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

                   A S I A   P A C I F I C

           Friday, September 28, 2001, Vol. 4, No. 190

                         Headlines



A U S T R A L I A

ANSETT: China Southern Gives Passengers Special Fares
AUSTAR UNITED: Answers ASX Query Regarding Share Price
CABLE & WIRELESS: SGT`s Capital Group Buys SingTel Shares
GOODMAN FIELDER: Moves To Centralize Food Manufacturing
KEYCORP LIMITED: Intends Vigorous Defense On CPI's Claims
NORMANDY MINING: AngloGold Proceeds With Acquisition
PASMINCO LIMITED: Statement From the Administrators
TENNYSON NETWORKS: Closes Perth Office, CFO Resigns


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Posts Directors' Resignation
FAITH FOCUS: Winding Up Petition Hearing Set
GAINTH INDUSTRIAL: Winding Up Petition Pending
LAND WINNER: Petition To Wind Up Scheduled
PACIFIC CENTURY: European Call Warrants Listing Withdrawn
PEARL ORIENTAL: Dispatch Of Interim Results Postponed
WELLIN DEVELOPMENT: Hearing of Winding Up Petition Set


I N D O N E S I A

GARUDA INDONESIA: Finalizes Debt Restructuring
SEMEN GRESIK: Government Seeks Sale Deadline Extension


J A P A N

ASAHI BANK: Moody's Downgrades Financial Strength Rating
DAIEI INCORPORATED: May Abandon HyperMart Operations
ISUZU MOTORS: Orix To Buy Stake In Unit For Y20B
MITSUBISHI ELECTRIC: Rating On CreditWatch Negative, Says S&P
MITSUBISHI TOKYO: No Reports Yet On 1H Earnings
MYCAL CORPORATION: Collapse Greatly Affects Bondholders
NIPPON VIEW: Files For Court Protection


K O R E A

ASIANA AIRLINES: Temporarily Suspends, Reduces Flights
ASIANA AIRLINES: To Reduce Staff By 5%
DAEWOO MOTOR: GM To Retain Daewoo Motor Staff
HYNIX SEMICONDUCTOR: Creditors To Meet October 4
SK CORPORATION: Issues W141B 5-Year Bonds At 6.38%
SSANGYONG CEMENT: Talks On Unit Sale Delayed


M A L A Y S I A

ASSOCIATED KAOLIN: Posts Composition Of Audit Committee
ASSOCIATED KAOLIN: Danaharta OKs Workout Proposals
IDRIS HYDRAULIC: Submits Revised Restructuring Plan
S P SETIA: Unit Faces Winding-Up Petition
SAP HOLDINGS: Updates Legal Suits' Status
SENG HUP: Thirty-Ninth AGM Held On September 26
SRI HARTAMAS: Subsidiary Enters Sale,Purchase Agreement W/KMSB
SRI HARTAMAS: Unit Puncak Permata Signs Agreement With ISSB


P H I L I P P I N E S

NATIONAL POWER: GSIS Will Not Join Bidding
NATIONAL STEEL: Iligan Plant Opening Next Year Possible
UNIWIDE HOLDINGS: Clarifies Business World Article


S I N G A P O R E

I-ONE.NET: SGX-ST OKs 231M Renounceable Rights Issue
PANPAC MEDIA: Clarifies September 25 Announcement
THAKRAL CORP: Creditors To Vote On Debt Reduction Plan
WING TAI HOLDINGS: Posts Share Buy-Back Notice


T H A I L A N D

ITALIAN-THAI: Creditors Sell Debts To Other Institutions
PROPERTY PERFECT: Court Reschedules Rehab Plan Consideration
SIAM TIRE: Business Reorg Petition Filed In Bankruptcy Court
TPI POLENE: Creditors Postpone Vote

     -  -  -  -  -  -  -  -

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


ANSETT: China Southern Gives Passengers Special Fares
-----------------------------------------------------
China Southern Airlines, the largest airline in The People's
Republic of China, has released to Australian travel agents a
series of special fares to Guangzhou (Canton) and other Chinese
destinations for exclusive use by passengers stranded by the
collapse of Ansett Australia.

Many China-bound passengers had used Ansett's flights from
Sydney and Melbourne to Hong Kong before transferring to other
carriers for continued journeys into China.

These special China Southern Airlines' fares enable travel
agents to offer special prices to former Ansett passengers,
provided they can present unused Ansett tickets to Hong Kong and
other destinations in China. Fare details are available from
local travel agents.

China Southern operates two weekly Boeing 777-IGW (increased
gross weight) flights on the Melbourne-Sydney-Guangzhou route,
and a third weekly service from Sydney to Guangzhou.

These flights connect with China Southern services to numerous
other Chinese cities including Beijing and Shanghai.


AUSTAR UNITED: Answers ASX Query Regarding Share Price
------------------------------------------------------
Austar United Communications Limited noted that the Company is
not aware of any information that has not been announced which,
if known, could be an explanation for recent trading in the
securities of the Company.

It is not the Company's policy to comment on press speculation,
however, in relation to Australian Stock Exchange specific query
relating to Austar's debt facilities, the Company can confirm
that negotiations are continuing with its banks to restructure
or refinance Austar Entertainment's $400M bank facility and
remains confident that those discussions will reach a
satisfactory conclusion.

The Company is not aware of any other explanation for the price
change in the securities of the Company.


CABLE & WIRELESS: SGT`s Capital Group Buys SingTel Shares
---------------------------------------------------------
Cable & Wireless plc (C&W) had earlier announced that its
subsidiary, Cable & Wireless Australia & Pacific Holdings BV
(CWAP), had sealed a forward agreement to sell to a major
institutional investor, up to a maximum of 848.7 million SingTel
shares.

SingTel has been informed that The Capital Group Companies, Inc
(CGC) has purchased approximately 824 million SingTel shares
from C&W.

CGC said that neither CGC nor any of its subsidiaries (The
Group) own SingTel shares for their own account. Rather, these
shares are owned by accounts under the discretionary investment
management of one or more of the investment management companies
under the Group.

SingTel will submit a notice of substantial shareholder's
interest to the SGX upon receipt of a duly completed notice from
CGC.

ABOUT SINGTEL

SingTel is Asia's leading communications company with a
comprehensive portfolio of services that include voice and data
services over fixed, wireless and Internet platforms. Serving
both the corporate and residential markets, SingTel is committed
to bringing the best of global communications to its customers
in the Asia Pacific and beyond.

SingTel has extensive interests in submarine cable and satellite
systems, including its co-owned ST-1 satellite. Its
infrastructure development strategy is to ensure that its
networks remain modern and efficient, and continue to meet the
needs of its customers.

The SingTel Group is expanding rapidly into overseas markets,
with current investments in over 20 countries and territories.
Its major investments include Optus of Australia, Belgacom of
Belgium, Advanced Info Service of Thailand, New Century Infocomm
of Taiwan, the Bharti Telecom Group of India and Globe Telecom
of the Philippines. SingTel's turnover and net profit after tax
(before extraordinary items) for the year ended 31 March 2001
were S$4.93 billion and S$2.32 billion respectively. More
information can be found @ www.singtel.com.

ABOUT THE CAPITAL GROUP COMPANIES, INC

The Capital Group Companies, Inc (CGC) is a holding company for
several subsidiary companies engaged in investment management
activities. The investment activities are divided into two
operational groups, represented by Capital Research and
Management Company (CRMC) and Capital Group International, Inc
(CGII). CRMC is a US-based investment adviser that manages The
American Funds Group of mutual funds. CGII is the parent company
of five companies that serve as investment managers to various
institutional clients around the globe: Capital Guardian Trust
Company in the US, Capital International, Inc in the US and
Singapore, Capital International Limited in the United Kingdom,
Capital International SA in Switzerland and Capital
International KK in Japan. More information can be found at
www.capgroup.com.


GOODMAN FIELDER: Moves To Centralize Food Manufacturing
-------------------------------------------------------
Goodman Fielder has announced plans to centralize food
manufacturing at key sites in Victoria and NSW as part of its
strategic action plan to work assets harder and reduce overhead
costs.

Goodman Fielder Chief Executive, David Hearn, said the company
had decided to centralize cereals and snacks manufacturing, and
cake and soup mixing at Wahgunyah in northern Victoria following
a further review of its manufacturing capacity.

"This project will result in approximately $20 million of
investment to make Wahgunyah a world class food manufacturing
site over the next 18 months," Hearn said.

"The decision follows significant work practice changes
negotiated with the unions and workers on the site to secure
long term investment, jobs and economic benefits for the region
on both sides of the Murray."

Hearn said the company had also decided to centralize commercial
mixing for its industrial and major retail customers at its
Kingsgrove site in south west Sydney as the second part of this
manufacturing consolidation project.

"This will result in a $15 million investment to expand capacity
at the site over the next 12 months," r Hearn said. "This will
make Kingsgrove our dedicated commercial mixing site in New
South Wales."

Hearn said that centralizing food manufacturing at Wahgunyah
will allow Goodman Fielder to phase out production of retail
mixing and bakery manufacturing at our Smithfield site in
Western Sydney over the next 18 months.

"Continued operation at Smithfield could not be commercially
justified following the sale of non-core businesses, including
Vetta pasta and our water ice business, and the end of
production of these businesses at the site," he said.

"However, we will offer all employees the opportunity to
transfer to other locations in Sydney, including Kingsgrove, or
to relocate to Wahgunyah," he said. "We will offer full
redundancy packages, including out-placement assistance, for any
employee that does not wish to relocate or transfer."


KEYCORP LIMITED: Intends Vigorous Defense On CPI's Claims
---------------------------------------------------------
A dispute has arisen between Keycorp Limited and two US
companies, California Plasticard, Inc and Colorado Plasticard,
Inc, (CPI) in relation to arrangements made between Keycorp and
CPI in late 2000 concerning a technology licence and their
subsequent discussions on the possible expansion of that
strategic alliance. This has lead to CPI commencing proceedings
in the Los Angeles Superior Court. Keycorp considers there is no
merit in CPI's claims and intends to contest them vigorously.


NORMANDY MINING: AngloGold Proceeds With Acquisition
----------------------------------------------------
AngloGold Limited announced that it has received permission from
the South African Reserve Bank to proceed with its proposed
acquisition of Normandy Mining Limited.

AngloGold announced its offer to acquire Normandy on September
5, on the basis of 2.15 AngloGold shares per 100 Normandy
shares.

Approval of the transaction by the South African Reserve Bank
was one of several conditions of the offer. This approval has
now been granted.

AngloGold chairman and CEO, Bobby Godsell, said: "This affirms
the South African Government's approval for the strategy that
AngloGold is pursuing, namely to continue to grow this company
through value-enhancing global consolidation."

"The proposed merger with Normandy is a company-transforming
event for AngloGold and an important strategic move that
improves our core asset base and future growth prospects in each
of the regions in which we operate," he said.

"The transaction further diversifies risk and enhances
AngloGold's earnings outlook to produce a company of sufficient
scale to take the lead in ongoing industry rationalization and
the benefits that will flow from this."

On completion of a successful transaction, the new AngloGold
will have combined annual production of over 9 million ounces of
gold and reserves of 106 million ounces.

AngloGold is currently the world's largest gold producer - a
company that targets competitive returns on shareholders' equity
and capital employed, generates strong cash flows per share, and
provides a good dividend payout after providing for long-term
growth.

For the six months ended 30 June 2001, AngloGold reported an
operating profit of US$234 million, and a net profit of US$106
million, with US$92 million paid out in dividends. Production
from outside South Africa grew to 33 percent, operating profits
to 46 percent, EBITDA to 51 percent and cash earnings to 56
percent.


PASMINCO LIMITED: Statement From the Administrators
---------------------------------------------------
Pasminco Limited's administrator Peter Mahon posted this
statement:

"I would like to confirm that we have been appointed as
Administrators to the Group's Australian operations only. We
have not been appointed to the USA and Netherlands operations.

"With respect to the overseas operations, these companies are
wholly owned subsidiaries of Pasminco. These overseas companies
are not subject to any insolvency administration and we are
working with the directors and management of those companies to
ensure the ongoing trading of the entire Group.

* LIABILITIES

  * Financier Debt totals about $2.86 billion.

  * Total number of financiers: 36

  * Trade creditors: owed approximately $200 million to $250
million

  * Employee entitlements: estimated at $60 million for the
Australian operations, excluding workers compensation and
redundancy entitlements which are approximately a further $220
million.

  * Total liabilities are therefore about $3.4 billion however
all liabilities will need to be confirmed in due course.

As you would all be aware, we are continuing to trade the
businesses of the Pasminco Group as normal.

"We are and will continue to place orders with suppliers and pay
all debts that we incur.

"We have also stated that we will pay amounts owing to operating
creditors of the business as at the date of our appointment and
many will already have received a cheque from us.

"We can also confirm that sufficient assets are available to
ensure that employee entitlements will be paid in full. All
accruing entitlements after this date will also be met.

"It is necessary for us to meet the ongoing entitlements to
enable the ongoing operations of Pasminco's businesses around
Australia and ensure there is as little disruption as possible
and at worst "closure" to the trading of the businesses.

"We have been very pleased with the smooth transition since our
appointment and are very grateful to the efforts of all Pasminco
employees and their union representatives, who have made our job
easier in dealing with such a large group of employees spread
around Australia.

"In order to assist with the ongoing trading of Pasminco,
members of our staff have attended all of the sites operated by
the Group, including the overseas sites, to enable us to
understand the matters affecting each site and deal with those
issues.

"Many of you would be aware that certain assets of Pasminco have
been offered for sale prior to our appointment, namely the
Century and Broken Hill mines.

"We are continuing this sale process and negotiations are
progressing with a number of interested parties. In particular,
the Century Mine is a highly sought after asset that has
attracted quite substantial interest.

"Any sale of the assets will need to be considered in light of
the linkages between each asset. For instance, the Group's Dutch
operations are dependent on the supply of zinc from the Century
Mine.

"With respect to the future of Pasminco there are essentially 2
broad options available to the Group:

  * A restructure of the Group, which could involve various
facets including the sale of certain assets, a reorganization of
the Group's affairs and the refinement of debt.

  * A possible sale of some the assets of the Group.

"We will be reviewing the options available to Pasminco with an
expectation that a Deed of Company Arrangement will be proposed
to creditors at some time in the future.

"Pasminco's businesses and their assets are complicated given
the size and nature of those assets. We expect that a sale
and/or restructure of the affairs of the Group will take some
time to be resolved.

"These are all issues that will evolve over the coming months
and we will work closely with the directors, management and the
Committee of Creditors.

"In the meantime, some of the other key issues that we will be
required to deal with will include:

  * Bedding down the business trading issues in the short term,
including paying outstanding amounts, reviewing trading
arrangements and understanding the business processes in place.

  * We will be reviewing the options available to the Group,
including restructuring the Group's affairs and the sale of its
assets. Our ongoing strategy with respect to the trading and
possible sale of different assets is a matter that we expect to
closely liaise with the Committee of Creditors.

"As part of this restructure, we also expect that we will
shortly apply to Court for a pooling order that will help ensure
that creditors and employees of the Group are not disadvantaged
by the current Group structure and to give effect to the Class
Order and Deed of Cross Guarantee that exists.

* There has already been some publicity regarding the failure of
Pasminco. Clearly the two main issues affecting the Group's
financial difficulties have been falling zinc prices and the
Group's foreign currency exposures.

* Finally, we will be required to deal with our normal statutory
obligations as Administrators. One of the matters we will be
arranging in the short term is that we will seek an order of the
Court allowing us to extend the period within which to hold the
second meeting of creditors.

"As many of you would be aware, the second meeting of creditors
is normally held within 28 days of the appointment of the
Administrators. Given the size and complexity of this
administration we will seek the Court's consent to defer this
meeting. We are yet to confirm the period that we will apply to
extend the meeting for but we will certainly notify creditors of
our intentions in this regard.

"That is just a brief snapshot of where we are at so far. I am
sure a number of you will have questions for us."


TENNYSON NETWORKS: Closes Perth Office, CFO Resigns
---------------------------------------------------
Tennyson Networks Limited revealed Thursday that it had
achieved another major milestone in its cost reduction program.

The company will close its Perth office on Friday, consolidating
all head office functions in Melbourne Commensurate with the
move, Perth-based Company Secretary and CFO, William Trenear, is
stepping down to be succeeded by Rick Pullia.

By co-locating the corporate office with the operational
headquarters in Melbourne, Tennyson expects to make significant
savings in travel, communications and other expenses. All future
meetings of the Board and shareholders will be held in
Melbourne.

Tennyson chairman, Harvey Parker, said the Board was very
serious about continuing to review costs and increase operating
efficiencies.

"Over the past year Tennyson has taken a very focused approach
to the way the business operates and we intend to maintain this
discipline as we move ahead," Parker said.

"We now have a much cleaner balance sheet with greatly reduced
fixed costs and more flexibility. In the months ahead we will be
seeking to identify other opportunities for improving
efficiencies in areas such as R&D, manufacturing and sales."

He said overheads had already been reduced by more than 50 per
cent through the closure of overseas offices in the UK, France
and Italy along with a range of other measures. By writing off
accumulated R&D costs, the company had also significantly
reduced drag on future earnings.

Parker commended Trenear for his role in helping to rebuild
Tennyson and welcomed Pullia to the company.

"Bill has performed a demanding role during difficult times and
we thank him for what he has been able to achieve," Parker said.

Pullia, a Chartered Accountant, joins Tennyson with over 13
years finance, accounting and secretarial experience gained with
local and overseas companies. This includes seven years in
various accounting, finance and commercial roles with the
international packaging group Amcor Limited, and five years with
KPMG.


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C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Posts Directors' Resignation
------------------------------------------
The Board of Directors (the Board) of CIL Holdings Limited (the
Company) announces that LEE Kwong Tong has resigned as Executive
Director with effect from 24 September, 2001; and LEUNG Yiu Wing
has resigned as Executive Director, Company Secretary and
Authorized Representative with effect from 24 September, 2001.

The Board would like to thank Mr. LEE and Mr. LEUNG for their
contribution to the Company.


FAITH FOCUS: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Faith Focus Limited will be heard before
the High Court of Hong Kong on October 24, 2001 at 9:30 am. The
petition was filed July 27, 2001 by Wat King Hung of Flat 4, 6th
Floor, Block A, Melin Center, 98 Shun Ning Road, Shamshuipo,
Kowloon, Hong Kong.


GAINTH INDUSTRIAL: Winding Up Petition Pending
----------------------------------------------
Gainth Industrial Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
October 17, 2001.

The petition was filed on September 18, 2001 by The Hongkong and
Shanghai Banking Corporation Limited whose head office is
situated at No. 1 Queen's Road Central, Hong Kong.


LAND WINNER: Petition To Wind Up Scheduled
------------------------------------------
The petition to wind up Land Winner (H.K.) Limited is set for
hearing before the High Court of Hong Kong on October 10, 2001
at 9:30 am. The National Commercial Bank Limited of Nos. 1-3
Wyndham Street, Hong Kong, filed the petition July 17, 2001.


PACIFIC CENTURY: European Call Warrants Listing Withdrawn
---------------------------------------------------------
Pacific Century CyberWorks Limited advised market participants
to note that listing of the 2001 European Style (Physically
Settled) Call Warrants relating to existing issued ordinary
shares of HK$0.05 each of the Company issued by ABN AMRO Bank
N.V. (stock code: 2158) will be withdrawn after the close of
business Wednesday (26/September/2001).


PEARL ORIENTAL: Dispatch Of Interim Results Postponed
-----------------------------------------------------
Owing to the unexpected delay in the submission of financial
information by the overseas operation, the directors (the
Directors') of Pearl Oriental Holdings Limited stated the
announcement of the unaudited preliminary interim results of the
Company for the six months ended 30 June 2001 and the dispatch
of the relevant interim report to shareholders have to be
postponed.

The devastating terrorist attack on the U.S. 11 September 2001
has caused significant telecommunication congestion and
confusion over the entire U.S. territories. The operation of one
of the group's subsidiaries, which is a licensed
telecommunication carrier in U.S., was distracted considerably
to deal with the urgent situation.

This has caused unexpected delay in their submission of interim
financial information according to schedule to the Hong Kong
Head Office for finalizing the consolidated interim results of
the group. Based on the last published annual report for the
year ended 31 December 2000, the turnover contributed by the
aforesaid U.S. subsidiary amounted to approximately HK$35.7
million, representing approximately 10.9 percent and 54.3
percent of the total turnover of the group and the
telecommunications business segment respectively.

In this respect, the Company is not able to present the interim
results for approval in the board meeting scheduled to be held
on 24 September 2001 for the announcement of the unaudited
preliminary interim results on even day and dispatch of the
interim report on or before 30 September 2001.

Preliminary financial information has now been available from
the U.S. subsidiary. Every effort has been made, and will
continue to be made, by the Directors to expedite the
finalization of the consolidated interim results. It is
anticipated that the unaudited preliminary interim results
reviewed by the audit committee will be announced on or before
26 September 2001 and the interim report will be dispatched to
shareholders on or before 9 October 2001.

The delay in dispatch of interim report of the Company has
breached paragraph 10(1) of the Listing Agreement which requires
the interim report for the six months ended 30 June 2001 to be
dispatched by 30 September 2001. The Stock Exchange has
indicated that it reserves the right to take appropriate action
against the Company and/or its Directors in relation to the
breach.

The Directors confirmed with the Company that they have not
dealt in any shares of the Company since one month immediately
preceding the date of this announcement and have also undertaken
that they will not deal in the shares of the Company until the
interim results of the Company for the six months ended 30 June
2001 are released.

Shareholders of the Company and potential investors are advised
to exercise caution when dealing in the shares of the Company.


WELLIN DEVELOPMENT: Hearing of Winding Up Petition Set
------------------------------------------------------
The petition to wind up Wellin Development Limited is scheduled
for hearing before the High Court of Hong Kong on October 24,
2001 at 9:30 am. The petition was filed with the court on July
24, 2001 by Kwan Mei Fung of Room 1023, Lai Mei House, Lai Kok
Estate, Shamshuipo, Kowloon, Hong Kong.


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


GARUDA INDONESIA: Finalizes Debt Restructuring
----------------------------------------------
PT Garuda Indonesia's president and Chief Executive Officer
Abdulgani said that the company had finalized its US$1.51
billion debt restructuring and could now concentrate on its
privatization plans slated in 2003, Jakarta Post reported on
September 27, 2001.

"Of the $1.51 billion debt, some $610 million is owed to a
consortium of French, British, and German creditors grouped
under the European Credit Agency (ECA) for the lease of A330
airplanes. The debt would be rescheduled for 2010," Garuda's
vice president for corporate communications Pujobroto said.

The national flag carrier had also signed agreements with state
Bank Mandiri and airport operators Angkasa Pura I and II to
convert a $141 million debt into convertible bonds.

"The last stage of the restructuring process was reached last
week when 98 percent of Garuda's unsecured creditors agreed in
Singapore to restructure some $340 million," Pujobroto told the
Post.

He said that the government, in return for participation equity,
has covered the remaining $419 million.


SEMEN GRESIK: Government Seeks Sale Deadline Extension
------------------------------------------------------
The government has asked Cemex SA de CV to extend its deadline
for the purchase of a US$520 million share in PT Semen Gresik,
Jakarta Post reported Thursday citing Parkesit Soeprapto,
Ministry of State Enterprises' director of state enterprises
restructuring and privatization.

"The government needed more time to consider whether it would go
ahead with the sales, or bow to legislators' demand. I was
informed that the Ministry of State Enterprises' secretary
(Bacelius Ruru) has issued a letter for an extension of the put
option deal," Parkesit said.

Under the put option deal, which will expire Oct. 26,
the government has the right to sell to Cemex its remaining 51
percent share in Semen Gresik for $520 million.

Parkesit didn't give details of the plan and failed to comment
when the government wanted to extend the deadline.

But several legislators insisted the put option deal be
canceled, reasoning that relinquishing Semen Gresik to foreign
control was against national interest.


=========
J A P A N
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ASAHI BANK: Moody's Downgrades Financial Strength Rating
--------------------------------------------------------
Moody's Investors Services has downgraded Asahi Bank's bank
financial strength rating to E from E+, and announced that it
will continue to review Asahi Bank's credit ratings for possible
downgrade following the announcement of Asahi's participation in
Daiwa Bank's holding company structure.

The downgrade of Asahi Bank's financial strength rating to E
reflects Moody's expectation that the bank's accounting
capitalization continues to be exposed to higher levels of
market volatility represented by the equity market as a result
of the introduction of mark-to-market accounting.

Moody's says there is also continuing downward pressure on the
bank's wholesale and middle market loan portfolio. Moody's notes
that Asahi still has a potentially strong operating franchise
supported by its retail-focused infrastructure.

However, its plan to improve its risk-adjusted margin from its
retail/middle market-focused portfolio may prove to be a
formidable challenge, given the unabated competition in
commodity products from megabanking groups. Therefore, Moody's
considers that improvement in Asahi's standalone financial
fundamentals in the near to medium term very challenging.

Moody's believes this dim prospect for the bank's capitalization
could possibly pressure the bank to suspend payment of dividends
on government preferred on a standalone basis without the
noticeable recovery of equity markets, and the approved use of a
holding company structure to recognize part of legal reserves as
distributable profits.

In Moody's view, the major driver for Asahi's participation in
the Daiwa holding company is to avoid the risk of government
preferred dividend suspension.

Moreover, Asahi's large equity portfolio will also require an
extended period of time to achieve meaningful disposition
through its own initiatives and to positively affect its credit
standing. Eventual participation in this holding company
structure may reduce the risk of preferred dividend suspension,
and should this occur Moody's believes this could negatively
affect the market perception of Asahi.


DAIEI INCORPORATED: May Abandon HyperMart Operations
----------------------------------------------------
The Asian Wall Street Journal reported Wednesday that Daiei
Incorporated has started a drastic overhaul of its HyperMart
large-scale discount shops, which have continued to post huge
losses and hurt overall earnings.

Daiei may close all of its 20 remaining HyperMart outlets or may
rent out entire stores to tenants from outside the Daiei Group.


ISUZU MOTORS: Orix To Buy Stake In Unit For Y20B
------------------------------------------------
Orix Corporation and Isuzu Motors Limited announced Thursday
that the major leasing company will buy an 80 percent stake in
Isuzu's truck-leasing subsidiary, Isuzu Truck Leasing Company
(Ifco}, for Y20.64 billion, the Asian Wall Street Journal
reports Thursday.

By taking the majority stake in Ifco Inc., Orix aims to expand
its automobile-related leasing operations. The company already
holds several car leasing and rental subsidiaries.

For Isuzu, the sale is aimed at reducing the company's group
interest-bearing debt and enabling the truck and bus maker to
focus on its core businesses.

Isuzu said it will record a Y7.5 billion special profit from the
sale of its shareholdings in Ifco, and another Y2 billion in
extraordinary profit from the sale of its headquarters in Tokyo.


MITSUBISHI ELECTRIC: Rating On CreditWatch Negative, Says S&P
-------------------------------------------------------------
Standard & Poor's placed its 'A-2' short-term rating on Japan's
Mitsubishi Electric Corp. on CreditWatch with negative
implications.

The CreditWatch placement reflects a rapid deterioration in the
company's business performance, caused by a worse-than-expected
downturn in the electronics devices and mobile communications
equipment markets amid a slowdown of the global economy.

This weak performance is leading to a deterioration in the
company's profitability and cash flow protection measures. The
placement also incorporates concerns that the company's ability
to restore its earnings power could be delayed, given
uncertainty over the timing of a recovery in Mitsubishi
Electric's mobile communications equipment and electronic
devices businesses.

On Sept. 14, 2001, Mitsubishi Electric announced a downward
revision of its profitability forecasts for fiscal 2001 (ending
March 2002). Despite prolonged economic weakness in Japan, the
company's energy and electric systems, satellite systems, home
electric appliance, and industrial automation equipment
businesses are likely to demonstrate a fairly sound operating
performance, supported by Mitsubishi Electric's solid customer
base and technological strengths in these areas.

However, a slowdown in the mobile handset business--especially
in Europe, where the company had expected high growth--is
severely weakening Mitsubishi Electric's earnings performance.
Earnings have also been heavily hit by a slump in the
electronics devices segment, including the semiconductor
business.

As a result of its weakened earnings performance, Mitsubishi
Electric has cut its expected operating profits for fiscal 2001
to �30 billion from �150 billion. On Sept 19, 2001, the company
also announced a business reform plan, a key element of which is
the restructuring of underperforming electronics devices and
information and communication businesses, such as mobile phones.

Standard & Poor's will resolve the CreditWatch placement after
assessing Mitsubishi Electric's ability to restore its earnings
power through its immediate restructuring measures and its
longer-term strategies.


MITSUBISHI TOKYO: No Reports Yet On 1H Earnings
-----------------------------------------------
Mitsubishi Tokyo Financial Group Inc. said the banking group is
currently compiling its earnings for the first half ending Sept.
30, but was unable to comment about a possible loss result.

The Asian Wall Street Journal reported Wednesday that the
banking group is likely to post a group net loss of several tens
of billions of yen for the first six-month period, as the stock
market's slump will likely result in more than Y200 billion in
securities appraisal losses.

Analysts say Japanese banks are being hit by new accounting
rules that require them to book appraisal losses on their
shareholdings if the value of such shares drops more than 30
percent.


MYCAL CORPORATION: Collapse Greatly Affects Bondholders
-------------------------------------------------------
Seino Transportation Co., which holds Y3 billion in bonds of
failed Japanese retailer Mycal Corp., doesn't expect to be
repaid. It plans to write off the bonds as worthless.

"We completely missed the chance to sell these Mycal bonds"
said Yoshinori Takigawa, Seino's treasury division manager. The
parcel-delivery company, Mycal's largest bondholder, will book
the loss in its fiscal first half ending Sunday.

Seino is one of many Mycal creditors, ranging from suppliers to
banks, likely to get little or none of their money back.
Bondholders will be among the biggest victims. Mycal, which has
sold more than Y345 billion in bonds to investors, will become
Japan's biggest bond defaulter ever, News On Japan reports
September 26.


NIPPON VIEW: Files For Court Protection
---------------------------------------
Nippon View Hotel Company on Wednesday asked the Tokyo District
Court to protect its assets from creditors under fast-track
legislation aimed at dealing with insolvent firms seeking
rehabilitation, Kyodo news reported yesterday.

Credit research agency Teikoku Databank said that the hotel
company went into insolvency with liabilities of about Y80
billion.

The court then ordered the hotel chain's assets protected, to
allow the company to start to rehabilitate its management.

The company, founded in 1880, in fiscal 2000 through April 30,
this year, incurred a net loss of Y10.2 billion on revenues of
Y11.1 billion. The company has a negative net worth of Y7.5
billion with its debts eclipsing assets by that margin.


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


ASIANA AIRLINES: Temporarily Suspends, Reduces Flights
------------------------------------------------------
Asiana Air said Wednesday that it will temporarily suspend or
reduce flights on five international and domestic routes. The
airline company further said that it will reduce operations
between Seoul and Los Angeles from fourteen flights to eleven a
week starting from October 8, and will suspend flights between
Busan and Gwangju, Gangneung and Busan, Gimpo and Yecheon, and
Gunsan and Jeju, the Digital Chosun reported September 27.


ASIANA AIRLINES: To Reduce Staff By 5%
--------------------------------------
Asiana Airlines said it would cut 360 jobs, or 5 percent of its
work force, and freeze hiring, the Asian Wall Street Journal
reported yesterday.

Asiana's cuts are mild in comparison with the thousands of jobs
that will be lost as U.S. and European airlines slash their work
force by 20 percent or more.


DAEWOO MOTOR: GM To Retain Daewoo Motor Staff
---------------------------------------------
The Asian Wall Street Journal reported Wednesday that General
Motors Corp. (GM) will guarantee the independence of South
Korea's Daewoo Motor Co. by maintaining the Korean automaker's
employees and executives, and keeping alive the "Daewoo" brand
when the company becomes a part of the GM group.

In a statement, GM Korea said Daewoo Motor will be able to make
the most of the technology and expertise of GM and its group
members while retaining its own management and brand.

GM said Daewoo Motor's main plant in Bupyong will remain open
under a supply contract. GM may buy the company's largest
Bupyong plant in the future, if it's deemed appropriate.

Daewoo Motor has a workforce of about 15,000 in Korea with
nearly 60 percent of the staff based in Bupyong.


HYNIX SEMICONDUCTOR: Creditors To Meet October 4
------------------------------------------------
Creditors of Hynix Semiconductor Incorporated will meet at 0600
GMT (2:00 a.m. EDT) Oct. 4 to decide whether they will extend
more financial aid for the chipmaker, Asian Wall Street Journal
reported Wednesday.

KEB, the lead creditor, requested that all creditors attend and
that they report their Hynix debt exposure by Friday.

Hynix, the world's third largest memory chipmaker, has been
saddled with massive debts and its survival has been in
question.

Hynix's prospects have worsened in recent weeks as the
semiconductor industry faces weak demand and falling chip prices
worldwide.


SK CORPORATION: Issues W141B 5-Year Bonds At 6.38%
--------------------------------------------------
Thursday SK Corporation, South Korea's largest oil refinery,
said it issued W141.2 billion of five-year unsecured bonds at a
yield of 6.38 percent. The bonds carry a coupon rate of 5
percent a year, the Asian Wall Street Journal reported
Wednesday.

SK Corp. said it will use the proceeds of the issue to refinance
part of its KRW150 billion bonds maturing at the end of
September. Samsung Securities Company lead-managed the issue.

At 0130 GMT (9:30 p.m. EDT Wednesday), shares of SK were down
W50, or 0.45 percent lower, at W10,950.


SSANGYONG CEMENT: Talks On Unit Sale Delayed
--------------------------------------------
Ssangyong Cement Company said Thursday negotiations to sell its
unit, Ssangyong Information Communication Company to an unnamed
U.S. company could be delayed until next year, the Asian Wall
Street Journal reported Thursday.

A spokesman for the company said that talks have been stopped
because the company's negotiation partner delayed submitting its
letter of intent due to uncertain market conditions following
the recent terrorist attacks.

Ssangyong Cement expects to resume the talks with the U.S.
company as soon as possible, and isn't considering courting
another buyer.

Ssangyong Cement is selling the unit to dispose non-core assets
as part of its restructuring program. Ssangyong Cement, under a
creditor-led debt restructuring program since October 2000,
currently owns a 67.4 percent stake in Ssangyong Information.


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


ASSOCIATED KAOLIN: Posts Composition Of Audit Committee
-------------------------------------------------------
The Board of Directors of Associated Kaolin Industries Berhad
(Special Administrators Appointed) informed that the existing
composition of Board of Audit Committee is as follows:

        Name    Designation    Nature of Directorship

Encik Ahmad bin Habib    Chairman Independent Non-Executive
                                       Director
Tuan Haji Mohd Badrol
Afandi @ Farok bin
Abdul Rahman    Member Independent Non-Executive
                                       Director

On 25 September 2001, Y. Bhg Dato' (Dr) Loh Thiam Ghee resigned
as Audit Committee Member.


ASSOCIATED KAOLIN: Danaharta OKs Workout Proposals
--------------------------------------------------
On behalf of Associated Kaolin Industries Berhad (Special
Administrators Appointed) (AKI or the company), Commerce
International Merchant Bankers Berhad (CIMB) announced that the
Special Administrators (SA) received the approval from
Pengurusan Danaharta Nasional Berhad (Danaharta) via its letter
dated 17 September 2001 for the Workout Proposals.

Further, CIMB, on behalf of AKI, announced that the relevant
parties to the Conditional Sales and Purchase Agreements (SPA)
of the Proposed GPSB Acquisition and Proposed Success Profile
Acquisition, on 20 September 2001, have mutually agreed to
revise and vary the Scheme Agreement and Supplemental Agreement
to reflect the revisions and variations as set out in the
Workout Proposal pursuant to the approval of Danaharta.

Background

For the financial years ended 30 June 1999 and 30 June 2000, AKI
recorded consolidated losses after tax of RM11.430 million and
RM10.961 million, respectively. The company was not able to
fulfill its obligations under its various loan facilities since
1998. On 3 May 2000, Danaharta appointed Gong Wee Ning and Lim
San Peen of Messrs. PricewaterhouseCoopers as the SA's under the
purview of Section 24 of the Pengurusan Danaharta Nasional
Berhad Act, 1998 (Danaharta Act) to amongst others, preserve the
assets of AKI under the SAs and to formulate a workout proposal
in respect of AKI's corporate and debt restructuring, that takes
into consideration the interest of all stakeholders.

On 19 December 2000, the Company, announced that the SAs, on
behalf of AKI, entered into a Memorandum of Understanding (MoU)
with the shareholders of GPSB and Success Profile (Promoters) on
18 December 2000, to regulate and record the basic understanding
of the key areas of agreement pending finalization and approval
of a corporate and debt restructuring proposal for AKI. The key
areas of the MoU and the corporate and debt-restructuring
proposal are as follows:

   (i) Capital reconstruction involving a capital reduction and
consolidation of AKI Shares;

   (ii) Exchange of the consolidated shares in AKI for new GHB
Shares;

   (iii) Proposed GPSB Acquisition and Proposed Success Profile
Acquisition (Proposed Acquisitions);

   (iv) Debt restructuring involving the settlement of all known
debts owing to the creditors of AKI; and

   (v) Transfer of the listing status of AKI to GHB.

The corporate and debt restructuring proposal will be subject to
and conditional upon the following:

   (i) Due diligence conducted to the satisfaction of the SAs on
all aspects of the proposed restructuring scheme;

   (ii) All requisite approvals, consents or waivers being
obtained from the relevant authorities or under the Danaharta
Act; and

   (iii) All other relevant approvals.

On 11 April 2001, the Company, announced that the SAs, on behalf
of AKI, entered into a conditional scheme agreement with the
shareholders of GPSB, Success Profile and GHB (Scheme Agreement)
on 6 April 2001, to finalize the corporate and debt-
restructuring proposal. The salient terms of the Scheme
Agreement, among others, are as follows:

   (i) The parties to the Scheme Agreement agree that the terms
and conditions in the Scheme Agreement form a definitive
agreement among themselves, setting out the agreed terms in
relation to a proposal as prepared by the SAs to restructure the
debt obligations of AKI for the consideration and approval of
Danaharta (Workout Proposal).

   (ii) The Promoters irrevocably and unconditionally undertake
that they shall use their best endeavor to procure and/or to
make available underwriting arrangements in respect of the
Proposed Rights Issue and the Proposed SBI following the terms
and conditions as set out in the Scheme Agreement.

   (iii) In the event Danaharta, pursuant to Section 49 of the
Danaharta Act directs the SAs to abandon the Workout Proposal or
to discontinue the implementation of the Workout Proposal, the
SAs shall be entitled to terminate the Scheme Agreement,
whereupon the SAs shall refund the deposit and all monies paid
by the Promoters and thereafter the Scheme Agreement shall lapse
and be of no further effect and no party shall have any claim
against or liability or obligation of whatsoever to the other
party save in respect of any antecedent breach.

GHB also entered into several Conditional SPA on 6 April 2001
with the shareholders of GPSB and Success Profile with regards
to the Proposed GPSB Acquisition and Proposed Success Profile
Acquisition.

The salient terms of Conditional SPAs pursuant to the Proposed
GPSB Acquisition and the Proposed Success Profile Acquisition
are set out in Section 2.5.1 and 2.5.2 of this announcement,
respectively. The Conditional SPAs are conditional upon the
completion of the Scheme Agreement subject to any variations and
modifications made to the same.

Subsequently, on 22 August 2001, the Company, announced that on
21 August 2001, the SAs, on behalf of AKI, entered into a
supplemental agreement to the Scheme Agreement (Supplemental
Agreement) with the shareholders of GPSB, Success Profile and
GHB.

DETAILS OF THE PROPOSALS

The Proposals seek to avoid the need for liquidation of AKI and
to maximize the recovery to stakeholders and shareholders.

Accordingly, the Proposals, would involve AKI undertaking the
following:

Proposed Capital Reduction

The issued and paid-up share capital of AKI as at 30 August 2001
is RM54,650,234 comprising 54,650,234 AKI Shares. Pursuant to
Section 47 (3) of the Danaharta Act, AKI is proposing a capital
reduction via the cancellation of shares that are not
represented by assets whereby the issued and paid-up share
capital of AKI shall be reduced to RM5,465,023 comprising
54,650,234 ordinary shares of 10 sen each representing a capital
reduction of 90 sen for every existing ordinary share of RM1.00
each in AKI.

The capital reduction will give rise to a credit of
RM49,185,211, which will be utilized to reduce the Company's
unaudited consolidated accumulated losses as at 30 April 2000
from an estimated amount of approximately RM161,903,000 to
approximately RM112,717,789.

Upon the reduction of the paid-up capital taking effect, the
issued and paid-up share capital of AKI will be consolidated
whereby 54,650,234 ordinary shares of RM0.10 each will be
consolidated into 5,465,023 ordinary shares of RM1.00 each, that
is, approximately ten (10) ordinary shares of RM0.10 each will
be consolidated into one (1) ordinary share of RM1.00 each,
credited as having been fully paid-up.

In accordance with Section 47 (3) of the Danaharta Act, the
approval of the shareholders of the Company and the sanctioning
of the High Court are not required for the Proposed Capital
Reduction. A summary of the Proposed Capital Reduction of AKI is
set out in Table 1 at
http://www.bankrupt.com/misc/associated_kaolin.html

Proposed Termination of Outstanding Warrants 1996/2005

As at 30 August 2001, the Company has 26,093,568 outstanding
warrants which confer the warrantholders the right to subscribe
for ordinary shares in AKI at a subscription price of RM4.13 per
ordinary share. The outstanding warrants will expire on 25
September 2005 ("Outstanding Warrants 1996/2005"). In view of
the Proposals, AKI will be issuing a Notice to the
Warrantholders, for the final exercise of the outstanding
warrants whereby the warrantholders shall be entitled upon, and
subject to the conditions stated in the Deed Poll dated 5
February 1996, as well as, the supplementary Deed Polls dated 2
June 1997 and 3 August 1999, irrevocably surrender his warrants
to the Company with the exercise forms duly completed, together
with payment to be converted into new AKI Shares.

All subscription rights which have not been exercised within six
(6) weeks from the Notice to the Warrantholders, shall lapse,
pursuant to the provisions of the Deed Poll, as well as
supplementary Deed Poll, which thereafter, the Outstanding
Warrants 1996/2005 will cease to be valid for any purpose. The
warrants are currently suspended from trading on Kuala Lumpur
Stock Exchange.

Options to subscribe for AKI Shares have also been granted to
the eligible Directors and employees of AKI and its subsidiary,
Caton Wood Industries Sdn. Bhd. under an employee share option
scheme ("ESOS") implemented by the Company in 1996. The ESOS
will expire on 29 November 2001. As the ESOS options are deeply
"out-of-the-money", it is unlikely that the ESOS will be
exercised before the expiry of the same. Such options would be
dealt with under the applicable provisions of the ESOS Bye-Laws
in due course to ensure the smooth implementation of the
Proposals.

Proposed Share Exchange

The Proposed Share Exchange shall involve the exchange of
consolidated AKI Shares comprising 5,465,023 AKI Shares with new
GHB Shares on the basis of one (1) new GHB Share for every one
(1) AKI Share upon completion of the Proposed Capital Reduction.

AKI will then be a wholly-owned subsidiary of GHB.

The new GHB Shares to be issued pursuant to the Proposed Share
Exchange will rank pari pasu in all respects with the existing
GHB Shares (i.e. subscriber shares).

Proposed Rights Issue and Proposed SBI

The Proposed Rights Issue will involve the issue of up to
16,395,070 new GHB Shares on the basis of three (3) new GHB
Shares for every one (1) existing GHB Share held after the
Proposed Share Exchange ("Right Shares") while the Proposed SBI
will involve the issue of 25,000,000 new GHB Shares to
Bumiputera investors at an issue price of RM1.00 per GHB Share
("SBI Shares").

In determining the shareholders' entitlements to the Rights
Issue, in the proportion of three (3) new GHB Shares for every
one (1) existing GHB Share held after the Proposed Share
Exchange, the fractional shares arising from the Proposed Rights
Issue (if any) shall be disregarded and that the fractional
entitlements shall be dealt with on such terms and conditions
and at such time as the Board of Directors ("Board") of GHB may
at its absolute discretion deem fit and expedient in the best
interest of the company. The Proposed Rights Issue is
renounceable.

The Proposed Rights Issue and Proposed SBI is expected to raise
gross proceeds of RM41,395,070 and is expected to be utilized
for the following:

   (i) Repay debts to the Creditors of approximately
RM25,705,933;

   (ii) Defray the expenses incurred in respect of the Proposals
of approximately RM2,700,000; and

   (iii) The balance of approximately RM12,989,137 to be used to
fund working capital of GHB.

The 41,395,070 new GHB Shares issued pursuant to the Proposed
Rights Issue and Proposed SBI will, upon issue and allotment,
rank pari passu in all respects with the existing GHB Shares
save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions which
is prior to the date of allotment of the Rights Shares and SBI
Shares.

The Rights Shares and the SBI Share will be fully underwritten.

Proposed Acquisitions Proposed GPSB Acquisition

On 6 April 2001, GHB entered into a Conditional SPA with the
shareholders of GPSB ("GPSB-SPA"), namely Yong Lip Ngoh and
Irene Wood ("Vendors of GPSB"), to acquire the entire equity
interest in GPSB, free from all liens, pledges, charges and
other encumbrances whatsoever, at the price and upon the terms
and conditions of the same, for a total consideration of
RM70,354,827 to be satisfied by the issuance of 70,354,827 GHB
Shares at an issue price of RM1.00 per share.

As the GPSB-SPA is conditional upon the completion of the Scheme
Agreement and subject to any variations and modifications made,
pursuant to the Supplemental Agreement dated 21 August 2001, the
total consideration was revised to RM72,000,000 to be satisfied
by the issuance of 72,000,000 GHB Shares at an issue price of
RM1.00 per share.

The new GHB Shares to be issued pursuant to the Proposed GPSB
Acquisition will, upon issue and allotment, rank pari passu in
all respect with the then existing GHB Shares save and except
that they shall not be entitled to any dividends, rights,
allotments and/or other distributions prior to the date of
allotment of the GHB Shares.

The consideration of RM72,000,000 is based on a capitalization
of approximately 8.7 times of the adjusted profit after taxation
("PAT") of GPSB for the year ended 31 December 2000 of
RM8,255,690. The audited net tangible assets ("NTA") of GPSB
based on the audited accounts for the year ended 31 December
2000 was RM21,078,319. In addition, all liabilities of GPSB will
be assumed by GHB arising from the Proposed GPSB Acquisition.

The date and the original cost of investment of the Vendors of
GPSB in GPSB are set out in Table 2 at
http://www.bankrupt.com/misc/associated_kaolin.html

The salient terms of the GPSB-SPA among others, are as follows:

   (i) As a constituent part to the Scheme Agreement, GHB shall
purchase and the Vendors of GPSB shall sell the entire issued
and paid up share capital of GPSB ("GPSB Sale Shares") free from
all liens, pledges, charges and other encumbrances whatsoever,
at the price and upon the terms and conditions of the GPSB-SPA.

   (ii) The sale and purchase of GPSB Sale Shares is conditional
upon the completion of the terms and conditions of the Scheme
Agreement.

GPSB was incorporated in Malaysia on 20 November 1991 as a
private company limited by shares, under the Companies Act,
1965.

GPSB's present authorized share capital is RM10,000,000 divided
into 10,000,000 ordinary shares of RM1.00 each, of which
6,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

GPSB is principally engaged in manufacturing of disposable food
and beverage packaging products such as foam and plastic
containers, cups, foam lunch boxes and plastic cutlery. Apart
from these, it also produces industrial packaging products.

As at 30 August 2001, GPSB does not have any subsidiary or
associated company.

The Directors of GPSB as at 30 August 2001 according to the
Register of Directors' Shareholdings are set out in Table 3 at
http://www.bankrupt.com/misc/associated_kaolin.html

The substantial shareholders of GPSB (holding 5 percent or more)
as at 30 August 2001 according to the Register of Substantial
Shareholders are set out in Table 4 at
http://www.bankrupt.com/misc/associated_kaolin.html

A summary of the audited accounts of GPSB for the past five (5)
financial years ended 31 December 2000 is set out in Table 5 at
http://www.bankrupt.com/misc/associated_kaolin.html

Proposed Success Profile Acquisition

On 6 April 2001, GHB entered into a Conditional SPA with the
shareholders of Success Profile ("Success Profile-SPA"), namely
Shucho Asia Trading Sdn. Bhd., Poh Kim Heng and Saporiti
Resources Sdn. Bhd. ("Vendors of Success Profile"), to acquire
the entire equity interest in Success Profile, free from all
liens, pledges, charges and other encumbrances whatsoever, at
the price and upon the terms and conditions of the same, for a
total consideration of RM26,724,982 to be satisfied by the
issuance 26,724,982 new GHB Shares at an issue price of RM1.00
per share.

As the Success Profile-SPA is conditional upon the completion of
the Scheme Agreement and subject to any variations and
modifications made, pursuant to the Supplemental Agreement dated
21 August 2001, the total consideration was revised to
RM17,727,272 to be satisfied by the issuance of 17,727,272 GHB
Shares at an issue price of RM1.00 per share.

The new GHB Shares to be issued pursuant to the Proposed Success
Profile Acquisition will, upon issue and allotment, rank pari
passu in all respect with the then existing GHB Shares save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions prior to the date of
allotment of the GHB Shares.

The consideration of RM17,727,272 is based on the pro forma NTA
of Success Profile for the year ended 31 December 2000 of
approximately RM17,727,272. Success Profile recorded an audited
consolidated loss after taxation of RM1,038,820 for the year
ended 31 December 2000. All liabilities of Success Profile will
be assumed by GHB arising from the Proposed Success Profile
Acquisition.

The date and the original cost of investment of the Vendors of
Success Profile in Success Profile are set out in Table 6 at
http://www.bankrupt.com/misc/associated_kaolin.html

The salient terms of the Success Profile-SPA among others, are
as follows:

   (i) As a constituent part to the Scheme Agreement, GHB shall
purchase and the Vendors of Success Profile shall sell the
entire issued and paid up share capital of Success Profile
("Success Profile Sale Shares") free from all liens, pledges,
charges and other encumbrances whatsoever, at the price and upon
the terms and conditions of the Success Profile-SPA.

   (ii) The sale and purchase of Success Profile Sale Shares is
conditional upon the completion of the terms and conditions of
the Scheme Agreement.

Success Profile was incorporated in Malaysia on 30 June 1999 as
a private company limited by shares, under the Companies Act,
1965. It is principally an investment holding company.

Success Profile's present authorized share capital is
RM5,000,000 divided into 5,000,000 ordinary shares of RM1.00
each, of which 1,000,000 ordinary shares of RM1.00 each have
been issued and fully paid-up.

Success Profile has three (3) subsidiaries namely, Medicompounds
Sdn. Bhd. ("Medicomp"), MGS Technology Sdn. Bhd. ("MGS Tech")
and Precision Theme Sdn. Bhd. ("Precision Theme"). Further
information on the subsidiaries of Success Profile as at 30
August 2001 are set out in Table 7 at
http://www.bankrupt.com/misc/associated_kaolin.htmlAsat 30
August 2001, Success Profile does not have any associated
companies.

The Directors of Success Profile as at 30 August 2001 according
to the Register of Directors' Shareholdings are set out in Table
8 at http://www.bankrupt.com/misc/associated_kaolin.html

The substantial shareholders of Success Profile (holding 5
percent or more) as at 30 August 2001 according to the Register
of Substantial Shareholders are set out in Table 9 at
http://www.bankrupt.com/misc/associated_kaolin.html

A summary of the audited consolidated accounts of Success
Profile for the financial year ended 31 December 2000 is set out
in Table 10 at
http://www.bankrupt.com/misc/associated_kaolin.html

Details of Shucho Asia Trading Sdn. Bhd. ("Shucho") and Saporiti
Resources Sdn. Bhd. ("Saporiti") are as follows:

   (i) Shucho was incorporated in Malaysia on 23 May 2000 under
the Companies Act, 1965 as a private company limited by shares.
The principal activity of Shucho is investment holding. The
authorized and issued and paid-up share capital of Shucho as at
20 September 2001 were 100,000 and 2 ordinary shares of RM1.00
each in Shucho, respectively. The substantial shareholders and
the Directors of Shucho as at 30 August 2001 are Chong Fong Fatt
and Dewi Janti Ichwan holding one (1) ordinary shares of RM1.00
each in Shucho.

   (ii) Saporiti was incorporated in Malaysia on 7 July 1992
under the Companies Act, 1965 as a private company limited by
shares. The principal activities of Saporiti are that of
investment holding and trading in machinery. The authorized and
issued and paid-up share capital of Saporiti as at 30 August
2001 were 500,000 and 200,000 ordinary shares of RM1.00 each in
of Saporiti, respectively. The substantial shareholders of
Saporiti as at 30 August 2001 is Ng Pak Loon, Adrian holding
199,999 ordinary shares of RM1.00 each in Saporiti. The
Directors of Saporiti as at 30 August 2001 are Ng Pak Loon,
Adrian and Ng Hing.

Proposed Debt Restructuring

The total liabilities of AKI as at 30 April 2000 were
RM137,092,228 ("Scheme Debt"). The Unsecured Lenders, Hire
Purchase and Lease Creditors, Unsecured Creditors, Contingent
Creditors and Essential Creditors (as defined below in Sub-
paragraphs 2.6.1 to 2.6.5 of this announcement) are to be
referred to hereinafter as the "Scheme Creditors".

On 6 April 2001 and 21 August 2001, the SAs, on behalf of AKI,
the Promoters and GHB entered into a Scheme Agreement and a
Supplemental Agreement, respectively, to implement the corporate
and debt restructuring scheme of AKI.

Settlement for the Scheme Creditors is offered at approximately
34 sen for every RM1.00 owing for Unsecured Lenders, Unsecured
Creditors and Contingent Creditors, at approximately 61 sen for
every RM1.00 owing to Hire Purchase and Lease Creditors and at
RM1.00 for every RM1.00 owing to Essential Creditors. Settlement
for the Scheme Creditors will be subject to a proof of debt
exercise undertaken by the SAs. Full and unconditional write-
down of debts is sought for the Scheme Debt totaling
RM87,802,295.

The Promoters and GHB will partly settle all known net debts of
AKI as at 30 April 2000 amounting to RM133,009,092 together with
contingent claims of RM2,462,100 and Essential Creditors of
RM1,621,036. The mode of the settlement to the Scheme Creditors
will comprise of, in total, as set out in Table 11 at
http://www.bankrupt.com/misc/associated_kaolin.html

The inclusion of any creditor is not an admission of liability
by AKI and each creditor will be subjected to a proof of debt
exercise undertaken by the SAs before settlement will be
effected. In the event that a creditor is unable to produce
his/her proof of debt, the GHB Shares, ICULS and cash, which
have been allocated shall be redistributed to all other
creditors and Contingent Creditors of AKI in accordance to their
respective proportions. In the event that the debt proven is
higher than the amount outstanding, then the GHB Shares, ICULS
and cash which have been allocated shall be redistributed on a
pro-rata basis proportionately to the higher amounts owing to
all creditors.

The summary of the indicative principal terms of the ICULS are
set out in Table 12 at
http://www.bankrupt.com/misc/associated_kaolin.html
Treatment of Unsecured Lenders

As at 30 April 2000, the outstanding amount of Unsecured Lenders
is approximately RM125,842,341. The Unsecured Lenders have been
classified as financial institutions that have extended credit
facilities to AKI and were not secured by any tangible assets.

The proposed settlement will be as follows:

   (i) waiver of all interest charges accrued after 30 April
2000 up to the date on which the Proposals are implemented, or a
date to be determined at the sole discretion of the SAs after
all relevant approvals have been obtained;

   (ii) write-down after (i) of approximately 66.08 percent of
the outstanding amount as at 30 April 2000, shall be rendered;

   (iii) for the balance outstanding amount subsequent to (i)
and (ii), the first RM15,000 will be paid in cash for each
individual Unsecured Lender;

   (iv) subsequent to (i) to (iii), the balance outstanding
amount will be repaid as follows:

     (a) approximately 49.97 percent of the balance outstanding
amount, amounting to approximately RM21,283,581 is to be settled
via the cash proceeds from the Proposed Rights Issue and
Proposed SBI by GHB;

     (b) approximately 10.74 percent of the balance outstanding
amount, amounting to approximately RM4,573,270 is to be
converted into GHB Shares;

     (c) approximately 39.29 percent of the balance outstanding
amount, amounting to approximately RM16,734,000 is to be
converted into ICULS and cash settlement of approximately
RM2,740 for odd lots.

Treatment of Hire Purchase and Lease Creditors

As at 30 April 2000, the outstanding amount of Hire Purchase and
Lease Creditors is approximately RM6,371,374. The Hire Purchase
and Lease Creditors have been classified as those who provided
financing to AKI for capital purchases.

The proposed settlement will be as follows:

   (i) waiver of all interest charges accrued after 30 April
2000 up to the date on which the Proposals are implemented, or a
date to be determined at the sole discretion of the SAs after
all relevant approvals have been obtained;

   (ii) all existing hire purchase and leasing agreements to be
terminated;

   (iii) subsequent to (i) to (ii) above, full repayment will be
made on the  portion of the outstanding amount covered by the
market value of the collateral of approximately RM2,601,874 as
at 30 April 2000. Repayment will be as follows:

     (a) approximately 52.13 percent of the outstanding amount
covered by the market value of collateral or approximately
RM1,356,520 as at 30 April 2000 is to be settled via the cash
proceeds from the Proposed Rights Issue and Proposed SBI by GHB;

     (b) approximately 10.27 percent of the outstanding amount
covered by the market value of collateral or approximately
RM267,261 as at 30 April 2000 is to be converted into GHB
Shares; and

     (c) approximately 37.59 percent of the outstanding amount
covered by the market value of collateral or approximately
RM978,000 as at 30 April 2000 is to be converted into ICULS and
cash settlement of approximately RM1,157.

   (iv) subsequent to (i) to (iii) above, the balance not
covered by collateral as at 30 April 2000 of approximately
RM3,769,500 will be repaid as follows:

     (a) waiver of all interest charges accrued after 30 April
2000 up to the date on which the Proposals are implemented, or a
date to be determined at the sole discretion of the SAs after
all relevant approvals have been obtained;

     (b) write-down after (i) of approximately 66.08 percent of
the outstanding amount as at 30 April 2000 shall be rendered;

     (c) for the balance outstanding amount subsequent to (i)
and (ii), the first RM15,000 will be paid in cash for each
individual Hire Purchase and Leasing Creditor or to the balance
outstanding amount owing to an individual Hire Purchase and
Leasing Creditor where the balance outstanding amount is less
than RM15,000; and

     (d) subsequent to (a) to (c), the balance outstanding
amount will be repaid as follows:

       (i) approximately 49.97 percent of the balance
outstanding amount, amounting to approximately RM622,665 is to
be settled via the cash proceeds from the Proposed Rights Issue
and Proposed SBI by GHB;

       (ii) approximately 10.74 percent of the balance
outstanding amount, amounting to approximately RM133,794 is to
be converted into GHB Shares; and

       (iii) approximately 39.29 percent of the balance
outstanding amount, amounting to approximately RM488,000 is to
be converted into ICULS and cash settlement of approximately
RM579 for odd lots.

Treatment of Unsecured Creditors

As at 30 April 2000, the outstanding amount of Unsecured
Creditors is approximately RM795,377. The Unsecured Creditors
have been classified as trade and other creditors whose debts
are incurred by AKI in the ordinary course of business.

The proposed settlement will be as follows:

   (i) waiver of all interest charges accrued after 30 April
2000 up to the date on which the Proposals are implemented, or a
date to be determined at the sole discretion of the SAs after
all relevant approvals have been obtained;

   (ii) write-down after (i) of approximately 66.08 percent of
the outstanding amount as at 30 April 2000 shall be rendered;

   (iii) for the balance outstanding amount subsequent to (i)
and (ii), the first RM15,000 will be paid in cash for each
individual Unsecured Creditor or to the balance outstanding
amount owing to an individual Unsecured Creditor where the
balance outstanding amount is less than RM15,000;

   (iv) subsequent to (i) to (iii), the balance outstanding
amount will be repaid as follows:

     (a) approximately 49.97 percent of the balance outstanding
amount, amounting to RM17,880 is to be settled via the cash
proceeds from the Proposed Rights Issue and Proposed SBI by GHB;

     (b) approximately 10.74 percent of the balance outstanding
amount, amounting to approximately RM3,842 is to be converted
into GHB Shares;

     (c) approximately 39.29 percent of the balance outstanding
amount, amounting to approximately RM12,000 is to be converted
into ICULS and cash settlement of approximately RM2,060 for odd
lots.

Treatment of Contingent Creditors

As at 30 April 2000, the outstanding amount of Contingent
Creditors is RM2,462,100. The Contingent Creditors have been
classified as creditors who have notified AKI of their claims,
but AKI has not admitted them and AKI's contingent liabilities
which may or may not materialize.

The proposed settlement will be as follows:

   (i) waiver of all interest charges accrued after 30 April
2000 up to the date on which the Proposals are implemented, or a
date to be determined at the sole discretion of the SAs after
all relevant approvals have been obtained;

   (ii) write-down after (i) of 66.08 percent of the outstanding
amount as at 30 April 2000 shall be rendered;

   (iii) for the balance outstanding amount subsequent to (i)
and (ii), the first RM15,000 will be paid in cash for each
individual Contingent Creditor;

   (iv) subsequent to (i) to (iii), the balance outstanding
amount will be repaid as follows:

     (a) 49.97 percent of the balance outstanding amount,
amounting to RM394,806 is to be settled via the cash proceeds
from the Proposed Rights Issue and Proposed SBI by GHB;

     (b) 10.74 percent of the balance outstanding amount,
amounting to RM84,833 is to be converted into GHB shares;

     (c) 39.29 percent of the balance outstanding amount,
amounting to RM309,000 is to be converted into ICULS and cash
settlement of RM1,463 for odd lots.

   (v) all claims not established after a period of three (3)
years from the date on which the Proposals are implemented, or a
date to be determined at the sole discretion of the SAs after
all relevant approvals have been obtained will be invalid.
Subsequently all cash, shares and ICULS allocated to Contingent
Creditors will then be distributed by Danaharta or any other
party as may be appointed by Danaharta ("Creditors' Agent") to
other Creditors on a pro-rated basis.

The Creditors' Agent shall have the absolute discretion to
decide on all matters relating to the court proceedings and out
of court settlement and the conclusion thereof.

No further contingent claims have been submitted or brought to
the attention of the SAs as at 10 September 2001. Depending upon
the claims sum as awarded by the court or any out-of-court
settlement reached, the claims sum so agreed shall be
proportionately settled in the manner set out under Proposed
Debt Restructuring and the write-down of the balance of the
outstanding debt by the Creditors after the Proposed Debt
Settlement by the Promoters. GHB Shares, ICULS and cash
provisionally provided shall be issued to a stakeholder
appointed by the SA or the Creditors' Agent.

Treatment of Essential Creditors

Essential Creditors' outstanding amount are payments which are
required to be made under law, including workout expenses and
any advances by Danaharta (if any), i.e. costs incurred pursuant
to the workout proposal prepared by the SAs. To this extent, the
principal and interest charges amounting to approximately RM1.62
million as at 30 April 2000 shall be settled in full by cash.

Treatment of Winnerpac Sdn. Bhd. ("WSB") and related assets

Pursuant to the Scheme Agreement and the Supplemental Agreement,
the Promoters shall endeavor to assign and novate or cause GHB
and/or AKI to assign and novate all of AKI's rights, benefits,
liabilities and obligations (if any) in relation to WSB
including AKI's plant and machinery and all such assets relating
to the operations of WSB to the SAs or to such persons nominated
by the SAs for a nominal sum of RM1.00.

Subject to the above, the SAs or such persons nominated by the
SAs shall hold the WSB assets and liabilities for the sole
benefit of the creditors including any proceeds (if any) arising
from the realization of the WSB assets and liabilities which
shall be distributed to the creditors on a pro-rated basis.

Proposed Waiver

Upon completion of the Proposed Acquisitions, the Promoters will
collectively hold approximately 56 percent of the enlarged
issued and paid-up share capital of GHB.

In accordance with the Malaysian Code on Take-Overs and Mergers,
1998 (the "Code"), the Promoters and persons acting-in-concert
with the Promoters (if any) will be obliged to undertake a
Mandatory General Offer for the remaining GHB Shares not owned
by them. The successful implementation of the Proposals is
conditional upon the approval for the Proposed Waiver being
obtained from the SC.

Proposed Transfer of Listing Status

Upon completion of the abovementioned proposals, GHB will be the
new holding company of the AKI Group and the GPSB and Success
Profile Group. The principal activity of GHB will be that of an
investment holding company.

It is also proposed that AKI be delisted from the Official List
of the Second Board of KLSE and that GHB be admitted to the
Official List of KLSE, with the listing of the entire issued and
paid-up share capital of GHB on the Second Board of KLSE.

The Proposed Transfer of Listing Status is subject to the SC's
Policies and Guidelines on Issue/Offer of Securities ("SC
Guidelines") and the Listing Requirements of KLSE which
stipulates that at least twenty five percent (25 percent) of the
issued and paid-up share capital of GHB shall be held by public
shareholders holding not less than one thousand (1,000) GHB
Shares each. In the event that GHB is unable to meet the public
shareholdings requirements, the Promoters will undertake to
dispose, as soon as it is practicable to do so, through open
market transaction, through an off market placement or as
imposed by the SC and/or any other relevant authorities such
number of GHB Shares which will be allotted to them under the
Proposed Acquisitions in order to comply with the said SC
Guidelines and Listing Requirements of KLSE.

Upon completion of the Proposals, the management and control of
AKI will be handed over by the SAs to the board of directors of
AKI and the SAs appointment will be discharged accordingly by
the Oversight Committee of Danaharta.

The Proposals are expected to be completed by third quarter of
2002.

As at 30 August 2001, GHB does not have any subsidiary or
associated company.

The Directors of GHB as at 30 August 2001 according to the
Register of Directors' Shareholdings are set out in Table 13 at
http://www.bankrupt.com/misc/associated_kaolin.html

The substantial shareholders of GHB (holding 5 percent or more)
as at 30 August 2001 according to the Register of Substantial
Shareholders are as set out in Table 14 at
http://www.bankrupt.com/misc/associated_kaolin.html

As at 30 August 2001, GHB has yet to commence operations. As
such, no profit and loss accounts have been drawn up.

RATIONALE

The main objective of the Proposals is to restore the financial
and operational viability of AKI, to enable the Company to
continue as a going concern entity, and to enable AKI to repay
the Lenders with amounts higher than those possible under a
liquidation scenario. The Promoters believe that the
implementation of the Proposals would provide the Company with
the financial ability to continue its operations and in the
long-term, regain a position of profitability.

Proposed Capital Reduction

The Proposed Capital Reduction and balance in the share premium
account is for purposes of cancellation any paid-up capital,
which is lost or under-represented by available assets.
Consequently, it will give rise to a credit of RM49,185,211
which will be utilized to reduce the audited accumulated losses
of AKI.

Proposed Termination of Outstanding Warrants

The Proposed Termination of Outstanding Warrants is imperative,
as the trading of the warrants will immediately cease when AKI
is delisted from the Official List of KLSE. The Proposed
Termination of Outstanding Warrants will also enable AKI
Warrantholders to exercise the outstanding warrants and later to
hold GHB Shares.

Proposed Rights Issue and Proposed SBI

The Proposed Rights Issue and Proposed SBI will raise gross
proceeds of RM41,395,070 which will be utilized to settle part
of the Scheme Debt, to defray the cost of the Proposals and to
fund working capital of GHB.

The Proposed Rights Issue and Proposed SBI are expected to
strengthen the capital base of GHB and reduce the AKI Group's
gearing level, upon completion of the Proposals. The Proposed
SBI would also increase the equity participation and support of
Bumiputera investors in GHB in line with the National
Development Policy.

Proposed Acquisitions

The Proposed Acquisitions will provide the GHB Group with
income-generating assets which should enhance the future
profitability, cashflow and asset position of the GHB Group,
upon completion of the Proposals.

The Proposed Acquisitions would also present the GHB Group with
a new core business, namely the manufacturing of plastic and
polyvinyl chloride ("PVC")-based products and the emergence of
the Promoters as the substantial shareholders and management of
the GHB Group.

Proposed Debt Restructuring

The Proposed Debt Restructuring will assist AKI to restructure
the outstanding liabilities of AKI in a manner that would be
beneficial to AKI and its Creditors to a level which is more
manageable and that can be supported by the net assets by way of
rescheduling of repayment of debts with Scheme Creditors via
cash, issuance of new GHB Shares and issuance of GHB ICULS. The
Proposed Debt Restructuring proposes a better alternative for
the Creditors compared to the prospects of recovery in the event
of liquidation of AKI.

The Proposed Debt Restructuring will also provide the Scheme
Creditors with certainty of repayment of a substantial part of
the amount outstanding and in all probability a higher recovery
rate as compared to the recovery achieved through the
liquidation of AKI.

Proposed Waiver

The Proposed Waiver will allow the Promoters for an exemption
from an obligation to extend a mandatory general offer for the
remaining GHB Shares not owned by them upon completion of the
Proposed Acquisitions.

Proposed Transfer of Listing Status

The Proposed Transfer of Listing Status will be in line with the
fresh start and rejuvenation of the prospects of GHB accorded by
the Proposals. It will also be a reflection of the new core
business of the manufacture of plastic and PVC-based products to
be injected into the restructured AKI Group (i.e. the GHB
Group).

EFFECTS OF THE PROPOSALS

The effects of the Proposals on the issued and paid-up share
capital of AKI/GHB are set out in Table 15 at
http://www.bankrupt.com/misc/associated_kaolin.html

The effects of the Proposals on the shareholding in AKI/GHB are
set out in Table 16 at
http://www.bankrupt.com/misc/associated_kaolin.html

The pro forma effects of the Proposals on the NTA of AKI/GHB
Group are set out in Table 17 at
http://www.bankrupt.com/misc/associated_kaolin.html

The pro forma effects of the Proposals on the gearing of AKI/GHB
Group are set out in Table 18 at
http://www.bankrupt.com/misc/associated_kaolin.html

Earnings

Upon completion of the Proposals, the Promoters believe that the
Proposed Acquisitions and significant interest savings arising
from the Proposed Debt Restructuring would provide the AKI/GHB
Group with the financial ability to continue its operations as a
going concern and, in the long term, to increase the
profitability and improve the cashflow position of GHB
thereafter.

Dividends

Neither the Board of AKI nor the Board of GHB has declared any
dividend for the financial year ended 30 June 2000 and 31
December 2000, respectively. Presently, the Board of AKI as well
as the Board of GHB envisages that AKI and GHB will not declare
any dividend for the financial year ended 30 June 2001 and
financial year ending 31 December 2001, respectively.

PROSPECTS AND FUTURE PLANS OF GHB GROUP PURSUANT TO THE
COMPLETION OF THE PROPOSALS

In an effort to revive the Malaysian economy, the Government has
introduced several measures which include further efforts to
increase foreign exchange earnings in particular through
promotion of exports. This should have positive impact to the
GHB Group.

The industries of GPSB and the Success Profile Group are
synergistic, as both deals with plastic products upstream and
downstream. GPSB's manufacturing process is mainly extrusion and
injection whilst that of the Success Profile Group is wholly on
extrusion. These are two of the main and most common plastic
processing techniques in the plastic industry.

GPSB produces a wide range of high quality disposable food and
beverage packaging from Polypropylene ("PP") and Polystyrene
("PS"). These two types of plastics are vastly used in the
packaging industry. PP has begun to replace natural fibers like
jute, cellulose, wood, metal and glass. Present usage of PP in
packaging include bags, packaging trays, bottle tops and
closures. The properties of PP and PS enable food to be stored
to prevent bacteria contamination and decay. Currently, there
are not many known substitutes for PP and PS in the food
packaging industry.

The versatility of plastics will enable GPSB to diversify into
non-food packaging products including industrial packaging
products, for example color television panel for packing of
picture tubes. Also as plastics are continuously being
researched, GPSB can acquire new technology from more developed
countries or enter into joint-ventures with them to develop
better plastics for food packaging. GPSB will also increase
automation to lower its production costs in order to maintain
its competitive advantage as one of the largest manufacturer of
disposable packaging wares in Malaysia.

As the world population expands there is a vast market for food
packaging and the market for GPSB's products is immense in
Malaysia as well as in other countries. GPSB will work
aggressively to expand its export market.

PVC, on the other hand, enjoys a unique position in the medical
device industry being a major polymer used in tubing,
intravenous and blood sets and dialysis devices. PVC's fifty
(50) years history in the medical device industry, ability to be
sterilized by all conventional techniques, low cost, and ease of
fabrication continue to make PVC the polymer of choice for
medical devices. As such, Medicomp and MGS Tech will endeavor to
be the leading medical grade PVC compounder as well as
manufacturer of downstream medical devices in Malaysia.

MGS Tech will also develop further downstream activities whereby
whole infusion/intravenous sets will be produced and assembled
in its plant.

There is also a possibility of venturing into smart partnerships
for research and development purposes as well as developing new
markets in Europe and America. Success Profile and the potential
joint venture will enjoy a win-win situation whereby cost
effectiveness of Success Profile's plant will be utilized and
Success Profile Group will benefit from the possible transfer of
technology and the introduction of new markets. Success Profile
Group will endeavor to continue to expand and diversity into new
markets, both locally and overseas in the future.

Similar smart partnerships can be ventured into by Precision
Theme to acquire "know how" of more advance extrusion machines.

PP can be used to manufacture medical/surgical clothing whilst
certain blends of PS can be extruded for see-through facings on
disposable medical kits and hospital monitoring equipment or
injection molded into medical disposables such as tubes and
medical testing plates. As such, the industries of GPSB and
Success Profile Group can be developed further downstream to
complement each other's business.

In addition to the business activities of GPSB and Success
Profile, AKI also produces kaolin and is one of the few
companies in Malaysia, which produces high quality kaolin and is
one of the nation's largest kaolin exporters, mainly to Taiwan
and Thailand. AKI's total installed capacity is 80,000 metric
tonnes per annum of which in 2000, AKI produced 51,477 metric
tonnes or approximately 64.34 percent of the total output
capacity.

RISK FACTORS

Approvals of the relevant regulatory authorities

The Proposals are subject to and dependent upon the approvals
being obtained from the relevant regulatory authorities, details
of which are set out in Section 7 of this announcement.

Control by the Promoters

Following the implementation of the Proposals, on the assumption
that the ICULS are fully converted, the Promoters will
collectively own approximately 56 percent of GHB's issued and
paid-up share capital. As a result, it is likely that the
Promoters will be able to control some of the outcome of certain
matters requiring the vote of GHB's shareholders unless it is
required to abstain from voting by law and/or the relevant
authorities.

Business risks

The AKI Group, GPSB and Success Profile Group are all subject to
risks inherent in the production and sale of refined kaolin, the
manufacturing and sales of PS and PP disposable wares, and the
manufacturing and sales of medical grade PVC compound and PVC
tubing and bags, respectively. These risks include changes in
general economic conditions, such as, but not limited to changes
in government regulations, the rate of inflation, taxation rates
and incentives available, interest rates and exchange rates of
foreign currencies, and constraints in labor supply and changes
in business conditions, such as, but not limited to
deterioration in prevailing market conditions, level of
competition, machinery breakdown affecting production,
facilities and product obsolescence, raw material shortages and
industrial disputes.

The AKI Group will continue to seek to limit these risks in
respect of the production and sale of kaolin in Malaysia
through, inter-alia, identification and acquisition of kaolin
reserves, continual maintenance of its facilities, development
of new products, and diversification of its markets. However, no
assurance can be given that any change to these factors will not
have a material adverse effect on the AKI Group's business.

GPSB and Success Profile Group will also continue to limit the
risks related to the respective industries it operates in
through various operational strategies including, but not
limited to, the identification of potential markets and the
diversification of its product and existing markets, the
continuous upgrading of its machineries and the implementation
of staff benefit scheme and the ensuring of the continuous
reliable services and quality products.

Competition

As no assurance can be given that the AKI Group, GPSB and
Success Profile Group will be able to maintain its existing
customer base, the AKI Group, GPSB and Success Profile Group
invests in continuous efforts to provide high quality products
to its existing customers as well as attracting potential
customers.

It is pertinent to note that the AKI Group, via its kaolin
business, has been able to chart continued growth in its
business before the economic crisis. The customers' dependence
and trust on the AKI's ability to produce high quality refined
kaolin is essential to safeguard its reputation in the market
place. Though AKI seeks to maintain its competitive position
through its commitment for quality and reliability, there is no
assurance that AKI will not be affected by the competitive
strategy adopted by other companies within the same industry.

However, the competitive pressure for this sector would be mild
owing to the high barriers of entry for economic reasons.
Nonetheless, it is difficult to ascertain that the AKI Group
will be able to maintain continuous growth in the long term. It
is imperative to note that the company has succeeded in
maintaining a continued growth in the production and sale of
kaolin industry since the onset. This is the result of the AKI
Group's effort to keep a high standard product quality, as well
as a strong distribution network.

GPSB, with the ability to produce a wide range of quality
products, coupled with one of the largest local distribution
network has been able to gain a competitive edge in the market.
Currently, GPSB has one of the largest production capacities in
the packaging industry in Malaysia, enabling them to reap the
benefits of scale. While there is no assurance that GPSB will
not be affected by the competitive strategy adopted by other
companies within the same industry, GPSB has placed an emphasis
on the importance of research and development to enable the
company to constantly improve its market share.

The Success Profile Group is currently looking at the
possibility to expand and diversify into new markets both
locally and internationally in the future. Presently, there are
very few plants in Malaysia specializing in compounding non-
toxic PVC compounds for medical usage. As such, the threat of
competition for this specific industry is expected to be mild
owing to the high barriers of entry, the high level technical
knowledge required and the ability to produce high quality
products.

Legislative Considerations

The AKI Group, GPSB and Success Profile Group operations, where
it is currently operating or may undertake projects in the
future, are subject to the jurisdiction of numerous governmental
agencies with respect to extraction of kaolin, manufacturing of
plastic and medical grade PVC compound and PVC tubing and bags
in Malaysia, and other regulatory matters. Apart from the rules
and regulations of the Ministry of Trade and Industry, Malaysia,
Malaysian Industrial Development Authority, Ministry of Finance,
Malaysia, and the Director of Mines' Office, Perak Darul
Ridzuan, the AKI Group, GPSB and Success Profile Group is also
subjected to other regulatory matters including principally the
following legislation:
  * Factories and Machinery Act, 1967;
  * Food Act, 1983;
  * Mining Enactment F.M.S. Cap 147;
  * Industrial Coordination Act, 1975; and
  * Sales Tax Act, 1972
The AKI Group as well as GPSB and Success Profile always
endeavors to comply with the above legislation.

Foreign Exchange Risks

Approximately 52 percent of AKI's turnover in financial year
ended 30 June 2000 was derived from export sales, which was
mainly transacted in United State Dollar ("USD") and were as
such, subject to foreign exchange fluctuations. Even though the
Malaysian government has imposed selective monetary controls,
including the pegging of the RM to the USD, no assurance can be
given on whether the future foreign exchange fluctuations or
future government policies will not have an adverse impact on
the AKI Group, GPSB and Success Profile Group.

Presently, GPSB's export sales are mainly transacted either in
USD, Singapore Dollars and/or Australian Dollars and these would
be subjected to foreign exchange fluctuations. However, in order
to minimize the foreign exchange impact, GPSB plans to enter
into the foreign exchange forward market for the respective
currencies based in each individual letter of credit received.

Accordingly, any fluctuation in foreign exchange due to the free
market or changes in the government policies may have an effect
on the AKI Group's, GPSB's and Success Profile Group 's results.

Proposed Rights Issues and Proposed SBI

The Proposed Rights Issue and Proposed SBI involves the
underwriting of 16,395,070 Rights Shares and 25,000,000 SBI
Shares, respectively by the underwriters to be procured by the
Promoters at an underwriting commission to be determined at a
date nearer to the implementation of the same.

However, in view of the current market sentiment, no assurance
can be given that underwriters can be procured by the Promoters
to underwrite the Proposed Rights Issue and the Proposed SBI. In
the event that no underwriters can be procured, the Proposed
Rights Issue and the Proposed SBI as well as the Proposals, in
whole, will not proceed to completion.

Inter-conditionality of the Proposals

Save for the Proposed Termination of Outstanding Warrants, the
Proposals are inter-conditional upon each other. Failure to
complete either one of the component of the Proposals (except
for the Proposed Termination of Outstanding Warrants) will cause
the remaining Proposals not to proceed to completion.

Although the AKI Group, GPSB and Success Profile Group seeks to
limit these risks, no assurance can be given that any changes to
these factors will not have a material adverse effect on the
group's businesses. Save as disclosed above and apart from
normal commercial risk, as well as in the absence of unforeseen
circumstances, the AKI Group, GPSB and Success Profile Group are
not vulnerable to any specific factors or events.

APPROVALS REQUIRED

The Proposals are subject to and conditional upon approvals from
the following:

   (i) SC, for the Proposals and the listing of and quotation
for the new GHB Shares and ICULS on the Second Board of KLSE to
be issued pursuant to the Proposals;

   (ii) Foreign Investment Committee, for the Proposed
Acquisitions;

   (iii) Ministry of International Trade and Industry, for the
Proposed Acquisitions and Proposed SBI;

   (iv) KLSE for the listing of and quotation for new GHB Shares
and ICULS on the Second Board of KLSE to be issued pursuant to
the Proposals; and

   (v) Any other relevant authorities.

Save for the Proposed Termination of Outstanding Warrants, the
components of the Proposals are inter-conditional upon each
other.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors', substantial shareholders and persons
connected with the Directors and/or substantial shareholders of
AKI have any interest, direct or indirect, in the Proposals.

SA'S RECOMMENDATION

Having considered all aspects of the Proposals, the SAs is of
the opinion that the Proposals is in the best interest of the
Company and the Group.
ADVISER

The SAs on behalf of AKI has appointed CIMB as its Adviser for
the Proposals.
APPLICATION TO THE SC

Application to the SC for approval on the Proposals is expected
to be made within four (4) months from the date of this
announcement.

DEPARTURE FROM SC GUIDELINES

Save as disclosed below, the SAs are not aware of any other
departure from the SC Guidelines in respect of the Proposals.

  (i) The SC Guidelines on Issue of Convertible Loan Stock
stipulates that a company issuing the convertible securities
must be fundamentally strong in that its expected earnings
should be good enough to support the additional shares arising
from the conversion of the convertible securities.

In the immediate term, the earnings of the AKI/GHB Group will
not be able to support the enlarged share capital base arising
from the conversion of the ICULS. Nonetheless, in the long-term,
the earnings of the AKI/GHB Group are expected to improve and
are able to support the enlarged share capital base due to the
injection of GPSB and the Success Profile Group into the AKI/GHB
Group.

It should be highlighted that the issue of the ICULS of GHB is
necessary to bring the level of borrowings of the AKI Group to a
manageable level and facilitates the restructuring of the
Group's debt obligations to correspond with the cashflow from
the Group's operations, failing which, the AKI Group may not be
able to continue as a going concern.

   (ii) The SC Guidelines on Special Requirements for the
Reverse Take-Overs and Back Door Listing stipulates that the
acquiree company is an income-generating company and that the
assets to be injected as part of the rescue package has at least
one (1) year of after tax profit based on the latest audited
accounts or revenue.

GPSB has complied with this guideline whereby GPSB has achieved
an audited PAT of approximately RM8.278 million for the
financial year ended 31 December 2000. However, Success Profile
posted a consolidated loss after taxation of RM1.039 million for
the financial year ended 31 December 2000.

This is because the Success Profile Group is currently in its
first year of operations, with Success Profile and Medicomp
commencing operations during the second half of the 2000 whilst
MGS Tech will only commence operations during the second half of
the 2001. The acquisition of Success Profile Group by GHB was
based on the consolidated NTA of the company and it is expected
that upon injection into GHB, Success Profile Group will
register profits and positive cashflow in the future.

The audited consolidated loss after taxation for the financial
year ended 31 December 2000 for Success Profile was mainly due
to overheads not matched with sufficient revenue in the initial
year of operations and goodwill written off during the year.
Although Success Profile Group does not meet the abovementioned
SC Guidelines, Success Profile is anticipated to have good
immediate prospects of stable profits and cashflows and is
expected to contribute positively to the operation of the GHB
Group.

DOCUMENT FOR INSPECTION

The Conditional SPAs in respect of the Proposed GPSB
Acquisition, the Proposed Success Profile Acquisition as well as
the Scheme Agreement all dated 6 April 2001 and the Supplemental
Agreement dated 21 August 2001 may be inspected at the
registered office of AKI at 9A, Persiaran Greentown 7, Greentown
Business Centre, 30450 Ipoh, Perak Darul Ridzuan or the business
office of AKI at 18th Floor, Central Plaza, 34 Jalan Sultan
Ismail, 50250 Kuala Lumpur from Mondays to Fridays (except
public holidays) during business hours for a period of three (3)
months from the date of this announcement.


IDRIS HYDRAULIC: Submits Revised Restructuring Plan
---------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of IHMB, announced that Idris Hydraulic (Malaysia) Berhad (IHMB)
had on 21 September 2001 submitted an update of the revised
Proposed Restructuring Exercise to the Securities Commission.

The Proposed Restructuring Exercise includes the following:

   � Proposed Capital Reconstruction;

   � Proposed Corporate Restructuring; And

   � Proposed Debt Reconstruction.

On 8 September 2001 CIMB, on behalf of IHMB, announced that IHMB
entered into a new debt restructuring agreement (DRA) with
Idaman Unggul Sdn. Bhd. (Newco) and the various lenders of IHMB
and its subsidiaries to give effect to a revised Proposed
Restructuring Exercise announced on 11 January 2001.

In addition to the revisions announced on 11 January 2001, the
DRA also incorporates the revisions in the Proposed
Restructuring Exercise arising from the foreclosure the
Company's entire equity interest in Prime Utilities Berhad (PUB)
comprising 18,011,000 ordinary shares of RM1.00 each in PUB by
Arab-Malaysian Bank Berhad (AMBB), Arab-Malaysian Merchant
Bankers Berhad (AMMB) on 28 June 2001 and TA First Credit Sdn.
Bhd. (TAFC) on 17 August 2001 as part of the debt settlement for
the total amount owing to AMBB and AMMB of RM324.991 million and
TAFC of RM225.078 million (Foreclosure of PUB) and to extend the
date of fulfillment of all the conditions precedent to the
Proposed Restructuring Exercise to 28 February 2002.

In addition, IHMB had on the same day entered into a
supplemental agreement to the share subscription agreement dated
13 July 2000 with Dato' Che Mohd. Annuar bin Che Mohd. Senawi
and Newco to incorporate the revisions in the Proposed
Restructuring Exercise as announced on 11 January 2001, the
revisions arising from the Foreclosure of PUB and to extend the
date of fulfillment of all the conditions precedent to the
proposed shares subscription to 28 February 2002.


S P SETIA: Unit Faces Winding-Up Petition
-----------------------------------------
The Board of Directors of S P Setia Berhad (S P Setia) announced
that a winding-up petition has been presented against Suharta
Development Sdn Bhd (Suharta Development), a subsidiary company
of S P Setia. The details are as follows:

   (a) The petition was presented on 23 August 2001 against
Suharta Development, a 51 percent owned subsidiary of Suharta
Sdn Bhd (Suharta), which is in turn a 60 percent owned
subsidiary of Manih System Construction Sdn Bhd (MSC). MSC is a
70 percent owned subsidiary of Setia Prefab Sdn Bhd, which is in
turn a wholly owned subsidiary of S P Setia.

   (b) The amount claimed under the petition is RM22,947.70.

   (c) The petition was lodged against Suharta Development
pursuant to the claim on liquidated agreed damages.

   (d) Suharta's cost of investment in Suharta Development as at
31 October 2000 is RM2,655,000.

   (e) The financial and operational impact on the Group, if
any, arising from the aforesaid petition will not be material as
it only represents 0.003 percent of the audited Group Net
Tangible Assets of S P Setia as at 31 October 2000.

   (f) The expected losses (if any) arising from the winding-up
proceedings would be immaterial to S P Setia.

   (g) Suharta Development intends to file an urgent application
to contest/oppose the petition.


SAP HOLDINGS: Updates Legal Suits' Status
-----------------------------------------
Sap Holdings Berhad (SAP) announced that Aima Construction Sdn
Bhd (AIMA), by judgment in default of appearance, obtain an
Order of Court dated 3rd September 2001 and 4th September 2001
that SAP do pay to AIMA the sums of RM1,127,268.69 and
RM1,340,862.38 respectively.

Solicitors have advised that the Orders are liable to be set
aside as Notices of Appearance was indeed filed by our
solicitors on 27th June 2001. They solicitors have filed the
necessary cause papers on a Certificate of Urgency to have the
said two (2) Judgments set aside. They advised that the
prospects in setting aside the judgments in default are good.

Reference is made to the following suits:

1.0 Alor Setar High Civil Suit No: 22-121-2001
Aima Construction Sdn Bhd vs SAP Holdings Berhad & SAP Leisure
And Resort Sdn Bhd and SAP Langkawi Development Sdn Bhd and

2.0 Alor Setar High Civil Suit No: 22-123-2001
Aima Construction Sdn Bhd vs SAP Holdings Berhad & SAP Air Hitam
Properties Sdn Bhd


SENG HUP: Thirty-Ninth AGM Held On September 26
-----------------------------------------------
Seng Hup Corporation Bhd (Special Administrators Appointed)
(SHCB or the Company) informed that the shareholders of SHCB
held their Thirty Ninth Annual General Meeting of the Company on
26 September, 2001. They unanimously passed all the resolutions
as prescribed in the notice convening the meeting contained in
the 2001 Annual Report.

The Special Administrators of SHCB announced that on 30 August
2001 they entered into agreements to effect changes to the
Proposed Corporate and Debt Restructuring Scheme.


SRI HARTAMAS: Subsidiary Enters Sale,Purchase Agreement W/KMSB
--------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that its wholly-owned subsidiary, Mawar Tiara Sdn Bhd
(MTSB) (Special Administrators Appointed) had on 20 September
2001 entered into a Sale and Purchase Agreement (S&P) with Kota
Mulia Sdn Bhd (KMSB), for the sale of one parcel of freehold
land for a total cash consideration of RM9,312,926.28.

DETAILS OF THE LAND DISPOSAL

The Special Administrators of SHB had carried out an open tender
exercise on 22 November 2000 on the assets of SHB Group, which
was closed on 6 December 2000. Pursuant to the said tender
exercise, MTSB acting through Special Administrators had on 20
September 2001, entered into a S&P with KMSB, for the sale of
one parcel of freehold land held under Geran 43727, Lot No.
55329 (previously known as PT No. 15215 HS(D) 90319) in the
Mukim of Batu, District of Kuala Lumpur (MT-Land) measuring
approximately 21,630 square meter for a total cash consideration
of RM9,312,926.28.

MT-Land is being disposed free from all lien, charges and other
encumbrances with vacant possession and the MT-Land will be
transferred in its present state and condition on an "as is
where is" basis (subject to fair wear and tear).

The purchase consideration will be paid in the following manner:

   a. Prior to the execution of the S&P, KMSB had paid to the
Company the earnest money amounting to RM200,000;

   b. Upon the execution of the S&P, KMSB had paid the balance
deposit amounting to RM731,292,63 to MTSB's solicitors as
stakeholders and to be released to the Company upon the receipt
of the Danaharta Approval as mentioned in Para 3 below;

   c. The balance of the purchase price amounting to
RM8,381,633.65 shall be payable to MTSB's solicitors as
stakeholders within 14 days from the date of notification to
KMSB's solicitor that the S&P has become unconditional and will
be released to the Company upon presentation of transfer for
registration at the relevant Land Registry or upon the expiry of
10 days of delivery of the transfer documents to KMSB, whichever
is the earlier.

CONDITION PRECEDENT

Based on the terms of the S&P, the sale of the MT-Land is
subject to Danaharta and the secured creditors of MTSB approving
the workout proposal at a meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act (the
Danaharta Approval). Upon notification to KMSB's solicitor of
the Danaharta Approval, the S&P will become unconditional.
If the above condition precedent is not fulfilled within 90 days
from the date of the S&P, the period will be extended for
another 30 days.

BASIS OF ARRIVING AT THE CONSIDERATION

The latest valuation by M/S CH Williams Talhar & Wong Sdn Bhd
dated 10 December 2000 values the MT-Land at RM11.5 million
based on open market value. The disposal price of RM9.3million
represents approximately 81 percent of the open market value.

DESCRIPTION OF THE MT-LAND

MTSB is the registered owner of the MT-Land. The MT-Land was
acquired by MTSB on 6 December 1993 and the SHB Group unaudited
net book value of MT-Land as at 30 June 2001 amounted to RM9.06
million. The details of the acquisition of the land by MTSB are
mentioned under Para 6 herein.

The MT-Land is presently free from all lien, charges and
encumbrances.

MT-Land has been approved for the development of 2 blocks of 17-
story medium cost apartment with a total 396 apartment units.

MTSB had obtained the Development Order Approval on 29 December
1999 and Building Plan Approval on 4 April 2000 from Dewan
Bandaraya Kuala Lumpur. Pursuant to a Joint Venture Agreement
dated 30 May 1995 entered into between SHB and MTSB, MTSB had
granted to SHB the right to develop MT-Land and to construct
thereon in accordance with the approved layout plan. SHB had
applied and obtained the approval of Developer's Licence and
Advertising Permit from Ministry of Housing & Local Government
on 31 July 2000 subject to certain conditions to be fulfilled.
Since the date of appointment of SA over MTSB on 18 October,
2000, no further work has been carried out by MTSB.

DETAILS OF THE LANDS ACQUIRED BY MTSB ON 6 DECEMBER 1993

MTSB had entered into an Original Agreement dated 6 December
1993 with the Official Receiver of Sri Hartamas Development Sdn
Bhd (in Liquidation) (SHD) to acquire several parcels of land
held under title Lots No 48629 - 48631 Mukim of Kuala Lumpur,
Federal Territory and Lot No. 448, 4753, 450, 449 and part of
1801 Mukim of Batu, District of Kuala Lumpur Federal Territory,
measuring 317.72 acres, for a total cash consideration of RM99.0
million. SHD is not related to SHB. The MT-Land forms part of
Lot 1801 before this lot was subdivided. SHD had entered into 55
Sale and Purchase Agreements with 55 purchasers (City Home
Purchasers) to sell certain medium cost apartments known as City
Homes Project on the MT-Land prior to the disposal to MTSB.

The MT-Land was acquired free from all encumbrances with vacant
possession save and except the rights and interests of the City
Home Purchasers. SHD proposed to build the City Homes Project
but the Project did not commence. Further information on the
City Homes Project is set out in Para 7 herein.

The High Court of Malaya in Kuala Lumpur vide Companies
(Winding-Up) Petition No. D4-28-89 had ordered for the winding
up of SHD on 18 July 1991 under Section 218(1)(e) and 218(2)(a)
of the Companies Act, 1965 and the Official Receiver had been
appointed as the Liquidator of SHD.

The salient terms of the Original Agreement are as follows:

   (a) MTSB acknowledges the right and interest of the City Home
Purchasers arising from the 55 Sale and Purchase Agreements
entered into between SHD and the City Home Purchasers on the MT-
Land.

   (b) MTSB undertakes to settle the claims and/or interest of
the City Home Purchasers in a manner mutually agreeable between
each of the City Home Purchasers and MTSB or failing such
agreements, MTSB shall at its option either to:

     (i) Pay in full all monies paid by the City Home Purchasers
to SHD under the respective Sale and Purchase Agreements; or

     (ii) Complete the apartments in accordance with the
specifications set out in the respective Sale and Purchase
Agreements entered into between the City Home Purchasers and SHD
at the original price set out therein.

   (c) MTSB undertakes to indemnify SHD against any claims,
demand, losses and or damages that SHD may suffer as a result of
any claims or demands whatsoever made by the City Home
Purchasers against SHD arising directly or indirectly from the
sale of the MT-Land by SHD to MTSB.

Upon completion of the sale, the Property will be transferred in
its present state and condition on an "as is where is" basis
(subject to fair wear and tear) to KMSB.

INFORMATION ON THE CITY HOMES PROJECT

The City Homes Project on the MT-Land comprises 5-storey walk-up
apartment blocks with a total of 396 units. Development Approval
was first obtained from Dewan Bandaraya Kuala Lumpur on 22 June
1987 by SHD. The original expected date of completion was 36
months from the date of the Sale and Purchase Agreements.

A total of 55 units were sold representing 13.9 percent of the
total units planned. A total of RM244,750 was collected from the
55 City Home Purchasers. The amounts collected represent the
initial deposit of 10 percent of the respective units Sale and
Purchase Agreements prices. Subsequently, 16 Sale and Purchase
Agreements were terminated and a total of RM71,750 was refunded
to the City Home Purchasers by MTSB. The balance of RM173,000
comprising 39 Sale and Purchase Agreement will be dealt with in
the Workout Proposal of MTSB.

The sale was launched in 1987 but the construction works did not
commence since it was launched by SHD.

INFORMATION ON MTSB

MTSB was incorporated in Malaysia under the Companies Act, 1965
on 26 August 1993.

MTSB's present authorized share capital is RM500,000 divided
into 500,000 ordinary shares of RM1.00 each of which 250,000
ordinary shares of RM1.00 each have been issued and fully-paid.

The principal activity of MTSB is in property development
(including dealing in land).

Pengurusan Danaharta Nasional Berhad pursuant to Section 24 of
the Pengurusan Danaharta Nasional Berhad Act, 1998, has
appointed special Administrators to MTSB on 18 October 2000.

INFORMATION ON KMSB

KMSB was incorporated in Malaysia under the Companies Act, 1965
as a private limited company on 4 May 1982.

KMSB's present authorized share capital is RM2,000,000 divided
into 2,000,000 ordinary shares of RM1.00 each of which 2,000,000
ordinary shares of RM1.00 each have been issued and fully-paid.

The principal activities of KMSB are property development and
investment holding.

RATIONALE FOR THE DISPOSAL

The net sales proceed of the disposal will be utilized to settle
the creditors of the Company in accordance with the workout
proposal to be approved by Danaharta and the secured creditors
of MTSB.

FINANCIAL EFFECTS OF THE DISPOSAL

The financial effects of the disposal are as follow:

Share Capital

The proposed disposal will not have any effect on the issued
paid-up share capital of SHB.

Earnings

The proposed disposal will not have any material effect on the
consolidated earnings of SHB Group current financial year ending
30 June 2002 as the profit on disposal is estimated at RM258,000
only.

Net Tangible Assets (NTA)

The proposed disposal will not have any material effect on the
consolidated unaudited NTA of Sri Hartamas group as at 30 June
2001.

Condition of The Disposal

The disposal is subject to the approval of the Workout Proposal
of MTSB. Upon notification to KMSB's solicitor of the said
Approval, the S&P becomes unconditional.

If the above condition precedent is not fulfilled within 90 days
from the date of the S&P, the period will be extended for
another 30 days.

Special Administrators', Directors' and Substantial
Shareholders' Interest

The Board of Directors of SHB as at 31 August 2001 is as
follows:

   (i) Tan Sri Dato Elyas Bin Omar

   (ii) Abdul Rahman Bin Dato' Mohammed Hashim

   (iii) Gopala Krishnan s/o Sanguni Nair

   (iv) Nirmaljit Singh a/l Surjit Singh

None of the Director held any share in SHB as at 31 August 2001.

None of the shareholder of SHB as at 31 August 2001 held more
than 5 percent of the paid-up capital of SHB.

SPECIAL ADMINISTRATORS RECOMMENDATION

The Special Administrators of MTSB are of the view that the
disposal is in the best interest of the stakeholders of MTSB and
the terms and conditions thereof are fair and reasonable in the
circumstances.


SRI HARTAMAS: Unit Puncak Permata Signs Agreement With ISSB
-----------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that its wholly-owned subsidiary, Puncak Permata Sdn
Bhd (PPSB) (Special Administrators Appointed) had on 25
September 2001 entered into a Sale and Purchase Agreement (S&P)
with Imbuhan Sempurna Sdn Bhd (ISSB), for the sale of one parcel
of freehold land for a total cash consideration of RM28.0
million.

DETAILS OF THE LAND DISPOSAL

The Special Administrators of SHB carried out an open tender
exercise on 22 November 2000 on the assets of SHB Group, which
was closed on 6 December 2000. Pursuant to the tender exercise,
PPSB acting through Special Administrators had on 25 September
2001, entered into a S&P with ISSB for the sale of one parcel of
freehold land measuring approximately 273,998 square feet, held
under H.S (D) 47941 P.T. No. 48632, Mukim of Kuala Lumpur,
Daerah Wilayah Persekutuan (PP-Land) for a total cash
consideration of RM28.0 million.

PP-Land is being disposed free from all lien, charges and other
encumbrances with vacant possession and the PP-Land will be
transferred in its present state and condition on an "as is
where is" basis (subject to fair wear and tear).

The purchase consideration will be paid in the following manner:

   a. Prior to the execution of the S&P, ISSB had paid to the
Company the earnest money amounting to RM1.0 million;

   b. Upon the execution of the S&P, ISSB had paid the balance
deposit amounting to RM1.8 million to PPSB's solicitors as
stakeholders and to be released to the Company upon receipt of
the last of the approvals referred to in Para 3(a) and (b)
herein.

   c. The balance of the purchase price amounting to RM25.2
million shall be payable to PPSB's solicitors as stakeholders
within 14 days from the date of receipt of the last of the
approvals referred to in Para 3(a) and (b) herein and to be
released to the Company upon presentation of transfer for
registration at the relevant Land Registry or upon the expiry of
10 days of delivery of the transfer documents to ISSB whichever
is earlier.

CONDITIONS PRECEDENT

Based on the terms of the S&P, the sale of the PP-Land shall be
subject to the following Conditions Precedent:

   a. Danaharta and the secured creditors of PPSB approving the
workout proposal at the meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act (the
Danaharta Approval);

   b. Approval of the Foreign Investment Committee (FIC).

The S&P will become unconditional upon the receipt of the last
of the approvals mentioned above.

If the conditions precedent are not fulfilled within three
months from the date of the S&P, the period will be extended for
another one month.

BASIS OF ARRIVING AT THE CONSIDERATION

The latest valuation by M/S CH Williams Talhar & Wong Sdn Bhd
dated 10 December 2000 values the PP-Land at RM25.4 million
based on open market value. The disposal price of RM28.0 million
represents approximately 110 percent of the open market value.

DESCRIPTION OF THE LAND

PPSB is the registered owner of the PP-Land. PP-Land has been
approved for the development of three blocks of 25-storey
building and two blocks of 22-storey building which consist of
398 units high cost condominiums. The project is known as Puncak
Sri Hartamas and is further elaborated under Para 6 herein.

The land is presently charged to Arab-Malaysian Merchant Bank
Berhad as Trustee for itself and as agent for Arab-Malaysian
Merchant Bank Berhad, Arab-Malaysian Bank Berhad and Arab-
Malaysian Finance Berhad (the charges) for the syndicated credit
facilities granted to SHB. Further to that, certain condominium
purchasers and their respective end-financiers had lodged
private caveat over the PP-Land.

The land was acquired by PPSB on 6 December 1993 and the SHB
Group unaudited net book value of PP-Land as at 30 June 2001
amounted to RM25.99 million.

Upon completion of the sale, the Property will be transferred in
its present state and condition on an "as is where is" basis
(subject to fair wear and tear) and free from all encumbrances.

INFORMATION ON PUNCAK SRI HARTAMAS

Puncak Sri Hartamas consists of 398 units of high cost
condominium being developed on a piece of freehold land held
under title number HS(D) 47941 Lot No. PT 48632, Mukim of Kuala
Lumpur, Daerah Wilayah Persekutuan or known as F6. The F6
development project comprise of three blocks of 25-storey
building (Block A, C and E) and two blocks of 22-storey building
(Block B and D).

Pursuant to a Joint Venture Agreement dated 30 May 1995 entered
into between SHB and PPSB, PPSB has granted to SHB the right to
develop PP-Land and to construct thereon in accordance with the
layout plan. SHB had on 11 June 1997 launched two blocks (i.e.
Block A and C) comprises of a total of 170 units of condominium
of which 75 units have been sold and the relevant Sale and
Purchase Agreements (SPA) were executed (Condominium
Purchasers). The other three blocks have yet been launched.

As at to-date, SHB has completed the piling work for the whole
five blocks. Together with the first 10 percent of the purchase
price payable upon execution of the relevant SPA and the second
10 percent on the completed piling works, the developer had
billed the condominium purchasers a total amount of RM7,093,280,
of which RM5,509,240 has been collected to-date. The SPA were
dated between 6 June 1997 to 10 July 1998. No further works have
been carried out since the 3rd quarter of 1997.

The claims by the condominium purchasers of F6 project will be
dealt with in the workout proposal of PPSB.

INFORMATION ON PPSB

PPSB was incorporated in Malaysia under the Companies Act, 1965
on 9 July 1993.

PPSB's present authorized share capital is RM500,000 divided
into 500,000 ordinary shares of RM1.00 each of which 250,000
ordinary shares of RM1.00 each have been issued and fully-paid.

The principal activity of PPSB is property development
(including dealing in land).

Pengurusan Danaharta Nasional Berhad pursuant to Section 24 of
the Pengurusan Danaharta Nasional Berhad Act, 1998, has
appointed special Administrators to PPSB on 18 October 2000.

INFORMATION ON ISSB

ISSB was incorporated in Malaysia under the Companies Act, 1965
on 14 August 2000.

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

The principal activity of ISSB is dealings in properties.

RATIONALE FOR THE DISPOSAL

The net sales proceed of the disposal will be utilized to
partially settle the syndicated credit facilities granted to
SHB.

FINANCIAL EFFECTS OF THE DISPOSAL

The financial effects of the disposal are as follow:

Share Capital

The proposed disposal will not have any effect on the issued
paid-up share capital of SHB.

Earnings

The proposed disposal will not have any material effect on the
consolidated earnings of SHB Group current financial year ending
30 June 2002 as the profit on disposal is estimated at RM2.0
million only.

Net Tangible Assets (NTA)

The proposed disposal will not have any material effect on the
unaudited consolidated NTA of SHB Group as at 30 June 2001.

Conditions of The Disposal

The disposal is subject to fulfillment of the following
conditions precedent:

   a. Danaharta and the secured creditors of PPSB approving the
workout proposal at the meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act.

   b. Approval of the FIC.

The S&P will become unconditional upon the receipt of the last
of the approvals mentioned above.

If the conditions precedent are not fulfilled within three
months from the date of the S&P, the period will be extended for
another one month.

Special Administrators', Directors' and Substantial
Shareholders' Interest

The Board of Directors of SHB as at 31 August 2001 is as
follows:

   (i) Tan Sri Dato Elyas Bin Omar

   (ii) Abdul Rahman Bin Dato' Mohammed Hashim

   (iii) Gopala Krishnan s/o Sanguni Nair

   (iv) Nirmaljit Singh a/l Surjit Singh

None of the Director held any share in SHB as at 31 August 2001.

None of the shareholder of SHB as at 31 August 2001 held more
than 5 percent of the paid-up capital of SHB.

SPECIAL ADMINISTRATORS RECOMMENDATION

The Special Administrators of PPSB are of the view that the
disposal is in the best interest of the stakeholders of PPSB and
the terms and conditions thereof are fair and reasonable in the
circumstances.


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


NATIONAL POWER: GSIS Will Not Join Bidding
------------------------------------------
The Government Service Insurance System (GSIS) will not be
participating in the bidding for National Power Corp.'s
(Napocor) US$6.5-billion insurance policy.

In Business World yesterday, it was reported GSIS will proceed
with an earlier plan to conduct its own bidding. This action is
seen as a move to defy the memorandum order earlier issued by
President Gloria Macapagal-Arroyo.

The Executive Department earlier decided to step between two
government agencies over the choice of reinsurance broker.

Napocor President Jesus Alcordo told reporters yesterday that
the joint committee will proceed with the bidding even without
the GSIS.

GSIS objected to the decision of the joint bidding committee to
disqualify Jardine Lloyd Thompson Insurance, Inc. to participate
in the bidding.


NATIONAL STEEL: Iligan Plant Opening Next Year Possible
-------------------------------------------------------
Trade Secretary Manuel Roxas II said Wednesday that National
Steel Corporation's (NSC) Iligan City plant may be back in
operation early next year, ABS-CBN reported yesterday.

According to Roxas, a contract to lease and operate the
facilities of NSC may be finalized within the year but more time
is needed to recommission the plant because the proponents of
the lease still have to improve the facilities and buy raw
materials.


UNIWIDE HOLDINGS: Clarifies Business World Article
--------------------------------------------------
Uniwide Holdings, Inc. (UW) , in reference to the news article
entitled "BPI reiterates bid to terminate Uniwide rehab program"
published in the 20 September 2001 issue of the Business World,
which reported that: "xxx In a motion filed with the Securities
and Exchange Commission (SEC), creditor Bank of the Philippine
Islands (BPI) reiterated an earlier bid to terminate the
rehabilitation proceedings on the Uniwide Group of Companies..
xxx", clarified that:

"xxx Please be advised that as of today, Uniwide and its legal
counsel, have not received a copy of any new motion filed by
BPI.

On the matter of Uniwide's Rehabilitation Plan, the main
objective of settlement of Uniwide's obligation to its secured
and unsecured creditors is being pursued. Uniwide is reducing
its debt thru the dacion of its assets to its secured creditors.
As approved by the SEC in its order dated 30 May 2001, Uniwide
is in the process of completing the dacion of certain assets
not used in the retail operations of the Uniwide Group to three
banks, namely United Coconut Planters Bank (UCPB), International
Exchange Bank (IE Bank), and Metropolitan Bank and Trust Company
(MBIC). This partial implementation of the Rehab Plan will
result to a reduction of close to P1.6 billion in debt. The SEC
in its Order in May stated 'That the precise purpose of the
partial implementation is to discharge the corporations'
existing liabilities.' Accordingly, Uniwide intends to proceed
with dacion of assets to other banks. xxx"


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


I-ONE.NET: SGX-ST OKs 231M Renounceable Rights Issue
----------------------------------------------------
I-One.Net International Ltd, further to the company's
announcements made on 31 July 2001 and 29 August 2001 relating
to the Rights Issue, announced that the board of directors has
on 25 September 2001 received in-principle approval from the
Singapore Exchange Securities Trading Limited (SGX-ST) for
the listing and quotation of the Rights Shares under the Rights
Issue, subject to:

(a) submission of an undertaking from the company that it will
make periodic announcement(s) on the utilization of the proceeds
as and when the funds from the Rights Issue are disbursed; and

(b) in the allotment of any excess Rights Shares,

  (i) preference should be given to the rounding of odd lots;
and

  (ii) directors and substantial shareholders should rank last
in priority.

The Rights Shares will be issued pursuant to a general mandate
obtained from shareholders at the annual general meeting of the
company held on 31 January 2001 to, inter alia, allot and issue
Shares not exceeding fifty per cent (50 percent) of the issued
and paid-up share capital of the Company for the time being.

In the announcement dated 31 July 2001, it was stated that the
obligations of the parties under the Management and Underwriting
Agreement dated 31 July 2001 and the Supplemental Agreement
dated 29 August 2001 (collectively the "Management and
Underwriting Agreement") are conditional upon, inter alia, the
receipt and continuing validity of the waiver, approval or
confirmation, in writing, of the Securities Industry Council
(the "SIC Confirmation") that UOB Kay Hian Private Limited (UOB
Kay Hian) and/or parties procured by UOB Kay Hian to subscribe
for the 150,000,000 underwritten Rights Shares in accordance
with the terms and conditions of the Management and Underwriting
Agreement (the "Placees") and parties acting in concert with
them (if any), will not be required to make a general offer for
the issued share capital of the Company under the Singapore Code
of Takeovers and Mergers as a result of the issue of the
Underwritten Rights Shares to UOB Kay Hian pursuant to its
underwriting commitment under the Management and Underwriting
Agreement or to the Placees (and if such approval shall be
conditional, all conditions thereto being in terms acceptable to
the Company, Overseas Union Bank Limited (OUB) and/or UOB
Kay Hian and if so acceptable, having been fulfilled or waived
by the Securities Industry Council). In the event that the same
is not obtained, OUB reserves the rights to apply to the SGX-ST
to continue to manage the Rights Issue on a non-underwritten
basis.

The company said that it is currently still awaiting the SIC
Confirmation and will make the necessary announcement once the
SIC Confirmation is obtained.

The company said SGX-ST's approval in-principle is not to be
taken as an indication of the merits of the Rights Issue.


PANPAC MEDIA: Clarifies September 25 Announcement
-------------------------------------------------
Panpac Media.com Limited replied to SGX's inquiry regarding
Panpac's 25 September announcement that "the projected net asset
value of Strategic (prior to the Company's investment) is
approximately S$960,000. Strategic was incorporated in July
2001. The projected loss for the period ended December 2001 is
approximately S$550,000."

The SGX has requested for further clarifications on:

  * Balance sheet date pertaining to the NAV of S$960,000; and

  * The basis for the determination of the projected loss of
S$550,000 for the period ended December 2001.

According to Panpac, the balance sheet date for the purposes of
determining the NAV of Strategic is July 30 2001. The total
number of shares issued as at July 30 2001 was 887,728 shares at
par value of $1.00 each.

Strategic is projected to incur a loss of $550,000 for the
period beginning on August 1 2001 to December 31 2001. The
projection as furnished by Strategic's management was determined
after taking into account contracts in hand, rationalization
cost and the general market conditions.


THAKRAL CORP: Creditors To Vote On Debt Reduction Plan
------------------------------------------------------
Thakral Corporation will hold a creditors' meeting on October 24
to get approval for plans to reduce its borrowings of about $479
million, Business times reported on September 27. Thakral's
major creditors include Hongkong and Shanghai Banking
Corporation, Deutsche Bank, Bank of America, American
Express Bank and Bangkok Bank.

Arthur Andersen Associates' Nicky Tan drew up a proposed plan
for Thakral including the conversion of about $292 million debt
into equity at 25 cents a share, with a four-year lock-in
period, a $20 million debt buyback exercise financed from
internal funds, and a capital reduction exercise to cut the par
value of each existing ordinary share.

A Thankral lawyer said under the proposed scheme, creditors can
recover up to 69 cents in the dollar, more than in a liquidation
scenario in which they could receive just 22 cents in the
dollar.

Thakral, a consumer electronics distributor and property
investor, now owes about $479 million, down from over $600
million. The Thakral family, reportedly, will inject $15 million
into the company by subscribing for new shares at 25 cents each.

Thakral, upon completion of the restructuring plan, reportedly
will be left with long-term debt of around $80 million, which is
considered by independent financial adviser Arthur Andersen as
sustainable in view of its core trading business.


WING TAI HOLDINGS: Posts Share Buy-Back Notice
----------------------------------------------
On September 26, Wing Tai Holdings Limited posted a share buy-
back notice for maximum of 61,787,808 shares:

A. Share Buy-Back Authority
Maximum number of shares authorized for purchase: 61,787,808

B. Details of purchases made

i) Purchases made by way of market acquisition? Yes

  Date of purchases: 26/09/2001
  Total number of shares purchased: 203,000
  Price paid per share: S$0.59764
   (i) Highest price per share: S$0.60
   (ii) Lowest price per share: S$0.585
  Total consideration paid or payable for the shares:
     S$121,695.80

ii) Purchases made by way of off-market acquisition on equal
access scheme? No

C. Cumulative Purchases

  * By way of market acquisition By way of off-market
acquisition on equal access scheme Total

  * Number % Number % Number %

Cumulative number of shares purchased to date  6,383,000 1.03 0
0 6,383,000 1.03

D. Number of issued shares after purchase: 611,785,088


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


ITALIAN-THAI: Creditors Sell Debts To Other Institutions
--------------------------------------------------------
Italian-Thai Development Plc has 90 days to draw up its Bt20
billion debt-restructuring plan, which was endorsed by the
Central Bankruptcy Court on Wednesday, the Bangkok Post reported
yesterday citing its restructuring financial adviser Suntus
Kirdsinsap.

"We will finish the new debt plan as soon as possible, no later
than three months," Suntus said.

Earlier this month, ITD sought help from the court to speed up
its debt restructuring, which had been stalled because major
creditors had sold debts to other financial institutions.

Japan's Sanwa Bank and Australia's Westpac, sold their share of
the debt to new unidentified creditors. ITD owed more than Bt1
billion to Sanwa and Bt450 million to Westpac. Mitsubishi Trust
& Banking Corp sold debt totaling Bt800 million to Credit Suisse
First Boston.

ITD said the weakening of the baht against the dollar and an
increase in its interest burden had forced it to restructure its
debt again.

"The court ruling would accelerate the company's debt revamp
after a year of talks with creditors had made little headway,"
an analyst from Capital Nomura Securities Plc said.


PROPERTY PERFECT: Court Reschedules Rehab Plan Consideration
------------------------------------------------------------
On behalf of Property Perfect Public Company Limited,
planner Asian International Planners Limited, notified that the
Court's schedule to consider the rehabilitation plan of the
company is moved to October 2, 2001 instead of September 25,
2001.


SIAM TIRE: Business Reorg Petition Filed In Bankruptcy Court
------------------------------------------------------------
Tire Cord Producer and Seller Siam Tire Cord Company Limited's
(DEBTOR) Petition for Business Reorganization was filed to the
Central Bankruptcy Court:

   Black Case Number 390/2543

   Red Case Number 450/2543

Petitioner: SRINAKORN BANK PUBLIC COMPANY LIMITED
          : SIAM TIRE CORD COMPANY LIMITED

Planner: SIAM TIRE CORD PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,685,914,969

Date of Court Acceptance of the Petition: May 25, 2000

Court Order for Business Reorganization and Appointment of
Planner: June 19, 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 26, 2000

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

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

Appointment Date of the Creditors' Meeting for the Plan
Consideration: November 22, 2000 at 9.30am. 11th Floor, Meeting
room no. 1105, Bangkok Insurance Building, Sathorn Rd.

The Creditors' meeting had passed a resolution accepting the
Plan on November 22, 2000

Court hearing has been set on December 15, 2000 at 13.30 pm.
Court had issued the order accepting the reorganization plan:
December 15, 2000 and Appointed Siam Tire Cord Planner Company
Limited to be as the 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: January 5, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette in January 30, 2001

Contact: Mr. Anusit Tel 6792525 Ext. 122


TPI POLENE: Creditors Postpone Vote
-----------------------------------
Troubled cement maker TPI Polene Plc's creditors have delayed
until Tuesday a vote on the proposed acquisition by Cemex of
Mexico, amid strong opposition from Bangkok Bank, Bangkok Post
reported Thursday.

"The plan can't make every party happy. The bank hopes the plan
can be made more fair, both for Cemex and the creditors," a
source from Bangkok Bank said.

The bank is also asking two other major creditors-Germany's
Kreditanstalt fur Wiederaufbau (KfW) and Krung Thai Bank-to
oppose the plan. The three banks account for more than half of
the troubled company's Bt43.7 billion  debts.

"The most important thing we want from the plan is payment of
all our principal, so we will respond to Cemex in next few days
about our requirements. If possible, we wish to see other plans
offered by other investors for comparison," the source
continued.

Another creditors' source said Bangkok Bank had prepared to
appoint the international accounting firm Andersen as TPI
Polene's plan administrator to replace chief executive Prachai
Leophairatana, if the creditors did not approve the Cemex
acquisition plan.

Under the Cemex plan:

  * Cemex would acquire a 72.67 percent stake or 1.35 billion
shares with a capital injection of US$300 million. The purchase
price would be Bt10 per share.

  * all the new capital would be used for debt repayment: $180
million to buy back debt worth $225 million at an 18 percent
discount, and the remaining $120 million to pay down interest.
After the repayments, TPI Polene's debts would be reduced to
$560 million, with Cemex seeking payments rescheduled for seven
years.

  * Cemex also proposed discounting payments by 36 percent to
creditors holding debts of less than $3 million, and a 12
percent write-down for other creditors.

"Creditors hoped to see more effort by the company to repay
debts than those offered in the plan given the high potential
and positive outlook for TPI Polene," the creditors' source
said.


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

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