TCRAP_Public/010925.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

         Tuesday, September 25, 2001, Vol. 4, No. 187

                         Headlines


A U S T R A L I A

ANSETT AUSTRALIA: Legal Action Against Owner Unlikely
ANSETT AUSTRALIA: Sells Traveland Unit To Internova
BREATHE GROUP: Sells Mobile Telephony Retail Operations
MAXIS CORPORATION: Posts Order No. 1488 Disclosures Minutes
ONE.TEL: Court Extends Assets Freeze
SKYWEST AIRLINES: Portman Commits Funding Support


C H I N A   &   H O N G  K O N G

FAIRICH COMPANY: Petition To Wind Up Docketed
KIN DON: Nil Paid Rights Trading To Start Wednesday
KUROSHIO (HONG KONG): Winding Up Petition Slated For Hearing
NETEASE.COM: Updates Status Re Nasdaq's Delisting Of Shares
PACIFIC CENTURY:Posts European Call Warrants Dealings Deadline
PURSE UNION: Winding Up Sought By Hua Chiao
VICROWN INTERNATIONAL: Winding Up Petition Pending
WAKO HOLDING: Hearing of Winding Up Petition Set


I N D O N E S I A

KASOGI INT'L: Signing Debt Restructuring Agreement W/Creditors
SINAR MAS: Founder Won't Offer Debt Guarantee


J A P A N

ASAHI BANK: Formally Announces Daiwa Tie-up
DAIEI INC: Moody's Downgrades Senior Debt Rating
KDDI: Property Sale to Raise Y178B
MYCAL CORPORATION: Expects Sponsor For Rehab
SNOW BRAND: Expects Higher Group Operating Loss This FY


K O R E A

DAEWOO MOTOR: Creditors To Assume More Bad Loans
DAEWOO MOTOR: Sold To GM For US$1.2B
DAEWOO MOTOR: Unsold Plants To Face Liquidation
DAEWOO MOTOR: Workers Assured Of Jobs By GM
HYUNDAI CONSTRUCTION: Bonds To Be Bought By KDB
LG GROUP:6.03M Dacom Shares Sold To Credit Suisse First Boston   
SAMSUNG GROUP: CEOs Mull Over Ways To Cope With Crises
SAMSUNG GROUP: Unit Cutting Executive Positions  


M A L A Y S I A

ABRAR CORPORATION: Shareholders Approve Resolutions
AYER HITAM: Enters Second Agreement On Proposed Disposal
KELANAMAS INDUSTRIES: Strikes Off Subsidiary
LAND & GENERAL: Proposed BAB Swap For Partial Settlement
LION CORPORATION: Request For Arbitration Filed Against Unit
SASHIP HOLDINGS: EGM To Be Held October 16
TCL PREMIER: Extension Granted To Implement Workout Scheme
UNITED ENGINEERS: ELITE's Debt Settlement Scheme Pending
WEMBLEY INDUSTRIES: KLSE Grants Two-Month Extension
ZAITUN BERHAD: KLSE Requires Monitoring Accountant Immediately


P H I L I P P I N E S

ATLAS CONSOLIDATED: Plans Mining Project In Palawan
NATIONAL POWER: Barges Wanted By U.S. Company
NATIONAL POWER: Government Ponders Best Way To Raise Funds
RFM CORPORTATION: SEC Drops Insider Trading Charges
UNIWIDE GROUP: Liquidation Sought Anew By BPI


S I N G A P O R E

AMTEK ENGINEERING: Posts Changes In Director's Interests
SCOR REINSURANCE: S&P Places Ratings On Negative CreditWatch


T H A I L A N D

BURAPA STEEL:Business Reorg Petition Filed In Bankruptcy Court
ITALIAN-THAI: BOD Approves Establishment Of Nam Theun Proposal
TPI POLENE: US$300M Gives Cemex Controlling Stake
TPI POLENE: SET Halts Trading Of Securities


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


ANSETT AUSTRALIA: Legal Action Against Owner Unlikely
-----------------------------------------------------
The administrator of collapsed Australian airline Ansett said
Monday he hoped to avoid legal action against the airline's
owner, Air New Zealand, Asia Wall Street Journal reported
Sunday.

"I am hopeful that no legal remedies are necessary in terms of
achieving what we as administrators want," Mark Mentha, who is
now in charge of Ansett's affairs, told Australian Broadcasting
Corporation radio.

He said that Air New Zealand cooperated fully in discussions
over the weekend and legal action against the New Zealand flag
carrier may not be necessary.

Air New Zealand, which took over Ansett last year, has been
widely blamed by the failed carrier's staff for mismanaging
Ansett and bleeding it to support its own dire financial
position.

Ansett's collapse threw most of its 16,000 staff out of work and
stranded tens of thousands of passengers.

The administrators are now talking to five parties, including
overseas airlines that are interested in taking over major air
routes formerly served by Ansett.


ANSETT AUSTRALIA: Sells Traveland Unit To Internova
---------------------------------------------------
Ansett Australia's administrator Arthur Andersen said that the
airline's travel agency Traveland has been sold to privately
held Internova Travel Pty. Ltd. for an undisclosed sum. Asian
Wall Street reported Sunday.

Ansett, which was the major competitor to Qantas Airways Ltd.
(A.QAN) in Australia, was placed in administration two weeks ago
after its parent Air New Zealand Ltd. (AIR NZ) failed to save
it.

Air NZ, the collapsed airline's parent, is still trying to
negotiate a deal with its primary shareholders, Singapore
Airlines Ltd. and Brierley Investments Ltd. and with the
Australian and New Zealand governments decided to sell parts of
Ansett in the interim.

"I am particularly pleased that the jobs of Traveland's 750
employees have been secured. The sale will provide the seamless
transfer of Traveland's 104 stores along with its franchise
network," said Martin Madden, the administrator of Traveland.


BREATHE GROUP: Sells Mobile Telephony Retail Operations
----------------------------------------------------------
Breathe Group Limited previously announced that the cellular
telephony distribution market has become increasingly difficult
and trading conditions generally in the industry are poor.
Recent high profile collapses and severe profit downgrades have
tightened credit conditions and trading terms generally, as
suppliers and industry participants adopt an increasingly
cautious approach.

Directors announced on 10 July 2001 that it has become apparent
that cellular network operators are becoming more focused on
acquiring and retaining only high value customers, rather than
the volume based approach which has been evident until recently.
Cellular phone dealers, including Breathe Group Limited (BRE),
have historically structured their businesses to address a high
volume market.

In view of the industry situation, BRE Directors have explored
various avenues in an effort to stabilize the Company in the
current difficult economic environment.

BRE currently operates two activities:

The first is the distribution of mobile phones and related
products through the retail chains Mobiletronics Australia,
Telecell Australia and Mobiletronics New Zealand. Additionally,
BRE owns 49.9% of a web based messaging service called Mobemail
that provides subscription based SMS messaging as well as SMS
advertising.

The retail distribution business of BRE is now operating in a
mature market where new users tend to be low value. The carriers
with whom BRE has an exclusive relationship, Vodafone Pty
Limited and Vodafone New Zealand Limited, have recently moved
towards a less volume based model and more towards a customer
retention and value added model. The Directors of BRE believe
that, as a consequence, adequate retail margins may not be
available to third party distributors such as BRE (either now or
in the foreseeable future) to provide a viable business model.

As a result, the Directors of BRE have entered into conditional
contracts to sell the mobile telephony retail operations of BRE
in Australia and New Zealand to Armeadon Pty Limited and
Armeadon (NZ) Limited (together, "Armeadon"), companies
controlled by Graham Hosking (the CEO of BRE) and in which
Vodafone Pty Limited has a 20% minority interest. The general
terms of the sale are as follows:

* Armeadon will acquire all of BRE's retail distribution assets
(other than cash) and assume liability, as from completion of
the sale, for the performance of existing BRE contracts,
including retail property leases, and for leave entitlements for
transferring employees.

* Armeadon will also assume liability, as from completion of the
sale, for trade creditor amounts owed by the business to
Vodafone and approximately $45,000 of accrued rental payments
owed to Vodafone.

* In consideration for the purchase of the BRE assets Armeadon
will pay to BRE $3,050,000 plus an amount of up to $550,000
depending on the net current asset position of BRE at
completion, and Armeadon will also assume the liabilities
referred to above.

* Armeadon will offer all BRE employees associated with the
retail business employment.

* From the proceeds of sale the loan between Vodafone and BRE
will be paid out in full. Vodafone has also agreed that all
securities held by Vodafone in relation to BRE will be released.

If approved, then BRE:

* is projected to have cash (or cash equivalent) of not more
than $750,000;

* will have variously transferred to Armeadon, received moneys
from Armeadon or made provision to meet the known ongoing
liabilities of its mobile telephony retail operations in
Australian and New Zealand, including employees, premises leases
and the like; and

* will retain its 49.9% interest in the web based messaging
service called Mobemail: this is a carrier agnostic independent
portal that provides subscription based SMS messaging as well as
SMS advertising.

The transaction is subject to the approval of shareholders of
BRE in general meeting. An explanatory memorandum will be
forwarded to shareholders shortly together with a notice of
meeting. The explanatory memorandum will be accompanied by an
independent expert's report for the benefit of shareholders.

BRE Directors will concentrate on seeking to expand its
messaging service business and pursuing other opportunities
related to or complementary to that business. Significant work
needs to be undertaken to build that area of the business up to
a stage where it could be regarded as a viable ongoing business.
If Directors are unable to identify opportunities for that
purpose, it will review all other opportunities for the benefit
of shareholders and, where appropriate, seek shareholder
approval for any alternative course of action.

As indicated above, shareholder documentation (including notice
of meeting) should be forwarded to shareholders shortly. It is
expected that a shareholder meeting will be held to seek
approval of the proposed sale in late October or early November.


MAXIS CORPORATION: Posts Order No. 1488 Disclosures Minutes
-----------------------------------------------------------
Maxis Corporation Limited posted the disclosures as
required by the Short Minutes of Order No 1488 of 2001 set down
in the Equity Division of the Supreme Court of New South Wales
between the Australian Securities & Investments Commission and
Maxis Corporation Ltd:

1. REPORT ON FINANCIAL REPORTS PREPARED BY PKF, CHARTERED
ACCOUNTANTS

The Independent Accountant's Reports prepared by PKF, Chartered
Accountants, on the Financial Reports for the following
companies, together with their respective Financial Reports for
the period from and including 1 July 2000 to and including 30
June 2001 was forwarded to the Australian Stock Exchange on 19
September 2001:

COMPANY                                                 ACN

Maxis Corporation Ltd                                009 239 285
Australian Business Technologies Pty Limited         003 715 660
ARBT Pty Limited (T/A Heartland Communications)      088 639 918
NDT Pty Limited (T/A Managed Networks)               088 639 758
ABT Supplyline Pty Limited                           088 640 519

The Financial Report on Maxis Corporation Ltd and its
subsidiaries was prepared as if it had controlled Australian
Business Technologies Pty Limited throughout the year. In
reality, a Receiver and Manager was appointed to this company on
6 February 2001 and accordingly, Australian Business
Technologies Pty Limited and its subsidiaries will not be
consolidated in the statutory consolidated accounts of Maxis
Corporation Ltd from 31 December 2000. We anticipate filing
these statutory accounts together with the Appendix 4B for the
year ended 30 June 2001 shortly.

2. INTENTIONS OF MAXIS CORPORATION LTD AND EACH OF ITS OPERATING
SUBSIDIARIES FOR THE YEAR ENDING 30 JUNE 2002.

Maxis Corporation Ltd is a holding company with investments in
various companies, principally Australian Business Technologies
Pty Limited and its subsidiaries. The corporate structure of
Maxis Corporation Ltd and its principal operating subsidiaries
(the Maxis Group) is as follows:

As noted above, a Receiver and Manager was appointed to
Australian Business Technologies Pty Limited on 6 February 2001.
This appointment was made subsequent to the appointment of
Administrators to each of ABT Supplyline Pty Limited and
Heartland Communications on 16 January 2001.

Effective 2 July 2001, Maxis regained practical control of the
companies under administration following approval by creditors
on 6 April 2001 of a Deed of Company Arrangement (DOCA)
regarding settlement of the indebtedness of these companies.
Legal control was achieved on 27 August 2001 when all the
parties, both in Australia and overseas, had finally executed
all of the necessary documents.

A comprehensive Business Plan for the year ending 30 June 2002
has been prepared for the Maxis Group. This Plan details the
objectives and strategy for the Maxis Group, including the
contribution to be made by and expectations of the major
operating subsidiaries. These are described in some detail in
the Chairman's Report to be included in the 2001 Annual Report
for Maxis Corporation Ltd. An extract from this Report is
attached to this letter. Additionally, the intentions of Maxis
Corporation Ltd and Australian Business Technologies Pty Limited
are as follows:

MAXIS CORPORATION LTD

* Continue to act as a listed technology investment company with
Controlling shareholdings in companies providing network
management services and complementary facilities;

* Seek to have the shares of the Company requoted on the ASX as
soon as possible;

* Source additional capital, debt or equity, to:

- Meet Maxis' obligations of paying $1,300,000 to the
Administrators of ABT Supplyline Pty Limited and Heartland
Communications under the DOCA (as subsequently varied by a Deed
of Variation) comprising $650,000 due by 31 October 2001 and
$650,000 due by 31 March 2002.

- Pay $37,500 in partial reimbursement of costs incurred by the
Administrators of Heartland Communications whilst it was under
their control.

- Provide working capital to facilitate the growth of the Maxis
Group, including, in particular Managed Networks and Heartland
Communications.

- Upgrade some of the infrastructure of Managed Networks.

* Make selective acquisitions, which complement our existing
business expertise.

AUSTRALIAN BUSINESS TECHNOLOGIES PTY LIMITED

Australian Business Technologies Pty Limited is an investment
company and owns 100% of the issued share capital of each of ABT
Supplyline Limited, Managed Networks and Heartland
Communications.

The company does not trade and it is not intended that it will
vary this role.

3. CAPITAL EXPENDITURE OF MAXIS GROUP FOR THE YEAR ENDED 30 JUNE
2001

The capital expenditure of each company in the Maxis Group for
the period from and including 1 July 2000 to and including 30
June 2001 was as follows:

COMPANY                                      CAPITAL EXPENDITURE
                                                         $'000

Maxis Corporation Ltd                                      362
Less transfer from NDT Pty Limited                       (218)
Australian Business Technologies Pty Limited                 -
ARBT Pty Limited (T/A Heartland Communications)          1,496
NDT Pty Limited (T/A Managed Networks)                     423
ABT Supplyline Pty Limited                                  62
Total                                                    2,125

4. CAPITAL EXPENDITURE PROJECTIONS FOR THE MAXIS GROUP FOR THE
YEAR ENDING 30 JUNE 2002

The capital expenditure projections for each company in the
Maxis Group for the year ending 30 June 2002 is as follows:

COMPANY                                     CAPITAL EXPENDITURE
                                                         $'000

Maxis Corporation Ltd                                     60.0
Australian Business Technologies Pty Limited                 -
ARBT Pty Limited (T/A Heartland Communications)           32.5
NDT Pty Limited (T/A Managed Networks)                   555.0
ABT Supplyline Pty Limited                                   -
Total                                                    647.5

Both Managed Networks and Heartland Communications have
significant existing infrastructure and surplus capacity. Each
of these companies is therefore able to increase turnover with
only a relatively small capital investment.

5. SOURCES OF FUNDING

The Maxis Group, principally through its investment in Managed
Networks, is cash flow positive and able to sustain its current
business operations. It will however require additional funding
for the reasons noted in Point 2 above, most particularly:

* The $1,300,000 due under the DOCA; and

* The $647,500 capital expenditure projected for the year ending
30 June 2002.

Maxis proposes to fund this expenditure requirement through a
capital raising most likely in two approximately equal tranches
coinciding with the timing of the installments due under the
DOCA. The first fund raising will probably be made via a private
placement to professional investors. Enquiries of potential
investors have indicated some support for a capital raising
given the prospects for the Maxis Group. It is proposed to
source these funds from professional investors rather than the
Company's existing shareholders because of current market
circumstances and the fact that the Company's securities have
been suspended from trading for some time.

While the form of the second tranche of the capital raising will
depend on market circumstances at the time of issue, it is hoped
to raise the funds via an underwritten rights issue to allow
shareholders to participate in the capital raising. It is hoped
that trading in the Company's securities will have occurred for
some considerable period of time by the date of this capital
raising which will facilitate the structure and pricing of that
new capital issue.

6. CASH FLOW STATEMENT FOR MAXIS CORPORATION LTD AND THE MAXIS
GROUP FOR THE YEAR ENDED 30 JUNE 2001

The Cash Flow Statement for Maxis Corporation Limited and the
Maxis Group for the year ended 30 June 2001 is included in the
Statutory Accounts to be filed with ASX. The cash flow for the
Maxis Group does not include that of its principal subsidiary
group contained within Australian Business Technologies Pty
Limited because, pursuant to the appointment of a Receiver and
Manager to this company on 6 February 2001, its operations were
deconsolidated from 31 December 2000.

However, had it been possible to consolidate Australian Business
Technologies Pty Limited and its subsidiaries throughout the
year, its pro-forma consolidated Cash Flow Statement compared
with the statutory consolidated Cash Flow Statement are as
follows:

                                  STATUTORY          PRO-FORMA
                                  ACCOUNTS:          ACCOUNTS:
                                 CONSOLIDATED       CONSOLIDATED
                             JULY 00 - JUN 01   JULY 00 - JUN 01
                                   $'000            $'000

Cash flows from operating activities
Receipts from customers                 23,627           34,040
Payments to suppliers and employees    (25,650)         (33,947)
Interest received                           66              133
Interest paid                             (280)            (315)
Income tax paid                           (193)            (193)
other                                       15               15
Net cash used in operating activities   (2,415)            (267)

Cash flows from investing activities
Payment for plant and equipment         (1,815)          (2,125)
Proceeds from sale of plant and equipment   23               71
Payment for equity investments             (31)             (31)
Proceeds from sale of equity investments   916              916
Proceeds from sale of oil and gas interests  -                -
Proceeds from sale of subsidiary         2,300            2,300
Exploration and development expenditure    (39)             (39)
Loans repaid by related parties           2,777             887
Loans advanced to related parties          (250)           (250)
Loss of control of business              (4,488)              -
Other                                         -               -

Net cash provided by/(used in)
investing activities                      (607)          1,729

Cash flows from financing activities
Proceeds from issue of equity securities    350             350
Proceeds from borrowings                     20              20
Repayment of borrowings                    (376)           (961)
Other                                       (10)            (10)

Net cash (used in)/provided by
financing activities                       (16)           (601)

Net increase/(decrease) in cash held     (3,038)            861

Cash at beginning of financial year       4,002           4,002

Cash at end of financial year               964           4,863

7. GOODWILL

Pursuant to the appointment of the Receiver and Manager to
Australian Business Technologies Pty Limited, it was decided to
write-down the value attributed to this company to $4.0 million
reflecting the value of an offer received for the business of
Managed Networks in March 2001, which was rejected as
inadequate.

The pro-forma consolidated accounts for Maxis Corporation Ltd as
at 30 June 2001 assuming the reconsolidation of Australian
Business Technology Pty Limited and its subsidiaries therefore
shows goodwill on consolidation of $4.0 million reflecting the
value of this offer.

Similarly, it represents the estimated value of the future
benefits to be derived from this subsidiary group including
Managed Networks. Any goodwill previously directly applicable to
each of ABT Supplyline Pty Limited and Heartland Communications
has been written down to nil pursuant to the appointment of
Administrators to each of these companies notwithstanding
control of these companies being returned to Maxis on 2 July
2001.

The current amount of goodwill compares with the goodwill value
previously disclosed to the ASX as follows:

* Per Maxis Corporation Ltd Prospectus lodged with ASX on 11
August 2000:

The prospectus lodged with ASX on 11 August 2000 showed goodwill
of $63.241 million based on the pro-forma consolidated accounts
as at 31 December 1999. This was apportioned as follows:

              ART           NDT PTY        ARBT PTY       TOTAL
              SUPPLYLINE    LIMITED        LIMITED
              PTY LIMITED
              $'000         $'000          $'000        $'000

Goodwill        5,498        27,671         30,365       63,534
               (8.7%)       (43.5%)        (47.8%)     (100.0%)
Other                                                     (283)

Net Goodwill                                             63,241

* Per Maxis Corporation Ltd Letter to ASX dated 19 January 2001

The letter dated 19 January 2001 to ASX disclosed the following
apportionment of goodwill applied to the subsidiary companies:

COMPANY                             %

ABT Supplyline Pty Limited          20
NDT Pty Limited                      7
ARBT Pty Limited                    73
Total                              100

As advised in Maxis' announcement to the ASX dated 18 February
2001, management at that time believed the above proportions
were inaccurate and confirmed that the goodwill as at 1 July
1999 was as disclosed in the prospectus dated 11 August 2000.
This announcement also advised that the historical goodwill
value did not necessarily represent the current value of the
goodwill.

The write-down in the value of goodwill as at 30 June 2001 to $4
million reflects:

The cessation of business conducted by ABT Supplyline Pty
Limited;

* The appointment of Administrators at ABT Supplyline Pty
Limited and Heartland Communications;

The amount of the offer received for the purchase of the
business of Managed Networks; and

* The estimated value of the future benefits to be derived from
Australian Business Technologies Pty Limited and its
subsidiaries.

This release is made to the market in accordance with the
directive set down in the Short Minute of Order No 1488 of 2001
and is made for the purposes of keeping the market fully
informed as to the historical operations of Maxis Corporation
Ltd and its subsidiaries for the year ended 30 June 2001 and its
future plans and prospects for the year ending 30 June 2002.


ONE.TEL: Court Extends Assets Freeze
------------------------------------
The Supreme Court of New South Wales has extended an asset
freeze, stopping former senior executives of One.Tel Ltd from
transferring assets overseas until Dec. 14, Asian Wall Street
reported Sunday citing the Australian Securities and Investments
Commission (ASIC).

"Under the new undertaking the former officers (One.Tel
executives) are precluded from transferring assets outside
Australia without consultation with ASIC," ASIC Chairman David
Knott said.

The regulator continues to probe the circumstances surrounding
the collapse of One.Tel in May and its subsequent liquidation
with debts of over A$600 million late July.

The court froze most of the assets of chief executives Jodee
Rich and Bradley Keeling and finance director Mark Silbermann on
June 13. It also stopped Maxine Rich, the wife of Jodee Rich,
from selling properties.

"The new undertakings also continue travel restrictions on the
former officers to notify ASIC seven days before any intended
travel outside Australia," Knott added.
One.Tel's debts amount to at least A$600 million, but
repatriation of funds to creditors is complicated because the
process hinges on the outcome of a A$957 million claim by its
largest creditor, Lucent Technologies Inc. (LU), which rolled
out One.Tel's digital mobile network in Australia.

SKYWEST AIRLINES: Portman Commits Funding Support
-------------------------------------------------
WA's mining industry has thrown its weight behind the Federal
Government's rescue package for Ansett Australia's regional WA
subsidiary, Skywest Airlines, with Perth-based iron ore producer
Portman Limited committing additional funding support alongside
the Government package.

Portman Sunday said it had reached agreement with Skywest's
administrator, Andersen, to provide a standby credit line to the
airline of up to $1 million in addition to the funding package
being provided by the Federal Government.

The Federal Government's $3.2 million package, details of which
were confirmed Monday, has enabled Skywest to return to the
skies, with first flights set to take off from Perth Airport
this morning.

Portman's Chairman, George Jones, said he was delighted his
Group had been able to offer support when Skywest's
administrator approached both the Federal Government and the
private sector late last week.

"Our decision to provide additional support to Skywest reflects
our support as a Company of the continued development of Western
Australia's transportation and infrastructure sector - which is
a vital cog in the State's economy and is key to the successful
operations of mining companies like ours," he said.

"This is part of an emergency funding package to assist Skywest
in resuming operations and is not an investment by Portman in
the airline itself," he said. "We are a committed and focused
iron ore company. However, as a resource company with operations
in remote areas of WA, we are acutely aware of the importance of
this State's regional airline industry."

"We saw this as an opportunity to make a significant
contribution to a vital component of the State's transportation
infrastructure at a critical juncture," he added.

"We believe it is fundamentally important for Skywest to resume
operations - for the benefit of everyone in this State."

"We are a major beneficiary of the infrastructure in this State
and, with iron ore operations and exports near Southern Cross
and Esperance and on Cockatoo Island in the north-west, we are
well aware of the significant role that Skywest fulfils."

Portman operates the Koolyanobbing Iron Ore Project, which is
currently undergoing a major long-term expansion to increase
production to 8 million tons per annum, and the Cockatoo Island
iron ore operations off north-west WA.


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


FAIRICH COMPANY: Petition To Wind Up Docketed
---------------------------------------------
The petition to wind up Fairich Company Limited is set for
hearing before the High Court of Hong Kong on December 12, 2001
at 9:30 am.

Sin Hua Bank Limited, whose Hong Kong office is situated at No.
2A Des Voeux Road Central, Hong Kong, filed the petition on
August 17, 2001.


KIN DON: Nil Paid Rights Trading To Start Wednesday
---------------------------------------------------
Trading in the nil paid Rights in the ordinary shares of Kin Don
Holdings Limited will commence at 10:00 a.m. on Wednesday,
26/September/2001 under these particulars (FORCE MAJEURE
WARNING: These rights are conditional):

Stock Code              Stock Short Name           Board Lot
----------              ----------------           ---------
980          KIN DON H RTS              2,000 shares


KUROSHIO (HONG KONG): Winding Up Petition Slated For Hearing
------------------------------------------------------------
The petition to wind up Kuroshio (Hong Kong) & Co., Limited is
scheduled for hearing before the High Court of Hong Kong on
October 24, 2001 at 9:30 am. The China and South Sea Bank
Limited, of No. 136 Des Voeux Road Central, filed the petition  
on July 27, 2001 Hong Kong.


NETEASE.COM: Updates Status Re Nasdaq's Delisting Of Shares
-----------------------------------------------------------
NetEase.com, Inc. (Nasdaq:NTESE), a leading Internet technology
provider in China, announced that Geoffrey Wei has resigned from
his position as acting Chief Financial Officer of the company
effective immediately to pursue on other opportunities. Ted Sun,
the company's acting Chief Executive Officer, will oversee
NetEase.com's finance department while the company recruits a
permanent Chief Financial Officer. The company has formally
engaged two well-established professional recruiting firms to
assist it in locating a suitable person for this position.

Separately, NetEase.com confirmed Wednesday that, in connection
with its appeal of Nasdaq's decision to delist the company's
American Depositary Shares from the Nasdaq National Market, it
has replied to the written request for additional information
from the Nasdaq Listing Qualifications Hearings Department. The
Nasdaq appeal panel may render its final decision based on the
information already submitted by the company, or the panel could
possibly make additional inquiries which could delay its
decision. The company expects that trading in its shares will
remain suspended until the Nasdaq appeal panel reaches its final
decision.

There can be no assurance as to whether the Nasdaq appeal panel
will be satisfied with the information provided and allow the
company's shares to remain listed. An unfavorable decision would
result in immediate delisting of the company's American
Depositary Shares from the Nasdaq National Market irrespective
of the company's ability to further appeal the decision.


PACIFIC CENTURY:Posts European Call Warrants Dealings Deadline
--------------------------------------------------------------
Pacific Century CyberWorks Limited advised market participants
to note that dealings in the 2001 European Style Call Warrants
(Cash Settled), relating to existing issued ordinary shares of
the Company HK$0.05 each of issued by Macquarie Bank Limited
(stock code: 1700) will cease after the close of business on
Wednesday, 26/September/2001. The listing of which will be
withdrawn after the close of business on Thursday,
4/October/2001.


PURSE UNION: Winding Up Sought By Hua Chiao
-------------------------------------------
Hua Chiao Commercial Bank Limited is seeking the winding up of
Purse Union International Limited. The petition was filed on
August 7, 2001 and will be heard before the High Court of Hong
Kong on November 21, 2001. Hua Chiao holds it Hong Kong office
at No. 92 Des Voeux Road Central, Hong Kong.


VICROWN INTERNATIONAL: Winding Up Petition Pending
--------------------------------------------------
Vicrown International Limited is facing a winding up petition,  
slated to be heard before the High Court of Hong Kong on
November 21, 2001.

The petition was filed on August 8, 2001 by Sin Hua Bank
Limited, a banking corporation duly incorporated under the laws
of the People's Republic of China. Its branch office is at No.
2A Des Voeux Road Central, Hong Kong.


WAKO HOLDING: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Wako Holding Limited will be heard
before the High Court of Hong Kong on November 28, 2001 at 9:30
am.

The petition was filed with the court on August 14, 2000 by Sin
Hua Bank Limited, a banking corporation duly incorporated under
the laws of the People's Republic of China. Its branch office is
at No. 2A Des Voeux Road Central, Hong Kong.


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


KASOGI INT'L: Signing Debt Restructuring Agreement W/Creditors
--------------------------------------------------------------
PT Kasogi International, engaged in footwear production, would
shortly sign a Memorandum of Understanding (MoU) on debt
restructuring with creditors including the Indonesian Bank
Restructuring Agency (IBRA), IndoExchange reported on Sept 21,
2001, after the completion of financial and legal due diligence.

Kasogi International President Director Philip Buyung Santoso
said that the debt-restructuring scheme has been granted
approval from IBRA and other creditors in terms of principle.

Earlier, the Jakarta Stock Exchange (JSX) suspended the shares
on September 19 due to its increase that went beyond the
parameter. The suspension was lifted immediately after the
company's management explained to the JSX.

Kasogi currently owes 16 other parties, both in rupiah and
dollar terms. Among the creditors are Interpac Syndicate, Credit
Lyonnaise Indonesia and Sumitomo Niaga.


SINAR MAS: Founder Won't Offer Debt Guarantee
---------------------------------------------
Eka Tjipta Widjaya, founder of the heavily indebted Sinar Mas
Group, will not offer his personal guarantee for debts
guaranteed by the Indonesian Bank Restructuring Agency (IBRA),
Jakarta Post reported Monday citing Eka's son Indra Widjaya.

"My father Eka should not be held liable for the debts, as he
was no longer a shareholder of the group. Pak Eka has stayed out
of the business, he is not a shareholder anymore," he said.

The copy of an agreement for the asset transfer between IBRA and
Sinar Mas, dated January 26, 2001 does not include Eka as one of
Widjaya's personal guarantors. It only stated Muktar Widjaya,
Teguh Ganda Widjaya, Franky Oesman Widjaya and Indra Widjaya as
personal guarantors.

Indra said Sinar Mas had already handed over assets to IBRA. He
also denied the group had double pledged its assets to magnify
their value before IBRA

Sinar Mas owes its subsidiary, Bank Internasional Indonesia
(BII) US$1.059 billion plus Rp1.8 trillion (about $191.28
million). IBRA then issued a blanket guarantee over its debts to
prevent a rush against BII for fear that Sinar Mas may default
on its debt.

In return, the agency required Sinar Mas to transfer its assets
worth at least 145 percent of the group's debts to BII. But
legislators also demanded that the Widjaya family pledge their
personal assets, including those of Eka.
.
"How can we double pledge our assets, if IBRA has our land
certificates," Indra concluded.


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


ASAHI BANK: Formally Announces Daiwa Tie-up
-------------------------------------------
Asahi Bank formally announced it will ally with Daiwa Bank and
two smaller Kansai regional banks by coming under a Daiwa-
dominated holding company based in Osaka by the end of March,
Japan Times reported on September 22.

But while the banks' presidents insist that the alliance was a
strategic move, it seemed the deal was more about basic
survival.

Analysts question whether the deal will create the positive
synergies necessary for the banks to make it in an overcrowded
market.

The agreement, which includes an alliance with Daiwa's regional
partners Kinki Osaka Bank and Nara Bank, will give birth to the
nation's fifth-largest banking group with combined assets of
50.4 trillion yen and with business footholds in Tokyo and
Osaka.


DAIEI INC: Moody's Downgrades Senior Debt Rating
------------------------------------------------
Moody's Investors Service downgraded the senior unsecured long-
term debt ratings of The Daiei, Inc. (Daiei) to Caa1 from B2.
The rating outlook is negative.

This rating action reflects Moody's concern that Daiei's
recovery of earnings in the retail business will be further
restrained, while Japanese banks' support towards highly
leveraged companies will be weakening after Mycal Corporation's
bankruptcy.

Daiei has executed its restructuring plan, the "Phoenix Plan."
However, Daiei's earnings recovery has been restrained, and the
company revised downward its projection figures in the current
fiscal year ending February 2002 on September 21, 2001.

Daiei's plan has been supported by its four main banks, Tokai
Bank, Sanwa Bank, Sumitomo Mitsui Banking Corp., and Fuji Bank,
which agreed to provide a significant amount of financial
support.

Moody's believes that the stability of Daiei's ratings depends
on whether the company can maintain the financial support of the
major lenders going forward. However, with a weakening operating
performance, there will be increased uncertainty regarding
Japanese banks' behavior.

The senior unsecured debt securities downgraded to Caa1 from B2
are as follows:

Series 16 Yen 10 billion 2.1% domestic straight bonds, due
11/21/2001

Yen 20 billion 6.4% straight Eurobonds, due 2/27/2002

Series 15 Yen 10 billion 2.4% domestic straight bonds, due
11/21/2002

Series 14 Yen 10 billion 2.65% domestic straight bonds, due
11/21/2003

Series 13 Yen 10 billion 2.8% domestic straight bonds, due
11/19/2004.

The Daiei, Inc., headquartered in Kobe, Japan, is one of Japan's
largest nationwide retailers.


KDDI: Property Sale to Raise Y178B
----------------------------------
KDDI Corp plans to raise Y178 billion through the sale of four
office buildings in what may be Japan's largest property
securitization, Bloomberg reported Sunday.

KDDI will establish a special-purpose company that will buy the
buildings, which include KDDI's head office, with money raised
from bond issues and bank loans. These will be repaid with
revenue generated by rent payments, some of which will be paid
by KDDI

The special-purpose company will issue Y135 billion in bonds,
mainly for sale to insurance companies. KDDI will use the
proceeds to help pay back half its Y2 trillion debt by March
2005.

The bond sale will be lead-managed by Mizuho Securities Co. and
Daiwa Securities SMBC Co., and a further Y43 billion will be
raised from bank loans, including money from the Industrial Bank
of Japan, a unit Mizuho Holdings.


MYCAL CORPORATION: Expects Sponsor For Rehab
--------------------------------------------
Kozo Yamashita, president of the failed supermarket chain Mycal
Corporation, said Friday he expects a sponsor for the company's
rehabilitation to take over its 100 profitable outlets.

The Japan Times reported Friday that Mycal has 164 stores all
over Japan and sales at the 100 profitable ones total around
Y800 billion, showing a pretax profit of Y20 billion.

The Osaka-based retailer filed for court protection from
creditors last week with 1.74 trillion yen in group liabilities,
making it one of the biggest corporate failures in Japan.


SNOW BRAND: Expects Higher Group Operating Loss This FY
-------------------------------------------------------
Snow Brand Milk Products Company expects a consolidated
operating loss of around Y13.5 billion in this fiscal year, far
worse than the initial Y9 billion-loss forecast, Dow Jones
reported on September 22.

Last fiscal year, the firm reported an operating loss of Y56.1
billion. Retail prices for Snow Brand's mainline dairy products
have been falling in the due to last year's food-poisoning
incident, and prices on different goods, including frozen foods
and desserts, have continued to drop due to deflationary
pressures.

About 1,040 employees will participate in an early-retirement
program at the end of this month, so the firm will record Y10
billion in expenses used to pad retirement packages as an
extraordinary loss.

It will also book a Y5 billion loss incurred from closing nine
plants this fiscal year.

The company plans to sell 35 percent of outstanding shares of
its subsidiary, Yukijirushi access Inc. and five other firms at
the end of the month to offset extraordinary losses.

Earnings will also be hurt from the Y7 billion in loans that two
subsidiaries extended to the failed Mycal Corp. Snow Brand's
group net loss is now forecast at about Y16.5 billion, widening
from the Y12 billion projected earlier.


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


DAEWOO MOTOR: Creditors To Assume More Bad Loans
------------------------------------------------  
The Korea Herald reported yesterday that creditors of Daewoo
Motor Corporation are to assume additional or hidden bad loans
should they be found during General Motors Corporation's due-
diligence audit of the automaker.

As per agreement through a memorandum of understanding detailing
GM's takeover of Daewoo signed Friday, the creditors will be
responsible for any bad loans found during the inspection.

The creditors will also have to assume Daewoo's foreign debts
should they exceed the $268 million set by the MOU.


DAEWOO MOTOR: Sold To GM For US$1.2B
------------------------------------
Daewoo Motor has been sold to General Motors (GM) at US$1.2
billion, the Digital Chosun reported Friday.

The U.S. car-maker and creditors of Daewoo Motor signed a
memorandum of understanding (MoU) Friday, finalizing the deal
that lasted almost a year.

Signatories on the non-binding preliminary agreement included GM
Asia-Pacific President Rudy Schlais, Korea Development Bank
(KDB) President Jung Keun-yong and Daewoo Motor Chair Lee Jong-
dae.

Details of the MoU indicated that GM and the Korean creditors
will set up a joint venture, tentatively named GM-Daewoo Motor,
in the equity share ratio of 67 to 33.

In the deal, GM's acquisitions include Daewoo's Gunsan and
Changwon plants, overseas production units in Egypt and Vietnam,
and 22 sales affiliates overseas.

GM dropped Daewoo's oldest Bupyeong plant from its acquisition
list, 13 production plants overseas and an auto transmission
plant in Boryeong, Chungnam Province.

In related news, the government has exempted GM from various
taxes included in the acquisition of assets, such as income,
corporate, capital gains, and registration taxes in the country
as the GM-Daewoo deal is a clear-cut foreign investment in the
country.


DAEWOO MOTOR: Unsold Plants To Face Liquidation
-----------------------------------------------  
Creditors of Daewoo Motor said that the company's 13 overseas
car-producing plants, having been excluded from the General
Motors acquisition, will most likely be liquidated, The Korea
Herald reported Monday.

The state-run Korea Development Bank (KDB), Daewoo's main
creditor, said in a report to the National Assembly that the 13
plants in 10 countries will first undergo sweeping restructuring
for third-party sale. If any of the offshore plants fail to find
a suitable buyer, those may be forced into outright liquidation.

According to a memorandum of understanding (MOU) signed by GM
and Daewoo creditors Friday, the U.S. auto giant plans to
include only two of Daewoo's offshore plants, Vietnam-Daewoo
Motor and Daewoo Motor Egypt, in its to-buy list, together with
22 overseas marketing units.

Excluded from the GM deal were six overseas passenger car
manufacturers - Daewoo-FSO Motor in Poland, the largest of
Daewoo's overseas operations, Daewoo Motor India Ltd., Daewoo
Automobile Romania S.A., CJSC AvtoVaz-Daewoo in Ukraine, UZ-
Daewoo Auto Co. in Uzbekistan and Kerman Motor Corp. in Iran.

The fate of Daewoo's seven offshore commercial vehicle plants in
China, the Philippines, Poland and Czech Republic is also
hanging in the balance.


DAEWOO MOTOR: Workers Assured Of Jobs By GM
-------------------------------------------
The President of General Motors' (GM) Asia-Pacific Division,
Rudy Schlais, in an interview with the Chosun Ilbo, explained
that the main reason GM did not acquire the Bupyong factory was
the unstable labor-management relationship.

However, he says that the US carmaker will keep the Bupyong
plant running and the workers from Bupyong, Changwon, and Gunsan
are assured of the jobs, the Digital Chosun reported, September
22.

When asked about the plans for the workers, Schlais says, "All
the workers in Bupyong, Changwon, and Gunsan factories will
remain at their posts. The acquisition team dispatched from GM
headquarters will contain a minimum number of people, thus even
the company's former executives won't experience much change in
their position. We did not acquire Daewoo Motors just to use it
as a simple assembling factory. The model that Daewoo Motors is
working on right now will be produced, no matter what. After
that, we will follow GM's global strategy to decide whether to
develop a new model in Korea or to bring in a model from GM."


HYUNDAI CONSTRUCTION: Bonds To Be Bought By KDB
-----------------------------------------------  
The Korea Development Bank is planning to include the cash-
strapped Hyundai Engineering and Construction (HEC) in its
corporate debt buyout scheme after October, the Korea Herald
reported Friday.

The bank said that HEC was removed from its list in April this
year, because the company's capital was found to have eroded.

But after assessing the degree to which the company has carried
out self-rescue plans, its creditors will consider purchasing
around W382 billion in corporate bonds maturing after October.

The nation's largest builder has implemented around 49.9 percent
of its promised self-bailout plans worth W317.5 billion won for
the year as of August, through asset sales and operating
incomes.
  

LG GROUP:6.03M Dacom Shares Sold To Credit Suisse First Boston   
--------------------------------------------------------------  
LG Group has sold off 6.03 million shares in Dacom, representing
around 25 percent of its listed stock, to Credit Suisse First
Boston (CSFB) for W107 billion the Korea Herald reported Friday.

The Korean Foreign Exchange said that LG Electronics sold 4.563
million shares of the 11.746 million shares in its possession,
while LG Industrial Systems sold all of its 1.464 million
shares.

Both companies sold the shares for 17,750 won per share,
yesterday's closing price.
  

SAMSUNG GROUP: CEOs Mull Over Ways To Cope With Crises
------------------------------------------------------  
Samsung Group held a conference for the top management of nine
of its affiliates Friday to discuss the impact of the terrorist
attacks on the U.S. and ways to respond to the current changes
in management culture, the Korea Herald reported Saturday.

The focus of the conference was the onset of changes in the
global management climate, with Yoon Jong-yong, vice president
of Samsung Electronics and Bae Jung-choong, president of Samsung
Life raising questions on how to respond to crises occurring
from such changes.

The participating top managers drew up possible scenarios, such
as crises occurring from faulty management methods, sudden
natural disasters, corporate crimes or those rising from a lack
of understanding of the culture and laws of different cultures
at the group's overseas branch offices.

"Following the acceleration of globalization and digitalization
across the world, the sheer size of such corporate crises have
become larger and larger, which means that even one mistaken
approach could lead to the ruin of even the world's largest and
most competitive firms," Samsung said.


SAMSUNG GROUP: Unit Cutting Executive Positions  
-----------------------------------------------
The Digital Chosun reported Friday that following a massive
downsizing of its staff early this month, a Samsung Group firm,
Samsung Life, has decided to cut the number of executive posts
by nearly one-third. Of the 62 executives, 18 will be asked to
resign, the company said, adding that 11 will leave the firm and
seven will be transferred to the firm's affiliates.

The company, together with another Samsung Group firm, Samsung
Electronics, unveiled plans early this month to cut jobs in
their bid to cope with unfavorable business conditions.


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


ABRAR CORPORATION: Shareholders Approve Resolutions
---------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that at the 46th Annual General Meeting of
the Company held Friday morning, Sept 21, 2001 in Kuala Lumpur,
the shareholders of the Company had approved all the three (3)
Resolutions tabled in the Notice convening the 46th Annual
General Meeting.

The three (3) Resolutions tabled at the Company's 46th Annual
General meeting were:

Resolution No. 1 : Adoption of Report and Accounts for the year
       ended 31st March 2001

Resolution No. 2 : Re-election of Director - Mr. Surja Sugandi

Resolution No. 3 : Re-appointment of Auditors - Messrs. Arthur
  Andersen & Co.


AYER HITAM: Enters Second Agreement On Proposed Disposal
--------------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad) (Alliance), on behalf of the Board of Directors of
AHT, wishes to announce that the Company has entered into a
second supplemental agreement dated 21 September 2001 (Second
Supplemental Agreement) with Metro to further vary the payment
terms and certain conditions of the Proposed Disposal (Proposed
Revisions).

Reference is made to the announcement made by Alliance on behalf
of the Board of Directors of AHT on 2 April 2001 in relation to
the execution of the supplemental agreement dated 2 April 2001
(Supplemental Agreement) giving Metro additional time until 31
October 2001 for payment of the disposal consideration and
varying certain terms and conditions of the conditional sale and
purchase agreement dated 13 November 2000 (S&P Agreement) which
was entered into between AHT and Metro in respect of the
Proposed Disposal.

As of today, Metro has paid a sum of RM3,000,000 towards the
disposal consideration leaving a balance disposal consideration
of RM28,000,000 (Balance Disposal Consideration). Metro has
obtained a term loan of RM17,000,000 (Loan Sum) from Malayan
Banking Berhad (MBB) to assist Metro to complete the purchase of
the Land. Pursuant thereof, the differential sum between the
Balance Disposal Consideration and the Loan Sum is RM11,000,000
(Differential Sum).

On 18 July 2001, AHT announced that Metro has not paid a sum of
RM20 million being Part 4 of the Third Installment as stipulated
in the Supplemental Agreement which was supposed to have been
paid by Metro on or before 13 June 2001 and extended to 13 July
2001 (extension granted by AHT pursuant to terms of the
Supplemental Agreement). In view of the above, various
discussions were held between the respective representatives of
AHT and Metro to restructure the payment terms of the Proposed
Disposal.


SALIENT TERMS OF THE SECOND SUPPLEMENTAL AGREEMENT

The salient terms of the Second Supplemental Agreement are:

(i) the sum of RM11,000,000 being the Differential Sum shall be
satisfied by:

   (a) the sum of RM1,000,000 in cash to be paid by Metro to AHT
within seven (7) days of the approval being obtained from the
shareholders of AHT at the forthcoming extraordinary general
meeting (EGM) on the Proposed Revisions (Shareholders'
Approval);

   (b) the sum of RM10,000,000 shall be paid/settled by Metro to
AHT with properties identified and annexed in the Second
Supplemental Agreement as Annexure 1 (Real Properties) free from
all encumbrances within seven (7) days of the Shareholders'
Approval. Upon obtaining the Shareholders' Approval for the
Proposed Revisions, the Company proposes to enter into a put
option agreement with Metro whereunder Metro grants AHT an
irrevocable put option for the Company to sell and for Metro to
purchase the Real Properties within a period of 7 days
commencing from 7 days prior to the expiry of 1 month from the
date of the Second Supplemental Agreement or 30 November 2001
whichever is the later for Tranche 1 (equivalent to RM5 million)
and expiry of 2 months from the date of the same agreement or 31
December 2001 whichever is the later for Tranche 2 (equivalent
to RM5 million) (Put Option).

Further, a third party has agreed to provide a personal
guarantee to guarantee the payment of the balance sum of
RM10,000,000 upon the exercise of the Put Option by AHT; and

   (c) the sum of RM17,000,000 being the Loan Sum shall be paid
by Metro to AHT on or before the expiry of twenty one (21) days
from receipt by Messrs. Shahrizat & Tan (MBB's Solicitors) of
the relevant documents and confirmations as set out in Clause 1
(c) of the Second Supplemental Agreement.

(ii) To facilitate the settlement of Differential Sum in the
manner as set out in Section 2 (i) above, Metro shall at the
cost of Metro, within seven (7) days from the date of the
Shareholders' Approval, deliver the following to AHT (where
applicable):

   (a) Real Properties with separate individual title;

   *  the respective original Sale and Purchase Agreements duly
executed by the relevant developers in favor of AHT in relation
to the Real Properties;

  * the respective written confirmation by the relevant
developers confirming that the respective purchase prices of the
Real Properties have been fully settled and that the Real
Properties are free from all encumbrances; and

  *  the original document of titles, the memoranda of transfer
duly executed by the relevant developers in favor of AHT and
such other documents required for the presentation of transfer
of the Real Properties free from all encumbrances;

  (b) Real Properties without separate individual title;

   *  the respective original Sale and Purchase Agreements duly
executed by the relevant developers in favor of AHT in relation
to the Real Properties;

  *  the respective written confirmation by the relevant
developers confirming that the respective purchase prices of the
Real Properties have been fully settled and that the Real
Properties are free from all encumbrances;

(iii) Immediately upon execution of the Second Supplemental
Agreement, Metro agrees to pay AHT a sum of RM464,043.84 being
interest for late payment of the Balance Disposal Consideration;

(iv) There shall be no extension of time to pay the Differential
Sum and the Loan Sum as set out in Section 2 (i) above and Metro
shall be deemed to have failed to settle the same at the expiry
of the date or dates mentioned in Section 2 (i);

(v) In the event Metro fails to settle the Differential Sum in
accordance with Section 2 (i) (a) and (b) when the same is due,
AHT may terminate the Second Supplemental Agreement,
Supplemental Agreement and the S&P Agreement in which event the
sum of RM3,000,000 and any sums including interest already paid
under the Supplemental Agreement and Second Supplemental
Agreement shall be forfeited as agreed liquidated damages; and

(vi) In the event Metro shall fail to settle the Loan Sum in
accordance with Section 2 (i) (c) when the same is due, AHT
shall give three (3) days notice to terminate the Second
Supplemental Agreement, Supplemental Agreement and the S&P
Agreement and thereupon at the expiry of the three (3) days
notice, the Second Supplemental Agreement, Supplemental
Agreement and the S&P Agreement shall be deemed terminated in
which event:

   (a) the sum of RM3,000,000, the sum of RM1,000,000 and any
interest already paid under the Supplemental Agreement and the
Second Supplemental Agreement shall be forfeited as agreed
liquidated damages;

   (b) AHT shall refund all the Real Properties as referred to
in Section 2 (i) (b);

   (c) AHT shall not be liable to refund any expenditure
incurred by Metro towards the development of the Land from the
date of execution of the S&P Agreement;

   (d) The possession of the Land (if already delivered to
Metro) shall be returned to AHT; and

   (e) Both AHT and Metro will return all documents held by them
or their solicitors.

Notwithstanding (v) and (vi) above, AHT shall be entitled to
claim specific performance of the Second Supplemental Agreement
against Metro to enforce the provisions of the Second
Supplemental Agreement and in the event of AHT electing to
enforce the right therein, both parties mutually agreed that
monetary compensation shall not be regarded as sufficient
compensation for Metro's default in the performance of the terms
and conditions of the Second Supplemental Agreement.

Save for the above revisions, all the other terms and conditions
for the Proposed Disposal as set out in the S&P Agreement and
Supplemental Agreement remain unchanged.
APPROVALS REQUIRED

The Proposed Revisions are subject to the approval of the
shareholders of AHT at an extraordinary general meeting to be
convened. The Circular detailing the Proposed Revisions will be
dispatched to the shareholders in due course.
DOCUMENTS FOR INSPECTION

The Second Supplemental Agreement is available for inspection at
the Company's Registered Office, Suites 4-6, Level 24, Menara
Olympia, No. 8, Jalan Raja Chulan, 50200 Kuala Lumpur during
normal business hours from Monday to Friday (except for public
holidays) for a period of fourteen (14) days from the date of
this announcement.


KELANAMAS INDUSTRIES: Strikes Off Subsidiary
--------------------------------------------
The Board of Directors of Kelanamas Industries Berhad (KIB or
the Company)  informed that the company agreed to strike off a
subsidiary company incorporated in Singapore, namely Casavil Pte
Ltd from the registrar of Singapore with immediate effect.

Background

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

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

As part of the scheme, Kelanamas shall undertake
disposal/liquidation of all other
subsidiaries/assets/businesses. The Company in its debt
restructuring schemes will assume any corporate guarantee
liabilities arising from the liquidation of these subsidiaries
and associated companies.


LAND & GENERAL: Proposed BAB Swap For Partial Settlement
----------------------------------------------------------
On behalf of the Board of Directors of Land & General Berhad
(L&G or the Company), Commerce International Merchant Bankers
Berhad (CIMB) announced that L&G proposes to partially settle
the amount owing to the financial institution lenders of L&G and
certain financial institution lenders of Bandar Sungai Buaya  
Sdn. Bhd., a wholly owned subsidiary of L&G, and Islands
Helicopter Services Pty. Ltd., a 49% owned associate company of
L&G, to whom corporate guarantees/letter of support have been
provided by L&G, and convertible bond (ECB) holders of L&G
(Scheme Creditors) via swapping with the ordinary shares of Bumi
Armada Berhad (BAB) owned by the L&G group.
L&G and Bestform Limited, its wholly owned subsidiary, own a
total of 29,634,164 shares in BAB (BAB Shares), representing
47.0% of the issued and paid-up capital of BAB.

The Proposed BAB Swap forms an integral part of the overall
debt-restructuring scheme of L&G, which is pending finalization.
The remaining debts owing to the Scheme Creditors not settled
pursuant to the Proposed BAB Swap will be dealt with under the
overall debt-restructuring scheme.
DETAILS OF THE PROPOSED BAB SWAP

L&G proposes to make available, offer for purchase or issue an
invitation to purchase the BAB Shares, to Eligible Scheme
Creditors (as defined herein), at a price of RM7.00 per BAB
share in consideration for the settlement of amounts owing by
L&G to the Eligible Scheme Creditors.

Eligibility to Participate in the Proposed BAB Swap

No prospectus in relation to the Proposed BAB Swap is intended
to be issued in Malaysia and/or in any other jurisdiction. The
offer for, or invitation to, purchase shall be an excluded offer
or excluded invitation within the meaning of Schedule 2 of the
Securities Commission Act, 1993 (SC Act).

As such, the BAB Shares shall only be offered to the Scheme
Creditors who meet the criteria of a person who falls within one
or more of the categories set out in Schedule 2 of the SC Act as
follows (Eligible Scheme Creditors):

   (i) a company that is registered as a trust company under the
Trust Companies Act 1949 or a corporation that is a public
company under the Companies Act 1965 or under the laws of any
other country which has been allowed by the Securities
Commission (SC) to be a trustee for the purposes of the SC Act;

   (ii) a person licensed as a dealer under the Securities
Industry Act 1983;

   (iii) a person licensed as a fund manager under the
Securities Industry Act 1983;

   (iv) a person who acquires securities pursuant to an offer,
as principal, where the aggregate consideration for the
acquisition is not less than RM250,000 or its equivalent in
foreign currencies (USD66,000);

   (v) an individual whose total net personal assets exceed RM3
million or its equivalent in foreign currencies;

   (vi) a corporation with total net assets exceeding RM10
million or its equivalent in foreign currencies based on its
latest audited accounts;

   (vii) a licensed offshore bank as defined under the Offshore
Banking Act 1990;

   (viii) an offshore insurer as defined under the Offshore
Insurance Act 1990;

   (ix) a licensed institution as defined in the Banking and
Financial Institutions Act 1989 or an Islamic bank as defined in
the Islamic Banking Act 1983;

   (x) an insurance company registered under the Insurance Act
1996; and

   (xi) a statutory body established under an Act of Parliament
of Malaysia or any enactment of any State of Malaysia.
Eligible Scheme Creditors who are non-resident in Malaysia shall
further ensure that they shall not, in participating in the
Proposed BAB Swap, be in breach of any foreign laws, which they
are subject to. In particular, to qualify as an Eligible Scheme
Creditor, non-Malaysian resident Scheme Creditors must be
outside the United States (US), or, if within the US, are
persons who fall within the definition of "accredited investors"
under the US Securities Act 1933.
Conditionality

The Proposed BAB Swap is conditional upon approval of the
relevant authorities (as set out in Section 6) and successful
applications by the Eligible Scheme Creditors to swap in
aggregate not less than 29,634,164 BAB Shares.

In the event that successful applications would involve a swap
of less than 29,634,164 BAB Shares in aggregate, L&G retains an
absolute discretion as to whether to proceed with or to abort
the Proposed BAB Swap.

Basis of Allocation of BAB Shares

Should L&G receives applications to swap for more than
29,634,164 BAB Shares pursuant to the Proposed BAB Swap, then
the BAB Shares shall be allocated on a pro-rate basis among the
Eligible Scheme Creditors who have agreed to swap based on the
proportion of the number of BAB Shares to be swapped with each
creditor in relation to the total BAB Shares to be swapped.

In the event that L&G receives applications to swap for less
than 29,634,164 BAB Shares and L&G decides to proceed with the
Proposed BAB Swap, all the applications to swap by the Eligible
Scheme Creditors will be accepted in full.

Fractional entitlements shall be disregarded.

The Proposed BAB Swap is expected to be completed in the first
quarter of 2002.

INFORMATION ON BAB

BAB was incorporated as a public limited company in Malaysia
under the Companies Act, 1965 on 12 September 1995. BAB was
listed on the Main Board of the Kuala Lumpur Stock Exchange
(KLSE) on 25 June 1997.

The authorized share capital of BAB is RM100,000,000 comprising
100,000,000 ordinary shares of RM1.00 each, of which 63,000,000
ordinary shares of RM1.00 each have been issued and fully paid-
up.

BAB is principally involved in the provision of marine
transportation and support services, engineering and maintenance
services for companies operating in the oil and gas industry and
related petrochemical sectors.

The audited consolidated profit after taxation and minority
interest of BAB for the financial year ended 31 December 2000 is
RM51.6 million and the audited consolidated net tangible assets
(NTA) as at 31 December 2000 is RM177.3 million.

The original cost of investment by L&G group in the BAB Shares
is RM41,985,156 and the period of investments by L&G group in
the BAB Shares is from April 1997 to December 1997 and in
December 2000.

RATIONALE FOR THE PROPOSED BAB SWAP

The Proposed BAB Swap forms an integral part of the overall
debt-restructuring scheme of L&G as the BAB Shares are the most
liquid assets of L&G. The tight liquidity position of L&G has
caused L&G to fail in meeting its financial obligations to the
Scheme Creditors. With the Proposed BAB Swap, L&G would settle
approximately RM207.4 million (based on 29,634,164 BAB Shares at
RM7.00 per BAB share) of its debts or approximately 30% of the
total amount owing to the Scheme Creditors of approximately
RM686 million as at 30 June 2001. This will contribute to an
interest saving of approximately RM14.5 million per annum (based
on an assumed interest rate of 7% per annum). The remaining
debts owing to the Scheme Creditors not settled under the
Proposed BAB Swap will be dealt with under a debt-restructuring
scheme to be finalized in due course.

In view of the above and assuming that the finalization and
implementation of the composite debt restructuring scheme is
expected to take a longer time frame, the Proposed BAB Swap
shall be undertaken ahead of L&G's composite debt restructuring
scheme.

EFFECTS OF THE PROPOSED BAB SWAP

The effects of the Proposed BAB Swap are:

Share Capital

The Proposed BAB Swap will have no effect on the issued and
paid-up share capital of the Company.

Earnings

Based on the audited accounts of L&G and BAB for the financial
year ended 31 December 2000, the Proposed BAB Swap is expected
to result in a gain of approximately RM123.6 million to the L&G
group and approximately RM163.5 million for the Company,
assuming all the 29,634,164 BAB Shares are disposed/exchanged at
RM7.00 per share pursuant to the Proposed BAB Swap.

NTA

Based on the audited consolidated accounts of L&G and BAB as at
31 December 2000, the proforma effects of the Proposed BAB Swap
on the consolidated NTA and NTA per share of the L&G group,
assuming the Proposed BAB Swap is effected on 31 December 2000,
are as set out in Table 1 at
http://www.bankrupt.com/misc/Land_&_General.doc

Gearing

Based on the audited consolidated accounts of the L&G group as
at 31 December 2000, the proforma effects of the Proposed BAB
Swap on the gearing position of the L&G group, assuming the
Proposed BAB Swap is effected on 31 December 2000, are set out
in Table 2 at http://www.bankrupt.com/misc/Land_&_General.doc.

Substantial shareholders' shareholdings

The Proposed BAB Swap will have no effect on the substantial
shareholders' shareholdings in the Company.

APPROVALS REQUIRED

The Proposed BAB Swap is subject to approvals being obtained
from the following:

   (i) the SC;

   (ii) the shareholders of L&G at an Extraordinary General
Meeting (EGM) to be convened;

   (iii) the Malaysian Central Depository Sdn. Bhd. for the
transfer of BAB Shares to the relevant Eligible Scheme
Creditors;

   (iv) the Foreign Investment Committee; and

   (v) any other relevant authorities/parties.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and major shareholders of L&G or any
persons connected to the Directors and major shareholders of L&G
have any interest, direct or indirect, in the Proposed BAB Swap.

DIRECTORS' STATEMENT

Having considered all aspects of the Proposed BAB Swap, the
Directors of L&G are of the opinion that the Proposed BAB Swap
is in the best interests of the Company.


LION CORPORATION: Request For Arbitration Filed Against Unit
------------------------------------------------------------
The Board of Directors of Lion Corporation Berhad (the Company)
announced that Hylsa S.A. de C.V. (Hylsa), on 10 September 2001
filed a Request for Arbitration with the International Court of
Arbitration in Paris, France against Megasteel Sdn Bhd
(Megasteel), a subsidiary of the Company.

Megasteel Sdn Bhd, had by a Technical Collaboration Agreement
dated 11 December 1999 engaged Hylsa to, inter alia, provide
training, technical assistance, engineering and consultancy
services to Megasteel Sdn Bhd.

Pursuant to the Technical Collaboration Agreement, Hylsa claims
against Megasteel the sum of USD1,459,544.83, being the amount
alleged by Hylsa to be due and payable by Megasteel Sdn Bhd.

Megasteel Sdn Bhd has sought legal advice on its defense to the
aforesaid claim and has been advised by its solicitors that it
has a reasonable defense to Hylsa's claim.


SASHIP HOLDINGS: EGM To Be Held October 16
------------------------------------------
Saship Holdings Berhad (formerly known as Westmont Industries
Berhad) (SHB or Company) announced an Extraordinary General
Meeting will be held at Crown Princess Hotel, Ballroom 3, 10th
Floor, City Square Center, Jalan Tun Razak, 50400 Kuala Lumpur
on Tuesday, 16 October 2001 at 10:00 a.m. The meeting will be
held to consider and, if thought fit, pass the resolutions with
or without modification. For details of the resolutions, check
the Notice of Extraordinary General Meeting and Annual General
Meeting at http://www.bankrupt.com/misc/Saship_Holdings_Bhd.doc


TCL PREMIER: Extension Granted To Implement Workout Scheme
----------------------------------------------------------
The Board of Directors of TCL Premier Holdings Berhad (TCL or
the Company) announced that the KLSE has, via its letter dated
20 September 2001, approved a two-month extension to 25 October
2001, to enable the Company to make the requisite announcement
with respect to its restructuring scheme.


UNITED ENGINEERS: ELITE's Debt Settlement Scheme Pending
--------------------------------------------------------
United Engineers (Malaysia) Berhad (UEM or the Company)
clarified that its wholly-owned subsidiary, Expressway Lingkaran
Tengah Sdn Bhd (ELITE) is formalizing plans to settle the
outstanding amounts of the defaulted Bonds, Notes and Bridging
Loan Facilities of RM940.0 million under a Debt Settlement
Scheme (DSS) being drawn up with the assistance of the Corporate
Debt Restructuring Committee (CDRC).

The proposed DSS principally involves the buyback of the
defaulted Bonds and Notes and settlement of the Bridging Loan
via a term loan facility to be granted by the Bank Lenders and a
scheduled payment arrangement with the remaining Non-Bank
Lenders. The proposed term sheet dated 4 September 2001 has
since been revised. The proposed DSS is currently pending
approval from the relevant parties including the Lenders.


WEMBLEY INDUSTRIES: KLSE Grants Two-Month Extension
---------------------------------------------------
Alliance Merchant Bank Berhad announced, on behalf of Wembley
Industries Holdings Berhad (WIHB or Company) that the Kuala
Lumpur Stock Exchange (KLSE) has, via its letter dated 19
September 2001, given approval for a further two (2) month
extension, from 23 August 2001 to 22 October 2001. The extension
will enable WIHB to prepare its Requisite Announcement in
relation to its Proposed Debt Restructuring to the KLSE.

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


ZAITUN BERHAD: KLSE Requires Monitoring Accountant Immediately
--------------------------------------------------------------
Zaitun Berhad announced that the Kuala Lumpur Stock Exchange
(the Exchange) has, via its letter dated 20 September 2001,
informed them that the Exchange has granted the Company
conditional two-month extension. The deadline is now 25 October
2001. This will enable the Company to prepare its Requisite
Announcement (RA) to the Exchange for public release.

The approval is conditional upon the Company appointing a
Monitoring Accountant (MA) within 2 weeks of the Exchange's
letter.

In addition to the above, the Company is also required to
provide to the Exchange a detailed progress report on the
development and/or latest status of the regularization exercise
by 17 October 2001 on any development between the Company's
application letter dated 23 August 2001 and 16 October 2001.


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


ATLAS CONSOLIDATED: Plans Mining Project In Palawan
---------------------------------------------------
Atlas Consolidated Mining and Development Corporation is
currently developing a multibillion-peso nickel mining project
in Palawan.

Inquirer.Net reported yesterday that Atlas, in a company
document, said the Barong nickel project in Palawan is a "well-
advanced prospect with significant drilling and test pit work
having already taken place."

Along the Barong nickel project, the mining company is also
considering other alternatives, which include the sale of
shipping grade ore material to certain Far East Markets.

Alakor Corp., a company of National Bookstore owner Alfredo
Ramos that now owns 60 percent of Atlas, has aggressively been
reviving the mining firm.

It is finalizing a prospectus, incorporating the Palawan nickel
project and the reopening of the Toledo copper mine in tandem
with its planned listing in the capital markets of Australia and
United Kingdom.

"It would be an advantage for Atlas to list at the Australian
and London Stock Exchanges because they are both mining oriented
and will provide a greater level of share price support compared
to the Philippine Stock Exchange," a source at the Bureau of
Mines and Geosciences explained.

Atlas Toledo mine was shut down in 1994, due to the copper price
plunge and hefty debts.


NATIONAL POWER: Barges Wanted By U.S. Company
---------------------------------------------
Duke Energy, one of the largest companies in the U.S., wants to
buy two barges owned by the National Power Corporation (NPC)
worth US$170 million, Business World reports Monday.

According to an NPC official, the U.S. company, represented by
Trans Access Corp., has signified interest in participating in
the public bidding set this week for the two 100-megawatt barges
located in Mindanao.

Duke Energy is engaged in various energy services such as
trading and marketing, risk management, transmission and
distribution operations in Latin America, Europe and the Asia-
Pacific region. It is also the largest producer of liquified
natural gas in the US.


NATIONAL POWER: Government Ponders Best Way To Raise Funds
----------------------------------------------------------
The Manila Bulletin reported Monday that the national government
plans to raise an additional US$130 million loan to complete the
funding requirements of the National Power Corporation
(Napocor).

The power firm needs a total of US$530 million loan to plug the
deficit in its operating budget this year. Of the amount, $400
million has already been slated for procurement in the coming
months, though the government deferred the fundraising road
shows, initially scheduled this month.

The national government, however, isn't sure yet how to raise
the additional $130 million. Napocor is expecting the release of
the loans by November or before the end of the year. The
government has been considering two options in tapping credit
facilities for NPC: either to raise it through the power firm
with sovereign guarantee or the national government would do it
directly and the proceeds would just be piggybacked on the
state-owned power firm.

The amounts to be raised would partly bankroll the power firm's
capital outlay, operating expenses and debt repayments. For this
year, NPC scheduled repayments of about P43 billion, accounting
for the principal and interest components.


RFM CORPORTATION: SEC Drops Insider Trading Charges
---------------------------------------------------
The Securities and Exchange Commission (SEC) has affirmed the
decision of the Philippine Stock Exchange (PSE) to clear the
Concepcion-owned RFM Corporation and Cosmos Bottling Corporation
of the insider trading and price manipulation charges lodged by
Iloilo congressman Augusto Syjuco, Inquirer.Net reported
yesterday.

Syjuco's petition to suspend the trading of RFM and Cosmos
shares for 15 days had been junked by the PSE earlier, saying it
had conducted its own investigation and found no violation.

SEC Commissioner Joselia J. Poblador, in a letter to Syjuco,
said that the rise in share prices of Cosmos and RFM was not
necessarily a result of any price manipulation.

Regarding Syjuco's allegations that RFM and Cosmos tried to
artificially prop up the share prices by buying their own stocks
through dummy corporations, the SEC said it would require
"verified evidence" rather than just allegations as a basis for
any investigation.

The SEC noted that "the list of shareholders representing about
18 percent public shareholding provided to us by Cosmos does not
bear out the allegation."

Syjuco claimed that the Concepcions owned half of this 18
percent public float, which was allegedly used to influence the
price movement of the shares.


UNIWIDE GROUP: Liquidation Sought Anew By BPI
---------------------------------------------
The Bank of the Philippine Islands (BPI) has renewed its effort
to order the liquidation of assets of the Uniwide Group of
Companies by the Securities and Exchange Commission (SEC). BPI
says the retail chain won't recover without the capital infusion
mentioned in the rehabilitation plan, the Manila Bulletin
reported September 24.

In its motion, the Ayala controlled bank asked the SEC to
immediately resolve the issue surrounding Uniwide's attempt to
recover from the losses it had incurred through rehabilitation.

BPI also noted that since Casino Guichard Perrachon's withdrawal
as the company's white knight that would provide the capital
infusion intended to retire a substantial portion of the past
due obligations of Uniwide, no group, to date, has expressed
willingness to take its place.


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


AMTEK ENGINEERING: Posts Changes In Director's Interests
--------------------------------------------------------
Amtek Engineering posted a Notice of Change in the Director's
Interests:

Notice Of Changes In Director's Interests

Name of director: Lai Fook Kuen
Date of notice to company: 24 Sep 2001
Date of change of interest: 21 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: 25,000
Percent of issued share capital: 0.00014
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$0.405
No. of shares held before change: 7,753,250
Percent of issued share capital: 0.04261
No. of shares held after change: 7,778,250
Percent of issued share capital: 0.04275

Holdings of Director including direct and deemed interest

                                   Deemed         Direct
No. of shares held before change:  7,753,250        -   
Percent of issued share capital:  0.04261           -   
No. of shares held after change:  7,778,250         -       
Percent of issued share capital:  0.04275           -
Total shares:  7,778,250                            -

No. of Warrants : 1,240,000

No. of Options : 110,000


SCOR REINSURANCE: S&P Places Ratings On Negative CreditWatch
------------------------------------------------------------
Standard & Poor's placed its ratings on SCOR Reinsurance Asia-
Pacific Pte. Ltd. and SCOR Reinsurance Co. (Asia) on CreditWatch
with negative implications.

The CreditWatch placement on the two companies, based
respectively in Singapore and Hong Kong, was taken in
conjunction with a similar action on the ratings on the
companies' parent as a result of the SCOR group's exposure to
catastrophic losses resulting from the Sept. 11, 2001, attacks
on the World Trade Center (WTC) in New York.

The ratings on SCOR and 19 other insurers were placed on
CreditWatch with negative implications on Sept. 20, 2001, based
on a review of the potential effect on their capital adequacy of
their estimated net exposure to the losses caused by the
attacks. In taking these actions, Standard & Poor's also
considered the impact of market losses on those insurers holding
large portfolios of equity investments.


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


BURAPA STEEL:Business Reorg Petition Filed In Bankruptcy Court
--------------------------------------------------------------
Steel producer and seller Burapa Steel Industries Company
Limited's (DEBTOR) Petition for Business Reorganization was
filed in the Central Bankruptcy Court:

Black Case Number 345/2543

Red Case Number 386/2543

Petitioner: Standard Chartered Nakornthon Bank
                : BURAPA STEEL INDUSTRIES COMPANY LIMITED

Planner: NFC World Holding Company Limited

Debts Owed to the Petitioning Creditor: Bt1,534,297,204

Date of Court Acceptance of the Petition: May 10, 2000

Court Order for Business Reorganization and Appointment of
Planner: June 5, 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 14, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on June 29,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 29, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: December 27, 2000 at 9.30 am. Convention Room no.
1102, 11th Floor Bangkok Insurance Building, South Sathorn

The Meeting had passed a special resolution accepting the
Reorganization Plan

Court had issued the order accepting the reorganization plan:
January 24, 2001 and Appointed NFC World Holding Company Limited
to be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Matichon Public Company Limited and Siam Rath Company Limited
in February 1, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette: March 1, 2001

Contact: Ms. Bang-Orn, Tel 6792525 Ext. 112


ITALIAN-THAI: BOD Approves Establishment Of Nam Theun Proposal
--------------------------------------------------------------
Italian-Thai Development Public Company Limited (ITD) revealed
that the Board of Directors of ITD, in its meeting No. 2/9/2544
on 5 September, 2001 unanimously approved the proposal to
establish the Nam Theun 2 Power Company Limited. Italian-Thai
will joint venture with Electricite de France International
(EDFI), Electricite du Laos (EDL), and Electricity Generating
Public Company Limited (EGCOMP). The new company will develop a
hydroelectric project in the Lao People's Democratic Republic
(Lao PDR) to generate electric power to sell to the Electricity
Generating Authority of Thailand (EGAT).  The details:

Name of Company         :  Nam Theun 2 Power Company Limited

Registered Capital      :  Initially  1 million  US  Dollars,  
to  be  increased  to  330  million US Dollars at Financial
Close (around mid 2003).

Equity Structure:       1) EDL 25%
                        2) EDFI 35%
                        3) EGCOMP 25%
                        4) ITD 15%

Business Description    :  Investigation, design, financing,
investment to develop the Nam Theun 2 Hydroelectric Project in
Lao PDR under a 25 years' concession from the Government of Lao
PDR (GOL) in the form of BOOT (Build-Own-Operate- Transfer) to
generate electric power for sale to the Electricity Generating
Authority of Thailand (EGAT) and partly to EDL.

Progress of Project     :  On 19th Sep 2001 at 06:00 pm at the
Lane Xang Hotel in Vientiane the SHAREHOLDERS' AGREEMENT was
signed by the 4 partners which will lead to the process of
registration of the Company in Lao PDR within 1-2 months. Then
the Company will sign the Concession Agreement with the GOL and
the Power Purchase Agreement with EGAT within this year.
Thereafter it will be the stage of financing and construction.

The Nam Theun 2 Hydroelectric Project is situated in Khammouane
Province, Lao PDR (with a small part in Bolikamsai Province). It
will have an installed capacity of 1,060 MW (980 MW for sale to
EGAT and 80 MW for sale to EDL), with approximate revenue from
energy sale of 230 million US Dollars annually.


TPI POLENE: US$300M Gives Cemex Controlling Stake
-------------------------------------------------
The world's third-largest cement company Cemex S.A. is ready to
inject about $300 million in TPI Polene PCL, Asian Wall Street
reported Sunday citing people familiar with the negotiations.

The deal, which will give the Mexican Cemex controlling stake in
TPI Polene, restructures Bt49 billion of the ailing company's
debt. Cemex is expected to present details of the new
arrangement to TPI Polene for creditors' approval on Tuesday.

Under the agreement, Cemex will acquire at least 50% of TPI
Polene's equity. Cemex will also assume a management role at the
Thai cement company together with the Leophairatana family,
which founded TPI Polene.

The new arrangement isn't exactly what TPI Polene's founder,
Prachai Leophairatana, was looking for. He had hoped to retain
control of TPI Polene by selling a minority stake to a foreign
partner.

Prachai's family stake, which is currently estimated at 35% to
40%, will decline to about 10%.

"The deal that we are going to sign is like a fire sale of the
assets. Our creditors have a gun pointed at my head and I was
forced to sell," Prachai said.


TPI POLENE: SET Halts Trading Of Securities
-------------------------------------------
The Stock Exchange Of Thailand has posted the `H' sign against
the stock of TPI Polene Public Company Limited (TPIPL) because
of the rumor saying the company is going to sign a contract to
sell new capital increased shares to definite buyer(s).

As a result, trading in TPIPL stocks was halted, beginning
September 24, 2001, and will remain so until the company
discloses a clarification to the public through the SET.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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