TCRAP_Public/010817.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, August 17, 2001, Vol. 4, No. 164


                         Headlines


A U S T R A L I A

AMP LIMITED: ASIC Begins Disclosure Investigation
AMP LIMITED: Disclosure Policies Review Conducted
AMP LIMITED: H/Y Meeting With Analysts Held
AUSTRALIAN WORKFORCE: Releases Case Profile
COLES MYER: Brambles CEO Fletcher Named Chief Executive
KEYCORP LIMITED: Director Thompson Assumes CEO Post
OPTECOM LIMITED: Suspended From Trading
PASMINCO LTD: Chairman Rayner Takes Leave Of Absence


C H I N A   &   H O N G  K O N G

139 HOLDINGS: Placing 1.44 Trillion Shares With Investors
COMPANION BUILDING: Posts Unaudited Financial Results
GOLDEN EXPRESS: Hearing of Winding Up Petition Set
MANON TOBACCO: Winding Up Petition Slated For Hearing
PACIFIC CENTURY: Comments On Exceptional Price, Turnover
SHUN TO: Petition To Wind Up Set For September


J A P A N

MYCAL CORP: Drops Plans For Additional Retail Outlets


K O R E A

ANAM SEMICONDUCTOR: Posts Net Loss Of W121.4B; Sales Down 84%
ASIANA AIRLINES: Continues Cost-Reduction Campaign
DAEWOO MOTOR: Operating Profit On The Rise
KOREAN AIRLINES: Lays Off Staff; Promotes Early Retirement
HYUNDAI ENGINEERING: Narrows Net Loss to 86%
SEOUL GUARANTEE: Liquidity Problem Likely
* Govt Revises Chaebol Debt Regulations


M A L A Y S I A

AYER HITAM: Unit Suspends Interest Payment
EPE POWER: Monthly Interest Payment Defaulted
ISUTA HOLDINGS: Conversion Price Of RM1.5 Per Share
LAND & GENERAL: Unit Defaults On Shares Redemption
PANGLOBAL BERHAD: Requests Scheme Proposal Approval Extension  
UH DOVE: FIC Grants Proposal on Debt Workout


P H I L I P P I N E S

BELLE CORP: Posts Half-Year Loss of P367.8M
METRO PACIFIC: Widens 1st Half 2001 Loss To 80%
NATIONAL POWER: Excluded From GSIS Insurance Firm Selection  
NATIONAL BANK: Loss Widens To P1.9B


S I N G A P O R E

GOLDEN AGRI: Posts Notice Regarding Substantial Shareholding
SEMBCORP LOGISTICS: Posts Changes In Substantial Shareholding


T H A I L A N D

B GRIMM: Cites Reasons For Bt35.3M Net Loss Major Variances
BANGKOK RANCH: Files Petition For Business Reorganization
PRASIT PATANA: Administrator Addresses Causes of Net Loss
THAI PETROLEUM: Ube Industries To Buy Assets For Bt1.27B
THAI WAH: Administrator Reports Reorganization Plan Progress



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


AMP LIMITED: ASIC Begins Disclosure Investigation
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
revealed it has commenced a formal investigation into whether
AMP Limited's complied with its market disclosure obligations.
The investigation follows the Australian Stock Exchange referral
relating to recent briefings of analysts by AMP and the
subsequent publication of revised profit expectations for the
year ended 30 June 2001.
ASIC will make no further comment on the scope or progress of
the investigation at this time.


AMP LIMITED: Disclosure Policies Review Conducted
-------------------------------------------------
AMP Limited conducted an immediate internal review of its
disclosure policies and practices following concerns expressed
by regulators.

The concerns expressed relate to a series of briefings for
analysts and institutions, which were held to ensure that all
publicly available information was reflected in analysts'
valuations. These briefings have been held every six months for
the past two years.

The Chief Executive Officer of AMP, Paul Batchelor, said: "While
AMP undertook these briefings with the best of intentions, it is
apparent that our approach has caused concern that these
briefings were being made selectively. This is unsatisfactory
and we will therefore need to change our procedures.

"We regret that our approach has caused concern to the market
and our staff, and believe an immediate review is the best way
forward for the company.

"I have requested a full review of our disclosure and briefing
procedures. As one of Australia's largest listed companies, we
are committed to ensuring best practice disclosure and full
transparency of our processes.

"We expect the review to be completed before the release of our
interim results on 23 August 2001. We will seek to discuss with
both ASIC and the ASX the findings of our review, and will
ensure we publicly release any new procedures.

"While it is too early to speculate about the outcome of the
review, it is likely to include steps such as the web casting of
briefings relating to results and major transactions or events.
We aim to ensure that we have in place practices that allow the
widest possible audience to have consistent access to the
information we release.

"AMP has already held preliminary informal discussions with ASIC
and the ASX and will provide full cooperation with any requests
for information."


AMP LIMITED: H/Y Meeting With Analysts Held
-------------------------------------------
AMP Limited held its regular half-yearly meetings with analysts,
at which no new information was disclosed. The purpose of these
regular meetings is to recap publicly available information and
explain the structure of its financial accounts.

At the meeting, AMP reaffirmed comments made at its Annual
General Meeting on 17 May 2001 on the outlook for earnings for
the2001 financial year, when Chief Executive Officer Paul
Batchelor said:

"At a group level, while weak equity markets will inevitably
impact our investment income, we have taken decisive action to
cushion this impact, deferring projects where prudent and
continuing a company-wide focus on driving down costs.

"Sustained weakness in equity markets will also adversely impact
our asset management business, Henderson Global Investors.
However, management has acted quickly to minimize the impact of
current market volatility. As a result, Henderson should still
deliver recurring margins above those of 2000 - a good
performance relative to their peers, many of whom have been
reporting lowered earnings.

"The profitability of the remainder of the business has been
resilient and we remain confident of delivering double-digit
growth in our core, recurring operating margins this year.

"Overall, in terms of outlook for 2001, our core businesses are
performing well and whilst weak international financial markets
may adversely impact the bottom-line in the first-half, we have
a positive view of markets for the balance of the year. Together
with our strong operating profit, this should deliver a sound
2001 result for AMP shareholders."

AMP reaffirms its expectation for growth in total core recurring
operating margins for 2001. This takes into account the expected
impact of recent acquisitions and divestments.


AUSTRALIAN WORKFORCE: Releases Case Profile
-------------------------------------------
Territory:  Australia
Company Name: Australian Workforce Eligible Rollover Fund
(AWERF)
Lead Partner:  Peter Hedge
Case Manager:  Ian Douglas
Date of Appointment: 13 December 2000
Normal Contact:  Ian Douglas
Contact Phone No: (02) 8266 3955

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 3955
Fax:    (02) 8266 2736
Appointor:   APRA
Registered Office of company: C/ PwC - Level 1 201 Sussex Street
Company No / ACN: 095 333 743
Type of Appointment: Trustee
Second Partner - Full Name: Ian Douglas

Case Information

  Background Information

     Oak Breeze Pty Ltd was appointed as the new Trustee to the
AWERF fund by APRA, on 13 December 2000.

  Current status of assignment and actions required by creditors

     Oak Breeze Pty Limited, the acting trustee of AWERF, is in
the process of completing the review and finalizing the audit of
AWERF for the year ended 30 June 2000. This includes reconciling
fund assets to member records, producing financial statements
and issuing member statements and annual reports.
     Australian Securities & Investments Commission (ASIC) has
granted the acting trustee a further extension for issuing
member statements and annual reports until 30 September 2001.
The acting trustee continues to report monthly to Australian
Prudential Regulation Authority (APRA) on its progress of the
management of AWERF.
   Next milestone and estimated timetable

     The acting trustee estimates that the review for the 30
June 2000 year and audit of AWERF to be finalized by the end of
August 2001. Accordingly, members should receive their annual
statements and an annual report for the 2000-year in September
2001. The acting trustee has also commenced reconciling
transactions from 1 July 2000 to the current date and intends to
issue member statements and an update on the movements for the
2001 financial year in the latter stages of calendar 2001. We
will provide a regular update on the status of the 2001 review
as more information becomes available.
     Update of Member Address Details
        If you have changed your address since our last
correspondence to you, please download and complete the
Notification of Address Change form (Refer "Click here to view
Published Documents" above).
        The completed form should be mailed or faxed to:
           Mr Scott Vincent
           Oak Breeze Pty Limited
           c/- PricewaterhouseCoopers
           GPO Box 2650
           Sydney NSW 1171
           Facsimile: (02) 8266 8915  
(source: www.pwcrecovery.com)


COLES MYER: Brambles CEO Fletcher Named Chief Executive
-------------------------------------------------------
Coles Myer Ltd (CML) announced John Fletcher was appointed
Managing Director and Chief Executive Officer of CML beginning
10 September 2001.

The Chairman of CML, Stan Wallis, said: "The appointment follows
the announcement made on 10 April 2001 that an executive search
was commencing to replace CML's present CEO, Dennis Eck. Egon
Zehnder International has conducted a very extensive local and
international search over the past four months and we are very
pleased to have secured the services of John Fletcher who
retired as CEO of Brambles Industries Ltd earlier this month.

He joins CML after a long and successful career with Brambles
and will bring his extensive Australian and international
experience and leadership skills to CML.

Wallis also stated: "Whilst the last twelve months or so have
been challenging for the company, CML achieved very good growth
in sales earnings and returns in the previous four years under
the leadership of Dennis Eck. Dennis' major contribution since
he became involved with CML has clearly been the revitalization
of the Group's Food & Liquor businesses, and the development of
the company's e-commerce activities where he has been a major
driving force. We thank Dennis for his efforts over the past
seven years on behalf of shareholders and employees."

"John Fletcher will take up his appointment as substantial
change is occurring in the company, particularly with
rejuvenating CML's General Merchandise & Apparel businesses. We
look forward to a continuation of John's past achievements in
creating and driving shareholder value on behalf of all
stakeholders in the company."

John E Fletcher, aged 50, has spent almost all his professional
career with Brambles Industries, commencing in 1974 - initially
in an accounting role and then in a series of operating and
senior management positions. He was appointed General Manager of
the Transport Division in 1982, Commercial Director Europe in
1984, Managing Director CHEP Australia in 1986, Managing
Director Brambles Australia in 1988 and Chief Executive of
Brambles Industries in 1993.

Following the recent merger of Brambles with major entities of
the UK based GKN Group and the formation of the dual listed
entity, Fletcher retired as CEO of Brambles on 1 August 2001.
John Fletcher has been a major driving force behind the growth
of Brambles in recent years and the development and formation of
the new Brambles DLC.

John Fletcher was born and educated in Melbourne. He is married
with three children and presently lives in Sydney but will
relocate to Melbourne for the Coles Myer CEO role.


KEYCORP LIMITED: Director Thompson Assumes CEO Post
---------------------------------------------------
Michael Thomes is no longer Managing Director of Keycorp
Limited.

As an interim measure, Bruce Thompson, a director of Keycorp
Limited, will assume the responsibilities of Chief Executive
Officer until a permanent replacement is found.

Thompson spent 32 years with Hewlett Packard before retiring as
Managing Director of Hewlett Packard Australia and New Zealand
last year.

The company will report its audited results for the six months
to June 30, 2001 on August 15. These results at the operating
level before amortization, abnormal items and income tax will be
in the range of between $10 million and $15 million loss as
foreshadowed at the Company's Annual General Meeting in May.

In addition, a provision for restructure of $3.7 million will be
incorporated in the June results.

This restructure, which is currently being implemented, is
expected to generate savings of $15 million in the year to June
30, 2002 and $19 million in a full year.

Directors plan to provide a comprehensive statement on the
company's activities and forecast results for the six months to
December 2001 and 12 months to June 30, 2002 on August 15.


OPTECOM LIMITED: Suspended From Trading
---------------------------------------
The securities of Optecom Limited (the Company) will be
suspended from quotation at the close of trading on Friday, 17
August 2001 at the request of the Company, in accordance with
the timetable with respect to the proposed acquisition of all
the securities of Ambri Limited.

The Company requested a suspension of its shares from quotation
under Listing Rule 17.2, effective from close of trading on
Friday, 17 August, 2001, ahead of the general meeting to
consider the acquisition of Ambri to be held on Thursday, 23
August 2001.

Subject to Optecom shareholders approving the required
resolutions at the general meeting, Optecom expects to be able
to satisfy the necessary conditions, so as to allow the
voluntary suspension of the trading of its shares to end by 30
August 2001.

The Company is not aware of any reason why its shares should not
be voluntarily suspended.

REQUEST FOR VOLUNTARY SUSPENSION, LAST DAY OF TRADING/OPTIONS

The Directors advise that, in accordance with the timetable set
out in the ASX announcement on 13th July 2001 and the Prospectus
registered on the same day, they have requested a voluntary
suspension of the Company's shares from trading on the ASX,
effective from the close of business on Friday 17th August 2001.

Friday 17th August 2001 is also the last day of trading in the
Company shares cum the 1:10 Bonus Option, as set out in that
Prospectus.

The fully underwritten Share Offer under the Prospectus, which
opened on 30 July, 2001 was closed, fully subscribed, one day
later on 31 July 2001.

Shareholders are reminded of the General Meeting of Shareholders
to be held at 10.00am on Thursday 23rd August 2001 and that
proxy forms must be lodged at the Company's Share Registry no
later than 48 hours before the commencement of the meeting.

Following the General Meeting of Shareholders to approve the
acquisition of Ambri and other related matters as set out in the
Prospectus, the Directors anticipate that the Shares will
commence trading on the ASX under the new Company name of Ambri
Limited (ASX Code: ABI), on or about the 30th August 2001 and
that the Bonus Options will commence trading on the Australian
Stock Exchange on Wednesday 12 September 2001.


PASMINCO LTD: Chairman Rayner Takes Leave Of Absence
----------------------------------------------------
The National Australia Bank announced that Chairman Mark Rayner,
has decided to take leave of absence from the board to
concentrate on restructuring Pasminco Ltd, of which he is also
Chairman.

In the interim, Charles Allen will undertake the duties of the
Chairman.

Rayner said he had made his decision in the interest of good
corporate governance at both the National and Pasminco.

"It puts beyond doubt any suggestion of a conflict of interest
flowing from the National's exposure to Pasminco. I have not
been involved in any discussions relating to that exposure at
either company," he said.


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


139 HOLDINGS: Placing 1.44 Trillion Shares With Investors
---------------------------------------------------------
On 3 August, 2001, 139 Holdings Limited conditionally agreed to
place, through its placing agent, Tai Fook, 1,436,560,000
Placing Shares to more than six professional investors. The
investors are independent of, and not connected with, the
directors, chief executive or substantial shareholder of the
company, and any of their subsidiaries or any of their
respective associates, at a price of HK$0.025 per Placing Share.

The Placing is fully underwritten by Tai Fook and will be
subject to certain termination events as set out below.

The Placing Shares represent approximately 19.99% of the
existing issued share capital of the company of 7,182,800,478
Shares and approximately 16.67% of the company's issued share     
capital as enlarged by the issue of the Placing Shares. The net
proceeds from the Placing of approximately HK$34.8 million will
be used for additional working capital of the Company.

The Placing is conditional upon the Stock Exchange granting
listing of, and permission to deal in, the Placing Shares.

Tai Fook is the placing agent and underwriter and will receive a
placing and underwriting commission of 2.5% on the gross
proceeds of the Placing. Tai Fook is independent of and not
connected with the directors, chief executive or substantial
shareholder of the Company, and any of their subsidiaries or any
of their respective associates (as defined in the Listing
Rules).

Placees

Tai Fook has agreed to procure more than six placees
(independent individual and institutional investors) who are
independent of and not connected with the directors, chief
executive or substantial shareholder of the Company, and any of
their subsidiaries or any of their respective associates (as
defined in the Listing Rules) to subscribe for the Placing
Shares at HK$0.025 per Placing Share, failing which Tai Fook has
agreed to subscribe for the unplaced portion of the Placing
Shares.

Placing price

The placing price is HK$0.025 per Placing Share. This price was
agreed after arm's length negotiations and represents (i) a
discount of approximately 10.7% to the closing price of HK$0.028
per Share quoted on the Stock Exchange on 3rd August, 2001; and
(ii) a discount of approximately 12.3% to the average closing
price of approximately HK$0.0285 per Share as quoted on the
Stock Exchange from 20th July, 2001 to 3rd August, 2001, both
dates inclusive, being the last ten full trading days
immediately before the issue of this announcement.

Ranking of Placing Shares

The Placing Shares will when issued and fully paid rank pari
passu in all respects with the then existing issued Shares.

Number of Shares to be placed

1,436,560,000 new Shares are to be placed, representing
approximately 19.99% of the existing issued share capital of the
Company of 7,182,800,478 Shares and approximately 16.67% of the
issued share capital of the Company as enlarged by the issue of
1,436,560,000 Placing Shares. The Placing Shares are fully
underwritten by Tai Fook.

General Mandate

The Placing Shares will be issued pursuant to the general
mandate to allot, issue and deal with Shares granted to the
directors of the Company by resolution of its shareholders
passed at the Company's special general meeting held on 26th
July, 2001 and the then issued share capital of the Company was
7,182,800,478 Shares.

Use of Proceeds

The net proceeds from the Placing of approximately HK$34.8
million referred to herein will be used for additional working
capital of the Company.

Condition of the Placing

The Placing is conditional upon the Listing Committee of the
Stock Exchange granting listing of, and permission to deal in,
the Placing Shares ("Condition").

Completion

The Placing is to be completed on the second business day after
satisfaction of the Condition or such other date as the Company
and Tai Fook may agree. The Placing Agreement will lapse if the
Condition is not satisfied by 3 September, 2001 unless the
parties agree otherwise.

Termination Events

Notwithstanding anything contained in the Placing Agreement, if
at any time on or prior to 4 p.m. on the following date of
fulfillment of the Condition ("Expiry Date"):

(A) in the reasonable opinion of Tai Fook there shall have been
since the date of the Placing Agreement, such a change in
national or international financial, political or economic
conditions or taxation or exchange controls as would be likely
to prejudice materially the consummation of the Placing; or

(B) any material breach of any of the representations and
warranties by the Company as set out in the Placing Agreement
comes to the knowledge of Tai Fook or any event occurs or any
matter arises on or after the date of the Placing Agreement and
prior to the date of completion which if it had occurred or
arisen before the date of the Placing Agreement would have
rendered any of such representations and warranties untrue or
incorrect in any material respect or there has been a material
breach by the Company of any other provision of the Placing
Agreement; or

(C) the suspension of trading of the Shares on the Stock
Exchange for 7 consecutive days or more, then and in any such
case, Tai Fook may after consultation with the Company (to the
extent that the same is reasonably practicable) terminate the
Placing Agreement without liability to the Company by giving
notice in writing to the Company, provided that such notice is
received prior to the Expiry Date.

Application for listing

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

Reason for the Placing

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

General

As at the date hereof, the Company has not been notified of any
interests in the Company's issued share capital amounting to 10%
or more of the ordinary shares in issue, which is required to be
recorded in the register required to be kept under section 16(1)
of the Securities (Disclosure of Interests) Ordinance, Cap 396
of the laws of Hong Kong.


COMPANION BUILDING: Posts Unaudited Financial Results
-----------------------------------------------------
Companion Building Material International Holdings Limited
announced the company's Unaudited Final Results for the year
ended 31st March, 2001, together with the comparative audited
figures for the corresponding year in 2000 as follows:

                                   2001           2000
                                  (unaudited)    (audited)
                                  HK$'000        HK$'000
Turnover                          524,334        838,971

(Loss) profit before taxation     (723,132)      115,917

Taxation                          (5,036)        (8,935)

(Loss) profit before minority

interests                         (728,168)      106,982

Minority interests                (3,142)        (6,815)


Net (loss) profit for the year    (731,310)      100,167

The Unaudited Final Results may or may not be subject to further
changes upon the finalization of the audit by the auditors of
the Group.

It is expected that the audited final results of the Group for
the year ended 31st March, 2001 ("Audited Final Results") will
be published on 7th August, 2001 and the relevant annual report
will be dispatched on or before 13th August, 2001.

The directors of the Company have confirmed that they have not
dealt in any securities of the Company since 27th June, 2001 and
have undertaken that they will not deal in any securities of the
Company until the publication of the Audited Final Results.


GOLDEN EXPRESS: Hearing of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Golden Express Engineering Limited will
be heard before the High Court of Hong Kong on September 19,
2001 at 9:30 am. The petition was filed with the court on June
29, 2001 by Lee Lok Wai ofRoom 2612, Shui Moon House, Tin Shui
Estate, Tin Shui Wai, New Territories, Hong Kong.


MANON TOBACCO: Winding Up Petition Slated For Hearing
-----------------------------------------------------
The petition to wind up Manon Tobacco Company 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 18, 2001 by Hua Chiao Commercial Bank Limited of  
92 Des Voeux Road Central, Hong Kong.


PACIFIC CENTURY: Comments On Exceptional Price, Turnover
--------------------------------------------------------
Pacific Century CyberWorks issued a statement to the HK Stock
Exchange yesterday that the company has noted the recent
increase in the shares price and trading volume, but that it is
not aware of any reasons for such increases.

The company also confirmed there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement. The board is also unaware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.

The statement was issued by the company secretary and the
general counsel of the Legal & Regulatory Affairs.


SHUN TO: Petition To Wind Up Set For September
----------------------------------------------
The petition to wind up Shun To Electronic Technology Company
Limited is set for hearing before the High Court of Hong Kong on
the 12th day of September 2001 at 9:30 am. Oriental Union
Aicargo Limited, whose registered office is situated at Units
3003-8, filed the petition with the court on June 27, 2001 30th
Floor, China.


=========
J A P A N
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MYCAL CORP: Drops Plans For Additional Retail Outlets
-----------------------------------------------------
Ailing supermarket chain Mycal Corporation says it will not add
two large shopping facilities to its network of retail outlets,
Japan Times Online reported Thursday, citing an anonymous
official.
One store was to be built on a 7,300-square-meter site near
Nishinomiya Kitaguchi Station in Hyogo Prefecture and the other
on a 7,600-square-meter lot in front of JR Nanba Station in
downtown Osaka.
The supermarket-chain operator disposed 6.45 million shares of
subsidiary Mycal Hokkaido Corp to slash debt.
Dai-Ichi Kangyo Bank will loan the firm YT50 billion by the end
of the month.

=========
K O R E A
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ANAM SEMICONDUCTOR: Posts Net Loss Of W121.4B; Sales Down 84%
------------------------------------------------------------
Anam Semiconductor Co, maker of non-memory semiconductor chips
for the US-based Texas Instruments, recorded a loss of W121.4
billion in the first half of this year. The company's sales fell
by 84 percent over the same period last year to W89.3 billion,
The Digital Chosun reported Thursday.
Operating loss for the first half this year, mainly due to the
slumping global semiconductor market, stands at W96.4 billion.
The company has placed many of its factory workers on leave.
The company graduated early from the workout program last year,
with an operating profit and net profit of W19.7 billion and
W108.1 billion, respectively.

ASIANA AIRLINES: Continues Cost-Reduction Campaign
--------------------------------------------------
Asiana Airlines, Korea's second-largest carrier, which launched
a company-wide 10 percent cost-reduction campaign February of
this year, plans to continues cuts in the second half, The
Digital Chosun reported Thursday.

The airline incurred losses totaling w156.3 billion in the first
half.
Asiana sold two spare aircraft in May and secured $180 million
from the sales.
The air carrier issued asset-backed securities worth W350
billion last month.
"The global business downturn has dropped the number of
passengers by about 4 percent in the first half of this year
over the same period last year and the price of jet fuel remains
high," an anonymous Asiana official said.

DAEWOO MOTOR: Operating Profit On The Rise
------------------------------------------
Daewoo Motor, in its fourth consecutive month, reported an
operating profit of W13.2 billion, The Digital Chosun reported
Thursday. 42,220 cars were sold in July, producing W453.2
billion.
Bupyeong Plant, which General Motors has been refusing to
purchase, produced W5.1 billion, the first operating profit in
about three years.
Daewoo Motor clarified that the operating profit at the main
plant was due to lighter manpower expenses as a total of 4,156
workers were laid off in the first half this year.
"The news of operating profit at the Bupyeong plant will bolster
the management of the firm which has been pushing GM to purchase
it along with the newer facilities," one high-ranking Daewoo
official commented.

KOREAN AIRLINES: Lays Off Staff; Promotes Early Retirement
----------------------------------------------------------
Korean Airlines, the nation's carrier, with a loss of W345.9
billion in the first half, has been pressing ahead with its plan
to lay off 500 workers and has begun accepting applications for
early retirement, The Digital Chosun reported Thursday.
The airline launched in-depth restructuring measures in the wake
of their heavy losses in the first half of this year.
Korean Airlines plans to limit the hiring of flight attendants
to 250 in the second half of this year and plans to limit the
employment of new staff as well.
The company will sell off spare airplanes and plans to forgo
acquisition of new aircraft to raise cash to pay off debts.

HYUNDAI ENGINEERING: Narrows Net Loss to 86%
--------------------------------------------
Hyundai Engineering & Construction Co. narrowed its first-half
net loss to 86 percent, Asian Wall Street Journal reported
Tuesday, to W24.2 billion won from W177.9 billion in the same
period last year.
Hyundai Engineering said that despite weaker sales and an
operating loss, its net loss narrowed on debt write-offs by
creditors and an extraordinary gain of 15.8 percent of its
shares.
It reported a W67.7 billion operating loss in the first half,
compared with a W167.2 billion operating profit a year ago. Its
sales went down to 19 percent atW3.139 trillion from W3.892
trillion.


SEOUL GUARANTEE: Liquidity Problem Likely
-----------------------------------------
Seoul Guarantee Insurance Co.'s President Hae-Choon Park said  
the company might face a liquidity problem in October if it pays
holders of Daewoo Group units' bonds W620 billion, reported ASWJ
Thursday, referring to The Korea Economic Daily.

If state-run corporate debt guarantor does so, as demanded by
the investment trust companies holding the bonds, it will be
short of about W320 billion for other debt payment guarantees.


* Govt Revises Chaebol Debt Regulations
---------------------------------------
The government is devising ways to improve the large-scale
conglomerate system to enhance the quality as well as quantity
of their business activities, Korea Times reported Monday.

"Quality oriented improvement programs should be applied to the
huge asset owning companies that have `little-chaebol'
tendencies by excluding them from the top 30 list," said a
government source.

The government plans to exclude conglomerates from the top 30
list that have only one large corporate shareholder, as opposed
to individual shareholders. Conglomerates owned by a company
will no longer be classified as a chaebol.

Moreover, the government hopes to cut down what it sees as
irrational business expansion and debt-based management.

In addition, the government aims to raise the current loan
ceiling of 25 percent of a company's total net worth.

The government decided to stay with the current system since it
found that removing the 200 percent debt-to-equity ratio rule
for the companies with high interest coverage ratio (ICR) is not
efficient.

The ICR tests the ability of a company to make interest payments
on its loans or corporate bonds with the profit it makes from
business operations.


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


AYER HITAM: Unit Suspends Interest Payment
------------------------------------------
Ayer Hitam Dredging Malaysia Berhad's wholly owned subsidiary,
Motif Harta Sdn Bhd Motif Harta Sdn Bhd (MHSB) 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 RM22.8million.

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


EPE POWER: Monthly Interest Payment Defaulted
---------------------------------------------
EPE Power Corporation Berhad has further defaulted on the
payment of monthly interest of RM682,171.44 due to several banks
(Lenders) under its revolving credit (RC) facilities.

The total principal outstanding on the RC facilities as of 13
August, 2001 is RM94.6million.

With the assistance of Commerce International Merchant Bankers
(CIMB) as the financial advisor, the company has presented a
concept paper for the debt-restructuring scheme to the Lenders
and negotiations are currently taking place.


ISUTA HOLDINGS: Conversion Price Of RM1.5 Per Share
---------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), in behalf
of Isuta Holdings Berhad (IHB), announces that the conversion
price of the irredeemable convertible unsecured loan stocks to
be issued pursuant to the Proposed Debt Restructuring is fixed
at RM1.50 per IHB share, being at a premium of 12 percent over
the five (5)-day weighted average market price of IHB shares to
August 15, 2001 of RM1.34.


LAND & GENERAL: Unit Defaults On Shares Redemption
--------------------------------------------------
Land & General Berhad's (L&G) wholly-owned subsidiary, Bandar
Sungai Buaya Sdn Bhd (BSB), has defaulted on its financial
obligation to redeem 41,000 redeemable preference shares of
RM1.00 each (RPS) at par amounting to RM41,000, and to settle a
deferred cash payment of RM28,464,264.59 which represents
partial settlement of the purchase consideration in relation to
the acquisition of 3,094.5 acres of land in 1996 by BSB from
Murna Jaya Development Berhad (MJD).

Therefore, the aggregate total financial obligation of BSB which
was due and payable to MJD on 12 August, 2001 amounted to
RM28,505,264.59.

By a joint venture agreement between L&G and MJD on 16 May 1996
and as amended by two supplemental agreements on 23 May 1996 and
23 November 2000 (collectively hereinafter referred as JVA), the
parties to the JVA agreed to undertake the development of a
township on a joint venture basis through BSB. MJD represents
363 families of the Federal Land Development Authority (Felda),
settlers who originally owned the land, which was subsequently
sold to MJD through individual sale and purchase agreements.

Pursuant to the JVA, BSB had acquired 3,094.5 acres of land from
MJD for the purchase consideration of RM374.3 million, of which
RM65.1 million has been paid. The remaining RM309.2 million is
to be satisfied by the issuance of 309,267 RPS which is
redeemable at par and deferred cash payment of RM308.9 million
to be settled over four years commencing in year 2000 (payment
dates). The redemption of the RPS and the settlement of the
deferred cash payment of RM308.9 million are guaranteed by L&G.

During the period 1998 to 2000, BSB had prepaid, in the form of
cash and properties totaling RM66.6 million ("contra amount"),
to MJD. As provided in the JVA, the contra amount shall be
spread over and contra-ed against the deferred cash payments on
each of the payment dates. The first payment to MJD comprising
the redemption of 41,000 RPS at par and the settlement of a
deferred cash payment of RM14,823,165.29 (after deduction of a
portion of the contra amount) which was due on 24 August 2000
was fully satisfied on that date by L&G for and on behalf of
BSB.

On 30 November 2000, L&G had made an announcement in relation to
the proposed settlement of the financial obligations of BSB
involving the issuance of new L&G ordinary shares of RM1.00 each
to raise cash up to RM100 million to pay MJD and L&G for the
advance made on 24 August 2000 whilst the balance of RM142.6
million was to be settled by BSB (BSB Settlement Proposal) on or
before 12 August 2003.

On 5 April 2001, L&G made a subsequent announcement that due to
the prevailing stock market sentiment and economic conditions,
it had to re-evaluate its debt restructuring scheme which
included the BSB Settlement Proposal and the restructuring and
rescheduling of its loans/facilities with financial
institutions.

The Board would also like to inform that BSB and L&G have been
and are currently in discussions with MJD to develop a revised
proposal to restructure the aforementioned financial obligations
of BSB by issuance of equity in BSB (Revised BSB Proposal). The
Revised BSB Proposal forms part of the overall debt
restructuring exercise of the L&G Group.

L&G shall make the announcement to the Kuala Lumpur Stock
Exchange in respect of the details of the Revised BSB Proposal
in due course. As of the date of this announcement, the Board of
Directors is not aware of any legal action being taken against
BSB or L&G by MJD.


PANGLOBAL BERHAD: Requests Scheme Proposal Approval Extension  
-------------------------------------------------------------
Panglobal Berhad's (PGB) restructuring proposal approval from
the Securities Commission is still pending. As such, Commerce
Internationa Merchant Bankers Berhad (CIMB) has applied, on
behalf of PGB, to the Kuala Lumpur Stock Exchange to seek a
further extension, until 31 December, 2001, to obtain the
relevant approval pursuant to PN 4/2001.


UH DOVE: FIC Grants Proposal on Debt Workout
--------------------------------------------
The Foreign Investment Committee (FIC) has granted UH Dove
Holdings Berhad (the Company) its application in respect to the
Proposed Rescue/Debt Restructuring, subject to the increase in
bumiputra equity to 30 percent by 30 June 2002.

The Company is still awaiting approvals from the Securities
Commission (SC) and the other relevant regulatory authorities.

As announced on 1 March 2001, the Company submitted a plan to
regularize its financial condition to the SC, the FIC and the
Ministry of International Trade and Industry on 28 February
2001.

On 3 August 2001, the company revealed the Kuala Lumpur Stock
Exchange, via its approval letter dated 2 August, 2001, granted
an extension of two (2) months from 28 June, 2001 to 27 August,
2001 to enable the Company to obtain all necessary approvals
from the regulatory authorities.


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


BELLE CORP: Posts Half-Year Loss of P367.8M
-------------------------------------------
Publicly listed leisure estate and gaming firm Belle Corp.
revealed its first half net loss of P924.5 million from the
year-ago level of P367.8 million due to unit losses and lower
property business revenues, the Asian Wall Street Journal
reported Wednesday.
"The net loss was basically due to the continuing losses from
(units) that contributed about PHP656 million in losses," Belle
Vice President and Chief Financial Officer Manuel Gana said.
The units responsible for the losses are APC Group Inc., an
investment-holding company with interests in telecommunications
and information technology and Sinophil Corp., an investment-
holding company with interests in gaming and leisure.
APC reported a net loss of P837.4 million in the first half from
P575.5 million a year ago period.
Looking ahead, Gana said Belle's performance would depend on how
the economy fares during the remainder of the year. It also
depends on how soon it can settle its debts.
The company is in the process of divesting assets to raise funds
for debt payment.


METRO PACIFIC: Widens 1st Half 2001 Loss To 80%
-----------------------------------------------
Metro Pacific Corp.'s (MPC) net losses widened by 80 percent in
the first half of 2001 due to higher financing charges, foreign
exchange losses and booked losses of its affiliates, The
Philippine Star reported Thursday.

The group's consolidated net losses during the period grew to
P1.088 billion, up from the P603-million loss a year ago.
Operating income, however, was down to P573 million from P1.5
billion last year.

MPC President and CEO Ricardo Pascua said the decline in
revenues and net operating income were in line with
expectations, since MPC has had no significant land sales since
1996.

"MPC's management will continue to pursue strategic options to
better align MPC's debt to its revenue streams, including the
proposed auction of the northern central business district (CBD)
area, which together with other on-going initiatives are
expected to realize significant cash proceeds," Pascua said.

After amassing P12.6 billion in cash from the sale of its non-
property assets, the company will pass on new divestments this
year and instead concentrate on enhancing the value of the
remaining non-core holdings, Business World noted.

The proceeds from these divestments were primarily used to
reduce the company's debts, which is down to P16.4 billion from
P21.8 billion.

Over the past two years, MPC disposed of several strategic but
non-property assets in line with its shift into a property
development company.

Among those sold were wholly-owned subsidiaries Metro Bottled
Water Corp., Metrolab Industries Inc. and Metrovet Inc.;
packaging firm Steniel Manufacturing Corp. and a sizable eight
percent stake worth P12.1 billion in telecom giant PLDT.


NATIONAL POWER: Excluded From GSIS Insurance Firm Selection  
-----------------------------------------------------------
The Government Service Insurance System (GSIS) will not allow
debt-stricken National Power Corp. (Napocor) to participate in
the selection of firms that will cover the insurance policy for
its assets worth billions of dollars, The Business World
reported Thursday.
"GSIS will not allow Napocor's proposal to conduct
electronically the bidding for the choice of reinsurers due to
the complexities involved in evaluating the financial conditions
of the firms. The process of e-bidding encourages transparency.
It also opens the door to many players including those
inefficient companies," GSIS President and General Manager
Winston Garcia said Garcia.
He said the process to secure insurance programs for government
corporations is exclusive to GSIS as stated under Republic Act
656 or the Property Insurance Law.
Garcia blamed Napocor for the delays in the processing of the
payments because "its people have been remiss in submitting the
documents needed."
GSIS refused Napocor's proposal to form a joint committee to
handle the bidding for Napocor's insurance needs.

NATIONAL BANK: Loss Widens To P1.9B
-----------------------------------
Philippine National Bank indicated a net loss of P1.9 billion in
the second quarter, compared with a loss of P513.4M a year
earlier, as interest income fell and bad loan provisions rose.
The bank, which said it lost 3.9B in the first half after
earlier reporting a P2 billion loss for the three months to
March 31, is struggling with bad loans.
PNB last reported a quarterly profit in the third quarter of
last year. Provision against bad loans and other possible losses
rose to P2 billion from P333.4 million.


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


GOLDEN AGRI: Posts Notice Regarding Substantial Shareholding
------------------------------------------------------------
On August 11 Golden Agri-Resources Limited released this notice:

Name of substantial shareholder: First Pacific Company Limited
Date of notice to company:       11 Aug 2001
Date of change of shareholding:  11 Aug 2001
Name of registered holder:       Witty East Holdings Limited

Details: Pursuant to the conditional put and call option
agreement dated 10 May 2001 between Asia Food & Properties Ltd
(AFP) and Witty East Holdings Limited, the purchaser, relating
to shares in the company:

   (a) The purchaser had an interest in 1,106,024,734 ordinary
shares of US$0.10 each in the share capital of the company;

   (b) PT Indofood Sukses Makmur Tbk

          Indofood was deemed to have an interest in the shares
by reason of its 100 percent interest in the purchaser and
through the purchaser's interest in the same;

   (c) CAB Holdings Limited (CABH) was deemed to have an
interest in the shares by reason of its 48 percent interest in
Indofood and through Indofood's interest in the same; and

   (d) First Pacific Company Limited was deemed to have an
interest in the Shares by reason of its 100 percent interest in
CABH and through CABH's interest in the same,

   The above particulars of which were previously notified to
the company on 10 May 2001.

The agreement has on 11 August 2001 lapsed as certain conditions
precedent were not satisfied or waived on or before 10 August
2001 in accordance with the terms of the agreement. Accordingly,
(i) the Purchaser ceased to have a deemed interest in the
shares, (ii) Indofood ceased to have a deemed interest in the
shares through the Purchaser and (iii) CABH ceased to have a
deemed interest in the shares through Indofood. Consequently,
First Pacific Company Limited ceased to have a deemed interest
in the Shares through CABH.

Shares held in the name of registered holder
No. of shares of the change:     1,106,024,734
% of issued share capital:       51
Amount of consideration per share
excluding brokerage,GST,stamp
duties, clearing fee:            Not Applicable

Shares held before change:       1,106,024,734
% of issued share capital:       51
No. of shares held after change: 0
% of issued share capital:       0

Holdings of Substantial Shareholder including direct and deemed
interest:

                                  Deemed          Direct
No. of shares held before change: 1,106,024,734   0
% of issued share capital:        51              0
No. of shares held after change:  0               0
% of issued share capital:        0               0
Total shares:                     0               0


SEMBCORP LOGISTICS: Posts Changes In Substantial Shareholding
-------------------------------------------------------------
Sembcorp Logistics Limited announced:

    Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: The Capital Group Companies,
Inc
Date of notice to company:       15 Aug 2001
Date of change:                  13 Aug 2001
Name of registered holder:       Raffles Nominees (Pte) Ltd

Details: The reduction in the deemed shareholding was the result
of a client retaining their voting rights.

Shares held in the name of registered holder
No. of shares of the change:     3,244,000
% of issued share capital:       0.38

Shares held before change:       35,604,800
% of issued share capital:       4.18
No. of shares held after change: 32,360,800
% of issued share capital:       3.8

Holdings of Substantial Shareholder, including direct and deemed
interest
                                 Deemed
Shares held before change:       92,423,200
% of issued share capital:       10.86
No. of shares held after change: 89,179,200
% of issued share capital:       10.48
Total shares:                    89,179,200


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


B GRIMM: Cites Reasons For Bt35.3M Net Loss Major Variances
-----------------------------------------------------------
B. Grimm Engineering Systems Public Company Limited, in its
operation results as at June 30, 2001, incurred a Bt35.3
million net loss for the period as reviewed by the auditor. The
company had Bt54.4 million net loss of the same period for last
year. The company said the major variances of Bt19.1 million
comes from the following:

Variance from normal Operation

   (1) Ordinary sales for this period of Bt 41.4 Million
decreased by Bt132.56 Million compared with same period last
year

   (2) Gross project margin was recorded as negative at 25
percent of sales compared with the same period of last year at
negative 9.34 percent of sales, with some projects production
loss during this period due to more spending, including the
increased contingency cost for completing the projects.

   (3) Selling and administration expenses decreased to Bt18.2
million compare with last year for the same period.


BANGKOK RANCH: Files Petition For Business Reorganization
---------------------------------------------------------
Bangkok Ranch Company Limited, which is engaged in sale of
ducks, had its Petition for Business Reorganization filed to the
Central Bankruptcy Court:

     Black Case Number Phor. 23/2542

     Red Case Number Phor. 2/2543

Petitioner: Bangkok Ranch Company Limited

Planner: Bangkok Ranch Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt3,974,098,000.00

Date of Court Acceptance of the Petition: December 9,1999

Court ordered for the business reorganization: January 10, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on February
22, 1998

Deadline for Creditors to submit the Application for Payment in
Business Reorganization: March 22, 2000

Deadline to object any Applications for Payment in Business
Reorganization: April 5, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver: May 22, 2000

49 creditors submitted the application for debt repayment in the
amount of US$3,138,715,655.64 + US$24,424,320.27

Appointment date for Creditors' meeting to consider the Plan:
August 10, 2000 at 9.30 am. Landmark Hotel

Court issued an order of accepting the Business Reorganization
Plan: August 17, 2000

Announcement of Court Order for accepting the Business
Reorganization Plan: in Matichon Public Company Limited and Siam
Rath Company Limited: August 24, 2000

Announcement of Court Order for accepting the Business
Reorganization Plan: in Government Gazette: September 19, 2000

Contact: Mr. Chalermkiat or Ms. Amornrat, Tel: 6792513

PRASIT PATANA: Administrator Addresses Causes of Net Loss
---------------------------------------------------------
Prasit Patana Public Company Limited (PPCL) through its plan
administrator PricewaterhouseCoopers Corporate Restructuring
Limited, in accordance with the regulations of the Stock
Exchange of Thailand (SET), made a clarification on the causes
of the differences between the net loss of the company and the
consolidated entity consisting of PPCL, Phyathai 2 Hospital
Co Ltd (PYT 2) and Phyathai 3 Hospital Co Ltd (PYT 3) for the
six months ending 30 June 2001 and the results for the same
period ending 30  June 2000.

The company said the consolidated financial statements are not
directly comparable with those of the six months ended 30 June
2000 because for the six months ended 30 June 2001 the following
subsidiaries have not been included in the consolidated
statements:

   - Phyathai IV (Petchburi Road) Hospital Company Ltd (PYT4);

   - Phyathai Ubol Hospital Company Limited;

   - Klass-V Company Limited;

   - Phuket Paradise Company Limited (PP);

   - Dulwich International Company Limited; and

   - Phya Thai Herbs Company Limited (Herbs).

These companies have not been included because:

   -each of them is insolvent and most of them are non-
operating;

   - the investments in and loans to these companies have been
fully provided for by the holding company and other related
companies and are carried in their accounts at NIL value;

   - it is unlikely that any of those companies that have ceased
operations will resume;

   - PP and Dulwich have undergone restructuring in cooperation
with their major creditor and will no longer be controlled by
PPCL, and nor can they make any repayment to PPCL in respect of
monies owed;

   - the assets of Klass-V and PYT4 are pledged to creditors who
are expected to enforce their securities, and the
recoverable values of the assets are not expected to fully repay
the creditors concerned; and

   - none of the companies can fully repay their creditors and
therefore the prospects of any recovery to Prasit Patana Public
Company Limited or other related companies is so remote as to be
discounted.

Phyathai Ubol Company Limited, one of the company's
subsidiaries, ceased operations by resolution of the board of
directors dated August 4, 2001.

The three entities comprising the consolidated entity at 30 June
2001 PPCL , PYT 2 and PYT 3 are classified as "core entities".
Audited financial statements for the year ended 31 December 2000
are based on the same consolidated entity as reported for 30
June 2001.

Aside from the above, the other major item that contributed to
the difference in net loss between the two periods is the
increase in loss on foreign exchange of Bt85.40 million
(consolidated) and Bt84.60 million.


THAI PETROLEUM: Ube Industries To Buy Assets For Bt1.27B
--------------------------------------------------------
Effective Planners has wrapped up deals to sell non-core assets
of Thai Petrochemical Plc (TPI) as well as debts held in two
companies to Ube Industries of Japan for 1.27 billion, the
Bangkok Post reported August 16.

Effective Planners, a subsidiary of Australia-based Ferrier
Hodgson, is administering the business rehabilitation plan of
TPI, the country's largest corporate debtor with some $3.8
billion in outstanding obligations.

Under one deal, Effective Planners agreed to sell debts of TPI
Polene Plc held by TPI at a 50 percent discount for a total of
Bt1.22 billion. In another deal, it agreed to sell TPI's five
million shares in Thai Caprolactam Co for Bt50 million.

THAI WAH: Administrator Reports Reorganization Plan Progress
------------------------------------------------------------
Thai Wah Group Planner Company Limited, the plan administrator
of Thai Wah Public Company Limited, pursuant to the Central
Bankruptcy Court order on February 14, 2001 approving the
Business Reorganization Plan, reported the progress of the
implementation of the Business Reorganization Plan:

1. On June 29, 2001 the Company has already effected principal
and interest payment due on June 29, 2001 to the creditors in
the Debt Restructuring Agreement totaling US$1.81 million and
Bt32.85 million.

2. The Company has procured a subsidiary company named Koh Chang
Laguna Company Limited to sell land at Trad Province, one of the
non-core assets, to Mr. Pisute Ratanawongse and friends.
Proceeds from sale is Bt9.5 million above the minimum asset
price indicated in the Business Reorganization Plan.

3. On August 9, 2001 the Plan Administrator with the resolution
from the Creditors' Steering Committee has filed a petition to
the Central Bankruptcy Court to extend the execution of the
security documents due on August 14, 2001 for another 30 days to
be due on September 13, 2001.

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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