TCRAP_Public/010822.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

           Wednesday, August 22, 2001, Vol. 4, No. 164



AUSTRALIAN MAGNESIUM: Issues Preliminary Financial Results
CABLE & WIRELESS: U.S. State Department Oks SingTel Bid
COLES MYER: Appoints Davis As Managing Director
DAVNET LIMITED: Denford Supports Proposed Capital Raising
DESSIPUR PTY: Official Liquidator Appointed
GOLDEN WEST: Chairman Lee's Address To Shareholders Released
GOLDEN WEST: Posts General Meeting Results

C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Petition Adjourned To August 27
CIL HOLDINGS: Posts Six Months Ended Dec 31 Interim Results
KIN DON: Circular Re Restructuring Proposal Dispatched
MIGHT RISE: Winding Up Sought By Kincheng
PACIFIC MARBLE : Hearing Of Winding Up Petition Set
SUN LUEN: Petition To Wind Up Scheduled
TRIGOLD CORPORATION: Winding Up Petition Pending


BANK CENTRAL: Re-launches Bidding Process
MANUFACTURERS LIFE: Faces Bankruptcy Over Policy Claim Dispute
* FSPC To Announce Investigation Result On Four Obligors  


DAIEI INC: To Sell 15.15 Million Lawson Shares
MYCAL CORP: Labor Union Plans to Buy Company Stock


DAEHAN FIRE: KDIC Files MOU With Daehan Cement
HANBO STEEL: INI Steel to Withdraw Bid
HYNIX SEMICONDUCTOR: Discloses Agreement With Hyundai Curitel
HYNIX SEMICONDUCTOR: KEB Prepares Bailout Plan Anew
KUKJE HWAJAE: Bidder Keun Wha Signs MOU With KDIC
SAMSUNG ELECTRONICS: Leases Office To Subsidiary
SAMSUNG ELECTRONICS: To Resume Large-Scale Bond Issuances


GADEK CAPITAL: No Objection To Proposed Restructuring, MITI Says
LIEN HOE: Posts Notice Regarding Defaulted Loans
MBF CAPITAL: States SC Proposal Requirements Compliance
NCK CORPORATION: Takeover Proposal Response Positive
TAIPING CONSOLIDATED: Unit Faces Winding Up Petition


ALL ASIA: WB Arm Asks SEC to Liquidate


EASYCALL INTERNATIONAL: Liquidates Singapore's Net Data Center
KEPPEL CAPITAL: Posts Notice Of OCBC Bank's Interests


COUNTRY (THAILAND): Contingent Liabilities Reach Bt190M
COUNTRY (THAILAND): Posts Three-year Financial Status Summary
COUNTRY (THAILAND): States Progress Of Business Reorganization
SIAM SYNTECH: Administ'r Posts Business Reorganization Report
THAI PETROCHEMICAL: Reorg Petition Filed In Bankruptcy Court

     -  -  -  -  -  -  -  -      


AUSTRALIAN MAGNESIUM: Issues Preliminary Financial Results
Australian Magnesium Corporation Limited (AMC) released its
preliminary financial results Tuesday for the year ended 30 June
2001. The key features are;

* Financial: AMC recorded a loss of $16.9 million for 2000-01 in
line with the financial summary included in AMC's recent
prospectus. The loss is inclusive of foreign exchange losses and
provisions of $9.62 million. The Company had previously
identified a $8.3 million foreign exchange provision in the
December half year results.

* Magnesium: Investment of $31 million on magnesium-related
activities including the operation of the Gladstone
demonstration plant, ongoing research and marketing and Stanwell
Magnesium Project planning and financing activities during the

* QMAG: The Queensland Magnesia division achieved record
tonnages and sales and price increases across all magnesia
grades. However, increased energy and logistics costs and delays
in developing the KG2 mine due to wet weather constrained QMAG

A more comprehensive overview of AMCs 2000-01 results is

AMC continues to work on a revised financing package for the
development of the Stanwell Magnesium Project with a new equity
offer. The Company is now looking to finalize the new financing



* Sales revenue $72.7 million verses $71.7 million previous

* Consolidated loss $16.9 million (as per prospectus) versus
$17.9 million loss previous year.

* Foreign exchange loss of $9.6 million versus $14.8 million
previous year.

* Net operating cash flow $3.2 million versus $4.1 million
previous year

* OMAG $5.5 million debt repayment made during the year.

* Cash balance of $11.45 million versus $14.64 previous year.

* Net assets increased from $115.9 million to $224.3 million
reflecting July 2000 corporate restructuring.



* Investment in Stanwell magnesium Project activities of $31.0
million for 2000-01.

* Ford 10 year magnesium sales agreement signed.

* VAW engine block research programme progressed.

* Agreement to acquire Fluor Australia's 5 per cent minority

* Gladstone demonstration plant received ISO9001 accreditation.

* CSIRO $50 million commitment to AM Process commercialization.

* Queensland Government $50 million commitment to Stanwell
Energy park.

* $932 million senior debt package for Stanwell Magnesium
Project finalized.

* $680 million global equity offer launched (and subsequently


* Total magnesia production up 10.8 per cent to a record 187,572

* Deadburned magnesia production up 6.1 per cent to a record
110,397 tonnes.

* Calcined magnesia production up 23.3 per cent to a record
51,375 tonnes.

* Price increases achieved across all magnesia grades.

* Total magnesia sales up 3.9 per cent to a record 182,212

* Calcined magnesia sales up 31.8 per cent to a record 55,583

* Parkhurst Plant de-bottlenecking successfully completed.


* Magnesite production up 28.6 per cent to a record 437,223

* Mining yield was 15.5 per cent, up from 14.2 per cent the
previous year.

* Construction and commissioning of KG2 plant completed.

* Mine optimisation and development plan under review.


* Feasibility study received.


* Global equity offer withdrawn, application funds returned.

* $200 million Federal and State Government loans/guarantees for
revised finance plan.

* Alternative funding for Stanwell magnesium Project actively


                                         2001              2000
                                       ($'000)           ($'000)
Sales of goods                         72,722            71,722
Interest received                         754             1,864
Foreign exchange gain                       -               291
Proceeds on sales of property,
plant and equipment                      195                18
Other                                      93                73
TOTAL REVENUE                          73,764            73,968

Cost of Sales                          72,040            67,904
Foreign Exchange Loss                   9,621            14,826
Borrowing cost                          2,973             4,996
Other                                   6,005             4,115
TOTAL EXPENSES                         90,639            91,841

Profit (loss) before tax              (16,875)          (17,873)
Tax expense                                 -                 -
Outside equity interest                    (2)                -
Net profit (loss) attributable
to members                           (16,873)          (17,873)
Basic Earnings per share (in cents)    (15.65)           (29.11)


Sales revenue for the year was steady at $72.7 million with the
mix of revenue growing towards calcined magnesia sales.

Price increases were achieved during the year for all magnesia
grades, however the Queensland Magnesia contribution was
adversely impacted by higher freight costs, higher energy costs,
foreign exchange losses and commissioning delays at the
Kunwarara KG2 plant.

The consolidated loss after income tax decreased marginally from
$17.87 million in 1999-2000 to $16.88 million in 2000-01.

Financing and interest costs were reduced during the period by
$2.06 million as a result of reduction in short term debt and
the reversal of an over accrual.

The Company reviewed its foreign exchange hedge book during the
year and made an additional provision of $9.0 million of which
$8.3 million was disclosed in AMC's half year results. The
increased provision results from the continued depreciation of
the Australian dollar against the US dollar over the period and
the consequent impact on the value of the Company's hedge book
(predominantly in US dollars).

The foreign exchange loss and provisions for the year total $9.6
million versus $14.8 million in the previous year.


ENDED 30 JUNE           2001        2000        1999        1998

Mining Operations
Ore Mined              3,373       3,130       2,288       2,314
Mine Yield             15.5%       14.2%       13.7%       13.4%
Beneficiated Product   437.2       340.1       277.8       317.1

Magnesia Production
Deadburned             110.4       104.1        93.2        97.6
Electrofused            25.8        23.5        21.2        26.7
Calcined                51.4        41.7        21.8        15.7
Total Production       187.6       169.3       136.2       140.0

Deadburned             104.3       110.5        78.8       109.2
Electrofused            22.3        22.6        19.5        22.7
Calcined                55.6        42.2        24.4        16.9
Magnesite               41.4        47.8        22.4           -

Total Sales            223.6       223.1       145.1       148.8


The Kunwarara mine and Parkhurst magnesia plant both achieved
record levels of output to most the record sales volumes.

At Kunwarara, development commenced at the two new mining leases
- KG2 and KG3. Construction and commissioning of the new
beneficiation plant at KG2 was completed during the period,
although this was delayed due to unseasonal wet weather last
winter. Magnesite production was a record 437,223 tonnes up 28.6
percent on the previous year. Development work continued at
optimizing the mine plan. A capital expenditure review for
Kunwarara to increase yields, accommodate future magnesium plant
requirements and reduce costs by operating only one processing
plant will be assessed in coming months.

At Parkhurst, total magnesia production for the year increased
10.8 per cent to a record 187,600 tonnes. The plant ran for most
of the year at above rated full capacity levels and during the
latter part of the year at well above rated full capacity
levels. This was part of the planned operational strategy to de-
bottleneck the plant and significantly increase calcined
magnesia production capacity to service higher demand. This de-
bottlenecking is initially in the multiple hearth furnace
calcination circuit but will be extended to further down stream
activities as appropriate.


Total magnesia sales for the year increased 3.9 percent to
182,212 tonnes. Exports to the USA and Europe accounted for more
than 90 percent of deadburned and electrofused magnesia sales.
Continued market development with calcined magnesia saw sales
rise 31.8 percent to a new record level of 55,583 tonnes and now
account for 25 percent of total sales with approximately half
sold within Australia and the balance exported to New Zealand
and South East Asia. The successful development of QMAG's
calcined magnesia business has helped diversify QMAG's sales
into other industrial markets and geographic areas. It has also
more than doubled QMAG's customer base to more than 70 customers
worldwide. Stronger demand coupled with a reduction in world
magnesia production capacity and higher costs, allowed price
increases of around 5-10 percent to be achieved for all products
as customers renewed contracts. Magnesite sales incorporate a
bulk export shipment as part of a ten year contract with a North
American customer.

                                             2001        2000
                                            ($'000)    ($'000)

Receipts from customers                        79,916     63,128
Payments to suppliers and employees          (73,912)   (56,725)
Interest received and sundry receipts             794      1,793
Interest and other costs of finance paid      (3,654)    (4,550)
Other                                              84        433

Net operating cash flows                        3,228      4,079


Payments for property, plant and equipment    (1,506)    (3,180)
Proceeds from sales of non current assets        195        358
Payments for purchase of equity investments     (119)    (5,125)
Loans paid to other entities                  (2,500)   (15,490)
Loans repaid by other entities                     -      4,800
Stanwell Magnesium Project                    (31,055)         -
Other                                         (1,181)      (201)

Net investing cash flows                     (36,166)   (18,838)


Proceeds from issues of shares                     -     35,991
Proceeds from borrowings                       35,000      6,000
Repayment of borrowings                       (5,513)   (17,000)
Net financing cash flows                      29,487     24,991

Net Increase(decrease) in cash held           (3,451)    10,232
Cash at beginning of period                   14,643      4,411
Exchange rate adjustments                        258          -

Cash at end of period                          11,450     14,643


Cash flows from operating activities resulted in a surplus of
$3.2 million.

The major cash outflows from investing activities related to on-
going capital expenditure at QMAG ($2.4 million) and the
Stanwell Magnesium Project.

During the year repayments of $5.5 million (2000: $3.0 million)
were made on the QMAG debt facility.

As of 30 June 2001, the Company has drawn down $35 million of
loan facilities from Normandy Mining Limited. Of these funds,
AMC may repay as part of the Normandy Loan Facility Agreement
$25 million by calling upon Normandy to subscribe for shares in
AMC. AMC currently intends to call upon Normandy to subscribe
for these shares.

On 30 June 2001, AMC had a cash balance of $11.5 million, down
from  $14.6 million at 30 June 2000.


                                  30 JUNE 2001     30 JUNE 2000
                                    ($'000)           ($'000)

Current Assets
Cash                                   11,450             14,643
Receivables                             8,594             14,631
Inventories                            12,120              8,639
Other                                   2,431                584
Total Current Assets                   34,595             38,497

Non Current Assets
Receivables                                               19,728
Other Investment                        6,876             29,668
Exploration and Evaluation expenditure  5,968              5,968
Other property, plant and equipment    85,866             92,330
Stanwell Magnesium Project            256,508              1,141
Other                                   4,279              2,323
Total Non-current Assets              359,497            151,158

Total Assets                          394,092            189,655

Current Liabilities
Accounts payable                       24,035              8,672
Borrowings                              6,000              5,500
Provisions                              4,789             10,561
Total Current Liabilities              34,824             24,723

Non-Current Liabilities
Borrowings                             71,525             40,648
Provisions                             24,191              8,330
Unearned revenue                       39,226                  -

Total Non Current Liabilities         134,942             48,978

Total Liabilities                     169,766             73,701
Net Assets                            224,326            115,954

Share capital and reserves            348,256            233,006
Accumulated losses                  (133,925)          (117,052)
Outside Equity Interest                 9,995                 -
Total Equity                          224,326            115,954


Total net assets have increased by $108.4 million since 30 June

The movement reflects the acquisition of the remaining 50 per
cent interest in Australian Magnesium Investments in July 2000.
This resulted in the Group owning 95 per cent of the Stanwell
Magnesium Project.

AMC has reached agreement with Fluor Australia to purchase its
minority 5 per cent interest in Australian Magnesium Operations
Pty Ltd and move to full ownership of the Stanwell Magnesium

Under the terms of the agreement, upon commercialization of the
Stanwell Magnesium Project, Fluor will convert its holding in
the project into new shares in AMC.

Other significant movements in the Balance Sheet for the year

* Cash reduced by $3.2 million.

* Non-current receivables reduced by $19.7 million and
investments by $22.9 million. Both relate mainly to previous
expenditure on the Stanwell Magnesium Project.

* The increase in provisions is a result of a writedown of the
foreign exchange hedge book of $9.0 million, increase in
employee entitlements of $0.9 million and mine restoration of
$0.2 million.


On Tuesday 5 June, AMC announced it had finalized a $932 million
debt package for the development of the Stanwell Magnesium
Project. The debt facility is with ABN AMRO Bank NV,
Westdeutsche Landesbank Girozentrale, ANZ Investment Bank and

On Tuesday 19 June, AMC lodged its equity offer documents and a
prospectus with the Australian Securities and Investment
Commission and launched a $680 millon global equity raising to
complement the Stanwell Magnesium Project funding package.

On Friday 20 July, AMC announced it had withdrawn its global
equity offer and would pursue alternative financing options to
develop Stanwell.

AMC is working with its debt and equity syndicate on a revised
funding package for the development to realize the value at the
substantial assets that remain in place.

These include:

* the 10 year magnesium supply contract with the Ford Motor

* 15 year energy supply contract with Stanwell Corporation

* $175 million Queensland and Federal government commitment to
infrastructure development in central Queensland and to ongoing
research and development funding;

* Proprietary, low cost and environmentally leading magnesium
processing technology;

* Environmental and construction permits; and

* Outstanding and committed project and operational teams.

On Thursday 9 August the Commonwealth and Queensland governments
announced their intention to provide $100 million each as loans
or guarantees as a part of a revised funding package for the
Stanwell Magnesium Project.


The Company is working towards the finalization of an
alternative funding package for the Stanwell Magnesium Project.


The information is this report insofar as it relates to ore or
mineralization is based on information compiled by a corporate
member of the Australian Institute of Mining and Metallurgy and
who has a minimum of five years experience in the field of
activity being reported on (D Milburn, BSc (Hons), M AustMM,
Consultant Geologist).

                      APPENDIX 4B (Rule 4.13(b))
                      PRELIMINARY FINAL REPORT

Name of entity
Australian Magnesium Corporation Limited

ACN, ARBN, ABN or ARSN Half   Preliminary   Financial Year ended
                      yearly     final        ('current period')
                      (tick)    (tick)
010 441 666                        X              30/06/2001

FOR ANNOUNCEMENT TO THE MARKET                         AUD000
Extracts from this report for announcement to the market (see
note 1).

Revenues from ordinary activities
(item 1.1)                         down       Nil% to    73,764

Profit (loss) from ordinary activities
after tax (before amortization
of goodwill) attributable to members
(item 1.20)                        up           6% to  (16,873)

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.23)                        up           6% to  (16,873)
Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d))                      gain/loss of  % to       Nil

Net profit (loss) for the period             
attributable to members
(item 1.11)                        up           6% to  (16,873)

                                    (cents)        PER SECURITY

Final dividend (Preliminary final report
only - item 15.4)
Interim dividend (Half yearly report
only - item 15.6)                         Nil             Nil

Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7)                        Nil             Nil

Record date for determining entitlements to the dividend, (in
the case of a trust, distribution) (see item 15.2)         N/A

Brief explanation of omission of directional and percentage
changes to profit in accordance with Note 1 and short details of
any bonus or cash issue or other item(s) of importance not
previously released to the market:



                                         CURRENT     PREVIOUS
                                         PERIOD   CORRESPONDING
                                        AUD000       AUD000

1.1  Revenues from ordinary activities       73,764       73,968

1.2  Expenses from ordinary activities
     (see items 1.24 + 12.5 + 12.6)        (87,666)     (88,845)

1.3  Borrowing costs                        (2,973)      (4,696)

1.4  Share of net profit (loss) of
     associates and joint venture
     entities (see item 16.7)                     -            -

1.5  Profit (loss) from ordinary
     activities before tax                 (16,875)     (17,873)

1.6  Income tax on ordinary
     activities (see note 4)                      -            -

1.7  Profit (loss) from ordinary
     activities after tax                  (16,875)     (17,873)

1.8  Profit (loss) from extraordinary
     items after tax (see item 2.5)               -            -

1.9  Net profit (loss)                     (16,875)     (17,873)

1.10 Net profit (loss) attributable to
     outside equity interests                   (2)            -  
1.11 Net profit (loss) for the period
     attributable to members               (16,873)     (17,873)


1.12 Retained profits (accumulated losses)
     at the beginning of the financial
     period                               (117,052)     (99,278)

1.13 Net profit (loss) attributable to
     members (item 1.11)                   (16,873)     (17,873)

1.14 Net transfers (to) and from reserves         -           99

1.15 Net effect of changes in accounting
     policies                                     -            -

1.16 Dividends and other equity distributions
     paid or payable                              -            -

1.17 Retained profits (accumulated losses)
     at end of financial period           (133,925)    (117,052)

OF GOODWILL                    

1.18 Profit (loss) from ordinary activities
     after tax before outside equity
     interests (items 1.7) and amortization
     of goodwill                           (16,875)     (17,873)

1.19 Less (plus) outside equity interests       (2)            -

1.20 Profit (loss) from ordinary activities
     after tax (before amortization of
     goodwill) attributable to members     (16,873)     (17,873)


1.21 Profit (loss) from ordinary activities
     after tax (item 1.7)                  (16,875)     (17,873)

1.22 Less (plus) outside equity interests       (2)            -

1.23 Profit (loss) from ordinary activities
     after tax, attributable to members    (16,873)     (17,873)


AASB 1004 requires disclosure of specific categories of revenue
andA ASB 1018 requires disclosure of expenses from ordinary
activities according to either their nature of function.  
Entities must report details of revenue and expenses from
ordinary activities using the layout employed in their accounts.  
See also items 12.1 to 12.6

                                          Current      Previous
                                          Period   Corresponding
                                          AUD000       AUD000

1.24 Details of revenue and expenses

     Sale of goods                          727,222       71,722
     Interest received                          754        7,864
     Foreign exchange gain                        -          291
     Proceeds on sale of PPE                    195           18
     Other revenue                               93           73
                                             73,764       73,968
     Cost of Sales                           72,040       67,904
     Inventory net realizable value           3,365        2,257
     Write-down assets (Inventory)            1,175            -
     Exploration                                 70          223
     Foreign Exchange Losses                  9,621       14,826
     Borrowing Costs                          2,973        4,996
     Other expenses from ordinary activities  1,395        1,635
                                             90,639       91,841


                                Consolidated  -  current period

                          Before   Related   Related     Amount
                            tax      tax     outside     (after
                                              equity       tax)
                                        interests  attributable
                                                     to members

                          AUD000    AUD000    AUD000      AUD000

2.1 Amortization of
    goodwill                   -         -         -          -

2.2 Amortization of
    other intangibles          -         -         -          -

2.3 Total amortization
    of intangibles             -         -         -          -

2.4 Extraordinary items        -         -         -          -

2.5 Total extraordinary
    items                      -         -         -          -   

COMPARISON OF HALF YEAR PROFITS             Current     Previous
(Preliminary final report only)               year        year
                                             AUD000       AUD000
3.1  Consolidated profit (loss) from
     ordinary activities after tax
     attributable to members reported
     for the 1st half year (item 1.23
     in the half yearly report)            (11,267)      (2,827)
3.2  Consolidated profit (loss)
     from ordinary activities after tax
     attributable to members for the 2nd
     half year                              (5,606)     (15,046)


                             At end of  As in last    As in last
                              current     annual     half yearly
                               period      report      report
                               AUD000       AUD000       AUD000
      CURRENT ASSETS                                                 
4.1   Cash                      11,450       14,643       12,817
4.2   Receivables                8,594       14,631       11,374
4.3   Investments                    -            -            -
4.4   Inventories               12,120        8,639       13,804
4.5   Other (provide details
      if material)               2,431          584        1,490

4.6   Total current assets      34,595       38,497       39,485

4.7   Receivables - refer attached   -       19,728            -
4.8   Investments (equity
      accounted)                     -            -            -
4.9   Other investments    
      refer attached             6,876       29,668        6,784
4.10  Inventories                    -            -            -
4.11  Exploration and evaluation
      expenditure capitalized
      (see para.71 of AASB 1022) 5,968        5,968        5,968
4.12  Development properties
      (mining entities)              -            -            -
4.13  Other property, plant and   
      equipment (net)           85,866       92,330       90,468
4.14  Intangibles (net)              -            -       66,217
      refer attached
4.15  Other  - Stanwell magnesium
               Project         256,508        1,141      167,855
      Other  - other             4,279        2,323        4,288

4.16  Total non-current assets 359,497      151,158      341,580

4.17  Total assets             394,092      189,655      381,065

4.18  Payables                  24,035        8,672       12,869
4.19  Interest bearing
      liabilities                6,000        5,500        6,000
4.20  Provisions                 4,789       10,551       18,342
4.21  Other (provide details if
      material)                      -            -            -

4.22  Total current liabilities 34,824       24,723       37,211

4.23  Payables                       -            -            -
4.24  Interest bearing liabilities
      - refer attachment        71,525       40,648      109,869
4.25  Provisions                24,191        8,330       11,297
4.26  Other
      (Unearned revenue)        39,226            -            -

4.27  Total non-current
      liabilities              134,942       48,978      121,166

4.28  TOTAL LIABILITIES        169,766       73,701      158,377

4.29  NET ASSETS               224,326      115,954      222,688

4.30  Capital/contributed equity 345,506     233,006     345,506
4.31  Reserves                   2,750            -        2,750
4.32  Retained profits            
      (accumulated losses)   (133,925)    (117,052)    (128,319)
4.33  Equity attributable to
      members of the parent
      entity                   214,331      115,954      219,937
4.34  Outside equity interests in
      controlled entities        9,995            -        2,751

4.35  Total equity             224,326      115,954      222,688

4.36  Preference capital included
      as part of 4.33                -            -            -


To be completed only by entities with mining interests if
amounts are material. Include all expenditure incurred
regardless of whether written off directly against profit.
                                          Current     Previous
                                           period  corresponding
                                            AUD000       AUD000

5.1  Opening balance                          5,968        5,968

5.2  Expenditure incurred                            
     during current period                       70          223

5.3  Expenditure written off
     during current period                     (70)        (223)

5.4  Acquisitions, disposals,
     revaluation increments, etc.                 -            -

5.5  Expenditure transferred to
     Development Properties                       -            -
5.6  Closing balance as shown in
     the consolidated balance sheet
     (item 4.11)                              5,968        5,968

(To be completed only by entities with mining interests if
amounts are material)
                                            Current     Previous
                                           period  corresponding
                                             AUD000       AUD000

6.1  Opening balance                              -            -

6.2  Expenditure incurred
     during current period                        -            -

6.3  Expenditure transferred from
     exploration and evaluation                   -            -

6.4  Expenditure written off
     during current period                        -            -

6.5  Acquisitions, disposals,
     revaluation increments, etc.                 -            -

6.6  Expenditure transferred to
     mine properties                              -            -
6.7  Closing balance as shown in
     the consolidated balance sheet
     (item 4.12)                                  -            -


                                            Current     Previous
                                           period  corresponding
                                            AUD000       AUD000

7.1   Receipts from customers                79,916      63,128

7.2   Payments to suppliers and
      employees                            (73,912)    (56,725)

7.3   Dividends received from
      associates                                  -           -

7.4   Other dividends received                    -           -

7.5   Interest and other items
      of similar nature received                794       1,793

7.6   Interest and other costs of
      finance paid                          (3,654)     (4,550)

7.7   Income taxes paid                           -           -

7.8   Other (provide details if material)        84         433
7.9   Net operating cash flows                3,228       4,079


7.10  Payment for purchases of property,
      plant and equipment                   (1,506)     (3,180)

7.11  Proceeds from sale of property, plant
      and equipment                             195         358

7.12  Payment for purchases of equity
      investments                             (119)     (5,125)

7.13  Proceeds from sale of equity
      investments                                 -           -

7.14  Loans to other entities
      - refer attachment                   (2,500)    (15,490)

7.15  Loans repaid by other entities      
      - refer attachment                          -       4,800

7.16  Other Stanwell magnesium Project     (31,055)           -
      Other                                 (1,181)        (201)

7.17  Net investing cash flows             (36,166)    (18,838)


7.18  Proceeds from issues of securities
      (shares, options, etc.)                     -      35,991

7.19  Proceeds from borrowings               35,000       6,000

7.20  Repayment of borrowings               (5,513)    (17,000)

7.21  Dividends paid                              -           -

7.22  Other (provide details if material)          -           -

7.23  Net Financing Cash Flows               29,487      24,991

7.24  NET INCREASE (DECREASE) IN CASH HELD  (3,451)      10,232

7.25  Cash at beginning of period             14,643       4,411
      (see Reconciliation of cash)

7.26  Exchange rate adjustments to item
      7.25                                      258           -

7.27  Cash at end of period             
      (see Reconciliation of cash)           11,450      14,643

Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows are as follows. If an amount is
quantified, show comparative amount.
On 26 July 2000, share capital with a fair value of $112.5
million was Issued to Normandy Mining Limited to acquire NIM
Magmetal Pty Limited, the holder of a 50% interest in the
Australian magnesium Investments  Pty Ltd (AMI). This
transaction gave AMC 100% ownership of AMI, the holder of a 95%
interest in Australian Magnesium operations Pty  Limited, the
vehicle for the Stanwell magnesium metal project.


Reconciliation of cash at the end of        Current     Previous
the period (as shown in the consolidated  period   corresponding
statement of cash flows) to the related                 period
items in the accounts is as follows.         AUD000     AUD000

8.1  Cash on hand and at bank                 1,341      4,535

8.2  Deposits at call                         2,578        358

8.3  Bank overdraft                               -          -

8.4  Other (Bank Bills)                       7,531      9,750

8.5  Total cash at end of
     period (item 7.27)                      11,450     14,643

RATIOS                                      Current     Previous
                                          period   corresponding
9.1  Consolidated profit (loss) from
     ordinary activities before tax
     (item 1.5) as a percentage of
     revenue (item 1.1)                      (22.9) %   (24.2) %

9.2  Consolidated net profit (loss) from
     ordinary activities after tax
     attributable to members (item 1.9)
     as a percentage of equity (similarly
     attributable) at the end of the
     period (item 4.33)                         7.9 %        
15.4 %

EARNINGS PER SECURITY (EPS)                 Current     Previous
                                          period   corresponding
10.1 Calculation of the following
     in accordance with AASB 1027:
     Earnings per Share

    (a)  Basic EPS                        (15.65) c    (29.11) c

    (b)  Diluted EPS (if materially           N/A c          - c
         different from (a))

    (c)  Weighted average number of
         ordinary shares outstanding
         during the period used in
         the calculation of the
         Basic EPS                     107,797,968   61,406,363

NTA BACKING                                Current     Previous
(see note 7)                             period   corresponding
11.1 Net tangible asset backing
     per ordinary security                    N/A c        N/A c


The Company has substantial tax losses carried forward from
prior years. Accordingly, there is no income tax payable or
income tax expense on the (loss) for the current year.

CONSOLIDATED BALANCE SHEET - "As shown in last annual report"


The amount in Item 4.7 was due from AMI (see Item 17.3), before
it and its 95% subsidiary, Australian Magnesium Operations Pty
Ltd (AMO), became controlled entities. Of the amount in Item
4.9, $26,700,000 represents the equity investment in AMI. These
entities are now consolidated into the economic entity, so these
amounts are now eliminated and are represented by amounts in the
Stanwell Magnesium Project at Item 4.19.


The amount included as "Intangible" in the half-year financial
report relates to the acquisition referred to in Item 13.1. The
acquisition of NIM Magmetal resulted in the consolidated entity
obtaining control over the assets of Australian Magnesium
Operations Pty Limited. This amount is more appropriately
disclosed as part of the fair value of the identifiable assets
over which control was obtained, and not as a separate item.

This change in presentation has no financial effect on the
previous Interim report, but will result in an overall
improvement in the relevance of financial information about the
financial position of the consolidated entity.

(The disclosure immediately above is made in order to comply
with AASB 1029 para 7.7)


Part of the amount included in this item in the half-year
financial report relates to an item of unearned revenue from the
Ford Motor Company of USD30 million. At half-year, it was
categorized as a foreign currency-denominated loan measured at
the spot exchange rate. This amount is now correctly categorized
as unearned revenue, based on prevailing exchange rates at the
time the monies were received (in 1996/1997 and 1997/1988).
Differences in the carrying amount caused by exchange
differences were previously capitalized to the Stanwell project
- these have now been reversed.


Amounts in both the prior year and the current year relate to
the Stanwell Magnesium Plant (prior to its consolidation into
the economic entity).


The Consolidated Entity's activities are detailed evaluation of
the Kunwarara Magnesite Deposit, the operation of a Magnesia
business, investment in Magnesium assets, predominantly the
Stanwell Magnesium Project, and investment in other projects
(comprising of the Flamemag Project and exploration for
industrial minerals and base and precious metals) in one
material geographical segment, Australia.

                   MAGNESIA    MAGNESIUM     OTHER      ECONOMIC
                                           PROJECTS      ENTITY
                     2001        2001       2001         2001

Sales to customers
outside the
Consolidated Entity   72,722          -          -        72,722

Other Revenue            455          5          -           450

Unallocated Revenue*                                        592

Total Revenue         73,167          5          -        73,764

Segment Operating
Profit (Loss)        (8,209)       (74)       (70)       (8,353)

Item having significant
effect- FX provision                                     (9,042)

Unallocated Expenses                                       (72)

Unallocated Revenue*                                        592

Consolidated profit/
(loss) from ordinary
activities before tax
(equal to Item 1.5)                                    (16,875)

Segment Assets       111,739    263,235     11,314       386,228

Eliminations           (129)       (15)         -          (144)

Consolidated Assets  111,610    263,220     11,314       386,144

Unallocated Assets                                         7,948

Total Assets (equal to                                   394,092
Item 4.17)

* Includes interest received and proceeds from sale of non-
current assets.

CABLE & WIRELESS: U.S. State Department Oks SingTel Bid
The U.S. State Department gave its blessing to Singapore Telecom
Ltd's takeover for C&W Optus, The Sydney Morning Herald reported

The State Department confirmed SingTel does not require new
licenses to operate Optus satellites, which are used by
Australia's Department of Defense.

SingTel and Optus, however, will have to provide written
assurances on their use of sensitive satellite technology,

The deal needs Australia's Foreign Investment Review Board
approval to move ahead. It is speculated the approval will be
given by month's end.

"Whatever the case, SingTel has until May 2002 to complete the
acquisition, under Australian law. As of August 3, it had
received acceptances for 24.51 percent of Optus' shares," the
source said.

COLES MYER: Appoints Davis As Managing Director
Warren Flick, Chief Operating Officer General Merchandise &
Apparel (GM&A) of Coles Myer Ltd., announced Monday the
appointment of Larry Davis as Managing Director of Target,
effective 3 September.

Davis replaces Peter Nelson, who, as Interim Managing Director
has been instrumental in leading strategic change and developing
the management team.

Davis joins Target from Kmart US, where he has been Senior Vice
President of Marketing and Advertising since 1996.

Flick said, "Larry's appointment will further strengthen the
senior management team, within the GM&A Group. We are very
pleased that Larry has agreed to join Coles Myer and to lead the
rebuilding of our Target brand.

"Larry's extensive experience in apparel and general merchandise
retailing will be valuable in our drive to bring on-trend, high
quality merchandise at very affordable prices to Target's broad
and loyal customer base," said Flick.

Davis' career has entailed 29 years at Sears Roebuck and Company
and five years at Kmart US.

At Sears, he worked in an extensive range of merchandise
categories, including Men's, Women's, Children's, Intimate
Apparel and Homewares. He held store management, senior regional
merchandise management and national marketing management
responsibilities, with a long history of apparel emphasis.

At Kmart, Davis led the marketing initiatives to reposition the
company. He gave particular emphasis to the development and
branding of Kmart exclusive merchandise in apparel, footwear and
home fashions. These brands have generated sales growth and
differentiation for Kmart.

"With his wealth of operations, merchandise and brand
development experience at organizations the scale of Sears and
Kmart, Larry is ideally suited to overseeing the next phase of
Target's development," Flick said.


Davis joins Target from Kmart Corporation in Michigan where he
has held the position of Senior Vice President - Marketing and
Advertising since 1996.

He began his career in 1965 with Sears as a management trainee
and spent the next 15 years in merchandise management and store
operations roles. During this time, he gained extensive
merchandise experience working across a wide range of categories
from Men's, Women's, Children's, Intimate Apparel and Homewares.
He was appointed to the role of store manager in Baltimore and
then Philadelphia - which ranked in the top five stores
nationally during his tenure.

In 1987, Davis was appointed to Regional General Merchandise
Manager for the New York region, responsible for ranging, buying
and marketing, and representing sales volume in excess of US $1
billion. He was promoted to Eastern Regional Manager where he
pioneered the vertical business concept for the Men's and
Children's categories, resulting in the region achieving
excellent sales and profit growth.

He also introduced a weekly live video presentation
communicating the merchandising programs to Store Managers,
District Managers and Division Managers. For these innovations,
Davis was recognized as the most successful Regional Manager in

Promoted to National Marketing Manager, he initiated and
launched the Kidvantage program in Children's apparel, which won
a national award as one of the top ten programs in retailing and
led to increased market share for Sears. He also designed the
Sears' marketing program for jeans, which resulted in a
significantly increased market share in the US.

In 1994, Davis moved to an entrepreneurial role as President of
the Anthony Sicari Division of Winner International, which
specialized in the manufacturing of women's apparel. He
restructured the operating and production procedures for the
business, and directed the design and product development.

Davis was then recruited as a retail consultant to the
international marketing and advertising agency, Young & Rubicam
to utilize his merchandise and retail marketing expertise.

Davis joined Kmart US in 1996 and was appointed Senior Vice
President - Marketing and Advertising, where he led the campaign
to reposition the company. He designed a number of strategic
marketing initiatives to launch and sustain the growth of new
brands such as Martha Stewart Everyday, Sesame Street Apparel,
Route 66 Casual Clothes and Thom McAnn footwear. This portfolio
of exclusive Kmart brands has achieved national stature and has
generated an improved perception of Kmart across America.

Davis, aged 58, currently lives with his wife Donna in suburban
Detroit, and has an adult son.

DAVNET LIMITED: Denford Supports Proposed Capital Raising
The directors of the Davnet Limited advised that Denford
Enterprises Limited (Denford), a wholly owned subsidiary of The
Investment Company Of China Limited (ICC), has agreed to support
the Company's proposal for a planned capital raising.

As previously announced, Davnet secured a $5 million loan
facility from Denford on 11 August 2001. At the time, Denford
agreed to assist Davnet with a capital raising, subject to a due
diligence review to be completed by 31 August 2001. In order to
speed up the required reorganization and stabilizations of the
Davnet group, and to put it on a positive financial footing,
Denford has agreed to support the following capital raising


Amount          $3 million minimum and up to $5 million at the
                election of Denford (the amount subscribed would
                include any amount drawn down by Davnet under  
                the  current loan facility with Denford)

Price           3 cents per note

Term            3 years

Interest        8 percent pa payable 6 monthly in arrears.
Options         1:1 attached unlisted 3-year options exercisable
                at 3 cents.

Conversion      convertible into ordinary shares in Davnet on a
                one for one basis at any time at the election of
      the holder.

Redemption      if not converted by the holder, redeemable by
   Davnet at face value at the end of the term or
   earlier in the event of certain specified
                events of default, insolvency or takeover.

The issue of notes and options will be subject to shareholder
and other regulatory approvals and to suitable documentation
being agreed and executed.


Amount         minimum of $3 million
Price          3 cents per share
Underwritten by Denford for a minimum of $2 million

The rights issue will be subject to shareholders approving the
note issue, the issue by Davnet of a prospectus and suitable
documentation being agreed and executed.

As previously agreed by the Company, 20 million 3-cent options
have been issued to Equity Partners Asia Ltd as arranger of the
planned capital raising.

The board of Davnet is confident that a capital raising on the
terms outlined above would allow the Davnet businesses to act on
their established and growing business opportunities.

DESSIPUR PTY: Official Liquidator Appointed
Hadyn James Dodge appeared in the Hobart Court of Petty Sessions
to answer charges of 38 counts of fraudulent conduct in
connection with the failed solicitors' mortgage investment fund
operated by Hobart law firm Lewis Driscoll & Bull.

The Australian Securities and Investments Commission (ASIC)
alleges that, between 18 November 1996 and 26 August 1998,  
Dodge and former Hobart solicitor Thomas Peter Baron were
knowingly involved in Dessipur Pty Ltd obtaining more than
$900,000 from the mortgage fund for the purpose of defrauding

ASIC's charges relate to two failed sub-divisions known as
Pennington Drive and Dubbs and Co. Drive at Sorell. They follow
an investigation by ASIC into the affairs of Dessipur which has
also led to:

   * the appointment of an Official Liquidator to Dessipur 26
June 2000 following ASIC's application to the Supreme Court of

   * a referral by ASIC to the Valuers Registration Board of
Tasmania; and

   * Baron being charged with 38 counts of fraudulent conduct.
He appeared before the court on 2 August and arranged bail. He
is to reappear in court on 25 September 2001.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions in the Hobart Court of Petty Sessions.

Dodge did not enter a plea.

GOLDEN WEST: Chairman Lee's Address To Shareholders Released
Golden West Refining Corporation Limited ("GWRC") posted
Chairman Rick J Lee's Address to EGM 20 August 2001:  


"The past eighteen months has been extraordinarily challenging
for the Board and management of Golden West Refining Corporation
Limited ("GWRC"). I know that it has likewise been frustrating
for shareholders as the impact of the bankruptcy of US
subsidiary, Handy & Harman Refining Group Inc ("HHRG"), and the
forced sale of the Australian business, Australian Gold
Refineries ("AGR"), has devastated shareholder value.

"In the difficult circumstances prevailing, your Board has at
all times regarded as paramount the protection of the interests
of GWRC shareholders. The complexity of the HHRG bankruptcy and
the many delays to realization of value for the assets of the
bankrupt estate, together with the challenges faced by the AGR
partnership, both through competitive pressures and uncertainty
created by the HHRG problems, led to the Board's decision
earlier this year to sell its 50% interest in AGR through an
orderly but protracted tender process. A firm sale agreement has
been negotiated with Australian Gold Alliance Pty Ltd ("AGA")
and this meeting has been convened to put the proposal before
shareholders supported by a unanimous recommendation from your

"Developments over recent days have changed the position of the
company significantly.


"The Company has received a demand from Credit Suisse First
Boston International ("CSFB") for payment of an amount of
US$2,174,259.71. The demand relates to unpaid obligations
arising under a guarantee provided by GWRC in support of a
precious metal inventory facility provided by CSFB to a
subsidiary of HHRG, the Attleboro Refining Company Inc.

"This contingent liability has been disclosed in GWRC's
accounts. The annual accounts for year ended 31 March 2000 and
the financial report for the half year ended 30 September 2000
noted that the financial statements had been prepared on a going
concern basis and the balance sheet did not include various
contingent liabilities. It was further noted that should a
material liability emerge there was significant uncertainty that
the company would continue as a going concern.

"As a result of this demand, the Directors of GWRC held
discussions with both CSFB and GWRC's secured creditor, N M
Rothschild & Sons (Australia) Limited, to determine whether
there was any immediate prospect for concessions by either
creditor that might restore the Company's capacity to continue
as a going concern. Unfortunately, no such concessions have been


"Accordingly, and after considering a range of issues presently
critical to the future direction of the Company, the Directors
have resolved that GWRC is or may shortly become insolvent. They
have further resolved that the Company appoint Messrs Garry
Trevor and Martin Jones of Ferrier Hodgson as Joint and Several
Administrators pursuant to Section 436A of the Corporations Act

"In parallel with the creditor discussions referred to above,
the Company has also consulted with those parties involved in
the proposed sale by GWRC subsidiary Golden West Australasia Pty
Limited ("GWA"), of its 50% interest in the AGR Joint Venture.
These parties are Australian Gold Alliance Pty Ltd ("AGA") and
Western Australian Mint ("WAM"). Both AGA and WAM have confirmed
their continuing commitment to complete the transfer of this
joint venture interest to AGA.


"With the AGR sale completed and settled, the GWRC Board was
hopeful that the Company would be left with a small cash balance
by virtue of the continuing financial support and forbearance
from remaining creditors. It was planned that this cash balance
would provide financial resources necessary for the Company to
commence litigation proceedings for the recovery of lost
shareholder value.

"The Administration introduces a level of uncertainty to
previously negotiated arrangements regarding the disposition of
the proceeds of sale. These proceeds are to be received into
GWA, and their disposition will now be overseen by the
Administrator under arrangements yet to be determined. GWRC
itself will have no material assets other than the contingencies
associated with litigation against those who have contributed to
the Company's losses and a receivable from the HHRG estate.

"The Board has made a preliminary analysis of various legal
claims and believes that a number have considerable merit. A
report is expected shortly from US attorneys on the prospects
for the litigation which will obviously be the subject of
careful scrutiny. There are likely to be competing claims from
third parties and it will be some time before the details of any
litigation strategy can be settled.

"Suffice to say that, having worked so hard to reach the
position we are in today after such an enormous financial shock
to GWRC suffered early last year, your Board is disappointed
that it has been necessary for the Company to go into
Administration. It nevertheless remains single minded in its
focus on the recovery of the value lost to the Company over the
past 18 months and will be providing whatever assistance is
necessary to the Administrators to develop an appropriate
strategy which reflects the interests and entitlements of both
creditors and shareholders.

"At the time of the appointment of Administrators, the Board was
reviewing a range of practical issues, all of which need to be
addressed if GWRC is to be well prepared as an unlisted public
company for a long, complex and exhaustive process of
litigation. These matters included such things as the location,
scope, resourcing and cost of Head Office activities. These
matters now also become the domain of the Administrators for the
time being.

"Mr Garry Trevor from Ferrier Hodgson will explain to
shareholders the process of Administration and its possible
impact on the Company moving forward. Before asking for your
vote on the proposed sale of the AGR joint venture interest, I
will open the floor to questions on the information set out in
the Explanatory Statement on the Proposal. I will also provide
an opportunity for Mr Ryan to answer questions from shareholders
on the HHRG bankruptcy and Mr Warren to do likewise on the
complex subject of litigation."

GOLDEN WEST: Posts General Meeting Results
The Directors of Golden West Refining Corporation Limited (GWRC)
are authorized to sell the whole of the Company's 50%
partnership interest in the AGR Joint Venture, held by Golden
West (Australasia) Pty Limited, a wholly owned subsidiary of
GWRC, in accordance with the terms and conditions as set out in
the Explanatory Statement accompanying the Notice of General
Meeting held Monday, was passed on a show of hands.

Total number of proxy votes in respect of which the appointments
specified that:

   (1) the proxy is to vote for the resolution:         49.05%

   (2) the proxy is to vote against the resolution:      0.08%

   (3) the proxy is to abstain on the resolution:          Nil

   (4) the proxy may vote at the proxy's discretion:    50.87%

The total number of proxy votes exercisable by all proxies
validly appointed was 6,428,675.

C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Petition Adjourned To August 27
The hearing of the winding-up petition served by Sin Hua Bank
Limited against CIL Holdings Limited was ordered by the Justice
to be further adjourned to 27 August 2001.

Trading in the shares was suspended from 10:00 a.m. on 20 August
2001 at the request of the Company pending release of this
announcement and application has been made to the Hong Kong
Stock Exchange for the resumption of trading of the shares from
10:00 a.m. on 21 August 2001.

The Company is now in process of settlement negotiation with Sin
Hua and other bankers and creditors, and will issue further
announcement as and when appropriate.

CIL HOLDINGS: Posts Six Months Ended Dec 31 Interim Results
The Board of directors (the "Board") of CIL Holdings Limited
(the "Company") announced the unaudited consolidated results of
the Company and its subsidiaries (the "Group") for the six
months ended 31 December 2000 together with the unaudited
comparative figures for the corresponding period in 1999 as
                                   For the six months
ended 31 December
  2000  1999
Unaudited  Unaudited
Note HK$'000 HK$'000

Turnover     1 33,181 135,971
Cost of sales and services provided  (30,880)    (133,405)

Gross profit     2,301  2,566
Other revenue     3,064  77
General and administrative expenses  (19,901) (31,057)
Other operating expenses   (25,753) (775 )
Net gain on de-consolidation of
  subsidiaries    2 25,961  -
Provision for permanent diminution
  in value of a subsidiary    - (2,302)
Profit on disposal of
  shares in a subsidiary    - 4,681

Loss from operations    (14,328) (26,810)
Finance cost     (15,746) (20,065)
Share of results of associates  -  (4,453)

Loss before taxation   3 (30,074) (51,328)
Taxation      -  (32)

Loss before minority interest   (30,074) (51,360)
9:59 AM 8/21/01Minority interest  -  2,352

Loss attributable to shareholders  (30,074) (49,008)
Interim dividend    4 -  -

Loss for the period    (30,074) (49,008)

Loss per share
Basic      5 (0.81 cents)  (3.15 cents)

At 31 December 2000

  31 December 30 June
   2000  1999
  Unaudited  Unaudited
Note HK$'000 HK$'000

Non-current assets  
Property, plant and equipment   33,077 40,697
Interests in associates    13  13
Interests in joint ventures   53,247 25,839
Investments in securities   137,084 29,650

  223,421 96,199

Current assets
Investments in securities   8,812  22,003
Inventories      3,658  6,853
Accounts receivable   6 13,663 16,095
Prepayments, deposits
  and other receivable   6 125,679 130,680
Due from contract customers   -  13,371
Cash and bank deposits    2,006  2,021

       153,818 191,023

Less: Current liabilities  
Current portion of interest-bearing
  borrowings     204,721 201,983
Current portion of
  non-interest-bearing borrowings  489  489
Current portion of obligations
  under finance leases    2,115  1,291

Bills payable, secured    9,777  2,174
Accounts payable    7 6,770  117,677
Accruals, other payable
  and deposits received   7 316,039 226,539
Due to contract customers    - 9,309
Convertible notes      - 12,500
Taxation payable     475  3,705
Amount due to a director   297  -

  540,683 575,667

Net current liabilities    (386,865) (384,644)

Total assets less current
  liabilities carried forward   (163,444) (288,445)

Less: Non-current liabilities  
Non-current portion of obligations
  under finance leases      - 1,384
Deferred taxation      29  29

   29 1,413
Minority interests     387 1,379

  416 2,792

NET LIABILITIES     (163,860) (291,237)

Share capital     54,016 300,262
Reserves      (217,876) (591,499)

  (163,860) (291,237)


1. Turnover and segmental information

The turnover and contribution to loss from operations of the
Group for the period ended 31 December 2000, analyzed by
principal activity and geographical area, are as follows:

   Contribution to loss
Turnover  from operations
For the six months For the six months
ended 31 December ended 31 December
2000  1999  2000  1999
Unaudited Unaudited Unaudited  Unaudited
HK'000 HK'000 HK$'000 HK$'000

By principal activity:
Interior decoration and renovation,
  building construction, electrical
  and mechanical engineering

-   113,605  - (17,397)
Trading of building and
  interior decoration materials

4,051  22,366 (4,157) (2,775)
Trading of multi-media products

29,130 -  (1,823)    -

Others  -  -  (34,309) (6,638)

33,181 135,971 (40,289) (26,810)

By geographical area:
The Hong Kong Special
  Administrative Region ("Hong Kong")

23,811 118,332 (39,482) (23,332)

Other parts in the People's
  Republic of China ("the PRC")

9,002  14,639 (412)  (2,886)

Overseas  368  3,000  (395)    (592)

33,181 135,971 (40,289) (26,810)

2. Net gain on de-consolidation of subsidiaries

Certain subsidiaries, which were consolidated in the Group's
consolidated balance sheet as at 30 June 2000 and nevertheless
put into liquidation subsequent to that date, have been de-
consolidated from the Group's consolidated balance sheet as at
31 December 2000. The directors consider that the resulting
Group's financial statements, if these subsidiaries were
consolidated, will not present a true and fair view of the
financial position of the Group as a whole.

Operating losses of these subsidiaries of HK$14,647,000 for the
period ended 31 December 2000 have not been included in the
Group's consolidated income statement for the period 31 December
2000. Net gain on de-consolidation of subsidiaries shown in
condensed consolidated income statement includes the full
provision made for the guarantees provided by the Group to the
credit facilities of these subsidiaries and the amounts due from
these subsidiaries, to the extent of the amounts irrecoverable,
and any possibly costs in associate with the de-consolidation of
the subsidiaries.

3. Loss before taxation

Loss before taxation is arrived at:
  For the six months
ended 31 December
2000  1999
Unaudited  Unaudited
HK$'000  HK$'000

After crediting:
Net gain for disposal of shares of a subsidiary - 2,379
And after charging:
Amortization of goodwill   (13,456) -
Cost of sales and services provided  (30,880) (133,405)
Depreciation     (2,024) (2,994)
Finance cost     (15,746) (20,065)
Net loss for disposal of shares of a subsidiary (7,330) -
Net gain on de-consolidation of subsidiaries 25,961 -
Profit on disposal of shares in a subsidiary - 4,681
Provision for permanent diminution in
value of a subsidiary     - (2,302)

4. Interim dividend

The Board of directors does not recommend to declare any interim
dividend for the six months ended 31 December 2000 (1999: Nil).

5. Loss per share

The calculation of the basic loss per share is based on the loss
attributable to shareholders for the period ended 31 December
2000 of HK$30,074,000 (1999: HK$49,008,000) and the weighted
average number of 3,712,781,406 ordinary shares (1999:
1,556,131,478 shares) in issue during the period. No diluted
loss per share for the period ended 31 December 2000 and 1999
have been shown as the effect of potential ordinary shares
outstanding during these periods would be anti-dilutive.

6. Accounts receivable and Prepayments, deposits and other

Included in accounts receivable and prepayment, deposits and
other receivable are trade debtors (net of specific provisions
for bad and doubtful debts) of HK$13,663,000 (year ended 30 June
2000: HK$15,481,000), an aging analysis of which at the
reporting date is as follows:
31 December 2000 30 June 2000
Unaudited  Audited
HK$'000  HK$'000

0 - 90 days   1,178  832
91 - 180 days  3,109  358
Over 180 days  9,376  14,291

13,663 15,481

7. Accounts payable and Accruals, other payable and deposit

Included in accounts payable, accruals, other payable and
deposits received other payable are trade creditors of
HK$6,770,000 (year ended 30 June 2000: HK$126,986,000), an aging
analysis of which at the reporting date is as follows:

31 December  30 June
2000        2000
Unaudited  Audited
HK$'000  HK$'000

0 - 90 days   5,206  2,904
91 - 180 days  824  1,028
Over 180 days  740  123,054

6,770  126,986

8. Contingent liabilities

There were various legal proceedings and winding up petitions
taken by the bankers and creditors against the Company and its
subsidiaries during the period and subsequent to the report
date. The directors consider that the estimated liabilities for
the Group were HK$167 million of which HK$164 million were
provided in the Group's financial statements. The estimation did
not include those cases where no legal actions or solicitors'
letters were issued as well as the legal costs and interests
where not confirmed.

9. Subsequent events

Subsequent to the report date, the following events took place:

(a) Subsequent to the report date, the High Court granted
winding up orders against the following subsidiaries: Ka Cheong
Building Materials (International) Limited, Collections Interior
Limited, CIL (Nominees) Limited and Sundart CIL (Engineering)
Limited on 21 May 2001, 4 June 2001, 11 June 2001 and 26 June
2001 respectively. All of these winding-up subsidiaries and
their subsidiaries were de-consolidated from the Group's interim
report for the period ended 31 December 2000.

(b) Subsequent to the report date, certain creditors have
initiated several winding up petitions against the Company and
the Group. The High Court hearing in respect of the winding-up
petition served by Sin Hua Bank Limited involving approximately
HK$4.5 million has been further adjourned to 20 August 2001.
Also the Group was involved in various legal proceedings, claims
and disputes in respect of the ex-employees claiming for
approximate HK$8.6 million.



During the period under review, the Group continued its core
businesses in trading of building and interior decoration
materials and commenced trading business of multi-media
products. In previous years, the Group had relied on very high
financing costs in the construction projects, which resulted in
delays and subsequently led to disputes with sub-traders,
suppliers and employees during the period. In additions, the
group saw the uncertainties in the future profitability of its
core businesses, and had therefore taken steps in diversifying
into other businesses and had acquired through equity finance a
number of new businesses with minimum cash outlays but with a
guarantee profit. Such measures taken were to strengthen the
group's assets and income base. The group will actively and
prudently pursue other potential business opportunities and is
currently formulating plans for the reorganization and future
development of the group and restructuring of existing
borrowings of the group.


During the period under review, the Company made share
placements of totally 900 million ordinary shares at a price of
HK$0.011 each and several share issues of totally 1,499 million
ordinary shares at a price of HK$0.1 each. The proceeds were
used for acquisitions, repayment of the Group's borrowings and
interest and as the Group's additional working capital.

The net liabilities of the Group as at 31 December 2000 is
approximately HK$163.8 million, the management intends to meet
the shortfall by long term equity finance and restructuring of
existing borrowings of the Group.


The detailed results containing all the information required by
the Listing Rules will be published on the Stock Exchange's
website in due course.


The directors had personal interests in share options granted by
the Company during the period to subscribe for shares in the
Company as follows:
    Number of
            option outstanding
Exercise price at 30 June and
Name of director Date of grant HK$  31 December 2000

Joseph Szeto  31/12/1997 0.626  9,000,000
Ho Pui Tsun, Peter 25/11/1996 0.32  6,300,000
Ho Pui Tsun. Peter 31/12/1997 0.626  8,200,000
Mark Robert, Taylor 26/06/1997 0.511  700,000
Mark Robert, Taylor 23/09/1997 0.751  1,000,000
Mark Robert, Taylor 25/08/1998 0.237  1,000,000


Save as disclosed above, at no time during the period was the
Company or any of its subsidiaries a party to any arrangement to
enable the directors of the Company to acquire benefits by means
of the acquisition of shares in, or debentures of, the Company
or any other body corporate, and neither the directors nor chief
executives, nor any of their spouses or children under the age
of 18 had any right to subscribe for the securities of the
Company, or exercised any such right.


On 31 December 2000, the interests of the directors, the chief
executives and their associates in the shares and share options
of the Company and its associated corporations (within the
meaning of the Securities (Disclosure of Interests) Ordinance
(the "SDI Ordinance")) as recorded in the register maintained by
the Company pursuant to Section 29 of the SDI Ordinance or as
notified to the Company were as follows:

Name of director  Nature of interest Number of shares

Mark Robert Taylor Personal   1,300,000

Save as disclosed above, none of the directors or their
respective associates had any personal, family, corporate or
other interests in the shares and share options of the Company
or any of its associated corporations as defined in the SDI


By 31 December 2000, no person had registered an interest in the
share capital of the Company that was required to be recorded
under Section 16(1) of the SDI Ordinance.


Neither the Company nor any subsidiaries has purchased, sold or
redeemed any of the Company's listed securities during the
period under review.


None of the Directors is aware of any information that would
reasonably indicate that the Company is not, or was not for any
part of the period covered by the interim report, in compliance
with the Code of Best Practice as set out in Appendix 14 of the
Rules Governing the Listing of Securities on the Stock Exchange
of Hong Kong Limited.


The 2000 interim report has been reviewed by the Audit Committee
which comprises two independent non-executive directors. The
Audit Committee has also reviewed with management the accounting
principles and practices adopted by the Group and discussed
auditing, internal control and financial reporting matters
including the unaudited interim financials.

KIN DON: Circular Re Restructuring Proposal Dispatched
Kin Don Holdings Limited announced the circular of the Company
in relation to, among other things, the Restructuring Proposal
and the Rights Issue was dispatched to the Shareholders on 20
August 2001.

The Directors wish to remind the Shareholders of the following:

(i) Timetable

Please note that the following timetable in relation to the
Capital Reorganization, the Restructuring Proposal and the
Rights Issue is subject to, among other things, the court
hearing, the Completion and the approval of the Rights Issue at
the EGM. Further announcement will be made to update the
Shareholders or potential investors as and when appropriate.


Court hearing for Capital Reorganization Friday, 7 September

Latest time for lodging the form of  10:00 a.m. Monday, 10
  proxy for the EGM    September

Capital Reorganization becoming effective Tuesday, 11 September

First day for exchange of existing certificates  Tuesday, 11
  for the Existing Shares for new certificates   September
  for the Ordinary Shares free of charge

Date of EGM    10:00 a.m. Wednesday, 12 September

Completion of Share Premium Cancellation Wednesday,12 September

Announcement of the results of the EGM Thursday, 13 September

Last day of dealings in shares cum-entitlements Thursday, 13
  to the Rights Issue     September

Commence dealings in shares    Friday, 14 September
  on an ex-entitlements basis

The Restructuring Proposal becoming effective Friday, 14 Sept

Issue of Subscription Shares,  Friday, 14 September
  Convertible Preference Shares
  and Compromise Shares

Latest time for lodging transfers  4:00 pm Monday, 17 September
  of shares for entitlements
  to the Rights Issue

Register of members closed   Tuesday, 18 September to
   (both dates inclusive)   Friday, 21 September

Record date for determining entitlements  Friday, 21 September
   to the Rights Issue

Dispatch Rights Issue Prospectus  Friday, 21 September

Announcement on dispatch of   Friday, 21 September
  Rights Issue Prospectus

First day of dealings in nil-paid  Wednesday, 26 September
  Rights Shares

Latest time for splitting nil-paid  4:00 p.m. Wednesday, 3   
Rights Shares    October

Last day of dealings in nil-paid Rights Shares  Mon, 8 October

Last day for exchange of existing certificates for  Tuesday, 9
   the Existing Shares for new certificates for    October
   the Ordinary Shares free of charge (Note)

Latest time for acceptance of    4:00 p.m. Thursday, 11 October
   Rights Shares and payment

Latest time for force majeure    4:00 p.m. Tuesday, 16 October

Rights Issue expected to become unconditional Wed , 17 October

Refund cheques in respect of   Thursday, 18 October
   wholly or partly unsuccessful
  excess applications for
  Rights Shares posted

Issue and dispatch of fully-paid  Thursday, 18 October
  Rights Share certificates

Announcement of result of acceptance Thursday, 18 October

Dealings in Rights Shares commence Tuesday, 23 October

Note: Thereafter, share certificates of the Existing Shares will
be accepted for exchange for share certificates of the Ordinary
Shares only on payment of a fee of HK$2.50 (or such higher
amount as may be stipulated in the Listing Rules from time to
time) for each new share certificate to be issued or for each
share certificate of the Existing Shares so submitted for
exchange, whichever number of certificates is higher.

(ii) The pro forma adjusted unaudited consolidated net tangible

The following is the pro forma unaudited statement of adjusted
consolidated net tangible assets of the Group based on the
audited consolidated deficiency in assets of the Group as at 30
November 2000 and adjusted as described below:


Audited consolidated deficiency in assets of
  the Group as at 30 November 2000   (153,189)

Unaudited consolidated loss of the Group for
  the six months ended 31 May 2001   (17,430)

Surplus on revaluation of the Group's
  leasehold land and buildings   39

Pro forma unaudited adjusted
  consolidated deficiency in assets
  of the Group before Completion    (170,580)

Adjustments relating to the Restructuring Proposal

  Issue of new Ordinary Shares pursuant to the
    Compromise Agreements    86,919
  Reduction of indebtedness by way of waiver 7,971
  Estimated net proceeds from subscription of
    new Ordinary Shares     24,500
  Write back of interests accrued to the Group's
    Principal Creditors     6,659

  Estimated net proceeds from subscription of
      partly-paid Convertible Preference Shares 8,000

  Estimated professional fees and expenses in
      connection with the Restructuring Proposal (1,700)

Pro forma unaudited adjusted consolidated
  deficiency in assets of the Group after Completion
  but before Rights Issue    (38,231)

Estimated net proceeds of Rights Issue  56,104

Pro forma unaudited adjusted consolidated net
  tangible assets after Completion and Rights Issue 17,873

Estimated net proceeds upon full payment of
  the partly-paid Convertible Preference Shares     72,000

Pro forma unaudited adjusted consolidated
  net tangible assets after Completion
  and Rights Issue and upon full payment of
  the partly-paid Convertible Preference Shares  89,873

         HK cents

Pro forma unaudited adjusted consolidated net
  tangible asset value/(deficiency in asset value)
  per Existing/Ordinary Share

- based on 940,662,000 Existing Shares
   in issue before Completion    (18.1)

- based on 2,975,186,000 Ordinary Shares to
   be in issue after Completion but before
   Rights Issue      (1.3)

- based on 5,950,372,000 Ordinary Shares
   to be in issue after Completion and
   Rights Issue      0.3

- based on 9,950,372,000 Ordinary Shares to
   be in issue after Completion and Rights
   Issue and upon full exercise of the
   conversion rights attaching to the
   Convertible Preference Shares   0.9

(iii) The Restructuring Proposal is subject to a number of
conditions including the Whitewash Waiver and may not be
completed if any of such conditions is not fulfilled or waived
in accordance with the terms of the Restructuring Proposal. The
Rights Issue is conditional on the completion of the
Restructuring Proposal. If the Whitewash Waiver is not approved
by the Independent Shareholders or not be waived by Marble King,
the Restructuring Proposal will lapse. As a consequence, the
Rights Issue will not be proceeded.

(iv) Shareholders should read the aforesaid circular carefully,
in particular, all the financial information and the letter of
advice from the independent financial adviser contained therein.

MIGHT RISE: Winding Up Sought By Kincheng
Kincheng Banking Corporation is seeking the winding up of Might
Rise Investment Limited. The petition was filed on August 6,
2001 and will be heard before the High Court of Hong Kong on
November 14, 2001 at 9:30 am.

Kincheng, a banking corporation duly incorporated in The
People's Republic of China, has a branch office at No. 55 Des
Voeux Road Central, Hong Kong.

PACIFIC MARBLE : Hearing Of Winding Up Petition Set
The petition to wind up Pacific Marble & Granite (Hong Kong)
Limited is set for hearing before the High Court of Hong Kong on
September 5, 2001 at 9:30 am. The petition was filed on June 22,
2001 by PT. Pancayasa Primatangguh of JL Arteri Rays Sisi Tol
(Pejuangan), Komplek Prisma Kedoya Plaza, Block A-26, Jardarta
11530, Indonesia.

SUN LUEN: Petition To Wind Up Scheduled
The petition to wind up Sun Luen Ming Trading Company Limited is
scheduled for hearing before the High Court of Hong Kong on
September 5, 2001 at 9:30 am. The petition was filed on June 19,
2001 by Bank of China, Hong Kong Branch whose principal place of
business is situated at Bank of China Tower, No. 1 Garden Road,
Hong Kong.

TRIGOLD CORPORATION: Winding Up Petition Pending
Trigold Corporation Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 17, 2001 at 9:30 am.

The petition was filed on August 4, 2001 by Extrawell Holdings
Limited, whose registered office is situated at Room 807, 8th
Floor, Tower Two, Kippo Center, 89 Queensway, Hong Kong.


BANK CENTRAL: Re-launches Bidding Process
Bidders from previous tender for Bank Central Asia (BCA) shares
could take part again in the re-launch of bidding process for
BCA's 30% divestment, Bisnis Indonesia reported Tuesday citing
Indonesian Bank Restructuring Agency's Chairman IPG Ary Suta.

"The BCA tender process has been sorted out and now waiting for
IBRA to carry it out," he said.

Asked whether IBRA might change the tender package, Suta said it
hasn't been decided because it had to be discussed with the
parliament first.

MANUFACTURERS LIFE: Faces Bankruptcy Over Policy Claim Dispute
Manufacturers Life Insurance Co. of Canada's (Manulife)
Indonesian subsidiary face a bankruptcy claim at Jakarta's
commercial court filed by a beneficiary of a deceased
policyholder, The Asian Wall Street Journal reported Tuesday.

Manulife refused to pay the plaintiff a Rp50 million policy
claim for the reason that the deceased failed to disclose his
health problems when he applied for the policy.

However, the beneficiary and his lawyers, instead of filing a
civil complaint against the company, are trying to push
Manulife's subsidiary into bankruptcy if it doesn't pay the
claim plus damages of Rp5.1 billion.

"The company won't pay because it means insurance companies
won't be able to operate in Indonesia. You're in a position that
you can't deny any claims," President Director of Manulife
Indonesia, Philip Hampden-Smith said.

"We are legally allowed to file the lawsuit... . It is between
the creditor and the debtor. The court must declare Manulife
bankrupt because the debtor has not been legally able to fulfill
its obligation at the due time," Dewi Susianti of Bramm &
Associates, the firm representing the beneficiary, said.

This case is one of the challenges that faces President Megawati
Sukarnoputri. The need to strengthen a legal system that has
hampered attempts at corporate reform and undermined foreign-
investor sentiment toward Indonesia must be implemented.

This case is only the latest in a series of legal tussles
involving foreign companies, and Manulife has been a prime

A ruling on this case is expected to take place on Thursday.

* FSPC To Announce Investigation Result On Four Obligors  
The Financial Sector Policy Committee (FSPC) will soon announce
the investigation result on four obligors, Tirtamas Group,
Chandra Asri, Symless Pipe and Kodel, to meet one of the six
prior actions included in the new letter of intent with the IMF,
Bisnis Indonesia reported Tuesday.

"The announcement will be made gradually and for the preliminary
announcement, we will only report these four obligors," IBRA
Oversight Committee Chairman Marie Muhammad said.

"The result that we've now achieved has met one of the six
points of the prior actions," he added.

Minister Kwik Kian Gie said that the current meeting is almost
in accordance with the schedule.

"All agenda, including the six priority agenda, is completed,
but discussion regarding account 502 is not finished because it
needs to be further discussed with the parliament," Kwik added.


DAIEI INC: To Sell 15.15 Million Lawson Shares
Daiei Inc will sell 15.15 million shares in Lawson Inc, or
89.24% of the group's equity stake in the convenience store
operator, to investors abroad to help slash its debts. The
disposal is expected to rake in 67.7 billion yen if sold at the
current price, Japan Today reported on August 21, which
cited Kyodo News.

MYCAL CORP: Labor Union Plans to Buy Company Stock
Mycal Corp's labor union plans to buy company stock with funds
set aside for labor disputes in order to assist the company's
management and give the union more leverage, Japan Today
reported on August 21, which cited company officials statements
late Monday.


DAEHAN FIRE: KDIC Files MOU With Daehan Cement
The Korea Deposit Insurance Corp. (KDIC) signed a memorandum of
understanding (MOU) August 20 with preferred bidder Daehan
Cement for the ailing non-life insurer Daehan Fire & Marine
Insurance, Korea Herald reported Tuesday.

"The main contracts could be concluded with the bidder in late
September or early October following their due diligence on the
assets and liabilities of the insurer," a KDIC official said.

HANBO STEEL: INI Steel to Withdraw Bid
INI Steel, formerly Inchon Iron and Steel announced Monday that
it has decided to withdraw its bid to acquire Hanbo Steel. The
decision came after the company closely studied the feasibility
of the bid, Digital Chosun reported on August 20, which quoted
an official of the Hyudai Motor Group subsidiary.

INI Steel, which has been the sole bidder to express
a clear intention to acquire the ailing steelmaker, disclosed
the withdrawal plan at the stock exchange Monday.

HYNIX SEMICONDUCTOR: Discloses Agreement With Hyundai Curitel
Hynix Semiconductor Inc made a voluntary disclosure regarding
amendment to the Business Transfer Agreement with Hyundai
Curitel, Inc as follows:

  (1) Content
        Transfer Price
       - before  : W 191.4 billion
       - after   : W 144.8 billion

  (2) Board of directors resolution date: August 8, 2001

  (3) Related disclosure date: June 4, 2001

HYNIX SEMICONDUCTOR: KEB Prepares Bailout Plan Anew
The Korea Exchange Bank (KEB) is preparing another bailout plan
for Hynix Semiconductor Co, which includes debt-to-equity swaps,
roll-overs of maturing loans, extensions of existing loans and
providing fresh funds. The bank is expected to discuss the plan,
once ready, with the company's other creditor, Digital Chosun
reported on August 20.

"As a simple rollover of maturing Hynix bonds won't alleviate
the company's liquidity crisis, we are reviewing various options
for the company. We will consult the company's financial advisor
Salomon Smith Barney and finalize the bailout plan within this
week," KEB vice-president Lee Yeon-soo said.

KEB will first consult other major creditor banks such as Korea
Development Bank, Hanvit Bank and Cho Hung Bank before proposing
the idea of providing fresh funds to Hynix to all creditor

Salomon Smith Barney, the company's financial advisor, earlier
reportedly projected the semiconductor maker will be short of
W1.5 trillion in cash by the end of this year as long as the
average price of 64-megahertz DRAMs remain in the dollar range.

KUKJE HWAJAE: Bidder Keun Wha Signs MOU With KDIC
The Korea Deposit Insurance Corp. (KDIC) concluded a memorandum
of understanding (MOU) Monday with Keun Wha Pharmaceutical to
bid for Kukje Hwajae, an ailing non-life insurer and also known
as International Fire, Korea Herald reported August 21.

KDIC official said the main contracts could be concluded with
the bidder in late September or early October following their
due diligence on the assets and liabilities of the two insurer.

SAMSUNG ELECTRONICS: Leases Office To Subsidiary
Samsung Electronics Co Ltd leased its office to Samsung Fire and
Marine Insurance Co Ltd, with the following details:

   Leasing Real Estate to "Largest Shareholders etc"

1. name(corporate name) Samsung Fire & Marine Insurance Co
           Ltd - relation with company: Subsidiary
2. contents of lease

         a. lease date: 2001.08.03
         b. real estate leased: Building of 137.2 pyung
         c. location: Teajun, Seogu, Ddunsandong
         d. details: lease period start date 03/Aug/2001
                     end date 28/Mar/2002
                     security money - W3,430,000

3. purpose for leasing Office

4. decision date(resolution date of the board of directors):  
        - outside directors  present  (no.) -   absent   (no.) -
        - auditors absent
5. under the Fair Trade Act or not no

6. the others -Above rental fee is monthly base
              -Maintenance fee: W2,469,600(VAT excluded)

SAMSUNG ELECTRONICS: To Resume Large-Scale Bond Issuances
Samsung Electronics Korea's flagship company is going to resume  
large-scale bond issuances after a lapse of three years. Top
management will convene a meeting within the week to resolve  
continuance of a plan to float a total of W500 billion in bonds,
Digital Chosun reported on August 21, which quoted a high-
ranking official of the company.

Samsung, which has a total of W419.5 billion in corporate bonds
maturing in October, and W634 billion in November, is studying
the possibility of continuing to issue bonds. The company hopes
to carry out two or three bond issues by year's end in an effort
to pay off a total of W1.2 trillion corporate bonds due this


GADEK CAPITAL: No Objection To Proposed Restructuring, MITI Says
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the Board of Directors of Gadek Capital (Gadek Capital or the
Company), announced The Ministry of International Trade and
Industry (MITI) expressed it has no objections to the Proposed
Restructuring via its letter dated 14 August 2001, subject to:

     (i) approval of the Securities Commission ("SC");
     (ii)   approval of the Foreign Investment Committee (which
was obtained on 17 July 2001); and
     (iii)  all the 104,506,000 ordinary shares, representing 30
percent of the enlarged share capital of Gadek Capital are to be
offered to Bumiputera investors, whereby its allocation will be
decided separately by MITI after the Proposed Restructuring has
been approved by the SC.

On 13 March 2001, Arab-Malaysian, on behalf of the Board
announced that on 12 March 2001, the Company has entered into
conditional sale and purchase agreements in relation to the

     (a) proposed acquisition of the entire issued and paid-up
capital of Khuan Choo Realty Sdn Bhd (KCR) comprising 16,650,010
ordinary shares of RM1.00 each from Datuk Lim Siew Choon, Sebaya
Murni Sdn Bhd, Capt (R) Noziah Bt. Dato' Hj Osman, Zaheera Bt
Ahmad, Major (Rtd) Ismail bin Ahmad and Lim Choon Hai for a
purchase consideration of RM87,891,467 to be satisfied by way of

     (b) proposed acquisition of approximately 69.12 percent
equity interest of Bukit Rimau Development Sdn Bhd (BRD)
comprising 3,455,997 ordinary shares of RM1.00 each (BRD Shares)
from Asas Unggul Sdn Bhd (Asas Unggul) for a purchase
consideration of RM49,113,513.20 to be satisfied by way of cash
and the proposed assignment to Gadek Capital of the advances
made to BRD by a director and the holding company of BRD
totaling RM30,886,486.80 for a cash consideration of the same
amount; and

     (c) proposed acquisition of the entire issued and paid-up
capital of Domain Resources Sdn Bhd (DR) comprising 1,000,000
ordinary shares of RM1.00 each from Hillary Frank Fredericks
(for Che King Tow), Wee Beng Aun and Che Kiong Seong for a
purchase consideration of RM38,000,000 to be satisfied by way of

(the aforesaid acquisitions shall hereinafter be referred to as
the Proposed Acquisitions).

Subsequently, pursuant to the above, on 27 April 2001, Arab-
Malaysian on behalf of Gadek Capital announced that the Company
proposes the following:

     (a) Proposed Bonus Issue of 174,176,464 new ordinary shares
of RM1.00 each in Gadek Capital on the basis of one (1) new
ordinary share in Gadek Capital for every one (1) existing
ordinary share of RM1.00 each in Gadek Capital held after the
Proposed Disposal;

     (b) Proposed Placement of up to 104,158,000 existing
ordinary shares of RM1.00 each in Gadek Capital representing
approximately 29.9 percent of the enlarged issued and paid-up
share capital of the Company after the Proposed Bonus Issue at a
placement price to be negotiated with the places;

     (c) Proposed Offer for Sale of 122,280,000 existing
ordinary shares of RM1.00 each in Gadek Capital at a price to be
determined later to Directors, employees, to the public and
bumiputera investors to be nominated by MITI and/or Malton
Corporation Sdn Bhd (Malton); and

     (d) Proposed increase in the authorized share capital of
Gadek Capital from RM200,000,000 comprising 200,000,000 ordinary
shares of RM1.00 each to RM1,000,000,000 comprising
1,000,000,000 ordinary shares of RM1.00 each (Proposed Increase
In Authorized Share Capital)

(The Proposed Acquisitions, Proposed Bonus Issue, Proposed
Placement, Proposed Offer for Sale and Proposed Increase In
Authorized Share Capital are collectively referred to as the
Proposed Restructuring)

LIEN HOE: Posts Notice Regarding Defaulted Loans
Lien Hoe Corporation Berhad posted this announcement to keep the
loan stockholders informed of the current status of the
following defaults pertaining to the Loan Stocks of Lien Hoe in
accordance with KLSE Practice Note No. 1/2001:

  a. Loan Stocks interest from 1 January 2000 to 30 June 2000;
  b. Loan Stocks interest from 1 July 2000 to 17 August 2000;
  c. Maturity and redemption of Loan Stocks due 17 August 2000

Reasons for default in payments

As stated in our circular to loan stockholders dated 17
July 2000, the Company was adversely affected by the Asian
financial crisis, which resulted in the slowdown of the
Malaysian economy in general and the property market in
particular. This has affected the Company's ability to pay the
Loan Stocks' principal and interest when they fell due.

Measures taken to address the default

The Company had, on 30 May 2000, received Securities
Commission's approval for its restructuring exercise which
includes inter-alia, a capital reduction and rights issue of
warrants. An amount of RM36.7 million arising from this exercise
has been earmarked for partial redemption of the Loan Stocks
whilst the balance of RM7.1 million and Loan Stocks interest of
approximately RM4.1 million will be repaid via bridging loan
from financial institutions. This loan, if approved, will be
secured by a charge over the Company's property known as
Kompleks Lien Hoe in Johor Baru valued at RM126.976 million as
at 4 May 1998.

      The restructuring exercise has also been approved by the
shareholders of the Company at an extraordinary general meeting
held on 23 November 2000. Subsequently on 10 January 2001, the
High Court of Malaya granted its sanction for the capital
reduction, which forms an integral part of the restructuring
exercise of the Company. The capital reduction was completed on
15 February 2001 and the other components of the restructuring
exercise will be implemented sequentially thereafter.

      In view of the depressing local stock market condition,
which may adversely affect the progress of implementation of the
restructuring exercise, the Company is actively pursuing a bonds
issue by way of securitization of Kompleks Lien Hoe as an
alternative plan. The bonds issue, if successful, will raise
sufficient cash for the Company to redeem the Loan Stocks plus
any accrued interest in full.

Financial and legal implications in respect of the default in
payments of the outstanding sums:

Under the Company's proposed debt restructuring scheme as
facilitated by the Corporate Debt Restructuring Committee, Bank
Negara Malaysia, the major lenders to the Lien Hoe Group have
agreed to restructure the majority of the Group's debts. This
proposal has also the approval by the Securities Commission on
30 May 2000 and the shareholders approval on 23 November 2000.
Save as disclosed, there are no other significant financial and
legal implications in respect of the default.

Lines of action available to the security holders against the

The Loan Stocks is secured by a charge over the Company's
property known as Kompleks Lien Hoe in Johor Baru valued at
RM126.976 million as of 4 May 1998. Loan stockholders will
continue to have a claim against the Company in respect of their
respective holdings of the Loan Stock. The rights of the
registered loan stockholders will continue to be protected by
the terms of the Trust Deed, as amended by the Amendment Trust
Deed, and will continue to be represented by the Trustee,
Universal Trustee (Malaysia) Berhad.

MBF CAPITAL: States SC Proposal Requirements Compliance
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBf Capital Berhad, wishes to announce the

   (i) the purchase consideration for the proposed acquisition
of Leisure Holidays Berhad is RM75.122 million and Leisure
Commerce Square Sdn Bhd is RM43.327 million, subject to the
finalization of the audited accounts and due diligence exercise
of the respective companies;

   (ii) there will be no external liabilities to be assumed by
Newco arising from the Proposed Acquisitions; and

   (iii) the Proposals currently have not complied with the
minimum land bank requirement pursuant to Chapter 11 of the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities. Currently, the land bank owned by the acquiree
company is approximately 830 acres. However, MBf Capital will
endeavor to meet the said requirement prior to the submission to
the Securities Commission.

Apart from the above, the Proposals have not departed from the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities.

NCK CORPORATION: Takeover Proposal Response Positive
Archer Corporate Services Sdn Bhd, on behalf of NCK Corporation
Bhd (NCK) announced the Special Administrators (SA) has received
seven proposals for the acquisition of the business and/or
assets of NCK.

The proposals involve the acquisition of the listed vehicle
and/or specific assets of the NCK Group. Like most restructuring
schemes, the proposals involve elements of capital reduction,
issuance of shares to raise funds and asset injection.

The SA's are currently reviewing all proposals received on a
private and confidential basis. Thereafter the SA's will prepare
a workout proposal, which must be examined by an Independent
Advisor and approved by Danaharta after which a meeting of
secured creditors will be called to consider and vote on the
Proposal. A majority in value of secured creditors present and
voting at the meeting must approve the proposal before it can be
implemented. Relevant regulatory approvals must also be

With regards to the Requisite Announcement to be made on 26
August 2001, the Company, on 28 July 2001, made an application
to the KLSE for an extension of six (6) months to release the
Requisite Announcement to the KLSE in view of the moratorium
period of one year given to the SA to complete their task and to
come up with a workout proposal.

Rahman Hydraulic Tin Berhad (RHTB) gladly announced that the
Ministry of International Trade and Industry (MITI) had via its
letter dated 14 August 2001 approved RHTB's Proposals.

The approval from MITI is subject to the approvals from the
Securities Commission (SC) and the Foreign Investment Committee

The Proposals are as follows:

     (1) Proposed Capital Reduction And Consolidation;

     (2) Proposed Share Swap;

     (3) Proposed Debt Reconstruction;

     (4) Proposed Acquisition Of The White Knight Companies;

     (5) Proposed Acquisition Of Real Properties;

     (6) Proposed Restructuring Of Assets Growth Berhad ("AGB")

     (7) Proposed Renounceable Rights Issue;

     (8) Proposed Restricted Offer For Sale;

     (9) Proposed Waiver Of A Mandatory General Offer; and

     (10) Proposed Transfer Of Listing Status Of RHTB To AGB.

TAIPING CONSOLIDATED: Unit Faces Winding Up Petition
A winding up petition under Section 218 of the Companies Act was
presented against Sentul Raya Sdn Bhd ("Company"), a subsidiary
of Taiping Consolidated Bhd ("TCB"), on 17th August 2001.

The Board of Directors of TCB are of the opinion that there is
no basis for the filing of the petition and the petition is
frivolous and vexatious and an abuse of process. The Company
disputes the alleged debt and the petitioner has obtained no
judgment against the Company.

Accordingly, the Company has instructed its lawyers to apply to
Court to strike the petition and take all necessary action to
protect its interest, including the recovery of damages against
the petitioner.

The total costs of investment of TCB in the Company amounts to
RM5.591 million. In the opinion of the Directors, the winding up
proceedings is not expected to have any material financial and
operational impact on the TCB group of companies.

TCB's maximum expected losses, arising from the winding-up
proceedings, in the unlikely event that the petition is
successful, amounts to RM5.591 million being its total costs of
investment in the Company as at the date hereof.

The petition was filed by Azman & Tay Associates Sdn Bhd on 12th
June 2001 and served on the Company through its solicitors on
17th August 2001 for alleged failure to settle outstanding
professional fees owing to it in the sum of RM88,455.67. No
other prior action has been filed or judgement obtained against
the Company.


ALL ASIA: WB Arm Asks SEC to Liquidate
World Bank's investment arm, the International Finance Corp
(IFC), asked the Securities and Exchange Commission (SEC) to
liquidate All Asia Capital and Trust Corp, Inquirer News Service
reported yesterday quoting an SEC official.

The SEC's opinion was that All Asia should be rehabilitated to
help unsecured creditors recover their placements to to recover
from a liquidity crunch last year.  

Officers of IFC, All Asia and SEC met last week, where All Asia
informally presented a rehabilitation plan involving capital
infusion and debt restructuring, but IFC asserted the plan was
not viable.


EASYCALL INTERNATIONAL: Liquidates Singapore's Net Data Center
EasyCall International Limited decided to liquidate its wholly
owned subsidiary in Singapore, EasyCall Internet Singapore Pte
Ltd (ECIS). ECIS, which is insolvent, has appointed Don M. Ho of  
Don Ho and Associates, CPA, as its provisional liquidator. It
has found that its Singapore data center no longer fits into its
new overall business plan.

In the meantime, EasyCall continues to maintain surplus cash of
A$29.9 million and its paging businesses in Malaysia and
Philippines continue to remain cash positive.

It has engaged the services of experienced IT senior staff to
introduce value-add managed services and e-business solutions
into its data center businesses in the region.

The new management team is working to turn the data center
businesses around, focusing on high revenue accounts, targeting
the medium enterprise market and forming collaborations with
regional Applications Service Providers to provide EasyCall
customers with applications to develop on-line businesses.

KEPPEL CAPITAL: Posts Notice Of OCBC Bank's Interests
Keppel Capital Holdings Ltd (KCH) made a notice of substantial
shareholder Oversea-Chinese Banking Corporation Limited (OCBC
Bank)'s interests as follows:

Date of notice to company: 17 Aug 2001
Date of change of interest: 16 Aug 2001
Circumstance giving rise to the change: Acceptance of takeover

Date of      Name of        No. of        Full particulars
Interest     Registered     shares or     of each interest
Acquired     holder         amount of     and of circumstances
                             stock        by reason of which
                                          has interest
                                          (see Section 7 & 85)

16 Aug 2001  The Central    1,277,144,811   See Note Below
             (Pte) Ltd

             Oversea-Chinese   266,155
Note :

On 12th June, 2001, (OCBC Bank) made voluntary conditional cash
offers (the Offers) for all the issued ordinary shares of S$1.00
each (the Share) in the capital of Keppel Capital Holdings Ltd
(KCH) and all the outstanding listed warrants issued by KCH. The
Offers were declared to be unconditional in all respects on 10th
August, 2001. On 16th August, 2001, OCBC Bank made payment
in respect of the Shares for which valid acceptance had been
received pursuant to the Offers up to 10th August, 2001.

As of 16th August, 2001, Eastern Realty Co Ltd, a wholly-owned
subsidiary of OCBC Bank, held 118,708 Shares, representing
approximately 0.0086 percent of the issued and paid-up share
capital of KCH*. Under Section 7 of the Companies Act, Chapter
50 of Singapore (the Companies Act), OCBC Bank is deemed to have
an interest in Eastern Realty Co Ltd's holding of 118,708

On 16th August, 2001, payment was made in respect to the
1,277,292,258 Shares, representing 92.4 per cent. of the issued
share capital of KCH, for which valid acceptances had been
received pursuant to the Offers up to 10th August, 2001.
Accordingly, the 1,277,292,258 Shares paid for were transferred
to OCBC Bank. OCBC Bank is deemed to have, in aggregate, an
interest in respect of 1,277,410,966 Shares. As a result, OCBC
Bank becomes a substantial shareholder of KCH and makes this
notification in accordance with Division 4 of Part IV of the
Companies Act.

* All references in this notification to the "issued and paid-up
ordinary share capital of KCH" are based on 1,383,223,575 Shares
in issue as of August 6, 2001.


COUNTRY (THAILAND): Contingent Liabilities Reach Bt190M
Country (Thailand) Public Company Limited had commitments for
capital expenditures relating to development costs in land held
for commercial purpose, which is approximately Bt184.47 million.

Liabilities in relation to the Letter of Guarantee between
Krungthai Bank Plc. and the Metropolitan Electricity and the
Provincial Electricity Authority and the Allocation Control
commission amounts to Bt5,785,950.

COUNTRY (THAILAND): Posts Three-year Financial Status Summary
Country (Thailand) Public Company Limited posted the summary of
financial status and the result of the operation of the company
for the last three years.

(Unit : Million Baht)       2000         1999              1998

Total revenues              -45.05       300.76        -231.79
Total cost and expenses     316.05       632.54         503.12
Net Profit (Loss)          -361.1        331.77        -734.91
Fundamental Profit (Loss)
per share                   -2.98        2.74           -6.06
Amount of Shares            121.250     121.250          21.250
Total Asset               4,179.06    4,185.78    8,508.71
Total Liabilities        13,150.06   12,484.73        1,024.97
Shareholders' equity      -8,971.00    8,298.95       -2,516.26
Book Value of Shares        -73.99       -68.44         -20.75

The company made losses and lack liquidity and the company is
under rehabilitation's process.

The detail in relation to the person who might have business

- none -

COUNTRY (THAILAND): States Business Reorganization Progress
Country (Thailand) Public Company Limited posted the events of
Rehabilitation process No.1:

   * June 28,2000   The Company filed a petition for
reorganization of the company's business with the Central
Bankruptcy Court

   * July 28,2000   The Central Bankruptcy Court had ordered for
a business reorganization

   * Aug. 22,2000   The Central Bankruptcy had appointed the
company to be the planner.

   * Feb. 21,2001   The Company submitted rehabilitation plan to
Central Bankruptcy Court

   * March 20,2001  The first meeting of creditors to consider
the Rehabilitation Plan

   * April 11,2001 The second meeting of creditors to consider
the Rehabilitation Plan

   * June 1,2001   The Central Bankruptcy Court issued an order
to cancel the business reorganization order in accordance with
section 90/48 paragraph four.

Events of Rehabilitation process No.2:

   * June 15,2001  The Sukumvit Asset Management Co.,
Ltd.,(creditor) has filed a petition for reorganization of the
Company business with the Central Bankruptcy Court.

   * July 16, 2001"The Central Bankruptcy Court has ordered for
a business reorganization and appointed Neo World Consultant
Co., Ltd to be the Planner.

SIAM SYNTECH: Administ'r Posts Business Reorganization Report
Siam Syntech Planner Company Limited (Plan Administrator) of
Siam Syntech Construction Plc. (Syntec) issued the first
Progression Report of Syntec's Business Reorganization Plan,
presenting Syntec's operation for the forth quarter, from April
1st, 2001 to June 30th, 2001:


Siam Syntech Construction Plc. presents the progress of the
Reorganization Plan of Siam Syntech Construction Plc. (Syntec),
which was approved by the creditors and the Bankruptcy Court,
which will be submitted to the Officer of the Reorganization
Monitoring Section.

For the purpose of better understanding, this report will be
presented in accordance with the principles of the Plan dated
December 27th, 2000 and the amended Plan dated February 7th,
2001 as follows:

Early Retirement Program
Completed Section

Pursuant to Clause 5.2.1 of the Plan, relating to Early
Retirement Program, in order to maintain Syntec's profitability
and competitiveness, Syntec has already laid off 68 employees
since June 30, 2001.  On this regard, Syntec paid total
compensation amount of BT8,475,262.

Syntec expects that it will reduce administrative expenses in
relation to salary and fringe benefit by approximately BT1.2
million per month.

The Refusal of Assets of the Debtor or Contractual Rights
Under Progress Section

According to clause 7.10.2 of the Plan, Syntec has terminated
the following lease contracts, which their underlying assets
were identified as non-core assets

Lessor                       Contract No.        Assets

Sinn Bualuang                L001-000053         Power Master
Model PM180
                             L001-000052         Motorized Hoist
Nakornthon Leasing           LS 630013           Putzmeister
Trailer Concrete Pump
                             LS 610127           Rough Terrain
Forklift JCB# 537-130

Lessor                       Contract No.        Assets
                             LS 630091           Tower Crane
"Wolff" No. 321042
                             LS 630090           Tower Crane
"Wolff" No. 321075
                             LS 610154           JCB JS130
Excavators # 259377
                             LS 610191           6 Wheels Truck
Crane FC3 JLKA 165 HP

Upon the termination process, Siam Syntech Planner Co., Ltd. as
the Plan Administrator, has sent the letters of termination to
the lessors since May 18th, 2001.  

In addition, according to clause 1.26 of the amended Plan dated
February 7, 2001, Syntec has revoked the applications for
issuance of the letter of guarantees and any rights that
accompany with the applications as detailed below:

Issuer of Letter  Letter of     Beneficiary       Application
Of Guarantees     Guarantees                   Date for Letter
                  Number                       of Guarantees     

1. Bank of Ayudhya Pcl.

       LG-P 1981/2540 (39)  Mitsubishi Corporation  Jun. 2, 1997

2. Thai Military Bank Pcl.

7613/2537           World Trade Tower      Dec. 14, 1994
                          (Bangkok) Co., Ltd.

3. Thai Military Bank Pcl.

40-12162539      World Trade Tower         Aug. 9, 1996
    (Bangkok) Co., Ltd.

4. Bangkok Metropolitan Bank Pcl.

        C37-0334         S.M. Tower Co., Ltd.      Apr. 25, 1994

5. Bangkok Bank Pcl.    

04/40/50065      Rajdamri Land Co., Ltd.   Feb. 28, 1997
                        (Currently known as
                         Plern Rajdamri Co., Ltd.)

6. Bangkok Bank Pcl.  

04/36/50596      BMA                      Oct. 26, 1993

7. Krung Thai Bank Pcl.

G.COP.1051-      World Trade Tower        Jun. 6, 1994
  X25/1994         (Bangkok) Co., Ltd.      (Extended on
          Nov. 12, 1996)

Amendment of the MOA and AOA
Completed Section

* According to clause 7.8.2 of the Plan, Syntec has reduced its
registered capital from THB 600 million to THB 3,970,570.


Administrator can submit such shares to the creditors.

THAI PETROCHEMICAL: Reorg Petition Filed In Bankruptcy Court
Thai Petrochemical Industry Public Company Limited's (Debtor),
engaged in petroleum and sale of petrol, Petition for Business
Reorganization was filed to the Central Bankruptcy Court:

Black Case Number Phor. 2/2543

Red Case Number Phor. 8/2543

Petitioner: Bangkok Bank Public Company Limited and 5 other

Planner: Effective Planners Company Limited

Debts Owed to the Petitioning Creditor: Bt27,263,401,768.87

Date of Court Acceptance of the Petition: January 17, 2000

Court order for business reorganization: March 15, 2000

The creditors are called for a meeting in order to elect the
planner on April 19, 2000 at 9.30 a.m. at Queen Sirikit National
Convention Center

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: April 28, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on May 23,

Deadline for creditors to submit Applications for Payment in
Business Reorganization: June 23, 2000

Deadline to object to any Application for Payment in Business
Reorganization: July 7, 2000

Deadline for the Planner to submit the plan to the official
receiver: August 23, 2000

Deadline for the Planner to submit the plan to the official
receiver - postponed 1st: September 25, 2000

Appointment date for Calling on the new Creditors' meeting to
consider the Plan: November 27, 2000 at 9.30a.m. the Convention
Room 9th Floor, Legal Execution Department, 189/9 Bangkunon
Road, Bangkok Noi, Bangkok

Court hearing has been set on December 12, 2000 at 13.30 pm.

Court had issued the order accepting the reorganization plan:
December 15, 2000 and Appointed Effective Planner Company
Limited to be as the Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Matichon Public Company Limited and Siam Rath Company
Limited: December 27, 2000

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette: January 25, 2001

Contact : Mr. Chanin, Tel : 6792512

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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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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