TCRAP_Public/010816.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, August 16, 2001, Vol. 4, No. 160


                         Headlines

A U S T R A L I A

AUSTRALIAN MEDIA: Releases Case Profile
BLUE RIBBON: Second Creditors' Meeting Held
MAXIS CORP.: Director Hovanessian Issues Notice of Interest
MAXIS CORPORATION: Director Sepan Stepanian Releases Notice
MAXIS CORPORATION: Director Swan Posts Notice of Interest
MTM ENTERTAINMENT: Babcock & Brown Raises Stake
SILVAKROME: Sacked 55 first To Get Rescue Package


C H I N A   &   H O N G  K O N G

CAPTAIN PRODUCTS: Faces Winding Up Petition
PACIFIC CENTURY: Undergoes Corporate Reorganization
YUE HING: Winding Up Petition Set For Hearing


I N D O N E S I A

BAHAMA PEMBINAAN: Timah To File Suit Over Missed Payment
TRI POLYTA: Fails To Meet Bond Interest Payment
* IBRA Endeavors to Comply with the Revenue Target of 2001

J A P A N

AIWA CO: Issues Y30B In Corporate Bonds
JUSCO COMPANY: 2003 Furniture Venture Dissolution Planned


K O R E A

DAEWOO GROUP: Founder of Daewoo vanished with $A14.6M
HANVIT BANK: Enters Restructuring Deal With KAMCO
HYNIX SEMICONDUCTOR: KEB Seeks Long-term Solution
HYUNDAI HEAVY: Needs Manpower To Meet Orders
HYUNDAI HEAVY: Posts Net Loss of W53B
SSANGYONG CEMENT: CHB Takes Debt-For-Equity Conversion
* KCCI Contests Governance Evaluation Agency


M A L A Y S I A

LION CORP: KLSE Approves Extension Request
MOTIF HARTA: Suspends Debt Payments Of RM3.5M
RAHMAN HYDRAULIC: Unit Facing Suit
SISTEM TELEVISYEN: Proposed Debt Workout Aborted
WEMBLEY INDUSTRIES: Exchange Grants Two-Month Extension
ZAITUN INDUSTRI: Winding Up Hearing Rescheduled


P H I L I P P I N E S

MAYNILAD WATER:  Gets Six-Month Extension To Settle $100M Debt
NATIONAL POWER: Malaysians Join Asset Sale


S I N G A P O R E

OAKWEEL ENGINEERING: Faces Winding Up Petition
SEMBCORP LOGISTICS: Sells Shenzhen Chiwan Shares
VAN DER HORST: Share Sale Price Pegged At S$12M


T H A I L A N D

CENTRAL PAPER: 2001 Q2 Net Loss Surges To Bt101.445M
DATAMAT PUBLIC: Incurs Net Loss Of Bt25.871 Million
EASTERN PRINTING: Incurs Bt32.64M Q2 Net Loss
EMC PUBLIC: Administrator Issues Rehab Implementation Progress
EMC PUBLIC: Incurs 2001 Q2 Bt35.01 Million Net Loss
MEDIA OF MEDIAS: Explains Operation Results Changes
MEDIA OF MEDIAS: Posts Bt20.596M 2001 Q2 Net Loss
NATURAL PARK: Books Bt200.12M 2001 Q2 Net Loss
THAI HEAT: Posts Net Loss Of Bt4.511M
THAI MODERN: Posts 2001 Q2 Net Loss of Bt4.915M

     -  -  -  -  -  -  -  -

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


AUSTRALIAN MEDIA: Releases Case Profile
---------------------------------------
Territory:         Australia
Company Name:      Australian Media Company Pty Limited
Lead Partner:      Greg Hall
Case Manager:      Simon Cathro
Date of Appointment:  30 November 2000
Normal Contact:    Simon Cathro
Contact Phone No: (02) 8266 7852

PwC Office

Location:          Sydney
PO Box:            GPO Box 2650
Street Address:    Darling Park Tower 2 201 Sussex Street
City:              SYDNEY
State:             NSW
Postcode:          1171
DX:                DX 77 Sydney
Phone:             (02) 8266 0000
Fax:               (02) 8266 5820
Appointor:         Supreme Court of New South Wales
Registered Office of company: Suite 2208, 168 Kent Street,
Sydney
                              NSW 2000
Company No / ACN:  087 150 463
Type of Appointment: Official Liquidator
Lead Partner - Full Name: Gregory Winfield Hall

Case Information

First Creditors' Meeting  
Date:  No meetings scheduled at this
stage.  
Other Key Information  

Report as to Affairs received from directors: Not yet received.
Dates of trading by insolvency practitioner: Business is not
                                             trading.  
Business sold/ceased trading: Business is not trading.  
Job closure: Estimated by 31 March 2001.  

Background Information

The company was an internet service provider using the Optus
network. It is related to a parent company in the US.

Current status of assignment and actions required by creditors

At the date of our appointment, trading has ceased and no assets
have been located. The liquidators are attempting to contact the
sole director, who appears to have returned to the USA.

Next milestone and estimated timetable

Report as to Affairs due from directors within 14 days of
appointment.

Likely outcome for creditors and timetable

Dividend to unsecured creditors appears unlikely. No assets have
been recovered at this stage. (Source: www.pwcrecovery.com)


BLUE RIBBON: Second Creditors' Meeting Held
-------------------------------------------
Meat processor Blue Ribbon was to conduct its second creditors'
meeting on August 14, 2000, The Mercury reported Tuesday.

Administrator Dick Shoobridge of Deloitte Touche Tohmatsu was
expected to recommend the meeting be adjourned for 60 days while
expressions of interest in the company are discussed.

Kem Perkins, President of the Tasmanian Farmers & Graziers
Association, said its meat council would support the
adjournment.

Bindaree Beef is among the companies that have expressed
interest in the meat processor.

Blue Ribbon entered voluntary administration after Commonwealth
Bank of Australia rejected a refinancing package for its $A10m
debt.


MAXIS CORP.: Director Hovanessian Issues Notice of Interest
-----------------------------------------------------------
Maxis Corporation Limited Director Vaz Hovanessian issued the
following notice:

  NOTICE OF DIRECTOR'S INTERESTS
     Section 205G of the Corporations Law

INITIAL NOTICE

   Name of Director       Vaz Hovanessian

   Name of Company        Maxis Corporation Limited

   Date of Appointment    09/March/2001

"I have a relevant interest in the following securities of the
company or a related body corporate:

    Type of security:      Shares
    Number of securities:  12,284,029
    I also have an interest in 7,500,000 options exercisable at
    20 cents expiring on 02/07/2005

"I have an interest in the following contracts to which I am a
party or under which I am entitled to a benefit that confer a
right to call for or deliver shares in, debentures of, or
interests in a collective investment scheme made available by,
the company or related bodies corporate: Nil"


MAXIS CORPORATION: Director Sepan Stepanian Releases Notice
-----------------------------------------------------------
Maxis Corporation Limited Director Sepan Stepanian released the
following notice:

  NOTICE OF DIRECTOR'S INTERESTS
            Section 205G of the Corporations Law

UPDATING NOTICE

     Name of Director       Sepan Stepanian

     Name of Company        Maxis Corporation Limited

     Date of Last
     Notification to ASX    10/August/2001

     Date Director's
     Interest Changed       13/August/2001
  
"I have a relevant interest in the following securities of the
company or related bodies corporate:

    Transfer of 5,000,000 shares from SWF Investments Pty Ltd, a
company of which I am a director, to Raxigi Pty Ltd (a company
of which Vaz Hovanessian, Executive Chairman of Maxis, is a
director) for nil consideration for corporate and advisory
services reducing the residual shareholding from 135,381,057
(54.28%) to 130,381,057 (52.28%).

    Type of security:        Shares
    Number of securities:    130,381,057

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate: Nil"


MAXIS CORPORATION: Director Swan Posts Notice of Interest
---------------------------------------------------------
Maxis Corporation Limited Director Nicholas John William Swan
posted the following notice:


            NOTICE OF DIRECTOR'S INTERESTS
          Section 205G of the Corporations Law


INITIAL NOTICE

   Name of Director       Nicholas John William Swan

   Name of Company        Maxis Corporation Limited

   Date of Appointment    09/March/2001

"I have a relevant interest in the following securities of the
company or a related body corporate:

   Type of security:      Shares
   Number of securities:  10,000 held in my name
                          368,450 held by a Superannuation Fund  
                           of which I am a beneficiary.

"I have an interest in the following contracts to which I am a
party or under which I am entitled to a benefit that confer a
right to call for or deliver shares in, debentures of, or
interests in a collective investment scheme made available by,
the company or related bodies corporate: Nil"


MTM ENTERTAINMENT: Babcock & Brown Raises Stake
-----------------------------------------------
Babcock & Brown Group increased its relevant interest in MTM
Entertainment Trust on 14/08/2001, from 56,955,603 ordinary
units (71.19 percent) to 58,340,295 ordinary units (72.93
percent).


SILVAKROME: Sacked 55 first To Get Rescue Package
-------------------------------------------------
The failed Adelaide furniture manufacturer, Silvakrome, fired 55
employees 13 August 2001, The Australasian Business Intelligence
reported Wednesday.

According to the company's administrator, KPMG Australia's
Michael Dwyer, the collapsed company did not have sufficient
funds to pay the workers, which are owed $A800,000 in
entitlements. The ex-workers are eligible to apply for a maximum
of  $A20,000 each under an Australian Government compensation
scheme for employees who lose their entitlements.

Had the company collapsed earlier, employees would have only
been eligible for $A10,000 in entitlements, due to the South
Australian Government's tardiness in joining the scheme.



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


CAPTAIN PRODUCTS: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Captain Products Limited is set for
hearing before the High Court of Hong Kong on the 19th day of
September 2001 at 9:30 am.  The petition was filed with the
court on June 28, 2001  by Giant Riches Limited of 15th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.


PACIFIC CENTURY: Undergoes Corporate Reorganization
---------------------------------------------------
Pacific Century Cyberworks Limited (PCCW) announced the
company's corporate reorganization, including several new senior
appointments designed to enhance the company's drive to become a
customer-led integrated communications provider.

Effective immediately, the Telecom Services Sector (TSS) will be
split into two groups, Commercial and Consumer. based on client
segmentation. The Commercial Business Group will be headed by
Aloysius Lee. Currently the president for Group Sales, Lee will
serve in a new capacity as managing director for Commercial
Group.

Rita Hsu, who has recently joined PCCW from Chase Manhattan Card
Company Limited, has been appointed managing director for
Consumer Group. Both Lee and Hsu will report to William Cheung,
PCCW's Group chief operating officer, who has also assumed the
role of managing director of PCCW-HKT Telephone Limited.

"Rita Hsu's achievements in helping create a customer-led
business focus at Chase Manhattan are well known and respected
in the industry," said Cheung. "Together with Aloysius' new
responsibilities, the addition of Ms. Hsu demonstrates PCCW's
commitment to take our customer focus to the next level."

PCCW also announced that Roy Wilson, currently managing director
of Telecom Services Sector, will be appointed non-executive
board chairman of Corporate Access (HK) Limited and Beyond The
Network Limited, both subsidiaries of Pacific Century CyberWorks
Limited.

In this new role Wilson will concentrate on strategic
initiatives and business relationship development, with a
special focus on North America, leveraging more than 30 years of
experience in telecommunications and international connectivity,
with previous appointments at AT&T International and Sprint in
the US.

Commenting on the new management structure, Richard Li,
executive chairman of PCCW, said, "The new structure will allow
PCCW to be even more focused, effective and competitive in
serving our customers here and abroad."

To learn more about PCCW, go to www.pccw.com

Or call:  

Jenny Fung
SVP, Corporate Affairs
PCCW
Tel: +852 2888 5588
Email: jenny.mkh.fung@pccw.com

For Investor Relations inquiries, please call:

Garth Collier
VP, Director of Investor Relations
PCCW
Tel: +852 2514 5084
Email: garth.collier@pccw.com


YUE HING: Winding Up Petition Set For Hearing
----------------------------------------
The petition to wind up Yue Hing Fat (Holding) Company Limited
is scheduled for hearing before the High Court of Hong Kong on
September 26, 2001 at 9:30 am. The petition was filed with the
court on July 5, 2001 by Hua Chiao Commercial Bank Limited of 92
Des Voeux Road Central, Hong Kong.


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


BAHAMA PEMBINAAN: Timah To File Suit Over Missed Payment
--------------------------------------------------------
PT Timah Tbk will take legal action against PT Bahana Pembinaan
Usaha Indonesia for failing to pay promissory notes, Bisnis
Indonesia reported Wednesday.
PT Timah holds promissory notes issued by PT Bahana worth US$17
million and Rp61 billion. The notes were due and have been
extended a number of times. The latest was due 30 June 2001.
Todung Mulya Lubis, PT Timah Tbk lawyer said the amount is only
the principal loan and does not include interest.
Based on PT Timah's information, the amount of interest as of
December 31, 1998 reached Rp29.841 billion and US$3.591 million.
Meanwhile, interest claims as of January 1, 1999 until June 30,
2001 are Rp160 billion and US$14.537 million, respectively.
PT Bahana's Financial Director Sukandar could not be reached for
comment.
According to Todung Mulya, his client has already gathered
evidence and documents related to the issuance of the promissory
notes.
"Now we're just waiting for a good will from PT Bahana. If they
do not respond in the near future, PT Timah would immediately
take legal action," he added.

TRI POLYTA: Fails To Meet Bond Interest Payment
-----------------------------------------------
Chemical company PT Tri Polyta Indonesia Tbk failed to pay
bonds' interest due to the decline in performance since economic
crisis hit Asia, IndoExchange reported Tuesday.
The bonds, with nominal value of $185 million, were issued
through its subsidiary, Tri Polyta Finance BV. It consists of 11
3/8% interest rate and to mature two years from now.  
The trustee Bank of New York has been asking the company to
speed up the payment.
Tri Polyta has been delaying the payment since 1999.
Iman Sucipto Umar, Tri Polyta President Director, said the
failure in paying the interest was a result of default. Under
such circumstance, bondholders, be it individual or collective,
own at least 25% of the total bonds.
Therefore, bondholders can ask the trustee for payment
acceleration, he concluded.

* IBRA Endeavors to Comply with the Revenue Target of 2001
----------------------------------------------------------
Having succeeded in raising cash revenue of Rp11.16 trillion in
the first semester of 2001, and transferring funds to the
Ministry of Finance of the Republic of Indonesia amounting to
Rp11.25 trillion, IBRA aims to raise cash revenues of Rp10.5
trillion in the third quarter and Rp7.9 trillion in the fourth
quarter of 2001. This effort shall constitute the endeavor of
IBRA to comply with the APBN transfer targets for 2001, i.e.
Rp27 trillion from cash sales and Rp10 trillion from bonds.
Target for Semester II
     IBRA has set a second quarter target for cash revenue of
Rp18.4 trillion.  Additionally IBRA will also fulfill the Rp10
trillion target of withdrawing government bonds from the banks,
so that in total the target for 2001 revenues will be met as
follows:
IBRA: Recovery Targets for 2001 (in Rupiah trillions)
  Semester I
(Actual) Target Total
  3rd Quarter 4th Quarter  
Cash Revenue        
   Sale of equity assets (shares) 3.1 6.0 3.9 13.0
   Sale of loan assets 6.9 3.9 3.9 14.7
   Other Revenue 1.1 0.6 0.1   1.8
Total Cash Revenue 11.1 10.5 7.9 29.5
Bonds Revenue  0.0  5.5 4.5 10.0
In details, the plan of asset sales is as follows:
       ASSET / COMPANY  LINE OF BUSINESS
               PT Holdiko Perkasa   
Sulfindo Vinyl Alkaly
Sugar companies Sugar Cane Plantation
Indomarco Adi Prima Distribution
Gumindo Perkasa Industries Food Additive
Poli Contindo Nusa Steel Drums
Berdikari Flour Mills Flour Miling
Salim Rengo Containers Corrugated Box Packaging
Edible Oils Cooking Oil
Indogift Chuenher Indah Gift and Souvenir
Indomobil Sukses International Car distributors & Assembler
Guangdong Jiangmen FG (China) Float Glass
Riau Projects : Industrial Estate, Hotel &
Resort
Metropolitan Kencana Property
Yakult Indonesia Persada Health Drink
Ariobimo Estate Perkasa Property
Bumi Serpong Damai Property
Kota Bukit Indah Property
              PT Kiani Wirudha  
Pangansari Utama Catering Services
Kiani Kertas (Phase 1) Pulp & Paper
Karana Line & Wisesa Line Shipping
Batu Penggal Chemical Industries Glue & Chemical
Lakosta Indah Glue & Chemical
        PT Bentala Kartika Abadi  
Danataru Jaya Landbank
Bukit  Nirmala Landbank
Alfindo Mercu Estate Landbank
Kuningan Persada/Puri Imperium Apartment & Landbank
Supra Estetika Landbank
Wimukti Arthamas Landbank
Bentala Anggana Mandura Landbank
Caterison Sukses/Hotel Nikko Hotel
Balibuana Perkasa Landbank
          PT Cakrawala Gita Pratama  
Balidesa Suites Hotel
Cariu Landbank
Makawidey Landbank
Tiwoho Landbank
Awani Modern Indonesia/Trawas Project Landbank
Modern Putratama Residential Estate
Modern Griya Reksa Landbank
               BANK  
Bank BCA
Bank Niaga
               LOAN ASSETS  
Corporate Core Asset Sale IV
Corporate Strategic Sale I
Corporate Strategic Sale II
Commercial Loan Sale (5 Bn - 50 Bn) Ex-Outsourcing
SME & Retail
     Pursuant to the mission of IBRA, which includes achieving
maximum recovery of the Government's capital in order to
decrease financing pressure on the APBN, IBRA aims to reach its
net cash revenue target for the fiscal year 2001 of Rp27
trillion.  It is hoped that IBRA shall be able to play a more
active role in the process of the recovery of the Indonesian
economy in the future.

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

AIWA CO: Issues Y30B In Corporate Bonds
---------------------------------------
Aiwa Co Ltd, the troubled Japanese audio-visual electronics
maker, has filed a shelf registration to issue up to Y30 billion
in corporate bonds, Reuters reported Monday, citing the Finance
Ministry.  

The company received a Y7.5 billion injection from its parent
company Sony Corp. last month.

Aiwa incurred a net loss of 8.36 billion yen for the first half
of 2001. It has been hit by vacillating demand for its products
as well as hefty one-off losses from its planned restructuring
of operations.


JUSCO COMPANY: 2003 Furniture Venture Dissolution Planned
---------------------------------------------------------
Jusco Company, a major Japanese supermarket chain operator, will
dissolve its furniture retailing joint venture with RTG
International Inc. of the United States by February 2003 due to
poor performance, Japan Times Online reported Tuesday.
Jusco expects an extraordinary loss of Y2.6 billion from the
liquidation of RTG Japan Co.
RTG's liquidation follows its posted net loss of Y483 million
and a pretax loss of Y473 million in the previous year.
Jusco said RTG Japan would close its four outlets in Tokyo by
the end of September.
RTG Japan, 85-percent-owned by Jusco, was established in
November 1997 and a remainder of RTG International, a unit of
U.S. furniture retail chain Rooms To Go Inc.

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


DAEWOO GROUP: Founder of Daewoo vanished with $A14.6M
------------------------------------------------------
The founder of the collapsed Daewoo Group took at least $US7.5
million in company funds before going into hiding, according to
a report by Australasian Business Intelligence Tuesday.

Founder, Kim Woo-Chong, disappeared after the South Korean
company collapsed under a record $US80bn in debt in July 1999.
Seven former executives have been jailed for between three and
seven years each for falsifying company accounts and diverting
funds. Kim has managed to avoid an international arrest warrant.

Kim's lawyer says the disgraced tycoon is writing his memoirs
and may return to South Korea when they are finished. He claims
both Kim and his wife have developed cancer.


HANVIT BANK: Enters Restructuring Deal With KAMCO
-------------------------------------------------
Hanvit Bank and Korea Asset Management Corp signed a business  
pact to promote corporate restructuring, Asia Pulse reported
Monday.
  
The agreement will reinforce stronger synergy, strengthen its
ability to dispose of bad debts and speed up corporate
restructuring, Hanvit Bank said.

Hanvit Bank is one of the ten financial institutions that have
been provided bailout funds by the state.


HYNIX SEMICONDUCTOR: KEB Seeks Long-term Solution
-------------------------------------------------
Korea Exchange Bank (KEB) hopes to come up with long-term
measures to help the ailing Hynix Semiconductor out of its
chronic liquidity problems, The Digital Chosun reported
Wednesday citing KEB President Kim Kyung-lim.
Hynix's creditor banks have been providing short-term
contingency support to rescue the chipmaker, concluding the
financial troubles at the Hyundai subsidiary have mostly been
due to plunging chip prices.
"If creditors want to save Hynix, then they need to move ahead
with definitive and concrete plans to do so," Kim said.
He added the plan could include the rolling over of maturing
debts or the writing down of interest for the company.
Regarding the proposal that creditors make equity-for-debt
conversions, Kim commented the creditors are considering other
options.
One high-ranking KEB official said Hynix has secured a total of
W2.6 trillion through issuance of GDRs and convertible bonds in
the first half of this year, but the company is left with only
W667 billion after paying off short-term debt.
"If the slump in the chip market continues, Hynix may face the
risk of not being able to pay interest on its loans," the
official added.

HYUNDAI HEAVY: Needs Manpower To Meet Orders
--------------------------------------------
Hyundai Heavy Industries Co. lacks sufficient manpower to deal
with a two-year backlog, and new orders which include marine
plants, The Korea Herald reported Monday.

The company plans to add 200 new workers later this year as it
has received back-to-back orders for marine plants and liquefied
natural gas (LNG) container ships.

"The industry faces manpower problems due to expanded operations
and especially workers in their late twenties and thirties are
needed," an industry source said.

In March, the company sent 134 graduates of its in-house
training facility to cover company and subcontractor operations.


HYUNDAI HEAVY: Posts Net Loss of W53B
--------------------------------------
Despite a flood of orders, Hyundai Heavy Industries (HHI),
reported net losses of W53.1 billion in the first half this year
as it shoulders its sister firms losses, The Digital Chosun
reported Wednesday.
Despite sales in the first half edging upward 7.86 percent over
the same period last year to W3.52 trillion, the firm still
posted a total of W53.1 billion in net losses.
The firm achieved an operating profit, but has ended up in the
red as it incurred W264.8 billion in unrealized losses in its
equities in other Hyundai subsidiaries, which includes a loss of
W143.4 in its equity in Hyundai Petrochemical, an HHI official
explained.


SSANGYONG CEMENT: CHB Takes Debt-For-Equity Conversion
------------------------------------------------------
Cho Hung Bank (CHB) converted W1.2 trillion to W1.3 trillion out
of its W1.7 trillion in convertible bonds of Ssangyong Cement
into equity, The Digital Chosun reported Wednesday.
The debt-for-equity conversion measure represented CHB's bid to
reinforce the capital structure of the ailing firm.
CHB announced the rescue package for the firm would be confirmed
by the end of this month in consultation with other creditors,
including Korea Development Bank, Korea Deposit Insurance Corp.,
and Seoul Guarantee Insurance Corp.
Ssangyong Cement's capital amounts to W935 billion, but is
expected to be wiped out as it books its equity investments and
loans to its sister firms as losses this year.
The conversion measure would not lift the company out of its
current liquidity crunch fully and, as such, the bank has been
working out other packages, including purchase of the firm's
bonds due to mature next year, CHB said.

* KCCI Contests Governance Evaluation Agency
--------------------------------------------
The Korea Chamber of Commerce and Industry (KCCI) opposes the
organization of "corporate governance evaluation agency" to
administer chaebol reforms, The Korea Herald reported Tuesday.

In August 5, the Ministry of Finance and Economy proposed a new
government agency to improve the chaebol's transparency.

KCCI said the agency could use its power as a new means of
corporate regulation.

"An independent government agency in charge of conducting minute
surveillance of corporate reforms and issuing grades for
individual corporations is unprecedented in the world.

"The ISS of the United States and PIRC of Britain, cited by the
Seoul government as similar instances, are actually private
organizations, not government agencies," said the KCCI.

It also alleged that the agency's proposed numerical evaluations
of individual firms' restructuring might be weakened by
technical difficulties and a lack of objectivity. These problems
could lead to investor confusion.

The KCCI added the government's education programs offered to
outside directors are unrealistic, as outside directors have
limited influence over management.


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


LION CORP: KLSE Approves Extension Request
------------------------------------------
Lion Corporation Berhad (the Company) says the Kuala Lumpur
Stock Exchange has, via its 3 August 2001 letter, granted the
Company an time extension for the implementation of the proposed
group-wide restructuring scheme until 25 August 2001, 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.


MOTIF HARTA: Suspends Debt Payments Of RM3.5M
---------------------------------------------
Motif Harta Sdn Bhd (MHSB), a wholly owned subsidiary of Ayer
Hitam Dredging Malaysia Berhad (AHTIN), has further suspended
its interest and principal sum payments amounting to
RM3,475,090.30 as of 13 August 2001 due to several financial
institutions (the Lenders) under the RM63million Syndicated Term
Loan (STL) facilities.

The total principal drawdown and outstanding on the STL
facilities as of 13 August 2001 is RM22.8 million.

The Company has proposed a debt restructuring scheme to its
Lenders and is awaiting their formal response which is expected
soon.


RAHMAN HYDRAULIC: Unit Facing Suit
----------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB)
announce that on 2 August 2001, the Company received a Writ of
Summons dated 30 June 2001 from Yalaco Sdn. Bhd. (Plaintiff)
against Natural Acres Sdn. Bhd. (Defendant), a wholly-owned
subsidiary of RHTB.

In the suit, which was filed with the High Court of Malaya, 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.

RHTB's solicitors filed a Memorandum of Appearance for the suit
August 9, 2001.



SISTEM TELEVISYEN: Proposed Debt Workout Aborted
------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) revealed the Company's
Proposed Restructuring Scheme has been aborted as Simpletech Sdn
Bhd has retracted its offer to participate in the Proposed
Restructuring Scheme.

The Company intends to formulate a new restructuring scheme.

The Company will seek an extension of time from the Kuala Lumpur
Stock Exchange (KLSE) to allow the Company to comply with
paragraph 5.0 of Practice Note 4/2001 of the KLSE Listing
Requirements pertaining to the stipulated time frames for
regularizing an affected listed issuer's financial condition.


WEMBLEY INDUSTRIES: Exchange Grants Two-Month Extension
-------------------------------------------------------
On 3 August 2001, the Kuala Lumpur Stock Exchange (KLSE)
approved an extension of two months from 23 June 2001 to 22
August 2001 to Wembley Industries Holdings Berhad (the Company).

In approving the extension, the Company is required, within the
extension period, to carry out the following:

   (i) revise its regularization plan;

   (ii) make a revised requisite announcement to the Exchange;

   (iii) submit its revised plan to the regulatory authorities
for approval; and

   (iv) upon submission of the revised plan to the regulatory
authorities, make a separate application to the Exchange to seek
additional time for the Company to obtain all necessary
approvals from the authorities.


ZAITUN INDUSTRI: Winding Up Hearing Rescheduled
-----------------------------------------------
The High Court of Malaya has postponed the hearing of the
winding up petition filed by Maxseal Sdn Bhd against Zaitun
Industri Sdn Bhd to 28 August 2001 at 9.00 am.


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


MAYNILAD WATER:  Gets Six-Month Extension To Settle $100M Debt
--------------------------------------------------------------
Debt-laden Maynilad Water Services Incorporated, a subsidiary of
Benpres Holdings, has been given by its foreign creditors
another six months to settle $100 million worth of loans, The
Philippine Daily Inquirer reported Tuesday.

"We have assured them we will finally obtain an approval for a
rate adjustment, but it will take some more time, and they
agreed to another extension," Maynilad project finance director
Francis Gilles Puno said.

Maynilad will implement a September rate hike of P2 per cubic
meter to help cover the company's previous foreign exchange
losses.


NATIONAL POWER: Malaysians Join Asset Sale
------------------------------------------
The Department of Energy (DoE) said that Tenaga Nasional Berhad,
Malaysia's largest power company, set up a consortium to bid on
the due-to-be-privatized generation assets of ailing National
Power Corp. (Napocor), The Business World reported Wednesday.
Last week, Tenaga Nasional's officials met with Energy Secretary
Vincent S. Perez, Jr. during the state visit of President Gloria
Macapagal-Arroyo in Malaysia.
"They informed me of their interest during a private meeting
after my presentation on the new developments and opportunities
in the Philippine energy sector during the recent state visit of
President Gloria Macapagal-Arroyo in Kuala Lumpur, " Perez said.
Other Malaysian independent power producers such as Power
Generation Sdn. Bhd. and Powertek Bhd may join Tenaga Nasional
in the bidding.
Tenaga Nasional owns and operates about 7,100-MW of installed
generating capacity in Malaysia, accounting for 61% of the total
power generation in Peninsular Malaysia.
YTL Power Generation is the first independent power producer in
Malaysia when it deregulated its market in 1992. The firm is
operating two natural gas-fired power plants with a total
capacity of 1,212 MW.
Powertek, on the other hand, is operating the 330-MW plant in
Malacay it acquired from Tenaga Nasional in December 1998 worth
$195 million.
According to Perez, the growing interests of foreign firms to
bid for Napocor's assets is a good sign that the privatization
efforts on the country's electricity will succeed.


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


OAKWEEL ENGINEERING: Faces Winding Up Petition
----------------------------------------------
Oakwell Engineering Limited revealed that on 13 August 2001 it
was served a winding-up petition by Fleet National Bank on the
grounds the Company is deemed unable to pay its debts amounting
to US$2,082,279.34, S$1,094,117.74 and Euro109,472.03.

The Company is currently seeking advice from its Independent
Financial Advisors, Arthur Andersen Associates and its legal
advisors on various courses of action.


SEMBCORP LOGISTICS: Sells Shenzhen Chiwan Shares
------------------------------------------------
SembCorp Logistics Limited (SembLog) has, over the period of May
8, 2001 to August 10, 2001 sold an aggregate of approximately
10.613 million shares in Shenzhen Chiwan Petroleum Supply Base
Company Limited ("Chiwan"), an associated company. The sale was
conducted via on-market transactions, at an average price of
HK13.34 (approximately, S$3.09) per share and average price
earning ratio of approximately 70 times.

Sale proceeds amounted to a total of approximately S$32.8
million.

Chiwan is a company incorporated in Chiwan, Shenzhen, the
People's Republic of China and is listed on the Shenzhen Stock
Exchange. Chiwan and its associates provide, marine logistics
services, wharf and yard services and offshore engineering
services.

The sales were made to unlock shareholders' value and do not
have any significant financial impact on the current earnings of
SembLog, save as an exceptional item.

The gains from the sales of these shares amounted to 3.0 cents
per share and the sales have increased SembLog's net tangible
assets by 2.9 cents.

The book value of the shares sold is S$6.3 million. The excess
of the sale proceeds over the book value of the shares sold is
S$26.5 million and the net gain after deducting all related
charges excluding taxation attributable to the shares sold, is
S$25.2 million.

The sale proceeds will be used to reduce SembLog's bank
borrowings.

None of the Directors and substantial shareholders of SembLog
has any interest, direct or indirect, in the sales of these
shares.

For media and investor enquiries, please call:

         Chow Hung Hoeng (Ms)
         Investor Relations
         SembCorp Logistics
         Tel: (65) 3579 152 / 462 8408
         Fax: (65) 3522 163 / 468 2797
         Email: chowhh@sembcorp.com.sg
         Website: www.semblog.com


VAN DER HORST: Share Sale Price Pegged At S$12M
-----------------------------------------------
Further to the announcement of Van der Horst Limited (Under
Judicial Management) that it had entered into an Investment
Agreement and a Share Sale Agreement with Fargro Pte Ltd
(Fargro) after having obtained the approval of the High Court of
Singapore to enter into the Investment Agreement and the Share
Sale Agreement, the Company is pleased to provide further
details of the Company's assets sold to Fargro pursuant to the
Share Sale Agreement.

Share Sale Agreement

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

   (a) The Company's leasehold interest in the property at 11
Pandan Crescent, Singapore 128467 (the Property). The Company is
the lessee of the Property under an agreement with the Jurong
Town Corporation (JTC). The lease expires in May 2009.

   (b) 9,520,000 shares held by the Company in Van der Horst
Engineering Services Pte Ltd (VDHES). VDHES is a wholly owned
subsidiary of the Company. VDHES is engaged in the re-
manufacturing and electroplating of marine, oilfield and
industrial precision equipment.

   (c) 131,422 shares held by the Company in Van der Horst
Technologies (Phils.), Inc. (VDHP). VDHP is a wholly owned
subsidiary of the Company. VDHP is engaged in the provision of
re-manufacturing, electroplating and precision engineering
services.

   (d) 20,000 shares held by the Company in VDH Land, Inc.
(VDHL). This comprises 40 percent of the issued shares of VDHL.
VDHL owns the land on which VDHP operates a factory.

   (e) 2 shares held by the Company in Hoyane Capital Ventures,
Inc. (HCV), a wholly owned subsidiary of the Company. The
acquisition by Fargro of the shares in HCV is conditional upon
the transfer to HCV of the Company's 50 percent shareholding in
Dalian Van der Horst Marine Engineering Co Ltd.

   (f) The Company's entire shareholding in VDH Europe B.V.
(VDHEUR), a wholly owned subsidiary of the Company, which in
turn owns all the shares held by the Company in Hardchroom
Nijkerk B.V. (HNBV) and 40 percent of the issued shares in
United Van der Horst Limited (UVL).

In addition, the Company had pursuant to the Share Sale
Agreement assigned to Fargro its rights to "Van der Horst" trade
mark registration and the "Van der Horst" name but with the
reservation that the Company and all its existing subsidiaries
may continue to retain and use the "Van der Horst" name.

The Company is not aware of any of its directors or substantial
shareholders having any interest, direct or indirect, in the
disposal of the Company's assets pursuant to the Share Sale
Agreement.

Rationale for the Disposal of the Company's Assets

   (1) The Company is insolvent and it does not have the
resources and funds to strengthen and improve the quality of the
management of those companies and to assist in the development
or expansion of their businesses. In the meantime, those
companies are finding it difficult to continue to retain key
management and technical personnel.

   (2) It is unlikely that the Company would be able to secure a
better price for the shares in those companies in the
foreseeable future given the prevailing regional economic
conditions and outlook.

   (3) The Company's lease expires in May 2009. With the
disposal of those companies, the Company has no need or use for
the leased premises thereby saving the fixed overhead costs of
maintaining the Property.

Financial Effects of the Disposal of the Company's Assets

The total sale consideration of S$12 million in cash will be
applied towards repayment of the Company's debts of
approximately US$94 million.

The disposed assets constitute substantially all of the
Company's operating assets. The Company expects to record a net
loss of S$301,000 arising from the disposal. After the disposal,
the remaining assets of the Company will comprise of:

   (1) dormant companies which will eventually be liquidated;
and

   (2) the Company's investment of a 7.06 percent minority stake
in Space Imaging LLC.

The Group's operating revenue for the year ended 30 September
2000 and year ending 30 September 2001 are derived entirely from
the companies sold under the Share Sale Agreement.


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


CENTRAL PAPER: 2001 Q2 Net Loss Surges To Bt101.445M
----------------------------------------------------
Central Paper Industry Plc, in its reviewed quarterly financial
statement ending June 30, 2001, reported a net loss of Bt101.445
million in the second quarter this year, higher compared to last
year's Bt66.810 million second quarter net loss. The statement
also indicated a consolidated net loss of Bt168.810 million for
the first six months this year, higher to last year's Bt125.903
million.


DATAMAT PUBLIC: Incurs Net Loss Of Bt25.871 Million
---------------------------------------------------
Datamat Public Company Limited, in its reviewed quarterly
financial statements ending June 30, 2001, incurred a net loss
of Bt25.871million for the second quarter 2001, down from the
Bt112.143 million net loss last year.  The statements also
indicated a consolidated six months net loss of Bt15.106
million, down from Bt170.877 million last year.


EASTERN PRINTING: Incurs Bt32.64M Q2 Net Loss
---------------------------------------------
Eastern Printing Public Co., Ltd. and Subsidiaries, in its
reviewed quarterly financial statement ending June 30, 2001,
reported the company incurred a Bt32.64 million net loss for the
second quarter of year 2001, a reduced reported net loss from
last year's second quarter net loss of Bt55.142 million.  

However, for the six-month period ending June 30, 2001, the
company incurred a net loss of Bt164.176 million, an increased
figure from last year's six month period net loss of Bt126.652
million.


EMC PUBLIC: Administrator Issues Rehab Implementation Progress
--------------------------------------------------------------
EMC Public Company Limited reported the rehabilitation plan
progress for the first three months:

1. The change of the registered capital

   1.1 The company reduced its registered capital and paid-up
capital from Bt300,000,000 to Bt75,000,000, divided into
7,500,000 ordinary shares which have the par value of Bt10 per
share. The company has registered the reduction of registered
capital and paid-up capital and amendment to the Memorandum of
company on July 25, 2001.

   1.2  The company increased its registered capital from
Bt75,000,000 to Bt677,954,310 by issuing the ordinary shares of
60,295,431 shares which have the par value of Bt10 per share.
The company has registered the increase of registered capital
and amendment to the Memorandum of company on July 26,
2001.

2. The plan administrator had registered the restriction of
transfer the convertible bonds on July 25, 2001 "the first EMC
Public Company Limited's convertible bonds due 2010".

3. Issuance and sale of the convertible bonds, the issuance and
sale of "the first EMC Public Company Limited's convertible
bonds due 2010", the amount of the convertible bonds will be Bt
50,000,000 divided into 50,000 units, which have the
denomination of Bt1,000 per unit, offering to the financial
institution creditors group 1 and 2.

4. The payment for the first payment was June 30, 2001, the plan
administrator had paid the payment for the creditor group 5. The
first interest payment was June 30, 2001, the plan administrator
had paid the first interest payment for the creditor group 1 and
2.

5. The appointment of financial auditor, the plan administrator
appointed East West Consulting and Education Company Limited as
a financial auditor. The financial auditor will report the
financial status to the committee of creditors every month.

6. The plan administrator closed the old account and opened the
new 6 accounts according to the rehabilitation plan with Bangkok
Bank Public Company Limited, head office.

7. The securities agent, the committee of creditors appointed
Bangkok Bank Public Company Limited as the securities agent
according to the rehabilitation plan.


EMC PUBLIC: Incurs 2001 Q2 Bt35.01 Million Net Loss
---------------------------------------------------
EMC Public Company limited, in its reviewed quarterly financial
statement ending June 30, 2001, reported a second quarter net
loss of Bt35.01 million, a reduced figure from last year's
Bt144.319 million net loss.  

The report also indicated the company incurred a 2001 first six
months net loss of Bt64.462 million, a reduced loss compared to
last year's first six months net loss of Bt170.86 million.


MEDIA OF MEDIAS: Explains Operation Results Changes
---------------------------------------------------
Media of Medias Public Company Limited explained the changes in
results of operation for the second quarter. For the second
quarter 2001, the company showed a net loss of Bt20.60 million,
lower Bt44.52 million or 68.37 percent compared to net loss of
Bt65.12 million of the same quarter of last year.

The reduction of net loss was due to:

   (1) Advertising income increased by Bt14.34 million,
resulting in the increase of gross profits of Bt8.34 million.

   (2) Provision for liabilities from guarantee loans of the
associated company reduced by Bt27.43 million.

   (3) Operating expenses decreased by Bt12.54 million to
Bt33.54 million this year.


MEDIA OF MEDIAS: Posts Bt20.596M 2001 Q2 Net Loss
-------------------------------------------------
Media of Medias Public Co Limited in its reviewed quarterly
financial statement ending June 30 reported a net loss of
Bt20.596 million for the second quarter 2001, lower than last
year's Bt64.124 million. The statement also indicated the
company incurred a consolidated first six months 2001 net loss
of Bt43.453 million, lower compared to Bt91.785 million in 2000.

Reviewed
                Ending  June 30,            (In thousands)
                   Quarter 2               For 6 Months

       Year      2001      2000       2001        2000

Net loss       20,596     65,124       43,453      91,785
EPS (baht)      0.79       2.50         1.67        3.53


NATURAL PARK: Books Bt200.12M 2001 Q2 Net Loss
----------------------------------------------
In its reviewed quarterly financial statement ending June 30,
2001, Natural Park Public Company Limited reported a Bt200.12
million net loss for the 2001 second quarter.

Reviewed
                    Ending  June 30,            (In thousands)
                     Quarter 2                   For 6 Months

         Year      2001        2000          2001        2000

Net profit(loss) (200,120)    97,936     1,961,791    995,875
EPS (baht)         (0.53)      0.26          5.19       2.63

The company, with reference to the Reviewed Financial Statements
for the 2nd quarter of 2001 comparing to the same period of
prior year, said net earnings decreasing Baht 295 million, as
the following details:
                                                                
Increase in loss on impairment of assets: Bt176 million
Increase in recognition of guarantee obligation to related
parties : Bt51 million
Decrease in interest expenses: (Bt24 million)
Decrease in gain from debt restructuring: Bt92 million
Total : Bt295 million


THAI HEAT: Posts Net Loss Of Bt4.511M
-------------------------------------
In its reviewed quarterly financial statements ending June 30,
2001, Thai Heat Exchange Public Company Limited reported
a net loss of Bt4.511 million for the second quarter this year,
lower compared to the Bt12.041 million in the second quarter
last year.  The statements also indicated a consolidated six
months net loss of Bt15.004 million, lower compared to the
Bt20.067 million net loss in the first six months last year.


THAI MODERN: Posts 2001 Q2 Net Loss of Bt4.915M
-----------------------------------------------
In its reviewed quarterly financial statements ending June 30,
2001, Thai Modern Plastic Industry Public Company Limited
reported a net loss of Bt4.915 million for the second quarter
2001, lower compared to last year's Bt20.956 million.  The
statement also indicated a consolidated six months net loss of
Bt12,156 million this year, lower compared to Bt294.398 million
last year.


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

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