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

                   A S I A   P A C I F I C

           Monday, September 10, 2001, Vol. 4, No. 176


                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Reports Progress On Cobalt Operation
AMP LIFE: U.S. Unit Files Chapter 11 Bankruptcy
AUSTRALIAN MAGNESIUM:Updates Stanwell Magnesium Project Status
GRAEME HALL: ASIC Appoints Provisional Liquidator
MAXIS CORPORATION: SWF Investments Lowers Stake
PACIFIC COMMERCE: Discussions With Administrator Ongoing
PACIFIC DUNLOP: Updates Automotive Distribution Sale Status


C H I N A   &   H O N G  K O N G

CAPITAL STAR: Winding Up Petition Pending
EASTERN FORWARDER: Hearing Of Winding Up Petition Set
MANDARIN RESOURCES: Requests Suspension Of Trading
MERCATELA: Closes HK Unit, Provisional Liquidator Appointed
MODERN ENVIRONMENTAL: Faces Winding Up Petition
PACIFIC CENTURY: Posts H101 Interim Financial Statements
PEONY ASIA: Petition To Wind Up Docketed
PERFECT HILL: Winding Up Petition To Be Heard
REE LOO: Winding Up Petition Hearing Set


I N D O N E S I A

BANK CENTRAL: Parliament Delays Vote On 51% Stake Sale
HOLDIKO PERKASA: IBRA Sells More Assets


J A P A N

KDDI CORP: Firms Express Interest In Wireless Unit
SEAGAIA:  Ripplewoood Names Glennie As Head
SUMITOMO METAL: Forecasts H1 Pretax Loss Of Y14B


K O R E A

CHOHUNG BANK: To Spin Off Credit Card Department
HYUNDAI SECURITIES: Negotiates With AIG-Led Consortium
POHANG IRON: Foreign Ownership Exceeds 60%
SHINHAN BANK: To Sell W70B Subordinated Bonds


M A L A Y S I A

BESCORP INDUSTRIES: Units Placed Into Voluntary Winding Up
FEDERAL FURNITURE: Announces Revised Proposals
LAND & GENERAL: Updates Status On Defaulted Payments
MALAYSIAN GENERAL: KLSE Grants Two-Month Debt Scheme Extension
MAY PLASTICS: High Court Grants Nine-Month Extension On RO
PANCARAN IKRAB: KLSE Approves Workout Scheme Time Extension
PERDANA INDUSTRI: Still Finalizing Proposed Debt Scheme
SASHIP HOLDINGS: Revised Restructuring Scheme Submitted
SOUTHERN PLASTIC: Submits Revised Proposal To Scheme Creditors
TALAM CORP: Unit Proposed Private Debt Securities Issuance


P H I L I P P I N E S

ALL ASIA: Pre-Need Arm Seeks 90-Day Extension
COSMOS BOTTLING: Syjuco Calls For Trading Halt
NATIONAL POWER: Considers Aircraft Sale To Trim Losses
UNIWIDE GROUP: Will File New Rehab Plan


S I N G A P O R E

ASIA FOOD: Joint Rehab Program Update W/ Golden Agri-Resources
BRIERLEY INVESTMENTS: Longleaf Changes Deemed Interests
CAPITALAND LTD: Unit pFission Ups Tenantworld Stake
GOLDEN AGRI: Joint Rehab Program Update with Asia Food


T H A I L A N D

B. GRIM ENGINEERING: Reports BGES Planer Investment Plan
RAIMON LAND: Reduces Registered Capital In Raimon Construction
ROBINSON DEPARTMENT: Reorg Petition Filed In Bankruptcy Court
SIAM STEEL: Clarifies H101 Shareholders' Equity
SIAM STEEL: Reports Rehabilitation Plan Progress
SIKARIN PUBLIC: Reports Rehabilitation Plan Progress

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Reports Progress On Cobalt Operation
-----------------------------------------------------
Anaconda Nickel announced that ramping up of the Murrin Murrin
Nickel Cobalt Operation continues on schedule, with the
Operation's team well prepared for the last regulatory shutdown,
planned for September / October, prior to the completion of
production ramp up to design capacity.

The shutdown begins on September 21st, with full operations
resuming on October 13th. The major tasks will be rectification
work on the Acid Plant and installation of replacement pre-
heaters on the 3rd autoclave train. Nickel production will, as
planned, be suspended for 14 days during the shutdown, however
production for the September Quarter is still expected to exceed
all previous Quarters.

It is expected that the 2001 shutdown - the final scheduled
shutdown for the ramp-up - will provide additional capacity in
the autoclave, neutralization and Acid Plant circuits. Budgeted
production for the balance of October (post-shutdown) is some
2,200 tons, stepping up to 90 percent of design by December
2001.

Production for the month of August was 2,257 tons of Nickel and
101.7 tons of cobalt, - 60 percent of design capacity (less than
July due to an unusual silica carryover that has been resolved),
or 5,274 tons of nickel (91 percent of budget) for the first two
months of the financial year. Following the completion of repair
work on autoclave linings and wear plates, a new daily autoclave
throughput record of 10,023 tons, (95 percent design capacity)
was achieved with all four autoclaves for the first time
operating simultaneously for extended periods.


AMP LIFE: U.S. Unit Files Chapter 11 Bankruptcy
-----------------------------------------------
Oregon-based WCI Cable, 90 per cent AMP Life owned, filed for
bankruptcy in late August after Australian parent cut funding,
The Age reported Thursday.

AMP had sunk US$165 million into the U.S. group, which opened
service on a fiber-optic network from Alaska to mainland United
States in 1999.

It signed a deal with Southern Cross Cable Network in 2000 but
according to Anchorage Daily News, the Alaskan market was highly
competitive.

Chapter 11 court documents show WCI's debts total to US$267
million and assets valued at US$197 million.

According to the documents, the debtors obtained all the funds
necessary for construction and acquisition of the optic-optic
network from AMP Life.

An AMP spokesman confirmed that the company had refused to
provide additional funding, adding that, investment was managed
by AMP Henderson Global Partners.

AMP's after-tax profit fell to $403 million from $525 million
previously, resulting in a 91 percent drop in investment income
for the first half of 2001.


AUSTRALIAN MAGNESIUM:Updates Stanwell Magnesium Project Status
--------------------------------------------------------------
Australian Magnesium Corporation (AMC) does not expect funding
arrangements for the Stanwell Magnesium Project to be affected
by AngloGold Limited's takeover announcement yesterday for
Normandy Mining Limited (Normandy).

Normandy currently owns 62 percent of AMC.

AMC welcomes the comments made overnight by AngloGold chief
executive Bobby Godsell. Answering a question at an overseas
investor briefing about the future of Normandy's non-gold
assets, Godsell said:

"We remain a gold company and we would want to focus on gold. We
recognize in particular two non-gold assets in the form of
Australian Magnesium Corporation and Golden Grove.

These projects, we think, have very significant development
upside. On Australian Magnesium Corporation, we have taken
account of the very important role that Normandy has played and
intends to continue to play in bringing that project to life,
and to fruition.

We would continue to honor, we would be intending to honor, the
commitments that Normandy has made in that direction. Indeed we
would be enthusiastic project developers of AMC. In time we
would be seeking to exit for value."

As AMC indicated at the time of its 2001 financial results in
August, the Company continues to work assiduously on developing
revised funding arrangements for the project.

This involves discussions with Normandy, the Queensland and
Commonwealth Governments and our equity advisors.

These matters are progressing positively and the company remains
confident the funding package will be finalized in the coming
weeks.


GRAEME HALL: ASIC Appoints Provisional Liquidator
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) was
today successful in obtaining an order in the Federal Court to
appoint provisional liquidator, Mark Hall of Prentice Parberry
Barilla, to the Adelaide company Graeme Hall & Associates Pty
Ltd.

The company's sole director, Graeme Edward Smith Hall, operated
as a financial adviser and is currently being investigated by
ASIC and the Serious Fraud Investigation Branch of the South
Australia Police.

ASIC alleged that nine former clients of Hall have lost over
$1.15 million as a result of their money being paid to Hall's
company following redemption of investments.

ASIC advises Hall's former clients to confirm their investment
portfolio with the relevant securities dealer or fund manager
referred to in the most recent correspondence received from
Hall. If people still have concerns about their investment, they
can contact ASIC's Infoline on 1300 300 630.


MAXIS CORPORATION: SWF Investments Lowers Stake
-----------------------------------------------
SWF Investments Pty Limited decreased its relevant interest in
Maxis Corporation Limited on 10/August/2001, from 135,381,057
voting shares (55.08 percent) to 130,381,057 voting shares
(52.28 percent).

Notes Relating To Changes In Relevant Interest

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

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

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


PACIFIC COMMERCE: Discussions With Administrator Ongoing
--------------------------------------------------------
Citadel Pooled Development noted that one of the companies in
which it has invested, Pacific Commerce, had been placed into
voluntary administration, that discussions with the
administrator were ongoing and that a statement as to the
outcome of these discussions would be made when possible.

With discussions on the status of Pacific Commerce yet to be
finalized, the directors believe it prudent to advise that
should a full provision against the investment be required, a
reduction of approximately 10.0 cents per share in net asset
value, from 50.0 cents to 40.0 cents, would result.


PACIFIC DUNLOP: Updates Automotive Distribution Sale Status
-----------------------------------------------------------
Pacific Dunlop advised that negotiations for the sale of its
Australian and New Zealand automotive Distribution business to
an investor consortium comprising GS Private Equity, Gresham
Partners and Macquarie Direct Investment, and expects a
transaction to be concluded within the next few weeks.

Nuno D'Aquino has also advised the Company that following the
announcement today of his appointment as the new Chairman of
Bonland Dairies, he will be retiring as a Director of Pacific
Dunlop Limited at the end of this month.


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


CAPITAL STAR: Winding Up Petition Pending
-----------------------------------------
Capital Star (H.K.) Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 10, 2001.

The petition was filed on July 17, 2001 by Yiu Chu Lam of Room
1109, Block 5, Lam Tin Estate, Kwun Tong, Kowloon, Hong Kong.


EASTERN FORWARDER: Hearing Of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Eastern Forwarded Limited will be heard
before the High Court of Hong Kong on November 21, 2001 at 9:30
am. The petition was filed with the court on August 9, 2001 by
The National Commercial Bank Limited of 1-3 Wyndham Street,
Central, Hong Kong.


MANDARIN RESOURCES: Requests Suspension Of Trading
--------------------------------------------------
At the request of Mandarin Resources Corporation Limited (the
Company), trading in its shares will be suspended with effect
from 10:00 a.m. Friday (7/September/2001) pending the issue of
an announcement in connection with a possible top up placing of
shares by the Company.


MERCATELA: Closes HK Unit, Provisional Liquidator Appointed
-----------------------------------------------------------
E-business consultancy Mercatela has been taken over by one of
its chief backers, resulting in the closure of its Hong Kong
branch and the loss of 50 jobs.  Mercatela, launched early last
year, has about 110 remaining staff members based in four other
offices, in Kuala Lumpur, Singapore, Taipei and Tokyo.  The
firm, which provides Internet and business services to bricks-
and-mortar companies, was founded by Jordi Argente and Tony
Melloy.

NetworkAsia, which is based in Hong Kong, had been an initial
baker of Mercatela and poured more money into the firm, said
Alfred Lobo, chief executive. Corporate restructuring firm Baker
Tilly was appointed as provisional liquidator.

Rupert Purser, managing director of Baker Tilly, said that at
this stage the only branch in any formal winding-up program was
Hong Kong. Mercatela had "just run out of money in Hong Kong,"
he said.  The company, which had been searching fruitlessly for
additional financing, had been in discussions with NetworkAsia
for at least six months, Purser said.


MODERN ENVIRONMENTAL: Faces Winding Up Petition
-----------------------------------------------
The Secretary for Justice is seeking the winding up of Modern
Environmental Protection Management Limited. The petition was
filed on June 26, 2001, and will be heard before the High Court
of Hong Kong on September 12, 2001 at 9:30 am.

The Secretary for Justice's registered office is at 2/F., High
Block, Queensway Government Offices, 66 Queensway, Hong Kong.


PACIFIC CENTURY: Posts H101 Interim Financial Statements
---------------------------------------------------------
The directors of Pacific Century CyberWorks Limited (the
Company) announced the unaudited consolidated results for the
Company and its subsidiaries for the six months ended June 30,
2001. This interim financial statements have not been audited,
but have been reviewed by the Company's independent auditors,
Arthur Andersen & Co:

Currency: HK$                                (Unaudited)
                            (Unaudited)      Last
                            Current          Corresponding
                            Period           Period
                            from 1/1/2001    from 1/1/2000
                            to 30/6/2001     to 30/6/2000
                            ('Million)       ('Million)
Turnover                                 : 11,312           104
Profit/(Loss) from Operations            : 2,870            (48)
Finance (cost)/income, net               : (1,769)          82
Share of Profit/(Loss) of Associates and
  Unconsolidated subsidiary              : 243              (50)
  Share of Profit/(Loss) of
  Jointly Controlled Entities            : 290              (19)
Profit/(Loss) after Tax & MI             : 935              (35)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                          : 4.22 cents
(0.34 cent)
         -Diluted                        : 4.05 cents       N/A
Extraordinary (ETD) Gain/(Loss)          : NIL              NIL
Profit/(Loss) after ETD Items            : 935              (35)
Interim Dividend per Share               : NIL              NIL
(Specify if with other options)          : -                -
B/C Dates for Interim Dividend           : N/A
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

  1. Basis of presentation

  As a result of the Company's acquisition of PCCW-HKT Limited
(HKT), which became effective on August 17, 2000, the results
for the six months ended June 30, 2001 include the results of
HKT and its subsidiaries (the "HKT group") whereas the results
for the six months ended June 30, 2000 represent the results of
the Company prior to its acquisition of the HKT  group.

Except as described in remark 2, the accounting policies adopted
in preparing these condensed financial statements are consistent
with those followed in the Group's financial statements for the
year ended December 31, 2000.

2. Details of significant items

Adjustments retrospectively applied upon adoption of new
accounting standards in Hong Kong

At the beginning of the year, the Hong Kong Society of
Accountants ("HKSA") issued a number of new Statements of
Standard Accounting Practice ("SSAP") regarding the treatment of
goodwill and provisions. The related interpretations were issued
in June 2001. The new SSAPs and related interpretations relevant
to the Group are:

  - SSAP No. 28   Provisions, contingent liabilities and
contingent assets

  - SSAP No. 30   Business combinations

  - SSAP No. 31   Impairment of assets

  - Interpretation 13 Goodwill - continuing requirements for
goodwill and negative goodwill previously eliminated
against/credited to reserves

The new SSAPs became effective for accounting periods beginning
on or after January 1, 2001. As a result of the required first
time adoption of these accounting standards issued by the HKSA
and in accordance with the requirements of SSAP 2 (which
outlines the disclosure requirements when a  change in
accounting policy has a material effect on the current or any
prior periods presented, including the retrospective restatement
of comparative periods), the Group has retrospectively adjusted
its financial results for the six month period ended June 30,
2000 and will be required to retrospectively adjust its
financial results for the year ended December 31, 2000 (not
presented).

The following table summarizes the effect on net loss for the
six months ended June 30, 2000 and net loss and shareholders'
deficit for the year ended December 31, 2000 resulting from the
Group's adoption of these new standards:

                6 months        12 months
                ended           ended
                June 30, 2000   December 31,    As at January 1,
                                          2000            2001
                 (Unaudited)     (Unaudited)     (Unaudited)
               --------------  -------------   ----------------
                                                   Shareholders'
Description     Note    Net loss        Net loss        deficit
-------------  -----  --------------- -------------   ----------
                       (Amounts expressed in millions of Hong
                       Kong dollars except per share amounts)

Amounts as previously
reported              (35)            (6,907)          (14,856)

Impairment of goodwill
recognized upon the
adoption of
SSAP 31       (a)     -               (122,390)               -
Provision for onerous
contracts upon the
adoption of
SSAP 28       (b)     -               -                 (3,234)

Amounts as retrospectively
restated              (35)            (129,297)         (18,090)

Basic earnings/(loss) per share:
  As previously reported (0.34 cents)   (47.54 cents)
  As retrospectively
    restated             (0.34 cents)   (889.97 cents)
Diluted earnings/(loss) per share:
  As previously reported N/A             N/A
  As retrospectively
     restated             N/A             N/A

(a) Adoption of SSAP 30, "Business Combinations", SSAP 31,
"Impairment of Assets" and Interpretation 13

SSAP 31 prescribes procedures to be applied to ensure that
assets are carried at not more than their recoverable amounts.
The recoverable amount of an asset is defined to be the higher
of its net selling price and its value in use.

The Group determines the value in use of its assets, (including
fixed assets, goodwill arising on business combinations
accounted for using the purchase method and intangible assets)
as the present value of estimated future cash flows together
with estimated   disposal proceeds at the end of its useful
life.

The Group is required to assess at each balance sheet date
whether there are any indications that assets may be impaired,
and if there are such indications, the recoverable amount of the
assets is to be determined. Any resulting impairment losses
identified are charged to the income statement.

In accordance with the provisions of Interpretation 13,
assessments of impairment of goodwill also apply to goodwill
previously eliminated against reserves which will not be
reinstated at the time of adoption of SSAP 30. Any impairment
loss identified in respect of goodwill previously eliminated
against reserves is to be recognized as an expense in the
income statement. The amendments to SSAP 30 and the provisions
of Interpretation 13 are required to be reflected in accordance
with the requirements of SSAP 2 and the transitional provision
in SSAP 30.

The Group has performed an assessment of the fair value of its
assets, including the related goodwill that had previously been
charged to reserves. The Group has retrospectively restated its
previously reported net loss for the periods ended June 30, 2000
and December 31, 2000 by HK$ nil and HK$122,390 million,
respectively for the impairment of goodwill arising from the
acquisition of subsidiaries, associates and jointly controlled
companies.

(b) Adoption of SSAP 28, "Provisions, Contingent Liabilities,
and Contingent Assets"

SSAP 28 clarifies the measurement and disclosures for
provisions, contingent liabilities, and contingent assets.

In performing its assessment of the effects of adopting SSAP 28,
(including the potential effects on prior years), the Group
determined that its share option agreement with the minority
shareholder of a subsidiary company will require the Company to
issue, at the option of the holder, 1,003,070,000 new shares of
the Company in exchange for the minority shareholder's remaining
interests in the subsidiary even though the fair value of that
subsidiary had substantially declined since entering into the
option agreement in 1999.

As a result of the Group's assessment of the prospective
financial performance of the core business of that subsidiary
since its launch in June 2000, management believes the minority
shareholder's exercise of the option is assured. The minority
shareholder began exercising its option in 2001.

The Company's additional investment in the subsidiary will
initially have to be recorded at the fair value of the shares
issued. Given the decline in value of the subsidiary, the
Company will experience an immediate loss on its additional
investment in the subsidiary. Accordingly, the option agreement
is considered to be an onerous contract as at December 31, 2000.
In accordance with the provisions of SSAP 28, the Group has
recorded a provision of HK$3,234 million as at December 31, 2000
relating to its obligation under the share option agreement.

The effect of this adjustment has been reported as an adjustment
to the balance of accumulated deficit of the Group as at January
1, 2001.  Comparative financial information for the year ended
December 31, 2000 has not been restated as permitted by the
transitional provisions of SSAP 28.  Changes in the estimated
fair value of the Group's unsettled obligation will be reported
as a component of income or expense.

To the extent not antidilutive, shares under the option are
reflected as outstanding for diluted earnings per share
calculations. As of September 6, 2001, the minority shareholder
of that subsidiary had exercised options for the issuance of
486,390,000 new shares.

3. Earnings / (Loss) per share

The calculation of basic and diluted earnings /(loss) per share
is based on the following data:

                                    Six months ended  30 June
                                    2001            2000
                                    (Unaudited)     (Unaudited)
                                      HK$'M           HK$'M
Earnings/(loss)
Earnings/(loss) for the purposes of
    basic and diluted earnings/(loss) per
    share                                 935             (35)
                                 ==============================
Number of shares
Weighted average number of ordinary
    shares for the purposes of basic
    earnings/(loss) per share     22,177,404,602  10,189,037,194
                                                 ==============
Effect of dilutive potential ordinary
    shares                           892,559,282
                                     --------------
Weighted average number of ordinary
    shares for the purposes of diluted
    earnings per share            23,069,963,884
                                  ==============

4. Comparative figures

Certain of the 2000 comparative figures have been reclassified
to conform with the current period presentation.


PEONY ASIA: Petition To Wind Up Docketed
----------------------------------------
The petition to wind up Peony Asia Limited is set for hearing
before the High Court of Hong Kong on September 26, 2001 at 9:30
am. The petition was filed with the court on July 4, 2001 by The
China and South Sea Bank, Limited, whose principal Hong Kong
Branch is at 136 Des Voeux Road Central, Hong Kong.


PERFECT HILL: Winding Up Petition To Be Heard
---------------------------------------------
The petition to wind up Perfect Hill Development Limited is
scheduled for hearing before the High Court of Hong Kong on
September 26, 2001 at 9:30 am.

The petition was filed with the court on July 4, 2001 by Wong
Choi Hang of Flat A, 2nd Floor, 176 Lai Chi Kok Road, Kowloon,
Hong Kong.


REE LOO: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Ree Loo Industrial Limited is scheduled
before the High Court of Hong Kong on October 17, 2001 at 9:30
am.

The petition was filed on July 19, 2001 by Chan Kwok Fu of Flat
10, 8/F., Hing Sing House, Sui Wo Court, Shatin, New
Territories, Hong Kong.


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


BANK CENTRAL: Parliament Delays Vote On 51% Stake Sale
------------------------------------------------------
Parliament decided to further delay a vote on the proposal to
sell 51 percent of state-controlled Bank Central Asia (BCA)
until Monday, AFX-Asia reported Thursday, citing legislator
Paskah Suzetta.

BCA shares rose almost 20 percent last week in anticipation of
parliament-approved sale proposal.

A vote on the proposal was expected Wednesday, but it was
deferred as parliament focused on the issuance of bonds to allow
Sinar Mas Group's debts to Bank Internasional Indonesia to be
transferred to the Indonesian Bank Restructuring Agency.

Earlier, the government had sought to divest only a 30 percent
share, and some legislators have expressed opposition to the new
proposal.


HOLDIKO PERKASA: IBRA Sells More Assets
---------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced
another four asset sales from the holding company, Holdiko.

The four assets are:

No Asset Industry Sector
1. Berdikari Flour Mills Four Milling
2. Indomarco Adi Prima Distribution
3. Edible Oil & Fats Group Edible Oil & Fats
4. Indogift Chuenher Indah Gift and Souvenir

Berdikari Flour Mills

Holdiko Perkasa intends to sell its entire 64  percent ownership
of PT Berdikari Sari Utama Flour Mills (Berdikari). Berdikari is
one of the largest flour milling company in Indonesia.
Berdikari, located in Makasar, South Sulawesi, recently
completed its new plant expansion, raising its wheat milling
capacity from 390,000 MT to 840,000 MT.

Ernst & Young Consulting has been appointed to act as Holdiko's
financial advisor for this transaction.

Indomarco Adi Prima

Holdiko will also dispose of all its 20.16  percent ownership in
PT Indomarco Adi Prima (IAP), one of the largest distributors in
Indonesia for consumer goods. IAP, which started its commercial
operations in 1954, has 22 branches spread all over major cities
in Sumatera, Jawa-Bali, Kalimantan and Sulawesi. IAP's total
revenue increased from Rp 1.6 trillion in 1997 to Rp 4 trillion
in 2000.

Acting as financial advisor to Holdiko for IAP's disposal is
Ernst & Young Consulting.

Edible Oil & Fats

Holdiko plans to sell its respective 20 percent ownership in
three companies under the Edible Oils & Fats Group; i.e. PT
Intiboga Sejahtera (IBS), PT Salim Oil Grains (SOG) and PT
Bitung Manado Oil (Bimoli).

IBS is a prominent margarine and cooking oil producer in
Indonesia. Some of its products have become market leaders as
cooking oil brands such as Bimoli, Bimoli Special, Sunrise,
Malinda Coco and margarine brands such as Simas, Palmia, Royal
Palmia and Amanda.

IBS has three factories located in Jakarta and Surabaya.
Producing high quality products with affordable price and
supported with a large industrial based customers and
distribution network, IBS has achieved many awards including the
Customer Satisfaction Award for its branded cooking oil Frontier
in 2000, The Most Valuable Brand for Bimoli from Mars and SWA in
2001 and ISO 9001 certification from SGS International in 1997
and 1998.

SOG is an edible oil trading company of Palm Oil, Coconut Oil,
Palm Kernel Oil (crude & refined), PFAD (Palm Fatty Acid
Distillate), Palm Kernel Expeller, and Soyabean Oil. IBS in its
operation receives supplies of raw materials from SOG.

Bimoli, established in November 1970, is a producer and exporter
of CNO and end products such as Copra Extraction Pellets (CEP),
Copra Meal (CEX), and Refined Bleached Deodorized Coconut Oil
(RDB CNO). Bimoli's factories located in Bitung (North Sulawesi)
and Muotong (Central Sulawesi) export 90 percent of its products
to Asia, United States and Europe.

The total installed production capacity of Bimoli is 192,000
tons per year, which was increased to 230,400 tons per year as
of the end of 1999.

OMG Group has been appointed as financial advisor to Holdiko for
the disposal of Holdiko's ownership in these three Edible Oils &
Fats companies.

Indogift Chuenher Indah

Holdiko Perkasa holds 50 percent direct ownership in PT Indogift
Chuencer Indah (ICI), which it plans to entirely divest. ICI is
engaged in the production of poly-resin-based gift products,
wooden furniture and fragrance candles. The production
facilities are located in Cileungsi, West Java with a factory
space of 16,000 sqm. The products are mainly exported to
established customers in the United States of America, Japan and
Europe.

PT Siddharta Consulting (member firm of KPMG International) is
acting as the financial adviser to Holdiko for this sale.

All the above transactions are estimated to close by mid of
December this year. Aside from trying to fulfill the state
budget requirement, the above steps are part of IBRA's effort to
accelerate the asset disposal programs and restructuring process
in order to return the companies back into the market while
maintaining transparency.

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended
by PT Bank Central Asia (BCA) to companies affiliated to the
Salim Group. As part of the settlement agreement with IBRA, the
Salim Group transferred shares and assets in more than 100
operating companies to PT Holdiko Perkasa.

As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.

The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and disposes of their assets and collateral.


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


KDDI CORP: Firms Express Interest In Wireless Unit
--------------------------------------------------
KDDI Corp, a major role player in the domestic and international
telecommunications industry in Japan, has sparked interest from
at least two potential foreign buyers for its wireless unit Tu-
ka, Reuters reported Thursday referring to a Wall Street Journal
report.

Goldman Sachs Group Inc, appointed adviser on the possible sale,
has distributed financial details of Tu-ka to prospective
buyers, France Telecom SA's wireless unit Orange SA  and
Newbridge Capital LLC.

The sell-off is planned to slash the company's debts, which
total Y2 trillion.

Nihon Keizai Shimbun reported Wednesday that U.S. investment
firm Texas Pacific Group offered KDDI an estimated Y300 billion
to Y400 billion to acquire all of KDDI's holdings in Tu-ka.

The paper added that Newbridge, Texas Pacific's affiliate
company, is expected to announce the establishment of its Japan
office next week.


SEAGAIA:  Ripplewoood Names Glennie As Head
-------------------------------------------
Ripplewood Holdings LLC named Michael Glennie, vice president of
major U.S. resort club operator Boca Raton Resort & Club, as
president of the soon to be acquired failed Seagaia resort
complex in Miyazaki Prefecture.

Glennie, 50, has 25 years of experience in the U.S. hotel
industry and has run six hotels and resort facilities belonging
to the Florida-based Boca Raton Resort & Club.

Ripplewood Holdings LLC received the approval to take over
Seagaia resort in July, after it agreed to buy the resort
complex from its failed operator Phoenix Resort Company for
Y16.2 billion.


SUMITOMO METAL: Forecasts H1 Pretax Loss Of Y14B
------------------------------------------------
Sumitomo Metal Industries Ltd forecasts first half to September
pretax loss of around Y14 billion, greater than the Y9 billion
forecast the previous year, AFX-Asia via COMTEX reported Friday.

The company revised its full year net loss forecast to Y90
billion from Y70 billion.

The company blamed the economic slowdown, as well as additional
costs arising from its restructuring plan.

The company said it will not pay an interim dividend in the
current financial year.
According to Wright Investors's Service, "At the end of 2000,
Sumitomo Metal Industries Limited had negative working capital,
as current liabilities were �1.05 trillion while total current
assets were only �1.04 trillion. The fact that the company has
negative working capital could indicate that the company will
have problems in expanding."


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


CHOHUNG BANK: To Spin Off Credit Card Department
------------------------------------------------
Chohung Bank is considering spinning off its credit card
department and establishing a credit card subsidiary, Korea
Herald reported on September 7, which cited its banking sources.

According to the banking sources, even if a credit card
affiliate is set up, CHB has promised that it will not withdraw
from BC Card Co, a credit card company jointly owned by local
commercial banks.

At a meeting of BC Card member banks late last month, CHB
outlined its plan to establish a credit card subsidiary. CHB
will set up the envisioned card company with its own money and
then sell a 49-percent stake to prospective investors. The bank
also intends to hand over its 14.85 percent stake in BC Card to
the credit card subsidiary.


HYUNDAI SECURITIES: Negotiates With AIG-Led Consortium
------------------------------------------------------
Hyundai Securities is in the midst of negotiating with the
American International Group (AIG)-led consortium in regard to
the price of the preferred stocks the brokerage is attempting to
sell to the consortium, Korea Herald reported on September 7,
which cited the Hyundai party.

"As soon as we reach an agreement, the two parties will hold
respective board of director meetings to confirm the issuance of
the preferred stocks once more," said one Hyundai Securities
executive.

Considering the fact that AIG has been proposing a myriad of
revised deals, such as allotting part of the preferred stocks to
minority shareholders, the brokerage does not believe the
consortium wants to break off the deal altogether, the executive
added.


POHANG IRON: Foreign Ownership Exceeds 60%
------------------------------------------
Foreign ownership in Pohang Iron & Steel Corp (POSCO) exceeded
60 percent for the first time ever as a result of massive buying
orders placed by foreign institutional investors, Korea Inc News
reported September 6, citing industry sources.

Overseas investors together held more than 50 percent of the
Korean steel company in January and their ownership reached 59
percent at the end of June, when Korean investors owned a 41
percent stake.

Among foreign ownership, American investors have as much as a 41
percent share with three U.S. investment funds, Capital Group,
Brandes and Templeton, owning about 16% stake in the Korean
company.


SHINHAN BANK: To Sell W70B Subordinated Bonds
---------------------------------------------
Shinhan Bank will sell subordinated bonds worth W70 billion to
individual and corporate investors between September 10 and
September 29, Korea Herald reported on September 7.

The six-year subordinate debt issue will carry an annual return
of 6.69 percent for bonds paying interest on a monthly basis and
6.73 percent for those making quarterly interest payments, the
bank said.

Shinhan has recently sold subordinated bonds worth W130 billion
to domestic institutional investors in order to strengthen its
capital base.


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


BESCORP INDUSTRIES: Units Placed Into Voluntary Winding Up
----------------------------------------------------------
The Special Administrators of Bescorp Industries Berhad informed
that:

   (1) The Company is an affected listed issuer pursuant to
PN10;

   (2) The Company has ceased all of its major business and all
of its subsidiary companies, save for Waktu Cerah Sdn Bhd, have
been placed into voluntary winding up;

   (3) The Company is also an affected listed issuer pursuant to
Practice Note 4 (PN4) and that the requirements and obligations
set out in PN4 prevail. The Company is therefore required to
strictly comply with the provisions of PN4, particularly the
timeframe prescribed therein for the regularization of its
financial condition.

On 13 June, 2001, the Company has entered into a Memorandum of
Understanding with the vendors of Cybron Holdings Berhad (CH) to
formulate a corporate and debt restructuring scheme that plans
to maximize the return to all shareholders and creditors of the
Company.

The proposal is aimed at reviving and rebuilding and the
financial strength of the company via a proposed reverse
takeover. Upon the successful implementation of the proposal,
the business portfolio and earnings base of the restructured
Company will be greatly enhanced with the injection of cash-
generating assets by CH. The details of the proposal will be
announced in due course.


FEDERAL FURNITURE: Announces Revised Proposals
----------------------------------------------
Aseambankers Malaysia Berhad (Aseambankers) on behalf of the
Board of Directors of Federal Furniture Holdings (M) Berhad
(FFHB or the Company), announced revisions to the Proposed
Rights Issue with Warrants and Proposed Debt Restructuring
(Proposals), as follows:

   (i) Proposed renounceable rights issue of up to 41,357,400
new ordinary shares of RM1.00 each in FFHB (Rights Shares)
together with up to 24,814,440 detachable new warrants
(Warrants) at an issue price to be determined at the price-
fixing date after the approval of the SC on the basis of five
(5) new ordinary shares of RM1.00 each together with three (3)
Warrants for every five (5) existing ordinary shares of RM1.00
each held;

   (ii) Revision of the duration of the exercise period of the
Warrants from five (5) to ten (10) years; and

   (iii) Proposed cash repayment for all remaining indebtedness
up to the date of completion of the Proposed Debt Restructuring
of the Principal Debt outstanding after the Proposed Issue of
ICULS and Proposed Issue of Shares.

Save for the above and the financial effects thereof, the
Proposals remain the same as per the announcement dated 12
October 2000.

DETAILS OF THE REVISED PROPOSALS

Revised Proposed Rights Issue with Warrants

The Proposed Rights Issue with Warrants entails a renounceable
rights issue of up to 41,357,400 Rights Shares together with up
to 24,814,440 Warrants at an issue price to be determined at a
price-fixing date after the approval of the SC on the basis of
five (5) Rights Shares with three (3) Warrants for every five
(5) existing ordinary shares of RM1.00 each in FFHB (FFHB
Share(s)) held at a book closure date to be determined.

The above is based on the issued and paid-up share capital of
FFHB as at 1 August 2001 of RM27,681,500 comprising 27,681,500
ordinary shares of RM1.00 each and on the assumption that all
the current existing 13,675,900 FFHB warrants (Existing
Warrants) are exercised.

In the event that the Existing Warrants are not exercised prior
to the abovementioned book closure date, the Proposed Rights
Issue with Warrants would entail a renounceable rights issue of
27,681,500 Rights Shares together with 16,608,900 Warrants.

The Warrants will be issued free to entitled shareholders of
FFHB and renouncees who subscribe for the Rights Shares, and
will be immediately detached upon issue and traded separately on
the Kuala Lumpur Stock Exchange.

Revised Terms Of The Warrants

Each Warrant confers the right on the warrant holder to
subscribe for one (1) new FFHB Share and may be exercised at any
time within a period of ten (10) years from the date of issue of
the Warrant.

Revised Utilization Of Proceeds

Based on the indicative issue price of RM1.00 per Rights Share,
gross proceeds raised of up to RM41.357 million (or RM27.681
million assuming no exercise of the Existing Warrants) under the
revised Proposed Rights Issue with Warrants is proposed to be
utilized as set out in Table 1 at
http://www.bankrupt.com/misc/Federal_Furniture_table1.doc

Revised Proposed Cash Repayment

The Proposed Cash Repayment will entail a cash repayment for all
remaining indebtedness of the Principal Debt outstanding after
the Proposed Issue of ICULS and Proposed Issue of Shares, up to
the date of completion of the Proposed Debt Restructuring.

For illustration, the estimated interest accruing on the
principal amount of borrowings under the Proposed Debt
Restructuring up to 31 March 2002, being the estimated date of
completion of the Proposed Debt Restructuring has been taken
into account.

FINANCIAL EFFECTS

The financial effects resulting from the revisions to the
Proposals are set on the following tables, as follows:

Share Capital at
http://www.bankrupt.com/misc/Federal_Furniture_table2.doc

Net Tangible Assets at
http://www.bankrupt.com/misc/Federal_Furniture_table3.doc

Gearing at
http://www.bankrupt.com/misc/Federal_Furniture_table4.doc

Earnings

The Company expects the group's earnings to improve with the
completion of the Proposals. This is mainly attributable to the
savings in interest costs as a result of the reduction in the
Group's gearing after the Proposed Debt Restructuring.


LAND & GENERAL: Updates Status On Defaulted Payments
----------------------------------------------------
Land & General Berhad (L&G) advised there are no new significant
developments in relation to the various defaults in payment
previously announced except:

Default in principal sum in respect of a Syndicated Revolving
Credit Facility (the Facility) by Bandar Sungai Buaya Sdn Bhd
(BSB), a wholly-owned subsidiary of L&G.

One of the syndicated bank lenders, on 27 August 2001, served
the Originating Summons dated 9 August 2001 on BSB. The Order
requests that the lands, which have been charged in respect to
the Facility, be sold by public auction to satisfy the sum
secured under the charge, including all interest, costs and
expenses. The Order also requests the date of the auction be
fixed not less than one (1) month from the date the Order is
granted.

L&G would like to inform that BSB is currently negotiating with
the syndicated bank lenders to restructure the Facility and is
seeking legal advice from its solicitors.


MALAYSIAN GENERAL: KLSE Grants Two-Month Debt Scheme Extension
--------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) announced
that Malaysian General Investment Corporation Berhad (the
Company) has obtained an extension of time of two (2) months
from the KLSE from 20 August 2001 until 19 October 2001 to
undertake the following :

   (a) revise its regularization plan;

   (b) make an announcement on the Company's revised
regularization plan (Requisite Announcement) to the KLSE; and

   (c) submit its revised plan to the regulatory authorities for
approval.

Upon submission of the revised plan, the Company is required to
make a separate application to the KLSE to seek additional time
for the Company to obtain all necessary approvals from the
regulatory authorities.

Arab-Malaysian had already made the Requisite Announcement on
behalf of the Company on 30 August 2001. In complying with the
extension granted by the KLSE, the application for the Proposed
Restructuring Scheme will be made latest by 19 October 2001 ,
instead of 30 October 2001 as announced previously.


MAY PLASTICS: High Court Grants Nine-Month Extension On RO
----------------------------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI)
announced that the status of the Proposals has not changed as
announced on 1 August 2001, except that the restraining order
that the Company and certain subsidiary companies obtained on 1
September 1998 has been further extended by the High Court of
Shah Alam for a further period of nine months from 1 September
2001.

The Company has obtained the following approvals from the
following authorities/parties to implement the Proposals:

   *  Securities Commission on 23 June 2000, 7 November 2000 and
27 July 2001;

  *  Ministry of International Trade and Industry on 19 November
1999 and 7 June 2000;

  *  Foreign Investment Committee on 22 October 1999 and 30 May
2000;

  *  Shareholders, warrant holders and scheme creditors of MPI
on 22 December 2000;

  *  The High Court of Malaya pursuant to Section 176 of the
Companies Act, 1965 on 26 February 2001.

  *  The KLSE's approval-in-principle on 4 May 2001 for
admission of KSU Holdings Berhad ("KSUH") to the Official List
of the Second Board of KLSE and the initial listing and
quotation of the KSUH's shares and KSUH warrants on the Second
Board of KLSE; and the additional listing of and quotation for
new shares in KSUH to be issued pursuant to the exercise of the
KSUH Warrants.

The Company is in the process of implementing the Proposals.


PANCARAN IKRAB: KLSE Approves Workout Scheme Time Extension
----------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Pancaran Ikrab Berhad (PIB or the Company),
announced that the Kuala Lumpur Stock Exchange, via its letter
dated 3 September 2001, granted approval for an extension of
time until 31 October 2001 for the Company to obtain all the
necessary approvals from the regulatory authorities for the
Proposed Revision to the Original Restructuring Scheme.

Alliance, for and on behalf of the Board of PIB has, on 30
August 2001, submitted the applications for the Proposed
Revision to the Original Restructuring Scheme to the Securities
Commission, Foreign Investment Committee and the Ministry of
International Trade and Industry.


PERDANA INDUSTRI: Still Finalizing Proposed Debt Scheme
-------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad on behalf of Perdana
Industri Holdings Berhad (PIHB) informed the Kuala Lumpur Stock
Exchange that the promoter of Wah Seong Corporation Berhad, the
company to assume the listing status of PIHB upon completion of
the proposed debt and equity restructuring scheme, is still
finalizing certain terms of the proposed modification of the
proposed debt and equity restructuring scheme.

An announcement regarding the revised terms will be made once
the final terms of the proposed debt and equity-restructuring
scheme have been finalized. Save as disclosed, there is no
material change to the status of PIHB's plan to regularize its
financial condition from the plan as announced on 3 March 2000.


SASHIP HOLDINGS: Revised Restructuring Scheme Submitted
-------------------------------------------------------
The Board of Directors of Saship Holdings Berhad (SHB or the
Company), formerly known as Westmont Industries Berhad,
submitted the Revised Circular to KLSE approval of which is now
pending.

The Company proposes to convene the Extraordinary General
Meeting (EGM) together with the Annual General Meeting (AGM) in
the month of October 2001 and re-table the same Proposed
Restructuring Scheme for its shareholders' approval.

The AGM is to adopt the annual report for financial year ended
31 December 2000. The confirmed date of the EGM and AGM will be
announced.


SOUTHERN PLASTIC: Submits Revised Proposal To Scheme Creditors
--------------------------------------------------------------
Southern Plastic Holdings Berhad announced that the revised
proposal to restructure the financial institution debt
obligation (scheme creditors) of the company and its selected
subsidiaries (revised proposal) have been submitted to the
respective scheme creditors.

The company is compiling the feedback from the financial
creditors to be incorporated into the proposal. The company will
proceed to secure the necessary approvals from the relevant
authorities prior to implementation of the revised proposal.


TALAM CORP: Unit Proposed Private Debt Securities Issuance
----------------------------------------------------------
The Board of Directors of Talam Corporation Berhad (Talam)
announced that its wholly owned subsidiary, Maxisegar Sdn Bhd
(Maxisegar), is proposing to issue a fully underwritten RM600
million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS).

THE PRIVATE DEBT SECURITIES

Maxisegar is undertaking a Private Debt Securities exercise to
raise a fully underwritten RM600 million BaIDS (PDS Exercise)
which is arranged by Abrar Discounts Berhad who is also the
primary subscriber. Malaysian Rating Corporation Berhad has
assigned a conditional corporate debt rating of A-ID (single A
minus Islamic Debt) to the BaIDS.

Under the RM600 million BaIDS, the issuance will be issued in
three (3) tranches subject to the satisfaction of minimum sales
to be achieved prior to each issuance as set out below:

Tranches               Amount               Tenure
Sales to be Achieved
                          (RM million)          (Years)
(RM million)
I 210 3 300
II 210 4 300
III 180 4 260

The proceeds from the BaIDS is to part finance the construction
of the main campus of University Industry Selangor (UNISEL) and
the development and construction of three (3) pieces of
development land alienated by the Selangor State Government to
Maxisegar (UNISEL Project Lands) pursuant to the Privatization
Agreement entered into between Maxisegar and the State
Government Selangor on 17 January 2001.

The BaIDS is guaranteed by Talam. Maxisegar has executed the
documents evidencing the BaIDS on 3 September 2001.

RATIONALE

The issuance of BaIDS will enable Maxisegar to tap into the
Islamic Debt Securities as a cheaper source of funding compared
to the conventional bridging loan, to part finance the
construction of main campus of UNISEL and the development cost
and construction cost of the mixed development of the UNISEL
Project Lands.

As at 2 September 2001, two of the UNISEL Project Lands namely
Bandar Seri Bukit Jalil and Saujana Damansara, have secured
sales of RM589 million and RM122 million respectively.

The UNISEL Project Lands will enhance the presence of Talam
Group in the property sector as the enlarged land banks in
strategic locations will enable Talam Group to continue to be
one of the leading property developers in Malaysia.

APPROVALS

The PDS Exercise is subject to the following approvals:

  * The approval of the Securities Commision. An application has
been made on 12 June 2001 to the Securities Commission.

  * The holders of RM150 million nominal value of 5% secured
serial bonds in Talam for the proposed variation to the gearing
ratio of the Talam Group. The approval was obtained on 22 August
2001.

   * The holders of Maxisegar's RM300 million Al-Bithaman Ajil
Islamic Debt Securities for the proposed variation to the
gearing ratio of Maxisegar and the exclusion of the UNISEL
Project Lands from their existing debenture. The approval was
obtained on 23 August 2001.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders and persons
connected with a Director or substantial shareholder have any
interest, direct or indirect, in the PDS Exercise.

DIRECTORS' OPINION ON THE INTERNAL RESTRUCTURING

The Directors of Talam are of the opinion that the PDS Exercise
is in the best and long term interest of the Talam Group.


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


ALL ASIA: Pre-Need Arm Seeks 90-Day Extension
---------------------------------------------
The pre-need arm of All Asia Capital Corp is asking the
Securities and Exchange Commission (SEC) for another 90 days
within which to plug its trust fund deficiency, BusinessWorld
reported on September 7.

In a request to the SEC non-traditional securities and
instruments department (NSID), All Asia Plans sought an
extension of 90 days from the September 8 deadline set for the
funding of its trust fund deficiency.

In the meantime, All Asia Plan's permit to sell remains
suspended, allowing the company only to collect payments and
service existing plan holders.

The pre-need firm was earlier required to comply with its
commitment to contribute at least P1 million per month to the
trust fund to meet the deficiency as well as current
contributions. The company was also required to transfer its
trust fund from All Asia Capital to another trustee.

The pre-need firm has agreed to transfer its trust fund to
Equitable PCI Bank.

For its part, the NSID recommended to the Commission en banc,
the SEC's highest decision-making body, that All Asia Plans be
given an extension of 60 days or up to November 8 this year to
plug its deficiency of over P400 million.

The 60-day extension, however, is dependent on the transfer of
the trust fund from All Asia Capital to Equitable PCI.



COSMOS BOTTLING: Syjuco Calls For Trading Halt
----------------------------------------------
Iloilo Rep. Augusto Syjuco called Thursday for a prompt halt in
the trading of stocks of the Concepcion-owned RFM Corp and
Cosmos Bottling Corp after exposing the alleged process used by
businessman and former trade secretary Jose "Joecon" Concepcion
to defraud the government of some P350 million when his company
bought Jazz Cola Corporation several years ago, ABS-CN News
reported on September 7.

Syjuco made the urgent request in a letter to Philippine Stock
Exchange president and chief executive officer Ramon Garcia as
he sought as well a "formal, separate, and independent"
investigation by the Securities and Exchange Commission of the
food and beverage firms owned by the family of Concepcion.

Syjuco said in a statement it was only proper for the PSE to
allow him, a member of the investor community, separate audience
in the spirit of transparency and fair play and in the interest
of the integrity of the financial market.

In a separate letter to SEC Chairman Lilia Bautista, he said the
commission was duty-bound to conduct its own probe of his
allegations against the RFM-Cosmos Group, "particularly in the
light of my strong suspicions that the RFM-Cosmos group has
engaged in illegal insider trading and price manipulation to
[prevent] the free fall of the publicly listed companies."


NATIONAL POWER: Considers Aircraft Sale To Trim Losses
------------------------------------------------------
National Power Corp (Napocor) is considering selling its $5-
million eight-seater King Air to the Philippine Air Force (PAF),
ABS-CBN News reported on September 7, which quoted Napocor
president Jesus Alcordo. The power firm is disposing of some of
its non-performing assets in a bid to reduce losses.

"The latest offer we have received came from the Air Force. It
has expressed interest to buy the airplane," Alcordo said.

Alcordo, however, said Napocor was carefully reviewing the sale
as the transaction might not involve cash but merely a transfer
of assets. "The deal could be done government-to-government," he
said.

Napocor plans to generate some P22 billion this year from the
disposal of non-performing assets. The power firm has been
looking for ways to trim down losses and meet debts falling due
next month.


UNIWIDE GROUP: Will File New Rehab Plan
---------------------------------------
The Uniwide Group of Companies will file a new rehabilitation
plan as its next move, now that it is resigned to its failed
search for a white knight that will finance operations,
BusinessWorld reported on September 7.

Uniwide is currently working on a second and amended rehab plan
which will be submitted to the Securities and Exchange
Commission (SEC) for approval before September 15.

"The amended proposal will focus on new objectives specifically
on how the group will pay off over 11 billion Philippine pesos
in debts to creditors through dacion en pago arrangement or
debt-for-asset swap," an unidentified source said.

The revised rehab plan will also cover various options to raise
cash for working capital with the absence of an investor that
will bring in much-needed funds.

This came after Uniwide's creditor banks sought for the
termination of the group's rehabilitation proceedings arguing
that the absence of an investor will make it impossible for the
company to achieve the objectives of the rehabilitation plan.

However, the source said the local retail operator will still
continue negotiations with the interested foreign parties. Part
of the amended rehab plan is to create an asset pool, portions
of which will be used to pay the group's unsecured creditors.
Uniwide owes an estimated PhP2.5 billion to its unsecured
creditors.

The rehab plan is now being partially implemented even without
an investor in an effort to substantially reduce Uniwide's
ballooning debts.

It is in the process of paying off debts owed to International
Exchange Bank (I-Bank), Metropolitan Bank and Trust Co., and
United Coconut Planters Bank (UCPB) through dacion en pago.

It is also set to sell several assets to pay for debts with
seven creditors that will effectively cut down obligations by 60
percent to 70 percent.


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


ASIA FOOD: Joint Rehab Program Update W/ Golden Agri-Resources
--------------------------------------------------------------
The boards of Asia Food & Properties Ltd (AFP) and Golden Agri-
Resources Ltd ("GAR") wish to further update its shareholders
and public on the Company's restructuring program.

Further to the 26 July and 30 August announcements, AFP and GAR
have appointed Deloitte & Touche (DT) as an independent
financial advisor. DT will advise the companies on the proposal
by BII Bank Limited, Cook Islands (BII Bank Ltd) to repay the
companies' deposits held by them and to secure such repayment.
The legal firm of Shook Lin & Bok has been appointed to work
with the independent financial advisors to prepare the legal
documentation. The companies will make further announcements as
developments take place.

As disclosed in the 30 August announcement, the AFP Group has
withdrawn approximately US$15.8 million from BII Bank Ltd, since
end March this year. Of this, approximately US$7.9 million is
attributable to GAR and its subsidiaries.

To date, the AFP Group (including subsidiaries such as GAR and
others) has restructured approximately US$107 million of its
outstanding debt. The companies have not provided any additional
security for the debts.

ABOUT ASIA FOOD & PROPERTIES

Headquartered in Singapore, AFP is an investment holding company
with operational businesses in agri-resources, food and
property. Listed on the Singapore Exchange in 1997, AFP's
principal operations are located in Indonesia, China, Singapore
and Malaysia. The AFP Group of Companies employs more than
60,000 people with strong local, regional and international
knowledge and experience. The AFP Group reported a turnover of
S$1.4 billion in 2000.

For further information, please contact:

Asia Food & Properties Ltd
Mee-Wah Tan
Corporate Affairs Director
Tel: +65-3295707 / 2207720
Fax: +65-3295709
E-mail: corpaff@afp.com.sg


BRIERLEY INVESTMENTS: Longleaf Changes Deemed Interests
-------------------------------------------------------
Brierley Investments Ltd posted three (3) notices of changes in
substantial shareholder Longleaf Partners International Fund's
deemed interests, as follows:

Name of substantial shareholder:        Longleaf Partners
                                         International Fund
Date of notice to company:              05 Sept 2001
Date of change of deemed interest:      05 Sept 2001
Name of registered holder:              CDP Nominees - Dev't
Bank
                                         of Singapore, Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change:            1,000,000
% of issued share capital:              0.07
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:       0.45
No. of shares held before change:       121,009,000
% of issued share capital:              8.85
No. of shares held after change:        122,009,000
% of issued share capital:              8.92

Holdings of Substantial Shareholder
including direct and deemed interest
                                        Deemed
Direct
No. of shares held before change:       121,009,000
% of issued share capital:              8.85
No. of shares held after change:        122,009,000
% of issued share capital:              8.92
Total shares:                           122,009,000

Name of substantial shareholder:        Longleaf Partners
                                         International Fund
Date of notice to company:              05 Sept 2001
Date of change of deemed interest:      04 Sept 2001
Name of registered holder:              CDP Nominees - Dev't
Bank
                                         of Singapore, Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change:            10,000
% of issued share capital:              0.0007
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:       0.45
No. of shares held before change:       120,999,000
% of issued share capital:              8.85
No. of shares held after change:        121,009,000
% of issued share capital:              8.8507

Holdings of Substantial Shareholder
including direct and deemed interest
                                        Deemed          Direct
No. of shares held before change:       120,999,000
% of issued share capital:              8.85
No. of shares held after change:        121,009,000
% of issued share capital:              8.8507
Total shares:                           121,009,000

Name of substantial shareholder:        Longleaf Partners
                                         International Fund
Date of notice to company:              05 Sept 2001
Date of change of deemed interest:      30 Aug 2001
Name of registered holder:              CDP Nominees - Dev't
Bank
                                         of Singapore, Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change:            413,000
% of issued share capital:              0.03
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:       0.45
No. of shares held before change:       120,586,000
% of issued share capital:              8.82
No. of shares held after change:        120,999,000
% of issued share capital:              8.85

Holdings of Substantial Shareholder
including direct and deemed interest
                                        Deemed        Direct
No. of shares held before change:       120,586,000
% of issued share capital:              8.82
No. of shares held after change:        120,999,000
% of issued share capital:              8.85
Total shares:                           120,999,000


CAPITALAND LTD: Unit pFission Ups Tenantworld Stake
---------------------------------------------------
CapitaLand Limited (CapitaLand) announced that its wholly-owned
subsidiary, pFission Investment Pte Ltd, has taken up an
additional 6,249,999 shares of par value S$0.20 each in
Tenantworld Pte Ltd (Tenantworld), its 25%-owned associated
company. Its stake in Tenantworld remains unchanged.

Pursuant to the above, CapitaLand's interest in Tenantworld
comprises 1 share of par value of S$0.20 fully paid, and
6,249,999 shares of par value S$0.20 each, partially paid up to
S$0.05 each.

The remaining equity interests in Tenantworld are held equally
by eMpire Investments Limited, a wholly-owned subsidiary of City
Developments Limited (25%), KeplandeHub Limited, a wholly-owned
subsidiary of Keppel Land Limited (25%) and Interpex Services
Pte Ltd, a wholly-owned subsidiary of Singapore Land Limited
(25%).


GOLDEN AGRI: Joint Rehab Program Update with Asia Food
------------------------------------------------------
The Boards of Asia Food & Properties Ltd (AFP) and Golden Agri-
Resources Ltd (GAR), in a joint announcement, wished to further
update its shareholders and the public on the company's
restructuring program.

Further to the 26 July and 30 August announcements, AFP and GAR
have appointed Deloitte & Touche (DT) as an independent
financial advisor. DT will advise the companies on the proposal
by BII Bank Limited, Cook Islands (BII Bank Ltd) to repay the
companies' deposits held by them and to secure such repayment.
The legal firm of Shook Lin & Bok has been appointed to work
with the independent financial advisors to prepare the legal
documentation. The companies will make further announcements as
developments take place.

As disclosed in the 30 August announcement, the AFP Group has
withdrawn approximately US$15.8 million from BII Bank Ltd, since
end March this year. Of this, approximately US$7.9 million is
attributable to GAR and its subsidiaries.

To date, the AFP Group (including subsidiaries such as GAR and
others) has restructured approximately US$107 million of its
outstanding debt. The companies have not provided any additional
security for the debts.

ABOUT GOLDEN AGRI-RESOURCES LTD

Listed on the Singapore Exchange in 1999, Golden Agri-Resources
Ltd. (GAR) is one of the largest private palm oil plantations in
the world. Its principal operations are located in Indonesia.

With a total planted area of 273,000 hectares, the company's
primary activities include the cultivation and harvesting oil
palm trees, collecting fresh fruit bunch and processing these
into crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening. GAR operates 18 palm-oil processing mills, two
refineries and four kernel crushing mills. GAR's turnover in
2000 was approximately US$388 million.

GAR is 55% owned by SGX listed Asia Food & Properties Ltd (AFP),
an investment holding company with operating businesses in agri-
resources, food and properties. Listed on the SGX in 1997, AFP's
principal operations are located in Indonesia, China, Singapore
and Malaysia. The AFP Group of Companies employs more than
60,000 people with strong local, regional and international
knowledge and experience. AFP's turnover in 2000 was S$1.4
billion.

For further information, please contact:

Golden Agri-Resources Ltd
Mee-Wah Tan
Corporate Affairs Director
Tel +65-3295 707
Fax +65-3295 709
E-mail corpaff@afp.com.sg


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


B. GRIM ENGINEERING: Reports BGES Planer Investment Plan
--------------------------------------------------------
B. Grim Engineering Systems Public Company Limited (BGES)
conducted the 5/2001 Board of Director Meeting on 3 September,
2001 8.30 Hrs at the Conference Room, 7th Floor, Gerhard Link
Building, 33 Soi Lertnava, Krungthepkreetha Rd., Bangkapi,
Bangkok.

The Meeting has approved the following agenda;

(1) The report of the 4/2001 Board of Director Meeting on 2
August 2001.

(2) BGES will invest in BGES Planer Co., Ltd. which run
reorganized business plan and debt structure business by
purchasing 99,993 shares at the amount of Bt10 per share,
totaling Bt999,930. BGES Planer Co., Ltd. will call for the
first payment 25 percent of the total value. The company shall
pay for the company for the amount of Bt249,982.50.


RAIMON LAND: Reduces Registered Capital In Raimon Construction
--------------------------------------------------------------
Raimon Land Public Company Limited (the Company) represented by
Raimon Land Planner Co., Ltd. as its Planner,  informed that
Raimon Construction Co., Ltd., in which the Company has invested
at the ratio of 40%, has effected reduction of registered
capital from the existing amount of Bt2,500,000 to Bt1,000,000,
by decreasing the number of shares to 100,000 ordinary shares.

The reduction will lessen the Company's number of shares from
the existing 100,000 shares, par value of 10 Baht each, totaling
Bt1,000,000 to only 40,000 shares, par value of Bt10 each,
totaling Bt400,000.

However, the number of the 40,000 shares held by the Company
still accounts for 40% of the registered capital of Raimon
Construction Co., Ltd. in accordance with the original
proportion earlier invested by the Company.

After the reduction of the registered capital, the Company, as a
shareholder, will receive the refund of capital from Raimon
Construction Co., Ltd. in respect of 60,000 shares, at Bt10 per
share, totaling Bt600,000.


ROBINSON DEPARTMENT: Reorg Petition Filed In Bankruptcy Court
------------------------------------------------------------
Department store and retail of general producer Robinson
Department Store Public Company Limited's (DEBTOR) Petition for
Business Reorganization was filed to the Central Bankruptcy
Court:

Black Case Number Phor. 18/2543

Red Case Number Phor. 21/2543

Petitioner: ROBINSON DEPARTMENT STORE PUBLIC COMPANY LIMITED
          : Hongkong and Sianghai Banking Corporation Bank

Planner: Robinson Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt21,290,186,062

Date of Court Acceptance of the Petition: April 5, 2000

Court Order for Business Reorganization and Appointment of
Planner: May 2, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited on May 16 , 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 20,
2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: July 20, 2000

Deadline to object Applications for Payment in Business
Reorganization: August 3, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 20, 2000

Court issued an Order Accepting the Reorganization Plan:
December 20, 2000 and Appointed Robinson Planner 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 on December 28, 2000

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on January 30, 2001

Contact: Ms.Umaporn Tel 6792525 ext 142


SIAM STEEL: Clarifies H101 Shareholders' Equity
------------------------------------------------
Siam Steel International Public Company Limited reported on the
Shareholders' Equity as of June 30, 2001:

In Thousand Baht
                       Consolidated       For the Company
                                                 (Equity Method)
Shareholders' Equity - Net (Capital Deficiency)

                              (1,348,578)          (1,363,606)

Plus : Unrealized loss on exchange rate from outstanding loans

                                 653,297                632,326

Shareholders' Equity before unrealized loss on exchange rate

                                (695,281)            (731,280)

Plus : The increase in the authorized share capital for dept to
equity conversion in accordance with the rehabilitation plan

                                1,270,671           1,270,671

Shareholder's Equity after increased capital

                                  575,390             539,391

On April 10, 2001, the company increased authorized share
capital amounting to Bt1,270.67 million for conversion debt to
equity.  July 3, 2001, the company converted its long-term loans
amounting to Bt722.02 million to the authorized and paid-up
share capital. The conversion of the remaining loan amount to
Bt548.65 million to equity can be made within  June 30, 2002.

Meanwhile, the Effect  from  Foreign  Exchange  Rate
Fluctuation  of  the Company and  its subsidiaries  for  the
year  ended  June  30,2001,  have been reviewed by their
certified public accountant, and is in  accordance  with  the
general  books  and  accounting  records  of  Siam  Steel
International  Public  Company  Limited  and  subsidiary
companies.


SIAM STEEL: Reports Rehabilitation Plan Progress
------------------------------------------------
Siam Steel International Public Company Limited announced the
progress of the Rehabilitation Plan:

1.  Payment to financial institution creditors

According to the Term in the Rehabilitation Plan, the fifth
interest payment and the fourth repayment of principal to
financial institution creditors was made on June 29, 2001 for
the period  March 30, 2001 to June 29, 2001.  The interest
payments amounted to Bt19.53 million and the repayment of
principal was Bt20 million, respectively, a total of Bt39.53
million.

The first repayment of the Tier 2 debt account was made on April
4, 2001,  a total of Bt68.22 million.

2.  Conversion of debt to equity

On April 10, 2001,  the company increased authorized share
capital amounting to Bt1,270.67 million for conversion debt to
equity,  and on July 3, 2001,  the company converted its long-
term loans amounting to Bt722.02 million to the authorized and
paid-up share capital.  The conversion of the remaining loan
amount to Bt548.65 million to equity can
be made within June 30, 2002.


SIKARIN PUBLIC: Reports Rehabilitation Plan Progress
----------------------------------------------------
Sikarin Public Company Limited reported the progression of their
rehabilitation plan in two parts:

Part 1: Report of the operation result according to the
rehabilitation plan

1) Financial aspect

In the first half of 2001, we can conclude with three more
creditors in the debt restructuring with the total amount of
debt of Bt46.477 million.

a) Group of debt restructured by lump sum payment with discount
*(1)
Unit: million Baht

Item      Old debt     Payment amt    Profit from   Referring to
       Principal with               restructuring  Note 12 of
      accrued interest                            2001 financial
           statements
Sikarin Public Company Limited

1.     19.58          11.05           8.53                  *(2)

Remark

*(1)  This group of debt had already been paid, so it is not
shown in the financial statements as of June 30, 2001

*(2) Referring to the Note 12.2 of  the financial statements as
of June 30, 2001 which is shown below.

b) Group of debt restructured by adjusting terms of payments and
interest rates

Unit : million Baht

Item       Amt of debt     Interest rate   Payment   Referring
      On the    As of June  Old    New     to be     to Note 12
    date of    30, 2001                 made within  of 2001
           financial
       statements
Sikarin Public Company Limited

1.      31.93     35.87        17     MLR+1  March 2004    *(1)
2.       3.50      2.30       N/A      N/A   August 2001   *(2)
Total   35.43     38.17

(1) Referring to the Note 12.1 of  the financial statements as
of June 30, 2001 which is shown below.

(2) Referring to the Note 12.3 of  the financial statements as
of June 30, 2001 which is shown below.

Note to the financial statement as of June 30, 2001
Sikarin Public Company Limited and subsidiary companies

NOTE 12 TROUBLE DEBTS RESTRUCTURING

Sikarin Public Company Limited

12.1 In April 2001, the Company entered into a simplified
agreement with a financial institution for a margin loan
amounting to Bt31.93 million and accrued interest amounting to
Bt22.76 million with certain covenants regarding
repayment terms as follows :

   * Change interest rate from 17 percent per annum to MLR + 1
percent per annum.

The principal amount of Bt31.93 million and new interest
expense incurred after the simplified agreement must be paid
monthly corresponding to monthly amount regarding to term of
contract with fully repayment within March, 2004, starting from
May, 2001.

   * Reduce accrued interest amounting to Bt22.76 million to
Bt1.78 million which is to be settled by the monthly repayment
at to Bt0.08 million, with fully repayment within March, 2004,
starting from May, 2002.

   * Investment in Aikchol Hospital Public Co., Ltd. is still
used as collateral against loan after restructuring.

As of 30th June, 2001 the outstanding amount of loan and
interest is Bt35.87 million (see Note 6, 9 and 10).

12.2 In June, 2001, the Company has entered into a conditional
debt relieving agreement with a bank which become a new creditor
of the Company through a transferring of debts from a financial
institution according to the declaration made by the Ministry of
finance in an auction settled by the Financial Sector
Restructuring Authority (FRA), the loan containing principals
and accrued interests totally amounting to Bt19.58 million,

A substance of the conditional debt relieving agreement is a
reduction of a principal amount of Bt10 million and accrued
interest amount of Bt9.58 million to be a new principal amount
of Bt 11.05 million which is to be fully settled on 15th June,
2001.

12.3 In June, 2001, the Company entered into a debt
restructuring agreement with a bank for principal and accrued
interest amount to Bt5.15 million (see Note 9).

A substance of conditional agreement is a reduction of a
principal to be a new principal amount of Bt3.5 million which is
to be repaid as followings. Repay a part of a new principal
amounting to Bt1.20 million on 26th June, 2001 and 26th July,
2001 and the remaining part amounting to Bt1.10 million within
26th August, 2001.

The Company has recorded profit from the debt restructuring
mentioned in the above Note 12.1, 12.2 and 12.3 totally
amounting to Bt26.93 million as an extraordinary item in the
statement of earnings under the caption of "Gain on compromise
of debt".  After the repayment of the debts in accordance with
the conditional debt relieving agreement with a bank, the
guarantee made by the Company's former directors would then be
cancelled.

These profits from debt reduction agreement were made under the
condition that its repayment of debt must be made in such amount
and at such time as stipulated in an agreement.  Failure of
which the creditor has the right to cancel the new agreement and
to enforce the Company to repay its debt balance in full amount
as per previous agreement.

2) Operational aspect

In the first half of 2001, we continue to improve the quality of
our medical service to the standard.  On July 3, 2001, Sikarin
Hospital is certified the ISO 9001 (version 2000) which
is the higher standard than the former ISO 9002.


Part 2:  Report of the operating result comparing with the
financial projections.

Summary of Profit and Loss Statement for the 6 months period
ending June 30, 2001.

Consolidated (Thousand Baht)
                    Actual         Projection         Difference
Medical service
revenues and
sales revenues  322,364 95.58%   294,664 97.38%   27,700   9.40%
Interest income      22  0.01%       -    0.00%       22      -
Other revenues   14,890  4.41%     7,936  2.62%    6,954  87.63%
Total revenues 337,276 100.00%  302,600 100.00%  34,676  11.46%
Cost of medical
services and
cost of sales  229,560  68.06%  205,864  68.03%   23,696  11.51%
Selling and
administrative
expenses        62,038  18.39%   65,992  21.81%  (3,954) -5.99%
Bad debts and
doubtful
accounts         1,116   0.33%    2,756   0.91%  (1,640) -59.51%
Equity in net
earnings of
subsidiary companies  -  0.00%      -     0.00%       -        -
Other expenses     782   0.23%      -     0.00%       782      -
Total expenses 293,496  87.02%  274,612  90.75%   8,884   6.88%
Earnings before interest
expenses      43,780  12.98%   27,988   9.25%    15,792  56.42%
Interest Expenses
              (21,401) -6.35%  (23,234) -7.68%     1,833  -7.89%
Earnings before minority
interests    22,379   6.64%    4,754  1.57%     17,625  370.74%
Minority interests -   0.00%      -    0.00%        -       -
Earnings before extraordinary
items        22,379   6.64%    4,754  1.57%     17,625  370.74%
Earnings on compromise of  debt
              26,925   7.98%      -    0.00%     26,925    -
Earnings for the
period       49,304  14.62%    4,754  1.57%     44,550  937.11%

Earnings per share
  Earnings before extraordinary items     0.25              0.05
  Extraordinary items                     0.30                -
  Earnings for the period                 0.55              0.05

Shareholders equity  Ending balance  (17,512)           (66,562)

Company Equity (Thousand Baht)
                   Actual            Projection       Difference
Medical service revenues and sales revenues
          287,290   95.31%    275,734    97.46%   11,556   4.19%
Interest income
               22    0.01%       -        0.00%       22    -
Other revenues
           14,126    4.69%      7,200     2.54%    6,926  96.19%
  Total revenues
          301,438  100.00%    282,934   100.00%   18,504   6.54%
Cost of medical services and cost of sales
        204,270   67.77%    196,398    69.41%    7,872   4.01%
Selling and administrative expenses
         52,754   17.50%     54,567    19.29%   (1,813) -3.32%
Bad debts and doubtful accounts
          1,116    0.37%      2,757     0.97%   (1,641)-59.52%
Equity in net earnings of subsidiary companies
          4,703   1.56%       6,282    2.22%    (1,579) -25.14%
Other expenses
            782   0.26%         -      0.00%       782     -
    Total expenses
        263,625  87.46%     260,004   91.90%     3,621    1.39%
    Earnings before interest expenses
         37,813  12.54%      22,930    8.10%    14,883   64.91%
Interest Expenses
        (15,434) -5.12%     (17,423)  -6.16%     1,989  -11.42%
   Earnings before minority interests
         22,379   7.42%       5,507    1.95%    16,872   306.37%
Minority interests
          -     0.00%         -      0.00%       -        -
   Earnings before extraordinary items
         22,379   7.42%       5,507    1.95%    16,872   306.37%
Earnings on compromise of debt
         26,925   8.93%         -      0.00%    26,925      -
   Earnings for the period
         49,304  16.36%       5,507    1.95%    43,797   795.30%

Earnings per share
Earnings before extraordinary items  0.25                 0.06
Extraordinary items                  0.30                  -
Earnings for the period              0.55                 0.06

Shareholders equity  Ending balance (17,512)            (65,809)

Reasons for the differences between the projections and actual
results.

1. Medical service revenues and sales revenues

   1.1. From the company equity statement, the actual medical
service revenues are 4.19 percent higher than the projections
because of the increase in number of patience.  This is the
result of our improvement in the medical service.

   1.2. From the consolidated statement, the actual medical
service revenues and sales revenues are 9.40 percent higher then
the projections because of the increase in the sales revenue of
the subsidiary company.

This is the result of our increase in the shareholding in
Surgitec Company Limited, a subsidiary company, so we can put
more effort and management control in the operation and cash
flow of Surgitec.

2. Cost of medical services and cost of sales

   2.1. From the company equity statement, the actual cost of
medical services is 67.77 percent of total revenues, which is
lower than the 69.41 percent in projection.  This is the result
of our improvement in efficiency in service effort of our
employees so that the cost did not increase as much as the
revenues.

   2.2. From the consolidated statement, the actual cost of
medical services and cost of sales are 68.06 percent of total
revenue, which is close to the projection.  The reason is that
the cost of goods sold of the subsidiary company is slightly
higher as the effect of fluctuation in currency exchange.

3. Selling and administrative expenses

   3.1. From the company equity statement, the actual selling
and administrative expenses are 17.50 percent of total revenues,
which is lower than the 19.29 percent in projection as a result
of our ability to cut down the unnecessary expenses.

   3.2. From the consolidated statement, the actual selling and
administrative expenses are 18.39 percent of total revenues,
which is lower than the 21.81 percent in projection as a result
of our ability to cut down the unnecessary expenses in
subsidiary company.

4. Earnings for the period

   4.1. From the company equity statement, we have earnings of
Bt49.30 million, which is much higher than the Bt5.51 million in
the projections.  The difference is Bt43.79 million.

   4.2. From the consolidated statement, we have earnings of
Bt49.30 million, which is much higher than the Bt4.75 million in
the projections.  The difference is Bt44.55 million.

   4.3. The reason for the much higher earnings is that we can
increase the revenues of the company and subsidiary company
while the costs and unnecessary expenses are cut down.  So the
net profit is much higher than projection, resulting in the
actual capital deficiency of Bt17.51 million comparing with the
Bt66.56 million in the projection.  If we can continue with this
efficiency in the operating result, we would be able to clear
the capital deficit in a much sooner than projected.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza, Roy Tabamo, Editors.

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

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