TCRAP_Public/010921.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Friday, September 21, 2001, Vol. 4, No. 185

                         Headlines



A U S T R A L I A

ANSETT AUSTRALIA: ANZ Offers Administrators Guidance
ANSETT AUSTRALIA: Qantas Welcomes A320 Wet Lease Decision
AUSTRALIAN MAGNESIUM: Updates Stanwell Mag Project Funding
ENERGY EQUITY: Faces Winding-Up Petition
KEYCORP LIMITED: Annual General Meeting Moved To November 8

KEYCORP LIMITED: Posts Director Swanson's Notice Of Interest
PACIFIC DUNLOP: Sells Automotive Distribution Business
PASMINCO LIMITED: Appoints Voluntary Administrators
PASMINCO LIMITED: CBA Exposure Is Approximately A$340M
PASMINCO LIMITED: Clough, CBH Acquire Broken Hill Operation

PASMINCO LTD: S&P Lowers Rating To `CC', CreditWatch Negative
SMARTWORLD CORPORATION: Appoints Joint Administrators


C H I N A   &   H O N G  K O N G

FOURSEAS.COM: Cites No Reason For Exceptional Price Movements
GOLD FUNG: Winding Up Petition Hearing Set
JOIN INCOME: Petition To Wind Up Slated
LEGEND HOLDINGS: Sees No Reason For Share Price Increase
RAINFIELD DESIGN: Winding Up Petition Hearing Set


I N D O N E S I A


GAJAH TUNGGAL: Incurs H101 Net Loss Of Rp1.60T
TIMAH TBK: Forecasts 2002 Losses Of More Than Rp500B


J A P A N

JAPAN AIRLINES: Moody's `Baa3' Rating, Neg Outlook Confirmed
MITSUBISHI ELECTRIC: Reduces Staff, Ceases Some Operations
SEAGAIA: Sale To Ripplewood Completed

* S&P Places Japanese Life Insurers Ratings On Watch Negative


K O R E A

DAEWOO MOTOR: Posts Profits For Five Consecutive Months
DAEWOO HEAVY: Plans Exportation Of $15M Worth Of Machinery
HANBO IRON: Buyers Will Tender Bids Soon
HANJIN SHIPPING: W100B Bond Issue Planned   
HYUNDAI MOTOR: Affected By Daewoo Takeover

HYUNDAI PETROCHEMICAL: Creditors Rely On New Restructuring Law   
HYUNDAI SECURITIES: Union Asks Court To Ban Stock Sale To AIG


M A L A Y S I A

ACTACORP HOLDINGS: KLSE Requests Regularization Report
DENKO INDUSTRIAL: Posts Additional Info Regarding Lawsuit
LION CORPORATION: KLSE Grants One-Month Extension
MAY PLASTICS: SC Approves Proposed Rescue Scheme
OMEGA HOLDINGS: KLSE Grants Requisite Announcement Extension

PERDANA INDUSTRI: Agreements Might Be Terminated
PLANTATION & DEVELOPMENT: Proposed Scheme Approval Pending
REPCO HOLDINGS: KLSE Grants Extension To Manage Cash Flow
TAT SANG: Subsidiary Defaults On Payments
UH DOVE: Awaits SC Approval On Proposed Rescue Scheme
ZAITUN INDUSTRI: Winding Up Hearing Rescheduled


P H I L I P P I N E S

ALL ASIA: Rehab Plan Not Supported By IFC
NATIONAL POWER: NPC Privatization Plan Moves Forward
UNIWIDE HOLDINGS: BPI Again Calls For Liquidation


S I N G A P O R E

AMTEK: Posts Changes In Director's Shareholding
LKN-PRIMEFIELD: Appoints Ernst & Young As Financial Advisor
SINGATRONICS: Posts US$4.4M 1H Loss


T H A I L A N D

AROMATICS (THAILAND): Banpu Seeks Share Purchase Approval
DATAMAT PUBLIC: Posts Summary Of Q&A Re Rehabilitation Plan
SINO-THAI ENGINEERING: Sells Affiliated Co For Working Capital
WONGPAITOON GROUP: Reorg Petition Filed In Bankruptcy Court

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: ANZ Offers Administrators Guidance
----------------------------------------------------
Air New Zealand (ANZ) has offered its assistance to the new
Voluntary Administrators of Ansett in locating and understanding
Ansett Holdings' financial records and by providing its plans
for restructuring Ansett operations.

"Following a constructive discussion with the new administrators
Thursday, we are co-operating with their efforts to secure a
purchaser, or purchasers, to get as much of the Ansett operation
back into business as quickly as possible," said the President
and CEO of Air New Zealand, Gary Toomey.

"We believe we can provide the administrators with the financial
data they need, and we have offered access to the plans we had
been working on for reorganizing Ansett to generate revenue,
reduce costs and save jobs. We want to do what we can to help
the administrators continue the work of exploring all options to
keep Ansett operating.

"Right now, urgent priority needs to be given to the tasks of
examining all possible opportunities for Ansett's revival and
ensuring the long-term profitability of Air New Zealand.

"The time will come for thorough review of what has happened,
but attempts to attribute blame at this point won't help the
more important processes of securing viable businesses to serve
the traveling public and provide jobs for Australian and New
Zealand workers," Toomey said.

Air New Zealand also advised that Charles Goode has resigned as
a director of Air New Zealand Limited with immediate effect. Mr
Goode has also notified the company of his resignation from the
board of Ansett Holdings Limited (Administrator Appointed).


ANSETT AUSTRALIA: Qantas Welcomes A320 Wet Lease Decision
---------------------------------------------------------
Qantas Airways Limited has welcomed Thursday afternoon's
announcement by the Administrator of Ansett that it had decided
to accept the Qantas proposal to lease 10 A320 aircraft with
crew.

Qantas Chief Executive Officer, Geoff Dixon, noted the
Administrator said there were still a number of issues to be
resolved. These include indemnities and safety audits.

"We hope the Administrator moves as quickly as possible," he
said. "We would like to finalize our proposal to cater to the
coming holiday traffic."

"The 10 A320 aircraft and crew will be integrated into the
Qantas schedule so that we can carry as many affected passengers
as efficiently as possible," he said.

Dixon said Qantas was also planning to schedule aircraft from
its international operations to its domestic operations.

  
AUSTRALIAN MAGNESIUM: Updates Stanwell Mag Project Funding
----------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) confirmed its
intention to launch a revised capital raising to fund the
development of the $1.3 billion Stanwell Magnesium Project - the
Company's key potential growth asset.

AMC is finalizing the necessary legal agreements and due
diligence processes with the intention of lodging a prospectus
for an underwritten offer with the Australian Securities and
Investments commission by the end of September.

A number of aspects of the revised funding package are yet to
be finalized, however, the Company confirms its intention to
seek a $500 million capital raising and as previously advised,
existing AMC shareholders will be given preferential treatment
and a loyalty discount. The Company also intends to undertake a
bonus option issue.

As previously advised, AMC has secured the commitment of the
State of Queensland and Federal government to provide $100
million each as a loan and guarantee, respectively, and
continues to enjoy the support of its major shareholder,
Normandy Mining Limited.

The Company is on the threshold of finalizing a new funding plan
for the Stanwell Magnesium Project and looks forward to further
informing shareholders of the detail of its finance plans.


ENERGY EQUITY: Faces Winding-Up Petition
----------------------------------------
The Directors of Energy Equity Corporation Ltd (EEC) advised
that EEC is presently a party to proceedings in the Supreme and
District Courts of Western Australia and the recipient of
statutory demands brought by former consultants and contractors
to EEC alleging the non-payment of termination and success fees.

The total amount claimed is approximately A$800,000 and the
proceedings and demands are being vigorously defended by EEC.
Two claims in respect of amounts totaling A$400,000 are now the
subject of appeals by EEC in the Supreme Court seeking to set
aside judgments against EEC.

Whilst the Directors do not consider the quantum of the claims
to be material, in the interests of ensuring the market is fully
informed the Directors wish to advise that one of the claimants,
Charmont Company Limited, has applied to the Supreme Court for
an application to wind up EEC for alleged failure to comply with
a statutory demand allegedly served on EEC.

Charmont is claiming the sum of US$150,000 for the alleged non-
payment of a success fee in relation to EEC's Basin Bridge
project. EEC disputes the claim and denies proper service of the
statutory demand has been effected upon EEC.

The hearing of Charmont's application has been set for 11
October 2001.

The Directors are confident the application will be
satisfactorily resolved and are presently seeking legal advice
as to the validity of Charmont's application.

EEC will inform the market of the outcome of Charmont's
application of the outcome of Charmont's application in due
course.


KEYCORP LIMITED: Annual General Meeting Moved To November 8
-----------------------------------------------------------
The Directors of Keycorp Limited advised that the Company's
Annual General Meeting has been confirmed for 8 November 2001
and not 23 October 2001 as previously advised. The time, 10:00am
and location, Sheraton on the Park remain unchanged.

The report for the six-month period to 30th June 2001 and the
Notice of Meeting will be forwarded to shareholders on 8 October
2001.


KEYCORP LIMITED: Posts Director Swanson's Notice Of Interest
------------------------------------------------------------
Keycorp Limited posted this notice:

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

UPDATING NOTICE

   Name of Director       Andrew Swanson

   Name of Company        Keycorp Limited

   Date of Last
   Notification to ASX    03/03/2000

   Date Director's
   Interest Changed       13/09/2001
  
"I have a relevant interest in the following securities of the
company or related bodies corporate:

Type of security:  Ordinary Shares

No of securities:  57,411 (direct & indirect)

Purchased additional shares

"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."


PACIFIC DUNLOP: Sells Automotive Distribution Business
------------------------------------------------------
Pacific Dunlop Limited announced Thursday the sale of its
Australian and New Zealand Automotive Distribution business to a
company owned and funded by institutional investors comprising
GS Private Equity, Gresham Private Equity and Macquarie Direct
Investment.

The sale value is $251.5 million and the contract also provides
for an additional payment of up to $20 million on achieving
certain profit criteria over the next two years. The transaction
is effective as of the 31st August 2001. The sale price of
$251.5 million will, after transaction costs, equate to the
written down book value of the Automotive Distribution business.

The Acting Managing Director of Pacific Dunlop, Tony Daniels
said "the management team within the Automotive Distribution
Group will remain with the business and we would like to
acknowledge its contribution and assistance in the sale
process."

In view of the Automotive business sale and the possible sale of
the Pacific Brands business which are the major customers of
Novare, the shared services joint venture between the Company
and Accenture, Pacific Dunlop has acquired Accenture's interest
in the joint venture for a consideration of $19.3M. After
transferring the Novare activities for the Automotive business
to the new owners, Novare will be incorporated within Pacific
Brands.

Daniels said "the sale of the Automotive Distribution business,
the recent sale of Ambri and the exiting of various Industrial
Engineering businesses are further steps in the fundamental
reshaping of the Company. The sale process for Pacific Brands is
on schedule and selected buyer groups are involved in due
diligence."


PASMINCO LIMITED: Appoints Voluntary Administrators
---------------------------------------------------
The Board of Pasminco met Wednesday to review progress on
discussions with lenders aimed at providing liquidity support to
the Company through to February next year. The completion of
this "Standstill Agreement" was a necessary precursor to enable
the Directors to sign the Director's Declaration required to
accompany audited Annual Accounts.

In the meantime, the Company has had the continued support
of lenders via the granting of various waivers over financing
payments and obligations and access to a short-term overdraft
facility. These arrangements have enabled the Company to
continue to meet its commitments despite historically low metal
prices.

It became clear to the Directors Wednesday that a number of the
financiers were either unwilling or unable to enter into the
Standstill Agreement by 28 September, the last business day by
which the Company must lodge audited Annual Accounts with the
Australian Securities and Investment Commission under
Corporations Law.

In the absence of a commitment to longer-term credit support,
the directors were unable to form a view that there were
reasonable grounds to believe that the Company could meet all of
its commitments as and when they fall due.

As a result, Pasminco has appointed Voluntary Administrators.
Trading in Pasminco shares on the Australian Stock Exchange will
be suspended before the market opens tomorrow morning.

Pasminco mines and smelters in Australia, the Netherlands and
the United States will continue operating under the Voluntary
Administrators Messrs John Spark and Peter McCluskey of Ferrier
Hodgson.

Chief Executive Officer of Pasminco, Greig Gailey, said "the
Directors had taken the only course of action available to them
given the uncertainty surrounding the Company's future access to
credit. The Administrator is expected to have a line of credit
which will ensure that business operations will continue as
usual.

"The market is well aware of the work that has been proceeding
in an effort to secure ongoing financial support to allow
Pasminco to continue through this difficult period," he said.
"However, in the absence of sufficient progress with this work,
the Board has reached a decision that it cannot allow the
business to trade despite the sound operating performance.

Unfortunately, it is our financial performance and the impact of
external economic factors rather than our operational
performance that has placed us in this difficult position. "This
is a disappointing outcome, especially for our employees, who
have worked creditably during recent months making every effort
to support the business. Their efforts are reflected in our
operating performance which shows that the underlying business
is very sound.

"Until the Administrator has determined the most appropriate
course of action, our operations will continue. Employee
entitlements are adequately protected by the Company's
substantial asset base and it is expected that there will be
fully met as and when they fall due. I encourage our employees
to continue their focus on their work as we move through this
process," he said.

A media conference was held on Thursday 20 September 2001 at 11
am at the Australian Stock Exchange, Melbourne.

The securities of the Company will be suspended from quotation
from the commencement of trading on Thursday, 20 September 2001,
following advice from the Company of the appointment of
voluntary administrators.


PASMINCO LIMITED: CBA Exposure Is Approximately A$340M
------------------------------------------------------
Following Pasminco Limited being placed in Voluntary
Administration, Commonwealth Bank Group advised that its direct
credit exposure is approximately A$340 million.

The Group has recourse to major overseas banks in respect to
further exposures of approximately A$70 million.

The amount of any specific provision for loss that may be
required will be determined when the Voluntary Administrator
provides information on the expected realizable value of
Pasminco's assets. This will be considered in the context of the
Group's total provisions for loan impairment at 30 June 2001 of
in excess of A$1.6 billion.


PASMINCO LIMITED: Clough, CBH Acquire Broken Hill Operation
-----------------------------------------------------------
The Board of Directors of Clough Engineering Limited (Clough)
and Consolidated Broken Hill (CBH) Ltd have approved the terms
of the Heads of Agreement previously announced on 3rd September,
2001.

The agreement provides for a joint proposal to acquire the
Broken Hill Operation of Pasminco Ltd on the basis of CBH 85%,
Clough 15%.

An initial $500,000 worth of CBH Shares are to be issued to
Clough at the same price as the issue of shares to be undertaken
by CBH to raise capital for the development of the Broken Hill
project.

A further $1.5 million worth of CBH Shares are to be issued to
Clough subject to agreement on development of the Broken Hill
Project. These shares are to be issued at the same price as the
initial $500,000 or the average market price per share over
fifteen (15) business days prior to the date of each
subscription for these shares by Clough, whichever is lower.

BROKEN HILL PROJECT

CBH holds the mining title (CML 7) to the central 3.8 kilometers
of the Broken Hill line of lode.

A successful bid for Pasminco's assets would bring together for
the first time under a single operation the entire 8-kilometer
long Broken Hill deposit. In particular, the combination of CML
7 and the adjoining Pasminco leases would provide integrated
development of several lodes in the vicinity of the common
boundaries.

Recent drilling results reported by the Company from an area
near the southern boundary of CML 7 and adjoining Pasminco's
current operation obtained the following zinc and lead lode
intersections.

ZINC  HOLE    FROM   INTERVAL   ZINC   LEAD   SILVER
LODE   NO     (M)       (M)     (%)     (%)    (G/T)

B     5001    133.0    4.3      23.1    9.2     107

C     5002A    73.2    4.1      10.7    1.7      21


LEAD        HOLE     FROM     INTERVAL     ZINC    LEAD   SILVER
LODE         NO       (M)       (M)         (%)    (%)    (G/T)

No 2 Lens   5002A    254.4      3.4         9.6    10.3    44

No 2 Lens   5000     249.1     20.9         7.5    13.0    87

These lodes are at a shallow depth and could be readily accessed
from the existing Pasminco underground workings.


PASMINCO LTD: S&P Lowers Rating To `CC', CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's lowered Thursday its long-term ratings on
Pasminco Ltd. and its guaranteed bank loan to `CC' from `CCC'
following the company being placed in voluntary administration
on Sept. 19, 2001. The long-term ratings remain on CreditWatch
with negative implications where they were placed on July 2,
2001. The company's `C' short-term rating remains on CreditWatch
with negative implications. At the current rating level,
Pasminco is highly vulnerable to nonpayment of its obligations.

Today's downgrade follows Pasminco's failure to obtain the
support of its financiers to secure a standstill agreement,
which would have provided the company with short-term committed
funding, and liquidity support to complete the sale of its
Australian mining assets. The appointment of an administrator
follows the uncertainty of Pasminco's future access to credit.

Under Corporations Law, the company must lodge audited annual
accounts with the Australian Securities & Investments Commission
by Sept. 28, 2001, accompanied by a declaration of its
directors. Given Pasminco was unable to obtain a standstill
agreement from its financiers, the directors were unable to form
the view that the company could meet all of its commitments as
and when they fall due. Hence, for legal reasons, the company
directors were unable to sign the Directors Declaration,
resulting in the appointment of an administrator.

The administrator is expected to have a line of credit, which
will enable Pasminco's operations to continue while under
voluntary administration. Pasminco's total financial
indebtedness currently stands at about A$2.8 billion (including
A$230 million off-balance-sheet lease obligations), of which
about A$870 million relates to the company's foreign exchange
hedge position. The company has a near-term debt maturity
profile, with its next scheduled debt repayment for about
US$17.5 million falling due in January 2002.

The CreditWatch will be resolved on determination of Pasminco's
debt-refinancing and long-term capital structure following
receipt of funds from the proposed asset sales. The company's
ratings could be lowered to `D' if Pasminco fails to meet its
financial obligations.


SMARTWORLD CORPORATION: Appoints Joint Administrators
-----------------------------------------------------
Smartworld Corporation Limited informed that on 12 September
2001, L Nilant and Oren Zohar were appointed as Joint and
Several Administrators of the Company pursuant to Section 436A
of the Corporations Act 2001.

The administrators will be working with the Company to obtain a
resolution of its affairs, and will keep Australian Stock
Exchange Limited informed of developments in this regard.


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


FOURSEAS.COM: Cites No Reason For Exceptional Price Movements
-------------------------------------------------------------
Fourseas.com Limited (the Company) has noted the recent increase
in the price and trading volume of the shares of the Company on
19th September 2001 and wish to state that it is not aware of
any reasons for such increase.

The Company also confirmed that there were no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement. The board of directors of the Company (the "Board")
is also unaware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.


GOLD FUNG: Winding Up Petition Hearing Set
------------------------------------------
The petition to wind up Gold Fung Engineering (H.K.) Company
Limited is scheduled before the High Court of Hong Kong on
October 10, 2001 at 9:30 am. The petition was filed on July 17,
2001 by Sze Leong Ling of 6th Floor, Western Court, 456A Queen's
Road West, Shek Tong Tsui, Hong Kong.


JOIN INCOME: Petition To Wind Up Slated
---------------------------------------
The petition to wind up Join Income Investment Limited is set
for hearing before the High Court of Hong Kong on November 7,
2001 at 9:30 am.

The petition was filed with the court on August 2, 2001 by Li
Kwong Hung of Room 2110,Fu Tai House, Tai Wo Hau Estate, Tsuen
Wan, New Territories, Hong Kong.


LEGEND HOLDINGS: Sees No Reason For Share Price Increase
--------------------------------------------------------
Legend Holdings Limited noted Wednesday's increase in the price
and the trading volume of the shares of the Company.

The Company is not aware of any reasons for such increase and
confirmed that there were no negotiations or agreements relating
to intended acquisitions or realizations that are discloseable
under paragraph 3 of the Listing Agreement. The Board is also
unaware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is, or
may be, of a price sensitive nature.


RAINFIELD DESIGN: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Rainfield Design & Associates Limited is
scheduled before the High Court of Hong Kong on October 24, 2001
at 9:30 am. The petition was filed with the court on July 28,
2001 by Siu Chi Moon of Room Flat C, 21/F., Block 3, Uptown
Plaza, Tai Po, New Territories, Hong Kong.


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


GAJAH TUNGGAL: Incurs H101 Net Loss Of Rp1.60T
----------------------------------------------
PT Gajah Tunggal Tbk's consolidated net loss reached Rp1.60
trillion for the first half, ended June 30, 2001, up from the
Rp1.31 trillion net loss in the corresponding period last year.
The company's report is unaudited.

   * Net loss Rp1.60 trillion  vs loss Rp1.31 trillion  
   * Net sales Rp3.20 trillion  vs Rp2.32 trillion  
   * Gross profit Rp650.89 billion  vs Rp532.74 billion  
   * Operating expenses Rp211.85 billion  vs Rp146.53 billion  
   * Operating income Rp439.05 billion  vs Rp386.21 billion  
   * Interest income Rp115.42 billion  vs Rp105.87 billion  
   * Forex loss Rp2.27 trillion  vs loss Rp2.11 trillion  
   * Loss per share Rp609 vs loss per share Rp413

According to Wright Investors' Service, at the end of 2000, the
Company had negative working capital, as current liabilities
were 6.62 trillion Indonesian Rupiahs while total current assets
were only 4.37 trillion Indonesian Rupiahs. The fact that the
company has negative working capital could indicate that the
company will have problems in expanding.
"However, negative working capital in and of itself is not
necessarily bad, and could indicate that the company is very
efficient at turning over inventory, or that the company has
large financial subsidiaries.
"At the end of 2000, the company had negative common
shareholder's equity of -589.35 billion Indonesian Rupiahs. This
means that at the present time, the common shareholders have
essentially no equity in the company. This is further compounded
by the fact that among the assets the company does have on its
balance sheet, there are 1.04 trillion Indonesian Rupiahs in
intangible assets. This company's total liabilities are higher
than total equity, which means that the money this company owes
are greater than all of the assets of the company."  

TIMAH TBK: Forecasts 2002 Losses Of More Than Rp500B
----------------------------------------------------
Tin producer PT Timah Tbk is predicting huge losses for next
year, due to a combination of massive illegal mining activity at
its mining sites and low international price for the commodity,
IndoExchange reported Tuesday.

Timah President Erry Riyana Hardjapamekas cautioned a huge loss
of more than Rp500 billion in 2002 is possible.

"The reasons (behind the decline) are various, from an economic
slowdown in industrialized countries to low prices of mining
commodities in the international market.

"But rampant illegal mining and some dubious regional
regulations in Bangka and Belitung are mostly to blame,"
Hardjapamekas said.

He went on to say that there were over 5,000 illegal miners in
Bangka alone with a relatively low production cost.

As an anticipatory move, the company plans to ask a
shareholders' meeting to delay payment of its second dividend
from 2000 profits, which was due in the December.

The government owns 65 percent of Timah, while the remaining 35
percent is publicly held.


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


JAPAN AIRLINES: Moody's `Baa3' Rating, Neg Outlook Confirmed
------------------------------------------------------------
Moody's Investors Service has confirmed the Baa3 rating for
senior debt of Japan Airlines Co., Ltd. (JAL) and revised the
rating outlook to negative from stable.

The outlook change reflects Moody's concerns about the potential
for less travel activity in the wake of the terrorist attacks in
the United States, and the generally depressed economic climate
in Japan.

The rating agency notes that JAL's operating performance has
improved recently as it refocused on air transportation
operations and pursued new growth initiatives. A key component
is the transfer of certain low-yield international routes and
domestic operations to two subsidiaries, JALways and JAL
Express, which have lower operating cost structures than the
mainline carrier.

However, the increasing business risk facing the airline
industry in the aftermath of last week's terrorist attack in the
U.S. will lead to a decline in traffic volume in both business
and leisure travel between Japan and the United States. These
factors could result in a loss of significant revenue for JAL
and depressed performance and financial flexibility.


MITSUBISHI ELECTRIC: Reduces Staff, Ceases Some Operations
----------------------------------------------------------
Due to the slumping demand for Information Technology products,
Mitsubishi Electric Corporation on Wednesday presented a
business plan that cuts 2,000 jobs by the end of March 2003,
Japan Times reported Tuesday.

This year alone the company will cut 1,000 jobs and discontinue
operations of two semiconductor manufacturing lines in Japan. An
additional 1,000 jobs at factories will be eliminated the
succeeding year.

Other restructuring measures include possible partnerships with
several domestic and foreign companies and a reduction of
capital investment on semiconductor equipment by about Y20
billion this year.


SEAGAIA: Sale To Ripplewood Completed
-------------------------------------
Ripplewood Holdings LLC completed its acquisition of the failed
Seagaia resort complex in Miyazaki Prefecture on Wednesday by
gaining all of its Y7.32 billion newly issued shares after a 100
percent capital cut.

Ripplewood, a U.S. investment fund, purchased 39,200 new shares
in Phoenix Resort Co., Seagaia's operator, for Y3.92 billion,
boosting its capital to 1.96 billion yen, the Japan Times
reported yesterday. It also acquired all shares issued by two
affiliates of Phoenix Resort for 3.4 billion yen in total.

Ripplewood established a fund to raise money from investors to
complete the acquisition deal.

Phoenix Resort and its two affiliates filed for court protection
from creditors in February with total debts of 326.1 billion yen
in Japan's largest failure of a semipublic entity.


* S&P Places Japanese Life Insurers Ratings On Watch Negative
-------------------------------------------------------------
Standard & Poor's placed its ratings on five Japanese life
insurers, Asahi Mutual Life Insurance Co., Meiji Life Insurance
Co., Mitsui Mutual Life Insurance Co., Sumitomo Life Insurance
Co., and Yasuda Mutual Life  Insurance Co. on CreditWatch with
negative implications (see list below).

The CreditWatch placement reflects heightened concerns over
capitalization levels at the companies. The five insurers have
been adversely affected by their relatively high exposure to
volatility in the domestic stock market and the prolonged
weakness in the Japanese economy, which  is expected to
deteriorate further in the short term.      

Weakened capitalization. The five insurers have all individually
taken measures to shore up their  balance sheets, including the
disposal of low quality assets as well as domestic equity
holdings.

However, significantly reduced asset values and continuous
pressure on earnings have eroded capitalization levels at the
companies relative to the risks they assume.

Standard & Poor's will meet  with the respective managements of
all five companies soon to examine the measures they are
implementing to improve their earnings and capital in the
context of the weak economic environment.

Standard & Poor's maintains its negative outlook on the Japanese
life sector as a whole, and expects the industry to experience
weak net business growth and poor earnings given weak investment
returns and stagnant business growth elsewhere in the Japanese
economy.

Moreover, it is very unlikely that Japan's current low interest
rate environment will change in the near term. With the
increasing market presence of foreign players, competition has
been intensifying in the industry, pressuring the profitability
of most insurers.

Strong capitalization and financial flexibility are becoming
increasingly critical factors for the Japanese life insurers as
they attempt to navigate a rapidly changing environment.

RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

  Asahi Mutual Life Insurance Co.
  Counterparty credit rating           BB+/Watch Neg/--
  Financial strength rating            BB+/Watch Neg

  Meiji Life Insurance Co.
  Counterparty credit rtg              A+/Watch Neg/A-1
  Financial Strength rating            A+/Watch Neg
  CP                                   A-1/Watch Neg
  Pacific Guardian Life Insurance Co. Ltd.
  Counterparty credit rtg              A+/Watch Neg/--
  Financial Strength rating            A+/Watch Neg

  Mitsui Mutual Life Insurance Co.
  Counterparty credit rating           BB/Watch Neg/--
  Financial strength rating            BB/Watch Neg

  Sumitomo Life Insurance Co.
  Counterparty credit rating           BBB/Watch Neg/--
  Financial strength rating            BBB/Watch Neg

  Yasuda Mutual Life Insurance Co.
  Counterparty credit rating           A-/Watch Neg/A-2
  Financial Strength rating            A-/Watch Neg
  CP                                   A-2/Watch Neg
  Sub debt                             BBB+/Watch Neg


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


DAEWOO MOTOR: Posts Profits For Five Consecutive Months
-------------------------------------------------------
Daewoo Motor, due to be sold to General Motors, sold a total of
39,651 cars in August, realizing W352.9 billion in sales and
W6.7 billion in operational profits, Digital Chosun reported
Thursday.

The carmaker has achieved operational profits for five
consecutive months since April. Daewoo Motor's main Bupyeong
plant posted W700 million in August, following W5.1 billion in
profits from the preceding month.


DAEWOO HEAVY: Plans Exportation Of $15M Worth Of Machinery
----------------------------------------------------------
Daewoo Heavy Industries & Machinery received export orders worth
about $15 million while participating at the "EMO 2001
International Manufacturing Machinery Exhibition" in Hanover,
Germany September 12-19.

The EMO exhibits products from over 2,200 manufacturing
machinery countries. Similar exhibitions are the United States'
IMTS and Japan's JIMTOF.

Daewoo HI&M has been prospering this year despite the slump in
the manufacturing machinery market, exporting $75 million worth
of products as of August this year, up 53 percent from the
corresponding period last year, the Digital Chosun reported
yesterday.

The Daewoo HI&M plans on introducing 54 new products at the
upcoming third Daewoo International Manufacturing Equipment
Exhibition (DIMF 2001), scheduled for September.

TCR-AP reported on August 14 that Korea Asset Management Corp
and Korea's ten other creditor banks, have decided to liquidate
Daewoo Heavy Industries.


HANBO IRON: Buyers Will Tender Bids Soon
----------------------------------------
The Korea Times reported Tuesday that three prospective buyers
for Hanbo Iron and Steel concluded their on-the-spot inspections
of the troubled steel maker.

The three potential buyers were selected in a preliminary
bidding round August 16 by Lehman Brothers, the lead manager for
the sale. The buyers are to submit the final bids to Lehman
Brothers by the end of this month or early next month, at the
latest.

Although there may be a slight change in the candidates and
bidding procedures, a Lehman Brothers official said the
procedures for the sale are definitely on track.

The identities of the candidates haven't been released so far
but, they are thought to include AK Capital, led by Kwon Ho-
sung, president of Jungju Industry, and multinational grain
wholesaler, Cargill.


HANJIN SHIPPING: W100B Bond Issue Planned   
-----------------------------------------  
The Korea Herald reported yesterday that Hanjin Shipping will
issue W100 billion in four-year unsecured bonds in the domestic
market today. Proceeds of the issuance are to be used to pay
back some of the W400 billion in bonds maturing early next year.

The shipping company said it hasn't decided on the yield, but
Daehan Investment Trust Management and Securities Co. will lead
manage the issue.


HYUNDAI MOTOR: Affected By Daewoo Takeover
------------------------------------------  
Shinyoung Securities, in its latest automotive report said that
Hyundai Motor Corporation and affiliate Kia Motors may suffer
substantial market-share losses in the long term, due to General
Motors' expected takeover of Daewoo Motor, although initial
forecasts do not show any effect on the two companies in the
short term.

The Korea Herald reported yesterday that government sources
expect GM to sign a memorandum of understanding to buy Daewoo
Motor plants in Korea for over $1 billion this Friday, at the
earliest.

According to the Shinyoung report, "In the first one or two
years, GM may refrain from aggressive marketing in Korea to
concentrate on strengthening Daewoo's production infrastructure
through assembly-line realignments and other means". The report
further states "Therefore, the short-term effect from GM's
acquisition of Daewoo on Hyundai Motor and the local automotive
industry could be negligible."

In the longer term, however, the normalized Daewoo Motor and the
expanded Renault Samsung will pose an enormous threat to Hyundai
and Kia, which jointly control nearly 80 percent of Korea's 1.7-
million-unit-a-year automotive market.


HYUNDAI PETROCHEMICAL: Creditors Rely On New Restructuring Law   
--------------------------------------------------------------  
Hyundai Petrochemical's creditors said they will reschedule the
ailing firm's debts based on the newly introduced Corporate
Restructuring Acceleration Act, Korea Herald reported Thursday.

Hyundai Petrochemical will be the first company to have its
debts restructured in accordance with the new law, which took
effect Sept. 15.

A creditor bank official said the application of the new law was
inevitable because talks among creditors on extending the
maturities of the troubled company's bonds have made no
progress.

Under the new law, the main creditors of the company can freeze
the exercise of creditor claims for a week with a 50 percent
vote.

  
HYUNDAI SECURITIES: Union Asks Court To Ban Stock Sale To AIG
-------------------------------------------------------------  
Hyundai Securities labor union filed for an injunction Wednesday
against the planned issues of preferred stocks to be acquired by
the America International Group-led consortium (AIG), Korea
Herald reported September 20.

The union plans to launch a legal battle against the company's
decision to lower the prices of preferred stocks to W7,000 a
share, from the previous W8,940 for the consortium.

"Distributing new shares to a designated third party
substantially hurt shareholders' rights to acquire the new
issues," the labor union said in a statement.

Earlier, the labor union threatened to quit if the value of its
shares is written down to zero in the wake of the sale deal with
AIG and other investors.


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


ACTACORP HOLDINGS: KLSE Requests Regularization Report
------------------------------------------------------
Southern Investment Bank Berhad (SIBB), on behalf of the Board
of Directors of Actacorp Holdings Berhad (Ahb or the Company)
announced that the KLSE has, on 19 September 2001, approved a
two-month extension, from 26 August 2001 to 25 October 2001, to
enable AHB to announce its Requisite Announcement to the KLSE
for public release.

AHB is also required to provide the KLSE with a detailed
progress report on the development and/or latest status of the
regularization exercise by 17 October 2001 on any development
between 24 August 2001, being the date of the Company's
application letter and 16 October 2001.

On 24 August 2001, SIBB, on behalf of AHB, announced that an
application was made to the KLSE on even date for an extension
of four (4) months for AHB to make an announcement to the KLSE
of a detailed proposal, the implementation of which will enable
AHB to regularize its financial condition to warrant continued
trading and/or listing on the Official List (Requisite
Announcement).


DENKO INDUSTRIAL: Posts Additional Info Regarding Lawsuit
---------------------------------------------------------
Denko Industrial Corporation Berhad (Denko) posted additional
information on the legal suit received by the Company and to its
wholly owned subsidiary Skiva Holdings Sdn Bhd (Skiva), as
follows:

   i)  The total cost of investment by Denko in Skiva is
RM9,207,145.00.

   ii) Denko group does not expect an operational impact arising
from the suit. On 16 April 2001 the Securities Commission has
approved Denko's corporate proposals as follows:
     * Proposed property acquisition;
     * Proposed renounceable rights issue of shares with
warrants attached;
     * Proposed establishment of an employees' share option
scheme; and
  * Proposed increased in the authorized share capital.
The gross proceeds arising from the Proposed Rights Issue of
RM65,783,723.00 is to be utilized for core businesses of Denko
group and also for the repayment of loans and bank borrowings.

However, the approved proposal is still pending implementation.
Negotiations are still being carried out in seeking further
indulgence towards realizing a successful implementation of the
approved proposals.

Financially, the group, in a worst-case scenario, expects a
financial impact of a cash outflow for full settlement of the
above suit.

   iii) The steps taken and proposed to be taken in respect to
the legal suit:
     * M/s BDO Capital Consultants Sdn Bhd has been appointed
with effect from 2 May 2001 to act on behalf of Denko to review
and restructure the proposed debts restructuring scheme.
* M/s P M Tan Chan & Partners has been instructed on 17
September 2001 to act on behalf of Denko and Skiva to
defend in respect of the above suit.

LION CORPORATION: KLSE Grants One-Month Extension
-------------------------------------------------
The Directors of Lion Corporation Berhad (the Company) announced
that the Kuala Lumpur Stock Exchange (KLSE), on 18 September
2001, approved the Company's application dated 20 August 2001
for an extension of time of one (1) month from 26 August 2001 to
25 September 2001, for the implementation of the proposed
group-wide restructuring scheme, within which the Company is
required to:

   a) revise its regularization plan;

   b) make a revised Requisite Announcement to the KLSE; and

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

The Company is required to make a separate application to the
KLSE to seek additional time for the Company to obtain all
necessary approvals from the regulatory authorities.


MAY PLASTICS: SC Approves Proposed Rescue Scheme
------------------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI or
Company), announced that it has received the approval of the
Securities Commission (SC) for the Proposed Rescue Scheme to
implement the Proposed Rescue Scheme without having to comply
with the SC's Condition (SC's Approval).

The SC had imposed a condition that full approvals must be
obtained for the conversion of the 1,010 acres of freehold land
located in Mukim of Beranang, District of Ulu Langat, Selangor
(Abaco Estate) from "agriculture" to "development" status (SC's
Condition).

The SC's Approval, is subject to these conditions:

   (i) the Board of Directors of Earnest Equity Development
Berhad (EEDB) is required to furnish the SC with an undertaking
that they would endeavor to procure full approvals from the
relevant authorities for the said conversion of the status of
Abaco Estate, as imposed by the SC as soon as possible;

   (ii) EEDB is required to inform the SC the status of each
steps to be carried out in obtaining full approvals for the said
conversion of the status of Abaco Estate, as contained in a
timetable furnished to the SC by EEDB on 29 August 2001
(Timetable), and to provide justifications should there be any
delay in the implementation of the said steps as compared to the
timing indicated in the Timetable; and

   (iii) the said conversion status of Abaco Estate is required
to be disclosed in the quarterly and annual reports of MPI until
full approvals are obtained for the said conversion.


OMEGA HOLDINGS: KLSE Grants Requisite Announcement Extension
------------------------------------------------------------
The Board of Directors of Omega Holdings Berhad (OHB) announced
that 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.

TCR-AP reported August 2, 2001 that OHB was still in
negotiations with its creditor banks on the company's proposed
debt restructuring scheme.

The company dispatched a revised Proposed Scheme Paper to
the creditor banks on July 4, 2001 and is awaiting approvals
from the creditor banks.


PERDANA INDUSTRI: Agreements Might Be Terminated
------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (AMMB), on behalf of the
Perdana Industri Holdings Berhad (Pihb or the Company) informed
the Kuala Lumpur Stock Exchange that in the event the approvals
of the relevant authorities for the proposed modifications are
not obtained, or are subject to conditions not acceptable to Wah
Seong Corporation Berhad (WSC), the transfer of the listing
status agreement dated 14 January 2000 and the supplemental
agreement dated 12 September 2001 may be terminated, by either
party, according to the agreements.

Background

The Company entered into a supplemental agreement with WSC to
modify certain terms of the transfer of listing status
agreement.  Amongst the material terms being modified are:

   i. the extension of the completion date of the Proposed Debt
and Equity Restructuring Scheme to 30 June 2002;

   ii. the postponement of the exercise date of the put and call
arrangement with the relevant scheme lenders by twelve (12)
months;

   iii. the rate of capital reduction will be increased from 90
percent to 92 percent;

   iv. the number of new WSC shares to be issued to settle the
scheme's liabilities will be increased from about 58.78 million
shares to 59.14 million shares. However, due to recognition and
reclassification of certain liabilities of the scheme, the
recovery rate to the unsecured creditors will be marginally
decreased from 24.7 percent to 24.5 percent; and

   v. the subsidiaries of PIHB may be liquidated pursuant to the
Proposed Debt and Equity Restructuring Scheme.

The abovementioned revisions are subject to approval by the
following:

   i. Pengurusan Danaharta Nasional Berhad;

   ii. the secured creditor, if required;

   iii. Securities Commission;

   iv. Foreign Investment Committee;

   v. Ministry of International Trade and Industry;

   vi. Bank Negara Malaysia;

   vii. KLSE; and

   viii. any other relevant authorities.


PLANTATION & DEVELOPMENT: Proposed Scheme Approval Pending
----------------------------------------------------------
On behalf of Plantation & Development (Malaysia) Berhad (P&D or
the Company), Arab-Malaysian Merchant Bank Berhad (AMMB)
announced that the Company is required under the Practice Note
No. 4/2001 to obtain the approval of the relevant authorities
for the Proposed Scheme within 4 months from the date of
submission of the Proposed Scheme to the relevant authorities
for consideration on 9 April 2001. Other than the approval of
the Ministry of International Trade and Industry, which was
obtained on 25 June 2001, the approval of the other relevant
authorities is still pending.

Accordingly, AMMB has applied to the KLSE on behalf of the
Company to extend the time frame for the Company to obtain the
remaining approvals from the relevant authorities to 31 October
2001.


REPCO HOLDINGS: KLSE Grants Extension To Manage Cash Flow
---------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed) (RHB or
the Company) announced that, on 18 September 2001, it received
approval of the Kuala Lumpur Stock Exchange (Exchange) for an
extension of two (2) months from 23 August 2001 to 22 October
2001 to comply with the requirements of paragraph 5.1 of
PN4/2001 to make an announcement to the Exchange on the
Company's plan to regularize its financial condition.

On 3 September 2001, the Company made an announcement that it
had, by its letter dated 15 August 2001 to the Exchange,
appealed for an extension of time to comply with the
requirements of paragraph 5.1 of PN4/2001.

The company also announced that Sandakan Turf Club (STC), with
whom one of its subsidiaries has an agreement to manage the
number forecasting operation had, on 18 September 2001, been
notified by the Ministry of Finance that the Ministry has
decided to reduce the number of agencies in Sabah licensed under
the Pool Betting Act 1967 by 10 with effect from 1 October 2001.

The Company is unable to quantify at this juncture the effect
the reduction in agencies will have on the future results of the
group.


TAT SANG: Subsidiary Defaults On Payments
-----------------------------------------
Tat Sang Holdings Bhd announced that its subsidiary company
defaulted on payments of the principal and/or interest to
financial institutions in respect to various credit facilities
granted to the subsidiary. The details are:

Name of Borrower : Mercuries & Muar Wooden Furniture Mfg.
  Sdn Bhd
Lenders  : Various Financial Institution
Type of facility : Trade Line and Overdraft
Principal Outstanding @ 30/06/2001(RM): 40,820,795
Principal in Default(RM): 36,820,795

The subsidiary defaulted in payments on the facilities owing to
the adverse economic conditions of those countries, which the
subsidiary exports to. This has caused an overall clause default
on other facilities granted to the Group.

The Group is seeking indulgence from the lenders regarding
rescheduling of the repayment of the principal and interest.

TSHB, as the holding company, has given corporate guarantees to
the financial institutions to the extent of the outstanding
principal and interest owing by its subsidiary company i.e.
Mercuries & Muar Wooden Furniture Mfg Sdn Bhd (MM)

The facilities granted to MM is secured by the Company's landed
properties and landed property of other subsidiaries charge
under the National Land Code.


UH DOVE: Awaits SC Approval On Proposed Rescue Scheme
-----------------------------------------------------
The Board of Directors of the UH Holdings Dove Berhad (the
Company) announced the Company is still awaiting approval from
the Securities Commission (SC) on the submitted plan in respect
of the Proposed Rescue/Debt Restructuring Scheme (Proposals) of
the Company.

The Company submitted a plan to regularize its financial
condition to the SC, the Foreign Investment Committee (FIC) and
the Ministry of International Trade and Industry on 28 February
2001.

The FIC has, via its letters dated 26 April 2001 and 14 August
2001, given its approval to the Company's application in respect
to the Proposed Rescue/Debt Restructuring, subject to the
increase in bumiputra equity to 30% by 30 June 2002.

On 27 August 2001, MITI, via its letter dated 23 August 2001,
approved the Company's application in respect to the Proposals
subject to the increase in bumiputra equity in U.H. Industries
Sdn. Bhd., a wholly owned subsidiary of the Company to 30% by 22
August 2003 in compliance with the terms and conditions of its
Manufacturing Licence.

The Board of Directors of the UH Holdings Dove Berhad also
announced that the Kuala Lumpur Stock Exchange (Exchange) has,
via its approval letter dated 18 September 2001, granted a
further extension of two (2) months from 28 August 2001 to 27
October 2001. The extension will enable the Company to obtain
all necessary approvals from the regulatory authorities for the
Proposals in accordance with Paragraph 4.1(c) and Paragraph
5.1(c) of the Practice Note 4/2001.


ZAITUN INDUSTRI: Winding Up Hearing Rescheduled
-----------------------------------------------
Zaitun Berhad announced the High Court of Malaya has postponed
the hearing of the winding up petition filed by Maxseal Sdn Bhd
against Zaitun Industri Sdn Bhd to 16 October 2001.


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


ALL ASIA: Rehab Plan Not Supported By IFC
-----------------------------------------
The International Finance Corporation (IFC) denies support for
the rehabilitation of All Asia Capital and Trust Corporation,
unless the ailing investment house undergoes a major revamp in
ownership and management, Business Times reported yesterday.

In a letter routed through the Securities and Exchange
Commission (SEC), the IFC stated that "as a result of our
concerns, we would like to reiterate that IFC is not prepared to
support such efforts toward a rehabilitation of the company
unless and until there is a significant change in the ownership
and management of All Asia."

Last year, All Asia was hit with heavy pre-termination of its
placements or investments in the wake of the Westmont Investment
Corp. fiasco. While the investment house continues to be
solvent, it is having difficulty meeting short-term liquidity
requirements.

All Asia needs about P1 billion in short-term funds to meet
immediate liquidity needs.

IFC, the investment arm of the World Bank, has a seven percent
stake in All Asia worth "between $3 million and $4 million" as
well as a $17-million exposure in the form of various debt
instruments.

Major shareholders of All Asia had earlier accused the IFC of
blocking the firm's recovery plan.


NATIONAL POWER: NPC Privatization Plan Moves Forward
----------------------------------------------------
Philippine President Gloria Arroyo is going to sign a US$5
billion plan next month to privatize the National Power
Corporation (NPC) Energy Secretary Vince Perez said Wednesday.

The privatization of National Power Corp., the largest
privatization in the country to date, is part of Presidential
reforms to overhaul the crisis-hit power sector after the
passage of the landmark Electricity Industry Reform
Act in June.

The law aims to draw more foreign investors into the power
sector and spare the country from the prospect of lengthy daily
power cuts such as those that crippled the economy almost a
decade ago, the Manila Bulletin reports September 20.


UNIWIDE HOLDINGS: BPI Again Calls For Liquidation
-------------------------------------------------
The Bank of the Philippine Islands (BPI) Wednesday renewed its
call for the Securities and Exchange Commission (SEC) to end the
rehabilitation program for Uniwide Holdings Inc. saying it had
not attracted a strategic partner, The Manila Times reported
Thursday.

BPI, a secured creditor of Uniwide, said that since Casino
Guichard Perrachon's withdrawal of its plan to infuse capital
into the failed discount retail chain, no other investor has
expressed willingness to take its place.

Other banks that have also expressed the same call for the
declaration of Uniwide's rehab a failure are Land Bank of the
Philippines and Allied Banking Corporation.

Uniwide, on its behalf, said that the SEC should balance the
interest of both the secured creditors who are over-
collateralized and the unsecured creditors who will not have any
recourse if the proceeding in this case is terminated.

The warehouse club operator said it should at least be given the
opportunity to amend its rehabilitation plan to address the
concerns of creditors.


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


AMTEK: Posts Changes In Director's Shareholding
-----------------------------------------------
Amtek Engineering posted this notice:

  Notice Of Changes In Director's Shareholding,

Name of director: Lai Fook Kuen
Date of notice to company: 29 Sep 2001
Date of change of interest: 18 Sep 2001
Name of registered holder: Lai Fook Kuen
Circumstance giving rise to the change: Open market purchase

  Shares held in the name of registered holder

No. of shares of the change: 3,000
% of issued share capital: 0.001
Amount of consideration per
share excluding brokerage,GST,
stamp duties,clearing fee: 0.40
No. of shares held before change: 7,750,250
% of issued share capital: 4.259
No. of shares held after change: 7,753,250
% of issued share capital: 4.261

  Holdings of Substantial Shareholder including
direct and deemed interest
         
Deemed      Direct
No. of shares held before change:  7,750,250
% of issued share capital:  4.259
No. of shares held after change:  7,753,250
% of issued share capital:  4.261
Total shares:  7,753,250

No. of Warrants : 1,240,040
No. of Options : 147,500


LKN-PRIMEFIELD: Appoints Ernst & Young As Financial Advisor
----------------------------------------------------------
A Trust Deed dated 13 March 2001 (the Trust Deed), was executed
by Lkn-Primefield Limited  (the Company) in favor of HSBC
Trustee (Singapore) Limited. It related to the redeemable fixed
rate bonds, due 2006, issued by the Company in connection with
the debt restructuring scheme implemented by the Company and
certain of its subsidiaries earlier this year.

According to the terms of the Trust Deed, the Company shall not
permit the ratio of its Total Consolidated Liabilities (as
defined therein) to its Consolidated Shareholders' Funds (as
defined therein) to exceed 7:1. The above figures are to be
computed in accordance with the latest audited consolidated
balance sheet of the Company and its subsidiaries.

Based on the consolidated balance sheet of the Company and its
subsidiaries as of 31st December 2000, the Company is not
technically in breach of the financial covenant. Based, however,
on the unaudited management accounts of the Company and its
subsidiaries as of 30 June 2001, as released today, and taking
into account deductions based on the Company's revaluation of
certain of its properties in Singapore conducted in connection
with the preparation of the management accounts, the Directors
are of the opinion that the Company will have difficulties in
complying with the financial covenant.

The Directors of the Company will employ their best efforts to
act promptly and seek to address the situation. In this respect,
the Company has appointed Ernst & Young Regional Services Pte
Ltd as its Financial Advisor.


SINGATRONICS: Posts US$4.4M 1H Loss
-----------------------------------
Singatronics, a contract manufacturer of electronics,
educational toys and electronic musical instruments, posted a
loss of US$4.4 million for the first half, down from a reported
profit of US$5 million a year ago.

The group, which is also involved in hotel ownership, property
development and leasing, also expects to incur an operating loss
in the second half, aside from the abovementioned activities,
the Business Times reported yesterday.

Wright Investors' Service reported that as of December 2000, the
company's long term debt was $107.95 million Singapore Dollars
and total liabilities (i.e., all monies owed) were $131.04
million Singapore Dollars. The long term debt to equity ratio of
the company is 0.72%


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


AROMATICS (THAILAND): Banpu Seeks Share Purchase Approval
---------------------------------------------------------
Banpu Public Company Limited (Banpu) is in the process of
seeking approval from the Board of Directors to allow the
Company's representative to vote at Aromatics (Thailand) Limited
(ATC) shareholder meeting on a capital increase by way of the
conversion of a shareholders' loan.

In the event the resolution is passed, the existing loan of
Bt587.825 millions, lent by the Company to ATC, will be
converted into 167.95 million shares, at the conversion price of
Bt3.50 per share.

Such a transaction will provide the Company with alternatives to
manage investment in ATC.

ATC earlier reported an increase of registered capital of 561
million new ordinary shares and that it would not allocate
ordinary shares exceeding 167.95 million to Banpu Public Company
Limited at the offering price of Bt3.5 each.


DATAMAT PUBLIC: Posts Summary Of Q&A Re Rehabilitation Plan
-----------------------------------------------------------
Datamat Public Company Limited posted the summary of questions
and answers from the presentation to analysts for the Company's
rehabilitation plan on September 17, 2001, as follows:

(i). Who are the Major creditors  of  Datamat  Public Company  
Limited.?

* Major creditors are Krungthai Bank, Bangkok Bank, Bankthai and
Standard Chartered  Nakhonthon Bank.

(ii) The loan of such creditors accounting for how many percent
of total debt restructuring?

* Around 80%

(iii) Who is the new investor?

* The owners of capital are European company and Thai company.
They join together to set up a company namely Cyber Venture Co.,
Ltd.  

(iv) Which kind of benefit will the company receive from the new
investor?
       
* The European company has invested in IT business in India and
Malaysia. There will be the cooperation of technology from these
companies and it will use Thailand as a base to enter into the
market of China.

(v) Who are the competitors of the company?

*   - In case Second Generation of technology, the competitors
are CDG, Metro, Unisys, and Softsquare

    - In case Third Generation) of technology, the competitors
are the small and new setting up companies of the new graduates.  

    - In case Forth Generation of technology, the competitors
are depending on the above companies whether they have vision to
follow the new technology or not.  

(vi) When will the company's stock be able to trade?

* Early December 2001 (first or second week)

(vii) Are there any obligations for the shareholder to sell
share?

* No obligation. The shareholders can sell their shares.

(viii) How much for the revenue projection of 2001?  

* Around Bt240 million

(ix) How about revenue in the first quarter of 2001?  

* The revenue is 73 million baht

(x) Which part of business has the highest margin?

* Software Service, margin is around more than 40 %

(xi) Since the employee is the most important thing, How can the
company keep these employees?

* Apart from salaries, they will receive profit sharing.

(xii) In case the shares of the company open to trade, How many
(free float are there in this case?

* Each part of shareholder such as banks, new investor can sell
its shares. There is no obligation.

(xiii) For the new registered capital of 6,350 million baht, How
much is for the par value?

* Par value is  Bt10.

(xiv) Is there any capital expenditure in the future?

* Yes, it isn't  too big.


SINO-THAI ENGINEERING: Sells Affiliated Co For Working Capital
--------------------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
(STECON) sold its affiliated company, Inter IMC Pte Limited, a
construction company registered in Singapore, focusing on
mechanical works which STECON hold 15,000 shares (30% of Inter
IMC shares).

The Inter IMC shares were sold at $10.25 Singapore Dollar per
share for 15,000 shares at the total cost of $153,750 on
September 18, 2001 to Best Quality Skills Company Limited (BQS)
which does not have any business related to the Company in
accordance with the SET regulation.

The purpose of the sale is to utilize the money as working
capital for the Company.


WONGPAITOON GROUP: Reorg Petition Filed In Bankruptcy Court
-----------------------------------------------------------
Wongpaitoon Group Public Company Limited's (DEBTOR), engaged in
production and export of sport shoes, Petition for Business
Reorganization was filed in the Central Bankruptcy Court:

     Black Case Number 309/2543

     Red Case Number 30/2543

Petitioner: Siam Commercial Bank
          : WONGPAITOON GROUP PUBLIC COMPANY LIMITED

Planner: Wongpaitoon Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt3,630,090,000

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

Court Order for Business Reorganization and Appointment of
Planner: May 22, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on July 4,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 4, 2000

Court issued an Order Accepting the Reorganization Plan:
December 22, 2000 and Appointed Wongpaitoon Planner Company
Limited to be as the Plan Administrator

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

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

Contact: Mr. Songthom Tel. 6792514


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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