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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

         Thursday, September 20, 2001, Vol. 4, No. 184

                          Headlines



A U S T R A L I A

ANSETT AUSTRALIA: Administrators In Talks With Possible Buyers  
ANSETT AUSTRALIA: Parent Firm Suffers Net Loss Of NZ$26.3M
CABLE & WIRELESS: Posts Directors' Notice Of Interests
HIH INSURANCE: Inquiry Not "A Witch Hunt," Says Commissioner
NEWCREST MINING: Appoints Ian Johnson As Executive Chairman
NEWCREST MINING: Scheinkestel Issues Notice Of Interests


C H I N A   &   H O N G  K O N G

CHINA CONSTRUCTION: Court Adjourns Petition Hearing
CHINA EXPRESS: Winding Up Petition Hearing Set
GLAD ON: Winding Up Sought By Yik Sheen
MANDARIN RESOURCES: EGM To Be Held On October 12
SINOJET (HK): Winding Up Petition Hearing Set
TAI HING: Petition To Wind Up


I N D O N E S I A

GT PETROCHEM: H101 Net Loss Widens To Rp1.32T
INDOCEMENT TUNGGAL: Subsidiaries Sale Set To Pay Debt

* IBRA's Oversight Committee Opens Website


J A P A N

ASAHI BANK: Integration Plan With Daiwa Bank Reported
DAIWA BANK: Denies Talks On Supposed Merger With Asahi
FUJITSU LTD: Posts Operating Loss For July-Sept Period
KAWASAKI HEAVY: Calls Off Integration With IHI
MYCAL CORPORATION: Court OKs Rehabilitation

* Fitch Affirms Ratings For Mizuho Banks, Negative Outlook


K O R E A

DAEWOO MOTOR: Agreement On Sales To GM Out This Week
HYNIX SEMICONDUCTORS: New Loans Expected Soon
HYUNDAI MOTOR: Affiliate Eyes More Ties With Foreign Firms
KOREA HIGHWAY: Debt Doubles In 3 Years   
LG GROUP: Unit Wins $400M Project In Iran   

* Creditor Banks Pick 45 Ailing Firms For Liquidation


M A L A Y S I A

ABRAR CORPORATION: Payment Status Unchanged
DENKO INDUSTRIAL: Faces Writ Of Summons Over Defaulted Payments
ESPRIT GROUP: KLSE Grants Requisite Announcement Time Extension
MYCOM BERHAD: Requests Workout Plan Completion Extension
NCK CORPORATION: Unit Placed Under Provisional Liquidation
OLYMPIA INDUSTRIES: Seeks Workout Plan Finalization Extension
RHB CAPITAL: Subsidiary Struck, Dissolved
SENG HUP: Updates Proposed Corporate, Debt Restructuring Plan
SPORTMA CORPORATION: Provides Update On Defaulted Payments
TRANS CAPITAL: Wind up Petition Sought By PWCC


P H I L I P P I N E S

NATIONAL POWER: Drops P3B Loan From PNB
NATIONAL STEEL: Workers Support Allengoal Lease Offer
RFM CORP: Court Drops Petition Against Cosmos Sale


S I N G A P O R E

AMTEK ENGINEERING: Director Lee Ah Bee Changes Interests
L&M GROUP: Director Edward Seky Soeryadjaya Changes Interests
SEMBCORP LOGISTICS: Director Chow Changes Interests In Raffles
SEMBCORP LOGISTICS: Unit Forms JV With Katoen Natie


T H A I L A N D

AMARIN PLAZA: Unit Reduces Capital To Cut Losses
SIAM SYNTEC: Business Reorg Petition Filed In Bankruptcy Court
THAI DURABLE: Posts Audit Committee Scope Of Performance
THAI HEAT: Posts Additional Info On Rehabilitation Plan

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: Administrators In Talks With Possible Buyers  
--------------------------------------------------------------
A press conference held Wednesday revealed that Ansett
administrators were still talking to potential buyers, APP
reported September 19. The buyers' names were not revealed.

Administrator Mark Mentha confirmed that some buyers wanted to
keep the group as a whole entity while some were interested in
taking over regional routes, cargo, or Ansett's travel agencies.

"As of this stage, we couldn't tell whether any of the involved
parties would keep the Ansett brand," Mentha said.

"However, with all key stakeholders participating in a rescue
plan, there's the opportunity for Ansett to fly again," Mentha
concluded.


ANSETT AUSTRALIA: Parent Firm Suffers Net Loss Of NZ$26.3M
----------------------------------------------------------
Air New Zealand, parent firm of Ansett Australia, announced that
preliminary trading results for July and August (excluding
Ansett) indicate that the Air New Zealand operations recorded an
unaudited net loss before unusual items and tax of NZ$26.3
million for these two months.

This compares to an unaudited loss (excluding Ansett) of
NZ$23.1 million for the same period last year. The first quarter
of the financial year is normally a "low" period due to seasonal
patterns.

The outlook for the balance of the year is currently being
determined, however, profitability will clearly be negatively
affected by:

   * the impact of the terrible events in the USA on global air
travel

   * global economic conditions

   * the loss of feeder traffic onto Air New Zealand services
from Ansett Australia

   * groundings of Air New Zealand aircraft in Australia as a
result of industrial action

   *  any legal obligations to Ansett which may arise.

As a result of the above events, significant uncertainty exists
around the trading performance of Air New Zealand's operations
in the short term.

Over the next few weeks Air New Zealand will continue to
formulate its business plan which will take into account the
above factors and will be subject to due diligence by key
stakeholders including the major shareholders, the New Zealand
Government and banks as part of the recapitalization process
previously announced.




CABLE & WIRELESS: Posts Directors' Notice Of Interests
------------------------------------------------------
Cable & Wireless Optus Limited posted Notice of Interests of the
following Directors:

    * Christopher John Anderson
    * John Gavin Campbell
    * Edwin John Cloney
    * Joseph Norman Gillespie
    * Gregory Paul Haustorfer


DIRECTOR  Christopher John Anderson

DATE OF LAST NOTIFICATION TO ASX  25/05/2001

DATE OF CHANGE   Progressively during 30/08/2001 -
   13/09/2001

NATURE OF CHANGE

Accepted Alternative 2 of SingTel offer for all CWO shares.
Shares sold were: 503,551 registered holding; 2,254 shares
acquired through  Employee Share Acquisition Plan; 156,164
shares acquired through  Performance Share Plan 1999, 46,695
shares acquired through  Performance Share Plan 2000; 224,782
Employee Share offer 2001 bonus  shares; 856,005 options
converted into shares under the Super  Performance Share Plan.
Total CWO holdings sold into the offer were  1,789,451 shares.

BALANCE OF INTERESTS IN CWO OR A RELATED CORPORATION

Holder of 1,431,561 Singapore Telecommunications Limited shares.


DIRECTOR    John Gavin Campbell

DATE OF LAST NOTIFICATION TO ASX   25/05/2000

DATE OF CHANGE   06/09/2001

NATURE OF CHANGE  

Accepted Alternative 2 of SingTel offer for 30,000 shares.

BALANCE OF INTERESTS IN CWO OR A RELATED CORPORATION

Register holder of 24,000 Singapore Telecommunications Limited
shares.

DIRECTOR  Edwin John Cloney

DATE OF LAST NOTIFICATION TO ASX 27/05/1999

DATE OF CHANGE   06/09/2001

NATURE OF CHANGE

Accepted Alternative 2 of SingTel offer for 30,000 CWO shares.

BALANCE OF INTERESTS IN CWO OR A RELATED CORPORATION

Register holder of 24,000 Singapore Telecommunications Limited
shares.


DIRECTOR   Joseph Norman Gillespie (resigned
   30/08/2001)

DATE OF LAST NOTIFICATION TO ASX  25/05/2001

DATE OF CHANGE   Progressively during 30 August - 13
   September

NATURE OF CHANGE

Accepted Alternative 2 of SingTel offer for all CWO shares.
Shares sold were: 296,239 registered holding; 2,254 shares
acquired through Employee Share Acquisition Plan; 71,918 shares
acquired through Performance Share Plan 1999, 42,155 shares
acquired through Performance Share Plan 2000; 135,137 Employee
Share offer 2001 bonus shares; 474,103 options converted into
shares under the Super Performance Share Plan. Total CWO
holdings sold into the offer were 1,021,806 shares.

BALANCE OF INTERESTS IN CWO OR A RELATED CORPORATION

Register holder of 817,445 Singapore Telecommunications Limited
shares.


DIRECTOR  Gregory Paul Haustorfer

DATE OF LAST NOTIFICATION TO ASX  20/01/1999

DATE OF CHANGE   06/09/2001

NATURE OF CHANGE

Accepted Alternative 2 of SingTel offer for 5,000 CWO shares.

BALANCE OF INTERESTS IN CWO OR A RELATED CORPORATION

Register holder of 4,000 Singapore Telecommunications Limited
shares.


* DIRECTOR   John Powell Morschel

DATE OF LAST NOTIFICATION TO ASX  22/12/1998

DATE OF CHANGE   06/09/2001

NATURE OF CHANGE

Accepted Alternative 2 of SingTel offer for 4,000 CWO shares.

BALANCE OF INTERESTS IN CWO OR A RELATED CORPORATION

Register holder of 3,200 Singapore Telecommunications Limited
shares.


HIH INSURANCE: Inquiry Not "A Witch Hunt," Says Commissioner
------------------------------------------------------------
Royal Commissioner Justice Owen said at NSW Supreme Court
hearing that the inquiry into the collapse of HIH Insurance Ltd  
will not turn into a witch hunt, APP reported Wednesday.

"The commission would focus on the reasons for and the
circumstances surrounding the demise of HIH in March this year.

"That is not to say that the conduct of individuals will not
come under scrutiny.

"Transactions carried out by the group, its culture and business
practices will also be the subject of scrutiny," Justice Owen
said.

The inquiry is the commission's contribution to the future
operation of the general insurance industry.

Wednesday's court hearing involved the commission hearing
applications from parties wishing to appear before it when the
commission begins to take public evidence.

The commission has set up a website: www.hihroyalcom.gov.au  
to keep all parties and the public fully informed of the
inquiry's progress.


NEWCREST MINING: Appoints Ian Johnson As Executive Chairman
-----------------------------------------------------------
The Board of Newcrest Mining Limited announced that it has
appointed its Chairman, Ian Johnson, to the position of
Executive Chairman, with immediate effect.

The appointment follows the resignation today of Russell Barwick
from the position of Managing Director and Chief Executive
Officer.

Barwick's resignation resulted from differences which had arisen
between him and the Board concerning the Managing Director's
role.

Steps will be taken to identify a new Managing Director, in due
course, at which time the Chairman's role will revert to being a
non-Executive one.


NEWCREST MINING: Scheinkestel Issues Notice Of Interests
--------------------------------------------------------
Director Nora Lia Scheinkestel of Newcrest Mining Limited posted
this notice:

NOTICE OF DIRECTOR'S INTERESTS
Section 205G of the Corporations Law

UPDATING NOTICE

   Name of Director       Nora Lia Scheinkestel

   Name of Company        Newcrest Mining Limited

   Date of Last
   Notification to ASX    02/11/2000

   Date Director's
   Interest Changed       03/09/2001
  
"I have a relevant interest in the following securities of the
company or related bodies corporate:

Type of security:  fully paid ordinary shares in Newcrest
Mining Ltd

Acquisition of 18,800 fully paid ordinary shares in Newcrest
Mining Ltd on market by Scheinkestel Superannuation Pty Ltd,
trustee of a superannuation fund in which I have a relevant
interest

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate."


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


CHINA CONSTRUCTION: Court Adjourns Petition Hearing
---------------------------------------------------
China Construction Holdings Limited (CIH) announced that the
High Court of the Hong Kong Special Administrative Region has
adjourned the petition hearing held on 17 September 2001 for the
winding up of CIH to 12 November 2001 to allow sufficient time
for CIH to secure note holders' agreement to the restructuring
proposal.

A meeting with all note holders will be held on 25 September
2001, which is to consider, and if thought fit, pass an
extraordinary resolution to approve the restructuring proposal
put forward by the Company.

A further announcement on the progress will be released in due
course, said Managing Director S Chang.


CHINA EXPRESS: Winding Up Petition Hearing Set
----------------------------------------------
The petition to wind up China Express Limited is set for hearing
before the High Court of Hong Kong on November 7, 2001 at 9:30
am.

The petition was filed on August 2, 2001 by China National
Aviation Corporation (Hong Kong) Limited, whose registered
office is situate at CNAC House, 12 Tung Fai Road, Hong Kong
International Airport, Lantau, Hong Kong.


GLAD ON: Winding Up Sought By Yik Sheen
---------------------------------------
Yik Sheen Limited is seeking the winding up of Glad On (Sino-
Overseas) Limited The petition was filed on August 23, 2001, and
will be heard before the High Court of Hong Kong on December 19,
2001.

Yik Sheen holds it registered office at Unit 709, 7th Floor,
Star House, No. 3 Salisbury Road, Tsimshatsui, Kowloon, Hong
Kong.


MANDARIN RESOURCES: EGM To Be Held On October 12
----------------------------------------
Mandarin Resources Corporation Limited (the Company) informed
that an extraordinary general meeting of the shareholders will
be held at the Grand Ballroom II, 1/F., Harbour Plaza Hong Kong,
20 Tak Fung Street, Hung Hom, Kowloon, Hong Kong on 12th
October, 2001 at 9:30 a.m. for the purpose of considering and,
if thought fit, passing the following resolutions, which will be
proposed as special resolutions and an ordinary resolution of
the Company respectively:

SPECIAL RESOLUTIONS

1. "THAT , pursuant to Article 86 of the Memorandum and
Articles of Association of the Company, Mr. Yeung Kang Lam be
removed from office as a director of the Company with immediate
effect."

2. "THAT , pursuant to the Article 86 of the Memorandum and
Articles of Association of the Company, Ms. Yau Wai Fan be
removed from office as a director of the Company with immediate
effect."

ORDINARY RESOLUTION

3. "THAT a general mandate be and is hereby unconditionally
given to the directors of the Company to issue, allot and
dispose of and to make or grant offers, agreements or options
which might require the allotment, issue or disposal of shares
not exceeding 20% of the issued share capital of the Company as
at the date of the passing of this Resolution during the
Relevant Period.

For the purpose of this Resolution, "Relevant Period"
means the period from the passing of this Resolution until
whichever is the earlier of:

(a) the conclusion of the next annual general meeting of
the Company;

(b) the revocation or variation of the authority given
under this Resolution by ordinary resolution of the shareholders
in general meeting; or

(c) the expiration of the period within which the next
annual general meeting of the Company is required, by the
Memorandum and Articles of Association of the Company, the
Companies Ordinance, Chapter 32 of the Laws of Hong Kong or
other applicable law of Hong Kong, to be held."


SINOJET (HK): Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Sinojet (HK) Limited is scheduled to be
heard before the High Court of Hong Kong on November 21, 2001 at
9:30 am.

The petition was filed on August 9, 2001 by Sin Hua Bank
Limited, a banking corporation duly incorporated under the laws
of the People's Republic of China whose branch office is at No.
2A Des Voeux Road Central, Hong Kong.


TAI HING: Petition To Wind Up
-----------------------------
The petition to wind up Tai Hing Laundry Factory Limited will be
heard before the High Court of Hong Kong on October 10, 2001 at
9:30 am. The petition was filed on July 18, 2001 by To Yiu of
Room 1619, Block 7, Verbena Heights, Tseung Kwan O, Kowloon,
Hong Kong.


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


GT PETROCHEM: H101 Net Loss Widens To Rp1.32T
---------------------------------------------
PT GT Petrochem Industries Tbk, posted a consolidated net loss
of Rp1.32 trillion for the first half year ended June 30, 2001,
higher from Rp934.44 billion net loss in the corresponding
period last year. The company's report is unaudited.

  * Net loss Rp1.32 trillion vs loss Rp934.44 billion
  * Net sales Rp1.83 trillion vs Rp1.30 trillion
  * Gross profit Rp252.88 billion vs Rp171.41 billion
  * Operating expenses Rp70.56 billion vs Rp47.71 billion
  * Operating income Rp182.32 billion vs Rp123.70 billion
  * Interest income Rp29.15 billion vs Rp25.28 billion
  * Forex loss Rp1.54 trillion vs loss Rp1.40 trillion
  * Loss per share Rp719 vs loss per share Rp417

According to Wright Investors' Service, at the end of 2000, the
company had negative common shareholder's equity of -1.53
trillion Indonesian Rupiahs. This means that at the present
time, the common shareholders have essentially no equity in the
company.


INDOCEMENT TUNGGAL: Subsidiaries Sale Set To Pay Debt
-----------------------------------------------------
PT Indocement Tunggal Prakarsa plans to divest its shares in two
subsidiaries, Wisma Nusantara and Indominco Mandiri, in order to
repay a debt of $14m by April next year, IndoExchange reported
on September 15, citing the company spokesman.

He added that the company will soon sell its 35 percent stake in
property and hotel company Wisma and 35 percent stake in coal
mining Indominco Mandiri.

Indocement has debts totaling to US$861 million, US$14 million
of them will be due for repayment in April next year. The rest
will mature in 2008.

According to an analysts, the company had to divest its holdings
in the two subsidiaries, as well as divest its non core assets
to improve its efficiency.

German cement maker Heidelberger Zement AG now holds the
controlling shares of Indocement after debt restructuring
program worth of US$150 million.


* IBRA's Oversight Committee Opens Website
------------------------------------------
Indonesian Bank Restructuring Agency's (IBRA) Oversight
Committee (OC) launched www.oc.bppn.co.id, a website to provide
the public with instant access to its activities, Jakarta Post
reported on September 18. The portal started operation last
Thursday.

"The main purpose of the website is to keep the people informed
about everything we've done and are trying to do regarding our
main duty of supervising the agency," the committee's secretary,
Hari Wiyadi, said.

The latest edition of the website reportedly revealed the
committee has finalized its review of 32 major corporate
restructuring schemes hammered out by IBRA, but the Financial
Sector Policy Committee (FSPC), which groups several senior
economics ministers and is in charge of overseeing major
corporate debt restructuring by IBRA, has only announced 14 of
them.

OC, which is charged with overseeing IBRA's operations,
including reviewing the agency's deals, was established in July
last year at the request of the International Monetary Fund
(IMF).


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


ASAHI BANK: Integration Plan With Daiwa Bank Reported
-----------------------------------------------------
Troubled institutions, Asahi Bank and Daiwa Bank have reached a
broad agreement on integrating operations, under the leadership
of the latter, Kyodo News reported Tuesday.

Asahi posted a Y7.8 billion loss last year until March 2001,and
during the same period, Daiwa Bank also posted a loss of Y22
billion.


DAIWA BANK: Denies Talks On Supposed Merger With Asahi
------------------------------------------------------
Daiwa Bank Ltd on Tuesday denied a media report that it had
agreed to set up a joint holding company with Asahi Bank Ltd.

Kyodo News Agency on Tuesday said that the two banks had
essentially agreed to form a joint holding company.

However, a spokesman from the company says that they are still
considering the offer made by Asahi but he still reiterates
nonetheless that no agreement has been made yet, Reuters
reported Monday.


FUJITSU LTD: Posts Operating Loss For July-Sept Period
------------------------------------------------------
A company executive of Fujitsu Ltd., Japan's biggest maker of
business computers, says that the company may report an
operating loss for the three months ending in September as the
U.S. terrorist attacks contributed to slumping sales, Bloomberg
reported Tuesday.

Takashi Takaya, Senior Executive Vice-president, said that
Fujitsu, which already expects a full-year loss, will probably
announce a cut in its forecast for the quarter.


KAWASAKI HEAVY: Calls Off Integration With IHI
----------------------------------------------
Kyodo News reports Wednesday that Kawasaki Heavy Industries Ltd
and Ishikawajima-Harima Heavy Industries Co. (IHI) have called
off a planned integration of both their shipbuilding operations.

Both companies have a history of incurring losses, and as a
result, the long-term debt ratings last year of the two
companies, have been downgraded by Moody's Investor Service from
Baa1 to Baa2.


MYCAL CORPORATION: Court OKs Rehabilitation
-------------------------------------------
Tokyo court has given failed supermarket chain operator Mycal
Corporation the go ahead to pursue prior mandated rehabilitation
procedures, Japan Today reported September 19.

Mycal said in a statement that it will submit a rehabilitation
plan to the court Jan 21, 2002, in a bid to win approval from
creditors and the court by the end of next March.


* Fitch Affirms Ratings For Mizuho Banks, Negative Outlook
----------------------------------------------------------
Fitch, the international rating agency, has affirmed its ratings
of banks in the Mizuho Financial Group as well as the group's
holding company following revised earnings forecasts for the six
months ending September 30th and full fiscal year ending March
2002. (Note that last month Fitch lowered the Individual ratings
of four of the Group's banks and the holding company due to
expectations that loan losses would be higher than originally
anticipated and equity investment values would deteriorate.)

Ratings for Dai-Ichi Kangyo Bank (DKB), Fuji Bank (Fuji),
Industrial Bank of Japan (IBJ) and Mizuho Holdings, Inc. are all
affirmed at 'D/E' Individual, '1' Support, 'A' Long-term and
'F1' Short-term. Also affirmed are the current ratings of Yasuda
Trust and Banking (Yasuda), a subsidiary of Fuji, at 'E'
Individual, '3' Support, 'A-' Long-term and 'F1' Short-term.
Ratings of Mizuho Trust & Banking, which did not change its
earnings forecast, are 'C' Individual, '3' Support, 'A' Long-
term and 'F1' Short-term.

A Negative Outlook remains in place for the Long-term ratings of
each of the banks named above.

The four banks revising their forecasts will each post a net
loss for the interim period ending this month, due to an
increase in loan loss charges to a total of Y1,170 billion. This
is approximately double the May projection and one-third higher
than the revised plan submitted last month to the authorities.
Increased provisions are related to the Group's Mycal exposure
exceeding Y300 billion. (Mycal is a diversified retailing group
with total liabilities of approximately Y1,740 billion , which
filed for bankruptcy protection last week.)

Also, higher loan losses stem from migration of other borrowers
to weaker classifications as well as downward revaluation on
real estate collateral value. On a consolidated basis, the
first-half loss for Mizuho Holdings is now projected to be Y260
billion .

For the full year, the three larger banks as well as Mizuho
Holdings are projected to be marginally in the black, with
bottom line profitability achieved through capital gains from
sales of two US based finance companies, CIT (projected gain of
Y120 billion ) and Heller Financial (projected gain of Y200
billion ). On the other hand, Yasuda is expected to post a net
loss for the full year of Y122 billion  and will receive a Y50
billion  capital injection from Fuji.

Beginning this month, Japanese banks are required to mark their
equity investments to market valuations. At current price levels
this will result primarily in write-downs against equity of
about 60% of the unrealized losses, thus reducing Tier 1
capital. This charge against equity together with the projected
first-half net loss of Y260 billion  is expected to reduce the
capital ratio of Mizuho Holdings to the 10-11% level at
September 30, versus the March-end 2001 ratio of 11.39%.

Amidst deflationary pressure and structural changes in Japan's
economy, which would be accelerated by stagnation of the economy
worldwide, not only Mizuho but also all of the Japanese banks
are facing serious challenges.

Contact: Reiko Toritani; Philip Jones; Takayuki Takahashi,
Tokyo, Tel: +813 3288 2628, David Marshall, Hong Kong, +852 2263
9963, Brett Hemsley, London, Tel:+44 (0) 20 7 417 3494, Fred
Puorro, New York, Tel:+1 212 908 0500


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


DAEWOO MOTOR: Agreement On Sales To GM Out This Week
----------------------------------------------------
Deputy Prime Minister Jin Nyum said Tuesday that Daewoo Motor's
creditor banks and General Motors (GM) of the United States are
expected to sign a memorandum of understanding for much awaited
sales of the Korean company to the U.S. carmaker before the week
ends, The Digital Chosun reported Wednesday.

Heading the sales talks is Daewoo Motor's largest creditor,
Korea Development Bank.

The memorandum will set forth that GM will pay US$1 billion to
acquire Daewoo's Gunsan and Changwon plants in Korea, overseas
sales network, and after-service network, while the Korean
government will extend a package of incentives and tax breaks to
GM.

The memorandum also specifies that the operation of Daewoo's
main Bupyeong plant would be undertaken by GM on a commission
basis.  Moreover, the agreement states that the creditors and GM
will resume discussion on the sales of the main plant in the
future when its operation improves.

A new Firm will also be set up to absorb the Daewoo plants and
operational networks to be sold and that GM will hold 67 percent
equity and the Korean creditors 33 percent in the firm.


HYNIX SEMICONDUCTORS: New Loans Expected Soon
---------------------------------------------
Ailing chipmaker Hynix Semiconductor Inc. is expected to receive
fresh loans from creditor banks within two to three months,
Maeil Business Newspaper reported Tuesday citing unnamed
officials of the company's creditors.

The officials said that such credit is desperately needed for
Hynix to survive, however the move to extend new credit to the
company will be reinitiated soon enough.

At a meeting held on Sept. 14, creditors failed to reach an
agreement to provide new cash to the ailing chipmaker due to the
worsening industry situation following the terrorist attacks on
the United States.


HYUNDAI MOTOR: Affiliate Eyes More Ties With Foreign Firms
----------------------------------------------------------
LG Investment and Securities said that Hyundai Motor affiliate
Hyundai Hysco Co is looking to form additional strategic
alliances with other foreign firms in order to maximize
production efficiency, Korea Herald reported Wednesday.

The company's steel pipe unit, which is already allied with
Kawasaki Steel of Japan, underwent structural reform this year
and is expected to improve its performance due to the
enhancement of price competitiveness brought on by a fall in
production materials.


KOREA HIGHWAY: Debt Doubles In 3 Years   
--------------------------------------  
The Korea Herald reports September 19 that the debt of Korea
Highway Corp has doubled in three years, from W6.7 trillion in
1998 to figures expecting to reach W13.6 trillion by the end of
the year.

The end of year figure is expected to exceed its capital of
W12.4 trillion by W1 trillion. Interest payments alone reached
W931.8 billion last year.

The debt is composed of bonds worth 10.08 trillion won,
government loans of 1.27 trillion won and private loans of 138.8
billion won. Interest-bearing debt amounts to 11.48 trillion
won, while non-interest-bearing liabilities, such as deposits
for operating rest areas, total 421.4 billion won.


LG GROUP: Unit Wins $400M Project In Iran   
-----------------------------------------  
LG Group subsidiary, LG Engineering and Construction, announced
that it has been awarded, by Iran's state-run petrochemical
corporation, a $400 million plant project on a turn-key basis.

Specifically, LG will undertake the construction of a 660
million MW power plant, an industrial gas plant, a desalination
plant capable of processing 6,000 tons of seawater per day and  
several other support facilities for a petrochemical complex in
the Middle Eastern country.

Specifically, LG will build a 660 million MW power plant, an
industrial gas plant, a desalination plant capable of processing
6,000 tons of seawater per day and other facilities.

The company hopes to start construction in October and complete
the project in May 2004.

LG has received a total of 773.5 billion won in overseas
projects so far this year, topping its target of 587 billion won
for the whole of this year.

On July 5, TCR-AP reported the debts of LG Group's non-financial
units now stand at W35.74 trillion, as opposed to assets of
W11.57 trillion.


* Creditor Banks Pick 45 Ailing Firms For Liquidation
-----------------------------------------------------
Ever since creditor banks launched a year-round screening of
ailing businesses, a total of 116 firms have been selected for
liquidation and 45 of these, including three listed ones, are to
be liquidated soon.

The Financial Supervisory Service (FSS) announced Tuesday that
the firms have been selected from a total of 369 poorly
performing companies. The banks are to complete their
evaluations of an additional 147 firms by the end of September.

Of the 45 firms, the creditor banks applied for the withdrawal
of court receivership steps for two companies and court
mediation procedures for 23 firms, and decided to sell off or
merge the remaining 13, the Digital Chosun reported Tuesday.


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


ABRAR CORPORATION: Payment Status Unchanged
-------------------------------------------
Abrar Corporation Berhad announced that there has been no change
to the status in payment since the Company's previous
announcement made on 3 August 2001.

The Company has been placed under the management of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditor may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2002.

The Special Administrators of the Company are currently in the
midst of preparing a corporate debt restructuring exercise
(Workout Proposal) for the Company pursuant to Section 44 of the
Danaharta Act. The Workout Proposal will address the Company's
default in payments.


DENKO INDUSTRIAL: Faces Writ Of Summons Over Defaulted Payments
---------------------------------------------------------------
Denko Industrial Corporation Berhad (Denko) informed that Skiva
Holdings Sdn Bhd (Skiva), a wholly owned subsidiary of Denko and
Denko had been served a writ of summons and statement of claims
on 14 September 2001, filed by Arab-Malaysian Bank Berhad in the
Kuala Lumpur High Court, Suit No. D6-22-1518-2001 for a sum of
RM1,447,473.55 and continuing interest, allegedly due from
default in payment for a Term Loan facility extended to Skiva
Holdings Sdn Bhd. The facility is secured against a corporate
guarantee by Denko.

The expected losses are:

1) The plaintiff's claim against Skiva and Denko jointly and
severally are for the followings:

   a) the sum of RM1,447,473.55 with interest thereon at the
prescribed rate 2.5 percent p.a. above the plaintiff's base
lending rate and default interest of 1 percent calculated from 1
June 2001 until the date of full settlement.

   b) Costs

   c) Such further or other relief as this Honorable Court
thinks fit.

2) Legal fees arising from the defending of the suit.


ESPRIT GROUP: KLSE Grants Requisite Announcement Time Extension
---------------------------------------------------------------
Esprit Group Berhad announced that the Company's application to
the Kuala Lumpur Stock Exchange (Exchange) for an extension of
time to make the Requisite Announcement pursuant to Practice
Note No. 4/2001 has been approved by the Exchange.

The Exchange has approved an extension of 2 months from 26
August 2001 to 25 October 2001 to enable the Company to announce
its Requisite Announcement to the Exchange for public release.


MYCOM BERHAD: Requests Workout Plan Completion Extension
--------------------------------------------------------
The Board of Directors of Mycom Berhad (Mycom or Company)
announced that the Company has sought an extension of time from
the Kuala Lumpur Stock Exchange (KLSE) to obtain the necessary
approvals from the regulatory authorities for another two (2)
months up to 20 November 2001.

The Company will make further announcements as and when new
development in relation to the proposed restructuring exercise
arises.

On 6 August 2001, the Board of Directors of Mycom announced that
the KLSE had, via its letter dated 3 August 2001, approved the
extension of time from 21 July 2001 to 20 September 2001 for the
Company to obtain all the necessary approvals from the
regulatory authorities.

The Company submitted the application in respect to the revised
proposed restructuring scheme to the Securities Commission on 20
July 2001 and to the Foreign Investment Committee/ Ministry of
International Trade and Industry on 30 August 2001. The
approvals from the regulatory authorities are still pending.


NCK CORPORATION: Unit Placed Under Provisional Liquidation
----------------------------------------------------------
Special Administrators Archer Corporate Services Sdn Bhd, on
behalf of NCK Corporation Berhad (NCK), parent company of NCK-
Astarlite Sdn Bhd (NCKASB), informed:

   (i) NCKASB, on 13 August 2001, made an application for stay
under Section 222 of the Companies Act, 1965 (the Act) as the
appeal to the Court of Appeal made on 4 December 2000 regarding
the summary judgment given on 3 October 2000, is still pending
and as such, the winding-up proceedings should be stayed.

   (ii) NCKASB has also opposed the granting of the winding-up
order.

   (iii) The Kuala Lumpur High Court (the Court), in the hearing
held on 18 September 2001, dismissed NCKASB's application under
Section 222 of the Act and has granted the order for the winding
up of NCKASB.

   (iv) As such, NCKASB has been wound up by an order of the
Court on 18 September 2001 and the administration of NCKASB's
assets has been placed under the care of the Official Receiver
as provisional liquidator.


OLYMPIA INDUSTRIES: Seeks Workout Plan Finalization Extension
-------------------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB or
Company) announced that the Company has sought an extension from
the Kuala Lumpur Stock Exchange (KLSE) to obtain the necessary
approvals from the regulatory authorities for another two (2)
months up to 20 November 2001.

The Company will make further announcements as and when new
development in relation to the proposed restructuring exercise
arises.

On 6 August 2001, the Board of OIB announced that the KLSE had,
vide its letter dated 2 August 2001, approved the extension of
time from 26 June 2001 to 20 September 2001 for the Company to
obtain all the necessary approvals from the regulatory
authorities.

The Company had submitted the application in respect to the
revised proposed restructuring scheme to the Securities
Commission on 20 July 2001 and to the Foreign Investment
Committee/ Ministry of International Trade and Industry on 30
August 2001. The approvals from the aforesaid regulatory
authorities are still pending.


RHB CAPITAL: Subsidiary Struck, Dissolved
-----------------------------------------
RHB Capital Berhad (RHB Capital or the Company) announced that
Rashid Hussain Securities Limited (RHSL), an indirect wholly-
owned subsidiary of the Company, was struck from the register of
companies and dissolved on 18 September 2001 pursuant to Section
652A of the Companies Act, 1985 of England and Wales.

The striking-off and dissolution of RHSL was made pursuant to an
application by RHSL for voluntary striking-off and dissolution.
The notice of striking-off and dissolution of RHSL was received
from the Registrar of Companies, Cardiff, Wales on 14 September
2001.

RHSL was a dormant company that ceased operations on 23 June
1999.

With the striking-off and dissolution, RHSL ceases to be an
indirect wholly owned subsidiary of RHB Capital.

The striking-off and dissolution of RHSL will not have any
impact on the consolidated earnings of the RHB Capital Group for
the current financial year ending 30 June 2002.


SENG HUP: Updates Proposed Corporate, Debt Restructuring Plan
-------------------------------------------------------------
The Special Administrators of Seng Hup Corporation Berhad  
("Shcb" Or The "Company") announced that on 30 August 2001 they
entered into agreements to effect changes to the Proposed
Corporate and Debt Restructuring Scheme:

  (i) a Deed of Novation between the SA, GCS, Investor and Tri
Harvest to novate the obligations of GCS pursuant to the MOU
entered into on 4 September 2000 to the Investor jointly and
severally together with Tri Harvest and subsequently release and
discharge GCS from the terms and conditions of the MOU; and

  (ii) a Deed of Novation between the SA, Vendors, Newco, GCS,
the Investor and Tri Harvest to novate the obligations of GCS
pursuant to the conditional SPA entered into on 21 February 2001
pursuant to the Proposed Acquisition to the Investor jointly and
severally together with Tri Harvest and subsequently release and
discharge GCS from the terms and conditions of the conditional
SPA.

In addition, the SA also on 30 August 2001, entered into a
management agreement with the Investor, jointly and severally
together, with Tri Harvest to appoint the Investor jointly and
severally. Tri Harvest will be the manager for SHCB operations
until the implementation of the Proposed Corporate and Debt
Restructuring Scheme.

Accordingly, on behalf of SHCB, CIMB announced that the SA had
on 14 September 2001 received the approval from Danaharta on the
Proposed Corporate and Debt Restructuring Scheme.

The Proposed Corporate and Debt Restructuring Scheme involves,
inter-alia, the following:

   (i) a proposed capital reconstruction of SHCB involving the
following:

     (a) a proposed capital reduction exercise to reduce the
issued and paid-up share capital of SHCB from RM19,998,000
comprising 19,998,000 ordinary shares of RM1.00 each to
RM1,999,800 comprising 19,998,000 of RM0.10 each in SHCB by
cancellation of RM0.90 of the par value of each ordinary share
of RM1.00 each in SHCB (fractions, if any, will be disregarded),
thus reducing the par value to RM0.10 per share and the
subsequent consolidation of every ten (10) ordinary shares of
RM0.10 each shall be consolidated into one (1) ordinary share of
RM1.00 each, upon which the sum of RM1.00 each shall be credited
as having been fully paid-up, thereby consolidating the
19,998,000 ordinary shares of RM0.10 each into 1,999,800
ordinary shares of RM1.00 each ("Consolidated SHCB Shares")
("Proposed Capital Reduction and Consolidation");

     (b) a proposed write-off of the entire reserve account of
SHCB of RM1,029,524 to reduce the accumulated losses of SHCB
amounting to RM56,021,197 as at the 9 September 1999 ("Cut-Off
Date") to RM36,993,473 ("Proposed Reserve Reduction"); and

     (c) a proposed exchange of ordinary shares of RM1.00 each
in SHCB ("SHCB Shares") for new ordinary shares of RM1.00 each
in Newco ("Newco Shares") whereby the shareholders of SHCB will
have their respective Consolidated SHCB Shares cancelled and
replaced by new Newco Shares on the basis of one (1) new Newco
Share for every one (1) Consolidated SHCB Share ("Proposed Share
Exchange");

(collectively referred to as the "Proposed Capital
Reconstruction");

   (ii) a proposed capital issues principally involving:

     (a) a proposed renounceable rights issue to the existing
shareholders of SHCB of up to 19,998,020 new Newco Shares
credited as fully paid-up at an issue price of RM1.00 per share
on the basis of ten (10) new Newco Shares for every one (1)
Newco Share held after the Proposed Capital Reconstruction
("Rights Shares"), together with 19,998,020 free detachable
warrants on the basis of one (1) warrant for every one (1) new
Rights Share subscribed ("Proposed Rights Issue");

     (b) a proposed restricted issue of 7,000,000 new Newco
Shares of RM1.00 each to selected investors at an issue price of
RM1.00 per share ("Restricted Issue Shares"), together with
7,000,000 free detachable warrants on the basis of one (1)
warrant for every one (1) Restricted Issue Share subscribed
("Proposed Restricted Issue"); and

     (c) a proposed issue of 13,000,000 new Newco Shares of
RM1.00 each to approved Bumiputera investors at an issue price
of RM1.00 per share ("Special Issue Shares"), together with
13,000,000 free detachable warrants on the basis of one (1)
warrant for every one (1) Special Issue Share subscribed
("Proposed Special Issue");

(collectively referred to as "Proposed Capital Issues");

   (iii) a proposed transfer of SHCB's listing status on the
Kuala Lumpur Stock Exchange ("KLSE") to Newco ("Proposed Listing
Transfer");

   (iv) a proposed debt restructuring of SHCB liabilities which
involves, inter-alia, the set-off of assets/securities as part
settlement of debts ("Proposed Set-Off") and provision of
contingent liabilities arising from legal claims ("Proposed Debt
Provision"), a waiver of interests accrued up to the day the
proposed debt restructuring becomes effective ("Effective Date")
and the full settlement of the remaining SHCB's indebtedness by
way of cash and issuance of securities by Newco ("Proposed Debt
Restructuring"); and

   (v) a proposed acquisition of the entire equity interest in
JSB ("Proposed Acquisition");

(collectively referred to as "Proposed Corporate and Debt
Restructuring Scheme").

The Proposed Capital Reconstruction, the Proposed Capital
Issues, the Proposed Listing Transfer and the Proposed Debt
Restructuring are inter-conditional.

The Proposed Acquisition is conditional upon the Proposed
Capital Reconstruction, the Proposed Capital Issues, the
Proposed Listing Transfer and the Proposed Debt Restructuring.

Background

On 9 September 1999 pursuant to Section 24 of the Pengurusan
Danaharta Nasional Berhad Act, 1998 and Pengurusan Danaharta
Nasional Act (Amendment) Act, 2000 ("Danaharta Act"), Pengurusan
Danaharta Nasional Berhad ("Danaharta") appointed Mr. Tan Kim
Leong, JP and Mr. Siew Kah Toong of BDO Binder as the Special
Administrators ("SA") of SHCB, to inter-alia, manage the affairs
of the Company. The primary objective of the SA is to preserve
the assets of SHCB and to formulate a corporate and debt
restructuring proposal that maximizes returns to all
stakeholders.

On 3 April 2000, the SA announced that SHCB had on the same day
entered into a conditional memorandum of understanding with Mr.
Goh Chin Soon ("GCS"), a director of SHCB and the vendors of
Brightway Holdings Sdn. Bhd. ("BHSB") and Laglove (M) Sdn. Bhd.
("LSB"), whereby they will participate in the Proposed Corporate
and Debt Restructuring Scheme (hereinafter defined). The
memorandum of understanding was entered into with the intention
of setting the key areas of agreement pending the finalization
and approval of the Proposed Corporate and Debt Restructuring
Scheme. The memorandum of understanding was conditional upon the
approval of Danaharta and secured creditors of SHCB, approval
from all relevant authorities and shareholders of SHCB as well
as satisfactory due diligence audit on BHSB and LSB.

SHCB on 4 September 2000 entered into a conditional Memorandum
of Understanding with GCS to participate in the Proposed
Corporate and Debt Restructuring Scheme and to procure the
proposed acquisition of the entire equity interests in BHSB and
LSB and to consider the sale and transfer of shares in Juriman
Sdn. Bhd. ("JSB") ("MOU").

On 26 February 2001, Commerce International Merchant Bankers
Berhad ("CIMB") on behalf of SHCB announced that the SA, on
behalf of SHCB together with Natural Prestige Sdn. Bhd.
("Newco") had on 21 February 2001 entered into a conditional
Sale and Purchase Agreement ("SPA") with Chong Chen Thiam and
Lim Lai Wah (collectively known as the "Vendors") to acquire the
entire equity interest in JSB comprising 79,000,000 ordinary
shares of RM1.00 each in JSB ("Sale Shares"), for a total
purchase consideration of RM79,000,000 or approximately RM1.00
per Sale Share to be satisfied through the issuance of
79,000,000 new ordinary shares of RM1.00 each in Newco
("Consideration Shares") ("Proposed Acquisition"). The Proposed
Acquisition is conditional upon the Proposed Corporate and Debt
Restructuring Scheme which was being finalized at the time the
conditional SPA was signed.

On 14 March 2001, CIMB on behalf of SHCB announced that the SA
had on 5 March 2001, received a letter dated on the even date
that the vendors of BHSB and LSB have decided not to participate
with the Proposed Corporate and Debt Restructuring Scheme. After
deliberation between the SA and GCS, being the person who would
procure the proposed acquisition of the entire equity interests
in BHSB and LSB, the SA and GCS had on 14 March 2001 decided to
abort the said proposed acquisitions.

On 30 August 2001 and 3 September 2001, the SA, on behalf of
SHCB announced that Hamid bin Man ("Investor") and his company,
Tri Harvest Holdings Sdn. Bhd. ("Tri Harvest") has been
appointed to jointly and severally perform the obligations of
GCS under the terms and conditions of the MOU on 30 August 2001.

DETAILS OF THE PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME

Proposed Capital Reconstruction

The Proposed Capital Reconstruction comprises the following:

Proposed Capital Reduction and Consolidation and Proposed
Reserve Reduction

The Proposed Capital Reduction and Consolidation encompasses a
capital reduction exercise to reduce the issued and paid-up
share capital of SHCB from RM19,998,000 comprising 19,998,000
ordinary shares of RM1.00 each to RM1,999,800 comprising
19,998,000 of RM0.10 each in SHCB by the cancellation of RM0.90
of the par value of each ordinary share of RM1.00 each in SHCB
(fractions, if any, will be disregarded), thus reducing the par
value to RM0.10 per share.

Thereafter, the issued and paid-up share capital of SHCB shall
be consolidated such that every ten (10) ordinary shares of
RM0.10 each shall be consolidated into one (1) ordinary share of
RM1.00 each, upon which the sum of RM1.00 each shall be credited
as having been fully paid-up, thereby consolidating the
19,998,000 ordinary shares of RM0.10 each into 1,999,800
ordinary shares of RM1.00 each.

The Proposed Capital Reduction and Consolidation also entails a
Proposed Reserve Reduction with the write-off of the entire
revaluation reserve account of SHCB of RM1,029,524 to reduce the
accumulated losses of SHCB amounting to RM56,021,197 as at the
Cut-Off Date.

The Proposed Capital Reduction and Consolidation and the
Proposed Reserve Reduction would give rise to an aggregate
credit of up to RM19,027,724 which would be utilized to reduce
the accumulated losses of SHCB as at the Cut-Off Date from
RM56,021,197 to RM36,993,473.

Proposed Share Exchange

Upon completion of the Proposed Capital Reduction and
Consolidation and Proposed Reserve Reduction, the shareholders
of SHCB will have their respective Consolidated SHCB Shares
cancelled and replaced by new Newco Shares on the basis of one
(1) new Newco Share for every one (1) Consolidated SHCB Share.

The credit arising as a result of the cancellation of the
1,999,800 Consolidated SHCB Shares amounting to RM1,999,800
shall be applied to pay up in full the issue of 1,999,800 new
ordinary shares of RM1.00 each in SHCB to be allotted and issued
to Newco, making SHCB a wholly-owned subsidiary of Newco.

The above will result in Newco's issued and paid-up share
capital increasing to RM1,999,802 comprising 1,999,802 Newco
Shares from the existing RM2 comprising two (2) Newco Shares.

Proposed Capital Issues

Proposed Rights Issue

Upon completion of the Proposed Capital Reconstruction, Newco
proposes to implement a renounceable rights issue to the
existing shareholders of SHCB of up to 19,998,020 new Newco
Shares credited as fully paid-up at an issue price of RM1.00 per
share on the basis of ten (10) new Newco Shares for every one
(1) Newco Share held after the Proposed Capital Reconstruction,
together with 19,998,020 free detachable warrants on the basis
of one (1) warrant for every one (1) new Rights Share
subscribed.

The Rights Shares shall upon allotment and issuance, rank pari
passu in all respects with the existing Newco shares in issue,
save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions prior
to the date at the close of business on which shareholders must
be registered in order to participate in any dividends, rights,
allotments and/or other distributions ("Entitlement Date").

Proposed Restricted Issue

Newco also proposes to implement a restricted issue of 7,000,000
new Newco Shares of RM1.00 each to the selected investors at an
issue price of RM1.00 per share, together with 7,000,000 free
detachable warrants on the basis of one (1) warrant for every
one (1) Restricted Issue Share subscribed.

The Restricted Issue Shares shall upon allotment and issuance,
rank pari passu in all respects with the existing Newco Shares,
save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions prior
to the Entitlement Date. The Restricted Issue Shares will not be
entitled to the Proposed Rights Issue.

Proposed Special Issue

Newco also proposes to issue 13,000,000 new Newco Shares of
RM1.00 each to Bumiputera investors (to be approved by the
Ministry of International Trade and Industry) at an issue price
of RM1.00 per share, together with 13,000,000 free detachable
warrants on the basis of one (1) warrant for every one (1)
Special Issue Share subscribed.

The Special Issue Shares shall upon allotment and issuance, rank
pari passu in all respects with the existing Newco Shares, save
and except that they shall not be entitled to any dividends,
rights, allotments and/or other distributions prior to the
Entitlement Date. The Special Issue Shares will not be entitled
to the Proposed Rights Issue.

The total of up to 39,998,020 warrants to be issued together
with the Rights Shares, Restricted Issue Shares and Special
Issue Shares pursuant to the Proposed Rights Issue, Proposed
Restricted Issue and Proposed Special Issue will have a tenure
of five (5) years.

The principal indicative salient terms of the 39,998,020
warrants to be issued pursuant to the Proposed Capital Issues
and the 13,979,750 free detachable warrants to be issued
pursuant to the Proposed Debt Restructuring by Newco (details of
which is set out in Section 2.4 of this announcement)
(collectively referred to as "Warrants") are set out in Table 1.
(http://www.bankrupt.com/misc/Seng_Hup.html)

The total maximum gross proceeds arising from the Proposed
Capital Issues of RM39,998,020 will be utilized as set out in
Table 2.  (http://www.bankrupt.com/misc/Seng_Hup.html)

Proposed Listing Transfer

Upon completion of the Proposed Capital Reconstruction and
Proposed Capital Issues, it is proposed that the listing status
of SHCB be transferred to Newco, which will result in the
Consolidated SHCB Shares being delisted, and the Newco Shares
being listed on the Second Board of the KLSE. Upon completion of
the Proposed Listing Transfer, the management and control of
Newco will be handed over by the SA to the new board of
directors of Newco to be appointed by the SA at the nomination
of the Investor and Vendors and the SA's appointment will be
discharged accordingly by the Oversight Committee (as defined in
the Danaharta Act).

However, the Proposed Listing Transfer is subject to the
requirements set out in the Policies and Guidelines on
Issue/Offer of Securities issued by the SC ("SC Guidelines") and
Section 3.05 of the KLSE Listing Requirements which provides
that 25 percent of the issued and paid-up share capital shall be
held by public shareholders consists of a minimum of 1,250
shareholders (excluding the employees of the company) holding
not less than 1,000 shares each. In the event that the Newco is
unable to meet the public shareholding requirement, the Vendors
will undertake to dispose through the open market or through an
off market placement such number of Newco Shares which will be
allotted to the Vendors under the Proposed Acquisition in order
to comply with the said requirements.

Proposed Debt Restructuring and Proposed Put Option

The Proposed Debt Restructuring involves the restructuring of
the outstanding debts of SHCB only. The amount of debts
outstanding owing by the subsidiaries and associated companies
of SHCB is excluded from the Proposed Debt Restructuring and
will be settled separately should the Vendors wish to ensure the
continued going concern of the respective companies. In the
event that the Vendors decide to wind-up the subsidiaries or
associated companies, the outstanding debts of these companies
will be settled in the course of liquidation, in accordance with
the Companies Act, 1965 ("Act") and the Companies Winding-Up
Rules, 1972.

The creditors of SHCB whose debts are outstanding as at the Cut-
Off Date after the Proposed Set-Off and the Proposed Debt
Provision comprising preferential creditors, corporate guarantee
creditors, contingent liabilities creditors, unsecured bank
creditors and unsecured creditors ("Scheme Creditors") under the
Proposed Debt Restructuring represent creditors of SHCB and
creditors arising from the following:

(a) Proposed Set-Off

The Proposed Set-Off involves the following:

   (i) setting off of the assets owned by the subsidiaries of
SHCB comprising office buildings and shoplots valued at
RM10,528,000 which are currently secured against the banking
facilities extended to subsidiaries of SHCB namely Nazar
Holdings Sdn. Bhd. ("NHSB"), Dasar Jernih Sdn. Bhd. ("DJSB") and
PT Krisindo Mas ("PTK") amounting to a total of RM17,058,826 as
at Cut-Off Date. This entire amount is further secured against a
corporate guarantee provided for by SHCB. The details of the
assets and value ascribed thereto to be set-off against the debt
owing under the banking facilities are as set out in Table 3.
(http://www.bankrupt.com/misc/Seng_Hup.html)

The values of the assets to be set-off are based on the
valuation appraised by Messrs. Khong & Jaafar Sdn. Bhd. for the
assets under NHSB and DJSB on 3 May 2001 and 10 May 2001 and
Messrs. Colliers Jardine Indonesia for the asset under PTK on 8
June 2001.

The remaining debt of RM6,530,826 million after the proposed
asset set-off will be settled by SHCB under the Proposed Debt
Restructuring. The respective corporate guarantee creditors
shall deal with their collateral pursuant to the powers and
remedies vested upon them under the security document. Any
shortfall arising from the realization of the assets will be
settled by the respective subsidiaries accordingly.

   (ii) setting off of the hire purchase assets valued at
RM250,000 under the hire purchase agreement with PLC Credit &
Factoring Sdn. Bhd. as part settlement of the total debt
outstanding as at the Cut-Off Date of RM1,408,042.

The remaining debt outstanding of RM1,158,042 owing to PLC
Credit & Factoring Sdn. Bhd. after the proposed asset set-off
and the debt outstanding to Showa Credit Leasing (M) Sdn. Bhd.
amounting to RM54,649 will be settled by SHCB under the Proposed
Debt Restructuring.

(b) Proposed Debt Provision

The Proposed Debt Provision amounting to a total of RM6,161,496
of contingent liabilities on a no admission of liabilities basis
arising from legal claims filed against SHCB which involves the
following:

   (i) the proposed provision of RM628,956 arising from legal
claims against SHCB by its former employees due to wrongful
dismissal;

   (ii) the proposed provision of RM5,000,000 arising from legal
claims against SHCB by Chan Chai Tiam due to defamation suit;

   (iii) the proposed provision of RM67,000 arising from legal
claims against SHCB by Movil Enterprise Sdn. Bhd. due to dispute
on trading debts; and

   (iv) the proposed provision of RM465,540 arising from legal
claims against SHCB by Sri Dewa Sdn. Bhd. due to dispute on
outstanding lease rental.

The Proposed Set-Off and the Proposed Debt Provision will be
implemented in conjunction with the Proposed Debt Restructuring.

Other creditors to be settled under the Proposed Debt
Restructuring involve the unsecured bank creditors who have
extended banking facilities to SHCB, unsecured trade creditors
arising from the normal business operations of SHCB and
unsecured creditors comprising non-trade creditors, hire
purchase creditors and inter-company creditors of SHCB. As at
the Cut-Off Date, the amount owing to the subsidiaries by SHCB
to be settled under the Proposed Debt Restructuring is
RM3,320,074. A proof of debt exercise for creditors of SHCB to
file in their respective claims against SHCB has been undertaken
and completed on 8 August 2001.
The Proposed Debt Restructuring provisionally comprises debt
settlements to five (5) categories of Scheme Creditors after the
Proposed Set-Off and the Proposed Debt Provision as set out in
Table 4. (http://www.bankrupt.com/misc/Seng_Hup.html)

The total amount of RM88,408,336 remaining debt outstanding
after the Proposed Set-Off and the Proposed Debt Provision which
includes the principal amount, interest, penalty interest and
other charges accrued up to the Cut-Off Date ("Scheme
Liabilities") will be restructured and repaid based on the
following terms:

(a) Interests and penalty charges (if any) accrued from the Cut-
Off Date up to the Effective Date will be waived;

(b) Proceeds from the Proposed Capital Issues will be used to
repay part of the Scheme Liabilities amounting to RM32,489,336
as follows;

   (i) preferential creditors;

   (ii) unsecured creditors with total indebtedness amounting to
RM1,500 and less;

   (iii) as part settlement to the remaining amount owing to
unsecured creditors (excluding (i) and (ii) above); and

   (iv) as settlement to the creditors whose entitlement to
ICULS (as defined below) will be rounded down to the nearest
thousand. As such the balance not settled through the issuance
of ICULS will be settled by cash.

(c) Part of the Scheme Liabilities of up to RM55,919,000 will be
converted into RM55,919,000 nominal value of Irredeemable
Convertible Unsecured Loan Stocks ("ICULS") together with
13,979,750 free detachable warrants on the basis of one (1)
warrant for every four (4) ICULS allotted. Up to RM28,295,000 of
ICULS issued will have an attached put option with an
exercisable put option of fourteen (14) days commencing from the
first anniversary from the date of issuance ("Put Option").

Each creditors' entitlement to the ICULS will be rounded
downwards to the nearest thousand to ensure that no odd lots
will be issued to each individual creditor. The balance of the
total debt outstanding not settled through the issuance of ICULS
amounting to RM57,788 will be settled by way of cash proceeds
from the Proposed Capital Issues mentioned in (b) (iv) above.

The inter-company creditors who will be receiving the ICULS as
part of the debt settlement for the inter-company debts will not
be able to convert the ICULS allotted to them into new Newco
Shares in accordance with Section 17(1) of the Act which
prohibits the allotment or transfer of shares in a holding
company to its subsidiaries. Therefore, the inter-company
creditors will undertake to dispose the ICULS.

The details of the proposed debt settlement for each of the
categories of Scheme Creditors are as follows:

(a) Preferential Creditors

The debts amounting to RM2,207,515 owing to the preferential
creditors as at the Cut-Off Date will be settled in full, as
would be under a liquidation scenario pursuant to Section 292 of
the Act via the cash proceeds from the Proposed Capital Issues.

However, the amount of debts owing to the preferential creditors
to be settled is subject to the assessment of the Inland Revenue
Board. In the event that the amount assessed is higher than the
total preferential debts provided for, the Vendors will
undertake to settle the difference through the ordinary course
of business.

(b) Unsecured Bank Creditors

The debts amounting to RM64,017,918 owing to the unsecured bank
and trade creditors as at the Cut-Off Date will be settled based
on the following terms:

   (i) All interest and penalty charges (if any) accruing from
the Cut-Off Date up to the Effective Date will be waived;

   (ii) Approximately 35 percent or RM22,365,918 (including
RM2,237 cash settlement for odd lots ICULS) will be paid via the
proceeds from the Proposed Capital Issues;
  
   (iii) Approximately 65 percent or RM41,652,000 will be
converted into RM41,652,000 nominal value ICULS together with
10,413,000 free detachable warrants on the basis of one (1)
warrant for every four (4) ICULS allotted. Up to RM21,076,000 of
the ICULS will have attached to them a Put Option; and

   (iv) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with SHCB
shall be superseded by this scheme.

(c) Unsecured Creditors

The debts amounting to RM9,490,581 owing to the unsecured
creditors as at the Cut-Off Date will be settled based on the
following terms:

   (i) All interest and penalty charges (if any) accruing from
the Cut-Off Date up to the Effective Date will be waived;

   (ii) Approximately RM37,192 will be paid via the proceeds
from the Proposed Capital Issues to settle the unsecured trade
and non-trade creditors with debt owing of RM1,500 and less
each;

   (iii) Approximately 35 percent of the remaining Unsecured
Debts after (ii) above or RM3,438,389 (including RM49,097 cash
settlement for odd lots ICULS) will be paid via the proceeds
from the Proposed Capital Issues;

   (iv) Approximately 65 percent or RM6,015,000 will be
converted into RM6,015,000 nominal value ICULS together with
1,503,750 free detachable warrants on the basis of one (1)
warrant for every four (4) ICULS allotted. Up to RM3,044,000 of
the ICULS will have attached to them a Put Option; and

   (v) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with SHCB
shall be superseded by this scheme.

(d) Corporate Guarantee Creditors

The remaining debts amounting to RM6,530,826 owing to the
creditors with corporate guarantee given by SHCB as at the Cut-
Off Date will be settled based on the following terms:

   (i) All interest and penalty charges (if any) accruing from
the Cut-Off Date up to the Effective Date will be waived;

   (ii) Approximately 35 percent or RM2,282,826 (including
RM1,382 cash settlement for odd lots ICULS) will be paid via the
proceeds from the Proposed Capital Issues;

   (iii) Approximately 65 percent or RM4,248,000 will be
converted into RM4,248,000 nominal value ICULS together with
1,062,000 free detachable warrants on the basis of one (1)
warrant for every four (4) ICULS allotted. Up to RM2,149,000 of
the ICULS will have attached to them a Put Option; and

   (iv) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with SHCB
shall be superseded by this scheme.

(e) Contingent Creditors

The contingent liabilities amounting to RM6,161,496 owing to the
contingent creditors as at the Cut-Off Date will be settled
based on the following terms:

   (i) All interest and penalty charges (if any) accruing from
the Cut-Off Date up to the Effective Date will be waived;

   (ii) Approximately 35 percent or RM2,157,496 (including
RM5,072 cash settlement for odd lots ICULS) will be paid via the
proceeds from the Proposed Capital Issues;

   (iii) Approximately 65 percent or RM4,004,000 will be
converted into RM4,004,000 nominal value ICULS together with
1,001,000 free detachable warrants on the basis of one (1)
warrant for every four (4) ICULS allotted. Up to RM2,026,000 of
the ICULS will have attached to them a Put Option; and

   (iv) All previous arrangements, agreements, compromises,
commitments, negotiations and moratoria entered into with SHCB
shall be superseded by this scheme.

The entitlement of the contingent creditors under the Proposed
Debt Restructuring of the debt settlement will be allocated to a
stakeholder. Their respective cash entitlement will only be
released and the respective ICULS and warrants will only be
transferred to the respective contingent creditors in the event
that the legal cases against SHCB are successful for an amount
no more than the amount allocated in the Proposed Debt
Restructuring.

In the event that the amount successfully claimed is less than
the amount provided for, the allocated entitlement of the
contingent creditors will be proportionately reduced. The excess
ICULS and warrants will be returned and cancelled by Newco.
Likewise, in the event that the amount proven is more than
provided for, the allocated entitlement of the contingent
creditors will be deemed to be full and final settlement.

The ICULS and warrants to be allocated to the contingent
creditors will be placed under moratorium. The moratorium will
be lifted once the claim is successful and the respective
entitlements will be released to the contingent creditors.

In the event that the claims are not established and confirmed
after a period of three (3) years from the Effective Date, the
cash entitlement and any interest accrued held by the
stakeholder will be returned to SHCB/Newco whilst the
entitlement to ICULS and warrants will lapse.

The principal indicative salient terms of the ICULS and warrants
to be issued pursuant to the Proposed Debt Restructuring are set
out in Table 5 and Table 1 respectively
(http://www.bankrupt.com/misc/Seng_Hup.html)

Put Option Agreement

Pursuant to the Proposed Debt Restructuring, the Investor will
also enter into a put option agreement with Danaharta or such a
person appointed by Danaharta to carry out the obligations as an
agent to all the Scheme Creditors under the Proposed Debt
Restructuring ("Creditors' Agent") and a duly authorized trustee
to be appointed by Newco to act on behalf of the ICULS holders
("Trustee") ("Put Option Agreement") to grant a put option to
the ICULS holders for an amount up to RM28,295,000 of the total
ICULS, giving them the right to sell to the Investor and the
obligation of the Investor to acquire the ICULS at RM1.00 per
RM1.00 nominal value.

The ICULS which shall have the Put Option arrangement will be
issued into the Central Depository System ("CDS") account of the
Trustee, for the beneficial ownership of the relevant ICULS
holders. All the ICULS are tradable in the KLSE upon issuance.
However, the Put Option shall lapse upon the transfer or
disposal of the ICULS from the custody of the Trustee.

The Put Option shall be exercisable for a period of two (2)
weeks after the first anniversary from the date of issuance.
During the exercise period, the ICULS holders may only exercise
their entitlement through the Trustee, whereby the Trustee will
call upon the Investor to meet its obligation pursuant to the
Put Option Agreement. Upon the expiration of the Put Option
period, the Trustee will make the necessary arrangement to
transfer the remaining ICULS of the ICULS holders to their
respective CDS accounts.

Management Agreement

On 30 August 2001, the SA, on behalf of SHCB also entered into a
management agreement with the Investor jointly and severally
with Tri Harvest to appoint the Investor jointly and severally
with Tri Harvest ("Manager") as the manager of SHCB to manage
the business of retail sales and project sales of decorative
lighting carried out ("Business") with effect from 1 October
2001.

The details of the management agreement is as set out below:

   (i) SHCB shall be entitled to payment by the Manager of a
fixed fee at the rate of RM30,000 only per month payable within
seven (7) days from the first day of every month during the
continuance of the management agreement;

   (ii) SHCB shall be entitled to payment by the Manager of a
fee equal to ten per centum (10 percent) of the net proceeds of
sales effected by the Business less the expenditure set out in
the agreement ("Net Operating Profit") of the Business in every
six (6) months during the continuance of the agreement provided
that Manager shall be entitled to deduct the sum of RM90,000
only in every six (6) months during the continuance of the
agreement from such payment to be made to SHCB for the purpose
of management fees and provided further that in the event of any
deficiency for such deduction, the deficit shall not accrue to
the following six (6) months period or periods;

   (iii) Manager shall be entitled to the balance of the Net
Operating Profit of the Business during the continuance of the
agreement;

   (iv) Manager shall provide to SHCB a monthly management
accounts of Manager and SHCB which, subject to audit (at the
absolute discretion of SHCB) by SHCB's auditors on a six (6)
monthly basis shall be conclusive evidence of the amount of the
Net Operating Profit and the respective entitlements of SHCB and
Manager under (ii) and (iii) above, such management accounts to
be provided within three (3) weeks after the date of closing of
the month end accounts; and

   (v) Manager shall be liable to pay all the expenditure
incurred with respect of the Business operations of SHCB as set
out in the agreement without any right of indemnity or
reimbursement from SHCB. In addition, Manager shall indemnify
SHCB and keep SHCB indemnified from all losses, damages or
liability suffered by SHCB resulting from a breach of the
agreement by Manager or in the course of managing the Business.

Proposed Acquisition

On 21 February 2001, on behalf of SHCB, CIMB announced that the
SA, on behalf of SHCB together with Newco had on 21 February
2001 entered into a conditional SPA with the Vendors to acquire
the Sale Shares, for a total purchase consideration of
RM79,000,000 or approximately RM1.00 per Sale Share to be
satisfied through the issuance of the Consideration Shares.

The salient terms of the Proposed Acquisition as set out in the
conditional SPA are as follows:

   (i) The completion of the Proposed Acquisition shall take
place on the date falling six (6) months after the date on which
the last of the conditions precedent as specified below has been
fulfilled ("Completion Date");

   (ii) The Sale Shares will be acquired free from all charges,
liens and other encumbrances and with all rights now or
hereinafter attaching thereto including but without limitation
all bonuses, rights, dividends and distributions declared paid
or made in respects thereof as from the Completion Date;

   (iii) Prior to the Completion Date, JSB will increase its
authorized share capital and allot and issue 78,999,998 ordinary
shares in JSB to the Vendors and credited as fully-paid-up; and

   (iv) The Consideration Shares shall be delivered to the
Vendors on Completion Date.

The purchase consideration of RM79,000,000 for the Proposed
Acquisition was arrived at based on a willing-buyer willing-
seller basis after taking into consideration the valuation of
the land held under PN 25414 Lot 21, PN 25415 Lot 22 and PN
27442 Lot 17, all in Seksyen 0032, Bandar Kuala Lumpur together
with the buildings erected thereon ("Land and Buildings") of
RM79,000,000 based on the prospective future rental income
derived from the Land and Buildings valued by Messrs. Khong and
Jaafar Sdn. Bhd. on 24 April 2001.

The Proposed Acquisition is conditional upon the following:

   (i) the approval of the Proposed Corporate and Debt
Restructuring Scheme by Danaharta and the secured creditors of
SHCB in accordance with the Danaharta Act;

   (ii) the approval of the Proposed Corporate and Debt
Restructuring Scheme by Securities Commission ("SC") including
the issue of the ordinary shares, Warrants and ICULS by Newco
pursuant thereto;

   (iii) the approval of the SC for the acquisition by Newco of
the Sale Shares being obtained, and not withdrawn, and, if any
such approval is obtained subject to any conditions or
variations, such conditions or variations are acceptable to such
of the parties hereto affected thereby and, if they are required
to be fulfilled before completion, are fulfilled before the
Completion Date;

   (iv) the waiver or exemption (if required) by the SC in favor
of the Vendors and all other relevant parties under the Proposed
Corporate and Debt Restructuring Scheme from any obligation to
undertake any mandatory offer;

   (v) the approval of the SC and the KLSE of the Proposed
Listing Transfer and listing and quotation of the Warrants and
ICULS to be issued by the Newco pursuant to the Proposed
Corporate and Debt Restructuring Scheme and the ordinary shares
to be issued by the Newco pursuant to the exercise of the
Warrants and the conversion of the ICULS;

   (vi) the approval of the Foreign Investment Committee ("FIC")
for the acquisition by the Newco of the Sale Shares being
obtained, and not withdrawn, and, if any such approval is
obtained subject to any conditions or variations, such
conditions or variations are acceptable to such of the parties
hereto affected thereby and, if they are required to be
fulfilled before completion, are fulfilled before the Completion
Date;

   (vii) the approval (if required) of the Ministry of
International Trade and Industry ("MITI") for the acquisition by
Newco of the Sale Shares being obtained, and not withdrawn, and,
if any such approval is obtained subject to any conditions or
variations, such conditions or variations are acceptable to such
of the parties hereto affected thereby and, if they are required
to be fulfilled before completion, are fulfilled before
Completion Date;

   (viii) such other approvals required by the relevant
governmental or regulatory authorities of Malaysia necessary for
the transaction herein contemplated being obtained, and not
withdrawn, and, if any such approval is obtained subject to any
conditions, such conditions are acceptable to such of the
parties hereto affected thereby and, if they are required to be
fulfilled before completion, are fulfilled before the Completion
Date;

   (ix) the approvals (if required) of the lenders to JSB, in
accordance with the terms and conditions of the financing or
credit facilities agreements between the lenders and JSB, for
the acquisition by the Newco of the Sale Shares being obtained
and not withdrawn;

   (x) the viability and sustainability of the projected
cashflow and earnings of JSB as reported by the public
accountants' firm appointed by the Vendors to be within the
reasonable satisfaction of Newco;

   (xi) the conclusion to the reasonable satisfaction of Newco
of the legal due diligence audit on JSB including the receipt by
Newco of satisfactory replies to all due diligence audit
enquiries and requisitions within twelve (12) days from the date
of the SPA;

   (xii) the finding by the auditors after the due diligence
audit of the JSB's accounts and affairs confirming that the
accounts reflect the true position of the company as at the
accounts date, defined as 31 January 2001;

   (xiii) JSB becomes the registered owner of the Land and
Buildings free from charges, liens and all other encumbrances;

   (xiv) the valid and effective assignment or novation of the
following agreements between Biogenics Sdn. Bhd. ("BSB") and the
intended lessee/tenant by BSB in favor of JSB:

     (a) the lease in respect of the Basement 2, Ground and
First Floors of the Land and Buildings;
     
     (b) the tenancy agreement in respect of the Basement 2,
Ground and First Floors of the Land and Buildings; and

     (c) the tenancy agreement in respect of Basement 1 and
Second to Fifteenth Floor of the Land and Buildings.

   (xv) the valuation of the Land and Buildings as reported by
an independent registered valuer appointed by Newco to be within
the reasonable satisfaction of Newco and whereby such valuation
report must show that the market value of the Land and Buildings
shall not be less than RM79,000,000. In the event the market
value of the Land and Buildings is the said valuation report is
less than RM79,000,000, then the purchase consideration and the
Considerations Shares shall be reduced and adjusted accordingly
to be consistent with the reported market value;

   (xvi) JSB's issued and paid-up capital to be increased to
RM79,000,000 divided into 79,000,000 ordinary shares of RM1.00
each which shall be registered in the names of and beneficially
owned by the Vendors equally;

   (xvii) JSB shall be free from all liabilities, actions,
proceedings, claims, demands, costs, charges and expenses
whatsoever save and except those incurred or suffered in the
ordinary and usual course of its business; and

   (xviii) the implementation of the Proposed Rights Issue,
Proposed Restricted Issue, Proposed Special Issue and the
proposed issuance of ICULS pursuant to the Proposed Corporate
and Debt Restructuring Scheme of SHCB.

The Proposed Acquisition is conditional upon the Proposed
Capital Reconstruction, the Proposed Capital Issues, the
Proposed Listing Transfer and the Proposed Debt Restructuring
but not vice versa. In the event that the Proposed Acquisition
is not approved by the SC, or any other relevant authorities,
the Proposed Capital Reconstruction, the Proposed Capital Issues
and the Proposed Debt Restructuring will not meet the
requirements of the SC Guidelines as set out in Section 15 of
this announcement.

As such, the Proposed Corporate and Debt Restructuring Scheme
will then be revised and re-submitted to the SC.

PROPOSED EXEMPTION UNDER PRACTICE NOTE OF THE MALAYSIAN CODE OF
TAKE-OVERS AND MERGERS, 1998 ("CODE")

Upon completion of the Proposed Acquisition, the Vendors will
own, directly, a total of 79,000,000 Newco Shares, representing
approximately 65.29 percent of equity interest in Newco (prior
to conversion of ICULS and exercise of Warrants). Pursuant to
the Code, the Vendors would be required to extend a mandatory
offer to the remaining shareholders of Newco to acquire all the
remaining shares in Newco not already own by the Vendors at the
same price as the Proposed Acquisition.

In this respect, the Vendors intend to apply to SC for exemption
from having to undertake the mandatory offer ("Proposed
Exemption").

INFORMATION ON THE NEWCO

Newco was incorporated in Malaysia under the Companies Act, 1965
on 8 October 1996 as a private company limited by shares under
its present name.

Newco is currently being controlled and managed by the SA.

Newco's present authorized share capital is RM100,000 divided
into 100,000 ordinary shares of RM1.00 each of which 2 ordinary
shares of RM1.00 each have been issued and credited as fully
paid-up.

Newco is currently dormant and the details of the Directors and
substantial shareholders as at the date hereof are set out in
Table 6. (http://www.bankrupt.com/misc/Seng_Hup.html)
INFORMATION ON JSB

JSB was incorporated in Malaysia under the Companies Act, 1965
on 22 August 2000 as a private company limited by shares under
its present name.

JSB's present authorized share capital is RM100,000 divided into
100,000 ordinary shares of RM1.00 each of which 2 ordinary
shares of RM1.00 each have been issued and credited as fully
paid-up.

JSB is currently dormant and its intended principal activity is
that of property holding. JSB had on 8 August 2000 entered into
a conditional SPA with BSB to acquire the Land and Buildings
together with the assignment or novation of the tenancy
agreement with Standard Chartered Bank (M) Berhad ("SCB") by BSB
which will be effective upon the completion of the sale and
purchase agreement. Therefore, JSB will be involved in property
holding with rental income as its main source of revenue upon
the transfer to the Land and Buildings to JSB.

Details of the Directors and substantial shareholders of JSB as
at the date hereof are set out in Table 7
(http://www.bankrupt.com/misc/Seng_Hup.html)

As at the date hereof, JSB has no subsidiary or associated
company.

INFORMATION ON LAND AND BUILDINGS

The Land and Buildings, currently owned by BSB, comprise the
Standard Chartered Tower and the Standard Chartered Building.
The Standard Chartered Tower erected on the Land and Buildings
comprises of a 15-storey purpose built office building with a 2-
level basement. Meanwhile, the Standard Chartered Building which
is part of the Land and Buildings is an old 3-storey pre-war
building with a small basement section which is presently used
as offices on the ground and part of the second floor, a clinic
on the first floor and a canteen on the second floor.

The Standard Chartered Tower and Standard Chartered Building has
a combined net lettable area of about 187,663 square feet i.e.
approximately 17,434 square meters (which is inclusive of
approximately 43 covered car parking bays within the ground
floor and the basement level one of the Standard Chartered
Tower) and 21 open-air car parking bays. Currently, it has
approximately 8,398 square feet available for letting.

The Standard Chartered Tower is currently fully occupied by SCB
whilst the Standard Chartered Building is partly rented to one
(1) tenant on a monthly tenancy contributing approximately 95.52
percent of occupancy rate and generating an average rental of
approximately RM636,084.50 per month.

The Land and Buildings consists of three (3) contiguous lots
with a combined title land areas of 3,211.367 square meters or
34,567 square feet with a leasehold term of 99 years expiring in
June 2065. The age of the Land and Buildings is more than 60
years. The Land and Buildings is currently free from any
encumbrances.

RATIONALE FOR THE PROPOSED CORPORATE AND DEBT RESTRUCTURING
SCHEME AND PROPOSED EXEMPTION

PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME

The performance of SHCB Group has been adversely affected by the
economic downturn during the period of 1997 to 1998 resulting in
the appointment of SA to oversee the management of SHCB Group.
The main objective of the Proposed Corporate and Debt
Restructuring Scheme is to return SHCB to sound financial
standing which would benefit all parties including its creditors
and shareholders. The fund raising exercise proposed to be
undertaken pursuant to the Proposed Corporate and Debt
Restructuring Scheme will provide the cash for SHCB to settle
its existing debts in order to reduce its gearing as well as
providing working capital for SHCB to continue its operations.
At the same time, the Proposed Acquisition to be undertaken will
also provide SHCB Group with a new business in property
investment which will help generate stable income in the
foreseeable future through rental income.

Subsequent to the Proposed Corporate and Debt Restructuring
Scheme, the principal business of Newco will be in the business
of import, export, wholesale and retail of decorative lighting,
in addition to being an investment holding company through SHCB,
with its subsidiaries involved in trading of lighting equipment,
property investment, and distributors and agents for all kinds
of lighting and accessories.

PROPOSED EXEMPTION

The Proposed Exemption arises from to the Proposed Acquisition
as explained in Section 3 above. The Proposed Acquisition is an
integral part of the Proposed Corporate and Debt Restructuring
Scheme which is aimed to rescue SHCB from its current financial
distress. It has been agreed between SHCB, Newco and the Vendors
that the Proposed Acquisition is conditional upon the Proposed
Exemption. Therefore, the Proposed Exemption will facilitate the
Proposed Acquisition which is vital to the Proposed Corporate
and Debt Restructuring Scheme.

EFFECTS OF THE PROPOSED CORPORATE AND DEBT RESTRUCTURING SCHEME
AND PROPOSED EXEMPTION

Group Structure

The effects of the Proposed Corporate and Debt Restructuring
Scheme on the group structure of SHCB and Newco are as per Table
8 (http://www.bankrupt.com/misc/Seng_Hup.html)

Share Capital

The effects of the Proposed Corporate and Debt Restructuring
Scheme on the share capital of SHCB and Newco are as per Table 9
(http://www.bankrupt.com/misc/Seng_Hup.html)

3 Net Tangible Assets ("NTA")

Based on the audited consolidated accounts of SHCB Group as at
31 March 2001, the proforma effect of the Proposed Corporate and
Debt Restructuring Scheme on the audited accounts of Newco as at
30 September 2000, which is provided for illustrative purposes
assuming that the Proposed Corporate and Debt Restructuring
Scheme were effected on that date, is set out as per Table 10 at
http://www.bankrupt.com/misc/Seng_Hup.html

Earnings

The Proposed Corporate and Debt Restructuring Scheme and
Proposed Exemption is expected to be completed by April 2002 and
therefore is not expected to have any effect on the earnings of
SHCB for the current financial year ending 31 March 2002.
However, the Proposed Corporate and Debt Restructuring Scheme is
expected to contribute positively to the earnings of Newco
thereafter.

Substantial Shareholders

The proforma effects of the Proposed Corporate and Debt
Restructuring Scheme and Proposed Exemption on the shareholding
of the substantial shareholders of SHCB and Newco (holding more
than 5 percent of the share capital) based on the Register of
Substantial Shareholders of SHCB and the Register of Members of
Newco as at 29 August 2001 assuming that the Proposed Corporate
and Debt Restructuring Scheme and Proposed Exemption were
effected on that date are as per Table 11.
(http://www.bankrupt.com/misc/Seng_Hup.html)

Gearing

The proforma effects of the Proposed Corporate and Debt
Restructuring Scheme on the gearing of SHCB and Newco assuming
that the Proposed Corporate and Debt Restructuring Scheme and
Proposed Exemption were effected on that date are as per Table
10. (http://www.bankrupt.com/misc/Seng_Hup.html)

CONDITIONS OF THE PROPOSED CORPORATE AND DEBT RESTRUCTURING
SCHEME AND THE PROPOSED EXEMPTION

The Proposed Corporate and Debt Restructuring Scheme and the
Proposed Exemption shall be conditional upon SHCB and/or Newco
securing the approval or sanction (as the case may be) of the
following parties:

   (i) the SC for the Proposed Corporate and Debt Restructuring
Scheme and the Proposed Exemption;

   (ii) the FIC for the Proposed Corporate and Debt
Restructuring Scheme;

   (iii) the MITI for the Proposed Special Issue;

   (iv) the Controller of Foreign Exchange for the Proposed Debt
Restructuring and the issuance of ICULS;

   (v) the KLSE for listing of and quotation for the Rights
Shares, Restricted Issue Shares, Special Issue Shares, Warrants,
ICULS and the new ordinary shares to be issued pursuant to the
conversion of ICULS and exercise of Warrants; and

   (vi) Any other approval from the relevant authorities, if
necessary.

The Proposed Capital Reconstruction, the Proposed Capital
Issues, the Proposed Listing Transfer and the Proposed Debt
Restructuring are inter-conditional. The Proposed Acquisition is
conditional upon the Proposed Capital Reconstruction, the
Proposed Capital Issues, the Proposed Listing Transfer and the
Proposed Debt Restructuring.

The Proposed Corporate and Debt Restructuring Scheme is also
conditional upon the Proposed Exemption.

UNDERTAKINGS AND UNDERWRITING ARRANGEMENTS

The Proposed Rights Issue will be fully underwritten based on
terms to be agreed between the underwriters (to be identified)
and Newco. Costs associated with the underwriting arrangements
will be borne by Newco.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Save as disclosed below, none of the other Directors has any
interest, direct or indirect in the Proposed Corporate and Debt
Restructuring Scheme and the Proposed Exemption except as
shareholders of SHCB.

Chu Mei Nu, a director of Seng Hup Electric Company (S) Pte.
Ltd., a 99.6 percent owned subsidiary of SHCB is also a director
and substantial shareholder of Tri Harvest and therefore is
deemed to be interested in the Proposed Corporate and Debt
Restructuring Scheme.

At the same time, GCS, a Director of SHCB, is also deemed to be
interested in the Proposed Corporate and Debt Restructuring
Scheme by virtue of his spouse, Chu Mei Nu who is deemed to be a
person connected to him pursuant of Section 122A of the Act.

Presently, both GCS and Chu Mei Nu do not have any shareholding
in SHCB.

As far as the Directors are aware, none of the substantial
shareholders of SHCB and/or persons connected to them has any
interest, direct or indirect, in the Proposed Corporate and Debt
Restructuring Scheme and the Proposed Exemption.

SA'S RECOMMENDATION

Having considered all aspects of the Proposed Corporate and Debt
Restructuring Scheme and the Proposed Exemption, the SA is of
the opinion that the Proposed Corporate and Debt Restructuring
Scheme and the Proposed Exemption are in the long term interest
of SHCB.
DEPARTURES FROM SC GUIDELINES

Save as disclosed below, the SA is not aware of any other
departure from the SC Guidelines in respect of the Proposed
Corporate and Debt Restructuring Scheme.

Proposed Acquisition

Based on the SC Guidelines, the assets/business/interest to be
injected as part of a rescue package should:
  * Provide immediate and strong contributions to the listed
public company's profit and cashflow;
  * Have strong potential for growth; and
  * Have at least one (1) year of after-tax profit based on the
latest audited accounts or at least one (1) year of revenue
which is verified by an independent firm of public accountant,
where applicable.
As JSB was only incorporated in 22 August 2000, it does not
comply with the requirement of having at least one (1) year
after tax profit. However, the Proposed Acquisition is
undertaken to enable SHCB to revive its financial position.
Although JSB does not meet the profit track record requirement,
based on the profit forecast and projections, JSB has good
immediate prospects of stable profits and cash flows through its
monthly rental income expected to be generated from the lease
arrangement with SCB and is expected to contribute positively to
the operation of Newco Group.

Issue of Warrants

Based on the SC Guidelines, for the issue of warrants by way of
rights to shareholders, the total number of new shares arising
from the exercise of warrants shall be limited to 50 percent of
the company's enlarged share capital before the exercise of
warrants. Where the issue of warrants is not by way of rights to
shareholders, the total number of new shares arising from the
exercise of warrants shall be limited to 10 percent of the
company's enlarged share capital before the exercise of
Warrants. In addition, the total number of new shares arising
from all outstanding warrants must not exceed 50 percent of the
issued share capital at all times.

However, for the Proposed Corporate and Debt Restructuring
Scheme, if the Proposed Acquisition is not be implemented, the
total number of Warrants to be issued will represent
approximately 128.5 percent of the enlarged share capital of
Newco before the exercise of the Warrants and conversion of the
ICULS. In addition, the total number of new Newco Shares to be
issued upon the exercise of Warrants issued together with the
ICULS, which is not by way of rights to shareholders will result
in a total of 13,979,750 new Newco Shares which exceeds the
limit of 10 percent of the existing share capital of SHCB.

Nevertheless, the issuance of Warrants is part of the proposed
debt settlement to the Scheme Creditors to compensate for the
waiver on the interest amount owing to Scheme Creditors from the
Cut-Off Date to the Effective Date and also an incentive for
existing shareholders and potential investors to subscribe to
the Rights Issue Shares, Restricted Issue Shares and Special
Issue Shares.

Issue Price of the Rights Shares, Restricted Issue Shares,
Special Issue Shares and the Consideration Shares

Based on the SC Guidelines, the issue price of the Rights
Shares, Restricted Issue Shares, Special Issue Shares and the
Consideration Shares shall be fixed at a date to be determined
after the approval of the SC for the Proposed Rights Issue,
Proposed Restricted Issue, Proposed Special Issue and the
Proposed Acquisition respectively.

However, for the Proposed Corporate and Debt Restructuring
Scheme, it is proposed that the issue price for the Rights
Shares, Restricted Issue Shares, Special Issue Shares and
Consideration Shares to be at the par value of Newco Shares.

The proposed par value issue price takes into cognizant of the
following pertinent factors:

   (1) The depressed performance of SHCB's share price which has
been trading below its par value prior to its suspension on 9
September 1999;

   (2) The latest audited net liabilities per share of SHCB
Group of RM3.26 as at 31 March 2001;

   (3) The Company is financially distressed and the Proposed
Corporate and Debt Restructuring Scheme aims to ensure
principally the following:

     (i) that the listed status of SHCB is preserved for its
shareholders;
     
     (ii) that the liabilities of SHCB are substantially
addressed; and

     (iii) that Newco will emerge as a viable entity with the
existing core business of SHCB.

Taking into consideration of the current financial position of
SHCB, the fund raising exercise to be undertaken pursuant to the
Proposed Capital Issues and the Proposed Acquisition is
therefore a crucial element in the Proposed Corporate and Debt
Restructuring Scheme and hence the attractive pricing of the
issue price for the Rights Shares, Restricted Issue Shares,
Special Issue Shares and Consideration Shares is essential.

Conversion Price of ICULS and Exercise Price of Warrants

Based on the SC Guidelines, the conversion price of convertible
securities and the exercise price of the Warrants are to be
determined after the approval of the SC.

In accordance with, for the Proposed Corporate and Debt
Restructuring Scheme, it is proposed that the conversion price
for the ICULS is fixed according to the multiple step-up
conversion prices as set out in Table 5.
(http://www.bankrupt.com/misc/Seng_Hup.html)

The multiple step-up conversion prices for the ICULS is to
encourage the early conversion prior to the maturity date.

The proposed exercise price of RM1.00 each for the Warrants
takes into cognisant of the following pertinent factors:

   (1) The depressed performance of SHCB's share price which has
been trading below its par value prior to its suspension on 9
September 1999;

   (2) The latest audited net liabilities per share of SHCB
Group of RM3.26 as at 31 March 2001;

   (3) The Company is financially distressed and the Proposed
Corporate and Debt Restructuring Scheme aims to ensure
principally the following:

     (i) that the listed status of SHCB is preserved for its
shareholders;

     (ii) that the liabilities of SHCB are substantially
addressed; and
     
     (iii) that Newco will emerge as a viable entity with the
existing core business of SHCB.

NTA per share

Based on the SC Guidelines issued on 3 September 2001, the
proforma NTA position of a distressed listed company immediately
on implementation of its corporate proposal should be positive
and at least 33 percent of the par value of its ordinary shares.
In computing the NTA per share, flexibility is given as follows:

   (a) the current year forecast profit can be incorporated into
the computation of the proforma NTA;

   (b) the revaluation of assets (which should be consistent
with the relevant guidelines issued by the SC), if any, can be
incorporated into the computation of the proforma NTA; and

   (c) for cases involving issuance of convertible securities,
the convertible securities can be incorporated into the
computation of the proforma NTA based on the assumption that
they are already converted, provided that there must be a form
undertaking to convert the convertible securities with ordinary
shares within three (3) years of issuance.

Under the Proposed Corporate and Debt Restructuring Scheme, the
NTA per share upon completion of the Proposed Corporate and Debt
Restructuring Scheme, before the conversion of ICULS and
exercise of Warrants is approximately RM0.43 per Newco Share.
However, if the Proposed Acquisition is not approved by the
relevant authorities, the net tangible liabilities per share of
Newco upon completion of the Proposed Corporate and Debt
Restructuring Scheme without the Proposed Acquisition will be
approximately RM0.63 per share.

SHCB will seek exemptions from the SC for the abovementioned
departures from the SC Guidelines.

TIMING OF THE SUBMISSION TO SC

A submission to the SC on the Proposed Corporate and Debt
Restructuring Scheme is expected to be made within three (3)
months from the date of this announcement.

ADVISER

SHCB has appointed CIMB as the Adviser for the Proposed
Corporate and Debt Restructuring Scheme.

DOCUMENT FOR INSPECTION

Copies of the following documents are available for inspection
at the Registered Office of SHCB at Unit E-9-6, 9th Floor, Megan
Phileo Promenade, 189, Jalan Tun Razak, 50400 Kuala Lumpur from
Mondays to Fridays (except public holidays) during business
hours for a period of three (3) months from the date of this
announcement:

   (i) The conditional SPA dated 21 February 2001 for the
Proposed Acquisition;

   (ii) The workout proposal dated 6 July 2001 for the Proposed
Corporate and Debt Restructuring Scheme;

   (iii) The Memorandum of Understanding dated 4 September 2000;

   (iv) The Deeds of Novations dated 30 August 2001;

   (v) The Management Agreement dated 30 August 2001; and

   (vi) The valuation report dated 24 April 2001 prepared by
Messrs. Khong & Jaafar Sdn. Bhd. for the valuation of the Land
and Buildings.


SPORTMA CORPORATION: Provides Update On Defaulted Payments
----------------------------------------------------------
Sportma Corporation Berhad (Special Administrators Appointed)
(SCB) provided an update on its default in payment as of 31
August 2001, as per the list found at
http://www.bankrupt.com/misc/Sportma_defaulted_payments.xls

The default by SCB as of 31 August 2001 amounted to
RM205,759,115-74, made up of a principal sum of RM159,667,132-
35, plus RM46,091,983-39 in interest for revolving credit
facilities, trade financing and overdraft.

Chemitech Industries Sdn Bhd, a subsidiary of SCB as of 31
August 2001, defaulted on RM592,220-21, made up of a principal
sum of RM470,000-00 plus RM122,220-21 in interest, in respect to
its term loan.


TRANS CAPITAL: Wind up Petition Sought By PWCC
----------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
announced that on 11 September 2001 TCHB was served a statutory
notice pursuant to section 218 of the Companies Act, 1965 by the
following party:

a) PricewaterhouseCoopers Consulting Sdn. Bhd. (PWCC)
   The amount claimed is RM1,627,970.38.

DETAILS OF DEFAULT LEADING TO THE PETITION

The amount claimed is in respect to services rendered to TCHB by
PWCC for the period up to 31st May 2001.

The Company hopes to resolve the matter before the wind up
proceedings pursuant to section 218 of the Companies Act, 1965
commences that is within twenty one (21) days from the date of
the notice was served.


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


NATIONAL POWER: Drops P3B Loan From PNB
---------------------------------------
Energy Secretary and National Power Corporation (Napocor) board
member Vincent S. Perez said that the state-owned power company
is dropping an earlier plan to borrow some P3 billion from the
Philippine National Bank (PNB), Business World reported Tuesday.

The government already helped the cash-strapped power firm buy
the entire P3-billion 91-day bonds issued by the company early
this month.

The power company has been experiencing difficulties in sourcing
funding requirements due to continued losses and the lack of
confidence among investors and creditors.


NATIONAL STEEL: Workers Support Allengoal Lease Offer
-----------------------------------------------------
National Steel Corporation (NSC) Labor Union president Simplicio
H. Villarta Jr., in a letter to Malacanang, sought the direct
intervention of President Arroyo to grant lease rights on the
debt-saddled NSC to Allengoal Steel Fabrication and Trading
Corp.

"Let NSC be leased by Allengoal not because it is preferred by
the Malaysian owners but simply because it is the only proponent
who has consistently shown genuine interest to operate NSC and
eventually provide us the needed jobs," Villarta said.

Expressing interest in the re-opening the NSC facility aside
from Allengoal are Cathay Pacific Steel Corp, Swiss company
Glencore Far East Philippines AG, Dutch firm Ispat International
NV and an unnamed foreign group.

Business World reported Tuesday that the deadline for lease
submission proposals has been set for September 21.

Creditor banks continue to oppose the implementation of the
lease agreement. NSC suspended its operations in November last
year due to financial problems highlighted by its failure to
repay debts to 14 creditor banks.


RFM CORP: Court Drops Petition Against Cosmos Sale
--------------------------------------------------
The Quezon City regional trial court has thrown out a temporary
restraining order (TRO) sought by Representative Augusto Syjuco
against RFM on the sale of the latter's shares in Cosmos
Bottling Corp to food and beverage giant San Miguel Corp.

The court, in its decision, stated that "after assessing both
contentions, the court is inclined not to issue the TRO being
sought. The supposedly irreparable injury plaintiffs (Syjuco)
may suffer is not clearly defined and proven as yet."

The decision, in effect, gives the right for RFM to proceed with
the planned sale of its Cosmos shares to SMC, the Philippine
Star reported September 19.

Early last month, RFM and SMC signed a memorandum of
understanding wherein the latter, together with Atlanta-based   
Coca Cola Co., would acquire Cosmos for P15 billion subject to
due diligence.


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


AMTEK ENGINEERING: Director Lee Ah Bee Changes Interests
--------------------------------------------------------
Amtek Engineering Ltd posted a notice of change of
director/substantial shareholder Lee Ah Bee's interests:

Name of director/substantial shareholder: Lee Ah Bee
Date of notice to company: 18 Sept 2001
Date of change of interest: 17 Sept 2001
Name of registered holder: Lee Ah Bee
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 20,000
% of issued share capital: 0.01
Amount of consideration per share excluding brokerage, GST,
stamp duties,
clearing fee: S$0.43
No. of shares held before change: 1,546,000
% of issued share capital: 0.849
No. of shares held after change: 1,566,000
% of issued share capital: 0.86

        Holdings of Substantial Shareholder/Director
           including direct and deemed interest

                                    Deemed      Direct
No. of shares held before change: 15,997,500  1,546,000
% of issued share capital:          0.0879      0.849
No. of shares held after change:  15,997,500  1,566,000
% of issued share capital:           8.79         0.86
Total shares:                     15,997,500  1,566,000

No. of Warrants : 560,000


L&M GROUP: Director Edward Seky Soeryadjaya Changes Interests
-------------------------------------------------------------
L&M Group Investments Ltd posted a notice of
director/substantial shareholder Edward Seky Soeryadjaya's
interests:

Name of director/substantial shareholder: Edward Seky
Soeryadjaya Date of notice to company: 18 Sep 2001
Date of change of interest: 17 Sep 2001
Name of registered holder: The Central Depository (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: 485,000
% of issued share capital: 0.218
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 0.10433
No. of shares held before change: 2,520,333
% of issued share capital: 1.134
No. of shares held after change: 2,035,333
% of issued share capital: 0.916

      Holdings of Director/Substantial Shareholder
         including direct and deemed interest

                                  Deemed      Direct

No. of shares held before change: 18,230,000  2,520,333
% of issued share capital:           8.205      1.134
No. of shares held after change:  18,230,000 2,035,333
% of issued share capital:           8.205      0.916
Total shares:                     18,230,000 2,035,333


SEMBCORP LOGISTICS: Director Chow Changes Interests In Raffles
--------------------------------------------------------------
Sembcorp Logistics Limited posted a notice of director Wee Chow
Hou's interests in a related company - Raffles Holdings Ltd:

Name of director: Wee Chow Hou
Date of notice to company: 18 Sep 2001
Date of change of interest: 17 Sep 2001
Name of registered holder: Wee Chow Hou
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 30,000
% of issued share capital:
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.37
No. of shares held before change: 0
% of issued share capital:
No. of shares held after change: 30,000
% of issued share capital:

     Holdings of Substantial Shareholder including
         direct and deemed interest

                                    Deemed     Direct
No. of shares held before change:                0
% of issued share capital:
No. of shares held after change:              30,000
% of issued share capital:
Total shares:                                 30,000


SEMBCORP LOGISTICS: Unit Forms JV With Katoen Natie
---------------------------------------------------
Sembcorp Logistics Limited announced on September 18, 2001 that
Katoen Natie SembCorp, a joint-venture between SembCorp Express
(49 percent) and Katoen Natie (51 percent), is developing a new
chemical logistics terminal on Jurong Island called the Jurong
Logistics Terminal, a chemical hub located to the south-west of
Singapore. SembCorp Express is a wholly-owned subsidiary of
SembCorp Logistics.

The Jurong Logistics Terminal will provide chemical and
petrochemical companies with a wide range of customized
services, such as storage, packing, blending and shipping of
specialized chemicals to both local and overseas producers.

This Terminal is currently under construction and will begin
operations by February 2002. Upon full completion in August
2002, the terminal will comprise 40 silos and a 30,000 square-
meter processing and storage building that will be fitted with
packaging lines and specialized equipment.

Construction of the Jurong Logistics Terminal is expected to
cost about S$25 million. About 80 per cent of the construction
cost will be financed by external borrowings with the balance to
be contributed by SembCorp Logistics and Katoen Natie
proportionately by way of equity injection and/or shareholders'
loan.

Katoen Natie SembCorp will provide value-added services to local
and overseas producers. It will bring new solutions that allow
local producers to optimize their production output. For
overseas producers, Katoen Natie SembCorp will bring solutions
that allow them to pack products closer to their market and hub
products for the region.

On SembCorp Logistics

SembCorp Logistics is one of Asia Pacific's leading supply chain
management companies with market leadership positions in
Singapore, China and India. Its vast pan-Asia Pacific network
also includes Malaysia, Indonesia, Thailand, Myanmar, Hong Kong,
Dubai, Sri Lanka and Australia. Together with its strategic
partner, Kuehne & Nagel International, SembCorp Logistics is
able to offer global logistics solutions to customers.

SembCorp Logistics' partnership with Katoen Natie and the Jurong
Logistics Terminal are part of its strategy to provide
customized logistics solutions for the chemical industry.

The construction of the Jurong Logistics Terminal is not
expected to have any significant financial impact on SembCorp
Logistics. None of the directors or substantial shareholders of
SembCorp Logistics has any interest, direct or indirect in this
project.

On Katoen Natie

With extensive operations and a wide network in Latin America,
USA, Europe and Asia, Katoen Natie has positioned itself as the
global market leader in the provision of specialized services
for the chemical and petrochemical industry.

The Jurong Logistics Terminal is an important cornerstone in the
global network that Katoen Natie SembCorp is building.

On Katoen Natie SembCorp

SembCorp Express and Katoen Natie entered into a joint venture
in 1997 to form Katoen Natie SembCorp. The success of the
partnership was evident when Katoen Natie SembCorp secured a
number of customers including DOW, Bayer, ExxonMobil and Basell.

In 1999, Katoen Natie SembCorp built a large multi-customer
terminal in Thailand and started a chemical warehouse in
Singapore for a wide range of chemical companies. Katoen Natie
SembCorp handles more than 1.5 million metric tonnes of chemical
products annually.

In Singapore, Katoen Natie SembCorp also provides all packaging
and shipping services for the ExxonMobil Singapore Chemical
Complex, one of the largest petrochemical plants in the world.

For more information on SembCorp Logistics, please contact:

Ms Chow Hung Hoeng
Investor Relations
SembCorp Logistics
Tel : + 65 462 8408 / 3579 152
Fax: + 65 468 2797 / 3522 163
Email : chowhh@sembcorp.com.sg
Website: www.semblog.com

For more information on Katoen Natie and Katoen Natie SembCorp,
please contact :

Mr Koen Cardon / Mr Ho Lin Meng
Managing Director / Executive Director
Katoen Natie SembCorp
Tel: + 65 264 8744
Fax: + 65 264 7494


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


AMARIN PLAZA: Unit Reduces Capital To Cut Losses
------------------------------------------------
Amarin Plaza Public Company Limited announced that the Board of
Directors' Meeting No.3/2001 of Erawan Hotel Public Company
Limited., a subsidiary, held on 18 September, 2001, passed this
resolution:

1.  Agreed to present the Extraordinary Meeting of Shareholders
No.1/2001 to approve offsetting the accumulated losses as of 30  
June, 2001 of the company  against  the legal reserve  and share
premium  as at 30  June, 2001,  respectively:

  * Accumulated Losses as at 30 June, 2001 amount  
Bt952,440,860.70  

  * Deduct  legal reserve as at  30 June, 2001 amount  
Bt16,598,000.00   

  * Loss remained after offsetting against legal reserve   
amount  Bt935,842,867.70  

  * Deduct  share premium as at  30 June, 2001 amount
Bt233,333,338.00     

  * Loss remained after offsetting against share premium   
amount  Bt702,509,529.70  

2. Agreed to present the Extraordinary Meeting of Shareholders
No.1/2001 to approve of the  amendment to Clause 4 of the
Articles of Association by changing the par value of each
ordinary share from Bt10 to Bt1.50 as following details:

Previous Article of Association:

   "Clause 4.  Shares of the Company shall be comprised of
ordinary shares of equal par value of ten Baht each."

   New Article of Association :
   "Clause 4.  Shares of the Company shall be comprised of
ordinary shares of equal par value of One Baht and Fifty Satang
each."

3. Agreed to present the Extraordinary Meeting of Shareholders
No.1/2001 to approve the reduction of the company's registered
capital and paid-up capital from Bt796,666,670 to
Bt19,500,000.50 by reducing the par value of each ordinary share
of the company from Bt10 per share to 1Bt.50 per share.

4. Agreed to present the Extraordinary Meeting of Shareholders
No.1/2001 to approve of the amendment to Clause 4 of the
Memorandum of Association to be in parallel to the Company's
registered capital decrease as follows:

   "Clause 4.  Registered capital is Bt119,500,000.50                    
(One Hundred Nineteen Million Five Hundred Thousand                 
Baht and Fifty Satang)

   divided into 79,666,667 shares (Seventy Nine Million Six
   Hundred Sixty Six Thousand Six Hundred and  Sixty Seven
   shares)

   par value Bt1.50 (One Baht and Fifty Satang) each

   separated into  

   ordinary shares  79,666,667  shares  (Seventy Nine Million
   Six Hundred Sixty Six Thousand Six Hundred and  Sixty Seven
   shares)

   preferred shares-shares(-)"

5.  Agreed to present the Extraordinary Meeting of Shareholders
No.1/2001 to approve to offset the remained accumulated losses
(after offsetting against the legal reserve and share premium
respectively) against the amount of reduction of the paid up
capital of the company  as follows:

   Loss remained after offsetting against legal reserve                  

   and share premium as of  30 June, 2001:
   amount  Bt702,509,529.70      

   Deduct  amount of the paid up capital decrease
   amount  Bt677,166,669.50       

   Remained losses amount  Bt25,342,860.20   

   This capital reduction to reduce accumulated loss
is to enhance the company's capability of dividend payment to
the shareholders.

6.  Fix the date of the Extraordinary Meeting of Shareholders
No.1/2001 will be held on 8 October, 2001 at 14.00 hours at
Grand Hyatt Erawan Hotel, No.494 Ploenchit Road, Kwang Lumpini,
Khet Phatumwan, Bangkok and the agenda for the meeting will be
as follows:
        
  Agenda 1.  To certify the minutes of the Ordinary
General Meeting of Shareholders No.1/2001.

  Agenda 2.  To approve offsetting accumulated losses against
the legal reserve and the share premium of the  company
respectively.

  Agenda 3.  To approve the amendment to  Clause 4 of the
Articles of Association.

  Agenda 4.  To approve the reduction of the  registered capital
and the paid up capital of the company by reducing the par value
of each share.
        
  Agenda 5.  To approve the amendment to Clause 4 of the
Memorandum of Association.

  Agenda 6.  To approve offsetting the remained accumulated
losses against the amount of the paid up capital decrease of the
company.
        
  Agenda 7.  To consider other issues (if any)


SIAM SYNTEC: Business Reorg Petition Filed In Bankruptcy Court
--------------------------------------------------------------
The Petition for Business Reorganization of Siam Syntec
Construction Public Company Limited (DEBTOR), engaged in
construction, was filed to the Central Bankruptcy Court:
   
   Black Case Number 307/2543

   Red Case Number 458/2543

Petitioner: SIAM SYNTEC CONSTRUCTION PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt8,336,638,340.33

Planner: SIAM SYNTEX PLANNER COMPANY LIMITED

Date of Court Acceptance of the Petition: April 24, 2000

Court Order for Business Reorganization and Appointment of
Planner: June 21, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited in June 29, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on July 27,
2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: August 28, 2000

Deadline to object Applications for Payment in Business
Reorganization: September 11, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 27, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: February 12, 2001 at 9.30 am. 10th Floor YMCA

Court Hearing has been set to consider the Plan on March 14,
2001 at 9.00 am.

Court Order for Accepting the reorganization plan: March 30,
2001 and appointed Siam Syntex Planner Company Limited to be the
Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited: April 9, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette on May 3, 2001

Contact: Mr. Chalermkiat Tel. 6792513


THAI DURABLE: Posts Audit Committee Scope Of Performance
--------------------------------------------------------
The board of directors' meeting of Thai Durable Textile Public
Company Limited No.5 / 2001 held on 13th September adopted a
resolution appointing the Audit Committee:      

1.  Names of members of the Audit Committee are as follow:    

Chairman of the Audit Committee     Pol.Maj.Gen.Viraj  Jutimitta     
Member  of the Audit Committee      Mr.Kamol   Kongthon
Member  of the Audit Committee      Mr.Chavalit  Thonglim     
Member  of the Audit Committee              -
Secretary  of the Audit Committee           -     

Certificates and Resumes of 3 members of the Audit Committee are
attached hereto.    

2.  The  Audit  Committee of the Company  has the scope of
duties and responsibilities ,and shall report to the Company's
board of director as follows:    

     i) Oversee the Company's financial reporting process and
the disclosure of its financial information.  

     ii) Ensure the Company has adequate and effective internal
control systems.    
     
     iii) To consider and propose the appointment of the
external audits and audit fee.  

     iv) Ensure the Company follows all the relevant regulations
and laws.      
     
     v) Ensure the company does not engage in any activities
that may lead to conflict of interests.   

     vi) Consider other matters as defined by the Board of
directors.

     vii) Prepare and report the responsibilities and activities
during the year in the annual report, and signed by chairman of
the audit committee.

3.  Term for holding office;    

     i) Chairman of the Audit Committee will be terminated at
the same time as director of the Board of the company.

     ii) Members  of the Audit Committee will be terminated at
the same time as director of the Board of the company.
(Including  the  additional  appointment  to  and  removal  from  
the  Audit Committee)


THAI HEAT: Posts Additional Info On Rehabilitation Plan
-------------------------------------------------------
Thai Heat Revival Company Limited as the reorganization planner
of Thai Heat Exchange PCL sent the rehabilitation plan to the
central bankruptcy court on June 27, 2001.

The planner and creditors had submit 7 amendments of the plan.
On September 14 ,2001 the creditor meeting approved 2 amendments
of the planner and 1 amendment of Standard Chartered Nakornthon
Bank. The resolutions of the creditor meeting are accept the
rehabilitation plan 90.95  percent equivalents to amount of Baht
667.1 million and appointed 7 creditor directors as follow:

  i)   The Industrial Finance Corporation of Thailand
  ii)  National Finance Public Company Limited
  iii) Ekachart  Finance Public Company  Limited
  iv)  Bank Thai Public Company Limited
  v)   Tisco Finance Public Company Limited
  vi)  Standard Chartered Nakornthon Bank Public company Limited
  vii) Credit Agricole Indosuez

The details of the approval rehabilitation plan of the company
are:

  i)  Converting the debt of 13 financial institutions to
2,583,200 convertible preferred shares at Bt10.00 per share
totaling Bt125,583,200.

  ii) The remaining  debt of 13 financial institutions amount of
Bt265 million will be fully paid within 10 years.

  iii) Stopping accrued interest from March 2001 onward until
the court admit the company into rehabilitation process. After
that the company has to pay the interest at the rate 3 percent
per annum until December 2003 and the rate not more than 5
percent per annum for the year 2004-2005 and MLR rate for the
year after 2006.

   iv) Account payables pay at normal credit term.

   v) The preferential right of labor payables not  exceeding  
Bt100,000 will be fully paid in the year 2002. The normal labor
payables which exceeding Bt100,000 will be fully paid in the
year 2006.

   vi) Thai Heat Revival Company Limited will be the management
planner for the period of 5 years.

The central bankruptcy court set the date to judge the
rehabilitation process on 2 October 2001.


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

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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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