purchaser of the Company will immediately acquire
Barallon's Q1 supplier status.

      Should you require further information, please contact us
at: pwcrecovery@au.pwcglobal.com


COLES MYER: Moody's Affirms Ratings; Outlook Remains Negative
-------------------------------------------------------------
Moody's Investors Service Wednesday affirmed the ratings of
Coles Myer Limited (CML) and its guaranteed subsidiaries.

According to Moody's, this affirmation is spurred by CML's
confirmation that it is considering splitting the company into
different separate entities to up the level of its long-term
performance.

Moody's said "The rating outlook continues to be negative
reflecting the complex challenges facing management in
positioning the company for profit improvement against a
background of problematic trading conditions. The rating agency
also recognizes that CML's scale and scope of operations may
materially change within the next 24 months, being the period
covered by Moody's outlooks."

Moody's affirmed the following ratings:

   Issuer Rating - A3

   Senior Unsecured Rating - A3

   Senior Subordinated Rating - Baa1

   Preference Stock Rating - Baa2

   Commercial Paper - Prime-2

"The ratings reflect the ubiquity and diversity of CML's formats
and locations as the leading Australian retailer; the relative
strength and dependability of the supermarket business; and the
value of CML's broad customer relationships. The ratings also
consider high effective leverage, including significant ongoing
lease commitments, together with CML's limited capacity to
reduce debt levels given its current poor performance," Moody's
said.

Moody's added, "CML continues to experience problems with its
general merchandise and apparel-based formats. Company
management is faced with the difficult task of revitalizing its
merchandising strategy to increase the frequency of visits and
the average spend per customer.

"CML faces the specter of customers selectively shopping Myer
Grace and Target on a departmental basis, rather than as a
general source for multiple needs, and an expectation of
discounted stock. Management's ongoing strategic repositioning
initiatives have significant accompanying execution risk, with
ultimate success (or otherwise) unable to be measured for
several years given the highly competitive retail environment
and an uncertain economy.

"The Board of CML recently communicated to shareholders its
acknowledgment that some investors support disaggregation of the
Group and that the Board, inter alia, would consider such an
option. The Board, however, reinforced its support for
management's current strategies and actions.

"Moody's notes any break-up or reduction in scale and scope of
operations may impact the creditworthiness of CML. Moreover,
should CML disaggregate, any perceived increase in operating
risk would need to be balanced by the financial profile adopted
for the continuing legal entity.

"In this regard Moody's notes the ongoing commitment of
management to all stakeholders in the company, including
bondholders and in particular, notes that maintenance of a
strong financial profile remains one of the aims of CML's
capital management program."


GENERAL GOLD: Posts Notice Of Director's Interests
--------------------------------------------------
General Gold Resources NL, which is undertaking a deed of
company arrangement and corporate restructuring, posted the
following notice:

            NOTICE OF DIRECTOR'S INTERESTS
       Section 235 of the Corporations Law


   INITIAL NOTICE

   Name of Director       Christopher J Barker

   Name of Company        General Gold Resources NL

   Date of Appointment    -

   Date of Listing        -


The director has a relevant interest in the following shares in
the company or related bodies corporate:

General Gold Resources NL

Direct Interest
Indirect Interest - 44,004

The director has a relevant interest in the following debentures
of, or prescribed interests made available by, the company or
related bodies corporate:

Nil

The director has an interest in the following rights or options
over shares in, debentures of, or prescribed interests made
available by, the company or related bodies corporate:

Refer to listed options included in (a) above.

Contracts of which the director is a party, or is entitled to a
benefit under, being contracts that confer on the director the
right to call for or deliver shares in, debentures of, or
prescribed interests made available by, the company or related
bodies corporate:

Nil


GENERAL GOLD: Seeking Participation In Non-Renounceable Issue
-------------------------------------------------------------
General Gold Resources NL Chairman M J van Rens wrote to the
Company's shareholders:

"On behalf of the Directors I am pleased to invite you to
participate in this Entitlements Issue of General Gold Resources
NL.

"Your Company is successfully finalizing its reconstruction,
which was approved by Shareholders at a shareholders meeting
held on 24 July 2001. As of 3 August 2001, General Gold is no
longer under administration and is providing this opportunity
for current shareholders to participate in the recapitalization
of the Company by way of an underwritten rights issue.

"The Company will apply for reinstatement of Official Quotation
of the Company's securities on the ASX. Upon reinstatement, the
Company will revert to being a mining exploration entity (within
the meaning of the Listing Rules). General Gold will utilize the
proceeds raised from this Prospectus to pay for the costs of
fundraising and requotation, expenditures on exploration
programs during the next two years, as well as to seek out new
business opportunities.

"D&D-Tolhurst Limited has fully underwritten this Entitlements
issue under terms and conditions described in section 12.

"On behalf of my fellow Directors, I look forward to your
further participation as a shareholder of General Gold Resources
NL.

"Details of the Offer as well as management, operational and
financial information about General Gold is set out in this
Prospectus which I encourage you to read carefully."

GENERAL GOLD RESOURCES NL
ACN 002 527 906

PROSPECTUS

Prospectus for a non-renounceable Issue of approximately
20,216,118 ordinary shares at an issue price of $0.05 to
Eligible Shareholders of the Company registered as at 10 August
2001, on the basis of 4 New Shares for every 1 Share hold as at
that date.

This Issue closer 5.00pm WST time on 31 August 2001.

Acceptances and payment must be received by that time.

UNDERWRITER TO THE ISSUE

D&D-Tolhurst Limited
ACN 004 456 053

IMPORTANT DATES

* Announcement of Offer                           3 August 2001

* Lodgment of Prospectus with ASIC and ASX       6 August 2001

* Record Date for determining entitlements      10 August 2001

* Prospectus and Entitlement and Acceptance
  Form despatched to Eligible Shareholders      15 August 2001

* Closing Date                                 + 31 August 2001

* Anticipated date for dispatch of holding
  statements                                   ++ 14 September
2001

   + Subject to the Listing Rules, the Directors, with the
consent of the Underwriter, reserve the right to extend the
Closing Date for the Offer. Any extension of the Closing Date
will have a consequential effect on the anticipated date for the
allotment and Issue of New Shares.

   ++ Indicative date only.

ELECTRONIC PROSPECTUS

A copy of this Prospectus can be downloaded from the Company's
website at www.generalgold.com.au for information purposes only.
However no Entitlement and Acceptance Form is included with the
electronic version and there is no facility to offer New Shares
to Eligible Shareholders or to accept Entitlements
electronically. Applications must be made by completing the
Entitlement and Acceptance Form which accompanies this
Prospectus. The Corporations Act prohibits any person from
passing to another person the Entitlement and Acceptance Form
unless it is attached to or accompanies the complete and
unaltered version of this Prospectus.

THE OFFER

General Gold is making a non-renounceable pro-rata offer of New
Shares to Eligible Shareholders on the basis of four (4) New
Shares for every one (1) Share held at 5.00 pm (WST) on 10
August 2001 (Record Date) at an issue price of 5 cents ($0.05)
per New Share.

A maximum of approximately 20,216,118 New Shares will be issued
pursuant to this Prospectus.

There is no minimum subscription to the Offer. The issue is
underwritten subject to the conditions of the Underwriting
Agreement described in Section 10.

The rights attaching to the New Shares are summarized in Section
12.1.

ELIGIBLE SHAREHOLDERS

As is explained at Section 7.2 and 7.3, the Company is
undergoing a reconstruction, one aspect of which is this Issue.
Following Shareholder approval at the General Meeting held on 24
July 2001, the Company has issued and allotted 12,000,000 Shares
at 5c per share to clients of the Underwriter (the "Placement
Shares"). The Placement Shares will not have any entitlement to
participate in the Issue.
Accordingly those Shareholders who only hold Placement Shares
will have no entitlement to participate in the Issue, and those
Shareholders holding Placement Shares as well as other Shares
will only have an entitlement calculated on their holding of
Shares as at the Record Date excluding their holding of
Placement Shares.

PURPOSE OF ISSUE

The Issue will raise approximately $1,010,806 before payment of
expenses of the Offer. The funds will be used to pay the costs
associated with the Issue (including fees payable to the
Underwriter), and to provide working capital for the Company.

THE OFFER PERIOD

In accordance with Chapter 6D of the Corporations Act, this
Prospectus is subject to an exposure period of seven days from
the date of lodgment with the ASIC. This period may be extended
by the ASIC for a further period of up to seven days. The
purpose of this exposure period is to enable this Prospectus to
be examined by market participants prior to the raising of
funds. If this Prospectus is found to be deficient, Applications
received during no exposure period will be dealt with in
accordance with Section 724 of the Corporations Act.
Applications received prior to the expiration of the exposure
period will not be processed until after the exposure period.
Applications received during the exposure period will be treated
as if they were simultaneously received on the Opening Date.

The Closing Date for the Issue is anticipated to be 31 August
2001. The Directors may change the closing date.


GENERAL GOLD: 12M Shares Issue Created To Pay Creditors
-------------------------------------------------------
General Gold Resources NL is going to issue 12 million ordinary
shares at 5 cents each to pay amounts owing to creditors
(including the composite claim creditors) under the term of the
Deed of Company Arrangement (DOCA) and the Reconstruction Deed.


                         APPENDIX 3B
                  NEW ISSUE ANNOUNCEMENT

   APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND
AGREEMENT

Name of Entity
General Gold Resources NL

ACN or ARBN
002 527 906

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES

1. Class of securities issued          Ordinary
   or to be issued

2. Number of securities issued         12,000,000
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   Fully paid
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      No
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities    The Securities are Fully Paid
   do not rank equally, please     Ordinary Shares and will rank
   state:                          with other Fully Paid Shares
   * the date from which they do   in all respects, except that
   * the extent to which they      in the case of the non-
     participate for the next      renounceable Rights Issue
     dividend, (in the case of     announced on 03/08/2001,
     a trust, distribution) or     holders will not participate
in
     interest payment              respect of these securities
   * the extent to which they do   (Refer ASX waiver to Listing
     not rank equally, other than  Rule 7.1 of 31/07/2001).
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration     5 cents each

6. Purpose of the issue (if       To pay amounts owing to
   issued as consideration for    creditors (including the
   the acquisition of assets,     composite claim creditors)
   clearly identify those         under the terms of the DOCA
   assets)                        and the Reconstruction Deed.

7. Dates of entering securities   To be advised.
   into uncertified holdings
   or despatch of certificates

                                    NUMBER  CLASS
8. Number and class of all        17,054,029  Ordinary
   securities quoted on            1,501,306  Options
   ASX (including the
   securities in clause
   2 if applicable)

                                   NUMBER  CLASS
9. Number and class of all     532,050  Options - Employees
   securities not quoted
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case  Shares will rank pari passu in
   of a trust, distribution         all respects.
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities
    (If the additional securities do not form a new class, go to
43)

    Tick to indicate you are providing the information or
documents

35.    The names of the 20 largest holders of the additional
         securities, and the number and percentage of
         additional securities held by those holders

36.    A distribution schedule of the additional securities
         setting out the number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

       Cheque attached

       Electronic payment made
       Note: Payment may be made electronically if Appendix 3B
is
             given to ASX electronically at the same time.

    X  Periodic payment as agreed with the home branch has been
       arranged
       Note: Arrangements can be made for employee incentive
             schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
    discretion. ASX may quote the securities on any conditions
it decides.

2.  We warrant to ASX that the issue of the securities to be
quoted  complies with the law and is not for an illegal purpose,
and that there is no reason why those securities should not be
granted quotation. We warrant to ASX that an offer of the
securities for sale within 12 months after their issue will not
require  disclosure under section 707(3) of the Corporations
Law.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that  ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


MAXIS CORP: SWF Investments Decreases Stake
-------------------------------------------
SWF Investments Pty Ltd decreased its relevant interest in Maxis
Corporation Limited (under administration) on 2 August 2001,
from 137,047,723 voting shares (55.76 percent) to 135,381,057
voting shares (55.08 percent).

Notes Relating To Changes In Relevant Interest

In October 1999, prior to the acquisition of the ABT Group by
Maxis, Holilink Pty Ltd had a sales and marketing agreement with
Australian Business Technologies Pty Limited which was
terminated.

Under the agreement Holilink was entitled to be compensated in
shares should the ABT Group float on the ASX within an agreed
period. This was a matter between the owners of ABT Group and
Holilink and did not affect Maxis.

In satisfaction of the agreement and at no cost to Holilink, SWF
Investments Pty Limited, the owner of the ABT Group has now
transferred 1,666,666 shares to Holilink.


WOOLSTOCK AUSTRALIA: Last Bale Of Stockpile Sold
------------------------------------------------
WoolStock Australia Limited Chairman Donald McGauchie announced
Friday that the last bale of stockpile wool was sold by the
close of business on Thursday August 9, 2001.

McGauchie said WoolStock was formed July 1, 1999, to take over
the sale of the stockpile held by the statutory body, Wool
International.

"In just over two years WoolStock has commercially sold over
1.055 million bales of stockpile wool, with minimal impact on
the fresh wool market," he said, "WoolStock Australia sold just
over half the stockpile in the last seven months."

For further information:

Donald McGauchie
(CHAIRMAN)
phone 0428 390 760

Peter Myers
(MANAGING DIRECTOR)
phone 03 9341 9403


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


APP CHINA: Net Sales in 2000 Stand At US$1.186B
-----------------------------------------------
Asia Pulp & Paper China Group Limited posted a consolidated net
sale of US$1.1866 billion for 2000, up 212.4 percent from
consolidated net sales of US$379.8 million in 1999.

This increase was primarily due to a significant increase in
sales volumes of APP China Group's products resulting from the
commencement of commercial production of the Gold East, Gold
Huasheng and Gold Hongye paper mills in early 2000.

APP China's gross profit increased to US$194.1 million in 2000,
a 123.3 percent increase compared to gross profit of US$86.9
million in 1999.  However, as a result of a significant increase
in cost of goods sold resulting from increased sales volumes and
the change in product mix in 2000 compared to 1999, APP China's
gross profit margin decreased to 16.4 percent in 2000 from 22.9
percent in 1999.

Consolidated income from operations of APP China was US$60.9
million in 2000, a 56.7 percent increase from income from
operations of US$38.9 million in 1999.

In 2000, interest expense increased significantly in 2000 to
US$196.5 million in 2000 from US$2.4 million in 1999 due to the
cessation of interest capitalization upon commencement of
commercial operations of the Gold East, Gold Huasheng and Gold
Hongye paper mills in early 2000.

Foreign exchange gain increased to US$38.3 million in 2000
compared to US$14.1 million in 1999. This increase reflects the
effect of the relative appreciation of the U.S. dollar in 2000
on the revaluation of primarily Yen and Deutschemark denominated
loan balances.

Other expense-net increased to US$68.8 million in 2000 from
US$3.2 million in 1999 primarily due to financing costs in
connection with the power plant financing entered into in late
1999 and a provision of US$37.6 million for a reduction in the
market value of inventory.

APP China's consolidated net loss was US$114.6 million in 2000,
compared to a consolidated net income of US$36.9 million in
1999.


GUANGNAN HOLDINGS: Selling 300M Shares
--------------------------------------
GDH Limited (the "Vendor") has agreed to sell 300,000,000
existing shares of HK$0.10 each ("Shares") in Guangnan
(Holdings) Limited (the "Company") at a price of HK$0.17 per
Share (the "Placing") and will subscribe for 300,000,000 new
Shares at the same price (the "Subscription").

Kingsway SW Securities Limited ("Kingsway") has been appointed
as the placing agent, on a fully underwritten basis, in respect
of the Placing.

It is intended that the net proceeds of approximately HK$49.6
million from the Subscription will be used for general working
capital and future business development of the Company. There
are currently no specific business development plan and intended
specific uses for the proceeds.

1. PLACING AGREEMENT DATED 8 August, 2001

   Vendor

   GDH Limited, a company incorporated in Hong Kong,
beneficially owning 4,901,150,433 Shares, being approximately
56.73% of the existing issued share capital of the Company.

   Number of shares to be placed

   300,000,000 existing Shares of HK$0.10 each in the Company
("Placing Shares"). The Placing Shares represent approximately
3.47 percent of the Company's existing issued share capital.


   Placees

   Not less than 6 independent professional investors,
institutional investors or other investors.

   Placing Price

   HK$0.17 per Share

   The Placing Price was agreed after arm's length negotiations
and represents a discount of approximately 10.05 percent to the
closing price of HK$0.189 per Share as quoted on The Stock
Exchange of Hong Kong Limited ("Stock Exchange") on 7 August,
2001 and represents a discount of approximately 16.3 percent to
the average closing price of HK$0.203 per Share as quoted on the
Stock Exchange for the 10 trading days ended 7 August 2001.

   Rights

   The Placing Shares will be free of any third party rights,
charges, equities and encumbrances. The placees will receive all
dividends and distributions declared, made or paid on or after
completion of the Placing.

  Placing agent and underwriter

   Kingsway SW Securities Limited ("Kingsway")

  Independence of placees and underwriter

   Kingsway and the placees procured by Kingsway will be
independent of and neither connected with nor acting in concert
with the directors, chief executive, substantial shareholders of
the Company or any of its subsidiaries or any associates of any
of them (as defined in the Rules Governing the Listing of
Securities on the Stock Exchange ("Listing Rules")).

Conditions of the Placing

   The Placing is unconditional.

   Kingsway will itself subscribe for, and/or procure the
subscription by its associates of, any remaining Placing Shares
unconditionally.

Completion of Placing

   It is expected that Completion will take place on or before
13 August 2001 at 4:00 p.m. or such later date as may be agreed
among the parties to the Placing Agreement.

2. SUBSCRIPTION AGREEMENT DATED 8 August, 2001

Subscriber

  The Vendor

Number of Subscription Shares

   300,000,000 new Shares (the "Subscription Shares")

   The Subscription Shares represent approximately 3.47 percent
and approximately 3.36 percent of the Company's existing and
enlarged (by the Subscription) issued share capital
respectively.

Subscription Price

   HK$0.17 per Share

   The Company is responsible for the costs and expenses of the
Placing and the Subscription. The net proceeds of the
Subscription will be approximately HK$49.6 million. The Vendor
has undertaken to deposit all the sums received under the
Placing to the Company pending completion of the Subscription.

General mandate to issue the Subscription Shares

   The Subscription Shares will be issued and allotted under the
general mandate to issue shares granted to the directors of the
Company at the annual general meeting of the Company held on 18
June 2001.

Ranking

   The Subscription Shares, when fully paid and issued, will
rank pari passu in all respects with the existing issued Shares
of the Company.

Shareholding of the Vendor and its associates before and after
the Placing and Subscription

   Assuming that the Placing Shares have been placed and the
Subscription Shares have been subscribed, the shareholding of
the Vendor and that of the Vendor and its associates in the
Company immediately before the Placing, immediately after the
Placing but before the Subscription

3. REASONS FOR PLACING AND SUBSCRIPTION AND THE USE OF PROCEEDS

   The Placing and the Subscription will broaden the shareholder
base and the capital base of the Company. The net proceeds from
the Subscription of approximately HK$49.6 million will be used
for general working capital and future business development of
the Company. There are currently no specific business
development plan and intended specific uses for the proceeds.

4. CONDITIONS OF THE SUBSCRIPTION

   Completion of the Subscription is conditional upon the
following taking place on or before the fourteenth day from the
date of the Placing Agreement which is 22 August 2001:

      (a) the completion of the Placing; and

      (b) the Listing Committee of the Stock Exchange granting
the listing of and permission to deal in the new Shares to be
issued under the Subscription.

5. GENERAL

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

6. RESUMPTION OF TRADING

   At the request of the Company, trading in the Shares in the
Stock Exchange has been suspended with effect from 10:00 a.m. on
8 August 2001. Application has been made to the Stock Exchange
to resume trading in the Shares on the Stock Exchange at 10:00
a.m. on 9 August 2001.


JUPITER TEXTILES: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Jupiter Textiles Company Limited was
heard before the High Court of Hong Kong on August 8, 2001 at
9:30 am. The petition was filed with the court July 11, 2001 by
Yip Sau Lan of Flat C, 16th Floor, Hillier Building, 269-277
Queen's Road Central, Hong Kong.


KWONG YUEN: Winding Up Petition Set For Hearing
-----------------------------------------------
The petition to wind up Kwong Yuen Construction Co. Limited is
scheduled to be heard before the High Court of Hong Kong on
August 10, 2001 at 9:30 AM. The petition was filed with the
court on May 12, 2001 by Schindler Lifts (Hong Kong) Limited
whose registered office is situated at 29th Floor, Devon House,
Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong.


PEACE DOVE: Petition To Wind Up
-------------------------------
The petition to wind up Peace Dove Company Limited is set for
hearing before the High Court of Hong Kong on August 29, 2001 at
9:30 AM.  The petition was filed with the court on June 14, 2001
by The National Commercial Bank Limited of 1-3 Wyndham Street,
Central, Hong Kong.


TOURIST ENTERPRISES: Winding Up Petition Slated For Hearing
-----------------------------------------------------------
The petition to wind up Tourist Enterprises Limited is scheduled
for hearing before the High Court of Hong Kong on August 22,
2001 at 9:30 AM. The petition was filed with the court on June
8, 2001 by Shiu Ka Sun of Flat B, 1805, Kwong Shung House, Kwong
Fuk Estate, Tai Po, New Territories, Hong Kong.


TRIFORD RESOURCES: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Triford Resources Limited is scheduled
for hearing before the High Court of Hong Kong on August 29,
2001 at 9:30 AM. The petition was filed with the court on June
15, 2001 by The Kwangtung Provincial Bank of 1st-3rd Floors, Euro
Trade Centre, 13-14 Connaught Road Central, Hong Kong.


VICTORY GROUP: Hires Hing Wong For Odd Lots Services
----------------------------------------------------
Victory Group Limited announced Thursday that in order to
alleviate the difficulties arising from the existence of odd
lots of the Adjusted Shares as a result of the Capital
Reorganization, the Company has agreed to procure Hing Wong
Securities Limited (contact person Ms. Sandy Wong, telephone no.
2866 8675) to stand in the market to provide matching services
for the odd lots of Adjusted Shares on a best effort basis
during the period from 9 August 2001 to 30 August 2001 (both
dates inclusive).


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


BANK CENTRAL: Bapepam Seeks Data On Insider Trading
---------------------------------------------------
The capital market regulator (Bapepam) wants to conclude the
investigations on alleged insider trading practice in the second
offering of Bank Central Asia (BCA) shares, Bisnis Indonesia
reports Friday.

It also seeks the public's help to inform or surrender any data
concerning the case.
Investigations on 14 investors and 15 securities companies have
not yet completed, Bapepam Chairman Herwidayatmo said, and that
he has not set any targets when to finish the investigation.
He further reassured that Bapepam would continue to act in
accordance with the capital market regulation article 91 and 92
if they are proven guilty by law.
"Once the investigation is over, Bapepam would not interfere on
the amount of shares to be traded on the course as it would be
the authority of IBRA," he added.
On the other hand, Bapepam Investigation Bureau Chief Abraham
Bastari asks the public's help to turn over information or
evidence regarding the alleged insider trading practice.
Information could be sent via letters or delivered personally to
Bapepam's office at the Finance Ministry, Central Jakarta.
Identity of those reporting the case would definitely be kept
confidential, Bastari added.
Bapepam has not yet asked the audit result conducted by Ernst &
Young on the request of PT Danareksa as an input for the
investigation.
The reason is that Bapepam has its own investigation procedure
and mechanism.
"But the investigation is still focused on alleged market
manipulation and could develop into insider trading if they
found evidence during the process," Bastari concluded.


LONTAR PAPYRUS: Net Sales Climb 53.8% To US$332.9M
--------------------------------------------------
PT Lontar Papyrus Pulp & Paper Industry posted net sales of
US$332.9 million in 2000, up 53.8 percent from its net sales of
US$216.5 million in 1999.

This increase resulted primarily from an increase in sales
volumes of BHK pulp from 464 thousand tons in 1999 to 561
thousand tons in 2000 and from an increase in the average
realized sales price of BHK pulp from US$417 per ton in 1999 to
US$520 per ton in 2000.

In the third quarter of 2000, Lontar Papyrus' increased its
production capacity by 135,000 tons per annum through the
completion of modifications of the Jambi Pulp Mill.

Lontar Papyrus' gross profit increased from US$114.6 million, or
a gross profit margin of 52.9 percent, in 1999 to US$184.4
million, or a gross profit margin of 55.4 percent, in 2000.

Income from operations of Lontar Papyrus was US$158.3 million in
2000, a 66.0 percent increase from income from operations of
US$95.3 million in 1999.

In 2000, Lontar Papyrus made a provision for accounts
receivable, collection of which it has determined to be doubtful
of approximately US$107.1 million.  Of this amount,
approximately US$44.1 million related to receivables previously
discounted to BII as described in greater detail below under "-
Provision for Doubtful Accounts."

Lontar Papyrus booked an income tax credit of US$41.7 million in
2000, compared to an income tax expense of US$25.1 million in
1999.

Lontar Papyrus' net loss was US$11.0 million in 2000, compared
to its net loss of US$18.7 million in 1999.


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


CHUO MITSUI: Fitch Downgrades Short-Term Rating To `F3'
-------------------------------------------------------
In connection with its recent announcement of rating downgrades
of Japanese banks, Fitch, the international rating agency, on
Wednesday lowered the Short-term debt rating of Chuo Mitsui from
`F2' to `F3'.

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


MITSUBISHI MOTORS: Workers Selected For Early Retirement Plan
-------------------------------------------------------------
Ailing automaker Mitsubishi Motors Corporation (MMC) has
approved the application of 1,382 employees to participate in
the early retirement program, which was launched August 1, Kyodo
News reported Thursday.

A total of 2,028 MMC employees applied for the program, the
report says.

On August 1, Mitsubishi Motors Corporation launched the early
retirement plan (ERP) to workers 40 years or older with at least
ten years of employment, so as to shed 1,200 employees from its
24,700-strong workforce.

As reported in TCR-AP in May, the job cut falls under the
company's attempts to secure a turnaround in its business
performance and operations. The company has made provisions of
Y10 billion in the current year to facilitate the proceeding of
ERP.

In the fiscal year 2000, Mitsubishi Motors booked a group net
loss of Y278.14 billion, remaining in the red for the second
straight year, largely due to poor sales performance and
extraordinary losses resulting from a recall, the report said.


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


DAEWOO MOTOR: Split May Expedite Sale To GM
-------------------------------------------
The sale of Daewoo Motor is gaining momentum following the
resolution reached by both the government and the creditors of
insolvent Korean automaker to sell both the Kunsan and Changwon
plants and other operations to General Motor (GM) as a separate
deal from the Bupyeong plant, The Digital Chosun reported Friday
last week.

With this decision, it is expected that the negotiating parties,
GM and Daewoo creditors, will sign the memorandum of
understanding by as soon as the month's end, the report said.

Once the sale of the selected plants and operations is
consummated, Daewoo creditors are expected to receive a combined
sum of up to W2 trillion, the report said.


HANVIT BANK: Enters Alliance with Merrill Lynch
-----------------------------------------------
Hanvit Bank has inked a letter of intent for a business tie up
with Merrill Lynch Investment Managers, The Korea Herald
reported Friday.

According to the report, this business alliance will see the two
firms working together on joint domestic sales of foreign mutual
funds, advisory service on asset management, and joint
development of new financial products, among businesses.

Hanvit Bank, under the agreement, will sell Merrill Lynch's
mutual funds, which is expected to register free revenues for
the bank. This activity will also help the bank cater to the
needs of its clients for foreign investment vehicles, the report
said.


HYNIX SEMICON: 1.7M Units Of DDR SDRAM Sold In July
---------------------------------------------------
The sale of Hynix Semiconductor's 128 megabits next-generation
chip-type called double data rate synchronous dynamic random
access memory (DDR SDRAM) reached 1.7 million units last month,
taking 45 percent of the global market of this product, The
Asian Wall Street Journal reported Friday.

This month, the company expects to exceed the 3 million units
mark in sale of this chip type, the report said.

According to the report, the rise of the demand for this chip-
type was largely due to the use of DDR SDRAM for Intel
Corporation's (INTC) Pentium 4 microprocessor. Adding up to the
demand are the use of this DDR chip type for the chipsets of
motherboard manufacturers.


SHINHAN BANK: Pursues Holding Company Plan
--------------------------------------------
Shinhan Bank, in concurrence with its three financial units, has
resolved to form a financial holding company in September, which
will require the transfer of stocks to the proposed holding
firm, The Korea Herald reported Friday.

Moreover, the shareholders of Shinhan Bank, Shinhan Securities,
Shinhan Investment & Trust, and Shinhan Capital have elected Rha
Ung-chan as chief executive officer of Shinhan Financial Holding
Company, the proposed name of the soon-to-be-established parent
holding company, the newspaper said.

Choi Young-hwi was also named vice president.

Shinhan Bank has also decided to redeem before its deadline its
preferred stocks amounting to W295 billion from Korea Deposit
Insurance Corporation.


* KERI Seeking The Creation Of Bankruptcy Court
-----------------------------------------------
The Korea Economic Research Institute (KERI) sees the creation
of a bankruptcy court as necessary and vital to help step up the
corporate restructuring process, The Korea Herald reported
Friday last week.

In a report the institute said, "Instead of legislating
restructuring-related laws, the government needs to establish a
bankruptcy court to more effectively handle the exit of
nonviable enterprises."

"The current restructuring laws, primarily meant to dictate
creditors' rescue efforts towards the terminally ailing firms,
are running counter to the market principles," KERI was quoted
as saying.


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


EG.COM BERHAD: OKs Terms To Restructure RM19.5M In Debts
--------------------------------------------------------
EG.Com Berhad has accepted the terms and conditions offered by
HSBC Bank Malaysia Berhad, among others, to restructure the
RM19.5 million existing indebtedness owing to the Bank into a
term loan of 5 years, upon the part payment of RM1.5 million to
the Bank.

Background

The Group is a pioneer and leading producer of high-quality
general audio speakers and speaker box systems. In addition, it
is involved in the manufacture and sale of car speakers.

About 90 percent of the general audio speakers and speaker box
systems manufactured are for the OEM and direct export markets.
The car speakers are manufactured mainly for the domestic
market. The Group's production facilities are located in Sungai
Petani, Kedah.

To widen its earnings base, the Company has diversified into the
manufacture and sale of wooden doors, furniture and rubber wood
parquet.

The Company is currently embarking into e-commerce activities
with leading Asian Internet portals to market its products on
line. As part of this undertaking, alliances have been formed
with My Web Inc.com and Catcha.com, the popular pan-Asian
Internet gateways.

E-commerce is expected to contribute significantly to sales
growth of the Company's locally manufactured core products and
to increase the export of its car audio speakers and home
theatre systems to the rest of Asia. In line with this vision,
the Company has changed name to EG.com.

On 10 March 2000, the Company entered into a subscription
agreement with Xudio.com Pte Ltd to invest in 5 percent in Xudio
with an option to invest a further 25 percent.

Xudio has plans for a reverse take over of a US company
presently trading on the NASD OTC exchange.

Subsequently, on 27 April 2000, the Company signed a JVA between
Asia Internet Holdings Sdn Bhd, Technochannel Technologies Sdn
Bhd and SFI Solutions Sdn Bhd. The resultant consortium, known
as My EG dot com Sdn Bhd, will undertake an interactive
electronic government service provider project that will enable
consumers to access to government agencies via the Internet.

The first phase of the project involves three agencies: Telekom
Malaysia Bhd, Tenaga Nasional Bhd and Jabatan Pengangkutan
Jalan.

Address: Ground Floor, Wisma Pen-Group 37, Jalan Anson, 10400
Penang. Tel: 04-2261878;  Fax 04-375901


FIRST MALAYSIA: Central Depository OKs CAHB's Offer
---------------------------------------------------
Commerce Asset Holdeing Berhad announced Wednesday the approval
by the Malaysian Central Depository Sdn Bhd, via its letter
dated 7 August 2001, the company's proposed voluntary offer to
acquire the remaining units in First Malaysia Property Trust
(FMPT) it does not already own.

The offer document will be dispatched on 10 August 2001.

FMPT, in its July 30 announced Unaudited Quarterly Report,
indicated that it had a net loss of RM0.540 million in the
individual period of the current year, RM4.231 million in the
individual period of the preceding year corresponding quarter,
RM.0638 million in the cumulative period of current year to date
and RM4.104 million in the cumulative period of the preceding
year corresponding period.

The Trust (FMPT) was created by a Trust Deed dated 30 September
1988 between the Manager, Amanah Property Trust Managers (APTM),
and the Trustee, Universal Trustee. It was established to
provide investors with a property investment instrument that
generates regular income distribution together with capital
appreciation prospects.

APTM is a member of the Amanah Capital Group which is an
established Malaysian-based integrated investment banking and
niche property development and management group.

Currently, FMPT's property portfolio encompasses properties in
the commercial/office, industrial and hotel sectors. FMPT's
first overseas venture is a 2-storey showroom/office/warehouse
complex in Victoria, Australia.

In 14 March 2001, FMPT received a notice that Commerce Asset-
Holding Bhd (CAHB) intends to carry out a voluntary offer to
acquire all the remaining 104,228,853 units in the issued and
paid-up unit holders' capital of FMPT not already owned by CAHB.

On 21 March 2001, a circular in relation to the offer was sent
to unit holders.


LION CORP: Bourse Grants Time Extension
---------------------------------------
Lion Corporation Berhad announced that the Kuala Lumpur Stock
Exchange via its letter dated 3 August 2001 granted the Company
an extension, until 25 August 2001, to obtain all approvals
necessary for the implementation of the proposed group-wide
restructuring scheme, within which the Company is required to:

   1. revise its regularization plan;

   2. make a revised Requisite Announcement to the Exchange; and

   3. submit its revised plan to the regulatory authorities for
approval

The Company is also required to make a separate application to
the Exchange to seek additional time for the Company to obtain
all the necessary approvals from the regulatory authorities upon
submission of the revised plan to the authorities.


MAY PLASTICS: Status of Default Still Unchanged
-----------------------------------------------
May Plastics Industries Berhad revealed Wednesday there has been
no change to the status of default, as announced previously on 8
July 2001.

The composite schemes of arrangement and compromise pursuant to
S176 of the Companies Act 1965 comprising the various proposals
are among others, comprised of schemes to address and to rectify
the default.

A) List of default payments as at 31 July 2001:

Bank                      Principal     Estimate   Total amt
                         in default    interest   in default
                           (RM)    in default (RM)  (RM)

Danaharta Urus Sdn Bhd (Bank
Bumiputra Malaysia Berhad)
Trade Line             4,331,568.50  25,070.66  4,356,639.16

Overseas Union Bank
(Malaysia) Berhad
Trade Line            4,663,373.94 70,790.00   4,734,163.94
Revolving credit                   15,610.96      15,610.96

EON Bank Berhad (Oriental Bank Berhad)
Trade Line           3,881,458.37  516,337.08  4,397,795.45
Overdraft                   1,150,104.83  1,150,104.83
Term loan (Overdue Instalments & Interest)
                      3,235,695.00  909,910.10  4,145,605.10

HSBC Bank Malaysia Berhad
Import line                    53,499.79     53,499.79

Arab-Malaysian Bank Berhad
Revolving credit              9,994.52      9,994.52

    16,112,095.81  2,751,317.94  18,863,413.75

B) Defaults Remedied

        Since March 2001, the borrowing with the following
lender had been remedied in accordance with the S176 Schemes as
approved by the relevant authorities:

   Overseas Union Bank (Malaysia) Berhad

        The bank overdraft and term loan owing by one of the
subsidiary have been regularized by converting into a term loan
with repayment commencing 31 March 2001.


MENANG CORP: Reports Year-End Earnings Of RM54M
-----------------------------------------------
Menang Corporation Berhad announced Wednesday that for the
financial year period which ended June 30, 2001, the company
posted revenue of RM54 million in the individual period of the
current year, RM59 million in the individual period of the
preceding year corresponding quarter, RM113 million in the
cumulative period of current year to date and RM124 million in
the cumulative period of the preceding year corresponding
period.

According to its report, the company suffered a net loss of
RM3.461 million in the individual period of the current year,
RM3.189 million in the individual period of the preceding year
corresponding quarter, RM6.98 million in the cumulative period
of current year to date and RM5.478 million in the cumulative
period of the preceding year corresponding period.

Background

The Company (Menang) was involved in the manufacture and sale of
jute bags, twine, ropes, tarpaulin and canvas from 1969 to 1975.
It disposed of this business in 1978 and subsequently, in July
1982, embarked on property development activities.

In August 1998, the Company and its two subsidiaries were
granted a Restraining Order by the High Court pursuant to
Section 176 (10) of the Companies Act, 1965 against certain
classes of creditors. The Restraining Order had since expired on
11 October 2000 after three extensions.

In October 1999, Menang had unveiled its proposed restructuring
scheme which involves a scheme of arrangement with creditors,
capital reconstruction exercise, issue of warrants and loan
stocks, and acquisition of freehold development land for the
construction of integrated `Seremban 3' township.

Menang obtained approval from the SC on its corporate proposals
in August 2000, except for the proposed exemption for the
Company's major shareholders and related parties (concerted
parties) from extending a mandatory general offer (MGO).

Subsequently, scheme creditors' approval was received on 30
August 2000. The proposed MGO exemption will only be considered
upon receipt of the shareholders' approval.

Shareholders approved the restructuring scheme in February 2001,
and in March 2001, the concerted parties received the SC's
approval for exemption from extending a MGO. As of May 2001, the
Company is in the midst of implementing the proposals following
the High Court's sanction in April 2001.


PAN MALAYSIA: Labels Shares Disposal Pending MITI Approval
----------------------------------------------------------
Pan Malaysia Holdings Berhad announced Wednesday the Foreign
Investment Committee (FIC) had, via its letter dated 26 June
2001, advised that the company's proposed disposal does not
require the FIC's approval.

The proposed disposal is now pending the approval of MITI and
shareholders of the company (if required).

The company proposed disposal of its entire 3,434,000 ordinary
shares of RM1.00 each, representing 51.25 percent of the total
issued and paid-up share capital of Labels Specialist Industries
Sdn Bhd to yap Ah Wak for a cash consideration of RM16.0
million.


PPES ROADS: Winding Up Petition Filed
-------------------------------------
Cahya Mata Sarawak Berhad announced Thursday that Form 69 for
the voluntary winding up of PPES Roads Sdn. Bhd. (Company No.
317046-A) has been filed with the Registrar of Companies and the
said company should be wound up by first week of November 2001.


RAHMAN HYDRAULIC: NUPW Withdraws Complaint
------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB)
released further information regarding the case before the
Penang Industrial High Court. The representative from the
National Union of Plantation Workers wrote to the Industrial
Court on 8 August 2001 to withdraw the complaint on non-
compliance. The matter was resolved amicably.


RAHMAN HYDRAULIC: Writ Of Summons Vs. Unit Served
-------------------------------------------------
On behalf of Rahman Hydraulic Tin Berhad (RHTB), the Special
Administrators announced Thursday last week that on 2 August
2001, they received a Writ of Summons dated 30 June 2001 from
Yalaco Sdn. Bhd. (Plaintiff) against Natural Acres Sdn. Bhd.
(Defendant), the latter being a wholly-owned subsidiary of RHTB.

In the suit, the Plaintiff is claiming a sum of RM2,270,000.00
and associated interest therein, allegedly owed by the Defendant
to the Plaintiff for the sale of various parcels of land.

On 9 August 2001, RHTB's solicitors have filed a Memorandum of
Appearance in the abovementioned suit. Further developments on
the case will be announced accordingly.


SJA BERHAD: Winding Up Petition Served
--------------------------------------
SJA Berhad on 6 August 2001 received a winding-up petition
pursuant to the provisions of Section 218 of the Companies Act,
1965, presented by Messrs Sidek, Teoh,Wong & Dennis on behalf of
Public Finance Berhad on 13 July 2001.

The petitioner, Public Finance Berhad, had claimed against the
Company, as guarantor, for the sum of RM6,464,302.72 with
interests at 8 percent p.a. daily rests commencing 29 July 2000
until full settlement.

The winding-up petition arose due to cancellation of hire
purchase facilities granted to one of SJA Berhad's subsidiary
company, namely, Syarikat Kenderaan Juara (Pulau Pinang) Sdn Bhd
whose base of operation is in Penang. The subsidiary company had
defaulted in the servicing of hire purchase instalments and SJA
Berhad acted as guarantor.

The Company's liability is limited to, but not to exceed,
RM6,464,302.72. The Company hopes to resolve the issue with the
petitioner before the matter is brought to the court on 5
October 2001.

Background

SJA is a leading public bus transport company in the Southern
and North-Western regions of Peninsular Malaysia. The Group
manages the only consortium of bus operators in the states of
Johor and Penang, and is the sole operator of buses that provide
services between Penang Island and the mainland.

In late 1999, SJA acquired an additional four bus companies :
Amalgamated Link (M) Sdn Bhd, Kiara Melati Sdn Bhd, Kiara Tuah
Sdn Bhd and Senandung Harapan Sdn Bhd.

The fleet of buses operating under the Group number 773.

Address: 39, Jalan CO Lim 10250 Penang
Tel : 04-2263763/863
Fax : 04-2260663


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


NATIONAL BANK: Tan Agrees To `Reverse Privatization'
----------------------------------------------------
Philippine National Bank's (PNB) majority shareholder Lucio Tan
has "generally" agreed to the government's proposal of "reverse
privatization" of the troubled bank, The Business World reported
Friday, citing PNB President Feliciano Miranda.

The so-called "reverse privatization", which will see the
transfer of management control to the government, is expected to
signed by both Tan and the government early this week, the local
business paper said.

However, Miranda said, in an interview with the World, that
"nothing is final yet" and that Tan has yet to receive the
formal proposal from the government side.

"We will be discussing to work out the position of government so
we can finally reach an agreement with the majority
shareholder," Miranda told the paper.

Tan's approval of the plan will pave the way for the
implementation of the bank's rehabilitation plan, under the
management of the government, through Philippine Deposit
Insurance Corporation (PDIC), the paper said.


RFM CORP: In Negotiations Re Possible Merger With Vitarich
----------------------------------------------------------
RFM Corporation and Vitarich Corporation are exploring the
possibility of a merger or strategic business alliance of their
poultry units, The Philippine Star reported Friday.

RFM Corporation wishes to shift focus to its branded food and
refreshment business after the sale of its softdrink unit Cosmos
Bottling Corp. (CBC) to San Miguel Corporation (SMC).

However, nothing is definite yet, RFM said in its disclosure to
the Philippine Stock Exchange (PSE), as both parties "are still
evaluating the opportunities for strategic alliance."

On its end, Vitarich was quoted as saying, "There is no
certainty that the talks will be pursued, much less that an
agreement will be reached."


URBAN BANK: SEC Approves Merger Papers
--------------------------------------
The Securities and Exchange Commission (SEC) has approved, in
principle, the documents for the merger of Urban Bank Inc.,
Urbancorp Investments Inc. (UII) and white knight Export and
Industry Bank (Exportbank), The Business World reported Friday.

The proposals approved, among others, included in the
rehabilitation plan for Urban Bank, are: quasi-reorganization,
equity restructuring, merger and application for the amendment
of the articles of incorporation of the there firms.


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


ASIA PULP: Posts Results Of Creditors' Meeting
----------------------------------------------
Asia Pulp & Paper Company Limited announced on August 2, 2001
details of its August 2 meeting with creditors' combined
steering committee and preliminary unaudited condensed
consolidated financial results for its major Indonesian
Subsidiaries and APP China Group for the Year 2000.

Highlights

August 2 Meeting With Creditor's Combined Steering Committee

   ? Details of preliminary, unaudited condensed and
consolidated financial results for certain Indonesian and
Chinese subsidiaries for the year 2000 released to the combined
steering committee members.

   ? Presentation was made on the status of initiatives to
stabilize operations and improve working capital to sustain our
long-term operations, including efforts to establish a
centralized procurement company.

Selected Preliminary Unaudited Condensed Consolidated Financial
Results

The folllowing chart shows certain financial highlights for PT
Indah Kiat Pulp & Paper Tbk ("Indah Kiat"), PT Pabrik Kertas
Tjiwi Kimia Tbk ("Tjiwi Kimia"), PT Pindo Deli Pulp and Paper
Mills ("Pindo Deli") and PT Lontar Papyrus Pulp and Paper
Industry ("Lontar Papyrus") (collectively, the "Indonesian
Subsidiaries")-and the holding company for its Chinese
operations-APP China Group Limited ("APP China") as discussed in
greater detail in the press release.

Year ended December 31, 2000

   Indah Kiat  Tjiwi Kimia  Pindo Deli  Lontar Papyrus APP China
     (in millions of U.S. dollars, except percentages)

Net sales

    1,545.5     829.0        764.0 332.9 1,186.6

Net sales increase/(decrease) compared to 1999

   18.3%      (4.5)%          5.0% 53.8% 212.4%

Gross profit

     545.3      61.9       129.4 184.4 194.1

Gross profit margin

    35.3% 7.5% 16.9% 55.4% 16.4%

Operating profit (loss)

    403.0 (61.7) 37.3 158.3 60.9

Operating profit margin

       26.1% (7.4)% 4.9% 47.5% 5.1%

Net loss

     147.4 338.0 328.0 11.0 114.6

Although net sales increased significantly across most of the
Indonesian Subsidiaries and APP China, gross profit margins
declined due to higher raw material costs and increased
competition in the region.

Commenting on the announcement, Hendrik Tee, APP's Chief
Financial Officer, stated:

"We met today with the combined steering committee of our
creditors to update them on the progress that APP and its
advisors have made in their attempts to rationalize the
company's operations in the interests of the long-term stability
of the company and its subsidiaries.

"During the meeting we also provided our creditors with
preliminary, unaudited, consolidated and condensed financial
information for our major Indonesian and Chinese operating
subsidiaries.

"Although most of our operating subsidiaries saw a net increase
in sales, a significant increase in raw material costs,
provisions for doubtful accounts and increases in interest
expense caused all of our major subsidiaries to suffer net
losses in the year 2000."


Meeting With Creditors' Combined Steering Committee Of August 2

APP announced that it held a meeting with the combined steering
committee of our creditors in Singapore this morning.
Representatives on the steering committees for the numerous
financial creditors of APP and its subsidiaries attended the
meeting, including representatives of bondholders, international
banks, trading companies, export credit agencies and Indonesian
Bank Restructuring Agency ("IBRA") representing the Government
of Indonesia.

In the meeting today, APP provided an update of various issues
affecting APP and its subsidiaries and also provided various
financial and operating data, including the financial and
operating data contained in this press release.

Provision For Doubtful Accounts

   The Indonesian Subsidiaries incurred substantial provisions
for doubtful accounts in 2000.  These provisions relate to
accounts receivable held by BII and other parties.

Doubtful Accounts Previously Discounted to BII.

   These doubtful accounts resulted from non-recourse
transactions in which the Indonesian Subsidiaries discounted
receivables to BII.  BII, in turn, discounted these receivables
to Bank Indonesia, the Central Bank of Indonesia, under an
export bills discounting program established in 1998.

   Approximately US$370.9 million of these receivables have not
been collected.  The Indonesian Subsidiaries that generated the
uncollected receivables reacquired the receivables and incurred
loans to BII in the amount of the receivables.

   Each of the Indonesian Subsidiaries has established a
provision in the amount of the receivables and has filed suit
against some of the account debtors in an effort to collect the
amounts due.  These loans from BII were part of the
approximately US$1.0 billion in loans from BII to APP's
Indonesian subsidiaries guaranteed by IBRA.

Third Party Doubtful Accounts.

   Upon a review of their accounts receivable in 2000, each of
the Indonesian Subsidiaries have determined that a portion of
their accounts receivable from their customers are
uncollectible.  Each of the Indonesian Subsidiaries has
established a provision in the amount of the receivables and has
filed suit against some of the account debtors in an effort to
collect the amounts due.

   The following chart shows a breakdown of the provision for
doubtful accounts between those reacquired from BII and those to
customers for the year ended December 31, 2000 (in thousands of
U.S. dollars):

                     Doubtful
                     Accounts     Other       Total
                    Previously   Doubtful     Doubtful

Indah Kiat           198,043     212,531       410,574

Tjiwi Kimia         54,254       90,816       145,070

Pindo Deli (unconsolidated)74,538  28,183      102,721

Lontar Papyrus      44,106        63,026      107,132

Total              370,941       394,556     765,497


Preliminary Volume And Pricing Data For First And Second
Quarters 2001

   Preliminary quarterly production and sales volumes, and
average realized selling prices for the Indonesian Subsidiaries
and the PRC Subsidiaries for 1999, 2000 and the first and second
quarters of 2000 and 2001 are shown below:

Production Volumes
(in thousands of tons)

  2000 2001
1999 2000 Q1     Q2    Q1 Q2
Indah Kiat:
Pulp 1,664 1,777 425    440   469 419
Paper 579 616 148    152   141 154
Packaging 1,177 1,258 316    323   181 248

Tjiwi Kimia:
Paper 947 949 236    242   177 231
Stationery 135 155 41     44    40 49
Packaging 65 69 18     17    18 16

Pindo Deli:
Paper  624 631 167    148   112 150
Tissue 50 45 11     12     7 10
Packaging 14 56 15     15     11 12

Lontar Papyrus:
Pulp 503 572 140    141    153 166
Tissue 29 43 11      11    10 12

Ningbo Zhonghua:
Packaging 462 483 116    125   101 116

Gold Huasheng:
Paper --- 213 55     59     51 60

Gold East:
Paper --- 866 205    232   178 214

Gold Hongye:
Tissue --- 100 19      29    22 23



Commenting on the unaudited 2000 financial results for the
Indonesian Subsidiaries and the preliminary production, sales
volume and other operating data for the first and second quarter
of 2001 for the Indonesian Subsidiaries and the PRC Subsidiaries
released August 2, Hendrik Tee, APP's Chief Financial Officer,
stated:

   "Today we are releasing the preliminary unaudited condensed
and consolidated financial results of our four major Indonesian
mills for the year 2000 and preliminary production, sales volume
and other operating data for the first and second quarter of
2001 for our four major Indonesian mills and our four major
mills in China.

   "The problems our operating companies have faced in the past
six months have resulted in delays in the preparation of the
audited consolidated financial statements for 2000 for our
company and our subsidiaries.

   "Although we normally do not release preliminary unaudited
financial results for our company or our subsidiaries for the
full year, we are releasing the preliminary unaudited financial
results for 2000 for our major Indonesian subsidiaries in an
effort to provide our creditors with updated financial data in
the context of our overall debt restructuring.

   "You should keep in mind that these financial results for
2000 and productions, sales volume and other operating data are
preliminary and unaudited.  We expect the audited 2000 financial
statements of our four major Indonesian mills to be released to
the public in the next four to six weeks; however, we are
hopeful that our auditors will complete their audit earlier than
this time frame."

Commenting on the APP creditors' meeting, Mr. Tee stated:

   "We have been in discussions with representatives of our
major creditor groups since announcing the debt standstill in
March 2001.  We believe that significant progress has been made
today in our most recent round of discussions with our
creditors.

   "We have been working diligently to stabilize our operations
to allow us time to generate working capital to rebuild and
support our operations.  We have given the creditors' steering
committee an update on our progress on these efforts to date.

   "We have also updated them on our progress to rationalize our
overseas sales, marketing and procurement functions which we are
undertaking to maximize cash flow."


APP is one of the world's leading pulp and paper companies.
With current pulp capacity of 2.3 million tons and paper and
packaging capacity of 5.7 million tons, it ranks number one in
non-Japan Asia.  Headquartered in Singapore, APP currently has
16 manufacturing facilities in Indonesia and China and markets
its products in more than 65 countries on six continents.


VAN HER HORST: Fargro Arrives As White Knight
---------------------------------------------
Van der Horst Limited (Under Judicial Management) (the Company)
has entered into an Investment Agreement and a Share Sale
Agreement with Fargro Pte Ltd on 8 August 2001.

The Share Sale Agreement provides for the purchase by Fargro
from the Company of the following for a total consideration of
S$12 million:

   (a) the Company's leasehold interest in the property at 11
Pandan Crescent, Singapore; and

   (b) shares held by the Company in the following companies:

      (i) Van der Horst Engineering Services Pte Ltd, a company
incorporated in Singapore ("VDHES");

      (ii) VDH Land Inc., a company established under the laws
of the Philippines ("VDHL");

      (iii) Van der Horst Technologies (Phils) Inc., a company
established under the laws of the Philippines ("VDHP"); and

      (iv) VDH Europe B.V., a company established under the laws
of The Netherlands;

      (v) Hoyane Capital Ventures Inc., a company incorporated
under the laws of the British Virgin Islands ("HCV").

The sale of shares in VDHES, VDHL and VDHP has been completed on
8 August 2001 and the price of those shares, has been paid to
the Company.

The sale of the shares in other companies and the lease is
subject to conditions, among which include the approvals and
releases which have to be obtained.
The Investment Agreement provides for Fargro to apply to the
Stock Exchange Securities Trading Limited for in-principle
approval for the listing of its shares and to make a general
offer to the shareholders of the Company for the acquisition of
shares in the Company in exchange for shares in Fargro, subject
to the terms and conditions set out in the Investment Agreement.

It also provides for the Company to submit to the creditors of
the Company a proposal of a scheme of compromise or arrangement
in respect of the liabilities of the Company to its creditors on
such terms and conditions as the Judicial Managers may determine
to be appropriate.


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


DATAMAT PUBLIC: BOD Approves Debt Workout Deal
----------------------------------------------
Datamat Public Company Limited (the Company) would like to
report the resolutions of the Board of Directors meeting No.
5/2001 held on August 8, 2001 at 10.00 a.m.-12.00 p.m.

The meeting resolved as follows:

   1. unanimously resolved to approve the entering into the
memorandum of the amendment of the debt restructuring agreement
between the Company and its financial institute creditors dated
February 22, 2000 (which is a part of a delisting rehabilitation
plan which is under the preparation and will be proposed for
approved from the Board of Directors meeting in the near future)
and later proposed for         approval of the shareholders'
meeting.

   2. unanimously resolved to approve the paid-up capital
decrease from Bt134,093,050 to Bt67,046,520 by reducing
6,704,653 issued ordinary shares at the par value of Bt10
totaling Bt67,046,530, provided that such paid-up capital
decrease shall be implemented when the Company has completed the
registration of the previous paid-up capital decrease with the
Ministry of Commerce.  This matter shall be proposed to the
Meeting of shareholders for consideration and approval.

   3. unanimously resolved to approve the amendment of Article 4
of the Memorandum of Association of the Company to be consistent
with the details of the paid-up capital decrease. Article 4 of
the Memorandum of Association shall be amended as follows:

        "Article 4  Registered Capital Bt67,046,520 Divided into
6,704,652 shares

        Par Value Bt10

        Consisting of
        Ordinary shares 6,704,652     shares
        Preferred shares-  0"

        This matter shall be proposed to the Meeting of
shareholders for consideration and approval.

   4. unanimously resolved to approve the transfer of the
Company's total reserve fund, which are reserve fund pursuant to
the law totaling Bt5,315,000 and share premium reserve fund
totaling Bt421,386,787 to compensate for the Company's retained
loss. This matter shall be proposed to the Meeting of
shareholders for consideration and approval.

   5. unanimously resolved to approve the amendment of Article 4
as follows:

      "Article 4 The Company's shares are ordinary shares and
shares s entered in a name certificate. Every share of the
Company must be paid up at one payment. In case any subscribers
have not paid for share subscription price, the Company's Board
of Directors will submit a written notice informing them to pay
to the Company within 14 days since the date of such notice. The
notice also states that if the subscriber does not pay up within
the specified time period, the Board of Directors will have the
right to sell such shares by auction. After the specified period
of time if the subscriber has not paid up, the Board of
Directors shall sell the shares by auction within seven (7)
days. If the proceeds from such sales by auction are less then
the value of such shares, the Board of Directors shall collect
the remaining amount from the subscriber. The Company's shares
are not separable. If two persons or more jointly hold jointly
subscribe shares, either will be appointed to use the right as a
shareholder or subscriber as the case may be. The Company has
the right to issue and offer for sale to the public bonds,
convertible debentures, preferred shares including other
securities pursuant to the laws governing securities and stock
exchange. The Company's preferred shares can be converted into
ordinary shares provided that the shareholder shall submit the
application to convert the shares to the Company with share
certificate. The conversion of preferred shares to ordinary
shares shall come into force beginning from the date of
application and the company shall issue a new share certificate
to the applicant within fourteen (14) days after receiving the
application."

       And unanimously resolved to approve the addition of
Article 39 with the following details:

       "Article 39  In case the Company or its subsidiary agrees
to undertake connected transactions or transactions regarding
the acquisition or disposal of assets of the Company or its
subsidiary in accordance with the definition specified in the
Notification of the Stock Exchange of Thailand applied to
connected transaction of the listed companies or the acquisition
or disposal of assets of listed companies as the case may be,
the Company shall comply with the rules and procedures as
outlined in the Notification."

     This matter shall be proposed to the Meeting of
shareholders for consideration and approval.

   6. unanimously resolved to approve the registered capital
increase of the Company in line with its delisting
rehabilitation plan (which is a part of a delisting
rehabilitation plan which is under the preparation and will be
proposed for approved from the Board of Directors meeting in the
near future and later proposed for approval of the shareholders'
meeting) pursuant to the Notification of Office of the
Securities and Exchange Commission No. Or Jor. 8/2541 (1998) Re:
Rules, Conditions and Procedures to Request for Waiver in Tender
Offer Requirement to Purchase All Securities of the Company with
Objectives to Assist or Rehabilitate the Company dated June 25,
2000. The Company shall increase its registered capital from
Bt67,046,520 to Bt6,350,000,000 by issuing 628,295,348 ordinary
shares at the par value of Bt10 totaling of Bt6,282,953,480.
This matter shall be proposed to the Meeting of shareholders for
consideration and approval.

   7. unanimously resolved to approve the amendment of Article 4
of the Memorandum of Association to be consistent with the
details of the capital increase. Article 4 of the Memorandum of
Association shall be amended as follows:

      "Article 4

       Registered Capital  Bt6,350,000,000

       Divided into    635,000,000 shares      (
        par value      Bt10

      Consisting of
      Ordinary shares 635,000,000 shares

      Preferred shares   -0-"

     This matter shall be proposed to the Meeting of
shareholders for consideration and approval.

   8. unanimously resolved to approve the allocation of
628,295,348 newly issued ordinary shares at the par of Bt10
which is the offer for sale at a price below a par value as
follows:

      8.1 400,000,000 newly issued ordinary shares be allotted
at the price of Bt1 each to Cyber Venture Co., Ltd.;

      8.2 33,200,000 newly issued ordinary shares be allotted at
the price of Bt1 each to Asian Capital Advisor Co., Ltd.;

      8.3 141,458,132 newly issued ordinary shares be allotted
at the price of Bt3 each to 12 loan creditors.

          Provided the offer for sale pursuant to items 8.1-8.3
above will be made on a private placement basis according to the
notification of the Securities and Exchange Commission on No.
Kor Jor. 12/2543 re Application and Approval of Newly-issued
Shares dated March 22, 2000.

      8.4 53,637,216 newly issued ordinary shares be allotted at
the price of Bt1 each on the right offering basis provided that
one (1) existing share held is eligible for eight (8) newly
issued shares. The allotment of 400,000,000 newly issued
ordinary shares  to Cyber Venture Co.,Ltd., is in line with the
Company's delisting rehabilitation plan (which is a part of a
delisting rehabilitation plan which is under the preparation and
will be proposed for approved from the Board of Directors
meeting in the near future and later proposed for approval of
the shareholders' meeting) and will cause Cyber Venture Co.,
Ltd. to hold the equity of 63 percent in the Company. Cyber
Venture Co., Ltd. will undertake to apply for a waiver of its 50
percent share acquisition without making a tender offer to
purchase all securities of the Company with the Office of the
Securities and Exchange Commission pursuant to Notification of
the Office No. Or Jor 8/2541 (1998) Re: Rules, Conditions and
Procedures to Request for Waiver in Tender Offer Requirement to
Purchase All Securities of the Company with Objectives to Assist
or Rehabilitate the Company dated June 25, 2000.

        In case there are shares remaining from the share
allocation pursuant to items 8.1-8.4 above, Directors Mr. Manoo
Ordeedolchest and Mr. Narong  Sooppipatt are authorized to offer
for sale and allocate such remaining shares on a private
placement basis according to the Notification (No. Kor Jor.
12/2543 re Application and Approval of Newly-issued Shares dated
March 22, 2000.) at the price of Bt1 each provided that such
offer for sale on a private placement shall be first made to the
existing shareholders of the Company and the remaining shares
shall be then offered to other persons.

        The Board of Directors or persons designated by the
Board of Directors is authorized to consider other relevant
details with respect to the allocation of newly issued shares
such as numbers of ordinary share to be issued for each time and
share payment etc as well as to negotiate, agree, sign relevant
documents and contracts and take any actions deemed as
necessary, proper and regarding newly issued ordinary shares
including registering newly issued ordinary shares with the
Stock Exchange of Thailand.  This matter shall be proposed to
the Meeting of shareholders for further consideration and
approval.

   9. unanimously resolved to approve convening an Extraordinary
General Meeting of Shareholders No. 1/2001 on September 21, 2001
at the Company's headquarters located Datamat Building 2nd Floor
No. 1252 Pattanakarn Road, Suanluang Subdistrict, Suanluang
District, Bangkok at 2.00 p.m. Such Meeting will have the
following agendas:

       1. to consider approving the Minutes of the 33rd Annual
Ordinary General Meeting of Shareholders;

       2. to consider approving the delisting rehabilitation
plan;

       3. to consider approving the paid-up capital decrease
from Bt134,093,050 to Bt67,046,520;

       4. to consider approving the amendment of Clause 4. of
the Memorandum of Association in consistent with the paid-up
capital decrease;

       5. to consider approving the transfer of the Company's
total reserve fund pursuant to the law totaling Bt5,310,000 and
share premium reserve fund totaling Bt421,386,787 to compensate
for the Company's retained loss;

      6. to consider approving the amendment of the Articles 4
and 39 of Association;

      7. to consider approving the registered capital increase
of the Company from Bt67,046,520 to Bt6,350,000,000

      8. to consider approving the amendment of Clause 4. of the
Memorandum of Association in consistent with the registered
capital increase;

      9. to consider approving the allotment of newly issued
shares:

     10. to consider other issues (if any).

     11. unanimously resolved to approve the closing of the
shareholders register in order to suspend the Company share
transfer on September 3, 2001 commencing 12.00 p.m. until the
adjournment of the Extraordinary General Meeting of Shareholders
No. 1/2001.


KULTHORN KIRBY: Increased Net Profit Due To Forex Gains
-------------------------------------------------------
Kulthorn Kirby Public Company Limited would like to give reasons
for the results of the business operations for the current
period varies by more than 20 percent from that of the same
period of the preceding year as follows:

   1. The Company's net profit for the current period was
Bt188.136 million, an increase by Bt161.824 million from the
preceding year which profit Bt26.312 million.

   2. The increase in net profit was due to the profit on
foreign exchange. The company has entered into forward contract
to hedge the foreign exchange risk of long term loan total
amount US$15.10 million although the rate of exchange for 1 US$
to Bt43.4396 as at the end of 2000 compared with Bt45.3617 at
the end of quarter 2/2001 resulted a profit on exchange of
Bt7.319 million. The same period of the preceding year the
Company had a loss on exchange of Bt27.283 million. In total the
profit on exchange was increased at Bt34.602 million.

   3. The revenues from sales and service income were increased,
especially the export sales were increased from last year at the
end of quarter 2/2000 from 37 percent to 59 percent of total
sales as well as the average cost of sales.


NEP REALTY: Converts Debts Into Equity In Unit
----------------------------------------------
NEP Realty and Industry Public Company Limited (the Company)
announced that the subscription of the capital increase ordinary
shares in NEP Property Co.,Ltd. (NEPP), which is a subsidiary of
the Company, is for the purpose of converting the Bt296 million
in debts into equity in NEPP to Nava Nakorn Company Limited

Shares subscribed total 29,600,000, with par value of Bt10 per
share, totaling Bt296 million.


SIAM CONTAINER: Reorg Petition Filed With Bankruptcy Court
----------------------------------------------------------
The Petition for Business Reorganization of Siam Container Pipe
Company Limited, which is engaged in the production and sale of
pipes, was filed with the Central Bankruptcy Court:

   Black Case Number Phor. 17/2542

   Red Case Number Phor. 17/2542

Petitioner: Siam Container Pipe Company Limited

Planner: Thaimui Group Co. Ltd.

Debts Owed to the Petitioning Creditor: Bt523,811,144.70

Date of Court Acceptance of the Petition: November 5,1999

Court Order for Business Reorganization and Appointment of
Planner: December 7, 1999

Adjourned deadline to submit the plan: May 18, 2000

The Court issued an order accepting the reorganization plan:
July 25, 2000 and appointed Thaimui Group Co. Ltd. to be an
administrative planner

Announcement of Court order for accepting the reorganization
plan: in Matichon Public Company Limited and Siam Rath Company
Limited: August 2, 2000

Announcement of Court Order for accepting the reorganization
plan: in Government Gazette on August 29, 2000

Contact: Ms. Bang-Orn, Tel. 6792525 ext 112


TPI POLENE: Sells TCL Shares To Ube Industries
----------------------------------------------
TPI Polene Public Company Limited (TPIPL) announced that on
August 8, 2001 TPIPL signed the Sale Agreement regarding the
disposal of 127,410,240 common shares in Thai Caprolactam Public
Company Limited (TCL) to the joint venture partner, Ube
Industries, Limited (UBE).

The total number of shares comprise 26.47 percent of registered
capital of TCL, which is the manufacturer and distributor of
caprolactam and ammonium sulfate.

The sale was made in return for a waiver and release of TPIPL's
debt for the amount of Bt2,548,208,400 and a release from all
guarantees issued by TPIPL to the creditors of TCL.

TPIPL will be able to recognize accounting gain from the
transaction for the amount of approximately Bt1,220 million.

The Sale Agreement will become effective on August 15, 2001.

Details of the transactions are summarized as follows:

   1. Sales value of TCL's shares by TPIPL to UBE.
      = 127,410,420 shares x 20 Baht/Share
      =  2,548,208,400        Baht

   2. TPIPL's return of TCL's shares disposal

      - TPIPL's debt for the amount of Bt2,548,208,400 shall be
cancelled.

      - All guarantees issued by TPIPL to the creditors of TCL
shall be released.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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