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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 17, 2001, Vol. 4, No. 181

                         Headlines


A U S T R A L I A


ANSETT AUSTRALIA: ASIC, Administrator Discuss Corporate Act
ANSETT AUSTRALIA: ANZ, SIA, Brierley Enter Agreement
ANSETT AUSTRALIA: Qantas Provides Special Assistance
ANSETT AUSTRALIA: Virgin Blue In Asset Acquisition Talks
CABLE & WIRELESS: SingTel's Offer Closes Today

FRANKLINS: ACCC Proposes Joint Marketing Arrangements
NEWCREST MINING: NAB Lowers Stake
TAMAR KNITTING: ACCC Begins Polo Label Criminal Proceedings


C H I N A   &   H O N G  K O N G


CENTURY LEGEND: Posts H101 Loss Of HK$6.6M
HINET HOLDINGS: Parallel Trading Closes Today
HONOR KIT: Winding Up Sought By Bernardi Impianti
JIALING NONFERROUS: Winding Up Petition Pending
MANHALL LIMITED: Faces Winding Up Petition

TAK YAU: Winding Up Petition Hearing Set
WELLTECH RICH: Winding Up Petition Slated


I N D O N E S I A

BANK CENTRAL: IMF Welcomes Divestment
SEMEN GRESIK: Cabinet Meeting Discussion Re Spin-Off Scheduled
SINAR MAS: APP Recommends Independent Management Formation


J A P A N


MYCAL CORP: Files For Protection From Creditors
MYCAL CORPORATION: Unveils Plans To Reduce Debts


K O R E A


HYNIX SEMICONDUCTOR: KEB Expects Bailout Plan Approval
HYUNDAI SECURITIES: Lowers Stock Price For AIG To W7,000
KOREA DEVELOPMENT: Debt Exemption Results In Profit
POHANG IRON: Estimates W410B 3Q Operating Profit
SEOUL BANK: Pays Total W409.6B For Early Retirement


M A L A Y S I A


AMSTEEL CORP: Units Accepts Separate Sale, Purchase Agreement
AYER HITAM: Unit Suspends Interest Payment Of RM4,618,087.71
EPE POWER: Presents Debt Restructuring Scheme To Lenders
GEAHIN ENGINEERING:Awaits White Knight Lembaga's Work Out Plan
INSTANGREEN CORPORATION: SC Approves Proposal's Revisions

KELANAMAS INDUSTRIES: Listing Requirement Extension Requested
LIEN HOE: SC Extends Proposal Implementation
PILECON ENGINEERING: Updates On Unit's Winding-Up Petition
SAHAMITR PRESSURE: Delisting Rehab Plan To Be Held On Sept 21
SASHIP HOLDINGS: SC Grants Restructuring Scheme Time Extension
SRIWANI HOLDINGS: Moves Creditors' Meeting To Oct 10


P H I L I P P I N E S


ALL ASIA: Seeks Debt Relief
COSMOS BOTTLING: Court Halts Assets Sale
MUSIC CORPORATION: Draws Up Restructuring Plan
NATIONAL POWER: $10B Insurance Policy Bidding Drags On
NATIONAL STEEL: To Be Reopened By Hottick
PHILIPPINE AIRLINES: Resumes U.S. Flights September 15


S I N G A P O R E


BRIERLEY INVESTMENTS: Posts Changes In Longleaf's Interests
BRIERLEY INVESTMENTS: Requests Resumption Of Trading
CAPITALAND LIMITED: Acquires Add'l Interest In Alternative.Com
CAPITALAND LIMITED: Posts Changes In SingTel's Interests


T H A I L A N D


B.GRIMM ENGINEERING: Updates Investment Plan Of BGES Planer
NAKORNTHAI STRIP: Petition For Business Reorg Filed In Court
SAMART CORPORATION: BOD Approves Debt Restructuring Scheme
SANYO UNIVERSALL: Applies For Delisting Of Shares
SUN TECH: Posts Correction, Additional Financial Statement


     - - - - - - - - - -


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A U S T R A L I A
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ANSETT AUSTRALIA: ASIC, Administrator Discuss Corporate Act
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
noted the appointment of Allan John Watson of
PricewaterhouseCoopers as Voluntary Administrator of Ansett
Holdings Limited and a number of related companies (Ansett).

ASIC Chairman David Knott said that ASIC will hold early
discussions with the Administrator on issues of concern under
the Corporations Act.

"We are particularly concerned (about) receiv(ing) an early
assurance from the Administrator that Ansett is able to pay in
full all employee entitlements-including any redundancies,"
Knott said.

"We will also be asking the Administrator to provide an opinion
on Ansett's compliance with the solvent trading provisions of
the Corporations Act.

"ASIC is conscious that the immediate priorities for the
Administrator to explore are avenues for the continuing
operation of Ansett and for the maximum protection for the
interests of employees and creditors," he said.


ANSETT AUSTRALIA: ANZ, SIA, Brierley Enter Agreement
----------------------------------------------------
Brierley Investments Limited (BIL) reached an agreement with
Air New Zealand, Singapore Airlines (SIA) and the New Zealand
Government on a NZ$300 million equity injection by BIL and SIA
and a NZ$550 million credit facility to be provided by the New
Zealand Government. This agreement follows Air New Zealand's
decision to place the Ansett Group into voluntary administration
and the impact of this decision on Air New Zealand's balance
sheet.

Under the terms of the agreement, BIL and SIA will each
subscribe for NZ$150 million in new shares at the lower of
NZ$0.67 per share (being the volume weighted average price of
Air New Zealand's A and B shares traded on the New Zealand Stock
Exchange on 7 September 2001) and the volume weighted average
price of the A and B shares over the 10 trading days preceding
the meeting of Air New Zealand's shareholders to approve the
transactions.

Based on an issue price of NZ$0.67 per share, BIL's pro forma
stake in Air New Zealand after the share placement will be
approximately 37%. A lower issue price will result in a higher
stake.

As part of the agreement, the New Zealand Government will
provide Air New Zealand with a Note facility of up to NZ$550
million. Upon drawdown of this facility, Air New Zealand will
issue to the Government two tranches, in equal proportions, of
seven-year and 10-year subordinated notes.

In addition, the Government will provide Air New Zealand with a
two-year revolving credit facility of up to NZ$200 million for
working capital purposes. Any amounts drawn under this facility
will be set off against the NZ$500 million Note facility.

It is the intention of the parties that the equity injection and
credit facility will provide Air New Zealand with sufficient
capital and financial flexibility to maintain its operations
following the decision to place the Ansett Group into voluntary
administration.

The agreement is conditional on various matters, including all
necessary shareholder and regulatory approvals, the cessation of
any further financial support to the Ansett Group, appropriate
waivers and consents from Air New Zealand's creditors, and
financial due diligence on the company.

Under the agreement, BIL, SIA and the New Zealand Government
have agreed that each of BIL and SIA will have the right to
appoint three Directors to the Board out of a total of nine
Directors. One each of the BIL and SIA appointees must be a New
Zealand national, to be appointed after consultation with the
New Zealand Government.

The Chairman of the Board appointment will require BIL's, SIA's
and the New Zealand Governments agreement. The three parties are
committed to working closely with one another to ensure that an
appropriate focus is brought to bear in stabilizing Air New
Zealand's financial position following the losses sustained by
the Ansett Group and in maintaining the airline's strong track
record and its position as New Zealand's national carrier.

Greg Terry, Chief Executive Officer of BIL, said: "We believe
that the solution achieved today at Air New Zealand not only
ensures that Air New Zealand has a viable financial future, but
also in the longer term, restores value for BIL and all our
shareholders. This solution provides the opportunity for us to
rebuild value, which would otherwise have been lost."

FINANCIAL UPDATE

As a consequence of Air New Zealand's Board decision to place
Ansett in voluntary administration and to write down the
carrying value of its investment in Ansett to A$1, BIL will
reduce the carrying value for its associate, Air New Zealand, by
approximately US$163.1 million. The amount represents its equity
accounted share of the NZ$1.321 billion charge taken by Air New
Zealand. The non-cash charge to the Profit & Loss Account will
be disclosed as an exceptional item in BIL's results for the
financial year ended 30 June 2001 to be announced 27 September
2001.

Following the disposal of its 28.7% interest in James Hardie
Industries Limited in May of this year, it was anticipated that
BIL would return to profitability in the year ended 30 June
2001. However, as a result of this significant write-off at Air
New Zealand, BIL is now expected to report a loss for the year
ended 30 June 2001.


ANSETT AUSTRALIA: S&P Lowers Parent's Rating to `B-`
----------------------------------------------------
Standard & Poor's lowered the long-term corporate credit rating
on Air New Zealand Ltd. (ANZ), parent company of Ansett
Australian, which was placed in voluntary administration on
Sept. 13, 2001, to `B-' from `B+'.

At the same time, the CreditWatch on the ratings has been
revised to developing implications from negative implications,
where they were first placed on April 2, 2001. The CreditWatch
on the `C' short-term rating also is revised to developing
implications from negative implications.

The rating downgrade reflects ANZ's very weak financial profile,
its limited financial flexibility, the uncertainties associated
with the recapitalization package involving key shareholders and
the New Zealand government, and the company's heightened
vulnerability to the difficulties faced by the airline industry.
ANZ's operating lease-adjusted leverage (debt to debt plus
equity) increased to an onerous 93% at June 30, 2001 (75.7% in
2000) following its NZ$1.32 billion write-down of the company's
Australian subsidiary Ansett.

Excluding Ansett's liabilities, ANZ's stand-alone leverage was
modestly lower at about 87%. The write-down has caused Air NZ to
be in breach of its bank covenants. It has also necessitated a
rescue package from its key shareholders Singapore Airlines Ltd.
(not rated) and Brierley Investments Ltd. (BBB-/Stable/A-3), and
the government of New Zealand (local currency AAA/Stable/A-1+,
foreign currency AA+/Stable/A-1+).

At the same time, global air travel, already under pressure from
an economic slowdown in the U.S., Europe, and Japan, is expected
to be significantly disrupted in the near term by the recent
terrorist attack in New York City and Washington D.C., which
also is contributing to rising fuel prices.

The CreditWatch change reflects uncertainty as to ANZ's
financial position and debt-servicing capacity, and the final
details and likely success of the rescue package, with the
package subject to various approvals and conditions, including
those from ANZ's shareholders and banks.

Importantly, commitment to the rescue package hinges on Air NZ
releasing a full set of audited accounts, and clarification of
its current financial position and contingent liabilities,
without Ansett on its balance sheet.

Furthermore, the size of the equity injection in the package,
anticipated to be NZ$300 million, is uncertain given that it is
subject to the risk of ANZ's share price remaining below NZ$0.67
(resident-only A shares about NZ$0.53 and B shares about NZ$0.53
on latest trading).

Although Singapore Airlines and Brierley each have agreed to
contribute NZ$150 million, the issue price of the new shares
will be at the lower of NZ$0.67 per share or the volume-weighted
average price at which Air NZ's share price trades over the 10
business days before shareholder approval is gained on Oct. 30,
2001. At an issue price of NZ$0.67, Singapore Airlines'
shareholding would increase to about 34%, which will be close to
the 35% maximum holding that recently has been approved by the
New Zealand government (currently 25%).

In addition to the NZ$300 million equity injection, the
recapitalisation package also includes financial support from
the New Zealand government through a standby facility of up to
NZ$550 million. Although the New Zealand government has not
explicitly committed to any further support, Standard & Poor's
believes that the government may provide some additional support
if required, given ANZ's status as the New Zealand flagship
carrier, and the critical importance of the airline's operations
to the New Zealand economy and its export revenues.

The CreditWatch Developing indicates that the rating could go up
or down. If ANZ's banks and shareholders continue to support the
company, and commit themselves to the rescue package, a modest
rating upgrade could result, given ANZ's very strong position in
the New Zealand aviation market, which offsets its exposure to
greater competition and uncertainty in its international routes.

If, however, ANZ's banks or shareholders withdraw support for
ANZ, and the rescue package does not materialize, a rating
downgrade could result. A rating outcome under this scenario
would depend on any forthcoming support for the company by the
New Zealand government.

Under any rating scenario, Standard & Poor's views the credit
quality of Air NZ's subsidiaries as being weaker than that of
the parent given Air NZ's recent withdrawal of support for
Ansett and the placing of Ansett into voluntary administration.


ANSETT AUSTRALIA: Qantas Provides Special Assistance
----------------------------------------------------
Qantas Airways Limited introduced a range of measures to assist
Ansett passengers and staff.

Qantas Executive General Manager Aircraft Operations, David
Forsyth, said the move followed the decision by Air New Zealand
to put its subsidiary, Ansett, into voluntary administration,
and this morning's decision by the administrator to suspend all
services of Ansett Australia, Ansett International, Hazelton
Airlines, Kendell Airlines, Sykwest Airlines and Aeropelican.

The measures Qantas has put in place include:

* flights at no charge for Ansett customers who have commenced
their journeys and find themselves without a means of returning
home within the next seven days.* Passengers affected should
call Qantas on 13 13 13 to book their return journey;

* special domestic air fares* for travel until 31 October, for
people who have purchased Ansett tickets but have not yet
commenced travel, including -

Sydney-Melbourne   $149.60 one way / $299.20 return
Sydney-Brisbane    $129.80 one way / $259.60 return
Melbourne-Brisbane $220.00 one way / $440.00 return
Adelaide-Melbourne $129.80 one way / $259.60 return
Melbourne-Perth    $289.30 one way / $578.60 return

* special air fares* discounted by up to 80 per cent for Ansett
International customers who have purchased Ansett tickets for
travel to and from Japan, Bali, Hong Kong and Fiji for travel
until 31 October;

* a help line for Ansett customers on 13 22 23; and

* a register for Ansett staff to indicate their interest in
employment with Qantas, with these staff to be given
preferential consideration for new positions. Details will be
announced as soon as possible.

Forsyth said that Qantas was not able to honor bookings on
Ansett flights or take on the financial liability of accepting
frequent flyer points issued by Ansett.

He added that Qantas was aware of the impact the Ansett
situation would have on regional Australia and was investigating
options to try to meet the needs of this market wherever
possible.

"We plan to arrange special services to more than 30 regional
destinations previously served only by Ansett and its regional
subsidiaries. Fares for these services will be offered at
discounts of up to 50 per cent."

Forsyth said Qantas and Ansett customers seeking more detailed
information should access the special Ansett information section
of the Qantas web site at www.qantas.com.au.

"A lot of people will have questions and our staff will do their
best to assist them, however I would like to stress that the
Internet will provide the fastest way for people to access the
most up to date information," he added.

* on presentation of an Ansett ticket or e-ticket receipt;
subject to availability.


ANSETT AUSTRALIA: Virgin Blue In Asset Acquisition Talks
--------------------------------------------------------
Richard Branson's Virgin Blue discount carrier scrambled to buy
up some of collapsed airline Ansett Australia's assets on
Friday, reported Reuters citing Virgin Blue's Commercial Head
David Huttner.

"Executives are in talks with administrators of the collapsed
Air New Zealand subsidiary and were also discussing the
possibility of sponsoring some of the grounded carrier's
planes," he added.

Air New Zealand revealed on Thursday it had written off its
entire NZ$1.3 billion investment in Australia and withdrawn all
support for Ansett, letting it fall into the hands of
administrators.

Ansett administrator Peter Hedge, who took a decision overnight
to suspend all of the airline's operations, said on Friday he
had no alternatives because the company had no resources.

The grounding of Ansett, stranded thousands of travelers and
sparked angry protests at airports in Australia's major cities,
according to the news agency.


CABLE & WIRELESS: SingTel's Offer Closes Today
----------------------------------------------
Singapore Telecommunications Limited (SingTel), reiterated
the offer for all of the ordinary shares in Cable & Wireless
Optus Limited (Optus) made by SingTel's wholly-owned subsidiary,
SingTel Australia Investment Ltd (SingTel Australia) will close
at 7:00pm (Sydney time) today, 17 September 2001.

SingTel Australia has now dispatched notices of compulsory
acquisition of outstanding Optus shares. Trading in Optus shares
will be suspended from close of trading Friday, however
shareholders are still able to accept the SingTel offer, if they
do so before the offer closes at 7.00 pm on Monday, 17
September.

Shareholders accepting the offer before it closes will receive
the offer consideration earlier than if they wait for their
shares to be compulsorily acquired.

SingTel Australia proposes to dispatch the offer consideration
to Optus shareholders who accept before 7.00pm (Sydney time) on
or before 17 September 2001 (the last day of the offer period)
during the week beginning 24 September 2001.

Shareholders who wait for their shares to be compulsorily
acquired will receive their chosen offer consideration later
than those who accept the offer - at the earliest, around the
week commencing 15 October 2001.

Accordingly, SingTel urges shareholders to accept the offer
before the end of the offer period, rather than wait for their
shares to be compulsorily acquired.

EDITOR'S NOTE

Offer documents were dispatched to Optus shareholders the week
of 21 May 2001. If shareholders have any questions regarding how
to accept the Offer, they should contact Computershare Investor
Services Pty Limited at 1 800 501 501 (for callers in Australia)
or +61 3 9615 5970 (for international callers). If shareholders
have any other questions regarding the Offer, they should call
the Optus Shareholder Information Line at 1 800 677 678.


FRANKLINS: ACCC Proposes Joint Marketing Arrangements
-----------------------------------------------------
Following its approval of a managed sell down of the Franklins
supermarket chain, the Australian Competition and Consumer
Commission (ACCC) issued a draft determination proposing,
temporarily, to allow Franklins and some buyers of its
supermarkets to jointly promote products sold in Franklins
supermarkets.

"The proposed authorizations will benefit consumers by
increasing the amount of promotional activity engaged in by
buyers of Franklins supermarkets during the period that stores
are being transferred to them," ACCC Chairman Professor Allan
Fels said.

"The ACCC's proposed authorization allows Franklins to develop
a joint marketing and advertising plan for the promotion of
products sold under the Franklins banner with each of Pick `n
Pay and Action. The agreement with Pick `n Pay will cover
groceries promoted in NSW and the agreement with Action will
cover groceries promoted in northern NSW and Queensland.

"The ACCC also proposes to authorize a clause in the sales
agreements of independent buyers of Franklins stores continuing
to trade under the Franklins banner which requires these buyers
to comply with Franklins' promotional programs for a limited
period.

"Increased promotional activity will facilitate the transfer of
successful supermarkets to Action, Pick `n Pay and independent
grocers, and contribute to maintaining the success of the
Franklins banner. In turn, this will facilitate continued
competition in the eastern Australian grocery industry by
enhancing the ability of Action, Pick 'n Pay and independent
grocery retailers to compete with companies like Coles and
Woolworths.

"The ACCC considers the detrimental effect on competition that
may result from the proposed authorizations is limited. The
agreements will only apply to promotional pricing, will only
specify minimum discounts and the parties to the arrangements
will be able to price all other products sold in their
supermarkets independently, as well as engage in other
promotional activities.

The ACCC proposes to grant authorization until the date that the
last Franklins store is closed or sold, or 1 April 2002,
whichever occurs sooner. The ACCC granted interim authorization
in relation to these applications on 4 July 2001.

Further information, contact: Professor Allan Fels, Chairman, by
phone:(03) 9290 1812 or pager: (02) 6285 6170; Mr Ross Jones,
Commissioner, by phone:(02) 6243 1178 or Ms Lin Enright,
Director, Public Relations, by phone:(02) 6243 1108 or (0414)
613 520.


NEWCREST MINING: NAB Lowers Stake
---------------------------------
National Australia Bank Limited Group ceased to be a substantial
shareholder in Newcrest Mining Limited on 11/Septem/2001.
At the end of 2001, Newcrest Mining had negative working
capital, as current liabilities were A$252.92 million while
total current assets were only A$181.14 million, Wright
Investors' Service reported.
"The fact that the company has negative working capital could
indicate that the company will have problems in expanding.
However, negative working capital in and of itself is not
necessarily bad, and could indicate that the company is very
efficient at turning over inventory, or that the company has
large financial subsidiaries.
"As of June 2001, the company's long term debt was A$409.67
million and total liabilities (i.e., all monies owed) were
A$768.53 million. The long-term debt to equity ratio of the
company is 0.91."


TAMAR KNITTING: ACCC Begins Polo Label Criminal Proceedings
-----------------------------------------------------------
The Australian Competition and Consumer Commission has initiated
criminal proceedings in the Federal Court alleging that GIA Pty
Ltd, trading as Tamar Knitting Mills, and its Managing Director,
Eric Ian Thompson, contravened the Trade Practices Act 1974 by
falsely representing that Chinese made polo shirts sold by Tamar
were made in Tasmania by Tamar.

Tamar, a well-known manufacturer of knitwear items in
Launceston, Tasmania is now in liquidation.

The ACCC alleges that over a 12 month period, Tamar purchased
Chinese-made polo shirts, removed the original collar label on
each polo shirt which stated that the item was made in China,
substituted a 'Tamar' brand collar label, and attached a swing
tag to each polo shirt falsely representing that the item was
'Tasmanian' or was 'Made in Tasmania by Tamar Knitting Mills'.
The ACCC alleges that Tamar then offered the polo shirts for
sale to consumers.

The ACCC alleges that Thompson implemented and directed the
alleged conduct, which took place during 1999 and 2000.

The ACCC has also alleged that Thompson knowingly furnished
false information to the ACCC in response to a statutory notice
issued to the company, of which Thompson was the relevant
officer, during the ACCC's investigation.

A hearing is docketed for 8 October 2001 at the Federal Court in
Hobart.


================================
C H I N A   &   H O N G  K O N G
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CENTURY LEGEND: Posts H101 Loss Of HK$6.6M
------------------------------------------
Century Legend (Holdings) Limited posted this financial
statement:

Year end date: 31/12/2001
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

Turnover                          : 5,735,000        1,300,000
Profit/(Loss) from Operations     : (6,606,000)      (1,840,000)
Finance cost                      : N/A              N/A
Share of Profit/(Loss) of Associates : (954,000)        (37,000)
Share of Profit/(Loss) of
    Jointly Controlled Entities      : N/A              N/A
Profit/(Loss) after Tax & MI      : (7,560,000)      (1,877,000)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : (1.24 cents)     (0.26 cent)
  -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)   : N/A              N/A
  Profit/(Loss) after ETD Items   : (7,560,000)      (1,877,000)
  Interim Dividend per Share      : NIL              NIL
  (Specify if with other options)     : N/A              N/A
  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

The calculation of loss per share for the period is based on the
loss attributable to shareholders of HK$7,560,000 (2000:
HK$1,877,000) and the weighted average of 610,044,199 (2000:
720,423,561*) shares in issue during the period.



HINET HOLDINGS: Parallel Trading Closes Today
----------------------------------------------
HiNet Holdings Limited (HiNet Hold) advised market participants
to note that the parallel trading in the ordinary shares of
HiNet Hold will cease after the close of business today, 17
September, 2001.

As from the close of business today, the counter for trading in
the subdivided shares (stock code:2972) of HiNet Hold as
represented by old share certificates will be withdrawn and
trading in the shares of HiNet Hold will only be under the
following arrangements:

Stock Code  Stock Short Name   Board Lot     Certificate Color
----------  ----------------   ---------     -----------------
155         HINET HOLDINGS     40,000 shares     Green


HONOR KIT: Winding Up Sought By Bernardi Impianti
-------------------------------------------------
Bernardi Impianti S.P.A. otherwise known as Bernardi Impianti
Internatinal S.P.A. (formerly known as Bernardi Impianti
International S.R.L.) is seeking the winding up of Honor Kit
Limited. The petition was filed 23 July, 2001 and
will be heard before the High Court of Hong Kong 24 October,
2001.

Bernardi Impianti's registered office is at 20080 Zibido San
Giacomo (Milano) Italy - via Papa Giovanni XXIII, 12.


JIALING NONFERROUS: Winding Up Petition Pending
-----------------------------------------------
Jialing Nonferrous & Minmetals Company Limited is facing a
winding up petition, slated to be heard before the High Court of
Hong Kong on September 19, 2001.

Bank of China, Hong Kong Branch, whose principal place of
business is situated at Bank of China Tower, No. 1 Garden Road,
Hong Kong, filed the petition on June 28, 2001.


MANHALL LIMITED: Faces Winding Up Petition
------------------------------------------
The petition to wind up Manhall Limited is scheduled for hearing
before the High Court of Hong Kong on September 26, 2001 at 9:30
am. Kincheng Banking Corporation of 55 Des Voeux Road Central,
Hong Kong, filed the petition with the court on July 4, 2001.


TAK YAU: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Tak Yau Investment Limited is set for
hearing before the High Court of Hong Kong September 19, 2001 at
9:30 am.

Sin Hua Bank Limited, Hong Kong Branch, whose principal place of
business is situated at 2A Des Voeux Road Central, Hong Kong,
filed the petition with the court on June 29, 2001.


WELLTECH RICH: Winding Up Petition Slated
-----------------------------------------
The petition to wind up Welltech Rich Limited is scheduled to be
heard before the High Court of Hong Kong on September 19, 2001
at 9:30 am. Sin Hua Bank Limited, Hong Kong Branch's principal
place of business situated at 2A Des Voeux Road Central, Hong
Kong, filed the petition with the court on June 29, 2001.


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I N D O N E S I A
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BANK CENTRAL: IMF Welcomes Divestment
-------------------------------------
The International Monetary Fund (IMF) welcomes the House's
approval on divestment of the government's 51 percent stake in
Bank Central Asia (BCA), reports Bisnis Indonesia, while the
Indonesian Bank Recovery Agency (IBRA) has prepared a schedule
for the sale program.
"The divestment process is very important as a stepping stone
to cope up with the budgetary need," IMF Indonesia Head of
Representatives David Nellor said.
He expects the bid to run cleanly and grab a credible investor.
"To find out the finalization of the divestment is the next
thing. We must consult first with the financial advisory. We've
already had the time schedule but it still needs maturation from
the financial advisory," IBRA Chairman I Putu Gede Ary Suta
said after a hearing with House's Commission IX Wednesday.
He added the approval on the 21 percent additional divestment
would help widen the chance to sell the stake at premium price
of over 30%.
Putu explained the sale in private placement method is quite
different from that of the open tender, where in the private
placement, seller puts the offer to the potent financial
institution. Prospectus and the bid are also sent to them.
"Government has already had a targeted bidder while the private
placement is aimed at embracing prospective buyer with good
reputation. The two methods are different from the open tender
where everybody could participate in the bid," he added.


SEMEN GRESIK: Cabinet Meeting Discussion Re Spin-Off Scheduled
--------------------------------------------------------------
Spin-off between PT Semen Padang (SP) and PT Semen Tonasa (ST)
from the publicly listed cement company PT Semen Gresik (SG)
will be discussed in the cabinet meeting this week, Bisnis
Indonesia reported Friday.
"The meeting on Thursday at the Coordinating Ministry of
Economy only extended the report of the latest development on
the issue," Deputy for Coordination of Industry Dipo Alam said.
The Chairman of the team discussed the calculation of a spin-off
and the possibility for a put option by selling government's
stake in SG to Cemex SA de CV.
Delegates of the Department of Industry and Trade proposed
prevention of foreign cement company ownership, as it is feared
it will cause a significant surge in the price of cement which
in turn would only burden the people.
One unidentified source argued that cartel, or foreign ownership
concentration, has been a trend in cement industry.

SINAR MAS: APP Recommends Independent Management Formation
----------------------------------------------------------
Asia Pulp & Paper (APP), which is part of the Sinar Mas Group
owned by the Widjaja family, asked its creditors to set up an
independent management team to monitor the company while its
US$13.4 billion is being restructured, Bisnis Indonesia reported
Friday.
The independent management will consist of industrial experts
and other professionals to monitor the marketing department,
purchasing and selling activities of APP.
APP is currently facing a number of lawsuits from creditors at
the US courts.
The Indonesian capital market regulator (Bapepam) is also
investigating APP's Indonesia units, including APP's
transactions with five affiliated companies based in the British
Virgin Islands.
Bapepam said it will conduct investigations into four APP units
namely PT Pabrik Kertas Tjiwi Kimia Tbk, PT Indah Kiat Pulp &
Paper Tbk, PT Pindo Deli Pulp & Paper Mills, and PT Lontar
Papyrus Pulp & Paper, and a bank in connection to breaking seven
capital market regulations.


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


MYCAL CORP: Files For Protection From Creditors
-----------------------------------------------
Mycal Corporation filed for court protection from creditors with
Y1.39 trillion in liabilities. The company has scheduled a news
conference at 9:00 p.m. local time (1200 GMT) at its
headquarters in Osaka, western Japan, to explain the decision,
Reuters reported September 14.

The company also announced that its president, Osamu Shikata,
would resign, effective Friday.

Due to this development Mycal ranks as Japan's fourth-largest
corporate failure in the post-war era, and, with the exception
of insurance and leasing corporations, Mycal is Japan's biggest
corporate failure since World War II on a parent-only basis,
according to a private credit research firm, Teikoku Databank.


MYCAL CORPORATION: Unveils Plans To Reduce Debts
------------------------------------------------
Cash-strapped supermarket chain operator Mycal Corp, plans to
announce a plan to reduce its group's interest-bearing debts in
October.

As part of a three-year restructuring plan, Kyodo News reported
Friday, the company intends to ask its major creditor banks for
further financial aid.


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


HYNIX SEMICONDUCTOR: KEB Expects Bailout Plan Approval
------------------------------------------------------
Korea Exchange Bank (KEB) President Kim Kyung-lim expected
approval of a bailout package for Hynix Semiconductor Inc at
Friday's meeting of creditor bank presidents, Korea Herald
reported on September 14.

"Creditor banks will reach a voluntary agreement on the issue.
I expect that the rescue program will win approval from the bank
presidents," said the KEB head.

KEB and Salmon Smith Barney proposed the bailout plan, which
called for the conversion of W3 trillion debts into equity,
extension of W500 billion in fresh loans, rollover of existing
loans and interest rate reductions.

"All components of the bailout package are indispensable for
getting Hynix back on track. Under a voluntary agreement, 75
percent of the creditors should vote for the bailout package for
it to be implemented," Kim added.


HYUNDAI SECURITIES: Lowers Stock Price For AIG To W7,000
--------------------------------------------------------
Hyundai Securities board of directors decided Thursday to lower
the price of preferred stock to be placed with AIG to W7,000 per
share from W8,940, with AIG and other investors, consequently,
to take over 571.42857 million shares or a 29.45 percent stake
in the brokerage. The board also approved the brokerage's equity
investment of W400 billion in Hyundai Investment Trust &
Securities, Korea Herald reported on September 14.


KOREA DEVELOPMENT: Debt Exemption Results In Profit
----------------------------------------------------
Due to a reduction of debt granted on September 10, 2001, Korea
Development Leasing has enjoyed special profit of
W155,184,759,132, Korea Inc News reported September 12, 2001.

The company's paid-in capital for the previous fiscal year was
127,613,615,000 won, which is equivalent to 1.2 times the
capital.

The company has made an early payment of W336,403,540,173 or
53.86% of debt from the creditor, and had the benefit of being
exempted W155,184,759,132 debt.


POHANG IRON: Estimates W410B 3Q Operating Profit
------------------------------------------------
Pohang Iron & Steel Co. (POSCO) is optimistic on operating
profit results in the third quarter compared to the second due
to its manufacturing competitiveness, Korea Herald reported
September 14, citing an LG Investment & Securities report
Wednesday.

The report estimated a third quarter operating profit at W410
billion, slightly higher than the second quarter's figure.

POSCO's yearend operating profit will not drop by more than W5
billion compared to last year and the company's current profit
for this year will probably reach W833 billion, up from the W780
billion figure the company released a couple of months ago,
according to LG I&S.


SEOUL BANK: Pays Total W409.6B For Early Retirement
---------------------------------------------------
Seoul Bank paid W126 million to each of its 3,245 employees that
took early retirement, with total payment amounting to W409.6
billion ($315 million), Korea Herald reported September 14.

The Financial Supervisory Service said ten banks injected with
public funds were found to have paid employees retiring early
between 1988 and June this year W57.65 million ($44,346) per
person in special allowances on top of ordinary retirement
allowances.

In an FSS report presented to the National Assembly, a total of
22,907 bank employees with the 10 banks retired early during the
period, receiving a total of 1.32 trillion won ($1 billion) in
special retirement allowances. After their retirement, however,
494 of the total, or 26.5 percent, were rehired by the banks
they had worked for.

Seoul Bank rehired 640 employees or 19.7 percent, while Kyongnam
Bank rehired 16.6 percent employees returned and paid W104
million in special retirement allowances per retired employee.

The National Federation of Fisheries Cooperatives (NFFC)
reportedly paid W88.70 million on average to each of its retired
employees, excluding ordinary retirement allowances, while
Kwangju Bank paid W45.34 million, Hanvit Bank 48.82 million won
and Korea Exchange Bank 41.94 million won. The NFFC rehired 28
of its retired employees, Hanvit Bank 1,041 and Korea Exchange
Bank 366.

According to experts the banks' generous payment of special
allowances to retiring employees is a typical case of moral
hazard when "they squandered their funds unscrupulously, in the
belief that the government will fill up the shortfall with
public funds."


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


AMSTEEL CORP: Units Accepts Separate Sale, Purchase Agreement
-------------------------------------------------------------
The Board of Directors Amsteel Corporation Berhad (ACB)
announced that Keroh Resort Sdn Bhd (AKR) had agreed to accept
the variation of the three separate sale and purchase agreements
(ES SPA) on 7 September 2001 as set out in the letter dated 7
September 2001 issued by the other shareholders of Excellent
Strategy Sdn Bhd (ES) (Other Shareholders) as stated in Table at
http://www.bankrupt.com/misc/Amsteel.doc.

ACB, Norville Corporation Sdn Bhd (Norville) and Sumurmuda Sdn
Bhd (Sumurmuda) have agreed via a letter dated 7 September 2001
to complete the Proposed Acquisition of 49% Lion Gateway Parade
Sdn Bhd (LGP). They will waive the condition precedent of
completing simultaneously the Proposed Acquisition of 49% LGP
with the consideration of RM108.23 million payable by Amsteel
Mills Sdn Bhd (AMSB) to Johor Corporation (Jcorp) for its
acquisition of 100% equity interest in Antara Steel Mills Sdn
Bhd (Antara) (Proposed Exchange of Assets) with JCorp.

In consideration of ACB waiving the above condition precedent,
Norville and Sumurmuda have agreed to execute individual Put
Option Agreements with ACB, whereby ACB is entitled to resell
the 36.75% and 12.25% LGP equity stakes to Norville and
Sumurmuda, respectively, in the event the Proposed Exchange of
Assets with JCorp is terminated. The Put Option can be exercised
by ACB within 60 days from the termination of the Proposed
Exchange of Assets agreement with JCorp. The security offered by
Norville for the due performance of its Put Option Agreement is
a pledge of 7.5 million ES shares or some other security
agreeable to ACB, while the security offered by Sumurmuda for
the due performance of its Put Option Agreement is a cash
deposit of RM5.09 million or some other security agreeable by
ACB.

With the early completion of the Proposed Acquisition of 49%
LGP, ACB is certain of being able to meet its obligations
pursuant to the Proposed Exchange of Assets with JCorp which
will result in the settlement of RM108.23 million in debts due
from ACB to AMSB. Although the Proposed Acquisition of 49% LGP
is completed early, ACB still retains the flexibility through
the Put Option Agreements to re-sell the 49% LGP stake to
Norville and Sumurmuda in the event of termination of the
Proposed Exchange of Assets agreement.

Insofar as ACB is able to ascertain and is aware, none of the
Directors and major shareholders of ACB or persons connected to
the Directors and major shareholders of ACB have any interest,
direct or indirect, in the Proposed Acquisition of 49% LGP and
Proposed Disposal of ES to the Other Shareholders.

Background:

On 16 February 2001 it was announced that ACB together with AKR
and Amsteel Mills Sdn Bhd ("AMSB"), a 99% owned subsidiary of
Lion Land Berhad, has entered into agreements to effect a
proposed exchange of assets with Johor Corporation ("JCorp")
where the consideration of RM108.23 million payable by AMSB to
JCorp for its acquisition of 100% equity interest in Antara
Steel Mills Sdn Bhd ("Antara") ("Proposed Exchange of Assets"),
shall be satisfied by AMSB procuring ACB and AKR to transfer the
following to JCorp:

   (i) the entire equity interest in Lion Gateway Parade Sdn Bhd
("LGP") plus the assignment to JCorp of all sums owing by LGP to
ACB which amounted to approximately RM49 million as at 30 June
2000, based on an agreed consideration of RM90.98 million
("Proposed Disposal of LGP"); and

   (ii) the 25% equity interest in Excellent Strategy Sdn Bhd
("ES") ("First Tranche ES Shares") based on an agreed
consideration of RM17.25 million pursuant to the call option
granted by AKR to JCorp for JCorp to acquire AKR's 60% equity
interest in ES in 2 tranches.

Prior to the transfer of 100% equity interest in LGP to JCorp,
ACB which presently holds 51% equity interest in LGP, would take
steps to acquire the remaining 36.75% and 12.25% equity
interests in LGP held by Norville Corporation Sdn Bhd
("Norville") and Sumurmuda Sdn Bhd ("Sumurmuda") respectively
("Proposed Acquisition of 49% LGP").

It was also announced on 16 February 2001 that pursuant to a
shareholders' agreement dated 6 November 1998 between AKR and
the other shareholders of ES ("Other Shareholders"), the latters
have pre-emptive rights to acquire AKR's shareholdings in ES in
the event AKR proposes to sell its shareholdings in ES ("Pre-
emptive Rights"). The Other Shareholders comprise HMI Balestier
Hospital Pte Ltd ("HMI") (20%), Unirio Corporation Sdn Bhd
("Unirio") (9.67%) and Senipuri Emas Sdn Bhd ("Senipuri")
(10.33%). As such, in the event the Other Shareholders exercise
their Pre-emptive Rights, the Proposed Disposal of ES to JCorp
shall automatically terminate.

With regard to the above, ACB further announced on 19 March 2001
that:

   i) ACB has, on 16 March 2001, entered into a share sale
agreement ("SSA") with Norville and Sumurmuda for the Proposed
Acquisition of 49% LGP for a total cash consideration of RM20.37
million; and

   ii) Following the exercise by the Other Shareholders of their
Pre-emptive Rights, AKR has on 16 March 2001 entered into 3
separate sale and purchase agreements ("ES SPAs") with each of
HMI, Unirio and Senipuri for the proposed disposal by AKR of its
60% equity interest in ES to the Other Shareholders for a total
disposal consideration of RM41.4 million ("Proposed Disposal of
ES to the Other Shareholders"). Salient terms of payment of the
agreement are disclosed in the Table found at
http://www.bankrupt.com/misc/Amsteel.doc


AYER HITAM: Unit Suspends Interest Payment Of RM4,618,087.71
------------------------------------------------------------
Motif Harta Sdn Bhd (MHSB), a wholly owned subsidiary company of
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) continued to
suspend its interest and principal sum payments amounting to
RM4,618,087.71 as of 13 September 2001, due to several financial
institutions (Lenders) under its RM63million Syndicated Term
Loan (STL) facilities. The total principal drawdown and
outstanding on the STL facilities as of 13 September 2001, is
RM22.8million.

The Company is still waiting for the Lenders' response to the
proposed debt-restructuring scheme and will make the appropriate
announcement as soon as the terms are reached.


EPE POWER: Presents Debt Restructuring Scheme To Lenders
--------------------------------------------------------
EPE Power Corporation Berhad has further defaulted on the
payment of monthly interest of RM692,494.31 due to several banks
(Lenders) under its revolving credit (RC) facilities. The total
principal outstanding on the RC facilities as at 13 September
2001 is RM94.6million.

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


GEAHIN ENGINEERING:Awaits White Knight Lembaga's Work Out Plan
--------------------------------------------------------------
Geahin Engineering Berhad revealed there are changes in the
Investment Committee of Lembaga Tabung Haji (White Knight) and
the Company is still waiting for their detailed restructuring
plan.

The restructuring scheme entails:

   * A proposed capital reduction under Section 64 of the
Companies Act, 1965.

   * A proposed debt restructuring exercise via formal schemes
of arrangement and reconstruction.

   * A proposed rights issue of new ordinary shares on the basis
of 2 for 1 to the existing shareholders.

  * Proposed acquisition of new income generating assets /
businesses of the White Knight via issue of new shares.


INSTANGREEN CORPORATION: SC Approves Proposal's Revisions
---------------------------------------------------------
On behalf of Instangreen Corporation (Special Administrators
Appointed) (ICB or the Company), Arab-Malaysian Merchant Bank
Berhad (Arab-Malaysian) announced the Securities Commission (SC)
has, via its letter dated 6 September 2001 (which was received
on 8 September 2001), approved these Proposal revisions:

i) CANCELLATION OF THE PROPOSED PUBLIC ISSUE

Cancellation of the Proposed Public Issue of 17,579,000 new
ordinary shares of RM1.00 each (Shares) in LBS Bina Group Berhad
(LBGB) at an issue price of RM1.00 per share.

ii) REVISION IN THE PROPOSED RESTRICTED OFFER FOR SALE (ROS)

It was proposed earlier that creditors of ICB, Instangreen
Landscape Sdn Bhd (Special Administrators Appointed) (ILSB) and
SPJ Construction Sdn Bhd (Special Administrators Appointed)
(SPJ) (Creditors) to participate in a ROS of the rights to
allotment of 25.498 million of their Shares in LBGB at par to
potential investors to be identified and nominated by LBGB.

The SC has approved the proposal to reduce the size of the ROS
from 25.498 million to 5.0 million Shares in LBGB and the
remaining 20.498 million Shares in LBGB be subject to a put and
call arrangement between the vendors of LBS Bina Holdings Sdn
Bhd and its subsidiaries and associated companies (LBS Group)
and the Creditors.

The five(5) million Shares will be offered/placed out at par to
the following parties:

   a) two(2) million Shares (Offer Shares) will be offered at
par to the Malaysian public under an Offer for Sale (OFS); and

   b) three(3) million Shares (Creditor Placement Shares) will
be placed out at par to directors and employees of LBGB and
potential investors to be identified by LBGB.

The SC has also approved the proposal by vendors of LBS Group to
place out three(3) million Shares (Vendor Placement Shares) at
par to the potential investors to be identified and nominated by
LBGB. The proceeds arising from the placement of Vendor
Placement Shares shall accrue to the vendors of LBS Group.

The above revisions have also been approved by Pengurusan
Danaharta Nasional Berhad and the secured creditor to the
Proposal on 19 July 2001 and 26 July 2001 respectively and is
now pending the Foreign Investment Committee's approval.


KELANAMAS INDUSTRIES: Listing Requirement Extension Requested
-------------------------------------------------------------
Kelanamas Industries Berhad made an application to Kuala Lumpur
Stock Exchange on 10 September 2001 for an extension of time of
three (3) months from 14 September 2001, in order to comply with
the Practice Note 4/2001 issued in relation to Criteria and
Obligation of the Kuala Lumpur Stock Exchange's Listing
Requirement.

Background

At the time of listing the Company, then called Sungei Besi
Mines Bhd (SBM), was one of the major tin producers in Malaysia.
SBM had been incorporated to take over the business of the
Sungei Besi Mines Ltd (Sungei Besi), a UK-incorporated company.
Effective 1 November 1976, the issued share capital of Sungei
Besi was cancelled in exchange for shares in SBM.

In December 1989, SBM ceased its mining operations to become an
investment holding company. A period of diversification followed
from 1991 to 1997 during which the SBM Group became involved in
property investment, trading and distribution of consumer
products, manufacture of cordials, fruit juices, soft drinks and
food products, granite quarrying and stockbroking.

SBM changed its name to Kelanamas Industries Bhd (KIB) in 1993
to reflect its diversification from tin mining into the new
areas of business.

On 12 February 1999 the Group's main contributor, Alor Setar
Securities Sdn Bhd (ASSEC), was put under a Special
Administrator appointed by Pengurusan Danaharta Nasional Bhd.

Assec subsequently went through a restructuring exercise to help
restore its financial and operational viability. The scheme has
been fully implemented including a capital reduction and new
issue of shares to the new investor on 17 July 2000. As such,
from that date, Kelanamas Capital Sdn Bhd (subsidiary of KIB)
only holds 45 shares of a total of 30,000,100 shares of ASSEC on
issue.

Therefore, ASSEC is no longer a related company of KIB.

In addition, in May 2000, Kelanamas entered into an agreement
with Dolomite Bhd (DB) pursuant to the Group's restructuring
involving DB and its eight subsidiaries.

The restructuring entails capital reduction, debt reconstruction
and acquisition of the DB Group. The Group's future viability
hinges on the successful outcome of this restructuring scheme.

As part of the scheme, disposal/liquidation of all other
subsidiaries/assets/businesses shall be undertaken by Kelanamas.
Any corporate guarantee liabilities arising from the liquidation
of these subsidiaries and associated companies will be assumed
by the Company in its debt restructuring schemes.


LIEN HOE: SC Extends Proposal Implementation
--------------------------------------------
On behalf of Lien Hoe Corporation Berhad, Southern Investment
Bank Berhad announced the Securities Commission (SC) had, in its
letter dated 11 September 2001, approved the further extension
of time for implementation of the Proposals up to 31 December
2001.

It was also stated that the SC would not consider any further
application for extension of time for the implementation of the
Proposals in the future.

The Proposals entails the following:

  * Proposed Capital Reduction and Share Consolidation

  * Proposed Acquisitions

  * Proposed Restricted Offer For Sale

  * Proposed Debt Restructuring

  * Proposed Rights Issue of Warrants


PILECON ENGINEERING: Updates On Unit's Winding-Up Petition
----------------------------------------------------------
Pilecon Engineering Berhad released this additional information:

(1) The details of default or circumstances leading to the
filing of the winding-up petition against Johor Coastal
Developement Sdn Bhd (JCDSB)

JCDSB, on 13 March 1997, entered into a Sale and Purchase
Agreement (the SPA) with Constrajaya Sdn Bhd (CSB) to sell Lots
7 and 14 Parcel C, Johor Bahru Waterfront City to CSB. On 19
April 2000, JCDSB terminated the SPA due to non-payment by CSB
for the outstanding sum arising from the SPA. The claim of
RM8,998,400 by CSB in its Winding-up Petition against JCD arises
from claim for the refund of monies previously paid by CSB
pursuant to the SPA.

(2) The financial impact on the Group

In the event that the winding-up petition succeeds, it is
expected that there will be an estimated exceptional loss of
RM112.3 million instead of RM68.8 million. This estimated
exceptional loss is comprised of writing-off the cost of
investment in JCDSB of RM14.6 million, the write off the inter-
company balances of RM76.0 million and the post-acquisition
profit recognized of RM21.7 million.


SAHAMITR PRESSURE: Delisting Rehab Plan To Be Held On Sept 21
-------------------------------------------------------------
Sahamitr Pressure Container Public Company Limited (SMPC)
informed that the date of presentation concerning the SMPC's
delisting rehabilitation plan to the securities analysts will be
held on September 21, 2001, from 14.00 p.m. at headquarter of
the company No. 72/9 Moo 7, Bangkhuntien-Chaitalay Road, Kwang
Samaedam, Khet Bangkhumtien, Bangkok.

Reference is made on the Stock Exchange of Thailand's (SET)
rules Bor.Jor.(Phor.) 01-00 dated on December 9, 1999 regarding
delisting of securities, 1999 for item number 12(2) determining
that the listed company and the financial advisor shall hold a
presentation concerning the delisting rehabilitation plan  to
the securities analysts in advance not less than 7 days prior to
the date of the  shareholders' meeting.


SASHIP HOLDINGS: SC Grants Restructuring Scheme Time Extension
--------------------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors of Saship Holdings Berhad (SHB),
announced that the Securities Commission (SC) had, via their
letter dated 10 September 2001, approved the extension of time
for the completion of the Proposed Restructuring Scheme to 18
December 2001.

The SC had previously granted, on 13 March 2001, its approval
for the extension of time to complete the Proposed Restructuring
Scheme by 18 September 2001.

All the terms and conditions of the SC approval for the Proposed
Restructuring Scheme via their letter dated 19 September 2000
remain unchanged.


SRIWANI HOLDINGS: Moves Creditors' Meeting To Oct 10
----------------------------------------------------
On behalf of Sriwani Holdings Berhad (SHB), Commerce
International Merchant Bankers Berhad (CIMB) announced that the
Board of Directors of SHB, after consultation with certain
creditors under the Proposed Scheme, has resolved to defer the
court convened creditors meetings initially scheduled to be held
on 12 September 2001 to 10 October 2001, to provide the
creditors more time to consider the Proposed Scheme.

SHB has issued and dispatched the Supplemental Explanatory
Statement dated 29 August 2001, which sets out details of the
additional terms and conditions, and where relevant, certain
amendments made to the Proposed Scheme from that previously
presented in the initial Explanatory Statement dated 26 July
2001.


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


ALL ASIA: Seeks Debt Relief
---------------------------
All Asia Capital and Trust Corp. (AACTC) has applied for debt
relief while the future of its subsidiary - All Asia Life
Assurance Corp. (All Asia Life) - hangs in the balance,
Philippine Star reported on September 14, 2001.

All Asia Capital and Trust Corp. (AACTC) has petitioned the
Makati Regional Trial Court for debt relief on its debt
amounting to US$17 million from the International Finance Corp.
(IFC), the investment arm of the World Bank.

The petition, according to industry sources, comes immediately
after reports that two of its subsidiaries have been under
pressure for lack of reserves. Such shortage, contributing to
the company's debt problem.

The IFC extended a US$17-million loan to AACTC aside from
controlling seven percent of the holding company worth US$4
million. It has also pledged a substantial portion of its stake
in AACTC subsidiary, All Asia Life Assurance Corp., (All Asia
Life).

In a related development, the fate of All Asia Life regarding
its P234.4 million capital deficiency will be decided this week
when the Insurance Commission makes its final decision regarding
the matter.

However, All Asia Life has already submitted pertinent documents
to prove that it had raised the amount or its equivalent to
cover the deficiency.


COSMOS BOTTLING: Court Halts Assets Sale
-----------------------------------------
Quezon City Court temporarily halted Thursday the P15 billion
sale of Cosmos Bottling Corp's assets to a joint venture of
giants, San Miguel Corp. (SMC) and the Coca-Cola Co. Parent
company RFM Corp.

As reported by ABS-CBN on September 13, the court declared that
the sale should not included assets sold to Cosmos by another
softdrink company, Jaz Cola, in 1996.  The injunction holding
until the court decides on petition for the rescission of the
deal.

The petition, filed by Iloilo Rep. Augusto Syjuco, alleges that
Cosmos has failed to meet the terms of the sale of the Jaz Cola
group, him being the chairman of the latter company during that
time.  He further alleges that Cosmos has yet to pay P400
million of the sale price and the correct amount of taxes
following the sale.

However, such court order would not affect the sale of Cosmos to
the joint venture because the disputed Jaz Cola assets are to be
excluded from the sale, this according to RFM chief operating
officer Felicisimo Nacino. RFM hopes to complete the sale by the
end of this month.


MUSIC CORPORATION: Draws Up Restructuring Plan
----------------------------------------------
Music Corp. Legal Counsel Catherine Jennifer Gonzales said that
the semiconductor firm has drawn up a group corporate
restructuring plan to attract more investors and facilitate the
way for its eventual listing on other exchanges abroad, Inquirer
News Service reported on Friday referring to a Philippine Stock
Exchange statement.

The restructuring plan would involve the company incorporating
in Bermuda, a wholly owned unit to be used as a special-purpose
vehicle for the transfer of assets. Eventually, the new unit
would incorporate a new holding company to be known as Music
Holdings (MH), which would absorb the assets of the group.

In her statement, Gonzales says the restructuring also involves
the "surrender by existing shareholders of their shares in
Music Corp. to the special-purpose vehicle in exchange for MH
shares, which at the time of surrender, shall have been approved
for listing in one or more stock exchanges, including the PSE,
subject to approval by the appropriate regulatory authorities".

All payables and receivables from the special-purpose vehicle
shall then be offset by MH, which would later on sell shares to
a third party for cash.

The Music group also has interests in information and
communications technology through Music Telecom and the cash-
strapped Music.com, which is currently undergoing liquidation.


NATIONAL POWER: $10B Insurance Policy Bidding Drags On
------------------------------------------------------
National Power Corp's $10-billion assets insurance policy
bidding may still be delayed by one to two months, due to the
joint bidding committee exploring the possibility of asking for
a 30 to 60-day extension of the prescribed deadline under
Memorandum Order 30 issued by President Arroyo. The committee's
first meeting was held Wednesday, Philippine Star reported on
September 14, which quoted Energy Secretary Vincent S. Perez.

"There are at least two options that have been raised, one of
which is extending the current deadline of September 30, by
about 30 to 60 days," Secretary Perez said.

"We are studying options including the extension. But we may or
may not extend. We also do not want to rush the bidding. We
could ask for an automatic extension so we can have more time to
study the process," the Secretary added.


NATIONAL STEEL: To Be Reopened By Hottick
-----------------------------------------
National Steel Corporation's Iligan City plant is to be reopened
by Hong Kong company Hottick Investments Ltd, who just entered
into a lease agreement with Allengoal Steel Fabrication and
Trading to lease and operate the aforementioned plant, ABS-CBN
reports September 13.

According to Hottick chairman Datuk Abdul Rashid Manaff, the
company has instructed NSC executive committee chairman Ibrahim
Bidin to revisit the lease agreement already forged between the
two parties. He says further that Bidin should do so immediately
because they plan on implementing the agreement as soon as
practicable.

Hottick controls 82.5% of the total capital stock of NSC; the
Philippine government through investment arm, National
Development Co. owns 12.5 %; and finally, Marabeni with 5%.
Aside from Allengoal, other investors include Glencore of
Switzerland and Filipino company, Cathay Pacific Steel Corp.

NSC, forced to shut down two years ago, sought the intervention
of the Securities and Exchange Commission due to its failure to
pay a US$16 billion debt.


PHILIPPINE AIRLINES: Resumes U.S. Flights September 15
------------------------------------------------------
Philippine Airlines (PAL) planned on resuming commercial flights
to the west coast Saturday, based on US aviation advisory after
canceling all flights to the U.S. Thursday, due to the recent
terrorist attacks, and indefinite closure of US commercial
airports, Business World reported Friday.

If the suspension goes on, PAL will continue to lose P40 million
to P50 million daily.


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


BRIERLEY INVESTMENTS: Posts Changes In Longleaf's Interests
-----------------------------------------------------------
Brierley Investments Limited released a notice 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:         12 Sept 2001
Date of change of deemed interest: 10 Sept 2001
Name of registered holder:         CDP Nominees - Development
                                    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:       2,000,000
% of issued share capital:         0.15
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:  0.4475
No. of shares held before change:  124,786,000
% of issued share capital:         9.12
No. of shares held after change:   126,786,000
% of issued share capital:         9.27

        Holdings of Substantial Shareholder including
               direct and deemed interest

                                   Deemed       Direct
No. of shares held before change:  124,786,000
% of issued share capital:         9.12
No. of shares held after change:   126,786,000
% of issued share capital:         9.27
Total shares:                      126,786,000


Name of substantial shareholder:   Longleaf Partners
                                    International Fund
Date of notice to company:         12 Sept 2001
Date of change of deemed interest: 07 Sep 2001
Name of registered holder:         CDP Nominees - Development
                                    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:       1,777,000
% of issued share capital:         0.13
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:  0.4491
No. of shares held before change:  123,009,000
% of issued share capital:         8.99
No. of shares held after change:   124,786,000
% of issued share capital:         9.12

      Holdings of Substantial Shareholder including
             direct and deemed interest

                                   Deemed       Direct
No. of shares held before change:  123,009,000
% of issued share capital:         8.99
No. of shares held after change:   124,786,000
% of issued share capital:         9.12
Total shares:                      124,786,000


Name of substantial shareholder:   Longleaf Partners
                                    International Fund
Date of notice to company:         12 Sept 2001
Date of change of deemed interest: 06 Sept 2001
Name of registered holder:         CDP Nominees - Development
                                    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:  122,009,000
% of issued share capital:         8.92
No. of shares held after change:   123,009,000
% of issued share capital:         8.99

         Holdings of Substantial Shareholder including
                direct and deemed interest

                                   Deemed      Direct
No. of shares held before change:  122,009,000
% of issued share capital:         8.92
No. of shares held after change:   123,009,000
% of issued share capital:         8.99
Total shares:                      123,009,000


BRIERLEY INVESTMENTS: Requests Resumption Of Trading
----------------------------------------------------
The board of directors of Brierley Investments Limited (BIL)
requested 13 September 2001 the lifting of the suspension in the
trading of BIL shares on the following Stock Exchanges:

Singapore Exchange Limited - 13 September 2.00 pm
                             (Singapore time)
London Stock Exchange - 13 September 7.00 am (London time)
New Zealand Stock Exchange - 14 September 9.00 am
                             (New Zealand time)
Australian Stock Exchange Limited - 14 September 9.00 am
                                    (Australia time)


CAPITALAND LIMITED: Acquires Add'l Interest In Alternative.Com
--------------------------------------------------------------
CapitaLand Limited announced that its wholly-owned subsidiary,
pFission Investment Pte Ltd, has taken up an additional 40,784
ordinary shares of par value S$1.00 at a premium of S$4.192 each
in AlternateTV.com Pte Ltd.

Pursuant to the above, CapitaLand's interest in AlternateTV.com
has increased from 15% to 25% comprising 86,667 ordinary shares
of par value of S$1.00 each at a premium of S$4.192 each fully
paid. With the increase, AlternateTV.com is now an associated
company of CapitaLand.

The principal activity of AlternateTV.com is to provide end to
end web-casting solutions and to develop interactive, multimedia
content for broadband internet and enhanced television.


CAPITALAND LIMITED: Posts Changes In SingTel's Interests
--------------------------------------------------------
Capitaland Limited posted notice of changes in substantial
shareholder Singapore Technologies' deemed interests, as
follows:

Name of substantial shareholder:   Singapore Technologies Pte
Ltd
Date of notice to company:         12 Sept 2001
Date of change of interest:        10 Sept 2001
Name of registered holder:         CDP: Vickers Ballas & Co Pte
                                    Ltd
Circumstance giving
rise to the change:               Sales in open market at own
                                    discretion

    Shares held in the name of registered holder

No. of shares of the change:      150,000
% of issued share capital:        0.006
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: $1.9950
No. of shares held before change: 150,500
% of issued share capital:        0.006
No. of shares held after change:  500
% of issued share capital:        0.00002

      Holdings of Substantial Shareholder including
            direct and deemed interest

                                     Deemed        Direct
No. of shares held before change:    329,575,338   1,197,123,933
% of issued share capital:           13.09         47.55
No. of shares held after change:     329,425,338   1,197,123,933
% of issued share capital:           13.09         47.55
Total shares:                        329,425,338   1,197,123,933


CAPITALAND LIMITED: Posts Changes In Temasek's Interests
--------------------------------------------------------
Capitaland Limited posted a notice of changes in substantial
shareholder Temasek Holdings (Private ) Limited's deemed
interests, as follows:

Name of substantial shareholder:  Temasek Holdings (Private)
                                   Limited
Date of notice to company:        13 Sept 2001
Date of change of interest:       10 Sept 2001
Name of registered holder:        CDP: Vickers Ballas & Co Pte
                                   Ltd
Circumstance giving
rise to the change:              Sales in open market at own
                                   discretion

         Shares held in the name of registered holder

No. of shares of the change:      150,000
% of issued share capital:        0.006
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: $1.9950

        Holdings of Substantial Shareholder including
              direct and deemed interest

                                  Deemed            Direct
No. of shares held before change: 1,597,284,771     0
% of issued share capital:        63.45             0
No. of shares held after change:  1,597,134,771     0
% of issued share capital:        63.45             0
Total shares:                     1,597,134,771     0


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


B.GRIMM ENGINEERING: Updates Investment Plan Of BGES Planer
-----------------------------------------------------------
B.GRIM Engineering Systems Public Company Limited (BGES)
informed that BGES Planner Company Limited will register as a
limited company on 5 September 2001 with registered capital of
Bt1,000,000.00. 100,000 shares will be issued at a par value of
Bt10.

Board of Directors will comprise of 5 directors as follows:

(1) Mr. Harald Link
  (2) Mr. Chumras Virojanapa
  (3) Mr. Pote Jinphiphadhana
  (4) Mrs. Preeyanart Viboontapachart
  (5) Mr. Choke Siwasontiwat

The authority to bind the company:  Signatures of two directors
and company's seal
The company agreed to purchase 99,993 shares, totaling
Bt999,930.00 that will result in the holding of 99.99% of the
total shares.


NAKORNTHAI STRIP: Petition For Business Reorg Filed In Court
------------------------------------------------------------
Iron producer & seller Nakornthai Strip Mill Public Company
Limited's (DEBTOR),   Petition for Business Reorganization was
filed to the Central Bankruptcy Court:

Black Case Number Phor 24/2543

Red Case Number Phor. 24/2543

Petitioner: THE INDUSTRIAL FINANCE CORPORATION OF THAILAND
   : NAKORNTHAI STRIP MILL PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt33,540,175,687.20

Planner: Ramkhamhang Planner Company Limited

Date of Court Acceptance of the Petition: April 11, 2000

Court Order for Business Reorganization and Appointment of
Planner: May 8, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on July 6,
2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: January 16, 2001 at 9.30 am. Sirigit Convention
Center, New Ratchadapisek Rd.

The Meeting had passed a resolution selecting a New Planner

Court had issued the order for Selecting a New Planner: March 2,
2001 and Appointed Maharard Planner Company Limited to be as the
New Planner

Announcement of Court Order for Selecting the New Planner: in
Matichon Public Company Limited and Siam Rath Company Limited in
March 20, 2001

Announcement of Court Order for Selecting the New Planner: in
Government Gazette in April 12, 2001

Deadline for the New Planner to submit the New Reorganization
Plan to the Official Receiver: April 2 , 2001

The Meeting of Creditors had a resolution accepting the new
reorganization plan pursuant to Section 90/46
Contact: Mr. Songthom Tel. 6792514

SAMART CORPORATION: BOD Approves Debt Restructuring Scheme
----------------------------------------------------------
The Board of Directors of the Samart (SAMART or the Company),
in its meeting No. 6/2001 approved the Company's Debt
Restructuring and the conversion of debt to equity by
transferring of 105,375,010 Shin Corporation Plc (SHIN) shares
to creditors including 4,955,600 existing shares in Samart
Telcom Plc. and 30% of shares held in subsidiaries and
associated companies exclude Cambodia Samart  Communication Co.,
Ltd. and the affiliated companies in Samart Telcom Plc's group.

The transaction is classified as Class 2 Transaction under the
Notification of the Stock Exchange of Thailand (SET) regarding
Rules, Procedures and Disclosure of Information Concerning the
Acquisition and Disposition of Assets of Listed Companies as of
January 22, 1993.

Details of the information submitted by the company is set
below:

Information on the Acquisition and Disposition of Assets of
          Samart Corporation Public Company Limited.
                 (Part of Debt Restructuring)

1.   The date on which the transaction occurs

The Board of Directors' Meeting No. 6/2001 of SAMART dated
September 6, 2001 had the resolution to propose the
Extraordinary General Meeting of Shareholders No. 2/2001 for
consideration of an approval on the transferring of the
Company's 105,375,010 SHIN shares to creditors  including
4,955,600 existing shares in Samart Telcom Plc. and 30% of
shares held in subsidiaries and associated companies exclude
Cambodia Samart Communication Co.,Ltd. and the affiliated
companies in Samart Telcom Plc's group.

2.   The parties involved

Buyer                            :       The Company's Creditors
Seller                           :       Samart Corporation
Public Company Limited
Relationship with Listed Company :       - none -

3.   General characteristics of the transaction

Referring to the decision to enter into a transaction, after
considering the transaction category and volume in accordance
with Clause 2 and Clause 3 of the Notification of the Stock
Exchange of Thailand Re: Rules, Procedures and Disclosure of
Information Concerning the Acquisition and Disposition of Assets
of Listed Companies, it is found that the transferring of
105,375,010 SHIN shares to creditors including  4,955,600
existing shares in Samart Telcom Plc. and 30% of shares held in
subsidiaries and associated companies exclude Cambodia Samart
Communication Co., Ltd. and the affiliated companies in Samart
Telcom Plc's group categorized as Class 2 Transaction.  The
transaction volume calculation reconciled with the criteria
stipulated in the Clause 3 returns the maximum volume of
transactions equal 44.65 percent.

4.   Details of assets disposed of

  4.1  Issuance company name   :       SHIN Corporation Plc
       Securities disposed of  :     105,375,010 ordinary shares
          or 3.59% of the issued and paid-up ordinary shares.
     Major shareholders      :
        Mr. Panthongthae   Shinawatra. (Shareholding  24.99%)
     (After disposition of assets)
        Mr. Banpoj  Damaphong  (Shareholding  13.77%)
        Apple Rich Investment Ltd. (Shareholding  7.80%)
        Singapore Telecom International Ptd., Ltd.
                                    (Shareholding  5.18%)
        Company's Creditors  (Shareholding  3.59%)

  4.2  Issuance company name   :       Samart Telcom Plc.
       Securities disposed of  :       4,955,600 ordinary shares
           or 9.53% of the issued and paid-up ordinary shares.
       Major shareholders      :
         Samart Corporation Plc. (Shareholding 50.10%)
       After disposition of assets)
         Company's Creditors  (Shareholding  9.53%)
         Bangkok Bank Plc. (Shareholding  5.38%)

  4.3  Issuance company name   :       Samart Comtech Co., Ltd.
       Securities disposed of  :       240,000 ordinary shares
        or 30% of the issued and  paid-up ordinary shares.
       Major shareholders      :
          Samart Corporation Plc. (  Shareholding 69.99%)
       (After disposition of assets)
          Company's Creditors  (Shareholding 30%)

4.4  Issuance company name   :       Samart E-Trading Co., Ltd.
      Securities disposed of  :       1,500,000 ordinary shares
        or 30% of the issued and paid-up ordinary shares.
      Major shareholders      :
         Samart Corporation Plc. (Shareholding 69.99%)
      (After disposition of assets)
         Company's Creditors  (Shareholding 30%)

  4.5  Issuance company name   :    Samart Engineering Co., Ltd.
       Securities disposed of  :       15,000 ordinary shares or
          30% of the issued and paid-up ordinary shares.
       Major shareholders      :
         Samart Corporation Plc. (Shareholding 69.98%)
      (After disposition of assets)
         Company's Creditors  (Shareholding 30%)

4.6  Issuance company name   :     Samart Research &
                                    Development Co., Ltd.
      Securities disposed of  :     60,000 ordinary shares or
           30% of the issued and paid-up ordinary shares.
     Major shareholders      :
          Samart Corporation Plc. (Shareholding 69.99%)
    (After disposition of assets)
         Company's Creditors  (Shareholding 30%)

4.7  Issuance company name   :       Samart Internet Co., Ltd.
      Securities disposed of  :       4,800,000 ordinary shares
         or 19.2% of the issued and paid-up ordinary shares.
      Major shareholders      :
         Samart Corporation Plc. (Shareholding 80.79%)
     (After disposition of assets)
         Company's Creditors  (Shareholding 19.2%)

4.8  Issuance company name   :       Samart Paging Co., Ltd.
       Securities disposed of  :       21,000,000 ordinary
        shares or 30% of the issued and paid-up ordinary shares.
       Major shareholders      :
          Samart Corporation Plc. (Shareholding 59.28%)
      (After disposition of assets)
          Company's Creditors  (Shareholding 30%)

4.9  Issuance company name   :       Samart Adsat Co., Ltd.
      Securities disposed of  :       90,000 ordinary shares or
          30% of the issued and  paid-up ordinary shares.
      Major shareholders      :
           Samart Corporation Plc. (Shareholding 59.99%)
     (After disposition of assets)
         Company's Creditors  (Shareholding 30%)
                              (Shareholding 10%)

4.10  Issuance company name   :  Samart International Co., Ltd.
       Securities disposed of  :  18,000 ordinary shares or
              28.8% of the issued and paid-up ordinary shares.
       Major shareholders      :
              Samart Corporation Plc. (Shareholding 71.18%)
      (After disposition of assets)
             Company's Creditors  (Shareholding 28.8%)

4.11  Issuance company name   :   One To One Contacts Co., Ltd.
       Securities disposed of  :  566,064 ordinary shares or
          28.30% of the issued and paid-up ordinary shares.
       Major shareholders      :
            Samart Corporation Plc. (Shareholding 22.69%)
      (After disposition of assets)
           Company's Creditors  (Shareholding 28.30%)
           Samart Comtech Co., Ltd. (Shareholding 10%)
           Samart E-Trading Co., Ltd. (Shareholding 10%)
           Samart Internet Co., Ltd. (Shareholding 10%)
           Samart Paging Co., Ltd. (Shareholding 9%)
           Samart Engineering Co., Ltd. (Shareholding 5%)
           Samart Telcom Plc. (Shareholding 5%)

4.12  Issuance company name   :       Samart E-Biz Co., Ltd.
       Securities disposed of  :       1,125,000 ordinary shares
            or 7.5% of the issued and paid-up ordinary shares.
       Major shareholders      :
            Samart Internet Co., Ltd. (Shareholding 92.49%)
       (After disposition of assets)
            Company's Creditors  (Shareholding 7.5%)

4.13  Issuance company name   :       Samart Online Co., Ltd.
       Securities disposed of  :       1,608,000 ordinary shares
            or 20.1% of the issued and paid-up ordinary shares.
       Major shareholders      :
           Samart Internet Co., Ltd. (Shareholding 79.89%)
      (After disposition of assets)
           Company's Creditors  (Shareholding 20.1%)

4.14  Issuance company name   :    Samart Info Media Co., Ltd.
       Securities disposed of  :    111,000 ordinary shares or
         30% of the issued and paid-up ordinary shares.
       Major shareholders      :
         Samart Corporation Plc. (Shareholding 69.99%)
      (After disposition of assets)
         Company's Creditors  (Shareholding 30%)

4.15  Issuance company name   :       E-Generation Co., Ltd.
       Securities disposed of  :       1,533 ordinary shares or
          16.13% of the issued and paid-up ordinary shares.
       Major shareholders      :
          Samart Internet Co., Ltd. (Shareholding 83.8%)
      (After disposition of assets)
          Company's Creditors  (Shareholding 16.13%)

4.16  Issuance company name   :       SmartPost Co., Ltd.
      Securities disposed of  :       404,700 ordinary shares or
          21.3% of the issued and paid-up ordinary shares.
      Major shareholders      :
         Samart E-Trading Co., Ltd. (Shareholding 52.69%)
      (After disposition of assets)
      Communication Authority of Thailand (Shareholding 26%)
      Company's Creditors  (Shareholding 21.3%)

4.17  Issuance company name   :       Cambodia Air Traffic
                                       Services Co., Ltd.
       Securities disposed of  :       75,000 ordinary shares or
              30% of the issued and paid-up ordinary shares.
       Major shareholders      :
          Samart Corporation Plc. (Shareholding 60%)
       After disposition of assets)
          Company's Creditors  (Shareholding 30%)
          Mr. Sun Chanthol  (Shareholding 10%)

4.18  Issuance company name   :       Cambodia Samart Co., Ltd.
       Securities disposed of  :       11 ordinary shares or 11%
           of the issued and paid-up ordinary shares.
       Major shareholders      :
          POU SITHIK  (Shareholding 51%)
      (After disposition of assets)
          Samart Corporation Plc. (Shareholding 23%)
          PEECHA KHAKHAO  (Shareholding 15%)
          Company's Creditors  (Shareholding 11%)

4.19  Issuance company name   :       Blistel Co., Ltd.
       Securities disposed of  :       450,000 ordinary shares
           or 7.2% of the issued and paid-up ordinary shares.
       Major shareholders      :
          Audiovox Corporation (Shareholding 20%)
      (After disposition of assets)
          Samart Corporation Plc. (Shareholding 16.8%)
          Miss Jongkolnee Kemachantri (Shareholding 11.2%)
          Mr. Arthavit Ak-Thanitpong (Shareholding 8%)
          Miss Prakaidao Kemachantri (Shareholding 8%)
          Thai Business Team Co., Ltd. (Shareholding 8%)
          Company's Creditors  (Shareholding 7.2%)
          Miss Saiphon Lertsansanee (Shareholding 6.4%)

4.20  Issuance company name   :    Thai Ticket Master Co., Ltd.
       Securities disposed of  :    120,000 ordinary shares or
          12% of the issued and paid-up ordinary shares.
       Major shareholders      :
          BEC Tero Entertainment Co., Ltd. (Shareholding 59.99%)
       (After disposition of assets)
           Samart Online Co., Ltd. (Shareholding 28%)
           Company's Creditors  (Shareholding 12%)

4.21  Issuance company name   :   Samart Cable System Co., Ltd.
       Securities disposed of  :   1,500,000 ordinary shares or
         30% of the issued and paid-up ordinary shares.
       Major shareholders      :
         Samart Corporation Plc. (Shareholding 49.99%)
      (After disposition of assets)
         Company's Creditors  (Shareholding 30%)
         Mr. Somchai  Hongratanavijit  (Shareholding 10%)
         Univest Land Plc. (Shareholding 10%)

5.    Total value of consideration

      Total value of the consideration received from Creditors
for the settlement of the transaction is approximately Bt4.408
billion which will be deducted from total outstanding debt of
Bt8.7 billion to Bt3.975 billion.

6.    The Value of Assets disposed of

      Total value of assets ( as details in item 4) disposed of
as of 2nd quarter 2001 is Bt2,920,375,031

7.    The basis used to determine the value of consideration

      i.  SHIN shares at Bt20.9 per share.  Deriving from
average market price of Shin  Corporation Public Company Limited
at February 6, 2001 at Bt209 per share of which is before
alteration of par value.

      ii.  SAMTEL shares deriving from book value of Samart
Telcom Public Company Limited's share price as of 1st quarter
2001 at Bt31 per share.

      iii.  Share price in subsidiaries and affiliated companies
deriving from book value as of 1st quarter 2001 adjusted by
conversion factor.

8.    The Benefit expected to be obtained from the transaction

      The Company's outstanding debt will be reduced from
approximately Bt8.7 billion to Bt3.975 billion  and the interest
payment will be reduced by Bt250 to 300 million, thus
leading to more financial flexibility.

9.    The proposed utilization of proceeds from the sale

      For debt repayment.

10.   The conditions on an approval from the shareholders
meeting

      The transaction is classified as Class 2 Transaction under
the Notification of the Stock Exchange of Thailand Re: Rules,
Procedures and Disclosure of Information Concerning the
Acquisition and Disposition of Assets of Listed Companies as at
January 22, 1993.  As a result, SAMART is required to submit a
letter informing the shareholders within 21 days  since the date
of publication in newspapers.

      However, the Company's regulation stated that the
transaction shall obtain an approval from the Shareholders'
Meeting with the votes received by not less than third-forth of
total votes of the shareholders who attend the meeting and are
entitled to vote.


SANYO UNIVERSALL: Applies For Delisting Of Shares
-------------------------------------------------
Sanyo Universal Electric Public Company Limited, whose English
name is SANYO Universal Electric Public Company Limited, held
the Extra-ordinary Shareholders' Meeting No.1/2001 on 11th
September 2001 at 14.00 hrs., and had the following unanimous
resolutions:

(1) Adoption of The Ordinary Shareholders' Meeting Minutes
No. 1/2001
(2) Approval of the voluntary delisting of SUE's ordinary
shares from The Stock Exchange of Thailand.(SET) by vote
of 33,789,755 shares, equivalent to 76.85 % of the total
issued shares of the company. While objecting to said
delisting by 897,484 shares, equivalent to 2.04 % of the
total issued shares of the company and abstained by 6,595
shares, equivalent to 0.015 % of the total issued shares
of the company.

Below is the Application for Delisting of Shares:

1. Type of Securities of the Company.

   1.1 Ordinary Share/Preferred Shares.

      1.1.1 Ordinary Shares in the amount of .43,969,280 shares,
with par value of Bt10 each, totaling Bt439.69 million.

      1.1.2 Becoming listed securities in the Exchange from
December 25, 1999

      1.1.3 The latest trading price : Bt1.30 per share on May
11, 2001.

   1.2 Debentures, Convertible Debentures

      1.2.1 Amount issued-. debentures, with par value of Baht
each, totaling Baht million debentures having been
redeemed/converted. Balance : -  debentures.

      1.2.2 Interest rate : -..% per annum, conversion price
Baht - Conditions of payment of interest/conversion : - .

      1.2.3 Offered to -on (date).., with a maturity of -..
years. Maturity date :

      1.2.4 Becoming listed securities in the Exchange from -
(date)

      1.2.5 The latest trading price Baht-..per debenture on -
..(date).

   1.3 Warrants on share

      1.3.1 Amount issued warrants on - with par value of Baht-
each, totaling baht..million. -warrants have been exercised.
Balance :      -..warrants.

      1.3.2 -.warrant(s) may be exercised to subscribe for -
.share(s) at Baht- ...per share. Conditions for exercise of
warrants : -

      1.3.3 Offered to -.on -.(date).

      1.3.4 Becoming listed securities in the Exchange on -
..(date).

      1.3.5 Latest trading price : Baht -.per warrant on -
(date).

   1.4 Other types of securities (specify) : .

2. Approval from the shareholders meeting to delist the shares

The 1st/2544 Extraordinary shareholders' meeting, held on
September 11, 2001 has resolved to delist the shares of the
Company with the following details :

   2.1 The number of all the shareholders : 1,187 holding,
43,969,280 shares.

   2.2 The number of small shareholders each of whom holds
shares of not more than 0.5% of the paid-up capital but less
than one board lot : 973, holding 9,003,515 shares, representing
20.82 % of the paid-up capital.

  2.3 The number of shareholders who attended the meeting in
person :   21 persons

  2.4 The number of shareholders who attended the meeting by
proxy: 82, holding 34,693,834 shares, representing 78.90 % of
the paid-up capital.

  2.5 The number of shareholders who approved the delisting of
shares : 74, holding 33,789,755 shares, representing 76.85 % of
the paid-up capital.

  2.6 The number of shareholders who objected to the delisting
of shares : 7, holding 897,484 shares, representing 2.04 % of
the paid-up capital.

3. Reasons and facts concerning delisting of shares The Thai
economic crisis prevailing over the past years has drastically
hurt SUE's financial position and operating results such that
its securities were classified in the rehab group and risked
being delisted.  The Company has tried to tackle all problems
with various measures so as to improve its performance.

However, as the economy has remained in the doldrums, the
Company sees that it will be time consuming to have all
problems completely fixed, thereby impacting the shareholders in
terms of dividend.  At the same time, SUE's major shareholders
wish to delist the Company's shares from the Exchange so as to
bring about more flexibility in problem solving and enable them
to fully support the Company without being obliged to
disclose business information as well as significant business
movements and decisions which have been a threat to the
Company's competitive advantage compared with its competitors
most of which are non-listed.

The Company expects that with the support of its major
shareholders it will be able to continue the business
with competitiveness and build a strong financial health in the
long run.

4. The general offer to purchase from the shareholders and
holders of securities and other securities
convertible into shares of the Company.

   4.1 Name of the offeror or group of offerors and relationship
with the Company : Premier CE Company Limited.

   Relationship between the offeror and the Company :

Name of the offeror  Relationship with the Company% of the

1.Premier CE Company Limited   Having  two common
    directors namely
           Mr.Vichien Phongsathorn
           and Mrs.Duangthip Iamrungroj

Shareholding in the Company by director of the offeror :
Mrs Vimolthip Phongsathorn,director of Premier CE Company
Limited which is the offeror, holds  6,996  shares or 0.02 % of
the Company's paid-up capital.

   4.2 Offer price of securities (classified into each type of
securities) Bt2.5/share. The offer is subject to a brokerage fee
of 0.25 % of the offer price and value added tax (VAT) of     7
% of the brokerage fee. The net offer price is 2.4933
Baht/share.

   4.3 Name of financial advisor of the offeror : Adkinson
Securities Public Company Limited.

   4.4 Name of independent financial advisor  : IFCT Advisory
Company Limited.

   4.5 Offer period : From September 27, 2001 to November 29,
2001.

   4.6 Tender offer conditions :

The offeror shall not make the tender offer unless the following
approvals have been obtained:

      1.A resolution of the Company's shareholders meeting
approving the delisting of shares from the Exchange subject to a
vote of at least three-fourths of the total shares issued with
the disapproval vote not exceeding 10% of the total shares
issued; and

      2.A resolution of the Board of Governors of the SET
approving the delisting of shares of the Company.

   4.7  Other Conditions

To bring about fairness to the investors who had sold the
Company's shares between 12 April 2001 and 11 May 2001
("temporary trading period"), during which the Stock Exchange of
Thailand ("SET") allowed for temporary trading of the Company's
shares after the Company had been moved to the rehab category
and had notified the SET of its decision to prepare a business
rehabilitation plan, the offeror therefore intends to compensate
those investors for the price difference of their shares sold
during such period. The compensation will be calculated by this
formulas :

Compensation   =  (Offering price - Selling price) x No. of
                  shares sold
Selling price  =  Selling price of shares during the "temporary
                  trading period"
No. of shares sold     =   Number of shares sold during the
                           "temporary trading period"

The compensation is subject to a withholding tax as specified by
laws.

The procedure of compensation claim is presented in the Tender
Offer.

5. Top ten major shareholders as of the date of shareholders'
meeting at which the resolution to delist the Company's shares
was adopted (September 11, 2001)

Name    Nationality     Type of Business  Amount of  Percentage
        Shares Held Shareholding
1. Premier Enterprise Plc.

     Thai    Holding Company  14,849,461      33.77

2. Sanyo Electric Co., Ltd.

     Japanese   Manufacturer of     10,120,000      23.02
                Electrical
                Appliances

3. Sanyo Electric Trading Co., Ltd.

     Japanese   Trading   3,080,000       7.00

4. Toyota Tsusho Corporation

     Japanese   Trading   1,760,000       4.00

5. Mr. Paiboon Tungtongsak

     Thai       Entrepreneur     1,070,000       2.43

6. Thailand Securities Depository Company Limited (for Foreign
Company depositor)

     Foreign Depository        510,100  1.16

7. Sanyo (Thailand) Company Limited

      Thai    Trading    330,000  0.75

8. Liquidation 1 Company Limited

      Thai    Holding Company   310,612  0.71

9. Mr. Somkiat Chinthammitr

      Thai    Entrepreneur      292,000  0.66

10. Mr.Virat Thirawattanawong

      Thai    Employee   283,000   0.64


6. Board of Directors of the Company on August 31, 2001

     Name      Position  Shareholding %

1.Mr. Pramude Buranasiri  Chairman and Independent Director 0.10
2.Mr. Udom Chatiyanonda   Director    -
3.Mr. Vichien Phongsathorn  Director    -
4.Mr. Suradej Boonyawatana  President          -
5.Mr. Thira Wipuchanin  Director and Independent Director    -
6.Mrs. Duangthip Iamrungroj     Director   -
7.Mr. Mitsuo Fujita      Director   -
8.Mr. Yoshiaki Sakura    Director   -
9.Mr. Hiroyuki Seki      Director   -
10.Mr. Seiji Taniuchi   Director and Independent Director    -
11.Mr. Yoshiaki Hasegawa Director   -
12.Mr. Kiyomichi Nakamura      Director   -

We hereby confirm that the information contained in this report
is accurate and complete in all respects.


SUN TECH: Posts Correction, Additional Financial Statement
----------------------------------------------------------
Sun Tech Group Public Company Limited corrected and added
particulars to notes to the Financial Statement report ended
year 2000/2001, which are as follow:

* Page 1 "NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2000 AND
1999"

Correct to: "NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2001
AND 2000"

* Page 18  Note12.1.3 "Financial Institution Assets Management
Corporation payable as at June 30, 2001 are derived from
purchasing liabilities from the securities and finance company
as stated in note 10.1.2.

Correct to: "Financial Institution Assets Management Corporation
payable as at June 30,2001 of Bt237.65 million are derived from
purchasing liabilities from the securities and finance company
as stated in note 12.1.2.

* Page 25 In the part of Plant property and equipment  net,
segments Agriculture Business year 2001 was Bt267 million

Correct to: Bt367 million


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