/raid1/www/Hosts/bankrupt/TCRAP_Public/011003.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

           Wednesday, October 3, 2001, Vol. 4, No. 193

                         Headlines


A U S T R A L I A

AMP LIMITED: Suncorp Completes GIO Acquisition
ANACONDA NICKEL: Posts Murrin Murrin Nickel Progress Report
ANSETT: Awaits Parent Company's Rescue
ANSETT: Flies Again, 'Kick Start' Fares On Sale
CABLE & WIRELESS: Posts Daily Share Buy-Back Notice

CABLE & WIRELESS: Issues Final Share Buy-Back Notice
DREAM HAVEN: Shuts Down Melbourne Operations
ORANGE MIRRIWINNI: PwC Posts Case Profile


C H I N A   &   H O N G  K O N G

REBOUND LIMITED: Petition To Wind Up
WEI FUNG INTERNATIONAL: Winding Up Sought By Imation


I N D O N E S I A

HOLDIKO PERKASA: Cancels Sale Of Sulfindo Group
SEMEN GRESIK: Govt To Suffer US$780M Put Option Losses
* Govt Weighs Six-Bank Merger Plan


J A P A N

MITSUBISHI MOTORS: Appoints CEO For Mitsubishi Europe
MYCAL CORP: Being Eyed By Several Companies
SONY CORP: CEO Sure Of Achieving Profit Goal
UFJ HOLDINGS: Posts 1H Net Loss On Stocks


K O R E A

DAEWOO MOTOR: GM Begins Due Diligence Study


M A L A Y S I A

ABRAR CORPORATION: Posts Regularization Progress Report
CHASE PERDANA: Revised Scheme Forwarded To Lenders
CSM CORPORATION: No Changes On Financial Regularization Status
JASATERA BERHAD: New Recapitalization Advisor Appointed
NAUTICALINK BERHAD: Updates Financial Regularization Status

MAY PLASTICS: Proposed Restructuring Scheme Status Unchanged
PLANTATION & DEV'T: BNM Approves Proposed Debt Scheme
SRI HARTAMAS: Enters Deed of Adherence With HGB, FACB
TAJO BERHAD: Mutually Terminates SPA Agreement With KASB
UH DOVE: SC Grants Proposals' Approval


P H I L I P P I N E S

NATIONAL POWER: Transmission Assets Sale To Earn Napocor US$2B
PICOP RESOURCES: Shuts Down Mill Operations


S I N G A P O R E

AMTEK ENGINEERING: Unit Sells Property
BRIERLEY INVESTMENTS: Announces Director's Resignation
CAPITALAND LIMITED: Completes Hotel Stakes Sale
HONG LEONG: Posts Shareholder's Deemed Interests Changes
FHTK HOLDINGS: Announces Chief Financial Officer Appointment


T H A I L A N D

HIGH PRESSURE: Business Reorganization Petition Filed
SAHAMITR PRESSURE: Posts Rehabilitation Plan Executive Summary
SANYU UNIVERSAL: Posts Summary Of Share Offering
SANYU UNIVERSAL: SET Allows Securities Trading
THAI PETROCHEMICAL: Fails To Pay Interest Payment
TPI POLENE: Lenders Seek Alternative Proposals


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


AMP LIMITED: Suncorp Completes GIO Acquisition
----------------------------------------------
Suncorp Metway has completed the acquisition of the AMP
Limited's wholly-owned Australian general insurance operations.

Settlement of the transaction occurred today, as scheduled
at the announcement of the acquisition on June 15.
The total consideration was $1.26 billion.

Managing Director Steve Jones said Suncorp Metway was now the
proud owner of the GIO general insurance business and brand
name.

"This is great news for Suncorp Metway and for all our
customers, shareholders and employees. Suncorp Metway is now
Australia's equal second largest general insurance group, with
total premium income of approximately $2 billion, and more than
3 million customers.

"The acquisition will deliver significant economies of scale and
a national platform for growth.

"We have had the opportunity to examine the business thoroughly,
and are confident the acquisition will add value for all our
shareholders. At the time we announced the deal in June, we said
we believed the acquisition would provide a return on equity of
14% in the third year - 2004. We also said we expected to make
annualized savings of $80 million by year three. We remain
confident that those expectations will be met.

"While the recent tragic terrorist attacks in the United States
may cause a reduction in investment earnings in the current
half, due to declining global equity markets, neither Suncorp
Metway nor GIO has any insurance exposure to the World Trade
Center disaster. We also do not have any reinsurance
operations," said Jones. "These events do not have any bearing
on the long term viability or benefits of the GIO purchase," he
said.

"We are also certain that the acquisition will enable us to
deliver high levels of service for customers," he said.

Suncorp Metway is now well progressed in planning the
integration of its existing general insurance operations with
the GIO and AMP general insurance business being acquired. The
integration project covers all of the combined general insurance
operations, as well as support areas, with implementation
scheduled to commence in January. Suncorp Metway acquired the
economic interest in the business as of July 1, 2001, so its
profits will accrue to Suncorp Metway from that date.

All regulatory approvals regarding the acquisition have been
received.

For more information, contact:
Joe Dowling, HEAD OF PUBLIC AFFAIRS AND INVESTOR RELATIONS on
07 3835 5769, or 0408 884 737


ANACONDA NICKEL: Posts Murrin Murrin Nickel Progress Report
----------------------------------------------------------
Anaconda Nickel Limited announced that Murrin Murrin exceeded
budgeted production for the month of September producing 2,193
tons of nickel (111% of Budget) and 132 tons of cobalt (136% of
Budget). The first quarter of the fiscal year ended with record
quarterly production of 7,467 tons of Nickel (121% of previous
best quarter) and 407 tons of Cobalt (104% of previous best
quarter).

As planned, the plant shutdown started on September 21st and has
progressed on schedule with major work in the acid plant,
autoclaves and the mixed sulphides circuit being completed. The
shutdown is incorporating rectification work as part of the ramp
up schedule, statutory inspections, and repair work, if
required.

A significant milestone was reached during September with 129
tons of nickel produced in a 24 hr period, followed by a record
146 tons in the next 24 hr period. These production milestones
represent 105% and 119% of design capacity, respectively.

Ramping up of the Murrin Murrin Nickel Cobalt Operation
continues on schedule with the operation demonstrating
continuous improvement of quarterly nickel production for the
last 5 quarters.


ANSETT: Awaits Parent Company's Rescue
--------------------------------------
Ansett's future hinges on its parent Air New Zealand (ANZ)
recapitalization talks. Successful completion of negotiations is
expected within days, The Age reported Tuesday.

"Final agreement would depend on some sort of settlement over
how much ANZ might pay to meet the entitlements of Ansett
workers if several thousand workers in the Australian subsidiary
were made redundant," unidentified sources said.

Originally it was said Ansett's recapitalization plan, involving
a $NZ880 million ($A726.49 million) funding package, was merely
waiting final sign-off from the New Zealand Government and key
Air NZ shareholders, Brierley Investments and Singapore
Airlines. The big board changes are expected at ANZ.

In the meantime, Ansett's administrators began talks with up to
five parties that have expressed interest in buying the failed
airline's intercapital operations.

At the same time, 19 lessors and financiers, supplier of planes,
engines and spare parts, told the Federal Court that they were
anxious to get their planes and other assets back as soon as
possible. They agreed to meet the administrators and technical
assistants on Wednesday to draw up a schedule for final
maintenance and safety checks by Ansett's crews.

"The company had deployed extra staff to deal with the lessors,
and noted that Andersen partner Delma Thompson had spent most of
the past two weeks dealing only with matters concerning leased
planes," Ansett Administrator Mark Mentha said.

The administrators also won an extension for the next creditors'
meeting, tentatively after December 12, although administrators
must report on progress by early November.


ANSETT: Flies Again, 'Kick Start' Fares On Sale
-----------------------------------------------
Ansett flew again on the Sydney-Melbourne route starting
Saturday using five Airbus A320 aircraft and selling most of its
seats for $99 one-way "Kick-Start" fares.

The "Kick Start" fares go on sale 9:00am on 27 September 2001
and can be purchased via the Ansett web site at
www.ansett.com.au or Ansett Reservations on 13 13 00 (a $5
booking fee applies).

Dubbed "Ansett Mark II" the restart operation is the combined
effort of staff and management with the support of Ansett
Administrators Mark Mentha and Mark Korda.

The airline will be run by Ansett staff from Ansett terminals.
It will operate up to 32 flights daily between Melbourne and
Sydney with 144 seat Airbus A320 aircraft and will aim to add
services to Brisbane and Perth within 7-10 days.


CABLE & WIRELESS: Posts Daily Share Buy-Back Notice
---------------------------------------------------
Cable & Wireless Optus Limited posted this Daily Share Buy-Back
Notice:

                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
Cable & Wireless Optus Limited

ACN
052 833 208

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back            Selective off-market buy-back
                              (Conducted in accordance with a
                               modification of the Corporations
                               Act granted under the Australian
                               Securities & Investments
                               Commission's Policy Statement 110
                               dealing with Share Buy-backs).

2. Date Appendix 3C was given to 29/03/2001 to ASX


TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                               BEFORE               PREVIOUS
                               PREVIOUS                DAY
                               DAY

3. Number of shares bought   1,642,101,319             996,985
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid 6,225,502,631.68        3,884,841.10
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                        Highest price paid   Highest price paid
                               N/A                  N/A
                               Date:   -

                        Lowest price paid    Lowest price paid
                               N/A                  N/A
                               Date:   -
                                                Highest price
                                            allowed under rule
                                                   7.33:
                                                   N/A

PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      N/A
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     0
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.


CABLE & WIRELESS: Issues Final Share Buy-Back Notice
----------------------------------------------------
Cable & Wireless Optus Limited issued this Daily Share Buy-Back
Notice:

                     FINAL SHARE BUY-BACK NOTICE
                  (EXCEPT MINIMUM HOLDING BUY-BACK)

Name of Entity
Cable & Wireless Optus Limited

ACN
052 833 208

We (the entity) give ASX the following information.


DESCRIPTION OF BUY-BACK

1. Type of buy-back            Selective Off-market Buy-back
                               (Conducted in accordance with a
                               modification of the Corporations
                               Act granted under the Australian
                               Securities & Investments
                               Commission's Policy Statement 110
                               dealing with Share Buy-backs).

DETAILS OF ALL SHARES BOUGHT BACK

2. Number of shares bought back    1,643,098,304

3. Total consideration paid or     $6,229,387,472.78
   payable for the shares

4. If buy-back is an on-market
   buy-back:

   - highest and lowest price
     paid

                  Highest price:   N/A
                           Date:   -
                   Lowest price:   N/A
                           Date:   -


COMPLIANCE STATEMENT

1. The company is in compliance with all Corporations Law
    requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
   disclosed that has not already been disclosed, or is not
   contained in, or attached to, this form.


DREAM HAVEN: Shuts Down Melbourne Operations
--------------------------------------------
About 120 staff members at Dream Haven Bedding and Furniture,
which was placed into administration in August, are jobless
since the South African-controlled company shuttered its
Melbourne operations on Friday, The Age reported Tuesday.

The staff will receive about 80 percent of the $1.7 million owed
in employee entitlements, including annual and long-service
leave and redundancy payments. However, creditors of the
manufacturer will be left out.

"Commonwealth Bank will receive about $400,000 of the $2.2
million it was owed," Administrator Andrew McLellan of Carson &
McLellan PPB said.

Unsecured creditors, such as bedding supplier Forty Winks, are
unlikely to recover anything once Dream Haven's assets were sold
at auction at the end of the month.

Controlling shareholder Renaissance Retail Group will be about
$2.5 million short and bedding retailer Capt'n Snooze will also
be left empty-handed, having spent $1 million on due diligence
and Dream Haven workers wage funding during this period. It
abandoned a proposed merger with the manufacturer two months
ago.

The manufacturer, which drifted $2.59 million into the red this
year on revenue of $14.6 million, is carrying an estimated $9
million in debt.

"Although 50 expressions of interests were lodged after the
company was put up for sale, no offers were made," McLellan
concluded.


ORANGE MIRRIWINNI: PwC Posts Case Profile
-----------------------------------------
PricewaterhouseCoopers (PcW) posted this profile of Orange
Mirriwinni Aboriginal Corporation:

Territory  :  Australia
Company Name :  Orange Mirriwinni Aboriginal Corporation
Lead Partner :  Ian Hall
Case Manager :  Nicholas Carter
Date of Appointment:  12 May 1999
Normal Contact :  Roz Watson
Contact Phone No :  (07) 3257 8600

PwC Office

Location :  Brisbane
PO Box :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City  :  BRISBANE
State  :  QLD
Postcode :  4001
DX  :  DX 77 Brisbane
Phone  :  (07) 3257 5000
Fax  :  (07) 3257 8004
Appointor :  Supreme Court of Queensland
Type of Appointment:  Liquidator
Lead Partner - Full Name :  Ian Richard Hall
Second Partner - Full Name :  Peter James Hedge

Case Information

First Creditors' Meeting

Date  :  8 November 2000
Time  :  10am Brisbane time
Address :  Level 11 Waterfront Place, 1 Eagle Street
               Brisbane 4000
Proxy return date:  7 November 2000
Return time :  12:00 PM

Second Creditors' Meeting (or adjournment)

Date  :  N/A

Annual General Meeting

Date  :  N/A

Other Key Information

Report as to Affairs received from directors :  None received

Dates of trading by insolvency practitioner :  Not traded

Business sold/ceased trading    :

Background Information

The corporation went into liquidation on 12 May 1999, with Ian
Hall and Peter Hedge being subsequently appointed liquidators on
2 September 1999. The corporation was incorporated to obtain
funding to develop infrastructure for the Aboriginal community
in the Orange area of NSW. Investigations into the affairs of
the company have been limited by the lack of records recovered.
A meeting of creditors has been called for 8 November 2000.

Current status of assignment and actions required by creditors

Process of realizing property and ascertaining creditors.

Next milestone and estimated timetable

Meeting of creditors on 8 November 2000

Likely outcome for creditors and timetable

It is likely there may be a dividend for creditors depending on
the extent of realizations. The administration should conclude
by April 2001.


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


REBOUND LIMITED: Petition To Wind Up
------------------------------------
The petition to wind up Rebound Limited is set for hearing
before the High Court of Hong Kong on October 10, 2001 at 9:30
am. The petition was filed with the court on July 17, 2001 by
Jeremy Tang of Flat 2A, 29th Floor, Block A, Ventris Place, 19-
23 Ventris Road, Happy Valley, Hong Kong.


WEI FUNG INTERNATIONAL: Winding Up Sought By Imation
----------------------------------------------------
Imation Hong Kong Limited is seeking the winding up of Wei Fung
International Company Limited. The petition was filed on July
10, 2001, and will be heard before the High Court of Hong Kong
on October 3, 2001.

Imation holds it registered office at 30th Floor, Two Chinachem
Exchange Square, 338 King's Road, North Point, Hong Kong.


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


HOLDIKO PERKASA: Cancels Sale Of Sulfindo Group
-----------------------------------------------
Holdiko and Indonesian Bank Restructuring Agency announced that
the sale of Holdiko's entire shareholding in Sulfindo Group that
began in May 2001 has been cancelled.

In the sale process of Sulfindo Group, discussions were first
initiated with Holdiko's joint venture partners, Sumitomo and
Tosoh, prior to offering the shares to other potential investors
through an open tender process.

However, the final bids submitted by the investors were far
below the preliminary bids as well as below the valuation range
submitted by our Financial Advisor. Together with IBRA, Holdiko
will review various steps that can be taken to increase
Holdiko/IBRA's recovery rate for this asset.

Sulfindo Group consists of 3 (three) consolidated companies
producing chlorine and caustic soda, ethylene dichloride (EDC)
and Vinyl Chloride Monomer (VCM), poly vinyl chloride (PVC).
Sulfindo Group's head office is located in Jakarta, with
production facilities located in Merak, West Java.

Other Holdiko Asset Sales:

Holdiko continues to proceed with the sale of 11additional asset
sales targeted for this fiscal year.

On Friday, September 21st, Holdiko received 10 preliminary bids
out of the 58 participating investors for PT Poli Contindo Nusa,
the steel drum manufacturer. IBRA and Holdiko will shortlist 9
of these investors to proceed to the final bidding stage.

>From 131 participating investors in the sale of the Sugar Group,
Holdiko received 11 preliminary bids last Friday, September
28th. 9 of these investors will be selected to proceed to the
final bidding stage.

Over the next 10 days, Holdiko and IBRA expect to receive
preliminary bids for the following assets:

Assets: Preliminary Bidding:

1. PT Indosiar Visual Mandiri Tbk       5 October 2001
2. PT Berdikari Sari Utama Flour Mills 9 October 2001
3. Guandong Jiangmen ISN Float Glass 12 October 2001


SEMEN GRESIK: Govt To Suffer US$780M Put Option Losses
------------------------------------------------------
The state will incur losses of up to US$780 million if the
government goes ahead with a put option by selling 51% of its
stake in PT Semen Gresik in order to get US$520 million from
Cemex SA de CV, Bisnis Indonesia reported Tuesday.

"Semen Gresik's normal value is US$1.3 billion as it contains
Semen Padang and Semen Tonasa. If Cemex SA de CV buys it for
US$520 million in the put option, there is a price of difference
of US$780 million.

"Therefore the government has to consider the potential loss
from the put option, which will burden the state budget by
US$780 million or Rp7.02 trillion with exchange rate assumption
of 9.000," Semen Padang's spin off review team member Asri
Mukhtar said.

Other potential losses from the put option is that the
government will not only lose three cement factories, but will
also lose opportunities, both in terms of SGG's potential and
production prospects.

"In other words, the government could get US$160 million more
from SGG's production in a year, compared to revenues resulting
from the put option. We can get more in the long term."


* Govt Weighs Six-Bank Merger Plan
----------------------------------
The Indonesian government is considering a plan to merge six
banks, Bank Bali, Bank Niaga, Bank Universal, Bank Prima
Express, Bank Media and Bank Patriot, under the control of the
Indonesian Bank Restructuring Agency, into one. The new bank
would be called Power Bank, Asia Pulse reported Monday.

Minister for state companies Laksamana Sukardi agreed in
principle with the plan to combine six recapitalized banks, a
bank source said.

Sikardi, however, said that there has not been talks between
those banks and the government regarding the merger plan.

"The government has not given an official statement about the
plan as it is still studying the pros and cons surrounding the
idea," Sukardi said.


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


MITSUBISHI MOTORS: Appoints CEO For Mitsubishi Europe
-----------------------------------------------------
Stefan Jacoby, formerly a senior executive of Volkswagen AG, has
been appointed by Mitsubishi Motors Corporation to the post of
President and Chief Executive Officer of Mitsubishi Motors
Europe B.V., the Daily Yomiuri reported Monday.

Mitsubishi Motors is presently implementing a restructuring plan
throughout its entire group. The plan involves the company
aiming to return its European operations to breakeven in fiscal
2003, to be achieved by:

(1) Reducing costs through organizational and other
structural reforms,
(2) Introducing long-term product strategies to boost sales,
and,
(3) Strengthening local production activities with the
introduction of the Z-Car model.

Stefan Jacoby, an MBA graduate of the University of Cologne, is,
according to the report, quite knowledgeable about the
automobile business and quite experienced too, having been
working previously in the United States, Europe and Japan.


MYCAL CORP: Being Eyed By Several Companies
-------------------------------------------
Mycal Corporation, which filed for protection from creditors
last month, has drawn the attention of more than 10 Japanese and
foreign companies, Kyodo News reported Tuesday.

French retail giant Carrefour, Wal-Mart Stores, even Japan's
Ito-Yokado and Aeon Company are reportedly interested in taking
over the assets of the failed Japanese retail chain. U.S.
investment funds Ripplewood Holdings LLC and Cerberus Group are
likewise showing interest.

Some or all of Mycal's assets may be auctioned as early as next
week to sort out applicants and some 30 companies are already
slated to participate. Mycal plans to hold a few more auctions
to determine a buyer for its operations, which may start
November.

Mycal filed for court protection from creditors last September
14 with Y1.39 trillion total liabilities at its parent company
and a group debt of Y1.74 trillion.


SONY CORP: CEO Sure Of Achieving Profit Goal
-------------------------------------------
Sony Corporation's Chairman and CEO Nobuyuki Idei is confident
that the videogame business has started making profits which
should continue until the end of the year, the Asian Wall Street
Journal reported Monday.

Idei attributes his confident forecast to the fact that
Microsoft's Corporation "X-Box", another video game console,
won't be available in Japan until next year, while Nintendo's
"Gamecube", still another video game console launched last
month, wasn't making any progress in the market.

Even with the recent terrorist attacks, Idei says that it's
impact wouldn't be that big considering that people tend to stay
home nowadays, largely benefiting family-oriented entertainment
businesses.

Sony plans worldwide shipments of 20 million units for
Playstation 2; 10 million units of the much older Playstation 1;
and 170 million pieces of game software.


UFJ HOLDINGS: Posts 1H Net Loss On Stocks
-----------------------------------------
The Mainichi Shimbum reported Monday that UFJ Holdings Inc., has
reported losses totaling several tens of billions of yen for the
fiscal first half which ended September 30.

UFJ is the holding company resulting from the integration of
operations last April between Sanwa Bank, Tokai Bank, and Toyo
Trust & Banking Company. These three banks announced their
restructuring program last March.

Currently undergoing reconstruction, the holding company's loss
outlook will reflect Y300 billion in appraisal losses on the
three bank's stock holdings.


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


DAEWOO MOTOR: GM Begins Due Diligence Study
-------------------------------------------
Yonhap News Agency reported Monday that General Motors will
conduct a due diligence study on the ailing Daewoo Motor this
week. GM delegates would tour all Daewoo's 22 domestic and
overseas plants and review the finances of the Korean automaker.

GM has taken over Daewoo's operations through a memorandum of
understanding signed by the US carmaker and the latter's
creditors. A final deal between both parties is expected at
year's end.

GM is supposed to take over four Daewoo plants, which include
two from South Korea, the latter having a combined total output
of 500,000 vehicles.


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


ABRAR CORPORATION: Posts Regularization Progress Report
-------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)(the
Company) made this announcement:

Pursuant to the Memorandum of Understanding (MoU) executed by
the Company and Asia Pacific Land Berhad (APLand) and certain
subsidiaries / sub-subsidiaries of APLand (the White Knight) on
27 June 2001, the various consultants appointed by the Company
and the White Knight have progressed on the conduct of the due
diligence and valuation exercises on the assets of the White
Knight. The assets are valued at RM 700 million to RM 800
million and these exercises are expected to be completed by mid-
October 2001.

On 3rd September 2001, the Exchange vide its letter granted the
Company with an extension of time of two (2) months for the
Company to comply with para 5.1 of PN No. 4/2001.The Company is
now required to announce to the Exchange of the Company's plans
to regularize its financial condition by 22nd October 2001 (the
Requisite Announcement).

The Exchange's granting of the extension of time to the Company
was in response to the Company's request for the same by its
letter dated 13 August 2001 pursuant to paragraph 5.1of PN No.
4/2001.

On 11 September 2001, the Company submitted its 1st Progress
Report to the Exchange pursuant to the Exchange's letter dated 3
September 2001 outlining the details of all the developments
that took place in respect of the Company's corporate debt
restructuring exercise (the Workout Proposal)

The followings are some of the developments that took place in
the month of September 2001.

1. On 5 September 2001, the Special Administrators of the
Company received the draft review of the legal due diligence
report from the consultants.

2. On 7 September 2001, the Special Administrators of the
Company received that draft review of the financial due
diligence report from the consultants.

3. On 10 September 2001, the Special Administrators received
comments on the Company's draft Workout Proposal from
Pengurusan Danaharta Nasional Berhad.

4. On 10 September 2001, a meeting was held with the Securities
Commission to discuss and to seek the Securities Commission's
preliminary views and comments on the Company's Workout
Proposal.

5. On 11 September 2001, the Company submitted to the Exchange
the required 1st. progress report on the development and latest
status of the regularization exercise between the Company's
extension application letter dated 13 August 2001 and 11
September 2001

6. On 17 September 2001, a meeting was held with the Exchange to
discuss and to seek the Exchange's preliminary views and
comments on the Company's Workout Proposal.

7. On 21 September 2001, the Company's 46th Annual General
Meeting was held.

The Company shall have to provide the Exchange with a 2nd.
progress report by 17 October 2001 on any further development on
the regularization exercise  between 11 September 2001 and 16
October 2001.


CHASE PERDANA: Revised Scheme Forwarded To Lenders
--------------------------------------------------
Chase Perdana Berhad (the Company) announced that its advisor,
Southern Investment Bank Berhad (SIBB) had forwarded a revised
Proposed Debt Restructuring Scheme (Revised Scheme) to all
Financial Institution (FI) lenders on 10 September 2001.
Subsequently, a creditors meeting was held on 20 September 2001
under the auspicious of Corporate Debt Restructuring Committee.

Further to the comments from the FI lenders, the Company and
SIBB are reviewing the Revised Scheme.


CSM CORPORATION: No Changes On Financial Regularization Status
--------------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Berhad
(CSM or the Company), Arab-Malaysian Merchant Bank Berhad
announced that further to the announcement dated 3 September
2001, there has been no change to the status of CSM's plans to
regularize its financial condition.

On 3 September 2001, the Kuala Lumpur Stock Exchange, an
extension of 2 months from 26 August 2001 to 25 October 2001 to
make the Requisite Announcement, had granted CSM.

Profile

The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE. Current production
capacity/production output is 236 m/t of butter per month.

Recently, the Company entered into a JV with Saujana Pertiwi Sdn
Bhd for development of mixed residential and commercial
properties on leasehold land measuring approx. 19.56 acres
located at Kelana Jaya, Selangor (Kelana Perdana Project). The
first phase, the Bayu Sutera Condominium comprising 260 units
residential apartments, was launched in December 1999.

Trading, manufacturing and property management will remain the
focus of the Group, in addition to property development that is
envisaged to improve in years to come.

Group operations are located in Kuala Lumpur, Penang, Ipoh,
Malacca, Johor, Kuantan, Sabah and Sarawak.

Following its shareholders' deficit position for financial year
ending 31.12.2000 and default with its bank lenders, the Group
is undertaking a corporate and debt restructuring exercise,
which may include the divestment of certain assets of the Group,
restructuring of the Group's borrowings and new assets
injection. The Group has appointed an independent financial
advisor and merchant banker to advise on the restructuring
proposals. The Group together with its advisors are currently
formulating a restructuring scheme to regularize its financial
conditions and address its debt obligations. The KLSE has
granted the Company a three-month extension until 25.10.2001 to
make an announcement on its plan to regularize its financial
condition


JASATERA BERHAD: New Recapitalization Advisor Appointed
-------------------------------------------------------
The Board of Directors of Jasatera (Board) revealed that by
Affin Merchant Bank Berhad (AMBB) resigned as the adviser for
the Proposed Recapitalization Exercise.

Subsequently, the Company appointed Public Merchant Bank Berhad
(PMBB) as the main adviser for the Proposed Recapitalization
Exercise in place of AMBB.

The Board is also pleased to say that the Company is in the
process of preparing the applications to the relevant
authorities and is expected to submit the respective
applications to the authorities by the end of October 2001,
pursuant to PN 4/2001 of the KLSE Listing Requirements.


NAUTICALINK BERHAD: Updates Financial Regularization Status
-----------------------------------------------------------
The Board of Nauticalink Berhad (NLB or the Company) announced
that since the last monthly status announcement dated 3rd
September 2001, the Company has identified a few parties with
prospective assets, which are available for acquisition.
Negotiations are underway for the terms and conditions of the
proposed acquisitions to be concluded with the prospective
parties concerned in the Company's pursuit towards regularizing
its financial position.

In any event, NLB is expected to make the requisite announcement
of its fresh corporate proposals once finalized within the
period up to 21st October 2001, being the extended date as
granted by the Kuala Lumpur Stock Exchange.


MAY PLASTICS: Proposed Restructuring Scheme Status Unchanged
------------------------------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI)
state the scheme status has not changed except for:

The Company has received the approval of the Securities
Commission on 14 September 2001 (SC's approval), for the Company
to implement the Proposals without having to comply with the
condition imposed by the SC earlier that full approvals must be
obtained for the conversion of the 1,010 acres of freehold land
located in Mukim of Beruntung, District of Ulu Langat, Selangor
from "agriculture" to "development" status. The SC's approval,
is subject to the following conditions:

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

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

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

Other than the above, the Company has to-date obtained the
following approvals from the following authorities/parties to
implement the Proposals:

  *  Securities Commission on 23 June 2000, 7 November 2000 and
27 July 2001;

  * Ministry of International Trade and Industry on 19 November
1999 and 7 June 2000;

  * Foreign Investment Committee on 22 October 1999 and 30 May
2000;

  * Shareholders, warrantholders and scheme creditors of MPI on
22 December 2000;

  * The High Court of Malaya pursuant to Section 176 of the
Companies Act, 1965 on 26 February 2001.

  * The KLSE's approval-in-principle on 4 May 2001 for admission
of KSU Holdings Berhad (KSUH) to the Official List of the Second
Board of KLSE and the initial listing and quotation of the
KSUH's shares and KSUH warrants on the Second Board of KLSE; and
the additional listing of and quotation for new shares in KSUH
to be issued pursuant to the exercise of the KSUH Warrants.

The Company is in the process of implementing the Proposals.


The Penas Group of Companies are involved in residential and
commercial building construction, plumbing and sanitary
engineering works. The base of operations is Penang. Contracts
in hand are worth approx. RM600m.

On 12.4.2000, the Company entered into separate MOUs to acquire
100% each in PT Wang Sarimulti Utama Corporation, Tekun Asas Sdn
Bhd and Precision Press Industries Sdn Bhd. The date for
execution of formal SPAs has been mutually extended.

Currently, the Group is finalizing a proposed debt restructuring
exercise with the view to returning to profitability. The scheme
will involve, among others, the injection of businesses and
property development projects into the Group.


PLANTATION & DEV'T: BNM Approves Proposed Debt Scheme
-----------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Plantation &
Development (Malaysia) Berhad (P&D or the Company), announced
that the Company has obtained approval from Bank Negara Malaysia
(BNM), via it's letter dated 25 September 2001, to settle the
amount owing to certain non-residents through the issuance of a
combination of shares, debt instruments and warrants in Mayvyn
Consolidated Berhad (MCB)  pursuant to the proposed debt and
equity restructuring scheme of the Company. The BNM's approval
is subject to the conditions as set out below:

   a. MCB, being the new holding company of P&D pursuant to the
proposed debt and equity restructuring scheme, is required to
obtain the approval and to comply with the terms and conditions
of the other relevant authorities; and

   b. the redemption of the said debt instruments are required
to be made in foreign currencies (other than currencies of
Isreal, Serbia and Montenegro).

Save as disclosed, there is no material change to the status of
the Company's plan to regularize its financial condition from
the plan as announced on 22 October 1999.


SRI HARTAMAS: Enters Deed of Adherence With HGB, FACB
-----------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Sri Hartamas Berhad (Special Administrators Appointed) (SHB),
in relation to the Proposed Scheme of Arrangement, announced
that Newco has been incorporated under the Malaysian Companies
Act, 1965 on 9 July 2001 under the name of Hartamas Group Sdn.
Bhd. (HGB).

HGB will be converted into a public company after the approval
for the Proposed Scheme of Arrangement has been received from
the Securities Commission but prior to its implementation.

In addition, SHB (through its Special Administrators) had on 25
September 2001 entered into a Deed of Adherence and a
Supplemental Reconstruction Agreement with HGB and FACB Resorts
Berhad which supplements the reconstruction agreement dated 23
May 2001 which relates to the Proposed Scheme of Arrangement.

Details of the Deed of Adherence and the Supplemental
Reconstruction Agreement, which results in the revision to the
Proposed Scheme of Arrangement, will be announced by CIMB on a
later date.


TAJO BERHAD: Mutually Terminates SPA Agreement With KASB
--------------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad)(Alliance), on behalf of the Board of Directors
(Board) of Tajo, announced that due to an anticipated delay in
the completion of a condition precedent in the Sale and Purchase
Agreement (SPA) between Tajo and Kris Angsana Sdn Bhd (KASB)
dated 20 December 2000 and the Profit Guarantee Agreement (PGA)
dated 20 December 2000, for the acquisition of Plaza Palas Tower
by Tajo, both Tajo and KASB have now agreed to mutually
terminate the SPA. An announcement on the deeds of revocation in
respect of the SPA and PGA will be made upon their signing.

In addition, Tajo has commenced negotiations with a new
potential "white knight" which will be integral to the proposed
debt restructuring of Tajo. The negotiations are currently on-
going and an announcement will be made in due course on the
finalization of the revised scheme.

Background

On 23 February 2001, Alliance announced the status of Tajo's
plan to regularize its financial condition since the First
Announcement made on 23 February 2001 as required under Section
4.1 (a) of Practice Note No. 4/2001

On 11 May 2001, Alliance announced on behalf of the Board of
Tajo that the Securities Commission (SC) in its letter to
Alliance dated 4 May 2001 (SC's Letter) advised Tajo to review
the Proposed Scheme (as announced on 20 December 2000 and 19
January 2001) and to resubmit a more concrete scheme for its
consideration. It was stated that the Board of Tajo was
deliberating on the contents of the letter from the SC.

On 1 June 2001, Alliance on behalf of the Board of Tajo further
announced that Tajo is currently taking steps to address certain
issues before submitting a more concrete and updated scheme for
SC's consideration. It was also stated that Alliance on behalf
of Tajo, by its letter dated 21 May 2001 had sought the approval
of the Kuala Lumpur Stock Exchange (KLSE) to grant an extension
of a further eight (8) months for Tajo to comply with the
requirement of Paragraph 5.1 (c) of Practice Note No. 4/2001,
i.e. up to 22 January 2002 (Extension) for Tajo to procure the
approvals of the relevant regulatory authorities for the
Proposed Scheme as the deadline for obtaining the SC's approval
for the Proposed Scheme had expired on 22 May 2001.

On 3 August 2001, Alliance on behalf of the Board of Tajo
announced that the KLSE vide its letter dated 2 August 2001 had
granted its approval for the extension of a period of 5 months
from 11 May 2001 to 10 October 2001 to enable the Company to
make a re-submission of its regularization plan to the relevant
authorities for approval.


UH DOVE: SC Grants Proposals' Approval
--------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of the Board of Directors UH Dove Holdings Berhad (UHD or
the Company), announced that the Company has received the
approval of the Securities Commission (SC) for the following
proposals:

   (i) The Proposed Rights Issue of 27,000,000 new ordinary
shares of UHD of RM1.00 each (shares) on the basis of three (3)
new ordinary shares of UHD for every two (2) existing shares
held in UHD, as proposed;

   (ii) The Proposed Debt Restructuring involving part
settlement of amounts owing by the UHD Group to financial
institutions amounting to RM32,489,000 via the issuance of up to
a total of 32,489,000 new UHD shares on the basis of one (1) new
UHD share at an issue price, to be determined as set out under
paragraph 3(e) below, for every RM1.00 debt as compared to the
issuance of 32,489,000 new UHD shares on the basis of one (1)
new UHD share at an issue price of RM1.00 per share for every
RM1.00 debt as proposed;

   (iii) The Proposed Acquisition of 4,991,274 shares and the
rights to allotment of an additional 233,937 new shares,
representing 100% equity interest in Bertam Development Sdn Bhd
(Bertam), for a total purchase consideration of RM70,000,000 to
be satisfied through the issuance of up to 70,000,000 new UHD
shares at an issue price, to be determined as set out under
paragraph 3(e) below, as compared to the issuance of 70,000,000
new UHD shares at an issue price of RM1.00 per share as
proposed;

   (iv) The Proposed Acquisition of 5,000,000 shares,
representing 100% equity interest in Budaya Identiti Sdn Bhd
(BISB), for a total purchase consideration of RM15,659,000 to be
satisfied through the issuance of up to 15,659,000 new UHD
shares at an issue price, to be determined as set out under
paragraph 3(e) below, as compared to the total purchase
consideration of RM21,418,000 to be satisfied through the
issuance of 21,418,000 new UHD shares at an issue price of
RM1.00 per share as proposed;

   (v) The Proposed Acquisition of 2,000,000 shares,
representing 100% equity interest in Syarikat Sungei Buan Sdn
Bhd (SSBSB), for a total purchase consideration of RM14,000,000
to be satisfied through the issuance of up to 14,000,000 new UHD
shares at an issue price, to be determined as set out under
paragraph 3(e) below, as compared to the issuance of 14,000,000
new UHD shares at an issue price of RM1.00 per share as
proposed;

   (vi) The Proposed Acquisitions of eight (8) parcels of
freehold land located in Lot 186, 2732, 5492, 5493, 8111, 10725,
11613 and 14129, Mukim Serom, Daerah Muar, Johor Darul Takzim
(Muar Land) for a total purchase consideration of RM43,100,000
to be satisfied through the issuance of up to 43,100,000 new UHD
shares at an issue price, to be determined as set out under
paragraph 3(e) below, as compared to the total purchase
consideration of RM49,000,000 to be satisfied through the
issuance of 49,000,000 new UHD shares at an issue price of
RM1.00 per share as proposed; and

   (vii) Listing of and quotation for the UHD shares to be
issued pursuant to the above proposals, on the Second Board of
the Kuala Lumpur Stock Exchange, as proposed.

The SC has also granted its approval for an application by Brem
Holding Berhad (BHB), VA Trading Sdn Bhd (VATSB), Haji Omar Bin
Haji Mohd Esa, Ng Sing Hwa, Ng Chee Hua, Ng Kwee Hua, Beh Poh
Sim, Miramas Realty Sdn Bhd (MRSB), Multiple Launch Sdn Bhd
(MLSB), Miramas Development Sdn Bhd (MDSB) and Brem Development
Sdn Bhd (BDSB) (Concert Parties) for an exemption to be granted
under Practice Note 2.9.3 of the Malaysian Code on Take-Overs
and Mergers 1998 (Code) from having to undertake the mandatory
offer to acquire the remaining shares in UHD not already held by
them pursuant to Part II of the Code.

The approval of the SC for the Proposals is subject to, amongst
others, the following conditions:

   (a) The utilization of the proceeds to be raised from the
Proposed Rights Issue (Proceeds) is subject to the following:

     (i) the SC's approval is required for any variation to the
original utilization if the said variation involves utilization
of the Proceeds other than for the core business of UHD;

     (ii) approval from the shareholders of UHD is required for
the utilization of the Proceeds as stated and any variation of
more than 25% of the original utilization. If the proposed
variation is less than 25%, appropriate disclosure is to be made
to the shareholders of UHD;

     (iii) any extension of time from the period fixed by UHD
for the utilization of the Proceeds raised should be approved by
a final resolution by the Board of Directors of UHD and fully
disclosed to the Kuala Lumpur Stock Exchange (KLSE); and

     (iv) appropriate disclosure on the status of the
utilization of the Proceeds raised should be made in the
Quarterly Reports and Annual Report of UHD until the said
proceeds are fully utilized.

   (b) the issue price of the rights shares is to be fixed at
the theoretical "ex-all" price based on the weighted average
market price of UHD shares for the five (5) consecutive market
days before the price fixing date, or RM1.00 whichever is the
higher. Where the price of the rights shares is fixed at a
discount of more than 30% from the theoretical "ex-all" price,
the promoters and directors of UHD are required to give a
written undertaking to the SC that they will not dispose of
their shares from the "ex-date" of the shares until 10 market
days after the listing of the rights shares;

   (c) the purchase consideration for the companies to be
acquired (Acquiree Companies) shall be based on the latest
adjusted audited net tangible assets, i.e. for Bertam and BISB
on 31 March 2001 and for SSBSB on 31 December 2000. If the
latest adjusted audited net tangible assets for the Acquiree
Companies are lower than the purchase consideration, the vendors
of the Acquiree Companies are required to compensate UHD for the
difference between the purchase consideration and the latest
adjusted audited net tangible assets of the respective
companies;

   (d) full disclosure is required in the circular of UHD in
respect of the premium/discount on the adjusted net tangible
assets for the Acquiree Companies to reflect the latest adjusted
net tangible assets, i.e. for Bertam and BISB on 31 March 2001
and for SSBSB on 31 December 2000;

   (e) the issue price of the shares to be issued for the
Proposed Debt Restructuring and the Acquiree Companies/Muar Land
shall be fixed based on the theoretical "ex-all" price or the
indicative issue price of RM1.00 per share, whichever is the
higher compared to the issue price of RM1.00 per share as
proposed. As such, MIMB is required to inform the SC of the
final price to be fixed and the final number of shares to be
issued together with the final equity interest of the Concert
Parties in UHD arising from the Proposals including the Proposed
Rights Issue.

   (f) A moratorium shall be imposed on up to a maximum
71,379,000 shares by the respective vendors of the Acquiree
Companies/Muar Land, compared to 77,209,000 shares as proposed
or 50% of the shares arising from the Proposed Acquisitions to
be received by the vendors of the Acquiree Companies/Muar Land
as stipulated in the SC's Policy and Guidelines on Issue/Offer
of Securities (Guidelines). As such, the vendors are not allowed
to sell, transfer or assign their rights to the shares for a
period of at least one (1) year from the date of listing of the
shares on the KLSE.

Thereafter, they are allowed to sell, transfer or assign not
more than one-third of the total shares on every subsequent
year. The SC has no objections to UHD's proposal for moratorium
to be imposed on the vendors, i.e. BHB, BDSB, MRSB, MLSB, Ng
Sing Hwa, Ng Chee Hua, Ng Kwee Hua, Chong Thin Choy, Yap Hee
Tiong, Joseph Soon Teik Leong, Beh Poh Sim, Teh Kim Teck, Wei
Han Sdn Bhd, VATSB, Gan Chin Yap and Haji Omar Hj. Mohd Esa.
However, with respect to paragraph 3 (e) above, MIMB is required
to inform the SC on the final number of shares to be imposed
under the moratorium.

The moratorium condition is also imposed on each shareholder of
the private company or subsequently on each ultimate
shareholder. As such, each of the said individual shareholders
or ultimate shareholders are required to provide written
undertakings that they will not sell, transfer or assign their
respective shareholdings in the private company(ies) concerned
as long as the moratorium is effective.

   (g) In the future, the promoters, directors and the
substantial shareholders of the Acquiree Companies/Muar Land are
not allowed to be involved in any businesses/ property
development projects which would give rise to a conflict of
interest, whether direct or indirectly, with the business of the
UHD Group. Each of the said parties is required to disclose in
the abridged prospectus and circular to shareholders their
existing interest/involvement in businesses that would give rise
to a conflict of interest with the business of the UHD Group and
steps taken or to be taken to avoid it.

   (h) The promoters of the Acquiree Companies/Muar Land are
required to be involved in the full time operations/management
of UHD and are not allowed to be involved in the full time
operations/management of their own personal businesses.

   (i) The directors of UHD will have to cease their involvement
in the operations/management of BHB, whether directly or
indirectly, if they are involved in the operations/management of
UHD, whether directly or indirectly.

   (j) Any future transactions to be entered into between the
UHD Group and parties or companies related to the said promoters
and directors of the Acquiree Companies/Muar Land should be
undertaken on normal commercial terms and not based on terms
that are detrimental to the UHD Group. Thus, the Audit Committee
of UHD must review the terms of the said transactions and the
directors of UHD must ensure that full disclosure is made in the
annual report of UHD yearly.

   (k) UHD is required to comply with all the requirements of
the SC Guidelines relating to the Proposals.

UHD's application to obtain approval on the proposed transfer of
its enlarged issued and paid-up share capital from the Second
Board to the Main Board of the KLSE was not considered because
UHD did not fulfill the requirement of the SC Guidelines whereby
the profit after taxation for the latest financial year must not
fall below RM8 million. The SC has informed that the said
proposed transfer will only be considered after UHD complies
with the said requirements.

The Board of Directors of UHD and the vendors of the Acquiree
Companies/Muar Land are considering the terms and conditions of
the SC's approval.


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


NATIONAL POWER: Transmission Assets Sale To Earn Napocor US$2B
--------------------------------------------------------------
Business World reported Tuesday that the sale of the
transmission assets of the National Power Corp. (Napocor),
currently being handled by National Transmission Company
(Transco), is expected to generate at least US$2 billion.

The figure could go higher than US$2 billion, depending on the
mode of privatization proceeding that is implemented, Transco
president Asisclo T. Gonzaga said.

Moreover, Gonzaga said the subsequent sale of Napocor's
subtransmission assets to distribution firms will generate an
added P12 billion. Subtransmission assets are those low voltage
transmission facilities that link the national transmission
system and the distribution system of utilities.


PICOP RESOURCES: Shuts Down Mill Operations
-------------------------------------------
Picop Resources Inc. will shut down its wood processing plant,
pulp mill and allied operations by the month's end due to the
company's inability to compete with cheap, imported products,
the Inquirer News Service reports Monday.

The country's largest integrated manufacturer of wood and paper
products also blamed the closures on the delay in the approval
of its annual operating plan by the Department of Environment
and Natural Resources. That delay deprived the company adequate
access to its raw materials.

The closure will affect 8,000 employees involved in Picop's
operations.

Formerly known as Paper Industries Corporation, the country's
biggest newsprint producer was listed in 1973 and later
diversified into particle board manufacturing and palm oil
plantation.

The company had total assets of P5.84 billion, against
liabilities totaling B2.79 billion. Its biggest stockholder is
Far East Cement Corporation.


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


AMTEK ENGINEERING: Unit Sells Property
--------------------------------------
Amtek Engineering Limited has disclosed in the Singapore Stick
Exchange October 1 that its wholly owned subsidiary, Amtek Mega
Engineering Pte Ltd has sold property to Marine Diesel Services
Pte Ltd.  Full details of the announcement are:

SALE OF PROPERTY

The Board of Directors of Amtek Engineering Ltd ("Amtek") wishes
to announce that its wholly owned subsidiary company, Amtek Mega
Engineering Pte Ltd has entered into a sale and purchase
agreement to sell the last JTC leasehold property at 77 Tuas
Avenue 1, Singapore 639513 to Marine Diesel Services Pte Ltd.

The said property was marketed by Colliers Jardine (Singapore)
Pte Ltd and the cash consideration of S$1.6 million was arrived
at on a willing buyer willing seller basis.
The gain from this sale is negligible as the property was
disposed at close to its written down value. The said property
has a remaining tenure of 52 years with 1,418.7 square meters of
land.

The aforesaid transaction does not have a material effect on
Amtek Group's net tangible assets per share nor earnings per
share for the financial year ending 30 June 2002.

None of the Directors nor substantial shareholders of Amtek have
any interest, direct or indirect, in the aforesaid transaction
save their shareholdings in Amtek.


BRIERLEY INVESTMENTS: Announces Director's Resignation
-------------------------------------------------------
Brierley Investments announced through a disclosure to the
Singapore Stock Exchange on October 1, the resignation of Sir
Selwyn Cushing as Director and the appointment of Tan Sri Quek
as Chairman. The announcement was:

Resignation of Sir Selwyn Cushing as Director and appointment of
Tan Sri Quek as Chairman

1 October 2001 - The Board of Directors of Brierley Investments
Limited ("BIL") wishes to announce that with effect from 30
September 2001:

1. Sir Selwyn Cushing has resigned as Director of BIL.

2. Tan Sri Quek has been appointed as Chairman of BIL.


CAPITALAND LIMITED: Completes Hotel Stakes Sale
-----------------------------------------------
Capitaland Limited posted a disclosure to the Singapore Stock
Exchange October 1, announcing that it has sold its controlling
interest in three hotels to Hotel Plaza Limited. The full text
of the disclosure:

COMPLETION OF SALE OF CONTROLLING INTEREST IN
THREE HOTELS IN SUZHOU, HANOI AND YANGON

Further to the announcement of CapitaLand Limited (the
"Company") on 26 April 2001 that it had entered into a
conditional sale and purchase agreement (the "Agreement") with
Hotel Plaza Limited ("HPL") for the sale to HPL (or its nominee)
of the Company's controlling interest in three hotels in Suzhou,
Hanoi and Yangon (the "Sale"), the Board of Directors of the
Company wishes to announce that it has completed the Sale on 28
September 2001.

The Company had on 26 April 2001 announced that the Sale
included, inter alia, the sale to HPL of the entire issued and
paid-up capital of Castle Star Developments Limited ("CSDL"), an
investment holding company incorporated in the British Virgin
Islands that would acquire the interest held by the Company in
PID Investments Pte Ltd ("PIPL"), itself an investment holding
company incorporated in Singapore, held by the Company. CSDL has
on 12 July 2001 acquired from the Company its interest in PIPL.

Pursuant to a supplemental agreement to the Agreement entered
into between the Company and HPL dated 30 August 2001 (the
"Supplemental Agreement"), the Company has now instead procured
CSDL, together with the other minority shareholders of PIPL, to
transfer directly to HPL the entire issued and paid-up capital
of PIPL and all shareholders' loans extended by the Company to
PIPL, consequent upon the Company's procuring the transfer to
HPL of the balance 15% interest in PIPL held by Overseas Union
Enterprise Limited ("OUE") together with all shareholders loans
extended by OUE to PIPL. CSDL will remain a wholly-owned
subsidiary of the Company.

There is no change to the aggregate consideration attributed to
the Company's sale of its controlling interest in the three
hotels in Suzhou, Hanoi and Yangon. All other material terms of
the Agreement also remain unchanged.


HONG LEONG: Posts Shareholder's Deemed Interests Changes
--------------------------------------------------------
Hong Leong Singapore Finance Limited posted to the Singapore
Stock Exchange a notice of changes in substantial shareholder's
Deemed Interests. Full text of the disclosure:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Kwek Holdings Pte Ltd ("KH")
Date of notice to company: 01 Oct 2001
Date of change of interest: 28 Sep 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
("Citibank Nominees") for account of
Welkin Investments  Pte Ltd ("Welkin")
Circumstance giving rise to the change: Others
Please specify details: Open Market Purchase
KH has deemed interest in these shares
held in the name of the registered
holder, Citibank Nominees for the
account of Welkin, a wholly-owned
subsidiary of Hong Leong Investment
Holdings Pte. Ltd.

Shares held in the name of registered holder

No. of shares of the change: 13,000
Percent of issued share capital: 0.003
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee: S$1.3546
No. of shares held before change: 957,000
Percent of issued share capital: 0.222
No. of shares held after change: 970,000
Percent of issued share capital: 0.225

Holdings of Substantial Shareholder including direct and deemed
interest:
                                   Deemed            Direct

No. of shares held before change: 205,331,758          0
Percent of issued share capital:    47.713             0
No. of shares held after change: 205,344,758           0
Percent of issued share capital: 47.716                0
Total shares:                      205,344,758         0

Note:
Percent of issued share capital is based on the Company's issued
share capital of 430,340,464 shares of $1.00 each as at 28
September 2001.


FHTK HOLDINGS: Announces Chief Financial Officer Appointment
------------------------------------------------------------
FHTK Holdings Limited posted an October 1 announcement to the
Singapore Stock Exchange regarding the appointment of a Chief
Financial Officer. The announcement:

Announcement Of Appointment Of Chief Financial Officer
Date of appointment: 01 Oct 2001

Name: Paul Loh Kok Seng
Age: 43
Country of principal residence: Singapore
Whether appointment is executive, and if so, the area of
responsibility: Yes. Chief Financial Officer

Working experience and occupation(s) during the past 10 years:

1. General Manager, Polaroid China
2. Chief Financial Officer, Philips China Group
3. Regional Controller, Levi Strauss Eximco Asia

Other directorships

Past:
None

Present:
None
Shareholding in the listed issuer and its subsidiaries: None

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None

Conflict of interest: None

Declaration by a Director, Executive Officer or Controlling
Shareholder as Required
(Per Appendix 15)

1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you?
No

1(b) Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No

1(c) Were you in the last 10 years a director or an executive
director of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer?
No

2. Are there any unsatisfied judgements outstanding against you?
No

3. Have you been convicted of any offence, in SIngapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding?
No

4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations?
No

5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding?
No

6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation?
No

7. Have you ever been disqualified from acting as a director of
any company, or from taking part in any way directly or
indirectly in the management of any company?
No

8. Have you been the subject of any order, judgement or ruling
of any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity?
No

9. Have you, to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the company partnership
occurring or arising during the period when you were so
concerned with the company or partnership?
No


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


HIGH PRESSURE: Business Reorganization Petition Filed
-----------------------------------------------------
The Petition for Business Reorganization of High Pressure Pipe
Fitting Company Limited (DEBTOR), engaged in public utilities
fitting, was filed to the Central Bankruptcy Court:

   Black Case Number 403/2543

   Red Case Number 469/2543

Petitioner: HIGH PRESSURE PIPE FITTING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,443,198,447.48

Date of Court Acceptance of the Petition: May 29, 2000

Planner: Thaimui and Associate Company Limited

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Matichon Public Company Limited
and Siam Rath Company Limited in July 5, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 1,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: November 1, 2000

Planner postponed the date for submitting the Plan #1st:
December 1, 2000

Planner postponed the date for submitting the Plan #2nd: January
3, 2001

Appointment Date of the Creditors' Meeting for Selecting a New
Planner: March 6, 2001 at 9.30 am. Convention Room no. 1105,
11th Floor Bangkok Insurance Building, South Sathorn Rd.

Meeting of Creditors had a special resolution accepting Next P.&
L. Company Limited to be the New Planner

Court had issued the order for Selecting a New Planner: March
14, 2001 and Appointed Next P. & L. Company Limited to be as a
New Planner

Announcement of Court Order for Selecting the New Planner: in
Matichon Public Company Limited and Siam Rath Company Limited in
April 24, 2001

Announcement of Court Order for Selecting the New Planner: in
Government Gazette in May 29, 2001

Appointment Date for the Meeting of Creditors to consider a New
Reorganization Plan on May 31, 2001 at 9.30 am. Convention Room
no. 1103, 11th Floor Bangkok Insurance Building, South Sathorn
Rd.

Contact: Ms. Umaporn Tel 6792525 Ext. 142


SAHAMITR PRESSURE: Posts Rehabilitation Plan Executive Summary
--------------------------------------------------------------
Sahamitr Pressure Container Public Company Limited (SMPC) posted
its Executive Summary Of Rehabilitation Plan:

                        EXECUTIVE SUMMARY
                   (Of SMPC REHABILITATION PLAN)

1.     Nature of Business

Sahamitr Pressure Container Public Company Limited, the largest
and most experienced manufacturer of LPG cylinders in Thailand,
was established in 1981 by Ekahitanond group led by Khun Sutham
Ekahitanond with initial capital at Baht 6,400,000 and reduction
capacity of 5,000 cylinders per month. Its first head office was
located on 8/6-7 Moo 6, Rama 2 Road, Bangkhuntien Bangkok.

To serve its rapid demand, the Company had built new factory and
move to new location at 72/9 Moo 7 Soi Pulchaleoy, Bangkhuntien-
Chaitalay Road, Bangkhunthien Bangkok 10150  Tel. 416-5568-9,
895-4139-58. In addition to its new factory and to serve demand
in North region, the Company had also built factory
in Lampoon but it has been closed since 1997 resulted from
economic slump.

Shareholder's Structure
First 10 major shareholders as of April 9, 2001 (including
shares held by related person according to Section 258 of Public
Act)

             Name                   Shares    % of voting right

1. Mr. Sutham and Mrs. Ubol Ekahitanond  3,824,300   15.93
2. Mrs.Supha and General Jaturith
   Phromsaka na Sakolnakorn              2,612,020   10.88
3. Miss Ratchanee Uttasart               1,832,700    7.64
4. Mrs. Patama and Mr. Jirasak Laowong   1,680,360    7.00
5. Mr. Sirasith Ekahitanond              1,305,880    5.44
6. Mr. Lerdsak Uttasart                  1,200,000    5.00
7. Mr. Thamik Ekahitanond                1,183,040    4.93
8. Mr. Fuangfu and Mr.Chaiyavit Sirivallop 922,320    3.84
9. Mr. Nivate Vorathanakul                 718,300    2.99
10. Mr. Taidee and Dr.Kanchana Visavaveja  603,420    2.51

                        Total           15,882,340   66.18

Board of Director (as of June 20, 2001)

         Name                           Position
1. Mr. Sutham  Ekahitanond     President and Managing Director*
2. Mrs. Supha  Phromsaka na    Director and Deputy Managing
          Sakolnakorn          Director*
3. Mr. Surasak Urpsirisuk      Director and Deputy Managing
               Director*
4. Mrs. Patama Laowong         Director and Assistant Managing
          Director*
5. Mr. Taidee Visavaveja       Director and Deputy Managing
                                  Director
6. Ms. Pana Chuchart           Independent Director and Chairman
        of Audit Committee
7. Mrs. Piriya Ranyaseva       Independent Director and  Audit
                                  Committee
8. Mr. Chalng Chanhom          Independent Director and  Audit
                                  Committee

Note: Authorized signatures are Mr.Sutham Ekahitanond and Mrs.
Supha Ekahitanond or Mrs. Supha Phromsaka na Sakolnakorn  or Mr.
Surasak Urpsirisuk or Mrs. Patama Laowong together with
Company's seal

Product

The Company's major products are:

1. Two-Piece Cylinder: The product comprises of 2 parts, which
are top shell and bottom shell. Each part is made from one-piece
steel. When these two parts are welded together, there is a
circumference seam coming from such welding.

2. Three-Piece Cylinder: The product comprises of top shell,
bottom shell, like two-piece cylinder, and body that make a
cylinder shape. The body part is made from rolled steel sheet
having one weld  parallel to the longitudinal axis of cylinder.
By assembling of three-piece cylinder, the water capacity of
cylinder will be as much as needed.

Products of the company received quality certification from
Thailand Industrial Standard Institute of the Ministry of
Industry and also received ISO 9002 Certification. The Company
sells its products under "SMPC" trademark and the brand name of
customers.

The Company started to emphasize on export to compensate for the
domestic sales which has been impacted from the economic crisis
since 1997. Therefore, the proportion of export sales increases
steadily. In 2000, the proportion of export sales accounts for
60% of the total sales. For the first quarter of 2001 such
proportion decreased to 40% due to the increase of domestic
sales from a major customer.

Production Capacity and Cost of Production

The full capacity of the company during 1997-1999 is at
1,440,000 cylinders per year(during 1995-1996 is at 2,500,000
cylinders per year) which is the capacity of the Bangkok plant
only, not including the capacity of Lampoon plant which stopped
operation since 1997 resulted from the slow down of economic of
the country. The capacity utilization rates are at 56%, 45% and
75% in 1997, 1998 and 1999 respectively. We could see that the
capacity utilization rate is in a good trend in 1999 follow
the increase in sales.

For the year 2000, the full capacity of the Company increase to
1,800,000 cylinders per year due to the extension of working
hour from 1 shift to 2 shifts per day in some stages of
production process in order to support the expansion of sales.
The capacity utilization rate is as high as 96%.  For the
year 2001, the full capacity of the Company increase to
2,500,000 cylinders per year due to the full extension of
working hours and the modification and additional installment of
some machines in order that the production process can work
continuously.

The Company has a plan to move its machines from Lampoon to
Bangkok in the second quarter of 2001. In the first quarter of
2001, the utilization rate is at 80% The important component of
production cost is major raw materials which are hot-rolled
steel sheets. In the past, before the year 1996, the Company
imported raw materials from aboard. This caused the company to
have costs for the reservation of inventory of raw materials for
production. However, since the end of 1996 the Company started
to use domestic raw materials. This is because the local
producers are able to manufacture hot-rolled steel sheets, which
have the same quality as that from aboard. Therefore, the
Company has the flexibility to purchase in terms of volume and
price.

Currently, the proportion of purchasing raw materials from the
sources in the country and aboard is 70:30. Major source of raw
materials is as follow:

  - Domestic source - Sahaviriya Steel Industry Plc.

  - Foreign source - Japan, India, Korea and China

2.  Marketing and Competition

LPG cylinder market in Thailand has few producers which are only
major producers operating business for a long period of time.
These producers gain major portion of market shares. The
products have the near feature and quality. The competition,
therefore, emphasizes on services, on-time delivery and good
relationship between producers and customers. Normally, the
domestic market has an average growth rate around 10% per year.
However, in the end of 1997-1998, the cylinder consumption
decreases so much following the economic recession. On average,
it decreased 50-60% per year. From 1999 onwards, the demand for
LPG cylinder increase a lot, due to the government measurements
to eliminate illegal cylinders from the market ( calling as "
"white cylinders")

As for the market situation in 2000, the demand of LPG cylinder
expanded 40% in accordance with the economic improving and the
serious measurement of illegal cylinder elimination. It is
expected that the domestic demand will expand around 20% per
year in the future (Forecasted by marketing department of SMPC)

>From the decrease in the demand of LPG cylinders in the past,
the domestic producers have emphasized on export to compensate
for the domestic market. In addition, the weakness of baht
currency has made the export market expanding. During 1997-2000
the quantity and value of export cylinder has expanded, on
average, 14% per year. Currently, the major importers are
Singapore, England, Vietnam, Australia, Sri Lanka, Pakistan, New
Zealand and South Africa. Most of producers trend to expand
export market to Asia and Africa. It is expected that the
consumption of new LPG cylinders will expand around 30% in Asia
region and 20% in Africa and Caribbean Islands region. The ex-
work price will not be changed so much due to the high
competition situation. (Forecasted by marketing department of
SMPC)

There are 5 major producers who can produce LPG cylinders that
comply with Thailand Industrial Standard Institute, Ministry of
Industry. The company has the highest market shares both
domestic sales and export sales, which are 40% and 60%
respectively. The second and third runners are Cheun Siri Co.,
Ltd. and Industrial Gas Cylinder Co., Ltd.

3.  Summary of causes that made the Company's stock subject to
be delisted

  3.1   During 1992-1994 the company expanded its capacity at
the existing plant and built a new plant in Lampoon, which has
been finished in the end of 1995. The capacity of the Company
increased from 1,200,000 cylinders per year in 1994 to 2,500,000
cylinders per year in 1996. However, the economic recession has
caused the capacity utilization rate decrease to 40%.
The aforesaid investment could not generate revenue and profit
as projected. The company incurred so much loss and had to
terminate, temporarily, the Lampoon plant since January 1, 1997.

  3.2   As for the investment to expand the production capacity,
the Company borrowed money from the financial institutions. Most
of them are short-term loans. Thus, the Company incurred
high level of interest expenses. Couple with the slow down of
revenue causing by economic recession, the Company could not pay
for the loan on schedule in 1996. The creditors, therefore,
could call the Company to repay for the remaining loan
immediately. In 1997, the Company faced with the financial
liquidity problem and ,thus, could not repay for the overdrafts.
As of the first quarter of 2001, the Company has total
liabilities of 766.74 million baht.

  3.3     The Company may have the liabilities arising from the
guarantee of borrowing of related company, which is Sahamitr
Steel Co., Ltd. by the amount of 1,505 million baht. Currently,
the Company was sued as the guarantor of related company by the
amount of 1,153 million baht. This may cause the auditor report
still has the conditional opinion.


4.      Objectives of the rehabilitation plan

  4.1     In order that the business of the Company can survive
and the Company can have the appropriate financial structure so
that it can receive benefit from the recovery of economic
in the future which will be beneficial for the shareholders,
financial institution creditors and  employees of the Company.

  4.2     In order that the Company can maintain the listing
status on the Stock Exchange of Thailand.

  4.3     In order that the financial institutions and
shareholders can receive returns more than that of the case the
Company is in bankruptcy or terminates its business.

  4.4     Avoid the bankruptcy, which will negatively impact the
shareholders, creditors and employees.

5.      Scope of action for rehabilitation

  5.1     The Company plan to procure raw materials more
restrictedly. The Company will change its strategy to order more
domestic raw materials in order to have the flexibility in the
procurement  of raw materials at the suitable price. Whereas
there is no impact to the quality of goods.

  5.2     The Company plan to control all steps of production
process from raw materials using to stock keeping in order to
control the scrap rate in all production processes and decrease
cost of stock keeping. In addition, it will give knowledge to
employees dealing with the production process to decrease the
scrap rate of raw materials.

  5.3     The Company will improve the efficiency of production
in order to have competitive cost. For example, adding some
machines in certain departments to smooth the production
process, improving the process to recycle the used raw materials
and improving the process of pumping steel sheets.

  5.4     In terms of marketing, the company will emphasize on
the expansion of market base, especially the foreign market in
various regions in order to increase revenue and reduce
the dependence on any single market. Since the company faced
with financial problem and fell in the delisting criteria, the
company started to adjust its marketing plan to emphasize on
export in order to compensate with decreasing revenue in
domestic resulted from economic problem.

The proportion of revenue from export increased by the rate of
45%, 4% and 52% in 1998, 1999 and 2000 respectively. In
addition, the Company emphasized on creating long-term good
relationship with customers, couple with the improvement on
returns to employees and agent to motivate for sale increasing
and customer base expanding.

  5.5     The Company agreed to bring its debt restructuring
plan with financial institution creditors enter into debt
restructuring process under the supervision of Corporate Debt
Restructuring Advisory Committee (CDRAC). The Company has signed
on the agreement with the creditors on March 5, 2001. The
meeting of creditors approved the debt-restructuring plan on
May 21, 2001. The Company and the creditors have signed on debt
restructuring agreement on June 29, 2001. The content of the
plan can be summarized as follows:

      On May 31, 2001, before debt restructuring, the Company
has total liabilities of Bt801.11 million divided into loan of
Bt505.19 million and accrued interest of Bt295.92 million. In
addition, it has debt obligation from the guarantee with Bangkok
Bank as the guarantor for Sahamitr Steel Co., Ltd. by the amount
of 1,350.53 million baht. The negotiation of debt restructuring
will include this part of debt guarantee. The Company agreed to
repay  for accrued interest calculated by the interest rate
of 8.00% per year for the period of 8 months beginning from the
date that the Company fails to repay debt to each creditor. Such
amount is Bt27.047 million, which has to repay to the creditors
on the date of signing debt-restructuring agreement. The Company
has already repaid by the amount of Bt18.86 million. The
remaining amount, which has to repay, is 8.19 million. In
addition, the Company agreed to repay for principle to the
creditors on the date of signing agreement by the amount
of Bt50.52 million.

       As for the remaining amount of accrued interest (total
amount of accrued interest deducted by the amount agreed to
repay) of Bt287.73 million, the creditors will forgive to the
Company when the Company has already complied completely with
the agreement. (on the 10th year)

      The remaining amount of debt of Bt1,805.20 million will be
allotted into 3 group as follows:

Group A      Secured Debt            Bt241.37  Million
Group B      Unsecured Debt          Bt213.30  Million
Group C      Debt from corporate guarantee in favor of Sahamitr
                     Steel Co., Ltd. Bt1,350.53 Million

                                     1,805.20  Million Baht

Debts in Group A and Group B will be converted into long-term
loan having the interest rate of MLR of Bangkok Bank public
Company Limited. Group C debt arising from corporate guarantee
will have no interest. The Company has to repay for these three
groups of debt from its cash flow based on earning capability in
the proportion of 51 : 26 : 23. This will help improve the
Company's financial structure. The company will receive benefit
from the extension of payment period to 10 years and  the
deduction of interest expenses. This will have a good result for
the ability to plan for marketing and production.

        As for Group C debt, if Sahamitr Steel Co., Ltd., which
negotiates debt restructuring plan directly with the creditors,
can agree and sign on the agreement of debt restructuring, the
company can use the repayment from such plan to reduce the debt
arising from guarantee (Group C debt).

However, if Sahamitr Steel Co., Ltd. can not meet the conditions
which results in the cancellation of debt restructuring
agreement, the creditors have the right to add back such
deduction into Group C debt.

        According to debt restructuring plan, the Company will
receive repayment for the loan to Sahamitr Steel Co., Ltd. by
converting debt into capital in Sahamitr Steel Co., Ltd. for
repayment. Sahamitr Steel Co., Ltd will issue new shares within
5 years from the date of signing debt-restructuring agreement.
The first issuance is within July 1, 2006.  Moreover, Sahamitr
Steel Co., Ltd has to issue a letter to certify that it will
issue new share within 5 year for repayment to the Company. In
case the Company will not accept the repayment by converting
debt into share capital, it has to receive consent in letter
from Group C creditors.


SANYU UNIVERSAL: Posts Summary Of Share Offering
-----------------------------------------------
Sanyu Universal Electric Public Company Limited (SUE) posted a
summary of the offers from the offerors:

1. Date of submission of the tender offer: 26 September 2001

2. Name of the Offeror: Premier CE Company Limited (the Offeror)

3. Name of the financial advisor for the tender offer: Adkinson
Securities Public Company Limited

4. Name of the tender agent: Adkinson Securities Public Company
Limited

5. Category, type, class and amount of securities offered to be
purchased, and the percentage of such securities to the total
issued securities 13,829,819 ordinary shares of SUE,
representing 33.45 percent of total issued shares.

Excepting for SUE Ordinary Shares held by 5 major shareholders,
which have issued the letters that they have no intention to
sell SUE shares in this Tender Offer , which have the names as
follow:

Company                         Amount             Percentage

1. Premier Enterprise Public Company Limited
        14,849,461      33.77

2. Sanyo Electric Company Limited
        10,120,000      23.02

3. Sanyo Electric Trading Company Limited
         3,080,000       7.00

4. Toyota Tsusho Corporation
          1,760,000       4.00

5. Sanyo Thailand Company Limited
           330,000 0.75

                   Total       30,139,461      68.55

6 .Offer price

The offer price is Bt2.50 (two point fifty Baht) per share. In
this tender offer, the "sellers" or the "Offerees" are subject
to a 0.25 percent brokerage fee plus Value Added Tax (VAT) of 7
percent on the brokerage fee. Thus, the net offer price is
Bt2.4933 (two point four nine three Baht) per share.

However, if the Offeree is a juristic person incorporated under
foreign law and does not carry out business in Thailand or is a
foreign juristic person registered in Thailand from a country
which has a double tax treaty with Thailand but has no waiver on
withholding income tax from securities sold in Thailand under
the Revenue Code, the tender agent may withhold income tax
equivalent to 15 percent of the difference between the offer
price and cost of purchase. (The Offeree has to declare
acquisition cost by submitting a Confirmation of Securities Cost
form with the evidence of the cost attached.)

If the form is not submitted and/or proper evidence of the cost
is not included with the form, the withholding income tax will
be imposed on the entire proceeds of the sale.

7. Conditions of purchase:         - None -

8. Condition regarding the number of shares to be acquired in
the case where the amount tendered is either more or less than
the amount offered to be purchased:  The Offeror will purchase
all tendered shares.

9. Tender Offer period (This tender offer period will be the
final period and will not be extended): 9.00-16.30 hours on 27
September 2001 to 29 November 2001, which is in aggregate of 45
business days.

10. Objective of the tender offer:

The objective of the tender offer is to voluntarily delist the
ordinary shares of SUE from Stock Exchange of Thailand which has
resolved from SUE's extra ordinary shareholders meeting
No.1st/2544 held on 11 September 2001 and approved from the
Board of Govenors of SET on 21 September 2001 in dilisting the
ordinary shares of SUE by appointing Premier CE Company limited
to be Tender Offeror complying SEC regulation. Tender Offer
period is on 27 September 2001 to 29 November 2001, which is in
aggregate of 45 business days.

11. Source of funds to finance the tender offer The total fund
for the tender is Bt34.57 million. The Offeror's funds for the
tender offer will come from the company's capital and Siam
Commercial Bank Public Company Limited had issued certify letter
that the offeror has cash in fixed and saving account for the
amount of 36.22 million Baht. The financial advisor believes
that the offeror has sufficient funding to proceed with the
Tender Offer.

12. Compensation for investors who had sold SUE shares in
temporary trading period

      (1) To bring about fairness to investors who has sold SUE
shares between 12 April 2001 to 11 May 2001 (temporary trading
period), during which the Stock Exchange of Thailand (SET)
allowed for temporary trading of SUE shares after SUE had been
moved to the rehabilitation category and had notified the SET of
SUE's decision to prepare a business rehabilitation plan.
Therefore, the offeror intends to compensate those investors for
the price difference of their shares sold during such period.
The compensation will be calculated by this formula:

        Compensation    =       (Offer Price  Selling price) x
                                No. of shares sold
        Offer Price     =       2.50 Baht per share
        Selling price   =       Selling price of shares during
                                the "temporary trading period"
        No. of shares sold  =   Number of shares sold during
                                "temporary trading period"

The Compensation is subject to a withholding tax as specified by
laws.

       (2) Payment date: The Offerees or authorized person shall
receive their payment on the tenth business day after the last
day of the tender offer, which will fall on 17 December 2001.
They can collect a cheque in payment at Adkinson Securities
Public Company Limited during 9.00-16.30 hrs.


SANYU UNIVERSAL: SET Allows Securities Trading
----------------------------------------------
As the Stock Exchange of Thailand (SET) had announced, Sanyo
Universal Electric Public Company Limited (SUE) was subjected to
rehabilitation plan preparation and prohibited trading (SP) on
SUE's securities since 12 March 2001. The SET allowed trading of
SUE's securities from 12 April 2001 to 11 May 2001 since SUE
disseminated information that it would prepare rehabilitation
plan proposed to the shareholders' meeting for approval. The SET
then prohibited trading (SP) of SUE's securities from 14 May
2001. SUE later requested a voluntary delisting on 29 June 2001.
It also notified the SET of the 2Bt.50/share tender offer made
by Premier CE Company Limited.

SUE held the presentation to make a recommendation concerning
the delisting of shares and the tender offer to the general
shareholders and investors. At the extraordinary shareholders
meeting on 11 September 2001, the resolution to voluntarily
delist the company's securities from the SET passed. Also, the
company submitted the tender offer information to the SET.

Therefore, the SET will allow trading of SUE's securities under
the REHABCO sector from 3 October 2001. The issue may affect the
stock price of the company in the market. Therefore, according
to Clause 24 (3) and (6) of the regulation on trading, clearing
and settlement for listed securities 1999, the ceiling and floor
limits on the main board of SUE's securities will be temporarily
removed on 3 October 2001 to allow the market mechanism to work
freely.

The SET asks the company's shareholders and investors to follow
the company's voluntary delisting progress.


THAI PETROCHEMICAL: Fails To Pay Interest Payment
-------------------------------------------------
Thai Petrochemical Industry PCL (TPI) advised that due to
liquidity problems caused in part by the Government's decision
to require petroleum refining companies to increase strategic
oil reserves, TPI did not make the interest payment due under
its restructuring plan on 1 October 2001.

Pending the outcome of discussions with the company's
financiers, TPI expects to pay this interest payment within the
five-day period allowed for in the Restructuring Plan to cure
the default.


TPI POLENE: Lenders Seek Alternative Proposals
----------------------------------------------
The planned takeover of TPI Polene Plc by Cemex of Mexico is on
hold following a decision by creditors to consider proposals
offered by other multinational cement companies, Asia
Intelligence Wire reported Tuesday.

Last week, Cemex signed an agreement with Prachai Leophairatana,
TPI Polene's chief executive and administrator of its business
rehabilitation plan, committing US$300 million to acquiring
72.67% stake. It also proposed discounting payments by 36% to
creditors holding debts of less than $3 million, and creditors
approve a 12% write-down for other creditors after the deal.

"The creditors had planned to make a decision on the Cemex
proposal Tuesday, but now they wanted to look at other options.
I am not saying that the Cemex proposal has been disqualified
but the creditors want to see more choices so they are
considering the proposals of other investors in parallel with
that of Cemex," Bangkok Bank president Chartsiri Sophonpanich
said.

Bangkok Bank is one the cement company's three core creditors,
along with Kreditanstalt fur Wiederaufbau (KfW) of Germany and
Krung Thai Bank. KfW is the largest creditor with 30% of debts
totaling $800 million, Bangkok Bank holds 12% of the debts and
Krung Thai Bank 10%.

Chartsiri said that the most important factor that the creditors
will consider is the pricing and amount of debt repayments.

The other multinationals that had earlier proposed
recapitalization plans to TPI Polene are Lafarge and Ciments
Francais of France and Holcim (formerly Holderbank) of
Switzerland.

In addition, he said, the proposal should contain a clear
strategy on a plan to generate working capital after the debt
repayment.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 301/951-6400.

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