/raid1/www/Hosts/bankrupt/TCRAP_Public/011001.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, October 1, 2001, Vol. 4, No. 191

                         Headlines



A U S T R A L I A

AMP LIMITED: Finalizes Insurance Sale To Suncorp Metway
AUSTAR UNITED: Consolidates Installation Suppliers
BRIERLEY INVESTMENTS: S&P Places CreditWatch On Negative
COLES MYER: Directors Election Scheduled
ENERGY EQUITY: Changes Registered Office
JAMES HARDIE: Shareholders Approve Restructuring
KEYCORP LIMITED: Posts Director's Interest Change Notice
PACIFIC DUNLOP: South Pacific Tyres Restructures


C H I N A   &   H O N G  K O N G

EVER RISE: Winding Up Petition Slated For Hearing
LEADING SPIRIT: Faces Winding Up Petition
PEARL ORIENTAL: Widens Loss To HK$225,226
PRICERITE GROUP: Sees No Reason For Share Price Decrease
RANK GOOD: Winding Up Petition Pending
WONDERLAND DEVELOPMENT: Winding Up Sought By KH International


I N D O N E S I A

BAKRIE & BROTHERS: Subsidiary Appoints PwC As Advisor
BANK INTERNASIONAL: Mandiri Sets Takeover Pricing Scheme
HOLDIKO PERKASA: Sells Salim Rengo For Rp204B
POLYSINDO EKA: Hopes To Achieve Debt Settlement Agreement


J A P A N

HARUYAMA CHAIN: Files For Court Protection From Creditors
HITACHI LIMITED: Plans Divisions Spin Off
ISUZU MOTOR: Sells Base To Speed Up Restructuring
KDDI: Profits Falling Below Projections
MYCAL CORPORATION: Chief Yamashita Resigns; Urano Steps Up
SONY CORPORATION: Cuts 220 Jobs In U.K. Plant


K O R E A

DAEWOO MOTOR: Laid-Off Workers Protest Takeover By GM
HANVIT BANK: Issues CLOs Worth W127
HYUNDAI INVESTMENT: Has Six More Months To Improve Operations
HYUNDAI CORPORATION: Mali Gold Mine Not Economically Feasible
HYUNDAI PETROCHEMICAL: Lenders Hold Off On Loan Collection
HYNIX SEMICONDUCTOR: Bank Scraps New Loans Extension
KOOKMIN BANK: FSC Permits Merger With H&C Bank
KOREA ELECTRIC: Fitch Assigns `BBB' Short-Term Rating


M A L A Y S I A

ANSON PERDANA: Director Soo Makes Shares Deal With Purnama
CHASE PERDANA: Material Litigation Filed By PTSB
HUME INDUSTRIES: Proposes Stock Buyback
ISUTA HOLDINGS: Changes Name, Posts Change In Boardroom
KELANAMAS INDUSTRIES: KLSE Approves Two-Month Extension
MAN YAU: Shareholders Approve 7th AGM Resolutions
MYCOM BERHAD: Disposes Of Olympia Industries Shares
S P SETIA: Updates Status On Unit's Winding Up Petition
SASHIP HOLDINGS: KLSE Grants Time Extension On Workout Scheme
SEE HUP: Shareholders Approve Proposals At Fifth AGM
SENG HUP: Additional Info On Proposed Corporate, Debt Scheme
SENG HUP: Posts Change In Boardroom
SRI HARTAMAS: Unit Enters Sale, Purchase Agreement With HPSB


P H I L I P P I N E S

NATIONAL POWER: Auction Declared A Failure
NATIONAL POWER: Privatization To Earn Government US$7.9B
NATIONAL STEEL: Hottick Ordered To Rejoin Committee


S I N G A P O R E

L&M GROUP: Posts Notice Of Director/Shareholder Interests
L&M GROUP: Posts Banks Facilities Restructuring Status
SEMBCORP LOGISTICS: Clarifies Increase In Share Price


T H A I L A N D

KRISDAMAHANOKORN PUBLIC: SET Grants Listed Securities Trading
PETCHPRAYA GENERAL: Court Petition For Business Reorg Filed
RAIMON LAND: Rehab Plan Hearing Moved To November 8
ROBINSON DEPARTMENT: Fitch Rates Partially Secured Notes `B'

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Finalizes Insurance Sale To Suncorp Metway
-------------------------------------------------------
AMP Limited has finalized the sale of its fully-owned
Australian general insurance operations to Suncorp Metway
Limited.

Total consideration for the sale was $1.262 billion, plus 13.3
million in warrants over Suncorp Metway shares.

The consideration figure of $1.262 billion included $250 million
worth of shares in Suncorp Metway, which have already been
issued, and the balance as cash.

AMP Chief Executive Officer Paul Batchelor said that he was
pleased the sale and transition process had run smoothly.

"With this transaction, significant benefits have been created
for both parties. From AMP's perspective, more value has been
created for shareholders by increasing our focus on high margin,
high return on capital products and services, while general
insurance employees have become part of an organization that is
strategically committed to the business and has significant
scale," Batchelor said.

"A distribution agreement with Suncorp means that our customers
will continue to be offered general insurance products and
receive the integrated financial services approach they have
come to expect from AMP."

This sale was part of a strategic move by AMP to exit general
insurance manufacturing in Australia, the UK and New Zealand,
realizing value of some $1.8 billion.

As previously advised, the impact of the sale on AMP's 2001
financial results is expected to be neutral.


AUSTAR UNITED: Consolidates Installation Suppliers
--------------------------------------------------
Australian Visual Communications (AVC) advised that a major
customer, Austar United Communications Limited (Austar), has
notified its intention to consolidate the number of its
installation suppliers by early 2002.

As part of this process AVC has been informed that it will not
be invited to submit further proposals to continue as a direct
supplier to Austar. Austar have further advised that the
implementation of its supply structure will be undertaken in
consultation with existing suppliers to enable an orderly
transition.

The current direct revenue provided by Austar is approximately
one third of AVC's total revenue. The company is examining
indirect methods of supplying services to Austar.

Notwithstanding the loss of this revenue AVC still expects to
achieve a full year profit in excess of that achieved for the
year ended 30 June 2001.

Comet Satellite & Cable Limited (CSB) also advised that it
intends to reduce the number of contractors providing
installation services by January 2002.

Although taking part in the tender process, CSB has been advised
that it will not be requested to be a provider of installation
services beyond December, 2001.

CSB estimates that the loss of revenue in the 2002 year as a
result of Austar's decision will be approximately 14 percent of
CSB's forecast revenue. The company is examining its options to
provide services to the successful tenderer in order to offset
this loss of direct revenue. CSB's current infrastructure,
knowhow and experience in rural Australia is expected to be of
significant value to the successful tenderer.


BRIERLEY INVESTMENTS: S&P Places CreditWatch On Negative
--------------------------------------------------------
Standard & Poor's lowered its long-term corporate credit rating
on Brierley Investments Ltd. (Brierley) to double-'B'-plus from
triple-'B'-minus, and its short-term corporate credit and
commercial paper ratings on the company to 'B' from 'A-3'. At
the same time, the ratings were placed on CreditWatch with
negative implications.

The ratings reflect:

  * The concentration of Brierley's investment portfolio in two
major listed assets--Thistle Hotels PLC and Air New Zealand Ltd.
(Air NZ; B-/Watch Dev/C)--which represent close to 50% of the
company's investment portfolio at June 30, 2001. Furthermore,
unlisted investments represent about 30% of the portfolio and
include assets with uncertain liquidity prospects.

The financial problems faced by Air NZ, as well as the negative
impact on global travel and hotel industries arising from the
Sept. 11, 2001, terrorist attacks on the U.S., further reduce
Brierley's asset liquidity. Substantial asset sale proceeds
received during fiscal 2001, primarily from the sale of the 29%
stake in James Hardie Industries in May 2001, have strengthened
cash levels. These were, however, generated from the assets that
proved to be more saleable, leaving new management with a
tougher task of realizing value from remaining assets.

  * A declining trend of Brierley's asset coverage of debt in
the face of depressed equity markets. With cash and cash
equivalents of $522 million at June 30, 2001, portfolio-to-net
debt ratio was 2.0 times (x). This ratio is expected to have
declined dramatically to between 1.0x and 1.5x currently, a
level that is more typical of investment holding companies in
speculative grade (that is, double-'B' category and below).

Although upcoming debt payments over the next six to nine months
appear to be manageable, Brierley has a $600 million bank credit
facility maturing in July 2002. As the current environment for
asset sales remains challenging, the company will likely have to
rely on its bankers' support to refinance or roll over this
upcoming debt payment either partially or in its entirety.

Standard & Poor's will complete its review of Brierley within
the next few weeks, following further discussions with
management about the liquidity of its listed and unlisted
holdings relative to the company's ongoing debt servicing
commitments, its other cash requirements, and its investment
strategies.


COLES MYER: Directors Election Scheduled
----------------------------------------
Coles Myer Ltd stated an election of directors will be held at
the company's forthcoming annual general meeting. The annual
general meeting will be held Tuesday 27 November 2001 at the
Sydney Convention and Exhibition Centre, Darling Harbour,
Sydney.

The closing date for the receipt of nominations for the election
of directors is Monday, 8 October 2001.

TCR-AP reported Thursday that Standard & Poor's placed on
CreditWatch with negative implications its `A-' long-term
corporate credit rating on Coles Myer, the `A-' rating on its
guaranteed senior debt issues, and the `BBB' rating on the
company's convertible preference shares. At the same time,
Standard & Poor's affirmed the `A-2' short-term rating on CML.


ENERGY EQUITY: Changes Registered Office
----------------------------------------
The Directors of Energy Equity Corporation Ltd have resolved
that the Registered Office of the Company and all its
subsidiaries will be, effective 1 October 2001, Level 48,
Australia Square Tower, 264 George Street, Sydney, New South
Wales.

EEC is presently a party to proceedings in the Supreme and
District Courts of Western Australia and the recipient of
statutory demands brought by former consultants and contractors
to EEC alleging the non-payment of termination and success fees.


JAMES HARDIE: Shareholders Approve Restructuring
------------------------------------------------
James Hardie Industries Limited (JHIL) announced that
shareholders overwhelmingly approved the group's corporate
restructuring at a Scheme Meeting held Friday. Almost 98% of the
votes were in favor of the proposal.

Shareholders passed a resolution to exchange their shares in
JHIL for an investment in the new parent company James Hardie
Industries NV on a one-for-one basis after the NSW Supreme Court
approves the Scheme. Court approval is being sought this week.

James Hardie Industries NV (JHI NV), to be commonly known as
James Hardie, will have its primary listing on the Australian
Stock Exchange (ASX). Trading as JHI NV is expected to begin by
mid-October at which time the ASX code will change from HAH to
JHX.

Shareholders will be able to trade their investment in James
Hardie as they do today and the ASX is expected to account for
the majority of the trading as it does today.

S&P/ASX Index Services has confirmed that the new James Hardie
will have the same index weighting as JHIL at 100%.

James Hardie's CEO, Peter Macdonald said, "Shareholders today
have given an overwhelming vote of support for the corporate
restructuring of James Hardie. A higher than normal number of
proxies were cast and 98% of the votes were in favor of the
proposal.

"The new structure provides a unique solution to the unique
structural issues faced by James Hardie and will optimize
returns to shareholders, 90% of whom are Australian, as the
company continues to grow its fiber cement business
internationally.

"The immediate and tangible benefits of the restructuring will
significantly increase after-tax earnings compared to retaining
the current structure, all other things being equal. This means
a higher level of returns will be available for reinvestment in
our business or for dividends and other forms of returns to
Shareholders.

"James Hardie will remain a prominent, Australian listed public
company. Australian shareholders will now enjoy higher returns
from the growth of the company overseas rather than being
penalized by unusually high foreign taxes as this occurs.

"We regard today's result as a strong vote of confidence in the
long-term growth strategy of the company, which remains intact,
despite the prospect of near-term economic uncertainty.

"Having addressed our structural issues we will be able to focus
and capitalize on the global potential of our unique fiber
cement technology," Mr Macdonald said.

279,663,191 proxy votes had been received on the resolution as
follows:

Votes For the resolution                         264,620,996

Votes Against the resolution                       6,455,198

Votes abstained                                   47,847

Votes to be voted at the discretion of
the Chairman               8,441,772

Votes to be voted at the discretion of
other proxy holders                                7,378

Details of the final voting results are as follows:

Votes cast For the resolution                     274,064,591

Votes cast Against the resolution                   6,561,448

Votes abstained                                    50,027

Accordingly, the resolution was approved by 97.66% of votes cast
(by person or by proxy) and by 92.38% of shareholders who voted.
The statutory requirement of 50% of shareholders voting and 75%
of votes cast was significantly exceeded.

Shareholders can obtain information about the restructuring by
contacting a special telephone information line for
shareholders:

Shareholder Information Line:

In Australia call 1800 55 45 25 (free call)
From overseas call 61 2 9207 3625


KEYCORP LIMITED: Posts Director's Interest Change Notice
--------------------------------------------------------
Keycorp Limited posted the Director Malcolm G. Irving's change
of interest:

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

UPDATING NOTICE

   Name of Director       Malcolm Geoffrey Irving

   Name of Company        Keycorp Limited

   Date of Last
   Notification to ASX    - First notification

   Date Director's
   Interest Changed       19/09/2001

"I have a relevant interest in the following securities of the
company or related body corporate:

TYPE OF SECURITY:      Ordinary Shares

NUMBER OF SECURITIES:  2070

CIRCUMSTANCES GIVING RISE TO RELEVANT INTEREST:

"Director's fees sacrificed to purchase shares through the
shareholder approved Keycorp Employee Share Ownership Plan.

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


PACIFIC DUNLOP: South Pacific Tyres Restructures
------------------------------------------------
Pacific Dunlop supported the restructuring of the South Pacific
Tyres manufacturing operations in Victoria, 50 percent owned by
the Company, which gives effect to the Memorandum of
Understanding signed with Goodyear Tire & Rubber Company.

Under this arrangement, the costs of restructuring, which
includes redundancy entitlements for employees, will be effected
without any new cash contribution by Pacific Dunlop.


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


EVER RISE: Winding Up Petition Slated For Hearing
-------------------------------------------------
The petition to wind up Ever Rise Engineering Limited is set for
hearing before the High Court of Hong Kong on October 10, 2001
at 9:30 am. The petition was filed on 16 July 2001 by Lee Po
Wang Samson of 6A, Block 3, Site 3, Whampoa Garden, Hung Hom,
Kowloon, Hong Kong.


LEADING SPIRIT: Faces Winding Up Petition
----------------------------------------
The petition to wind up Leading Spirit Computer (Hong Kong)
Limited is scheduled for hearing before the High Court of Hong
Kong on October 3, 2001 at 9:30 am.

The petition was filed July 13, 2001 by Spirit High-Tech
(Holdings) Company Limited (Provisional Liquidators appointed)
whose head office is situated at Clarendon House, 2 Church
Street, Hamilton HM11, Bermuda.


PEARL ORIENTAL: Widens Loss To HK$225,226
-----------------------------------------
Pearl Oriental Holdings Limited announced on 26 September, 2001:

(stock code: 988)
Year end date: 31/12/2001
Currency: HKD                                (Unaudited)
                            (Unaudited)      Last
                            Current          Corresponding
                            Period           Period
                            from 1/1/2001    from 1/1/2000
                            to 30/6/2001     to 30/6/2000
                            ('000)           ('000)
Turnover                          : 132,903          81,956
Profit/(Loss) from Operations     : (225,226)        (84,577)
Finance cost                      : (15,382)         (22,903)
Share of Profit/(Loss) of Associates : (1,336)          (20,113)
Share of Profit/(Loss) of
  Jointly Controlled Entities     : -                -
Profit/(Loss) after Tax & MI      : (243,512)        (125,153)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : (1.81 cents)     (0.93 cent)
         -Diluted                 : -                -
Extraordinary (ETD) Gain/(Loss)   : -                -
Profit/(Loss) after ETD Items     : (243,512)        (125,153)
Interim Dividend per Share               : NIL              NIL
(Specify if with other options)          : -                -
B/C Dates for Interim Dividend           : N/A
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1. Discontinued Operations

In October 2000, the Group entered into an agreement to dispose
of its 100 percent equity interest in Aniwell Investments
Limited, which is engaged in hotel operations, for a
consideration of HK$100,000,000.  Completion of the transaction
took place on 29 January 2001.  Thereafter, the Group ceased its
hotel operating business.  The results of Aniwell Investments
Limited are presented as discontinued operations in the
consolidated income statement for the six months ended 30 June
2001.  The consolidated income statement for the six months
ended 30 June 2000 has been restated to present the results of
Aniwell Investments Limited as discontinued operations.

2. Basis of Presentation

The interim results are prepared in accordance with Hong Kong
Statement of Standard Accounting Practice ("SSAP") No. 25
"Interim Financial Reporting" issued by the Hong Kong Society of
Accountants (the "HKSA") and the disclosure requirements of the
Rules Governing the Listing of Securities (the "Listing Rules")
of The Stock Exchange of Hong Kong Limited.  The accounting
policies adopted are consistent with those followed in the
Group's annual financial statements for the year ended 31
December 2000 except changes in the accounting policy for
goodwill.

Previously goodwill arising on the acquisition of subsidiaries
and associates was directly written off to retained
profits/accumulated losses in the year of acquisition.  In
accordance with SSAP No. 30 "Business Combinations", which
become effective from 1 January 2001, goodwill arising from
acquisitions is capitalized and is amortized to the income
statement on a straight-line basis over its estimated economic
life. Any impairment of the goodwill will be recognized as an
expense in the income statement when there is an indication that
an impairment loss exists.

The Directors considered that goodwill previously charged to
retained profits/accumulated losses prior to 1 January 2001 were
fully impaired in the year it raised.  Accordingly, goodwill of
approximately HK$25,608,000  arising from acquisitions of
subsidiaries during the six months ended 30 June 2000 is
restated as other operating expenses.  The loss per share for
the same period is also restated to this effect.  This
restatement does not have any impact on the Group's results for
the six months ended 30 June 2001 and the Group's net assets as
at the current or pervious period end.

During the period, the Group was unable to repay interest and
principal on bank borrowings when they fell due.  As a
consequence, the banks are entitled to demand immediate
repayment of all the related borrowings.  As at 30 June 2001,
the total bank borrowings, including principal and interest, is
approximately HK$1,397,020,000.

The Group is negotiating with relevant banks in respect of a
debt management exercise which includes a plan for orderly
disposal of its property assets with a carrying values of
approximately HK$2,028,003,000 as at 30 June 2001 and believes
that the orderly disposal of properties as well as other
investment assets will provide the Group with surplus cash after
paying off the related mortgaged financing and that the future
operations of the Group will be successful.  Accordingly, the
financial statements have been prepared on a going concern basis
based on the assumption that the aforesaid events will occur.
The validity of the assumption, however, is   entirely dependent
upon the occurrence of future events which remains uncertain as
of the date of approval of these financial statements.

3. Segmental Information

Analysis of turnover and contribution to loss before taxation by
principal activity is as follows :
                                                Contribution to
         Turnover                          loss before taxation
       Six months ended 30 June        Six months ended 30 June
           2001            2000            2001            2000
         HK$'000         HK$'000         HK$'000         HK$'000

Continuing Operations :
Property investment
  and development
        11,699          37,548          (219,546)       (45,758)
Financial services,
  including money
  lending
        7,301           7,948           (12,651)        (15,163)
Telecommunication
  services
       99,958          13,989          (2,032)         (5,108)
Internet related
  Services
       13,005          14,951          (2,199)         (57,535)
       ---------------------------------------------------------
       131,963         74,436          (236,428)       (123,564)
       ---------------------------------------------------------

Discontinued Operations:

Hotel
  operations    940      7,520           (5,516)         (4,029)
      ---------------------------------------------------------
       132,903         81,956          (241,944)       (127,593)
     ==========================================================

Analysis of turnover and contribution to loss before taxation by
geographical location is:
Contribution to
                 Turnover                  loss before taxation
        Six months ended 30 June        Six months ended 30 June


           2001            2000            2001            2000
        HK$'000         HK$'000         HK$'000         HK$'000
Hong Kong  28,898      66,641          (241,142)       (80,369)
North America  96,656    11,837          85              (3,656)
Mainland China  7,349    3,478         (887)           (43,568)
      ---------------------------------------------------------
      132,903         81,956          (241,944)       (127,593)
      =========================================================

4. Profit/(Loss) from Operations

                                  2001            2000
                                  HK$'000         HK$'000

Profit/(Loss) from operations
  - Continuing operations         (223,806)       (84,900)
  - Discontinued operations       (1,420)         323
                                  ------------------------
                                  (225,226)       (84,577)
                                  ========================

Profit/(Loss) from operations has been arrived at after
charging)/crediting :

                                        2001            2000
                                        HK$'000         HK$'000
Continuing Operations :
Provision for impairment in value of
    investment properties              (34,200)        (8,000)
Provision for impairment in value of
    development properties             (147,563)       -
Provision for impairment in goodwill
    arising from acquisitions
    of subsidiaries                     -               (25,608)
Recovery of loan receivable where
  provision had been made previously    -               5,000
Recovery of deposit paid on acquisition
  of a property where provision had
  been made previously                  -               5,000
Unrealized holding loss on investment
  in securities                         -               (1,900)
Gain on disposal of investment in
  securities                            -               11,199
Provision for impairment in value of
  long-term investment                  (12,850)        -
Provision for advances to an associate  (1,720)         -
                                        ========================

5. Taxation
                                          2001            2000
Taxation consisted of:                  HK$'000         HK$'000

Current taxation
  Provision for overseas profits tax    103             -
                                       =========================

The Company is exempted from taxation in Bermuda until 2016.  No
Hong Kong profits tax was provided as there was no assessable
profit arising in or derived from Hong Kong during the period
(2000: Nil).  Overseas taxation was provided by subsidiaries
operating overseas that had estimated taxable income during the
period (2000: Nil).

6. Loss Per Share

The calculation of basic loss per share for the six months ended
30 June 2001 was based on the consolidated loss attributable to
shareholders of approximately HK$243,512,000 (2000 -
HK$125,153,000) and on the weighted average number of
approximately 13,418,040,000 shares (2000 -13,388,630,000
shares) in issue during the period.

No diluted loss per share is presented as the outstanding share
options were anti-dilutive.

7. Dividend

The Directors have resolved not to declare any interim dividend
(2000: Nil).


PRICERITE GROUP: Sees No Reason For Share Price Decrease
--------------------------------------------------------
Pricerite Group Limited noted the recent decreases in the price
of the shares in the Company and wish to state that we are not
aware of any reasons for such  decreases.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


RANK GOOD: Winding Up Petition Pending
--------------------------------------
Rank Good Development 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 July 21, 2001 by Hua Chiao Commercial
Bank Limited whose registered office is situated at 88-98 Des
Voeux Road Central, Hong Kong.


WONDERLAND DEVELOPMENT: Winding Up Sought By KH International
-------------------------------------------------------------
KH International (HK) Limited is seeking the winding up of
Wonderland Development International Limited. The petition was
filed on September 12, 2001 and will be heard before the High
Court of Hong Kong on January 9, 2002.

KH International holds it registered office at 7th Floor, Gold
Peak Building, 30-34 Kwai Wing Road, Kwai Chung, New
Territories, Hong Kong.


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


BAKRIE & BROTHERS: Subsidiary Appoints PwC As Advisor
--------------------------------------------
Bakrie & Brothers Group's unit PT Bakrie Finance Corporation
(BFC) and its creditors have agreed to appoint
PriceWaterhouseCoopers (PwC) as an independent financial advisor
to oversee its debt restructuring scheme, Jakarta Post reported
Friday.

"PwC was expected to come up with a debt restructuring scheme
within no more than 10 weeks," BFC President Imbang J. Mangkuto
said Thursday.

He's hopeful that the "creditors can meet again sometime in
December to discuss PWC's review and come up with the best
solution for all of us".

BFC recorded a huge loss of Rp224 billion as of June 30, despite
posting some Rp116.3 billion (US$12 million) in income.


BANK INTERNASIONAL: Mandiri Sets Takeover Pricing Scheme
--------------------------------------------------------
The acquisition price of Bank Internasional Indonesia (BII)
depended on how much capital BII needed to meet the minimum
capital adequacy ratio (CAR) requirement, Jakarta Post reported
Friday referring to state-owned Bank Mandiri.

"The bank would buy BII at an amount that would bring BII's CAR
to 8 percent. We haven't started discussions on the price ...
first we will try to find out what it will take to achieve a CAR
of 8 percent," Bank Mandiri President E.C.W Neloe said.

Bank Indonesia threatens to liquidate banks unable to meet the
minimum level by the end of this year.

Bank Mandiri is preparing to acquire BII, which runs the risk of
falling short in meeting the 8 percent CAR level. Under the BII
acquisition plan, the government will take over Sinar Mas loans
and replace them with government bonds.

"Mandiri planned to complete BII's acquisition by late October.
Right now, Bank Mandiri was comparing the due diligence results
with data collated by the government and BII," Neloe said.

He also insisted on funding the purchase using recapitalization
bonds instead of funds from Bank Mandiri's own operations

Almost half of BII's loans were channeled to the heavily
indebted Sinar Mas Group. The Group is close to defaulting its
debts after its subsidiary, Asia Pulp & Paper (APP), declared a
payment standstill on debts totaling $13 billion.


HOLDIKO PERKASA: Sells Salim Rengo For Rp204B
---------------------------------------------
PT Holdiko Perkasa announced that it had sold its entire 60
percent ownership in PT Salim Rengo Containers for Rp204 billion
to Holdiko Perkasa's existing joint venture partner, Rengo
Co.Ltd., of Japan. This sale marks the ninth transaction for
Holdiko this year.

PT Salim Rengo Containers (SRC) is presently Indonesia's second
largest company in the corrugated converting industry in terms
of sales and market share. With plants in Jakarta, Surabaya and
Semarang, SRC's total production capacity is approximately
102,000 tonnes per annum of corrugated carton boxes.

In addition to the above sale, over the past two weeks Holdiko
has sent out Information Memorandums to interested investors who
have signed Confidentiality Agreements for the sale of our
shareholdings in:

PT Indosiar Visual Mandiri (television broadcasting)

The Sugar Group

PT Berdikari Flour Mills

Riau Industrial Assets (PT Batamindo Investment Corporation / PT
Bintan Inti Industrial Estate / PT Karimun Sembawang Shipyard)

Guangdong Jiangmen ISN Float Glass Co. Ltd (JISN)

Last Friday, the 21st of September, Holdiko Perkasa also
received nine preliminary bids for the sale of PT Poli Contindo
Nusa (steel drum), and  it received Thursday preliminary bids
for the sale of Holdiko's ownership in the Sugar Group.


POLYSINDO EKA: Hopes To Achieve Debt Settlement Agreement
---------------------------------------------------------
Textile producer PT Polysindo Eka Perkasa, member of the debt-
ridden Texmaco Group, is hoping to finalize its debt
restructuring program with the Indonesian Bank Restructuring
Agency (IBRA) by the end of this year, Jakarta Post reports
Friday, citing Company Corporate Secretary Tunaryo.

"The ongoing negotiations were in line with the Master
Restructuring Agreement (MRA) signed in May between the Texmaco
Group and Indonesian Bank Restructuring Agency," Tunaryo said.

Under the MRA, the restructuring consists of three key points:

   *  the delay of debt principle repayments of up to eight
years;
   *  a concession in the debt interest rate;
   *  a debt-to-equity swap mechanism.

The company's debt per December last year stood at US$1.39
billion, of which $245 billion was owed to IBRA.

"The company would have to allocate more than $50 million to
repay debt interest alone," Company Finance Manager Gopala
Krishna said

However, he added, that if the debt-to-equity swap system could
be settled, debt would total only $900 billion.


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


HARUYAMA CHAIN: Files For Court Protection From Creditors
---------------------------------------------------------
Kyodo News reported September 27 that Haruyama Chain Company,
operator of a suburban menswear store chain based in Sapporo
Japan, filed for court protection from creditors Thursday under
the fast-track corporate rehabilitation law.

The company is going under, incurring liabilities worth Y12,816
million.


HITACHI LIMITED: Plans Divisions Spin Off
-----------------------------------------
In a bid to fast-track management decisions, Hitachi Limited
will spin off its home appliance group and industrial components
and equipment group, according to a report Friday by the Japan
Times.

The moves are said to be part of Hitachi's overall plan to
streamline and strengthen troubled operations through mergers
and tie-ups.

Hitachi President Etsuhiko Shoyama says that this reorganization
enables Hitachi to effectively invest capital on growing
businesses and eventually create a holding company.

Hitachi will set up two new subsidiaries. Hitachi's home
appliances will be integrated with two domestic group
manufacturing firms, Hitachi Tochigi and Hitachi Taga
Electronics, to form the first company.

The other new company will be formed by integrating Hitachi's
industrial components and equipment group and four domestic
group companies-Hitachi Service and Engineering (EAST) Ltd.,
Hitachi Service and Engineering (WEST) Ltd., Hitachi Drive
Systems Ltd. and Hitachi Nakajo Technology Ltd.


ISUZU MOTOR: Sells Base To Speed Up Restructuring
-------------------------------------------------
Isuzu Motor Ltd said Thursday it has sold its building
headquarters and land in Tokyo to Dai-ichi Mutual Life Insurance
Company in an effort to speed up its restructuring, Japan Times
reported Friday.

The building and land was sold for Y23 billion, effective
Thursday, to the major life insurer. Isuzu will stay on in the
building as a tenant.

An amount of Y2 billion will be reported by Isuzu as
extraordinary profits as a result of the assets sale.


KDDI: Profits Falling Below Projections
---------------------------------------
Japan's second largest telecoms firm, KDDI Corp, is expected to
post a full-year operating profit of Y92 billion, down 38
percent from the previous estimate of Y150 billion, News On
Japan reports September 27.

Reasons for the projected fall in profits point to the slowing
return of revenues from the company's mobile phone division.

Tu-Ka, KDDI's other mobile phone service, is also expected to
post an operating loss of Y5 billion for the full year to end-
March, compared with a Y8.3 billion profit a year earlier.

TCR-AP reported on September 25, 2001 that KDDI plans to raise
Y178 billion through the sale of four office buildings in what
may be Japan's largest property securitization.


MYCAL CORPORATION: Chief Yamashita Resigns; Urano Steps Up
----------------------------------------------------------
After just two weeks on the job, Kozo Yamashita, president of
failed Mycal Corp., stepped down Friday in favor of Kazuo Urano,
director and general manager of the marketing supervising
department, News On Japan reported September 27.

Mycal, one of Japan's largest supermarket chains, employing
5,800 workers nationwide, filed for court protection from
creditors two weeks ago, after its main bank refused to continue
its funding. The company is currently undergoing rehabilitation.


SONY CORPORATION: Cuts 220 Jobs In U.K. Plant
---------------------------------------------
News On Japan reported Thursday that Sony Corporation, citing
that such moves were necessary for the company to meet future
market conditions, cut 220 jobs at it television plant in
Bridgend U.K.

The British government was disappointed with the announcement
but nonetheless pledged continuous support for the Japanese
company.

The Bridgend plant, which produces cathode ray tubes, currently
employs 1,100 permanent staff.

Previously, Sony cut 400 jobs between its Bridgend plant and
another plant, Pencoed, - which around that time employed about
3,100 staff - the lay-offs, according to the company was blamed
on the strength of the pound and strong market competition.


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


DAEWOO MOTOR: Laid-Off Workers Protest Takeover By GM
-----------------------------------------------------
About 200 laid-off workers of Daewoo Motor Co, chanting "We
oppose GM. Destroy layoffs!" rallied Thursday in front of a
retail shop of General Motors Corp. (GM), Seoul, to protest the
latter's bid to takeover the Korean automaker.

Daewoo Motor had laid-off a third of its 22,000 workers this
year in a bid to make the deal more attractive to GM. The U.S.
auto giant signed a non-binding agreement last week and plans to
sign a binding accord before year's end.

The protesters warn that GM's takeover will lead to more lay-
offs, the Korea Herald reported Thursday.


HANVIT BANK: Issues CLOs Worth W127
-----------------------------------
The Korea Herald, in a report Friday said Korea Development Bank
and Hanvit Bank issued a statement saying both banks will
jointly issue primary collateralized loan obligations (CLOs)
worth W127 billion, with interests amounting to 5.91 percent,
for three years.

The report stated that the secondary securities are to be
floated against corporate bonds bought under a bond-refinancing
program worth W17 billion and W110 billion extended to 17
corporate borrowers.


HYUNDAI INVESTMENT: Has Six More Months To Improve Operations
-------------------------------------------------------------
The Financial Supervisory Commission (FSC) has given Hyundai
Investment Trust & Securities Co., another six months to improve
its financial structure, the previous order to improve supposed
to end February.

The deadline now stands at end-September, as the company is
expecting W2 trillion in funds from the government and U.S.
companies, the Asian Wall Street Journal reports September 27.

The FSC, South Korea's financial regulator, requires that
financially troubled institutions, whose debt exceeds assets,
improve their financial structure within a certain time-frame,
and failure to comply with the order can mean suspension of
their businesses.


HYUNDAI CORPORATION: Mali Gold Mine Not Economically Feasible
-------------------------------------------------------------
The Korea Herald reported Friday that Australian mining
consulting company, Resource Service Group (RSG), has determined
Hyundai Corporation's gold mine in Mali to be not economically
feasible.

RSG, last March, reported that the eastern Barani region in
Kayes held an approximate 32 tons of gold. In order for
extraction to be feasible, gold deposits should total at least
60 tons.

Hyundai, however, plans on continuing mining activities in the
region until year-end.


HYUNDAI PETROCHEMICAL: Lenders Hold Off On Loan Collection
----------------------------------------------------------
An official of Hanvit Bank, a major creditor of Hyundai
Petrochemical Co., said that creditors of the company have
decided to freeze collection of its loans until Oct. 20 to allow
more time to discuss a bailout plan.

Creditors are hoping to agree on a final bailout plan during the
said period, which could also be extended by another month if
the creditors fail to formalize a bailout plan as scheduled.

As reported by the Asian Wall Street Journal this September 27,
the petrochemical company currently has a total of W2.06
trillion of outstanding debt.


HYNIX SEMICONDUCTOR: Bank Scraps New Loans Extension
----------------------------------------------------
Housing and Commercial Bank (H&CB) will no longer extend fresh
loans to Hynix Seminconductor because the company likely
wouldn't be able to pull through under a proposed bailout plan,
all this according to H&CB President Kim Jung-tae.

The H&CB head said in a conference call, "I don't think the
injection of W500 billion into Hynix will help the company get
back on track." He says that the bank is considering selling its
loans to Hynix to foreign buyers.


KOOKMIN BANK: FSC Permits Merger With H&C Bank
----------------------------------------------
Kookmin Bank and Housing & Commercial Bank have been given
permission to merge by the Financial Supervisory Commission
(FSC) Thursday, the Korean Herald reports September 28.

During a shareholder's meeting the two banks discussed plans to
appoint an establishment committee, which would provide details
for the organization and personnel management of the merged
bank. After these goals are met the merger will apply for a
final operating permit from the FSC.

The merged bank will open November 1, as soon as the FSC gives
the go ahead.


KOREA ELECTRIC: Fitch Assigns `BBB' Short-Term Rating
-----------------------------------------------------
Fitch, the international rating agency, has assigned
international foreign currency Long-term and Short-term ratings
of 'BBB' and 'F2', respectively, to Korea Electric Power
Corporation (Kepco). The outlook for the Long-term rating is
Stable.
The ratings reflect Kepco's strength as the dominant electric
utility in Republic of Korea, with 243 generating units
comprising 44,566MW of capacity (92 percent of total capacity),
75,700 kilometers of high voltage transmission lines and 935,800
kilometers of distribution lines.
Current coverage ratios are robust for the 'BBB' rating, with
EBITDA/net interest expense of 3.4x (times) for 2000, which is
expected to increase in future years as the Korean Government's
Restructuring Plan proceeds. The agency also expects Kepco's
financial profile to improve as proceeds from the sale of
generating subsidiaries are used to repay debt, and the
company's capex requirements are reduced.
Kepco's business risk profile will also improve as the company
restricts its future role to ownership and operation of the
regulated monopoly transmission network and the nuclear and
hydro generation capacity (comprising up to 40 percent of
Korea's electricity supply), and sheds its fossil-fueled
generation capacity and related sensitivity to fuel price and
currency exposure. That said, Fitch's rating analysis has
stressed for the possibility of delay in the Restructuring Plan.
Fitch's 'BBB' rating is also supported by the Korean
Government's ownership of Kepco, which currently stands at 54
percent. The Kepco Act requires that the Government must retain
ownership of at least 51 percent of Kepco either directly, or
pursuant to the KDB Act, through Korea Development Bank. The
Korean Government is supportive of both Kepco and the
Restructuring process.
Conversely, Kepco's financial profile is tempered by its
significant exposure to foreign exchange ('FX') movements. While
virtually all of Kepco's revenues are in Korean Won, 39 percent
of Kepco's long-debt is FX-dominated, largely split between USD
(72 percent) and Yen (25 percent), and nearly all fuel supplies
are imported and paid for in USD. Kepco's performance is also
highly dependent upon the economic outlook for Korea, with power
demand growth highly correlated to economic growth. The current
economic downturn in Korea may also create difficulties for
Kepco to raise tariffs, which could squeeze Kepco's returns.
In Fitch's view, Kepco's rating has the potential to improve
over time, as the current global economic uncertainty is
resolved and the restructuring process proceeds according to
plan, for example the timing and proceeds from the genco sales
becomes more certain, the tariff process is more robust and the
regulatory environment for future transmission returns becomes
clearer.


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


ANSON PERDANA: Director Soo Makes Shares Deal With Purnama
----------------------------------------------------------
Director Soo Suat Swon of Anson Peradana Berhad announced that
Purnama Pelangi Sdn Bhd intends to deal in the shares of Anson
during the closed-period in respect of the announcement of
Anson's quarterly results for the fourth quarter ended 31 August
2001.

The current shareholdings of Purnama Pelangi Sdn Bhd in Anson is
disclosed below and Soo Suat is deemed to have an interest in
these shares.

Interest   : Direct
No. of Shares  :  11,130,000
% of Issued Capital :  11.24%

Background

The 1997 financial crisis adversely affected the operations of
the Group and the Company. In view of these adverse financial
conditions, the Group in December 1998 sought the assistance of
the Corporate Debt Restructuring Committee (CDRC) to restructure
its short-term debts.

The Company has also appointed an Independent Financial
Consultant to provide advisory services pursuant to a
restructuring scheme. In October 1999, the Company appointed an
additional advisor to act directly on behalf of the Group to
develop and negotiate with the financial institutions, trade and
other creditors an integrated debt-restructuring scheme.

In line with the Group's restructuring efforts, on 29
February2000, the Group sold several parcels of oil palm
plantation land to Felcra Berhad for RM98m cash. As the Group's
debt restructuring prolonged, by end of 2000, the Group applied
for legal protection under Section 176 of the Companies Act,
1965, from the Kuala Lumpur High Court (KLHC).

The KLHC granted a three-month Restraining Order (RO) for the
Company to implement the restructuring scheme on 25 September
2000, which was subsequently extended to 24 March 2001. An
application to extend the RO has been submitted to the High
Court and a hearing is pending.


CHASE PERDANA: Material Litigation Filed By PTSB
------------------------------------------------
The Board of Directors of Chase Perdana Berhad (the Company)
announced that Pekeliling Triangle Sdn Bhd (PTSB) has made a
claim against the Company vide Kuala Lumpur High Court Suit No.
S6-22-483-2001 filed on 12 June 2001 for these claims:

1. An Order that the Company pay PTSB liquidated and ascertained
damages of RM55,836,000.00 due as at 31 May 2001;

2. Alternatively, an Order that the said liquidated and
ascertained damages of RM55,836,000.00 due as at 31 May 2001 be
deducted from any monies due or becoming due to the Company
under the Contract or under the Guarantee.

3. An Order that the Company pay PTSB the liquidated and
ascertained damages at the rate of RM47,000.00 per day from 1
June 2001 until the date of issuance of the Certificate of
Practical Completion by the Architect.

4. Alternatively, an Order that liquidated and ascertained
damages at the rate of RM47,000.00 per day from 1 June 2001
until the date of issuance of the Certificate of Practical
Completion by the Architect be deducted from any monies due or
becoming due to the Company under the Contract or under the
Guarantee.

5. An injunction restraining the Company, by itself through its
servants or agents from demanding or receiving payment of the
sum of RM55,836,000.00 from Bumiputra Commerce Bank Berhad
(BCBB) pursuant to the Letter of Guarantee issued by BCBB in
favor of the Company on 16 March 1995.

6. Interest on the sum of RM55,836,000.00 at the rate of 8
percent per annum from the date of filing to the date of
judgment.

7. Interest on the judgment sum at the rate of 8 percent per
annum from the date of judgment to the date of realization.

8. Costs and other relief.

PTSB has also filed a Summary Judgement and an Injunction
application restraining the Company from acting or relying or
demanding or receiving payment of RM55,836,000 from BCBB
pursuant to the guarantee.

On 24 September 2001, the Court fixed the Summary Judgment for
mention on 24 October 2001 pending the Company filing its reply
and further fixed the Injunction for case management on 29
October 2001.

Events leading to the summons

A Contract was entered into between the Company and PTSB on 16
March 1995 wherein the Company agreed to carry out building
works namely the construction of a building comprising of
commercial office and apartments on PTSB's land known as CT
16910, 16911 and 16916 for Lot Nos. 151,152 and 157
respectively, all in Section 87A, Kuala Lumpur.

PTSB claims that the Company has failed to complete the works by
the Contract completion date or within any extended time fixed
and claimed for the liquidated and ascertained damages sum
calculated at the rate of RM47,000.00 per day from 1 March 1998
to 31 May 2001 and continuation of liquidated and ascertained
damages at RM47,000.00 per day from 1 June 2001 until date of
issuance of Certificate of Practical Completion by the
Architect.

Claim by the Company against PTSB

On 16 June 2000, the Company has filed a suit against PTSB and 2
others vide Kuala Lumpur High Court Suit No. S5-22-408-2000 for
an injunction inter alia:

   (i) against 3rd Defendant from entering the Project site
without the consent of the Plaintiff,

   (ii) against 1st and 2nd Defendant from acting on their
conspiracy to injure the legitimate interest of the Plaintiff,

   (iii) against 2nd Defendant to issue the Certificate of
Practical Completion (CPC),

   (iv) damages (amounts not determined) against 1st and 2nd
Defendant for conspiracy to injure, and

   (v) damages (amounts not determined) against 3rd Defendant
for trespass.

On 18 June 2001 the Court rendered its decision as follows:

   (a) the Defendant's application for a stay pending
arbitration was dismissed with costs;

   (b) granted the injunction against the 3rd Defendant, its
servants and agents from entering the Project site without the
written consent of the Plaintiff,

   (c) granted the injunction against the 1st and 2nd Defendant
from acting on their conspiracy to injure the legitimate
interests of the Plaintiffs.

   (d) In the meantime, the Court appointed Messrs Symons
Travers Morgan (M) Sdn Bhd (STMSB) to proceed to the site and
inspect / examine the works that have been completed by the
Company and report its findings to the court on 22 June 2001. In
the event STMSB is of the view that construction has reached the
stage of CPC is due, the 2nd Defendant is ordered to immediately
issue the CPC. If not, a certificate signed by the Senior
Assistant Registrar shall be accepted as the CPC.

   (e) The Company is to complete the work beyond the stage of
CPC by focusing itself to the list of "major short coming" and
to the list of works from the consulting engineers and such
works to be completed on or before 30 June 2001. The Company
must tender its report duly signed by a qualified architect by
30 June 2001.

The defendants have appealed against this decision in the Court
of Appeal and filed a stay application which is fixed for
continued hearing on 28 November 2001.

Impact on the Company

The effect to the Net Tangible Asset (NTA) and the Earnings Per
Share (EPS) has already been taken into account in the audited
accounts for the financial year ended 31 December 2000 as the
amount of LAD has been fully provided for up to 30 June 2001.

In the event this matter is not satisfactorily resolved by end
of the year 2001, the potential liability will increase by an
amount of RM8.648 million for the period from 1 July to 31
December 2001. The effect to both the NTA and EPS for the year
2001 will be a reduction of 9.2 sen.


HUME INDUSTRIES: Proposes Stock Buyback
----------------------------------------
Hume Industries (Malaysia) Berhad (HIMB or the Company) informed
that the Company proposes seeking its stockholders' approval to
renew the purchase and/or hold authority for a buyback of up to
ten per centum (10 percent) of its issued and paid-up ordinary
stock. The stock units of RM1.00 each (Stocks) are listed on the
Kuala Lumpur Stock Exchange (KLSE) (Proposed Stock Buyback).

PROPOSED STOCK BUYBACK

Details of the Proposed Stock Buyback

The Company had at the Extraordinary General Meeting (EGM) held
on 25 October 2000, obtained its stockholders' approval for the
Company to purchase and/or hold up to ten per centum (10
percent) of the Stocks for the time being. The authority
conferred by the stockholders at the said EGM will expire at the
conclusion of the forthcoming Annual General Meeting.
Accordingly, the Company proposes to seek stockholders' approval
for a renewal of the authority to undertake the Proposed Stock
Buyback.

As at 17 September 2001, the Company has purchased 5,036,000
Stocks which are held as treasury stocks. The current issued and
paid-up share capital of the Company, before adjusting for
treasury stocks, is RM248,623,630 divided into 248,623,630 stock
units of RM1.00 each. The maximum number of Stocks which may be
purchased by the Company is 24,862,363 Stocks, which is ten per
centum (10 percent) of the issued and paid-up share capital of
HIMB. However, the total number of stocks that may be purchased
including the existing treasury stocks held shall not exceed 10
percent of the issued share capital at any point in time.

The Proposed Stock Buyback will be financed through internally
generated funds and/or borrowings. The maximum fund to be
allocated by the Company for the Proposed Stock Buyback will be
made wholly out of retained profits and/or share premium
account. As of 30 June 2001, the audited retained profits and
share premium of the Company were RM54.1 million and RM102.5
million respectively.

The Board of Directors of HIMB may deal with the Stocks so
purchased in the following manner:

   (i) cancel the Stocks so purchased; or

   (ii) retain the Stocks so purchased as treasury stocks; or

   (iii) retain part of the Stocks so purchased as treasury
stocks and cancel the remainder; or

   (iv) the treasury stocks may be distributed as dividends to
stockholders, and/or resale on the KLSE, and/or cancel all or
part of them.

Rationale

The Proposed Stock Buyback if carried out, is likely to benefit
the Company and its stockholders in this manner:

   (i) If the Stocks purchased are cancelled, it would enhance
the earnings per share (EPS) of the Company and thereby long
term and genuine investors are expected to enjoy a corresponding
increase in the value of their investments in the Company; and

   (ii) If the Stocks bought back are kept as treasury stocks,
it will give the Board of Directors an option to sell the Stocks
so purchased at a higher price and thereby making an exceptional
gain for the Company. Alternatively, the Stocks so purchased may
be distributed as share dividends to stockholders.

Effects

The effects of the Proposed Stock Buyback on the share capital,
net tangible assets (NTA), earnings, working capital and cash
flow of HIMB are as set out below:

a) Share capital

On the assumption that the Proposed Stock Buyback is carried out
in full and the Stocks so purchased are fully cancelled, the
Proposed Stock Buyback will result in the issued and paid-up
share capital of HIMB as at 17 September 2001 to be reduced by
24,862,363 Stocks from RM248,623,630 comprising 248,623,630
Stocks to RM223,761,267 comprising 223,761,267 Stocks.

b) NTA

The Proposed Stock Buyback is likely to reduce the NTA per stock
unit of the HIMB Group, the quantum of which will depend on the
number of HIMB Stocks eventually purchased and the purchase
price(s) of the Stocks. For Stocks so purchased which are kept
as treasury stocks, upon its resale, the NTA per stock unit of
the Group will likely increase assuming that a gain has been
realized or decrease if a loss is realized. The quantum of the
increase in NTA per stock unit will depend on the selling
price(s) and the number of treasury stocks resold.

c) Earnings

Depending on the number of Stocks purchased and the purchase
price(s), the Proposed Stock Buyback may increase the EPS of the
HIMB Group. In the event that the Stocks so purchased are
resold, the extent of the effect on the earnings of the HIMB
Group will depend on the selling price(s), the number of
treasury stocks resold and the effective gain or interest
savings.

d) Working capital and cash flow

The Proposed Stock Buyback will reduce the working capital of
the HIMB Group with the quantum of reduction depending on the
purchase price(s) of HIMB Stocks and the number of HIMB Stocks
eventually purchased. The impact on the cash flow of the Group
will also be dependent on the number of Stocks eventually
purchased and the purchase price(s) of the Stocks.

DIRECTORS' AND SUBSTANTIAL STOCKHOLDERS' INTERESTS

As far as the Company is aware, none of the Directors and
substantial stockholders and/or persons connected with them have
any interest, direct or indirect, in the Proposed Stock Buyback
and, if any treasury stocks are resold in the open market, the
resale of such treasury stocks.

DIRECTORS' OPINION

The Board of Directors of the Company is of the opinion that the
Proposed Stock Buyback is in the best interest of the Company.

A Circular to stockholders detailing the Proposed Stock Buyback
will be dispatched to stockholders of the Company in due course.


ISUTA HOLDINGS: Changes Name, Posts Change In Boardroom
-------------------------------------------------------
The Board of Directors of Isuta Holdings Berhad announced that
the Registrar of Companies had on 21 September 2001 issued to
Isuta Holdings Berhad the Certificate of Incorporation on Change
of Name of Company. The name change is effective 21 September
2001.

The company also announced:

Date of change  : 21/09/2001
Type of change : Resignation Boardroom
Designation :  Director
Directorate :  Executive
Name :  Khoo Kay Hoay
Age :  49
Nationality :  Malaysian

Qualifications: Fellow member of Chartered Association of
Certified Accountants, United Kingdom

Working experience and occupation: He was the Vice
President/Managing Director of RNP Ltd and of Conner Peripherals

Directorship of public companies (if any):No

Family relationship with any director and/or major shareholder
of the listed issuer: No

Details of any interest in the securities of the listed issuer
or its subsidiaries: No


KELANAMAS INDUSTRIES: KLSE Approves Two-Month Extension
-------------------------------------------------------
Kelanamas Industries Berhad, in relation to the announcement
made by the Company on 12 September 2001, stated the Kuala
Lumpur Stock Exchange has approved a two-month extension. The
extension moves the 15 September 2001 deadline to 14 November
2001. The Company will then be able to resubmit the revised
Proposed Scheme to the Securities Commission as requested in its
letter dated 26 September 2001.


MAN YAU: Shareholders Approve 7th AGM Resolutions
-------------------------------------------------
The Board of Directors of Man Yau Holdings Berhad (MYHB)
announced that at the 7th AGM held on 27 September 2001, the
Shareholders of MYHB approved all resolutions as per the Notice
of the 7th AGM dated 5 September 2001.

Profile

The Man Yau Holdings (MYH) Group produces plastic parts and
components for audio equipment, electronic products and
electrical equipment. About 95% of the Group's products are sold
directly to MNCs and the balance 5% to OEMs for export to the
US. In 1995, the Group diversified into the manufacture of
rubber latex examination gloves and property development and in
1997 into private education.

Currently, the Company is seeking to resolve its cash flow
problems via a reverse take over agreement involving the
acquisition of Applied Business Systems Sdn Bhd (ABSSB), capital
reduction and consolidation or reconstruction and debt
restructuring. For this purpose a restraining order has been
obtained under Section 176(10) valid for three months from 16
October 2000.

Construction of a building at Northam Road, Penang, under a new
financial package is meanwhile due for completion at the end of
year 2000, and the plastics manufacturing activities are
operational on a limited scaled down basis.


MYCOM BERHAD: Disposes Of Olympia Industries Shares
---------------------------------------------------
The Board of Directors of Mycom Berhad announced that the
Company has disposed of, both in the open market and off market,
a total of 17,550,000 ordinary shares of RM1.00 each
representing 3.45 percent of the equity interest in Olympia
Industries Berhad (OIB) for a total aggregate consideration of
RM6,971,905 as follows:

Date Number of shares

24 September 2001 1,650,000

25 September 2001 2,000,000

26 September 2001 13,300,000

27 September 2001 600,000

OIB is a company incorporated in Malaysia and is listed on the
Main Board of the Kuala Lumpur Stock Exchange. Its principal
activity is investment holdings.

The proceeds from the disposals will be used to retire some of
the Group's bank borrowings and as additional working capital of
the Group. The Board of Directors is of the view that the
disposals were carried out in the best interest of the Company.

The disposals will result in an improvement in the earnings and
net tangible liabilities per share of RM0.018 of the Mycom Group
for the financial year ending 30 June 2002. There is no effect
on the share capital of the Company but the substantial
shareholdings of Mycom in OIB will be reduced from 21.6 percent
to 18.15 percent. The disposals will also result in an
extraordinary gain of RM6,971,905 to the Consolidated Income
Statement of the Mycom Group for the financial year ending 30
June 2002. This is arrived at after deducting the carrying value
of the investment in OIB which is at zero value.

No approvals from the shareholders or other relevant authorities
are required for the disposals. The disposals do not depart from
the Securities Commission Policies and Guidelines on Issue/Offer
of Securities.

Except for the Directors namely, Dato' Yap Yong Seong, Mr. Yap
Wee Keat and Mr. Yap Wee Chun and the major shareholder, Duta
Equities Sdn Bhd, who are deemed interested in the disposals,
none of the other Directors or persons connected with them are
interested in the said disposals.


S P SETIA: Updates Status On Unit's Winding Up Petition
-------------------------------------------------------
S P Setia Berhad issued this additional information requested by
Kuala Lumpur Stock Exchange:

1. The details of the circumstances leading to the filing of the
winding-up petition against Suharta Development Sdn Bhd

A winding-up petition was presented on 23 August 2001 and served
on 20 September 2001 but only received by Suharta Development
Sdn Bhd (Suharta Development)'s office on 26 September 2001 in
relation to liquidated ascertained damages due to the delay of
delivery of vacant possession of a condominium built by Suharta
Development. Suharta Development had offered settlement with the
petitioners but was not accepted by them and as such, Suharta
Development is contesting the claim made by the petitioners.

2. Amount of interest claimed, if any

No interest appeared to be claimed by the petitioners.

3. Date of hearing of the winding-up petition

The date of hearing of the winding-up petition is scheduled for
8 January 2002.


SASHIP HOLDINGS: KLSE Grants Time Extension On Workout Scheme
-------------------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors of Saship Holdings Berhad (SHB or
Company) (Formerly Known As Westmont Industries Berhad),
announces that the Kuala Lumpur Stock Exchange (KLSE) had, via
its letter dated 26 September 2001, approved the extension of
time to complete the Proposed Restructuring Scheme to 18
November 2001 as opposed to 18 December 2001 proposed in the
application dated 30 August 2001.

The KLSE reminded SHB to ensure strict compliance with the above
extended timeframe as well as all other provisions of Practice
Note No. 4/2001 issued by the KLSE, failing which the KLSE may
take action against SHB including but not limited to suspension
and/or de-listing proceedings against the Company.


SEE HUP: Shareholders Approve Proposals At Fifth AGM
----------------------------------------------------
See Hup Consolidated Berhad (the Company) announced that at the
Fifth Annual General Meeting held September 27, 2001 morning,
shareholders have approved all resolutions.

In addition, the Company announced that the shareholders of the
Company had at the Extraordinary General Meeting held
immediately after the conclusion of the abovementioned Annual
General Meeting, approved the following proposals, for which
Arab-Malaysian Merchant Bank Berhad (AMMB) is acting as adviser
for the following proposals:

   1) Proposed Bonus Issue of up to RM16,500,000 new ordinary
shares of RM1.00 each on the basis of three (3) new ordinary
shares for every five (5) existing ordinary shares held; and

   2) Proposed shareholders mandate for recurrent related party
transactions of a revenue or trading nature.


SENG HUP: Additional Info On Proposed Corporate, Debt Scheme
------------------------------------------------------------
On behalf of Seng Hup Corporation Berhad (Special Administrators
Appointed) (SHCB or the Company), Commerce International
Merchant Bankers Berhad (CIMB) furnished the additional
information, in relation to the Proposed Corporate and Debt
Restructuring Scheme, requested as set out below:

1. Based on the valuation report dated 24 April 2001, the
valuation of the land held under PN 25414 Lot 21, PN 25415 Lot
22 and PN 27442 Lot 17, all in Seksyen 0032, Bandar Kuala Lumpur
together with the buildings erected thereon (Land and Buildings)
was arrived at using the investment method of valuation and on
the following bases:

   (i) the sale and purchase agreement between Standard
Chartered Bank Berhad (SCB) and Biogenics Sdn. Bhd. (BSB) and
the lease/tenancy agreement between SCB and BSB have been
completed and registered;

   (ii) estimated outgoings as provided for by SHCB of the Land
and Buildings and also taking into consideration the outgoings
of other buildings in and around the city center of Kuala
Lumpur; and

   (iii) the titles to the Land and Buildings are free from
encumbrances, good marketable and registrable.

The valuation was counter checked by using the comparison method
of valuation, which provided an estimated value of RM69,000,000
as at the date of valuation on the basis that there is no
lease/tenancy arrangement.

2. BSB was only incorporated on 15 May 2000. As its first
financial year ended is 30 June 2001, the audited accounts of
BSB have not been finalized. As at the time of this
announcement, the company has not prepared any management
accounts. The Land and Buildings will be recorded in the
accounts of BSB at the cost of investment.

3. The purchase consideration for the Land and Buildings to JSB
is RM79,000,000 to be satisfied wholly in cash. The purchase
consideration was arrived at based on willing-buyer willing-
seller basis.

4. BSB's original cost of investment in the Land and Buildings
is RM45,843,149 and the date of investment is 4 May 2001, being
the date of completion of the acquisition of the Land and
Buildings by BSB.

5. The age of the Standard Chartered Tower is approximately 26
years.

On behalf of SHCB, CIMB also announced that via a letter dated
20 September 2001, the Special Administrators (SA) of SHCB had
informed Pengurusan Danaharta Nasional Berhad that the purchase
consideration for the Land and Buildings has been revised down
from RM79,000,000 to RM76,000,000 based on a revised valuation
report prepared by Messrs. Khong & Jaafar Sdn. Bhd., dated 12
September 2001 which was received by the SA on 19 September
2001. The revised valuation was arrived at using the investment
method of valuation and on the following bases:

   (i) the sale and purchase agreement between SCB and BSB and
the lease/tenancy agreement between SCB and BSB are binding and
effective as at the date of valuation;

   (ii) outgoings as collected by Messrs Khong & Jaffar in past
cases and estimates provided by KPH Property Management Services
Sdn. Bhd.; and

   (iii) the titles to the Land and Buildings are free from
encumbrances, good marketable and registrable.

The valuation was counter checked by using the comparison method
of valuation, which provided an estimated value of RM65,000,000
as at the date of valuation on the basis that there is no
lease/tenancy arrangement.

The proforma effects of the revision to the purchase
consideration on the share capital of SHCB and Natural Prestige
Sdn. Bhd. ("Newco"), consolidated net tangible assets of SHCB
and Newco and the substantial shareholders of SHCB and Newco are
as set out in Tables 1, 2 and 3  at
http://www.bankrupt.com/misc/Seng_Hup_tables.doc

In connection with this, based on the valuation report by
Messrs. Khong & Jaafar Sdn. Bhd. dated 24 April 2001, we had
stated in the announcement dated 19 September 2001 that the Land
and Buildings were free from any encumbrances. We wish to
clarify that the latest valuation report by Messrs. Khong &
Jaafar Sdn. Bhd. dated 12 September 2001 states that the Land
and Buildings are now charged to MBf Finance Berhad. The said
charge was registered on 4 May 2001. Nevertheless, it is a
condition that the conditional sale and purchase agreement
between SHCB and JSB will become conditional upon the Land and
Buildings being free from all encumbrances.

CIMB further informed that BSB completed its acquisition of the
Land and Buildings on 4 May 2001.


SENG HUP: Posts Change In Boardroom
-----------------------------------
Seng Hup Corporation Berhad posted this board change:

Date of change : 27/09/2001
Type of change : Resignation Boardroom
Designation  : Director
Directorate  : Executive
Name   : Goh Teck Beng
Age   : 32
Nationality  : Singaporean
Qualifications : "O" Level

Working experience and occupation: Businessman With Wide
Experience In Lighting And Property Development Sectors

Directorship of public companies (if any):  NIL

Family relationship with any director and/or major shareholder
of the listed issuer: Nephew Of Mr Goh Chin Soon

Details of any interest in the securities of the listed issuer
or its subsidiaries: 41,000

Remarks: Mr Goh Teck Beng is holding 41,000 shares of Seng Hup
Corporation Bhd on behalf of his friend.


SRI HARTAMAS: Unit Enters Sale, Purchase Agreement With HPSB
------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that its wholly-owned subsidiary, Mawar Tiara Sdn Bhd
(MTSB) (Special Administrators Appointed) had on 27 September
2001 entered into a Sale and Purchase Agreement (S&P) with
Hectares Perspective Sdn Bhd (HPSB), for the sale of one parcel
of freehold land for a total cash consideration of RM203,860.

DETAILS OF THE LAND DISPOSAL

The Special Administrators of SHB had carried out an open tender
exercise on 23 May 2001 on the assets of SHB Group, which was
closed on 12 June 2001. Pursuant to the said tender exercise,
MTSB acting through Special Administrators had on 27 September
2001, entered into a S&P with HPSB, for the sale of one parcel
of freehold land held under HS(D) 90323 No. PT 15209 Mukim of
Batu, District of Kuala Lumpur, Negeri Wilayah Persekutuan (MT-
Land) measuring approximately 734 square meters for a total cash
consideration of RM203,860.

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) to HPSB.

The purchase consideration will be paid in the following manner:

   a. Prior to the execution of the S&P, HPSB had paid to the
Company the earnest money amounting to RM10,193;

   b. Upon the execution of the S&P, HPSB had paid the balance
deposit amounting to RM10,193 to MTSB;

   c. The balance of the purchase price amounting to RM183,474
shall be payable to MTSB's solicitors as stakeholders within 14
days from the date of notification to HPSB'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 HPSB, 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 HPSB's solicitor of
the Danaharta Approval, the S&P will become unconditional.

If the above condition precedent is not fulfilled within 3
months from the date of the S&P, the period will be extended for
another 1 month.

BASIS OF ARRIVING AT THE CONSIDERATION

The latest valuation by M/S Jones Lang Woottoon dated 20 April
2001 values the MT-Land at RM130,000 based on open market value.
The disposal price of RM203,860 represents approximately 157% 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
RM74,846.

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

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 HPSB.

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 HPSB

HPSB was incorporated in Malaysia under the Companies Act, 1965
as a private limited company on 14 August 1997.

HPSB'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 HPSB is investment in properties.

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 RM129,014
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 HPSB's solicitor of the said
Approval, the S&P will become unconditional.

If the above condition precedent is not fulfilled within 3
months from the date of the S&P, the period will be extended for
another 1 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% 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.


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


NATIONAL POWER: Auction Declared A Failure
------------------------------------------
The six pre-qualified companies who were supposed to participate
in the auction of National Power Corporation's US$6.5 billion
insurance policy, withdrew from the bidding Thursday, rendering
the bidding a failure.

The companies cited negative conditions in the international
insurance market as a major factor influencing their withdrawal,
Business World reported Friday.

Letters of regret were handed down Thursday morning by
representatives from AON Energy, Alexander Forbes and Arthur J.
Gallagher. Other prequalified bidders Agnew Higgins Pickering,
Marsh & McLennan and Heath Lambert have submitted their
respective regret letters early this week.


NATIONAL POWER: Privatization To Earn Government US$7.9B
--------------------------------------------------------
The sale of National Power Corporation's transmission and
generation assets is expected to net the Philippine government
US$7.9 billion in proceeds, according to the Manila Times in
their September 29 issue.

Bangko Sentral ng Pilipinas (BSP) governor said the sale of the
transmission assets is expected to earn the government US$2.7
billion and the sale of the generation assets in 2002 is
expected to net the government an estimated US$4.5 billion to
US$5.2 billion.


NATIONAL STEEL: Hottick Ordered To Rejoin Committee
---------------------------------------------------
The Inquirer News Service reported Saturday that Hottick
Investment Ltd has been ordered by Pengurusan Danaharta Nasional
Bhd, a Malaysian debt rehabilitation agency, to rejoin the
evaluation committee that is responsible for choosing an interim
investor for National Steel Corp.

Hottick-Renong quit the NSC evaluation committee composed of the
Department of Trade and Industry and the company's creditor-
banks led by the Philippine National Bank because it chose to
pursue its original agreement with Allengoal. The committee was
forced to postpone a scheduled acceptance of offers last week.

Formed early last year, the committee was asked to break the
deadlock between NSC's owners and creditors. The committee wants
the owners and creditors of the idle steel manufacturer to reach
a settlement by choosing an investor, accepted by both parties,
who would run the plant on a temporary basis until such time
that a long-term investor can be found.


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


L&M GROUP: Posts Notice Of Director/Shareholder Interests
---------------------------------------------------------
L&M Group posted on September 27 a notice of director's and
shareholder's interests in the Singapore Stock Exchange. Full
text of the announcement:

Notice Of Director/Substantial Shareholder's Interests
Name of director/substantial shareholder: Edward Seky
Soeryadjaya

Date of notice to company: 27 Sep 2001
Date of change of interest: 26 Sep 2001
Name of registered holder: The Central Depository (Pte) Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 100,000
Percent of issued share capital: 0.045
Amount of consideration per share
excluding brokerage, GST
stamp duties, clearing fee: 0.105
No. of shares held before change: 1,805,333
Percent of issued share capital: 0.813
No. of shares held after change: 1,705,333
Percent of issued share capital: 0.768

Holdings of Director/Substantial Shareholder including direct
and deemed interest
                                  Deemed         Direct
No. of shares held before change: 18,230,000    1,805,333
Percent of issued share capital:  8.205          0.813
No. of shares held after change:  18,230,000     1,705,333
Percent of issued share capital:  8.205          0.768

Total shares:                     18,230,000     1,705,333


L&M GROUP: Posts Banks Facilities Restructuring Status
------------------------------------------------------
L&M Group, who's total default payment to financial institutions
in respect to various credit facilities is RM190,593,355.49,
posted, September 27, a notice in the Singapore Stock Exchange
stating:

         STATUS OF RESTRUCTURING OF BANK FACILITIES

The Company is currently in discussion with its creditor bank on
the restructuring of its bank facilities.


SEMBCORP LOGISTICS: Clarifies Increase In Share Price
-----------------------------------------------------
Sembcorp Logistics, in an announcement posted in the Singapore
Stock Exchange September 28 2001, clarified the substantial
increase in the price of the company's shares. The full text of
the announcement is as follows:

Clarification on the Substantial Increase in Price of the
Company's Shares on the Exchange

We refer to the query from Singapore Exchange Securities Trading
Limited on 27 September 2001 regarding the sharp increase in the
price of the Company's shares on the Singapore Exchange
recently.

The Directors and the Company are not aware of any undisclosed
recent developments or any other possible reasons which could
have contributed to the sharp increase in the price of the
Company's shares.


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


KRISDAMAHANOKORN PUBLIC: SET Grants Listed Securities Trading
-------------------------------------------------------------
Krisdamahanokorn Public Company Limited (KMC), announced that
starting 1 October 2001, the Stock Exchange of Thailand (SET)
allowed the its securities to be traded on the SET after the
finishing capital increase procedures.

Issued and Paid up Capital(Bath)
   Old: 2,299,945,380
         -  Common stock      161,740,180  shares
-  Preferred stock  68,254,358  shares
   New: 2,737,178,190
         -  Common stock      161,805,000  shares
         -  Preferred stock   111,912,819  shares

Allocate to/Number of Shares : Mr.Sompong Svetratanasathien/
64,820  shares (common stock)

Price Per Share Baht: 10

Exercise Per Payment Date: 3 Aug 2001


PETCHPRAYA GENERAL: Court Petition For Business Reorg Filed
-----------------------------------------------------------
General Hospial Petchpraya General Hospital Company Limited's
(DEBTOR) Petition for Business Reorganization was filed in the
Central Bankruptcy Court:

     Black Case Number 395/2543

     Red Case Number 493/2543

Petitioner: PETCHPRAYA GENERAL HOSPITAL COMPANY LIMITED

Planner: MISS RHAPEEPORN KITTIWONGSOPHON

Debts Owed to the Petitioning Creditor: Bt363,209,755.53

Date of Court Acceptance of the Petition: May 26, 2000

Date of Examining the Petition: June 26, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
planner: June 29, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 31 ,
2000

Deadline for the planner to submit the business reorganization
plan to official receiver: November 30, 2000

Planner postponed the date for submitting the Plan #1st: January
3, 2001

Appointment Date of the Creditors' Meeting for the Plan
Consideration: January 16, 2001 at 9.30 am. Convention Room no.
1103, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Creditors' meeting had a special resolution accepting the
plan

Court hearing has been set on January 24, 2001 at 9.00 am.
Court Order for Accepting the reorganization plan: March 12,
2001 and appointed MISS RHAPEEPORN KITTIWONGSOPHON to be the
Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited in March 19, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette in April 12, 2001

Contact: Mr. Tanawat Tel 6792525 Ext. 123


RAIMON LAND: Rehab Plan Hearing Moved To November 8
---------------------------------------------------
Raimon Land Public Company Limited stated the hearing for
approval of Rehabilitation Plan has been postponed to the 8th of
November.

Unfortunately, the Constitution Court has not made a ruling on
this case and therefore the Central Bankruptcy Court postponed
the hearing date.


ROBINSON DEPARTMENT: Fitch Rates Partially Secured Notes `B'
------------------------------------------------------------
Fitch Ratings (Thailand) Limited has assigned a Long-term
national rating of 'B(tha)' to Robinson Department Store Public
Company Limited's (Robinson) THB3.6 billion (USD81 million)
Partially Secured Amortizing Notes No.1/2001 due in December
2005 (the Notes). The Outlook on the rating is Stable and the
rating itself reflects Robinson's expected financial position
after the completion of its ongoing reorganization process. The
issuance of the Notes, to be offered to certain classes of
Robinson's existing creditors, is the second step of the total
10 in the reorganization process.

Once fully implemented, the reorganization plan, which involves
extensive debt forgiveness, will mean a substantial decline in
the company's leverage: total debt would fall to an approximate
THB3.7bln, and expected debt to EBITDA ratio to decline to a
more serviceable 4.6x. The Notes can be converted into shares
upon default. Collateral for the Notes will be assigned as
security, for which a definitive value has yet to be determined
but is not expected to be significant.
While the completion of the reorganization process would
alleviate Robinson's financial burden markedly and allow its
management to fully focus on operations, growing competitive
pressures and the continuing weak economic environment will
place constraints on restoring its operating performance.
Fitch's rating also mirrors the yet unproven viability of
Robinson's re-merchandising strategy and new business concept.
Nonetheless, the company's efforts to improve profitability and
productivity should help restore its financial position over the
medium term.
While the successful implementation of the reorganization plan
should re-establish Robinson's ability to service its financial
obligations to a more manageable level, the company will face
refinancing risks in 2005, as the majority of the debenture
obligations will fall due that year. A definitive refinancing
plan for 2005 is not yet available.
Robinson is one of the three main department store chains in
Thailand and is part of the Central Retail Corporation (CRC)
group. CRC is Thailand's leading retailer and department store
operator and is 82.5%-owned by the Chirathivat family. Following
the floating of the Thai baht in July 1997 and the ensuing
economic crisis, Robinson faced severe financial difficulties
due to its high level of unhedged foreign currency debt and poor
market conditions. As a consequence, it was left with little
option but to suspend debt repayments in June 1998. A new
management team was brought in by CRC that year to assist in
restructuring Robinson's debt and operations. In December 2000,
the majority of Robinson's creditors and the Central Bankruptcy
Court approved the reorganization plan. It is in the process of
re-merchandising its product mix to fit better with its target
customers, middle-income households.
In 1H01 Robinson reported a 12.1% year-on-year (yoy) increase in
net sales to THB3.7bln. Despite a weaker gross margin, EBITDA
was up 42.3% yoy to THB441mln in 1H01, due mainly to strong
sales growth and declining selling and administration expenses.
Average monthly gross profit per square meter also increased
13.7% yoy in 1H01. Robinson's total debt to last-12-month EBITDA
ratio was extremely high at 27.9x while its EBITDA to interest
expense and fixed charge cover ratios were weak at 1.0x and
0.6x, respectively.


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

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

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