TCRAP_Public/010829.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 29, 2001, Vol. 4, No. 169


                         Headlines


A U S T R A L I A

BULONG OPERATIONS: Posts Production Report For July
CABLE & WIRELESS: Singtel Increases Interest
CABLE & WIRELESS: SingTel Obtains All Regulatory Approvals
CABLE & WIRELESS: Singtel To Hold 100% Stake In Insurance
DIGITAL NOW: Responds To ASX Query
DREAM HAVEN: Administrators Appointed
HIH GROUP: HK Units Suffer Record Loss
PRESTON RESOURCES: Australian Nickel Purchases Non-Core Assets
WESTPAC MORTGAGE: ASIC Commences Investigation


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Suspends Trading
FORTUNE LUCK: Petition To Wind Up
FOURSEAS.COM: Share Consolidation Subject To Approval
FOURSEAS.COM: Sees No Reason For Price, Volume Increase
HIGHSONIC LIMITED: Faces Winding Up Petition
LEUNG FAT: Winding Up Sought By Chan Kai
STRONG IMAGE: Winding Up Petition Pending
VICTORY GROUP: Parallel Trading To Cease On Thursday
ZHONGDA (HOLDINGS): Winding Up Petition Hearing Set


I N D O N E S I A

BANK CENTRAL: Govt Plans To Sell 51% Stake
SEMEN GRESIK: Government Plans to Divest Remaining 51% Stake


J A P A N

FUJI SEIKO: Applies For Voluntary Bankruptcy
ITOCHU CORPORATION:  Moody's Confirms `Ba3' Senior Debt Rating
MYCAL CORP: Unveils Restructuring Plan
NICHIMEN CORP: Debt Rating Outlook Stays Negative,Says Moody's


K O R E A

DAEHAN FIRE: KDIC Signs MOU With Daehan Cement
HYNIX SEMICON: Local Creditors To Sue If Declared In Default
HYNIX SEMICONDUCTOR: Share Price Plunges Amidst Bailout Plan
KUKJE HWAJAE: Bidder Keun Wha Signs MOU With KDIC
SAMSUNG ELECTRONICS: Issues 3-Yr Bonds Worth W500B
SSANGYONG CEMENT: Creditors Agree W1.7T Debt-Equity Swap


M A L A Y S I A

AUTOWAYS HOLDINGS: MOU Available For Inspection
BERJUNTAI TIN: Posts Proposed Restructuring Scheme
BRIDGECON HOLDINGS: Administrators Invite Participation In PDR
RENONG BERHAD: EGM To Be Held On September 11
SOUTH PENINSULAR: Posts Additional Proposed Acquisition Info
UH DOVE: Approval Granted By MITI
UH DOVE: Awaits KLSE Proposed Scheme Time Extension Approval
ZAITUN BERHAD: Winding Up Petition Withdrawn


P H I L I P P I N E S

COSMOS BOTTLING: Quezon RTC Extends TRO By 17 Days
NATIONAL POWER: Four Banks Offer Loan


S I N G A P O R E

ASIA PULP: Seeks To Claim $1B Debt Payment
L&M GROUP: Places 720M Siwani Shares With Agent Rifan


T H A I L A N D

CENTRAL PAPER: Issues Info Re Exercise Of Warrants
SIAM V.M.C.: Petition For Business Reorg Filed in Court

     -  -  -  -  -  -  -  -

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


BULONG OPERATIONS: Posts Production Report For July
---------------------------------------------------
Preston Resources Limited, the parent firm of Bulong Operations
Pty Limited, said nickel and cobalt dispatched for sale amounted
to 564.2 tons and 25.3 tons respectively. Total production,
after inventory adjustments was 629.4 tons of nickel and 30.7
tons of cobalt. The leach circuit again exceeded planned
throughput and nickel recovery improved to 82.7%. Settling
densities in the leach residue storage facility increased which
may have a long-term positive impact on capital requirements in
this area.

SAFETY AND ENVIRONMENT

There were nine significant injuries during the month, a
substantial increase from previous months.

There were two environmental incidents during the month, both
involving organic spills in the solvent extraction (SX) area.

PRODUCTION

Production statistics for the month of July are shown in the
table below:

THIS MONTH

ACTUAL    PLAN      VARIANCE   VARIANCE  UNITS
                               (%)
                                         INPUTS
42,499    38,688    3,812      9.9%      Leach Feed (t)
1.79      1.80      0.00       -0.2%     Ni Grade (%)
0.104     0.105     -0.001     -0.7%     Co Grade (%)

                                         OUTPUTS
564.183   555.714   8.469      1.5%      Ni (t)
25.294    30.467    -5.173     -17.0%    Co (t)


YTD
                 ACTUAL    PLAN      VARIANCE   VARIANCE
                                                (%)
INPUTS
Leach Feed (t)   42,499    38,688    3,812      9.9%
Ni Grade (%)     1.79      1.80      0.00       -0.2%
Co Grade (%)     0.104     0.105     -0.001     -0.7%

OUTPUTS
Ni (t)           564.183   555.714   8.469      1.5%
Co (t)           25.294    30.467    -5.173     -17.0%


The leach circuit throughput exceeded plan due to both higher
than planned throughput rates and leach circuit availability.

Nickel output, was also above plan. Recovery losses through the
counter current decantation circuit ("CCD" - used for separating
the metal hearing solutions from barren solids) and the solvent
extraction circuit ("SX") continue to affect output.

Of the total cobalt production of 25.3 tonnes, 21.5 tonnes was
cobalt cathode and 3.8 tonnes was cobalt contained in sulphide.
Cobalt output was less than plan, as some cobalt had to be
stored in inventory as cobalt sulphide. This was due to limited
capacity in cobalt electrowinning ("CoEW") due to blown fuses in
the CoEW power supply. The remaining cobalt sulphide will be
processed in August.

MINING

Mine production activities were carried out in the Federal, Gala
and Albion 2 pits.

A total movement of 195,777 Bank Cubic Metres ("BCM") was
achieved compared to a budget of 248,858 BCM. Total pit movement
was below expectations and was subject to variation due in part
to excavator down time accounting for four production shifts
lost. Some minor rain delays and a high number of fleet moves
for re-handle requirements also effected production from the
pits.

Crushing and screening campaigns were commenced in July on hard
material with excessive oversize, which previously prevented
direct feed into the ore preparation circuit. A total of around
6,500 tons of blended material was screened and fed through the
ore preparation feed hopper during 'sizer' maintenance mid month
in order to maintain feed to the leach circuit while this
critical maintenance was undertaken. A further 13,500 tons were
screened and stockpiled for future planned or unscheduled
'sizer' maintenance. The material consisted of high-grade ore,
previously mined and stockpiled from Albion and Mt Lyell, which
was considered at the time of mining to be high in lump or
reject material. An estimated 20,000 tons of oversize from ore
preparation grizzly reject was also crushed and stockpiled for
future ore feed.

Grade control activities comprised trenching in the Federal and
Gala pits, reverse circulation ("RC") drilling in Albion 2 and
ore mining in Federal, Gala and Albion 2. Trenching activities
for the next bench in Federal are expected to be under difficult
conditions due to the hardness of the material now evident in
the pit floor.

The close spaced 10m x 10m, multiple bench, grade control
drilling program in Albion was completed at month end with only
minor assay data still pending.

Grade control estimates of feed stockpile grades (1.78% Ni,
0.11% Co) indicated estimation of grades well within
expectations in comparison with the leach sampling data for the
belt weightometer (1.76% Ni and 0.10% Co) and the autoclave feed
(1.79% Ni and 0.11% Co).

The metallurgical calculated autoclave feed grade was 1.79% Ni
and 0.10% Co.

LEACH PLANT

During July the ore preparation circuit ran for 571 hours
(availability 76.7%), processing 54,171 dry tonnes of ore. This
resulted in 42,499 dry tonnes being advanced to pressure leach
at a rate of 74.4 dry tonnes per hour.

The average free acid level obtained during July was 45 g/t, and
the target setpoint varied between 45-50 g/L. A trial was
conducted for certain periods at 50g/L as improvements in acid
pump flowrates, and process control had been instigated. The
trial will continue during August to determine if extraction is
improved at free acid levels of 50g/L. The autoclave temperature
was successfully increased to 255degC from 250degC-252degC
during the month to further improve kinetics and extraction.

The acid pumps were operational for 97.5% of the 634 hours the
autoclave feed pumps were operating. The acid pumps were off due
to heatup from the scheduled shutdown and minor faults. Acid
addition using ratio control (ie tons of acid per ton of leach
feed) was implemented during the month, resulting in a decrease
in the variability of the free acid levels and poor extractions
during such periods.

A total of 42,499 dry tons were processed through the leach
autoclave giving an average feed rate of 67.1 dry tons per hour.
The rate was 4% below design (69.6tph) due to restrictions in
CCD feed system and partial neutralization ("PN") circuit.

A total of 126 hours production was lost during the month, which
resulted in the leach plant achieving 83.1% availability and a
utilization of 79.8%. The main cause of downtime during the
month was due to the scheduled three-day shutdown. The main
items addressed during the shutdown included replacement of the
scrubber blast spool, autoclave agitator mechanical seal and
flash vessel choke valves.

CCD/PN wash recovery (excluding raffinate losses) continued to
increase with a July recovery of 93.4% compared to 91.9% in June
and 91.5% in May.

Further optimization work was completed or instigated during the
month. The most significant maintenance works in the leach plant
during the month occurred during the 3-day shutdown. Major works
included the replacement of the scrubber blast spool,
replacement of the chokes, and change out of an autoclave
mechanical seal. It was noted that damage to choke valve
components and also titanium pipe wear appeared to have
increased. The results of these inspections confirm that the
frequency of both minor and major shutdowns should not exceed 15
weeks without the risk of doing damage to vessels. The current
shutdown strategy has the frequency at 3 months (13 weeks), and
this will be maintained.

In response to the findings from the shutdown, a total of seven
titanium vent pipe spools will be manufactured over the coming
month to replace ones that were seen to have worn to below
acceptable limits. Also a number of choke valve components are
currently being sourced, as wear to these components is
significant.

Leakage at the head plate, however, has since been reduced.
Several modifications are planned to make the press more
operable.

The nickel solvent extraction circuit averaged 92.7% nickel
recovery at 84.1% availability. The cyanex content in the nickel
organic remained constant at 1.2%. Reliability of pH probes
continued to negatively effect raffinates. New probes are on
order, expected mid August.

An extensive gypsum clean was achieved during the 18th-21st
shut, with better than expected results. The plant was capable
of running, in respect to line and pump capacities, at design
rates for the remainder of the month. Minor line cleaning, as
required, was carried out for the first part of the month.

MINING COSTS

Total mining cost were below budget by 10%.

Contract mining costs for pit production activities were below
budget due to some production losses from excavator mechanical
down time and increased fleet moves for ore re-handle and pit
moves. Some variance was also due to mining schedule changes
with slight variation in pit production locations due to unit
rates being different for each pit.

Grade control costs were above budget due to unscheduled
continuance of Albion 2 drilling program brought about because
of drilling equipment down time in June. Increased assay and
consumable costs also resulted because of the extra drilling.

Contract crushing and screening activities, both unbudgeted,
were abnormal items causing cost variance of around an extra
$60,000.

LEACH PLANT COSTS

Total costs were on budget at $2,371,000.

Ore preparation costs were up due to the hire of a mobile
screening plant used to improve the throughput due to worn sizer
teeth and the subsequent screening of all emergency stockpile
for future sizer bypasses. Additional loaders were utilized to
feed the mobile screening plant.

Leach costs were down due to the reduced diesel consumption.
There were no other major discrepancies.

Refinery costs. The refinery was 6% over budget for the month.

Labor was 9% under budget, despite $50,000 maintenance labor
costs incurred with no budget. This is a result of being under-
strength in both the refinery and tankhouse.

* Reagents were close to budget

Consumables were 9% under budget. The only major over-
expenditure was for cathode bags. Consumption is excessive
because of the poor anode conditions

Other significant over expenditure included:

* $25,000 for the dump sump cleaning.

* $71,000 for freight, this includes emergency deliveries and
the freight component of NaS deliveries - previously charged to
NaS.

* $34,000 for safety supplies and equipment - the major expenses
were for H(2)S and NH(3) monitors, air stream filters and
gloves.

Maintenance costs. Costs for the month totaled $401,000. This
included significant reversals from last financial year totaling
about $580,000. The majority of this reversal was due to rotable
spare costs being reversed back to the store. Excluding this,
total costs for the month were about $981,000, which was under
budget by approximately $180,000.

The significant costs for the month were attributed to the
shutdown, and the leach costs reflected this. Other areas of
higher costs were CCD/PN due to pump rebuilds and cobalt SX (due
to agitator gearbox changes and replacement of some advance
lines during the shutdown.)

Production Services costs. Mine services costs were above
budget, despite delays in exploration drilling. With drilling
commencing in Australia next month costs incurred for that month
are expected to be higher than the budget for the month. Charges
for tenement management were incorrectly receipted in July,
causing the over budget variance to occur.

Costs for metallurgical research and development ("R&D") were
higher because of continued PN tests and are expected to be
higher in coming months due to intensified R&D activities eg
piloting, external test work.

Engineering services costs were again under budget because of
the deferment of Capital projects. Light vehicles were over, due
to repairs to a maintenance utility and one additional hire
vehicle.

Commercial costs. Supply costs were in line with budget.

Product freight costs continue to be higher than anticipated.
The supply department are investigating ways of reducing the
increased charge.

Recruitment of senior personnel reduced significantly in recent
months and this is reflected in the low costs for the human
resources department. Some accrual reversals have resulted in a
credit to recruitment and relocation costs in order of $17,000

Site administration costs were under budget by $61,000 with the
reversal of accruals from previous months making up $33,000 of
this amount

Contract labor costs were $12,000 higher than budget as there
are still two full time equivalent positions to be converted to
salary staff. One has since been converted and the other is due
for conversion by 30 September. The over run is offset by salary
costs being $7,000 under budget.

REVENUE
                               JULY-2001
                                A$'000

Nickel sales                     6,818
Cobalt sales                     1,275

METAL PRODUCTION

Estimates or quarterly metal output, through to March 2002 are
shown in the table following.

QUARTER ENDING          NICKEL         COBALT
                             (IN TONNES)

September 30, 2001       1,750          180
December 31, 2001        2,105          191
March 31, 2002           2,007          158

OUTLOOK

Overall plant recovery continues to be the area where the
largest performance gains are capable of being made. A number of
specialist consultants have been commissioned to address some of
these. Recovery improvements and metal quality improvements are
also likely to occur as a result of increasing concentrations of
cobalt extractant. The addition of further extractant is
scheduled for September.


CABLE & WIRELESS: Singtel Increases Interest
--------------------------------------------
SingTel Australia Investment Limited increased its relevant
interest in Cable & Wireless Optus Limited on 27/August/2001,
from 1,688,003,942 ordinary shares (44.57 percent) to
1,794,340,379 ordinary shares (47.38 percent).


CABLE & WIRELESS: SingTel Obtains All Regulatory Approvals
----------------------------------------------------------
Singapore Telecommunications Limited (SingTel) has received
formal confirmation from the Foreign Investment Review Board
that the Treasurer is satisfied with notification received from
the US Department of State in relation to export licenses for
the Cable & Wireless Optus Limited (Optus) satellites, ground
support equipment and technical data.

SingTel's wholly-owned subsidiary, SingTel Australia Investment
Ltd (SingTel Australia) has today received the required
approvals from the Australian Prudential Regulation Authority
(APRA) under the Financial Sector (Shareholdings) Act 1998 and
has also received confirmation from APRA that approval under the
Insurance Acquisitions and Takeovers Act 1991 is not required.
Consequently, the offer by SingTel Australia to acquire the
ordinary shares of Optus is now free from all conditions
relating to regulatory approvals.

Commenting on this development, Lee Hsien Yang, President and
CEO of SingTel, said "SingTel is delighted to have received all
the regulatory approvals required for the Optus transaction. We
have worked closely with all relevant government agencies to
obtain the necessary approvals and look forward to maintaining
the constructive working relationships we have developed with
those agencies."

REMAINING CONDITIONS

The offer by SingTel Australia for Optus is now conditional only
on:

   * no prescribed occurrences;

   * no material adverse change; and

   * 50 percent minimum acceptance.

TIMING

SingTel Australia will now review the prescribed occurrences and
material adverse change conditions. If neither of those
conditions has been triggered, SingTel Australia is likely to
waive those conditions on or before 29 August 2001 and declare
the offer unconditional except for the 50 percent minimum
acceptance condition. Within one business day of that
declaration, Cable & Wireless Plc (C&W) is obliged to accept the
SingTel offer in respect of 19.8 percent of the shares in Optus.

If C&W accepts in respect to its entire 52.3 percent stake in
Optus, the 50 percent minimum acceptance condition will be
satisfied and the SingTel Australia offer will be wholly
unconditional. Based on current acceptance levels, it is
possible that the 50 percent minimum acceptance condition will
be met, even if C&W only accepts the offer in respect of 19.8
percent of the shares in Optus.

SETTLEMENT AND THE SINGTEL DIVIDEND

Optus shareholders who accept the SingTel Australia offer on or
before the day on which it becomes wholly unconditional
(Unconditional Date) will be paid the consideration they elect
within seven days of the Unconditional Date.

If the Unconditional Date occurs on or before 30 August, Optus
shareholders who accept on or before the Unconditional Date and
who elect the Share Alternative or the Share and Cash
Alternative will be entitled to receive the SingTel dividend of
S$0.055 per SingTel share (less Singapore tax).

Optus shareholders accepting the offer after the Unconditional
Date will not be entitled to receive the SingTel dividend. Optus
shareholders wishing to accept the offer are therefore
encouraged to accept as soon as possible.

Lee commented "Based on the current expected sequence of events,
there is an increased chance that Optus shareholders who accept
the all share or share and cash alternative prior to the
unconditional date will be eligible to receive SingTel's
dividend. We encourage Optus shareholders to accept the offer as
soon as possible and look forward to welcoming them as SingTel
shareholders."

PAYMENT OF SINGTEL DIVIDEND IN AUSTRALIAN DOLLARS

On 17 August 2001, SingTel announced the making of a new rule
under its constitution to enable dividends payable in relation
to SingTel shares issued to accepting Optus shareholders to be
paid in Australian dollars. This rule will be effective prior to
the payment date for the SingTel dividend of S$0.055 per SingTel
share (less Singapore tax).

Therefore, should Optus shareholders accepting SingTel's offer
become entitled to receive that dividend, they will receive it
in Australian dollars. The rate of exchange used to determine
the amount of Australian dollars payable will be the average of
the quoted rates, as selected by any SingTel director,
prevailing over the five market days immediately preceding 6
September 2001.

EDITOR'S NOTE

Offer documents were dispatched to Optus shareholders the week
commencing 21 May 2001. However, if they have not been received
or if shareholders have any questions regarding how to accept
the Offer, they should contact Computershare Registry Services
Pty Limited on 1800 501 501. If shareholders have any other
questions regarding the Offer, they should call the Optus
Shareholder Information Line on 1800 677 678.


CABLE & WIRELESS: Singtel To Hold 100% Stake In Insurance
---------------------------------------------------------
Cable & Wireless Optus Limited (Optus) revealed that approval
under section 14 of the Financial Sector (Shareholdings) Act
1998 has been granted by the Treasurer for Singapore
Telecommunications Limited and its associates to hold a 100%
stake in each of Optus and Optus Insurance Services Pty Limited.

The company also informed the intended acquisition does not give
rise to a trigger proposal within the meaning of section 50 of
the Insurance Acquisitions and Takeovers Act 1991.


DIGITAL NOW: Responds To ASX Query
----------------------------------
Digital Now Inc provided Australian Stock Exchange (ASX) the
following responses on its query dated 17 August 2001:

   (1) It is possible that the company may only have sufficient
cash to fund its activities, for less than 2 months. The company
continues to conduct business during its sale process and
continues to seek additional sales of its products. The Company
is also reducing operating costs to the extent consistent with
the continuing conduct of its business. However, in light of the
continuing and increasing deterioration in the market, and the
recent announcement of the Board's intention to sell the
business of the company, the company cannot predict its
operating cash flows. There are a number of factors that may
affect the company's cash reserves and its ability to continue
operating while it seeks a purchaser of its business. These
factors principally include the company's ability to make
additional sales in light of its recent announcement, to collect
outstanding amounts due from customers, and to maintain credit
terms with its vendors.

   (2) The Company has taken all reasonable steps to expedite
the sale of its business and hopes that an early sale will be
effected. However, as it is not possible to predict whether a
sale will occur or the timing of any sale and for the reasons
stated in point 1, above, the company cannot give any
representation that cash reserves will be sufficient to continue
to fund its operations until a purchaser for its business can be
found.

   (3) At the time of the announcement to offer the company for
sale, the Company was solvent. For the reasons stated in point 1
above, unless a sale of the business is consummated, it is
likely that in the near future the company will not be able to
meet its obligations as they come due.

   (4) The company has consulted regularly with counsel with
regard to its compliance with the Listing Rules and believes it
is in compliance with them and in particular Listing Rule 3.1.

   (5) Listing Rule 12.2 requires a company's financial
condition to be adequate, in the opinion of ASX to warrant
continued quotation of its securities and its continued listing.
Through releases to the ASX dated 9 August, 13 August, 17
August, and this letter, the company has attempted to provide
the ASX with current and accurate information about the
company's financial condition and the company's outlook for its
future financial performance.

The company would like to apologize for the delay in responding.
Given that Digital Now is incorporated in the state of Delaware,
USA, the company has needed some time to consult with legal
counsel both in the United States and Australia with respect to
understanding the differences and applicability of the
respective laws with respect to the issue of solvency.

At this time, the company, with assets in excess of its
liabilities, believes that it is not legally insolvent under
Delaware law, which is the applicable corporate law governing
the company. Under the rules which the company understands would
be the applicable law looked to by the ASX in determining
whether to resume trading of the company's stock, the company,
at this time, cannot affirm that it is able to pay all of its
debts as and when they become due and payable.

Nevertheless, the company continues to operate as it seeks
additional sales of its products and continues to meet its
payroll obligations while it has engaged an investment banker to
assist with the sale of its business. Through these efforts, the
Board continues to try to maximize value for all shareholders
and creditors of the company.


DREAM HAVEN: Administrators Appointed
-------------------------------------
Dream Haven Bedding & Furniture Limited announced that on August
24, 2001 at 11.30 am, Ian Carson and A McLellan were appointed
joint and several Administrators of the company.

At present, the business is being traded for possible sale as a
going concern or to locate an equity investor. That sale period
should take between 5 and 7 weeks.


HIH GROUP: HK Units Suffer Record Loss
--------------------------------------
The Hong Kong office of Australian-based insurer HIH Group
collapsed with liabilities of HK$1.05B, the largest corporate
failure in the insurance sector.

The group's 27,000 Hong Kong policyholders, including the
Hospital Authority and Law Society, become creditors of the
failed firm and might have to wait up to 10 years for
compensation.

HIH, Hong Kong's sixth-largest general insurer, collapsed in
April, a month after its Australian parent went into provisional
liquidation.  Australia's HIH Insurance had losses estimated at
between A$3.6B and A$5.3B, the country's biggest corporate
collapse.

The Supreme Court of New South Wales wound up its main
subsidiaries.  Judge Kim Santow approved the winding up of 18
HIH companies.

Coverage offered by its four Hong Kong subsidiaries, HIH
Insurance (Asia), HIH Holdings (Asia), FAI First Pacific
Insurance and HIH Casualty and General Insurance (Asia),
included employees' compensation, motor, medical, and
professional indemnity.

The four had placed HK$250M with their parent under a re-
insurance arrangement but will not get it back until the
Australian liquidation process is completed, which could take
years.

"The four Hong Kong offices have now become creditors of the
parent company," the provisional liquidator of HIH Hong Kong
companies, Peter Whalley, a partner in Pricewaterhouse-Coopers,
said.  The four offices are also burdened by a huge amount of
provisions made for claims payment, investment losses and other
expenses.

As a result, they are unable to fully repay 7,500 existing
claims totaling HK$1.05B. Whalley said the companies'
liabilities exceeded assets by HK$660M.  That figure could
expand to HK$800M when more policyholders made claims at a later
stage.

Whalley was speaking after a court hearing yesterday before
Justice Michael Hartmann in the Court of First Instance for
directions on whether to wind up the four HIH companies.


PRESTON RESOURCES: Australian Nickel Purchases Non-Core Assets
--------------------------------------------------------------
Titan Resources NL's wholly owned subsidiary Australian Nickel
Mines NL has purchased eight Prospecting Licenses P31/1589 to
P31/1596 from Preston Resources Limited for $50,000 cash.

The tenements were considered non-core assets of the Company.


WESTPAC MORTGAGE: ASIC Commences Investigation
----------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced today that ASIC has
commenced a formal investigation into the operation of the
Westpac Mortgage and Income Fund (the Fund).

The Fund is an unlisted retail unit trust that invests in a
range of money market, mortgage and asset-backed securities, and
other debt securities. It is operated by Westpac Financial
Services, a subsidiary of Westpac Banking Corporation (Westpac).

The fund closed to new investors in June, and failed to pay an
income distribution for the year to June 30, 2001, because it
had made a loss. The fund's units dropped in value to 89.09
cents from $1, delivering investors a paper loss of about 10 per
cent, as well as the loss of their income stream for the year.
Investors who redeemed their investments crystallized a 10 per
cent loss.

"ASIC has received numerous complaints about this matter", Knott
said.

"Our investigation will focus on the circumstances leading to
the Fund's closure, including the accuracy of representations
made to investors about the Fund prior to that time", he said.

ASIC will make no further comment on the investigation at this
time.


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


CIL HOLDINGS: Suspends Trading
------------------------------
At the request of CIL Holdings Limited (the Company), trading in
its shares will be suspended with effect from Monday
(27/August/2001), pending the issue of announcement regarding
the results of the hearing on 27 August 2001 in relation to the
winding-up petition against the Company by Sin Hua Bank Limited.


FORTUNE LUCK: Petition To Wind Up
---------------------------------
The petition to wind up Fortune Luck Trading Limited is
scheduled for hearing before the High Court of Hong Kong on
October 24, 2001 at 9:30 am. The petition was filed with the
court on July 24, 2001  by Kincheng Banking Corporation of 55
Des Voeux Road Central, Hong Kong.


FOURSEAS.COM: Share Consolidation Subject To Approval
-----------------------------------------------------
Fourseas.com Limited advises market participants to note that
the shares of HK$0.02 each (Old Shares) in the capital of
Fourseas.com Limited will be consolidated into shares of HK$0.02
each (after Capital Reduction) (New Shares) on the basis of 10
into 1 subject to its shareholders' approval at the Special
General Meeting to be held on 29/8/2001.

Effective Thursday, 30 August 2001, a temporary counter under
stock code 2970 and stock short name "FOURSEAS.COM" will be
established for trading in board lots of 500 New Shares each to
replace the present counter (stock code: 755) for trading in
board lots of 5,000 Old Shares each.


FOURSEAS.COM: Sees No Reason For Price, Volume Increase
-------------------------------------------------------
The Board of Directors of Fourseas.com Limited noted the recent
increases in the price and volume of the shares of the Company
and stated that they are not aware of any reason for such
increases.

They also confirmed that apart from the proposed financial
restructuring of the Company there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


HIGHSONIC LIMITED: Faces Winding Up Petition
--------------------------------------------
The petition to wind up Highsonic Limited is scheduled before
the High Court of Hong Kong on October 17, 2001 at 9:30 am.

Kincheng Banking Corporation of 55 Des Voeux Road Central, Hong
Kong, filed the petition with the court on July 23, 2001.


LEUNG FAT: Winding Up Sought By Chan Kai
----------------------------------------
Chan Kai Wing is seeking the winding up of Leung Fat Kee
Engineering Factory Co. Limited. The petition was filed on July
4, 2001 and will be heard before the High Court of Hong Kong on
September 26, 2001 at 9:30 am.

Chan Kai holds it registered office at Room 920, Ting Tak House,
On Ting Estate, Tuen Mun, New Territories, Hong Kong.


STRONG IMAGE: Winding Up Petition Pending
------------------------------------------
Strong Image Limited is facing a winding up petition, which is
slated before the High Court of Hong Kong on October 3, 2001 at
9:30 am.

The petition was filed on July 13, 2001 by Poon Kwok Kwan of
Room 2917, Sau King House, Sau Mau Ping Estate, Kwun Tong,
Kowloon, Hong Kong.


VICTORY GROUP: Parallel Trading To Cease On Thursday
----------------------------------------------------
Victory Group advised market participants to note that the
parallel trading in the ordinary shares of the Company will
cease after the close of business on Thursday, 30 August, 2001.

As from the close of business on that day, the counter for
trading in the consolidated shares (stock code: 2969) of the
Company as represented by old share certificates will be
withdrawn and trading in the shares of Victory Group will only
be under the following arrangements:

Stock Code   Stock Short Name   Board Lot      Certificate Color
----------   ----------------   ---------      -----------------
1139         VICTORY GROUP      8,000 shares   Green


ZHONGDA (HOLDINGS): Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Hong Kong Zhongda (Holdings) Limited is
set for hearing before the High Court of Hong Kong on October
31, 2001 at 9:30 am. Sin Hua Bank Limited whose principal place
of business is situated at No. 2 Des Voeux Road Central, Hong
Kong, filed the petition with the court on July 27, 2001.


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


BANK CENTRAL: Govt Plans To Sell 51% Stake
------------------------------------------
The government plans to sell off another 51 percent stake in PT
Bank Central Asia (BCA) and Bank Niaga by the end of this year,
pending consultation with the House of Representatives, Jakarta
Post reported on August 28.

The government, in its new Letter of Intent (LoI) signed with
the International Monetary Fund (IMF), is committed to privatize
a majority of its shares in BCA and Bank Niaga this year.

"The sale process is largely taking place through private
placement to strategic investors so as to ensure that both banks
attract strong partners," the LoI stated.


SEMEN GRESIK: Government Plans to Divest Remaining 51% Stake
------------------------------------------------------------
The government announced Monday its plan to divest its remaining
51 percent stake in PT Semen Gresik to the Mexican-based PT
Cemex Indonesia for the government to raise net US$520 million,
Jakarta Posr reported Tuesday.

"Semen Gresik's put option (deal) is one of the sources we will
also use (to finance the budget)," Laksamana said during a press
meeting that followed the signing of a new Letter of Intent
(LoI) with the International Monetary Fund (IMF).

"It (the put option deal) will expire on Oct. 26 and we will
have to give them (Cemex) 30 days prior notice so that they can
prepare," Laksamana said.

Reportedly, Cemex in 1998 purchased a 14 percent stake in Semen
Gresik, lured by the government's promise to allow it to become
a majority shareholder in the state company. Cemex then
purchased another 11 percent through the stock market, raising
its ownership to 25 percent.


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


FUJI SEIKO: Applies For Voluntary Bankruptcy
--------------------------------------------
Fuji Seiko Co, which sells and installs vault doors, applied to
the Tokyo District Court for voluntary bankruptcy on Monday. The
company went down with liabilities of some Y40 billion, Japan
today reported on August 28, which cited Tokyo Shoko Research, a
private credit research institute.


ITOCHU CORPORATION:  Moody's Confirms `Ba3' Senior Debt Rating
--------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 senior debt rating
for Itochu Corporation and its rating outlook remains stable.

The confirmations reflect Moody's view that on-going
restructuring efforts by the firm, backed by serious
management's commitment, will likely continue, and successful
execution of these measures may alleviate financial pressure.

Moody's confirmed the Ba3 senior unsecured rating of Itochu
Corporation with a stable outlook. In Moody's view, Itochu
maintains a fair operating franchise as a general trading
company, but its financial flexibility, despite the notable
improvements in recent periods, remains tight. Moody's believes
that the Ba3 rating is sustainable if Itochu's plan to de-
leverage and further exit from unprofitable businesses is
executed in a timely manner.

Remaining concerns about Itochu pertain to its still large real
estate exposure, as well as its exposure to Asian projects.
According to Itochu management, those exposures are well
covered. Moody's expects high losses - somewhat higher than
Itochu's own estimation - from those exposures.

In addition, Moody's also expects Itochu to incur additional
restructuring costs over the medium term. Itochu's Ba3 rating
incorporates Moody's loss projection. If actual losses going
forward substantially exceed the estimations by Itochu
management, downward rating pressure may intensify.

Itochu's financial fundamentals are characterized as relatively
high revenue generating ability and better than average
operating efficiency, but such positive attributes are offset by
high interest expenses and high loss provisions. Itochu's
interest burden is high even under current ultra-low interest
rate conditions. This indicates that a marginal increase in
borrowing rates in the future will have a relatively large
impact on its interest coverage.

In recent years, Itochu has achieved a substantial reduction in
interest bearing debt, and its leverage position has notably
improved in the last three years, which Moody's views very
positively.

Nonetheless, in Moody's opinion, the firm's capital is still in
the midst of recovery, and Itochu's historically volatile
earnings patterns, coupled with decreasing alternative sources
for special gains, suggest somewhat unstable prospects for
future capital accumulation. In Moody's opinion, Itochu's
business strategies and financial forecasts are well thought out
and its internal risk management policy is adequate. But
considering the current economic circumstances, Moody's also
thinks it may have to modify its plan to properly manage
investment risks.

The following ratings were confirmed:

Itochu Corporation - the Ba3 senior debt rating and the Ba3
issuer rating

Itochu Finance (Europe) Plc - the B1 senior debt rating

Itochu International, Inc. - the B1 senior debt rating


MYCAL CORP: Unveils Restructuring Plan
--------------------------------------
Ailing supermarket-chain operator Mycal Corp. will announce a
revised restructuring plan by the end of this week, Japan Today
reported Monday.

The company has been forced to revise the three-year
restructuring plan it announced earlier this year due to its
failure to procure funds as planned.

An unidentified company official said that the revised scheme is
aimed at slashing its mountain of debt.


NICHIMEN CORP: Debt Rating Outlook Stays Negative,Says Moody's
--------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 senior debt rating
of Nichimen Corporation. Nichimen's rating outlook remains
negative.

Moody's said the negative outlook reflects Nichimen's weakening
franchise, which poses more uncertainties for an announced
restructuring going forward. In Moody's opinion, due to the
expected strong bank support, coupled with the firm's planned
debt reduction, the Ba3 rating is appropriate. When Moody's
observes notable progress in Nichimen's financial stability, the
negative outlook may be removed.

Nichimen also is exposed to real estate risk and Asian risks,
which, in Moody's opinion, may incur larger-than-anticipated
losses. Moody's recognizes Nichimen management's relatively
conservative assumptions for loss estimation, substantial losses
from those exposures may pressure its credit quality. Also,
Nichimen still has a number of unprofitable subsidiaries, which
may result in high exit costs.

In Moody's view, Nichimen's capitalization remains under high
stress, and improvement of its capital position will continue to
be a critical factor in sustaining the current rating level.

In recent periods, Nichimen showed persistent weaknesses in its
financial performances and failed to meet plan objectives.
Nichimen's fundamental earnings power is being affected by heavy
competition. To minimize erosion of its franchise and to
increase operating efficiencies, Nichimen has been actively
engaged in business alliances with other trading houses, which
in Moody's opinion is a logical step.

Moody's observes Nichimen's rising funding costs, despite a
decline in debt, and because of this Moody's believes that a
strong commitment from its primary financiers will be one of
critical factors for Nichimen to succeed in its planned
restructuring.

In Moody's opinion, the possibility of near-term liquidity
shortage is essentially small, as Moody's believes that
Nichimen's major creditors will likely be supportive during its
rehabilitation. Yet, Japan's major creditors (banks and
insurers) are moving towards a stricter risk-based pricing
system in the future and this trend will not be reversed, which
in turn may force Nichimen to alter its strategic direction.

The following ratings were confirmed:

Nichimen Corporation - the Ba3 senior debt rating

Nichimen America, Inc. - the B1 senior debt rating

Nichimen Europe Plc - the B1 senior debt rating

Nichimen Hong Kong (Cayman) Ltd. - the B1 senior debt rating


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


DAEHAN FIRE: KDIC Signs MOU With Daehan Cement
-------------------------------------------------
Korea Deposit Insurance Corp (KDIC) signed Monday a memorandum
of understanding (MOU) with preferred bidder Daehan Cement for
ailing non-life insurer Daehan Fire & Marine Insurance, Korea
Herald reported on August 28.

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 ailing insurer, according to a
KDIC official.


HYNIX SEMICON: Local Creditors To Sue If Declared In Default
------------------------------------------------------------
The local creditors of Hynix Semiconductor Inc will file suit
against Societe Generale and nine other foreign banks if they
declare the company as having defaulted on syndicated loans of
US$46 million, AFX-Asia reported on August 26, which cited Korea
Exchange Bank, one of the chipmaker's main creditors.

Hynix earlier said SG and a group of foreign lenders required
the company to repay the loans ahead of next year's maturity,
claiming that the chipmaker breached a loan agreement calling
for Hynix to remain an affiliate of Hyundai Group.

A senior KEB official said, "Hynix will never accept SG's
requirements for an early repayment of the loans." "In the worst
case scenario, local creditors would put the company under court
receivership," he added.


HYNIX SEMICONDUCTOR: Share Price Plunges Amidst Bailout Plan
------------------------------------------------------------
The share price of the Hynix Semiconductor plummeted at the
Seoul Bourse Monday, dropping by the daily limit, amidst the
close to finalization of the company's bailout plan by creditor
banks, which includes debt-for-equity conversions and a rollover
and extension of maturing loans amounting to W3 trillion and W2
trillion respectively, Digital Chosun reported on August 27.

It was reportedly uncertain whether the creditor banks will
provide fresh funds to the ailing company. Investment trust
companies, which are crucial in executing the bailout plan, also
remained unsupportive, also causing the Hynix' share price to
bottom out as investors believed the creditor banks might not
provide fresh funds and consequently the filing of court
receivership.


KUKJE HWAJAE: Bidder Keun Wha Signs MOU With KDIC
-------------------------------------------------
Keun Wha Pharmaceutical signed Monday a memorandum of
understanding (MOU) with Korea Deposit Insurance Corp (KDIC) to
bid for ailing non-life insurer Kukje Hwajae, Korea Herald
reported Tuesday.

According to a KDIC official, the main contracts could be
concluded with Keun Wha by late September or early October
following their due diligence on the assets and liabilities of
Kukje Hwajae.


SAMSUNG ELECTRONICS: Issues 3-Yr Bonds Worth W500B
--------------------------------------------------
Samsung Electronics issued Monday three-year corporate bonds
worth W500 billion, the first time the company has issued
corporate bonds in three years, with the proceeds to be used to
pay off company debts totaling W1.2 trillion due to mature in
the second half of this year. The interest rate on the bonds
stood 5.88 percent, the lowest rate thus far in the history of
Korea, Digital Chosun reported on August 27, which quoted HK
Securities.


SSANGYONG CEMENT: Creditors Agree W1.7T Debt-Equity Swap
--------------------------------------------------------
Ssangyong Cement's creditors reportedly agreed to convert W1.7
trillion worth of convertible bonds (CBs) into equity for the
insolvent cement maker as revealed by the company's prime
creditors Cho Hung Bank (CHB) and Korea Development Bank (KDB),
Digital Chosun reported on August 27.

A creditor group meeting is expected to be called soon to
finalize the company's rehabilitation plan.

"Creditor banks of Ssangyong Cement will get together to sign
the agreement to convert W1.7 trillion worth of CBs into equity
when the CBs mature to increase the company's capital," said
Chung Yong-sik of the CHB's loan review division.


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


AUTOWAYS HOLDINGS: MOU Available For Inspection
-----------------------------------------------
On behalf of the Board of Directors of Autoways Holdings Berhad
(AHB), Arab-Malaysian Merchant Bank Berhad announced that the
Memorandum of Understanding (MOU) is available for inspection at
the Registered Office of AHB during normal business hours from
Monday to Friday (except Public Holidays) from the date of the
MOU to the date of execution of a sale and purchase agreement to
formalize the terms and conditions of the MOU which will be
announced in due course.


BERJUNTAI TIN: Posts Proposed Restructuring Scheme
--------------------------------------------------
The Board of Directors of Berjuntai Tin Dredging Berhad (BTD or
the Company) announced that the Company on 27 August 2001
entered into the following agreements to vary certain terms and
conditions of its proposed restructuring scheme:

   (i) a Debt Conversion Agreement with Malaysia Mining
Corporation Berhad (MMC) for the proposed conversion of
RM18,097,714 debts owed by BTD to MMC as at 30 April 2001 into
16,452,467 new ordinary shares of RM1.00 each in BTD (BTD
Shares) at RM1.10 per share (Proposed Revised Debt Conversion).

Accordingly, the Debt Conversion Agreement dated 11 December
2000 between BTD and MMC for the proposed conversion of RM16.64
million debts owed by BTD to MMC as at 30 April 2000 into
RM16.64 million nominal amount of 3 percent Irredeemable
Convertible Unsecured Loan Stocks (ICULS) to be issued by BTD at
100 percent nominal amount as earlier announced by BTD on 11
December 2000 has been superceded;

   (ii) a Supplemental Share Subscription Agreement with MMC to
vary the issue price and number of new BTD Shares to be issued
pursuant to the proposed restricted issue of new BTD Shares to
MMC from 11,500,000 BTD Shares at an issue price of RM2.68 per
share to 39,162,582 new BTD Shares at an issue price of RM1.10
per share (Proposed Revised Restricted Issue); and

    (iii) a Supplemental Sale and Purchase Agreement with
Tiaraview (M) Sdn Bhd (TVSB) and Messrs. Ng Hook and Lim Choo
Hong to vary certain terms and conditions in relation to the
proposed acquisition of Uniphoenix Jaya Sdn Bhd (UJSB), Bukit
Permata Sdn Bhd (BPSB), Oaksvilla Sdn Bhd (OSB) and the
leasehold land in Bandar Sri Menjalara as set out below:

     (a) the purchase consideration for the proposed acquisition
of 100 percent equity interest in UJSB from TVSB shall be
revised to RM46,060,000 to be satisfied by the issue of
23,346,612 new BTD Shares at an issue price of RM1.10 per share
and a cash payment of RM20,378,727 instead of RM66,500,000 to be
satisfied by the issue of 16,798,982 new BTD Shares at an issue
price of RM2.68 per share and a cash payment of RM21,478,727;

     (b) the purchase consideration of RM4,800,000 for the
proposed acquisition of 100 percent equity interest in BPSB from
TVSB shall be satisfied by the issue of 2,954,233 new BTD Shares
at an issue price of RM1.10 per share and a cash payment of
RM1,550,344 instead of 1,212,558 new BTD Shares at an issue
price of RM2.68 per share and a cash payment of RM1,550,344;

     (c) the purchase consideration of RM8,300,000 for the
proposed acquisition of 100 percent equity interest in OSB from
Messrs. Ng Hook and Lim Choo Hong shall be satisfied by the
issue of 5,108,360 new BTD Shares at an issue price of RM1.10
per share and a cash payment of RM2,680,804 instead of 2,096,715
new BTD Shares at an issue price of RM2.68 per share and a cash
payment of RM2,680,804; and

     (d) the purchase consideration of RM3,000,000 for the
proposed acquisition of a leasehold land measuring approximately
31,494 square feet in Bandar Sri Menjalara, Kuala Lumpur,
Wilayah Persekutuan ("Menjalara Land") from TVSB shall be
satisfied by the issue of 1,846,395 new BTD Shares at an issue
price of RM1.10 per share and a cash payment of RM968,965
instead of 757,849 new BTD Shares at an issue price of RM2.68
per share and a cash payment of RM968,965.

(the above acquisitions shall be referred to as the "Proposed
Revised TVSB Acquisitions")

Concurrently, BTD has today entered into a Sale and Purchase
Agreement with Kelana Ventures Sdn Bhd (KVSB) for the proposed
acquisition of a piece of freehold land measuring approximately
411 acres known as Parcels 8 & 10 located within a proposed mega
township development in Johor to be known as Kota Sri Johor (Mt.
Austin Land) for a purchase consideration of RM106,860,000 to be
satisfied by the issue of 48,572,727 new BTD Shares at an issue
price of RM1.10 per share and a cash payment of RM53,430,000
(Proposed Mt. Austin Acquisition).

(the Proposed Revised Debt Conversion, the Proposed Revised
Restricted Issue, Proposed Revised TVSB Acquisitions, and
Proposed Mt. Austin Acquisition shall collectively be referred
to as the "Proposed Revised Restructuring Scheme")

In order to effect the Proposed Revised Restructuring Scheme,
the Board of Directors of BTD has also proposed to increase the
present authorized share capital of BTD from RM35 million
comprising 35 million BTD Shares to RM200 million comprising 200
million BTD Shares instead of RM100 million comprising 100
million BTD Shares as previously announced by BTD on 11 December
2000 (Proposed Increase in Authorized Share Capital).

RATIONALE

Revision in the issue price of BTD Shares

Since the announcement of the Company's proposed restructuring
scheme on 11 December 2000, the Kuala Lumpur Composite Index
(KLCI) has declined from a high of 742.88 points in December
2000 to close at 669.86 points on 23 August 2001 (the market day
preceding the date of announcement of the Proposed Revised
Restructuring Scheme). During the same period, the market price
of BTD Shares has also declined from a high of RM2.62 to close
at RM1.14 on 23 August 2001. The said closing market price of
RM1.14 is substantially lower than the proposed issue price of
RM2.68 per share under the original terms of BTD's proposed
restructuring scheme.

In view of the significant decline in the market price of BTD
Shares, BTD has agreed following negotiations with MMC and TVSB
to vary the issue price of BTD Shares to be issued pursuant to
the Proposed Revised Restricted Issue and Proposed Revised TVSB
Acquisitions from RM2.68 per share to RM1.10 per share.
Accordingly, the issue price of all the new shares to be issued
by BTD under the Proposed Revised Restructuring Scheme has been
fixed at RM1.10 per share.

Proposed Mt. Austin Acquisition

As previously announced by the Company on 11 December 2000, BTD
intends to be involved in the property development business
through the proposed acquisitions of UJSB, BPSB, OSB and the
Menjalara Land to enable the Company to continue as a going
concern and return to profitability as the Company currently
does not have a core business.

Consequently, the Proposed Mt. Austin Acquisition represents an
integral part of BTD's strategy to increase the Group's land-
bank for future development. Further, the proposed acquisition
of the Mt. Austin Land, which is located in Johor, is expected
to complement the proposed acquisition of UJSB and OSB as the
current property development projects of UJSB and OSB are also
located in Johor.

DETAILS OF THE PROPOSED REVISED RESTRUCTURING SCHEME

Proposed Revised Debt Conversion

On 11 December 2000, BTD had announced that the Company had
entered into a Debt Conversion Agreement with MMC (Original Debt
Conversion Agreement) to settle the RM16,640,000 debt owed to
MMC as at 30 April 2000 into RM16,640,000 nominal amount of
ICULS to be issued by BTD at 100 percent nominal amount.

Subsequently, the debt owed by BTD to MMC had increased to
RM18,097,714 as at 30 April 2001 from RM16,640,000 as at 30
April 2000. Further, BTD and MMC have agreed following
negotiations to convert the debt owed by BTD to MMC into new BTD
Shares instead of ICULS.

Consequently, pursuant to the Debt Conversion Agreement dated 24
August 2001, the RM18,097,714 debt owed by BTD to MMC as at 30
April 2001 shall be converted into 16,452,467 new BTD Shares at
RM1.10 per share. Accordingly, the Original Debt Conversion
Agreement shall be terminated and substituted with the Debt
Conversion Agreement dated 24 August 2001.

Proposed Revised Restricted Issue

On 11 December 2000, BTD had announced that the Company had
entered into a Share Subscription Agreement with MMC for
proposed restricted issue of 11,500,000 new BTD Shares to MMC at
an issue price of RM2.68 per BTD Share.

Pursuant to the Supplemental Share Subscription Agreement
between BTD and MMC dated 24 August 2001, the aforesaid
restricted issue to MMC shall now be increased to 39,162,582 new
BTD Shares at an issue price of RM1.10 per BTD Share in order to
part finance the Proposed Mt. Austin Acquisition.

The Company proposes to utilize the proceeds from the Proposed
Revised Restricted Issue towards the following purposes:

RM
(i) To part finance the Proposed Revised TVSB Acquisitions
25,578,840

(ii) To part finance the Proposed Mt. Austin Acquisition
15,000,000

(iii) Working capital of the BTD Group 2,500,000
--------------
43,078,840
========

Proposed Revised TVSB Acquisitions

On 11 December 2000, BTD announced that the Company had entered
into a Sale and Purchase Agreement with TVSB and Messrs. Ng Hook
and Lim Choo Hong ("TVSB SPA") for the:

   (i) proposed acquisition of 100 percent equity interest in
UJSB from TVSB for a purchase consideration of RM66,500,000 to
be satisfied by the issue of 16,798,982 new BTD Shares at an
issue price of RM2.68 per BTD Share and a cash payment of
RM21,478,727;

   (ii) proposed acquisition of 100 percent equity interest in
BPSB from TVSB for a purchase consideration of RM4,800,000 to be
satisfied by the issue of 1,212,558 new BTD Shares at an issue
price of RM2.68 per share and a cash payment of RM1,550,344;

   (iii) proposed acquisition of 100 percent equity interest in
OSB from Messrs. Ng Hook and Lim Choo Hong for a purchase
consideration of RM8,300,000 to be satisfied by the issue of
2,096,715 new BTD Shares at an issue price of RM2.68 per share
and a cash payment of RM2,680,804; and

   (iv) proposed acquisition of the Menjalara Land from TVSB for
a purchase consideration of RM3,000,000 to be satisfied by the
issue of 757,849 new BTD Shares at an issue price of RM2.68 per
share and a cash payment of RM968,965.

Subsequently, TVSB had sought BTD's indulgence to allow UJSB to
declare an interim dividend of RM20,440,000 for the financial
year ending 31 December 2001 and accordingly reduce the purchase
consideration for the proposed acquisition of 100 percent equity
interest in UJSB by RM20,440,000 which the Board of Directors of
BTD has duly agreed.

In view of the reduction in the purchase consideration of UJSB
and the revision in the issue price of BTD Shares as set out in
Section 2.1 above, BTD has entered into a Supplemental Sale and
Purchase Agreement with TVSB and Messrs. Ng Hook and Lim Choo
Hong to incorporate the following variations to the TVSB SPA :

   (i) the purchase consideration for the proposed acquisition
of 100 percent equity interest in UJSB shall be revised to
RM46,060,000 to be satisfied by the issue of 23,346,612 new BTD
Shares at an issue price of RM1.10 per share and a cash payment
of RM20,378,727 instead of RM66,500,000 to be satisfied by the
issue of 16,798,982 new BTD Shares at an issue price of RM2.68
per share and a cash payment of RM21,478,727;

   (ii) the purchase consideration of RM4,800,000 for the
proposed acquisition of 100 percent equity interest in BPSB
shall be satisfied by the issue of 2,954,233 new BTD Shares at
an issue price of RM1.10 per share and a cash payment of
RM1,550,344 instead of 1,212,558 new BTD Shares at an issue
price of RM2.68 per share and a cash payment of RM1,550,344;

   (iii) the purchase consideration of RM8,300,000 for the
proposed acquisition of 100 percent equity interest in OSB shall
be satisfied by the issue of 5,108,360 new BTD Shares at an
issue price of RM1.10 per share and a cash payment of
RM2,680,804 instead of 2,096,715 new BTD Shares at an issue
price of RM2.68 per share and a cash payment of RM2,680,804; and

   (iv) the purchase consideration of RM3,000,000 for the
proposed acquisition of the Menjalara Land shall be satisfied by
the issue of 1,846,395 new BTD Shares at an issue price of
RM1.10 per share and a cash payment of RM968,965 instead of
757,849 new BTD Shares at an issue price of RM2.68 per share and
a cash payment of RM968,965.

All other terms and conditions of the TVSB SPA shall remain
unchanged.

Proposed Mt. Austin Acquisition

Details of the Proposed Mt. Austin Acquisition

The Proposed Mt. Austin Acquisition shall involve the
acquisition of the Mt Austin Land by BTD from KVSB for a
purchase consideration of RM106,860,000 to be satisfied by the
issue of 48,572,727 new BTD Shares at an issue price of RM1.10
per BTD Share and a cash payment of RM53,430,000.

The cash payment of RM53,430,000 shall be paid in the following
manner:

   (i) RM15,000,000 immediately upon the completion of the
Proposed Mt. Austin
Acquisition; and

   (ii) the balance of RM38,430,000 shall be payable within 12
months from the date of completion of the Proposed Mt. Austin
Acquisition.

There are no liabilities to be assumed by BTD pursuant to the
Proposed Mt. Austin Acquisition.

The cash portion of the purchase consideration will be financed
by BTD using proceeds from the Proposed Revised Restricted
Issue, internally generated funds and/or borrowings.

Basis for the Purchase Consideration

The purchase consideration for the Proposed Mt Austin
Acquisition of RM106,860,000 was arrived at following
negotiations on a willing-buyer willing-seller basis and after
taking into consideration the open market value of the Mt.
Austin Land of RM106,860,000 as appraised by Henry Butcher Lim,
Long & Teoh (South) Sdn Bhd on 20 August 2001 using the
comparison method of valuation.

Information on Mt. Austin Land

The Mt Austin Land is a piece of freehold land measuring 411
acres known as Parcels 8 & 10, located within a proposed mega
township development to be known as Kota Sri Johor and held
under Lot PTD 68921 and part of Lots PTD 68919 and PTD 68922,
Mukim of Tebrau, District of Johor Bahru, Johor (Master Title).
The Mt. Austin Land is currently charged to Pengurusan Danaharta
Nasional Berhad.

The proposed Kota Sri Johor township is located off the left
side of the Johor Bahru - Kota Tinggi main road, about 13km to
the north of Johor Bahru city centre. The present access to the
proposed township from Johor Bahru city center is via Jalan
Tebrau, Jalan Pandan, the Johor Bahru-Kota Tinggi main road and
four lane dual carriageway within Taman Mount Austin.

Prospects of the Mt. Austin Land

The Mt. Austin Land is currently an agriculture land planted
with matured oil palm. Approval-in-principle has been obtained
by KVSB from the Johor state authority on 12 November 1997 to
develop the Mt. Austin Land into a township comprising
integrated residential, commercial and industrial properties.

The Mt Austin Land is to be developed into approximately 9,000
units of mixed residential, commercial and industrial properties
comprising low to medium cost terrace houses, low cost
apartments, shop houses and shop offices, and industrial lots
over a 8 year period. The project has not been launched to-date.

The construction work for the Mt Austin Land is expected to
commence in early 2004 and to complete by 2011. The total
estimated cost to develop the Mt Austin Land (excluding the cost
of land) is approximately RM1.0 billion and is expected to be
financed from internally generated funds and bank borrowings.
Total gross sales value for the entire project is estimated to
be approximately RM1.3 billion.

The area surrounding the Mt. Austin Land such as Taman Desa
Tebrau and Taman Mt. Austin are currently being developed as a
residential area targeted mainly at the middle and lower income
groups.

Other housing schemes located nearby the proposed Kota Sri Johor
township include Taman Johor Jaya, Taman Desa Jaya, Taman Desa
Cemerlang, Taman Molek, Taman Puteri Wangsa, Taman Delima, Taman
Desa Tebrau, Taman Pelangi Indah, Taman Dato' Chellam, Taman
Impian Jaya and Taman Setia Jaya.

The Mt. Austin Land is also at close proximity to a golf course
within Taman Mt. Austin known as Austin Hills Golf and Country
Club, a golf course at Jalan Maju Jaya known as Star Hill Golf
and Country Club, the Tebrau I, II and IV Industrial Estate and
3 hypermarkets such as Makro, Carrefour and Giant.

Risk Factors of the Mt. Austin Land

The development of the Mt. Austin Land has not commenced and its
commencement would be subject to the approval of various
regulatory authorities. Further, the timely completion of
contracts or development on the Mt. Austin Land will be
dependent on many factors such as obtaining regulatory approvals
as scheduled, securing construction materials in adequate
amounts, favorable credit terms and satisfactory performance of
sub-contractors.

In addition, there is a time lag between costs being incurred
for such development and the receipt of revenue from property
sales. Property sales and their demand depend on various factors
including the location and accessibility, the level of economic
growth, general level of economic activity in the vicinity,
interest rates, government policies towards home ownership and
market perception of the development. Some of such factors will
be beyond the control of BTD Group.

The development of the Mt. Austin Land will also face
competition from other property developers who are developing
properties in the vicinity of the Mt. Austin Land.

Rights Attached to Mt. Austin Land

The Mt Austin Land shall be acquired by BTD free from all
charges or liens or any encumbrances thereto and with vacant
possession.

Information on KVSB

KVSB was incorporated in Malaysia on 7 July 1992. Its current
authorized share capital is RM50,000,000 comprising 50,000,000
ordinary shares of RM1.00 each of which RM5,000,000 have been
issued and paid-up. The principal activity of KVSB is property
development.

The directors of KVSB according to KVSB's Register of Directors
as at 24 August 2001 are:

   1. Cdr (Rtd) Mohd Farit bin Ibrahim

   2. Tuan Haji Sabtu bin Abu Bakar

   3. Bakry bin Hamzah

   4. Md. Najib bin Md Nasir

The substantial shareholders of KVSB according to KVSB's
Register of Substantial Shareholders as at 24 August 2001 are
set out in Table 1.
(http://www.bankrupt.com/misc/Berjuntai_Tin_table1.doc)

PROPOSED WAIVERS

Proposed Waiver to MMC

Upon completion of the Proposed Revised Debt Conversion and
Proposed Revised Restricted Issue, MMC will directly and
indirectly own 64,357,934 BTD Shares representing approximately
74.7 percent equity interest in BTD (before the Proposed Revised
TVSB Acquisitions and Proposed Mt. Austin Acquisition).

Pursuant to the Malaysian Code on Take-overs and Mergers, 1998
("Code"), MMC will be required to extend a mandatory general
offer for all the remaining BTD Shares not already owned by it
upon completion of the Proposed Revised Debt Conversion and
Proposed Revised Restricted Issue.

MMC will apply for a waiver from the SC under Practice Note
2.9.1 of the Code from the said general offer obligation
("Proposed Waiver to MMC").

Proposed Waiver to TVSB and Messrs. Ng Hook and Lim Choo Hong

Upon completion of the Proposed Revised TVSB Acquisitions, TVSB
and Messrs. Ng Hook and Lim Choo Hong will directly own in
aggregate 33,255,600 BTD Shares representing approximately 52.1
percent equity interest in BTD (without the Proposed Revised
Debt Conversion, Proposed Revised Restricted Issue and Proposed
Mt. Austin Acquisition).

Pursuant to the Code, TVSB and Messrs. Ng Hook and Lim Choo Hong
will be required to extend a mandatory general offer for all
remaining BTD Shares not already owned by them upon completion
of the Proposed Revised TVSB Acquisitions.

TVSB and Messrs. Ng Hook and Lim Choo Hong will apply for a
waiver from the SC under Practice Note 2.9.1 of the Code from
the said general offer obligation ("Proposed Waiver to TVSB").

Proposed Waiver to KVSB

Upon completion of the Proposed Mt. Austin Acquisition, KVSB
will directly own 48,572,727 BTD Shares representing
approximately 61.4 percent equity interest in BTD (without the
Proposed Revised Debt Conversion, Proposed Revised Restricted
Issue and Proposed Revised TVSB Acquisitions).

Pursuant to the Code, KVSB will be required to extend a
mandatory general offer for all remaining BTD Shares not already
owned by it upon completion of the Proposed Mt Austin
Acquisition.

KVSB will apply for a waiver from the SC under Practice Note
2.9.1 of the Code from the said general offer obligation
("Proposed Waiver to KVSB").

ISSUE PRICE AND RANKING OF NEW BTD SHARES

The proposed revised issue price of the new BTD Shares to be
issued pursuant to the Proposed Revised Debt Conversion,
Proposed Revised Restricted Issue and as consideration for the
Proposed Revised TVSB Acquisitions and Proposed Mt. Austin
Acquisition of RM1.10 per BTD Share represents a 3 sen or 2.8
percent premium over the 5-day weighted average market price of
BTD Shares up to 23 August 2001 (the market day preceding the
date of announcement of the Proposed Revised Restructuring
Scheme) of RM1.07.

The new BTD Shares to be issued under the Proposed Revised
Restructuring Scheme, shall upon allotment and issue, rank pari
passu in all respects with the existing issued and paid-up BTD
Shares except that they will not be entitled to any dividends,
rights, allotments and/or other distributions, the entitlement
date (the date as at close of business (books closure date) on
which shareholders must be registered in the Record of
Depositors or Register of Members in order to be entitled to
such dividends, rights, allotment and/or distributions) of which
is prior to the date of allotment of the new BTD Shares.

EFFECTS OF THE PROPOSED REVISED RESTRUCTURING SCHEME

On Share Capital

The effects of the Proposed Revised Restructuring Scheme on the
issued and paid-up share capital of BTD are presented in Table
2. (http://www.bankrupt.com/misc/Berjuntai_Tin_table2.doc)

On Earnings

The Proposed Revised Restructuring Scheme is expected to be
completed in the first quarter of 2002 and hence will not have
any effect on the earnings of the BTD Group for the immediate
financial year ending 31 December 2001. However, barring
unforeseen circumstances, the Proposed Revised Restructuring
Scheme is expected to contribute positively to the earnings of
the BTD Group for the financial year ending 31 December 2002.

On Net Tangible Assets ("NTA")

The pro forma effects of the Proposed Revised Restructuring
Scheme on the NTA of the BTD Group are presented in Table 3.
(http://www.bankrupt.com/misc/Berjuntai_Tin_table3.doc)

On Substantial Shareholders' Interests

Upon completion of the Proposed Revised Restructuring Scheme,
less than 25 percent of BTD's enlarged issued and paid-up share
capital will be in the hands of public shareholders. Under
Chapter 8.15 of the Listing Requirements of the Kuala Lumpur
Stock Exchange (KLSE), BTD is required to ensure at least 25
percent of its issued and paid-up share capital is in the hands
of the public shareholders. As the major shareholders of BTD
intends to retain the listing status of BTD, arrangements will
be made by the major shareholders of BTD to place out an
appropriate number of BTD Shares to ensure the continued listing
of BTD.

CONDITIONS TO THE PROPOSED REVISED RESTRUCTURING SCHEME

Proposed Revised Debt Conversion and Proposed Revised Restricted
Issue

The Proposed Revised Debt Conversion and Proposed Revised
Restricted Issue are conditional upon the following:

   (i) the approval of the Securities Commission ("SC");

   (ii) the approval of the Foreign Investment Committee
("FIC");

   (iii) the approval of the shareholders of BTD;

   (iv) the approval-in-principle of the KLSE for the listing of
and quotation for the new BTD Shares to be issued pursuant to
the Proposed Revised Debt Conversion and Proposed Revised
Restricted Issue;

   (v) a waiver being obtained from the SC and the shareholders
of BTD, exempting MMC from the obligation to undertake a
mandatory general offer for the remaining shares in BTD not held
by MMC upon completion of the Proposed Revised Debt Conversion
and Proposed Revised Restricted Issue; and

   (vi) any other relevant authority.

Proposed Revised TVSB Acquisitions

The Proposed Revised TVSB Acquisitions are conditional upon the
following:

   (i) the approval of the SC;

   (ii) the approval of the FIC;

   (iii) the approval of the shareholders of BTD and TVSB;

   (iv) the approval-in-principle of the KLSE for the listing of
and quotation for the new BTD Shares arising from the Proposed
Revised TVSB Acquisitions;

   (v) a waiver being obtained from the SC and the shareholders
of BTD, exempting TVSB and Messrs. Ng Hook and Lim Choo Hong
from the obligation to undertake a mandatory general offer for
the remaining shares in BTD not held by them upon completion of
the Proposed Revised TVSB Acquisitions;

   (vi) BTD being satisfied with the results of a due diligence
to be undertaken in relation to the Proposed Revised TVSB
Acquisitions;

   (vii) the approval or waiver of any regulatory requirement by
the Controller of Housing pursuant to Section 8 of the Housing
Developers (Control and Licensing) Act 1966, if required; and

   (viii) any other relevant authority

Proposed Mt. Austin Acquisition

The Proposed Mt. Austin Acquisition is conditional upon the
following:

   (i) the approval of the SC;

   (ii) the approval of the FIC;

   (iii) the approval of the shareholders of BTD and KVSB;

   (iv) the approval-in-principle of the KLSE for the listing of
and quotation for the new BTD Shares arising from the Proposed
Mt. Austin Acquisition;

    (v) a waiver being obtained from the SC and the shareholders
of BTD, exempting KVSB from the obligation to undertake a
mandatory general offer for the remaining shares in BTD not held
by KVSB upon completion of the Proposed Mt. Austin Acquisition;

   (vi) the consent of the relevant Johor state authority for
the Master Title and/or the Mt. Austin Land to be transferred by
KVSB to BTD;

   (vii) the issuance of a separate individual document of title
for the Mt. Austin Land by the relevant authority and the
receipt of a copy thereof by BTD;

   (viii) the approval-in-principle from the relevant authority
being granted to KVSB to develop a township comprising an
integrated residential, commercial and industrial properties on
the Mt. Austin Land;

   (ix) the consent of Pengurusan Danaharta Nasional Berhad;

   (x) BTD being satisfied with the results of a due diligence
to be undertaken in relation to the Proposed Mt. Austin
Acquisition; and

   (xi) any other relevant authority.

Proposed Waivers to MMC, KVSB and TVSB

The Proposed Waiver to MMC, Proposed Waiver to TVSB and Proposed
Waiver to KVSB are conditional upon the following:

   (i) the approval of the SC;

   (ii) the approval of the shareholders of BTD; and

   (iii) any other relevant authority.

Proposed Increase in Authorized Share Capital

The Proposed Increase in Authorized Share Capital is conditional
upon approval being obtained from the shareholders of BTD.

The Proposed Revised Debt Conversion, Proposed Revised
Restricted Issue, Proposed Revised TVSB Acquisitions and
Proposed Mt. Austin Acquisition are not inter-conditional.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Datuk Ab. Sukor Shahar is deemed interested in the Proposed
Revised Restricted Issue, Proposed Revised Debt Conversion and
Proposed Waiver to MMC by virtue of his directorship in BTD and
MMC while Mr. Phan Leong Kim who is a director of BTD is deemed
interested in the Proposed Revised Restricted Issue, Proposed
Revised Debt Conversion and Proposed Waiver to MMC as he is a
nominee of MMC on the Board of BTD. As such, they have abstained
and will be abstaining from voting on any board resolutions
pertaining to the Proposed Revised Restricted Issue, Proposed
Revised Debt Conversion and Proposed Waiver to MMC.

MMC, who is the major shareholder of BTD, has an interest in the
Proposed Revised Restricted Issue, Proposed Revised Debt
Conversion and Proposed Waiver to MMC. As such, MMC will abstain
from voting in respect of its direct and indirect shareholdings
in BTD on the resolutions pertaining to the Proposed Revised
Restricted Issue, Proposed Revised Debt Conversion and Proposed
Waiver to MMC.

Impian Teladan Sdn Bhd ("ITSB"), who is deemed to be substantial
shareholder of BTD pursuant to Section 6A of the Companies Act,
1965 by virtue of its shareholding in MMC which exceeds 15
percent, has declared that they have an interest in the Proposed
Mt. Austin Acquisition and Proposed Waiver to KVSB, as KVSB is a
party deemed to be connected to ITSB. As such, MMC will abstain
from voting in respect of its direct and indirect shareholdings
in BTD on the resolutions pertaining to the Proposed Mt. Austin
Acquisition and Proposed GO Waiver to KVSB in view of ITSB's
substantial interest in MMC and ITSB's declared interest in the
Proposed Mt. Austin Acquisition and Proposed Waiver to KVSB.

Save as disclosed above, none of the other Directors and/or
substantial shareholders of BTD nor persons connected to them
have any interest, direct and indirect, in the Proposed Revised
Restructuring Scheme.

DIRECTORS' STATEMENT

Having considered all aspects of the Proposed Revised
Restructuring Scheme, the Board of Directors of BTD is of the
opinion that the Proposed Revised Restructuring Scheme is in the
best interest of the Company.

DEPARTURE FROM SC GUIDELINES

Following the Proposed Revised Restructuring Scheme, BTD would
not comply with the SC's minimum land-bank requirement for
property development companies of 1,000 acres as the aggregate
size of the land-banks owned by UJSB, OSB, BPSB, the Menjalara
Land and the Mt. Austin Land is approximately 511 acres.
However, BTD will seek the SC's indulgence to allow the Company
to implement the Proposed Revised Restructuring Scheme as
proposed.

INDEPENDENT ADVISER

Subject to the approval of the SC and KLSE, Public Merchant Bank
Berhad (formerly known as Sime Merchant Bankers Berhad) has been
appointed as the Independent Adviser to the Independent
Directors and minority shareholders of BTD for the Proposed
Revised Debt Conversion, Proposed Revised Restricted Issue,
Proposed Mt. Austin Acquisition, Proposed Waiver to MMC,
Proposed Waiver to TVSB and Proposed Waiver to KVSB.

SUBMISSION TO AUTHORITIES

The application to the relevant authorities for the Proposed
Revised Restructuring Scheme is expected to be made within 2
months from the date of this announcement.

DOCUMENTS AVAILABLE FOR INSPECTION

The Debt Conversion Agreement, Supplemental Share Subscription
Agreement, Supplemental Sale and Purchase Agreement in relation
to Proposed Revised TVSB Acquisitions and Sale and Purchase
Agreement in relation to Proposed Mt. Austin Acquisition dated
24 August 2001 will be available for inspection at the
registered office of BTD at 32nd Floor, Menara PNB, 201A, Jalan
Tun Razak, 50400 Kuala Lumpur, during normal office hours from
Mondays to Fridays (except public holidays).


BRIDGECON HOLDINGS: Administrators Invite Participation In PDR
--------------------------------------------------------------
The Special Administrators of the Bridgecon Holdings Company
Berhad (the SA) will proceed with other options available to
regularize the Company's financial conditions in compliance with
Practice Note No. 4/2001. The SA will be inviting interested
parties to participate in the PDRS via a proposed tender
exercise.

The Special Administrators of two (2) wholly owned subsidiaries,
namely, Bridgecon Engineering Sdn. Bhd. and Lean Seng Chan
(Quarry) Sdn. Bhd., will also be inviting interested parties to
participate in their respective PDRS.

On 2 August 2001 the company informed the Kuala Lumpur Stock
Exchange (the KLSE) that the White Knights have withdrawn their
participation in the Proposed Debt Restructuring Scheme (PDRS)
due to the White Knights' inability to procure the potential
assets for injection under the PDRS.


RENONG BERHAD: EGM To Be Held On September 11
---------------------------------------------
The Board of Directors of Renong Berhad, Alliance Merchant Bank
Berhad, formerly known as Amanah Merchant Bank Berhad, announced
that the Extraordinary General Meeting of the Company will be
held at the Grand Mahkota Ballroom, Hotel Istana, 73, Jalan Raja
Chulan, 50200 Kuala Lumpur on Tuesday, 11 September 2001 at
10.00 a.m.

See Notice of the Extraordinary General Meeting at
http://www.bankrupt.com/misc/Renong_Berhad.doc


SOUTH PENINSULAR: Posts Additional Proposed Acquisition Info
------------------------------------------------------------
South Peninsular Industries Berhad (the Company) furnished the
following additional information in relation to the Proposed
Acquisition of 22,500 ordinary shares of RM1.00 each
representing 15 percent of the total issued and paid-up share
capital of S.P.I. Plastic Industries (M) Sdn Bhd (SPIP), a 85
percent owned subsidiary of the Company:

  (1) The net profits and net tangible assets of SPIP Group
based on the audited financial statements for the financial year
ended 31 March 2001 are RM8,139,043 and RM30,472,941
respectively.

  (2) No liabilities will be assumed by South Peninsular
Industries Berhad (SPI) in respect of the Proposed Acquisition.

  (3) According to SPIP secretarial records, Hasrat Rapat Sdn
Bhd (HRSB) acquired 19,071 ordinary shares of RM1.00 each
representing 12.714 percent of the total issued and paid-up
share capital of SPIP on 16 August 2000 for a total
consideration of RM4,930,817.

On 7 June 2001, HRSB acquired an additional 3,429 ordinary
shares of RM1.00 each representing 2.286 percent of the total
issued and paid-up share capital of SPIP for a total
consideration of RM820,000 bringing HRSB's equity interest in
SPIP to 15 percent.

   (4) The future prospects of SPIP in the plastic industry is
dependent upon the demand from the electrical and electronic
products industry. In respect of risk factors, SPIP is subject
to certain risks, which is inherent in the plastic injection
molding industry such as availability of labor, fluctuations in
the prices of raw materials, competition from other plastic
manufacturers and foreign exchange fluctuations.

Background

The South Peninsular (SPI) Group of Companies is principally
engaged in the manufacture of injection molded plastic parts and
components and metal-based products. Its products are supplied
to MNCs and OEMs and production facilities are located in Batu
Pahat, Johor.

It is also involved in property development, investment,
financial services, education and management services.

On 16 July 1998, the Company and three of its subsidiaries
(Scheme Companies) obtained a restraining order under Section
176 of the Companies Act 1965 for the purpose of implementing a
proposed composite scheme of arrangement. The proposal entails
the full repayment of principal and accrued interest on
outstanding debts via the issue of shares in Arab-Malaysian
Corporation Bhd, SPI's ultimate holding company. The proposal
has been revised to incorporate creditors' feedback as well as
to comply with guidelines. Creditors approved the proposal at
court-convened meetings on 31 January 2000. The scheme was
approved by the SC on 28 August 2001 2000 and sanctioned by the
High Court of Malaya on 14 December 2000. The scheme is, as at
March 2001, pending implementation.


UH DOVE: Approval Granted By MITI
---------------------------------
The Board of Directors of UH Dove Holdings Berhad (the Company)
announced that MITI has via its letter dated 23 August 2001
given its approval on the Company's application in respect to
the Proposed Rescue/Debt Restructuring subject to the increase
in bumiputra equity in U.H. Industries Sdn. Bhd., a wholly-owned
subsidiary of the Company to 30 percent by 22 August 2003 in
compliance with the terms and conditions of its Manufacturing
License.

The Company is awaiting approval from the SC.


UH DOVE: Awaits KLSE Proposed Scheme Time Extension Approval
------------------------------------------------------------
UH Dove Holdings Berhad (the Company) is awaiting the outcome of
the Company's application for extension of time from the Kuala
Lumpur Stock Exchange (KLSE) in respect of the Proposed Rescue
cum Debt Restructuring subject to the increase in bumiputra
equity to 30 percent by 30 June 2002.

A prior announcement was issued by Malaysian International
Merchant Bankers Berhad (MIMB) on 1 December 2000 on behalf of
the Company in respect of the Proposed Rescue/Debt Restructuring
Scheme (Proposals) of the Company.

On February 28, 2001, the Company submitted a plan to regularize
its financial condition to the Securities Commission (SC), the
Foreign Investment Committee (FIC) and the Ministry of
International Trade and Industry (MITI) on 28 February 2001. The
Company is still awaiting approvals from the SC and the relevant
authorities.

The Board on 15 August 2001 announced that the FIC has via its
letters dated 26 April 2001 and 14 August 2001 given its
approval on the Company's application in respect to the Proposed
Rescue cum Debt Restructuring subject to the increase in
bumiputra equity to 30 percent by 30 June 2002.

On 22 August 2001, the Company has submitted an application for
an extension of two (2) months, i.e. until 27 October 2001 to
the Exchange for the Company to obtain all necessary approvals
for the Proposals in accordance with Paragraph 4.1(c) and
Paragraph 5.1(c) of the Practice Note 4/2001.


ZAITUN BERHAD: Winding Up Petition Withdrawn
--------------------------------------------
Zaitun Berhad announced that upon discussion between PC Darin
(M) Sdn Bhd and Zaitun Industri Sdn Bhd, it was mutually agreed
that the winding up petition be withdrawn.

The Kuala Lumpur Stock Exchange said petition was struck by the
High Court on 30 May 2001. However, upon application by PC Darin
(M) Sdn Bhd, the petition was reinstated by the Court on 17
August 2001 and scheduled for hearing on 13 September 2001.


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


COSMOS BOTTLING: Quezon RTC Extends TRO By 17 Days
--------------------------------------------------
On Monday the Quezon City Regional Trial Court extended its
Temporary Restraining Order (TRO) stopping the PhP15 billion
sale of Cosmos Bottling Corp to San Miguel Corp by 17 days.

Judge Monina Zenarosa earlier ruled to restrain the deal for 72
hours, as she found "strong reasons to believe" that the sale
"would work injustice to the plaintiffs during the pendency of
this case and would tend to render any judgment herein
nugatory," Inquirer News Service reported on August 27.


NATIONAL POWER: Four Banks Offer Loan
-------------------------------------
Four investment banks have offered loans to cover the financing
needs of the National Power Corp. Lehman Brothers offered a $50-
$200 million loan, a five-year dual-currency amortization
facility; a $100 million or a 6 billion or a 35-million euro-
denominated loan by Daiwa Securities; 300 million euro by JP
Morgan; and a $150-million "bridge financing" by Credit
Suisse First Boston, ABS-CBN reported on August 27.

The offers were made while the Philippine government is awaiting
the approval of the US Securities and Exchange Commission (SEC)
for its planned $500-million global bond it had earlier sought
to cover Napocor's financing requirements.

The soon-to-be-privatized Napocor needs an estimated $530
million to $550 million for its financing requirement for the
rest of 2001.


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


ASIA PULP: Seeks To Claim $1B Debt Payment
-----------------------------------------
Financially troubled Asia Pulp & Paper Co. is seeking redress in
the courts by going after five mysterious companies in the
British Virgin Islands that owe the company a total of US$1.02
billion, Asian Wall Street Journal reported Tuesday.

The company faces the question on whether it can recover the
US$1 billion. Some creditors want its financial adviser KPMG to
investigate transactions done by APP with these five British
Virgin Island companies.

The possible relationship between the five companies and APP is
also questioned. Some of the people named as `officers' or
`agents' of the five companies in Singapore say they also worked
for APP at the same time.

The five companies have no phone listing in British Virgin
Islands and their business registrations in Singapore ended
earlier this year. Offices occupied by the five British Virgin
Island companies in Singapore are now empty and their phones
disconnected.

"These are not companies I'm familiar with and I do not believe
they are among the major international trading companies,"
regional pulp and paper analyst Peter Cain said.


L&M GROUP: Places 720M Siwani Shares With Agent Rifan
-----------------------------------------------------
L&M Group Investments Ltd has on the August 27 placed all of the
company's 720 million fully paid-up ordinary shares in PT Siwani
Trimitra Tbk (Siwani) with PT Rifan Financindo Advisori (Rifan) as
placement agent for a total consideration of S$10 million or
such other higher amounts as Rifan is able to secure.

In addition, the company will be entering into a management
agreement with Siwani to manage the operations of Siwani for a
period of five (5) years at a management fee to be negotiated by
the parties.


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


CENTRAL PAPER: Issues Info Re Exercise Of Warrants
--------------------------------------------------
Central Paper Industry Public Company Limited provided
information regarding the process of exercising the CPICO-W1
warrant, details as following:

      Submission :

      Warrant holders must submit the subscription form between
the hours of 8.30 AM.- 3.30 PM., within 14 days prior to the
exercise date (The exception is the final exercise that warrant
transfer register will be closed for the right to exercise, for
which warrant  holders must  submit  their  from 21 days  prior
to  the  exercise  date.). For the  month  of  September, the
submission  period  is  from  September 1, 2001 to September
14,2001.

      Exercise  Date :

      Warrant holders  can  exercise  their  warrants  on 15th
date of  every 3  months , during  the  hours  of  8.30 AM.-3.30
PM.     The  first  exercise period  start  from  September
15th, 2000  and  will  end  on  June  15th, 2010.     For  this
period , the  exercise  date  is  September 17th, 2001.

      Exercise  Price
      10  baht  per  share.
      Exercise  Ratio :
      1 warrant  for  1  ordinary  share.
      Documents  to  be  submitted :

         1) The  completed  subscription  form.

         2) Warrant  certificate  or  temporary  warrant
            certificate  for  the last  exercise  amounted  as
            the  subscription  form.

         3) Certified  copy  of  identification card  for
            individual  holders  or copy  of corporate
            certification  from  Department  of  Commerce
            for  corporate  holders.

        4) Cheque Draft  or  Bank Order collectable  within
     Bangkok  Metropolis.  Payment  in  account
      "Central  Paper  Industry  Public  Co., Ltd."

      Contact  Person :

      Mrs.Thippawan  Angsumalin , Securities  Registrar
      officer, Central Paper  Industry  Public  Co.,Ltd.
      5th floor 162  Nimit Building  Silom Road  soi 12,
      Suriwong, Bangrak, Bangkok 10500.

      Tel : 237-9150-69  Ext. 4205,4206
      Fax :  237-9150-69 Ext. 4202
      Conditions :

1) The  subscription  form  is  complete  when  all
documents  are  duly completed  and  the  payment
proceeds  to  be  duly  received  by Central  Paper
Industry  Public  Co., Ltd.

2) Minimum  lot  sized  for  each  exercise  is  100
      warrants , incase warrant  holders  with  fewer  than  100
      warrants  must  exercise all  at  one  time.


SIAM V.M.C.: Petition For Business Reorg Filed in Court
-------------------------------------------------------
Safely glass producer and seller Siam V.M.C Safety Glass Company
Limited  (DEBTOR) filed a Petition for Business Reorganization
to the Central Bankruptcy Court:

Black Case Number Phor. 8/2543

Red Case Number Phor. 12/2543

Petitioner: SIAM V.M.C. SAFETY GLASS COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,768,000,000

Planner: Bangkok City Advisory Company Limited

Date of Court Acceptance of the Petition: March 16, 2000

Date of Examining the Petition: April 10, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
interim executive: April 10, 2000

The creditors were called for the meeting in order to consider
the plan: on May 19, 2000 at 9.00 AM

Court Order for Appointment of Planner: May 23, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited: June 1, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on July 13,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 13, 2000

Deadline for the Planner to submit the Plan to the Official
Receiver - Postponed 1st: November 13, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: December 13, 2000 at 13.30 pm. Convention Room
no. 1105, 11th Floor Bangkok Insurance Building

The Meeting had a resolution accepting the reorganization plan
Court hearing has been set on January 16, 2001

Court issued an Order Accepting the Reorganization Plan: January
16, 2000 and Appointed Mr. Nuttawat Pearprilrame, Mr. Amornsuk
Pearprilrame, and Bangkok City Advisory Company Limited to be as
the Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited: January 29, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on January 27, 2001

Contact: Mr. Songthom, Tel 679-2514


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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