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

                   A S I A   P A C I F I C

           Friday, October 5, 2001, Vol. 4, No. 195

                         Headlines



A U S T R A L I A

ANACONDA NICKEL: Lynas Acquires Mt Weld Rare Earths Project
ANSETT AUSTRALIA: ANZ Reaches Settlement Agreement With VA
HARTS AUSTRALASIA: Liquidator Appointment Sought By ASIC
MAXIS CORPORATION: Issues Top 20 Shareholders' List
MAXIS CORPORATION: Posts Chairman Hovanessian's Report
MTM ENTERTAINMENT: Refinancing Of Macquarie Bank Facility
NORMANDY MINING: Anglogold Clarifies Issues In Offer
PASMINCO LIMITED: Posts Administrator Spark's Letter
SME GROWTH: Appoints Advisers


C H I N A   &   H O N G  K O N G

FOLSOM LIMITED: Winding Up Petition Pending
FOURSEAS.COM:  Parallel Shares Trading To Cease Oct 8
G-PROP HOLDINGS: Executive Director Leung Resigns
PACIFIC CENTURY: Withdraws Call Warrants Listing


I N D O N E S I A

BANK CENTRAL: IBRA To Sell Its 51% Shares
SEMEN GRESIK: Chair Of House Says Govt Should Proceed W/Deal


J A P A N

DAIEI INCORPORATED: Store Closure Prompts Ginza Building Sale
FUJITSU LIMITED: Chip Production Suspension Scheduled
MYCAL CORPORATION: Wal-Mart May Pass Up Bid
NEC CORPORATION: Loss Announcement Prompts Moody's Review
NISSAN MOTOR: Labor Dispute Shuts Down Philippine Plant


K O R E A

ASIANA AIRLINES: Cancels Flights, Cuts Staff
HYNIX SEMICONDUCTOR: Joint Oversight Management One Option
HYUNDAI MOTOR: U.S. September Car Sales Up 50%
KOREAN AIRLINES: Sells Assets, Lays-Off 500
*Four Firms Subjected To New Restructuring Law


M A L A Y S I A

BRIDGECON HOLDINGS: SA Evaluates Proposed Workout Plan Offers
KRETAM HOLDINGS: Posts Default In Interest Payment Update
LAND & GENERAL: Enters Proposed Subscription Agreement
LAND & GENERAL: Updates Status On Defaulted Payments
MAN YAU: SC Approves Proposed Utilization Revision
MANCON BERHAD: Posts Details Of Defaulted Payments
MEASUREX CORP.: Post Tentative Proposed Debt Scheme Timetable
OLYMPIA INDUSTRIES: Sabah State Grants Unit Trading License
TONGKAH HOLDINGS: Still In Negotiation With Creditors
TRANSWATER CORP.: Still Formulating Financial Workout Plan


P H I L I P P I N E S

BELLE CORPORATION: Will Earn P730M From Highlands IPO
MAYNILAD WATER: Government OKs P4.21/cu.m. Rate Hike
PHILIPPINE NATIONAL: Issues Statement Regarding Book Value


S I N G A P O R E

ASIA FOOD: Posts Joint Announcement Re Debt Restructuring
CAM INTERNATIONAL: Notice Of Adjourned Court Meeting Posted
CAPITALAND LIMITED: Posts Changes In Shareholder's Interests
SSANGYONG CEMENT: Posts Singapore Unit Disposal Update


T H A I L A N D

EMC PUBLIC: SET Lists Securities, Trading Still Suspended
SUPALAI PUBLIC: Bond Issuance Pays Debt To Creditors  
THAI HEAT: Rehabilitation Plan Hearing Date Set On Oct 24
THAI PETROCHEMICAL: Pays Overdue Interest
TPI OIL: Reorganization Petition Filed In Bankruptcy Court

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Lynas Acquires Mt Weld Rare Earths Project
-----------------------------------------------------------
Lynas Corporation Limited (Lynas) and Anaconda Industries
Limited (Industries), a wholly owned subsidiary of Anaconda
Nickel Limited, announced further rationalization of tenement
holdings in the Mt Weld Projects. In keeping with Anaconda
Nickel's strong nickel focus, Industries has agreed to sell it's
interest in the Mt Weld Rare Earths Project, including mining
lease M38/326 which contains the high grade rare earths deposit
at Mt Weld, for A$5M, to be paid in two tranches:

* $1.25M paid on execution of the sale agreement (paid); and
* $3.75M to be paid on satisfaction of conditions subsequent.

In addition, Lynas has also agreed to place or, subject to the
Corporations Law, purchase all of the securities held in Lynas
by Industries for a further A$1.266M.

Conditions subsequent include the approval of the transactions
by the shareholders of Lynas.

Anaconda's Chief Executive Officer, Andrew Forrest said:

"Whilst Anaconda continues its focus on nickel, the sale
clarifies title and plans for the development of the Mt Weld
deposits. Industries can now focus on this strategic metals
project and will shortly commence a drilling program to confirm
the higher grade potential of one of the Mt Weld Tantalum
deposits. We wish Lynas well with the Rare Earth endeavors."

Industries' Mt Weld Metals deposit has a globally inferred
resource of 145M tonnes @ 0.034% Tantalum (cut off grade 0.02%)
and 273M tonnes @ 0.9% Niobium (cut-grade - 0.5%) throughout the
deposit. If drilling confirms the inferred resource, the Mt Weld
Tantalum deposit would be the world's largest known Tantalum
deposit with substantial Niobium, Titanium, Phosphate and other
credits.

The Mt Weld deposit also contains significant phosphate
resources, owned by CSBP Wesfarmers Ltd and reported as 260M
tonnes @ 19.8% Phosphate. Anaconda is operator of an equal joint
venture with CSBP Wesfarmers Ltd to develop this project.


ANSETT AUSTRALIA: ANZ Reaches Settlement Agreement With VA
----------------------------------------------------------
Ansett Australia's parent firm Air New Zealand (ANZ) is to be
re-capitalized by the injection of up to $885 million in a two-
phase loan and equity investment by the New Zealand Government,
under the terms of an agreement reached between the Government,
the Company, and its major shareholders, Brierley Investments
Limited and Singapore Airlines Limited.

The company has also reached agreement with the Voluntary
Administrators (VA) of the Ansett Group to settle claims between
the Ansett Group and Air New Zealand.

"We are grateful for the co-operation of all parties in coming
to an agreement to secure the future of Air New Zealand," the
Acting Chairman of Air New Zealand, Dr Jim Farmer, said
Thursday.

"The recapitalization agreement contains arrangements that will
enable Air New Zealand to start a process of recovery from the
severe setbacks it has suffered on several fronts."

Unaudited shareholders funds at 31 August (allowing for the
Ansett write-off in the financial statements to 30 June 2001)
were NZ$506 million. Since then, the Company has recognized
further losses amounting to approximately NZ$350 million arising
from the closure of Ansett. This amount represents the net
position after allowing for the settlement between the Company
and the Voluntary Administrators of Ansett. Shareholders funds
will then be in the order of NZ$156 million before taking into
account the trading result for September, which will not be
known for a few days.

"Once the recapitalization program is in place, we have an
obligation as well as an opportunity to move the company
forward, restore it to commercial health and develop its
strategic contribution to the transport and tourism sectors of
our region," Dr Farmer said.

The first phase of the recapitalization programme is expected to
be completed by 19 October 2001. It involves:

* A Crown loan to the Company of NZ$300 million.

* A payment to the Ansett Group of A$150 million in settlement
of potential claims by the Group against Air New Zealand.

* The balance of the Crown loan being used by the Company for
working capital.

* The Company relinquishing claims against the Ansett Group for
moneys owed, amounting to approximately A$160 million as part of
the Ansett settlement.

The loan will bear interest at the 90 day bank bill rate plus 4%
(in total currently about 9.3%) and interest will be payable on
repayment of the loan.

ANSETT SETTLEMENT

Under the terms of the agreement reached with the Voluntary
Administrators of the Ansett Group, the Air New Zealand Group
and its directors are to be released from all claims relating to
the Ansett Group.

Air New Zealand has also agreed to enter into a commercial
arrangement with the Ansett Group as a preferred partner and to
provide intellectual property to assist the Voluntary
Administrators to carry on the Ansett business as long as it is
not detrimental to Air New Zealand.

The agreement with the Voluntary Administrator is subject to the
approval of the Federal Court of Australia and the Ansett
Committee of Creditors. The parties will seek to obtain this
approval by 12 October 2001.

The investigation that is currently being undertaken by the
Australian Securities and Investment Commission, following its
current inquiry, is not affected by the settlement.

The Company's board of directors and its advisers have reviewed
other potential exposures relating to Ansett and any further
liability for the Company is considered to be unlikely.

CROWN EQUITY INVESTMENT

The second phase of the recapitalization program's completion
between December 2001 and January 2002. It involves :

* The Company's obligation to repay the NZ$300 million loan and
accrued interest being satisfied by the issue to the Crown of
new convertible preference shares in the Company;

* The investment of up to a further NZ$585 million by the Crown
in new ordinary shares in the Company; and

* The reclassification of the company's A and B shares into one
class of ordinary shares

The convertible preference shares will be issued to the Crown at
a price of 24 cents per share or any lower price at which the
ordinary shares are to be issued to the Crown. They will carry a
fixed cumulative dividend of 5% per annum and will have full
voting rights. They will convert on a one for one basis on 1
January 2005 or such earlier date as the Crown decides. They
will not be listed before conversion.

The issue price for ordinary shares issued to the Crown will be
determined by the Crown after due diligence, as representing
fair value and could be higher or lower than 24 cents. In
deciding the issue price for these ordinary shares, the Crown
will not have regard to the issue price of the convertible
preference shares, which represent funds invested in different
circumstances.

The precise amount the Crown will invest in ordinary shares (up
to NZ$585 million) will be decided after the Crown has
determined the sum required to put Air New Zealand on a sound
financial footing with a prudent equity base.

The Board of Air New Zealand must also conclude that the issue
prices of the convertible preference shares and ordinary shares
are fair and reasonable to the company and its existing
shareholders.

No further capital will be sought from Brierley Investments
Limited, Singapore Airlines, or other shareholders as part of
the recapitalization package. BIL and SIA have agreed to support
the transactions contained in the agreement and to vote in favor
of the shareholder resolutions to put it in place. They will
retain their current shareholdings until at least 31 January
2002, when the recapitalization process is expected to have been
completed.

If the full amount of NZ$885 million is invested by the Crown at
24 cents per share it will hold approximately 83% of the
enlarged share capital. If the issue price is higher the
percentage will be correspondingly lower

THE BOARD

The Board of Air New Zealand is to be reduced initially to eight
directors comprising one nominee of Singapore Airlines (if it
requests representation), one nominated by BIL, four of the
current independent directors, and two new directors nominated
by the Board and approved by the Crown. These changes will be
implemented Thursday. The Board will therefore comprise:

Dr Jim Farmer (Acting Chairman)
Mr Ralph Norris
Sir Ron Carter
Ms Elizabeth Coutts
Dr C K Cheong
Mr W M Wilson QC
Mr Roger France - new director approved by the Crown
One further director to be approved by the Crown

All other existing directors have resigned with effect from 4
October 2001.

The Board has been given an indemnity by the Crown in respect of
certain liabilities relating to the Company's trading between
now and the time new equity is invested by the Crown.

SHAREHOLDERS APPROVALS

The necessary approvals for the implementation of the second
phase of the agreement, including the reclassification of shares
and the adoption of consequent amendments to the Company's
constitution, will be sought from Air New Zealand shareholders.

The company's annual meeting scheduled for 30 October 2001 will
be deferred and is likely to be combined with a meeting to
approve the recapitalization program. The likely timing for this
meeting is late December 2001. A full package of information,
including an independent appraisal report, will be sent to
shareholders before the meeting.

CONDITIONS

The principal conditions applying to the implementation of the
recapitalization program are:

The advancing of the Crown loan is dependent on:

* The agreement with the Voluntary Administrators of the Ansett
Group being approved by the Federal Court of Australia and the
Ansett Committee of Creditors.

* All necessary formal confirmation of ongoing support being
obtained from the Company's banks and other financiers by 5
October 2001.

* The Board changes being implemented.

* The Crown being satisfied as to the extent of the Company's
residual exposure in relation to Ansett by 5 October 2001

The loan is repayable on 31 January 2002 if not earlier replaced
with equity and is repayable earlier in various events of
default.

The Crown's subscription for shares (convertible preference and
ordinary) is dependent on:

* The completion or continued operation of the agreement with
the Voluntary Administrators of the Ansett Group.

* Completion of due diligence examination of Air New Zealand by
the Crown to assess its value.

* Determination of an acceptable issue price for the new shares.

* Shareholder approvals being obtained.

* Shareholders collectively holding more than 2% of the existing
share capital not exercising their minority buy-out rights
following the shareholders meeting.

* Air New Zealand's unsecured bankers agreeing to continue their
facilities (or replacement facilities) until at least 31
December 2003 and the Crown being satisfied as to the repayment
profile of other financiers.

* No steps being taken to place any member of the Air New
Zealand Group in statutory management or liquidation, and no
secured creditor exercising rights in respect of material
assets.

BUSINESS PLAN

The Board has been considering reductions to International and
Domestic Network Schedules planned by management. These changes
to frequency routes and aircraft type will reflect the reduction
in trans-Tasman feed as a result of the closure of Ansett and
the consequences for international aviation of the terrorist
attacks in America. Details will be announced as soon as they
have been approved by the reconstituted Board in the near
future.

The planned changes will achieve significant cost reductions to
reflect the reduction in capacity and details of these will also
be announced shortly.

Looking further ahead, the Company is well-advanced in preparing
a business plan for Board consideration reflecting the
circumstances in which the Company is now operating.


HARTS AUSTRALASIA: Liquidator Appointment Sought By ASIC
--------------------------------------------------------
The Federal Court of Australia Tuesday appointed a provisional
liquidator to accounting group Harts Australasia Limited,
following an application by the Australian Securities and
Investments Commission (ASIC).

John Lethbridge Greig and Robert John Duff, of Deloittes Touche
Tomatsu, were appointed provisional liquidators to the holding
company Harts Australasia Limited and 35 of its subsidiaries.

The court made no order in respect of Sunraysia Syndicate Pty
Limited. Greig and Duff will report to the court within 21 days.

ASIC sought the appointment of a provisional liquidator to
ensure that there is an independent consideration of the best
interests of investors and creditors. ASIC filed to commence
proceedings for the appointment of the provisional liquidator on
Monday 24 September 2001 and, as a result of ASIC's action in
this matter, the Australian Stock Exchange suspended trading in
Harts Australasia Limited shares the same day.

ASIC's application for winding up the Harts Australasia group
has been adjourned to 31 October 2001.


MAXIS CORPORATION: Issues Top 20 Shareholders' List
---------------------------------------------------
Maxis Corporation Limited issued Top 20 Shareholders:

DISTRIBUTION OF SHAREHOLDING AS AT 07/09/2001
                                             
          NUMBER HELD       NUMBER OF
                          SHAREHOLDERS

           1 -   1,000          314                          
       1,001 -   5,000          999                          
       5,001 -  10,000          506                          
      10,001 - 100,000        1,039                          
     100,001  and over          128                          

                 TOTAL        2,986                          

TWENTY LARGEST SHAREHOLDERS AS AT 07/09/2001
                                        

NAME                                             NUMBER OF  % OF
                                                 SHARES   ISSUED
                                                 HELD    SHARES
SWF Investments Pty Ltd                     132,047,723    52.95
Raxigi Pty Ltd                               12,226,161     4.90
Saltbush Nominees Pty Ltd                    11,844,252     4.75
Perpetual Trustees Company Limited
(44493 AG 01)       3,333,335     1.34
Smart Path Limited                            3,145,011     1.26
Teleglobe Australia Pty Limited               3,000,000     1.20
Perpetual Trustee Company Limited
(44491 AG 01)        2,516,665     1.01
CNX (Asia Pacific) Pty Ltd                    2,000,000     0.80
Aero Agenxies International Limited           1,736,046     0.70
Henry Kai Tong Au                             1,649,828     0.66
Liriata Pty Ltd                               1,362,217     0.55
Denwol Merchant Finance Corp Pty Ltd          1,278,906     0.51
Laneborne Pty Ltd                             1,250,000     0.50
Jemaya Pty Ltd                                1,191,779     0.48
Sally-Ann International Pty Ltd               1,159,997     0.47
First Securities Limited                      1,120,000     0.45
New Start Nominees Pty Ltd                    1,100,831     0.44
XL UK Noms Limited                            1,041,628     0.42
Diane Stebbings                               1,000,000     0.40
Noldex Pty Ltd                                  868,949     0.35

TOTAL                                       184,873,328    74.14


MAXIS CORPORATION: Posts Chairman Hovanessian's Report
------------------------------------------------------
Maxis Corporation Limited posted Chairman V Hovanessian's
report:

    CHAIRMAN'S REPORT

"Many shareholders will be surprised to receive this report
after our difficulties in the last nine months. Some of you will
know that on 6 February 2001, a Receiver and Manager was
appointed by Compaq Computer Australia Pty Limited to Australian
Business Technologies Pty Ltd, the parent company of a group of
companies which we acquired in July 2000. This appointment was
made following two other controlled entities ABT Supplyline Pty
Ltd (ABTS) and ARBT Pty Ltd (trading as Heartland
Communications) entering into voluntary administration on 16
January 2001.

"The circumstances surrounding these appointments came as much
as a surprise to me as I am sure it did to you as I believed the
Maxis Group (comprising Maxis Corporation Limited and its
controlled entities) to have substantial cash resources and
certainly able to meet its debts as and when they fell due.

"This view was influenced in part by the sale of our residual
oil and gas interests and other non-core assets which I was able
to initiate just prior to my resignation from the Maxis Board in
mid-November 2000 to pursue other business interests. The sale
of our oil and gas subsidiary, Chimelle Petroleum Limited,
settling in December 2000, together with our shareholding in E-
com Multi Limited, generated nearly $3 million in net sale
proceeds to the Maxis Group. Thus, whilst I was aware that the
Maxis Group may have needed further funds to develop its
Heartland Communications strategy, I had great confidence that
it had the resources to raise the necessary residual funding to
achieve its business plan.

"I therefore was pleased to re-join Maxis, initially as Company
Secretary and Chief Financial Officer and then as Executive
Chairman from 9 March 2001 to assist with restoring value to its
businesses. Together with Mr Nicholas Swan, who joined the Board
at the same time as a non-Executive Director, and Mr Sepp
Stepanian, the last remaining member of the previous Board, we
have subsequently assiduously fought to regain control of the
controlled entities to rebuild the fortunes of the Company.

"I am now pleased to report that effective 1 July 2001, Maxis
regained practical control of ABTS and Heartland Communications
following approval by creditors on 6 April 2001 of a Deed of
Company Arrangement (DOCA) regarding settlement of the
indebtedness of these companies. Legal control was achieved on
27 August 2001 when all the parties, both in Australia and
overseas, had finally executed all of the necessary documents.
Accordingly, we are now able to rebuild the Maxis Group
leveraging off our significant user base and established
infrastructure.

"Moreover, agreement has been reached with the Australian
Securities and Investments Commission (ASIC), which had
commenced proceedings in the Supreme Court of New South Wales to
appoint a Receiver or provisional Liquidator to Maxis, by giving
certain undertakings, including an undertaking to have the
Group's books and records independently reviewed and the results
released to the market.

CORPORATE STRATEGY

"When we acquired the controlled entities in July 2000, we had a
clearly defined objective of becoming a leading integrated
provider of network solutions and hardware, procurement and
outsourcing and IT services. The Australian Business
Technologies Group already had a substantial infrastructure and
customer base to achieve this. This objective has not changed
despite our recent difficulties and the changes in the global
and local economic environment, particularly as they relate to
information technology.

However it has caused us to vary our strategy to achieve this
objective, which I now describe in more detail.

"The trading controlled entities were structured as three
separate entities to provide complementary services and together
offering a vertically integrated communications solution.

ABT SUPPLYLINE PTY LIMITED

"ABT Supplyline was a supplier of network and IT equipment. The
company would assist companies in the design of a network
system. It would then source the necessary equipment, configure
it to the client's specifications, integrate the various
components and install them in the customer's premises. Whilst
the company enjoyed reasonably high turnover, nearly $17 million
in the six months ended December 2000, the downturn and
competition in IT sales substantially reduced margins to a level
where hardware products have become commodities.

"The company's gross profit margin declined to less than 10% in
the first half, a rate insufficient to sustain the level of
overheads commensurate with a public company. Accordingly,
following the Administrators' appointment to this company, they
decided to close down the business, a decision we supported as
we saw no prospect for any recovery in margins. However, we
retain the ability to provide this service on a selective basis
to our clients.

NDT PTY LIMITED (TRADING AS MANAGED NETWORKS)

"Managed Networks is currently the cornerstone of the Maxis
Group providing managed services of clients' information systems
with up to 9,000 end users. Essentially, it involves the remote
management of a customer's IT infrastructure including Local
Area Network (LAN), Wide Area Network (WAN) and desktop support
services within pre-defined service level agreements (SLAs). To
our clients, the IT system is generally not core business and is
better out-sourced to a specialist service provider such as
Managed Networks.

ARBT PTY LIMITED (TRADING AS HEARTLAND COMMUNICATIONS)

"Heartland Communications fitted into the strategy by providing
satellite based bandwidth at a competitive cost to companies
with diverse locations. We believed this would give us a
competitive edge over other providers of managed services who
lacked the capability to manage multi-location facilities.

"A year ago we procured the only two-way satellite capability
within Australia allowing subscribers to send and receive
information in a cost-effective manner. The only other satellite
offering at that time was one-way, which allowed subscribers to
receive data but only respond via some other communication
medium, generally terrestrial (by land).

"Our satellite capability, being distance neutral, therefore had
particular application in rural and remote areas where
traditional land-based methods of communication are
prohibitively expensive. To prove the effectiveness of our
technology, we implemented a trial of 243 users in remote
country areas (the Farmwide Trial). The majority of these
customers were in some of the remotest areas in Australia.
We invested several million dollars in satellite hardware and
subsidized the equipment to the customer whilst our technology
was proven. We then intended to progressively switch our focus
to the corporate market. Unfortunately it now appears that the
appointment of the Administrators came just before the
commercial effectiveness of our strategy could be proven.

FUTURE PLANS

"The appointment of the Administrators and Receiver and Manager
has forced us to take significant remedial action in the
business. Both the workforce and the office facilities have been
significantly reduced as we have refocused on our core business,
Managed Networks, to target the mid-market.

"Managed Networks continues to enjoy attractive margins and is
significantly cash flow positive. More importantly, its
infrastructure has considerable surplus capacity and our
intellectual property (IP) is highly scaleable. We therefore
have the scope to substantially increase turnover in this
business with a relatively small increase in costs and capital
investment.

"Nevertheless, we do not under-estimate the problems of
maintaining and building the business. As hardware supply
margins have eroded, so competitors are examining the entrance
into the managed networks business. We therefore will seek to
expand our service offering to protect our market. It is
apparent that a company's IT network is becoming more and more
critical to its success. This increased reliance and the need
for access to and prompt distribution of data means that storage
and security are becoming unavoidable and essential. We will
therefore be seeking to diversify our service capability to
include Storage Area Network (SAN) and Network-attached Storage
(NAS) solutions in conjunction with networking solutions and
equipment.

"Heartland Communications has the potential to play a critical
role in this strategy. At least one other competitor now has a
two-way satellite capability so we no longer have a "first
mover" advantage in this market. Additionally, the Federal
Government has recently announced a subsidy of $150 million to
Telstra for the provision of telecommunication services to
remote and rural areas. Obviously, we believe this subsidy to be
anti-competitive and in conflict with the Government's declared
policy of an open and equitable market. We have conveyed our
concern to the Government but pending redress, the rural and
remote retail market has become much more difficult for us
although opportunities still exist in the corporate and
government markets.

"Nevertheless, the potential to satellite-enable our Points of
Presence via Heartland Communications could reduce the
communication costs of customers, giving us a significant price
and technology advantage over other managed services providers.
Heartland Communications is still cash flow negative due to its
relatively small size and the high costs of transponder space.
Nevertheless, we have pared our fixed costs to such an extent
that for the time being we are comfortable with this cash
outflow relative to the flexibility it provides us and the
potential it has to turn cash flow positive in the future.

SUMMARY

"Having settled the terms of payments to creditors via the DOCA,
the Board is now focused on restoring value to shareholders. It
is anticipated that over the next few months, approximately
$2.5-$3.0 million of new capital will be required to meet the
DOCA obligations, to upgrade some of the Managed Networks'
infrastructure and to fund the short-term cash flow shortfall in
Heartland Communications. Preliminary indications suggest a
preparedness of investors to support this requirement.

"The undertakings given to the ASIC have now been fulfilled and
a comprehensive Independent Accountant's Report prepared by PKF,
Chartered Accountants, is being released to the market
concurrently with this report, paving the way for an application
to be made to the Australian Stock Exchange for re-quotation of
the Company's securities.

"In summary, we believe we are now well positioned to capitalize
on our market position and re-grow the Company. We have
substantially completed our restructuring, significantly reduced
our costs and completed a comprehensive and practical business
plan. There are strong indications of market acceptance of our
service offerings with enquiries running at a high level. The
Board therefore is optimistic about the future of the Maxis
Group and is encouraged by the many supportive calls from
shareholders.

"Finally, I wish to thank our staff for their loyal support.
Given our previously difficult financial position and often
stressful working conditions, their commitment to the Company is
commendable. We have an excellent team of well-qualified and
experienced employees well capable of rebuilding the Company and
we are indeed fortunate to have them."



MTM ENTERTAINMENT: Refinancing Of Macquarie Bank Facility
---------------------------------------------------------
The MTM Entertainment Trust (MME) advised the market of
the refinancing of its $35 million loan facility from Macquarie
Bank with BankWest. $2.5 million from the proceeds of the
recently completed rights issue was also applied to the
repayment of the balance of the Macquarie Bank loan.

The $58.5 million swap with Macquarie Bank was paid out at a
cost of approximately $2 million. A new swap for $25 million has
been taken out with BankWest at current market rates.

The Babcock & Brown Interim Liquidity package may remain
outstanding as a working capital facility.


NORMANDY MINING: Anglogold Clarifies Issues In Offer
----------------------------------------------------
In order to offer United States shareholders of Normandy Mining
Limited the opportunity to receive and freely trade AngloGold
Limited shares in the U.S., it has been decided that AngloGold
will file a Form F4 registration statement with the United
States Securities and Exchange Commission (SEC), to ensure that
the offer is fully available to all U.S. Normandy shareholders.

AngloGold is offering 2.15 of its shares for every 100 Normandy
shares. The offer, announced on September 5, values Normandy
shares at $1.42, and represents a 29% premium to Normandy's
closing share price on the day prior to announcement of the
offer.

TRADABILITY OF CDIS

Normandy shareholders electing to accept this offer will be
entitled to choose to receive either AngloGold shares, AngloGold
ADRs or AngloGold CDIs, subject to any regulatory restrictions.

The AngloGold shares to be issued under the offer for Normandy
will be entirely fungible - they will be readily convertible
from one form to another to ensure that they can be traded on
all of the exchanges on which the Company's shares are listed.

AngloGold share are traded as ordinary shares on the JSE. On the
NYSE, these shares are traded as ADRs, in the ratio of 2 ADRs
per ordinary share. In order to trade on the Australian Stock
Exchange (ASX), the shares are registered as Chess Depository
Interests (CDI's) This is effectively an Australian ADR.

Holders of these CDIs can either:

* trade their holdings on the ASX under the electronic transfer
and settlement system operated by the ASX, in the manner
identical to trading in other Australian listed shares; or

* trade their holdings internationally on one of the other
exchanges on which AngloGold shares are listed, by converting
the CDIs into the form of ordinary shares or ADRs.

In order to convert the AngloGold CDI into another form, the
holder will simply need to notify the company's Australian share
registry (Computershare), which will then arrange for the
underlying AngloGold shares to be transferred to the relevant
foreign register. The underlying shares can then be traded on
the relevant exchange.

www.anglogold.com

Queries:

In Australia
Andrea Maxey
+61 8 9425 4604 (tel)
+61 8 9625 4650 (fax)
+61 438 001 393 (mobile)
amaxey@anglogold.com.au

In South Africa
Steve Lenahan
+2711 637 6248 (tel)
+2711 637 6107 (fax)
+27 83 308 2200 (mobile)
slenahan@anglogold.com

In the U.K.
Alex Buck
+44 20 7664 8712 (tel)
+44 20 7664 8711 (fax)
+44 7932 2740 452 (mobile)
abuck@anglogold.com

In the U.S.A
Charles Carter
800 417 9255 toll free
+1 212 750 7999 (tel)
+1 212 750 5626 (fax)
ccarter@anglogold.com

Helpline
AngloGold has established a toll-free shareholder information
line in Australia which can be accessed by dialling: 1800 770
019


PASMINCO LIMITED: Posts Administrator Spark's Letter
----------------------------------------------------
Administrator J M Spark of Pasminco Limited posted this
following letter:

As previously advised in our letter to creditors dated 20
September 2001, Peter McCluskey and I were appointed joint and
several Administrators of Pasminco and all wholly owned
Australian subsidiaries on 19 September 2001 pursuant to the
provisions of Section 436A the Corporations Act 2001.

1. MEETING OF CREDITORS

We confirm that the first meeting of creditors was held on 26
September 2001. At the meeting, our appointment as
Administrators was ratified and a Committee of Creditors was
formed for the majority of companies in the Group.

The members appointed to the Committees of Creditors are:
                                               
COMMITTEE MEMBER        CREDITOR NAME

Philip Armstrong        Transferable Loans Certificate
Financiers
Paul Edwards            Pasminco Staff
Richard Emery           ANZ Banking Group Limited
Peter Field             Deutsche Bank
Richard Forbes          Silver Note Holders
David Fraser            Westpac Banking Corporation
Don Galbraith           BankWest
Brad Glynne             Citibank Limited
Anne-Claude Huber       UBS Warburg
Roger Johnson           Societe Generale
Greg McKillop           National Australia Bank Limited
Mathew Muldoon          Commonwealth Bank of Australia
David Oliver            AMWU
Tom Roberts             CFMEU
Bill Shorten            AWU

2. APPLICATIONS TO COURT

2.1 POOLING ORDER

We advised creditors at the4 meeting that the majority of
companies in the Group have filed a Deed of Cross Guarantee with
the Australian Securities and Investments Commission (ASIC) from
which a Class Order has been issued by the ASIC. The Class Order
and Deed of Cross Guarantee, which apply in a winding up, in
effect provide an external creditor of the Group (which does not
include an inter company creditor) with a guarantee from every
other company in the Group that is subject to the Deed in
respect of its debt, although its claim against every other
company in the Group is contingent in nature.

At the meeting of creditors, we indicated that we intend to
shortly apply to the Court for a pooling order to pool all
assets and liabilities of each company in the Group that is in
administration. We expect that this Order will assist us to
ensure that creditors and employees of the Group are not
disadvantaged by the current Group structure and to give effect
to the Class Order and Deed of Cross Guarantee that exists.

We expect to make this application within the next month.

2.2 EXTENSION OF CONVENING PERIOD

As you may be aware, the Corporations Act 2001 provides for a
second meeting of creditors to be held within twenty-eight (28)
days of our appointment. The purpose of this meeting is for
creditors to consider the future of Pasminco.

In this regard, creditors may resolve:

* That each company execute a Deed of Company Arrangement
(Deed).
* That each company be wound up.
* That each administration end.

We advise that due to the size and complexity of the Group's
business activities, we do not expect that we will be in a
position to propose a Deed of Company Arrangement and report to
creditors in accordance with our obligations under the
Corporations Act within that time frame.

Accordingly, it is our intention to make an application to Court
to extend the period to convene the second meeting of creditors
to enable us to:

* Consider the strategy alternatives available to the Group,
including a restructure of the affairs of the Group.

* Prepare a detailed report to creditors with respect to the
business activities, property, affairs and financial
circumstances of each company in the Group and make a considered
recommendation as to the future of each company.

This application is likely to be made on 5 October 2001 and by
no later than 9 October 2001.

We will report further to creditors when the Court has heard the
above applications.

3. EXISTING LEASE AND SUPPLY CONTRACTS

Given the size and complexity of the Group's business
activities, there are a large number of lease and supply
contracts between various companies within the Group and
external parties.

In order to assist us in reviewing the Group's affairs, we
request that any creditor and/or supplier who has entered into
formal lease, supply contract or other agreement with the Group
to provide our office with a copy of the relevant document and
details of any specific terms or conditions they believe we
should be aware of in relation to the agreement as soon as
possible.

Please note that our actions in continuing the use of any lease
property or ongoing supply under any contract shall not be taken
as an adoption of the contract or agreement.

4. ONGOING TRADING ARRANGEMENTS

I understand that a number of creditors and suppliers have
requested confirmation of purchase order approval procedures for
the administration period. I confirm our previous advice that
orders already placed by Pasminco, or new orders that are placed
with creditors and suppliers will be approved internally by
Pasminco staff in the normal existing manner and do not need to
be approved by the Administrators, unless advised to the
contrary.


SME GROWTH: Appoints Advisers
-----------------------------
The directors of SME Growth Limited have a continuing
concern with the share price, discount to asset backing and low
liquidity in SME Growth shares.

The directors are aware that the major shareholder has retained
advisers to provide advice to it with respect to its position as
the major shareholder of the company.

For further information please contact Peter Wallace, Managing
Director, SME Growth Limited (02) 9223-6958


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


FOLSOM LIMITED: Winding Up Petition Pending
------------------------------------------
Folsom Limited is facing a winding up petition, which is slated
to be heard before the High Court of Hong Kong on October 10,
2001 at 9:30 am.

The petition was filed on July 13, 2001 by Industrial and
Commercial Bank of China, Guangzhou City Branch, whose principal
place of business is situated at 2nd Floor, Main Building,
International Hotel, 339 Huan Shi Dong Road, Guangzhou, People's
Republic of China.


FOURSEAS.COM:  Parallel Shares Trading To Cease Oct 8
-----------------------------------------------------
Fourseas.com Limited (Fourseas.com)advised market participants
to note that the parallel trading in the ordinary shares of
Fourseas.com will cease after the close of business on Monday,
8/10/2001.  

As from the close of business on that day, the counter for
trading in the consolidated shares (stock code: 2970) of
Fourseas.com as represented by old share certificates will be
withdrawn and trading in the shares of Fourseas.com  will only
be under the following arrangements:

Stock Code  Stock Short Name   Board Lot      Certificate Color
----------  ----------------   ---------      -----------------
755         FOURSEAS.COM       5,000 shares   Beige


G-PROP HOLDINGS: Executive Director Leung Resigns
-------------------------------------------------
The board of directors (the Board) of G-Prop (Holdings) Limited
(the Company) announced that Mr. Ma Kwok Leung resigned as an
executive director of the Company with effect from 3rd October,
2001. The Board extends its appreciation to Mr. Ma for his past
contributions to the Company.

The  Company revealed in July that its total revenue for the
year ended 31 March 2001 amounted to HK$11 million, a decrease
of 67 percent when compared with turnover of last year.

The Group continues to streamline the non-profit making
operations, especially in property investment business.

The Group incurred a loss for the year of approximately HK$458
million. The previous corresponding period saw a loss of
approximately HK$230 million.

On August 4, 2001, TCR-AP reported that the Company entered into
the Placing of Convertible Bonds Due 2004 Agreement with Asia
Financial (Securities) Limited (the Placing Agent) in relation
to a private placing on a best endeavor basis of the Convertible
Bonds (including the Partial Bonds).


PACIFIC CENTURY: Withdraws Call Warrants Listing
------------------------------------------------
Pacific Century CyberWorks Limited requested market participants
to note that listing of the 2001 European Style Call Warrants
(Cash Settled) relating to existing issued ordinary shares of
HK$0.05 each of the Company, issued by Macquarie Bank Limited
(stock code: 1700), will be withdrawn at the close of business
today, 4 October, 2001).


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


BANK CENTRAL: IBRA To Sell Its 51% Shares
-----------------------------------------
In follow-up to the media news on Tuesday 3 October 2001 about
the sales plan for the Government's Bank Central Asia (BCA)
shares, the Indonesian Bank Restructuring Agency (IBRA) provides
further explanation on the percentage of BCA shares for sale.

In conformity to the agreement between the Government with the
Commission IX of the House of People's Representatives on 12 and
13 September 2001 in which the parliament approved the
government's plan to sell BCA shares at the amount of 51%
consisting of 30% with an option of 21% through strategic sale
method of which its implementation is entrusted to the
Government.

In carrying out the strategic sale, the sale of BCA shares at
the amount of 30% and 21% will be treated as single offering.
The aim is to ensure an optimal result on the divestment of
Government's shares at BCA in term of price and a credible and
reputable strategic investor which in turn will enhance the
performance of BCA in particular, and to the banking sector in
general.
  

SEMEN GRESIK: Chair Of House Says Govt Should Proceed W/Deal
------------------------------------------------------------
The government should proceed with its put option deal to Cemex
SA de CV for the sale of PT Semen Gresik, Jakarta Post reported
Thursday citing Chairman of the House of Representatives'
Commission IX for financial affairs Benny Pasaribu.

"The government should not let itself be distracted by
legislators opposing the sale," he added.

Benny said that the government should not refer the matter and
wait for the House of Representatives to lend its approval.

"Only if the government asked for input from legislators would
his commission review the Cemex put option deal. Let the
government as the executive decide. We can still discuss this
(put option deal) anytime they want," he added.

State Minister for State Enterprises Laksamana Sukardi has said
that by law the government need not seek the House's approval
regarding state asset sales.


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


DAIEI INCORPORATED: Store Closure Prompts Ginza Building Sale
-------------------------------------------------------------
As part of its efforts to reduce accumulating interest-bearing
debt, Japan's largest supermarket chain operator Daiei
Incorporated, plans to sell its Warner Building located in the
upscale Ginza district, News on Japan reports Thursday.

The closing of the Warner Brothers Studio Store due to poor
sales has prompted the company to consider selling the building.

Company sources close to the situation have said that no prices
have yet been set and the method of sale has yet to be agreed
upon. However, unconfirmed reports say the company is aiming to
sell the building at auction, which is expected to net a total
of more than Y11 billion.


FUJITSU LIMITED: Chip Production Suspension Scheduled
-----------------------------------------------------
Electronics giant Fujitsu Limited plans to suspend production of
semiconductors for five days at three of its plants located in
Iwate, Fukushima and Mie prefectures. This move is seen as a
counter-measure against slacking demand, the Japan Times
reported Thursday.  

Semiconductor prices have dropping steadily, especially for
those used in home appliances and personal computers, officials
of the company said.

Fujitsu's October factory operations in the semiconductor
division will effectively be reduced to less than 50 percent.
Previously, operations for September were at 60-70 percent.


MYCAL CORPORATION: Wal-Mart May Pass Up Bid
-------------------------------------------
U.S. Retail giant Wal-Mart, may not submit an acquisition bid
for the purchase of the failed Mycal Corporation and the latter
will most likely be selling off its stores one by one, analysts
and investors said.

They further assert that the resignation of Mycal President
Kozou Yamashita, who was leading efforts for the company to find
a partner or buyer, was a sign that negotiations aren't going as
smoothly as planned, the Bloomberg reported October 3.

Moreover, the recent terrorist attacks have dampened Wal-Mart's
desire for overseas expansion because they provoked a decline in
consumer confidence in the U.S. mainland, which may result in a
dip in sales.

The U.S. retailer has already struggled in other foreign
markets, including Germany, where losses have dragged on longer
than expected because of costly store renovations and the lack
of a developed distribution system.


NEC CORPORATION: Loss Announcement Prompts Moody's Review
---------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the Baa1 issuer and senior unsecured debt ratings of
NEC Corporation (NEC), NEC Industries (UK) Plc and NEC Capital,
Inc.

Moody's said that the review is prompted by NEC's recent
announcement that it will incur Yen150bn net losses for fiscal
year March 2002. The net losses include restructuring charges of
Yen100bn for its electron device division, as well as 50bn
restructuring charges mainly for its PC related businesses.

NEC's performance has more stabilized as a result of the
implementation of its mid-term business plan announced in July
2000. However, the current steep downturn of the global IT
market severely affects NEC's profitability. In its review,
Moody's will examine how NEC copes with the increasingly hostile
market environment.

NEC Corporation, headquartered in Tokyo, is the third largest
integrated electronics company in Japan.
  

NISSAN MOTOR: Labor Dispute Shuts Down Philippine Plant
-------------------------------------------------------
Nissan Motors Corporation Philippines has shut down operations
of its plant in Sta. Rosa Laguna due to a labor dispute, the
Inquirer News Service reported Thursday.

An estimated 280 employees, of the 500-plus workers, joined the
strike. The labor dispute is reported to have started in July.
The Japanese automaker isn't the only local assembler to shut
down operations within seven months. Toyota Motors Philippines
Corporation incurred losses of more that P150 million after it
shut down its Laguna plant for one week also because of a labor
dispute.

The Philippine automobile industry is currently struggling with
high inventory levels and low consumer demand, according to
analysts, and is unlikely to pick up this year in the wake of
the September 11 terrorist attacks on the U.S.


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


ASIANA AIRLINES: Cancels Flights, Cuts Staff
--------------------------------------------
Asiana Airlines, one of Korea's national flag carriers, has
launched restructuring moves to counter-act the effect of the
September 11 terrorist attacks, which badly affected its
financial status, the Digital Chosun reported Wednesday.

The airline company has moved to trim down its current manpower
of 6,000 by 700, or 12 percent. Additionally, it plans to cut
costs by around W57.5 billion.

Flights on five international and domestic routes will be
cancelled, the company said. Plans to buy two new aircraft have
been shelved and the company returned two leased cargo planes
ahead of the expiration date of the lease.


HYNIX SEMICONDUCTOR: Joint Oversight Management One Option
----------------------------------------------------------
Korea Exchange Bank (KEB), one of the main creditors of Hynix
Semiconductor, said the troubled chipmaker may undergo joint
oversight management by its creditors, the Digital Chosun
reported Wednesday.

Creditors of Hynix are to meet Thursday to discuss and act on
various issues regarding the ailing firm. Issues to be discussed
include an option by the creditors to suspend their loan
collection and another option to put the firm under joint
supervision.

KEB are also planning to discuss the possibility of granting a
total of W1 trillion in new loans and the issuance corporate
bonds worth W500 billion.  


HYUNDAI MOTOR: U.S. September Car Sales Up 50%
----------------------------------------------
Hyundai Motor sold a total of 30,166 cars in the United States
in September, generating year-on-year growth of 50.2 percent,
despite a 9.1 percent contraction in U.S. sales due to the
September 11 terrorist attacks, the Korea Herald reported
Thursday.
  
Kia Motors, a Hyundai affiliate, also increased its U.S. sales
30.4 percent year-on-year. U.S. companies General Motors, Ford
Motor and Daimler Chrysler, in contrast, have suffered year-to-
year losses of 2.8 percent, 9.9 percent and 27.9 percent
respectively. Only four other automakers have recorded year-to-
year gains BMW, Subaru, Volvo and Jaguar, all of them recording
gains ranging from 1.3 percent to 8.7 percent.

A Hyundai marketing official said that the Korean automaker is
expecting its U.S. exports for 2001 to top its goal of 320,000
units.


KOREAN AIRLINES: Sells Assets, Lays-Off 500
-------------------------------------------
Korean Airlines (KAL), the country's largest air carrier, has
come up with deep restructuring plans to survive the recession
plaguing the global airline industry in the wake of the
September 11 terrorist attacks, the Digital Chosun reported on  
October 3.

KAL plans to cancel flights to 14 international and domestic
routes. The larger half of Korea's two national flag carriers is
also considering either selling off or leasing out five surplus
aircrafts. A total of W100 billion is also to be raised by
disposing company assets to reinforce liquidity.

Of the total 17,200 staff under its employ, KAL will lay-off 500
members under its payroll. After posting a net loss of W345.9
billion for the first half of this year, the company aims to
save a total of W129.5 billion through these restructuring
moves.


*Four Firms Subjected To New Restructuring Law
----------------------------------------------  
Four firms, Hynix Semiconductor Inc., Hyundai Petrochemical Co.,
Ssangyong Cement Industrial Co. and Hyundai Engineering and
Construction Co. (HEC), will be subjected to the newly approved
corporate restructuring promotion law in preparation for their
debt rescheduling, creditors of the companies said Wednesday.

After benefiting from a bond-refinancing program (started early
this year and ending in December) wherein creditors like Korea
Development Bank buy 80 percent of the maturing bonds on a
monthly basis, the creditors have decided to subject them to the
new law.

The Korea Herald reported Thursday, that the restructuring
promotion act, among other things, allows creditors of a
troubled company to freeze and reschedule its debts as part of
efforts to keep it going.

Korea Exchange Bank and other creditors of Hynix will meet in
accordance with special act to decide whether to put a one-month
freeze on the collection of debts or to subject the chipmaker to
joint management.

Creditors of the other three companies are planning to follow
suit.


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


BRIDGECON HOLDINGS: SA Evaluates Proposed Workout Plan Offers
-------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)(BHB or the
Company) informed that the tender exercise to invite interested parties
to participate in the Proposed Debt Restructuring Scheme had closed on
24 September 2001.

The Special Administrators of the Company are in the midst of
evaluating the proposals submitted by the interested parties and
will shortly be making an announcement to the Exchange upon
finalizing the most appropriate rescue scheme for the Company.


KRETAM HOLDINGS: Posts Default In Interest Payment Update
---------------------------------------------------------
The Default in Interest payment for the Kretam Holdings Berhad
Group, as announced on 3 September 2001, was updated on 30
September 2001:

Company Facility Default in Interest Payment ( *)(Cumulative)
       (RM)

Kretam Holdings Berhad    RM63 Million 610,672
Revolving Credit

Kretam Holdings Berhad  RM3.5 Million 55,847
Revolving Credit

Kretam Holdings Berhad    RM42.9 Million 882,255
Revolving Credit  

Jeffa Construction Sdn Bhd   RM15.1 Million 322,092
Term Loan

* cumulative interest overdue for more than 6 months

The Kretam Group was unable to service the said interest to the
respective financial institutions due to its tight cash flow
position arising from the depressed Crude Palm Oil prices and
low trading on the Kuala Lumpur Stock Exchange during the first
half of this year.

The Kretam Group is currently in negotiations with its lenders
to restructure its Group borrowings. The proposed debt
restructuring scheme, which still maintains the plantation
operations as the Group's core business, will be announced upon
finalization.

The implication of the default in the aforesaid interest
payments is that the financial institutions will be entitled to
enforce the charge over the pledged landed properties of the
Group. To-date, these financial institutions have neither served
a letter of demand nor taken any action to enforce the charge by
Kretam.


LAND & GENERAL: Enters Proposed Subscription Agreement
------------------------------------------------------
The Board of Directors of Land & General Berhad (the Company or
L&G) announced that, on 2 October 2001, it entered into an
agreement with Khazanah Nasional Berhad (Khazanah), Amerasia
Technology, Inc. (ATI) and Crystal Clear Technology Sdn Bhd
(CCT), an associated company of L&G, to subscribe for an
additional 3,318,092 ordinary shares of RM1.00 each by way of
capitalization of a loan totaling USD3,318,092 owing by CCT to
L&G (the Loan)(the Proposed Subscription of CCT).

Pursuant to the agreement, the Company, Khazanah and ATI agreed
that the Loan of USD3,318,092 which comprises the principal sum
of USD2,000,000 and the accrued interest component computed up
to 31 December 2000 of USD1,318,092 be fully settled by the
issuance of one(1) fully paid ordinary share of RM1.00 each in
CCT for every USD1 of the Loan.

Upon the completion of the Proposed Subscription of CCT, L&G's
equity interest in CCT would increase from the current
shareholding of 31% to 36%.

BACKGROUND INFORMATION

In 1995, L&G Display Technologies, Inc (LDT), a wholly-owned
subsidiary of L&G had advanced USD2,000,000 to Crystal Clear
Technology,L.P., a California Limited Partnership (CCT,LP), the
repayment of which was supported by two promissory notes of
USD1,000,000 each dated 4 July 1995 and 22 November 1995,
respectively (the Advance). Subsequently, LDT, CCT,LP and
Technocraft Group Services Limited (Technocraft), a wholly-owned
subsidiary of CCT, agreed that Technocraft would assume the
liability of CCT,LP. On 7 January 1997 by an Assignment and
Assumption Agreement, Technocraft assumed the liability of CCT,
LP to repay the Advance to LDT. CCT,LP was dissolved on 8
January 2001.

In December 1996, L&G had entered into a joint venture agreement
(JVA) with Khazanah and ATI, whereby they had each agreed to
subscribe to the capital of CCT to undertake the manufacture of
liquid crystal display by CCT. Pursuant to the agreement dated 2
October 2001, the parties to the JVA agreed that the Loan shall
be settled by CCT for and on behalf of Technocraft in accordance
to the terms and conditions as set out in the said agreement.

On 2 October 2001, LDT had endorsed the promissory notes in
favor of L&G.

RATIONALE

The capitalization of the Loan represents the equity
contribution by L&G in CCT in tandem with the equity
participation that has been injected by Khazanah.

FINANCIAL EFFECTS

Share Capital

The Proposed Subscription of CCT will not have any effect on the
issued and paid-up share capital of the Company.

Net Tangible Assets

The Proposed Subscription of CCT will not have any material
effect on the net tangible assets of the Company and the Group
for the financial year ending 31 December 2001.

Earnings

The Proposed Subscription of CCT will not have any material
effect on the earnings of the Company and the Group for the
financial year ending 31 December 2001.

APPROVALS

On 25 September 2001, approval from the Bank Negara Malaysia was
obtained for the Proposed Subscription of CCT.

Save for the aforementioned, the Proposed Subscription of CCT is
not subject to the approval of the shareholders of the Company
or any other relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

As far as the Board of Directors is aware, none of the Directors
and/or substantial shareholders of the Company or its
subsidiaries or any persons connected with the said Directors or
substantial shareholders have any interest, whether directly or
indirectly, in the Proposed Subscription of CCT.

DIRECTORS' STATEMENT

The Directors of the Company, having considered all aspects of
the Proposed Subscription of CCT, are of the opinion that the
Proposed Subscription of CCT is in the best interest of L&G.

DOCUMENT FOR INSPECTION

The agreement is available for inspection at the registered
office of the Company at 2nd Floor, 7 Persiaran Dagang, Bandar
Sri Damansara, 52200 Kuala Lumpur from Mondays to Fridays
(except public holidays) during normal office hours for a period
of two (2) weeks from the date of this announcement.


LAND & GENERAL: Updates Status On Defaulted Payments
----------------------------------------------------
Land & General Berhad (L&G) advised that there are no new
significant developments in relation to the various defaults in
payment that were announced previously except for:

Default in principal sum in respect of a RM54 million Standby
Term Loan Facility (the Facility) by the Company

The bank lender of the Facility had, on 27 September 2001,
served the Originating Summons dated 30 August 2001 on a wholly-
owned subsidiary of L&G, seeking the Order inter alia, that the
lands which have been charged in respect of the Facility be sold
by public auction to satisfy the sum secured under the charge,
including all interest, costs and expenses incurred and that the
date of the auction be fixed on a date not less than one(1)
month from the date the Order is granted. L&G is the borrower of
the Facility whilst the said lands are owned by the
aforementioned wholly-owned subsidiary of L&G.

L&G would like to further inform that the Facility is one of the
debts to be restructured under the debt restructuring scheme of
L&G which is currently under the purview of the Corporate Debt
Restructuring Committee (CDRC).


MAN YAU: SC Approves Proposed Utilization Revision
--------------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of Man Yau Holdings Berhad (MYHB or the Company),
announced to the Kuala Lumpur Stock Exchange (KLSE) that the
Company has received the approval of the Securities Commission
(SC) to revise the proposed utilization of the total proceeds to
be raised from the proposed private placement by Kinta Mestika
Berhad (formerly Kinta Mestika Sdn Bhd) (KMB) of up to ten (10)
million new shares at an issue price of RM1.10 per share
(hereinafter referred to as the "Revision"), as follows:

As previously     Revision Difference
approved by
the SC on
5.4.2001
RM   RM  RM


To part-settle the amount due 2,534,104  5,306,134  *2,772,030
to the unsecured preferential
creditors of MYHB and Man
Yau Plastics Factory (Malaysia)
Sdn Bhd, a wholly owned
subsidiary of MYHB

To provide working capital    6,965,896  4,193,866  (2,772,030)
for the KMB group

To defray the expenses        1,500,000  1,500,000  -
Relating to the Proposals

                 11,000,000  11,000,000  

* This amount was earlier proposed to be borne/settle by the
Promoters, namely, Datuk Rahim Baba, Dato' Megat Najmuddin bin
Datuk Seri (Dr) Hj Megat Khas and Chan Ngow, on behalf of the
scheme companies, comprising MYHB, Man Yau Plastics Factory
(Malaysia) Sdn Bhd and Wang Corporation Sdn Bhd pursuant to a
proposed debt restructuring.

The approval of the SC for the Revision was not subject to any
conditions.


MANCON BERHAD: Posts Details Of Defaulted Payments
--------------------------------------------------
Mancon Berhad (Mancon or the Company) announced the details of
all the default in payments by the Company and its subsidiaries.
The details are posted at
http://www.bankrupt.com/misc/mancon.doc

A. Reasons for the Default in Payments

The unprecedented economic turbulence experienced in Malaysia
since mid 1997 had significantly affected the core activities of
the Mancon Group, with the postponement and contraction of many
projects and an increased cost of financing the continuing
projects. The Group consequently suffered a severe deterioration
in its finances resulting in payment defaults to its creditors.
To seek protection, the Group applied to the Court and was
granted an RO with subsequent further extensions to facilitate
its restructuring scheme to consolidate its financial position.

B. Measures to Address the Default in Payments

On 20 July 2000, Affin Merchant Bank Berhad announced on behalf
of the Company, a Proposed Restructuring Scheme (the Scheme).

The Scheme which was submitted to the Foreign Investment
Committee (FICand the Securities Commission (SC) on 20 December
2000, was not considered by SC as notified in its letter dated 5
June 2001 on the grounds that the FIC had vide its letter dated
23 March 2001 given a conditional approval. [FIC's approval was
conditional upon the acquisition of Muar Coastal Development Sdn
Bhd ("Muar Coastal"), which formed part of the Scheme, be
carried out as a separate exercise. However, the acquisition of
Muar Coastal was inter-conditional to the Scheme]. As a result,
SC directed the Company to submit a revised restructuring scheme
for its consideration.

Since the Company had failed to regularize its financial
condition by 26 June 2001 as required under PN 4/2001, the
Company therefore is in default. The Company had submitted an
application on 25 June 2001 to KLSE to extend the deadline to
allow it further time to regularize its financial condition and
to submit its revised scheme to the relevant authorities. The
KLSE had vide its letter dated 6 August 2001, approved an
extension of 2 months from 26 June 2001 to 25 August 2001.

The Company further submitted an application on 9 August 2001 to
the KLSE for an extension of time. The KLSE had vide its letter
dated 3 September 2001, approved an extension of 2 months from
26 August 2001 to 25 October 2001.

C. Financial and Legal Implications

Mancon is liable for the full amount as well as interests on the
loans as a principal borrower and as a guarantor for the loans
borrowed by its subsidiaries.

Background

On 4 December 1998 and 1 June 1999, Mancon announced a default
in payment of the coupon interest on the USD100 million
Guaranteed Floating Rate Notes due 2002 issued by its
subsidiary, Mancon (BVI) Investment Holding Company Limited and
guaranteed by Mancon pursuant to PN 2/1998. On 30 October 1998,
Mancon further announced the appointment of Messrs Ernst & Young
as its financial advisers for its restructuring exercise.

On 13 October 1999, Mancon announced that it had obtained a
Restraining Order (RO) from the Kuala Lumpur High Court under
Section 176, Companies Act, 1965 effective from that date.

Subsequent to the announcements above, Mancon had made several
announcements on the progress of its restructuring exercise. It
also complied with the Listing Requirements of Kuala Lumpur
Stock Exchange (KLSE) by making monthly announcements pursuant
to PN 4/2001 since Mancon is considered an "affected listed
issuer".


MEASUREX CORP.: Post Tentative Proposed Debt Scheme Timetable
-------------------------------------------------------------
On behalf of Measurex Corporation Berhad (MCB or the Company),
Commerce International Merchant Bankers (CIMB) announced that
the tentative timetable for the implementation of the Proposed
Debt and Corporate Restructuring Scheme is:

Major Events                   Signing date     Tentative
    completion
      Date

i) Deed of Compromise and      26 Sept 2001  Mid Nov 2001
  
(Settlement (in relation to
the Shareholders' Agreement
as defined in the 29 September
2001 announcement);

(ii) Deed of Compromise and    26 Sept 2001 Mid Nov 2001
Settlement (in relation to the
Relevant Agreements as defined in
the 29 September 2001 announcement);   

(iii) Agreement for Transfer
of Equity Interest;            26 Sept 2001 Mid Jan 2002

(iv) Settlement Agreement      26 Sept 2001 End Dec 2001
(in relation to the Funding
Agreement as defined in the 29
September 2001 announcement ); and  

(v) Payment Agreement.         26 Sept 2001 End Dec 2001


OLYMPIA INDUSTRIES: Sabah State Grants Unit Trading License
-----------------------------------------------------------
Olympia Industries Berhad (the Company) announced that its
wholly-owned sub-subsidiary, Diriwan Corporation Sdn Bhd (DCSB)
has received a letter from the Ministry of Local Government and
Housing, Sabah, that the Sabah State Government has approved the
issuance of Trading Licences to DCSB to resume its gaming
operations in the Sate, based on the approval from the Federal
Government.

DCSB is required to repair the Tambalang Race Course which
details will be negotiated between DCSB and the State
Government.

With this approval, DCSB is taking action to resume its gaming
operations in the State as soon as possible.

Profile

The Company and certain of its subsidiaries, Jupiter Capital Sdn
Bhd, Dairy Maid Resort & Recreation Sdn Bhd, Olympia Plaza Sdn
Bhd, Olympia Land Bhd, and Mascon Sdn Bhd, and sub-subsidiaries
LC (BVI) Ltd and Olympia Travels and Tours Sdn Bhd, entered into
a restructuring and standstill agreement with financial
institution creditors to undertake a proposed debt and corporate
restructuring entailing a proposed capital reduction and
consolidation, reduction of share premium account, rights issue
with detachable warrants, special issue, debt novation, debt
restructuring, acquisition of property companies and land,
disposal of property companies, inter-company settlement between
the Company and substantial shareholder Mycom Bhd and an offer
for sale.

The proposals are inter-conditional upon a scheme that Mycom is
undertaking. The scheme was submitted to the SC on 16.8.2000.
Save for FIC, the scheme is pending approval from the SC, MITI,
KLSE, shareholders and creditors. On 26.2.2001, the Company
received a request from the SC for further input, in order to
arrive at a more comprehensive restructuring exercise for its
consideration.


TONGKAH HOLDINGS: Still In Negotiation With Creditors
-----------------------------------------------------
Tongkah Holdings Berhad (THB or the Company) informed that the
Company is still negotiating with its major creditors to
restructure the existing debts of the THB Group and have not
formalized a proper plan to regularize its financial condition
as yet. Further announcements would be made on a monthly basis
or as when required.


TRANSWATER CORP.: Still Formulating Financial Workout Plan
----------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad
(Transwater) informed that the Company is still formulating a
plan to regularize its financial condition and will make an
announcement on the plan once finalized within a two-month
extended time frame i.e. by 22 October 2001.

Profile

Based in Selangor, Transwater Group of Companies are specialist
engineers and contractors for water and waste water works, for
the supply and installation of pumping equipment, industrial
machinery, process equipment and systems, cooling towers and oil
and gas equipment and systems.

Following its classification in February 2001 as an 'affected
listed issuer' under Practice Note 4/2001, Transwater is still
currently in the process of formulating and evaluating plans to
regularize its financial condition. On 4 September 2001, KLSE
granted Transwater a two-month extension to 22 October 2001 for
it to release the requisite announcement detailing its proposal
to restore its financial viability.


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


BELLE CORPORATION: Will Earn P730M From Highlands IPO
-----------------------------------------------------
Belle Corp. expects to generate over P730 million from the sale
of its 15% stake in Highlands Prime Leisure Properties, Inc
through an initial public offering (IPO) slated this year,
Business World reported Thursday.

Net proceeds from the IPO will be used to service Belle's
outstanding debts, PhP41 million to cover taxes on secondary
sale of Highlands Prime shares, and PhP158 million to be used as
additional capital expenditures and working capital.

Highlands Prime comprises Belle's remaining unsold assets
including raw land in the Tagaytay Highlands property (located
south of Metro Manila).

The move to spin off its core business, sources earlier said, is
in line with Belle's plan to raise cash to retire some PhP6
billion in debts.


MAYNILAD WATER: Government OKs P4.21/cu.m. Rate Hike
----------------------------------------------------
The Philippine government has allowed Maynilad Water Services,
Incorporated (MWSI) to increase its basic water rates by P4.21
per cubic meter, effective this month until Dec 2002, Business
World reported yesterday.
The rate hike was allowed under a resolution signed by MWSI and
the board of state-run Metropolitan Waterworks and Sewerage
System (MWSS) on Tuesday evening.
Under the resolution, the impact of foreign exchange losses on
water rates will be factored in the capital expenditures and
concession fees of MWSI. For instance, the accrued foreign
exchange losses in one quarter (January to March) will be added
to water rates starting April.
The hike allows MWSI to recover about P2.7 billion in foreign
exchange losses from August 1997 to December 2000.
MWSI incurred losses when the peso depreciated to about 50 to $1
from only 26 to $1 when it won the concession to operate the
water service in Metro Manila and assumed about $800 million in
MWSS loans.


PHILIPPINE NATIONAL: Issues Statement Regarding Book Value
----------------------------------------------------------
The Philippine National Bank issued a press release regarding
the PNB Book Value being actually higher than the amount
previously assessed upon audit. The announcement was:

Philippine National Bank ("PNB") furnished the Exchange a copy
of its press release regarding the PNB Book Value being higher
than P40.00 under the diligence audit conducted by the auditors
chosen by the government preparatory to the plan of the
government to acquire additional shares of PNB.

"PNB Book Value much higher than P40.00"

A diligence audit conducted in the books of PNB by auditors
chosen by the government preparatory to the plan of the
government to acquire additional shares of PNB showed that the
net book value of the shares of PNB taking into account all
factors that should be considered in determining such value was
P71.98 per share. This valuation does not consider any value on
the bank's infrastructure (a domestic branch network of 325
branches and 79 branches and remittance center all over the
world) and extent of control that would be acquired. In the
Philippine context, these factors have been given values such
that the market of a share is strictly twice the financial
value.


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


ASIA FOOD: Posts Joint Announcement Re Debt Restructuring
----------------------------------------------------------  
Asia Food & Properties together with Golden Agri-Resources
Limited announced additional information regarding ongoing debt
restructuring. The text of the update is:

Asia Food & Properties Ltd and Golden Agri-Resources Ltd on 28
September, we would like to provide additional information on:

Debt restructuring: As disclosed in the half-year results
announcement of 28 September, the AFP Group (including GAR
Group) restructured US$110.3 million of its outstanding debts
(comprising bank loans, bonds and trade facilities). The table
below reflects the debts restructured as a percentage
of total indebtedness of the AFP and GAR Groups, respectively:

US$ million         AFP          GAR       Total AFP
                (excluding GAR)          (Consolidated)

Total debt          670.6        487.5        1158.1
(bank loans,
bonds and
trade facilities
as at 30 June 2001)

Amnt restructured    11.8         98.5         110.3
(as at 30 September
2001)              

Restructured debt     2            20           9.5
as percentage
of total debts(percent)        

Note: For ease of comparison, the amounts in Singapore Dollars
have been converted to US Dollar equivalent at US$1 to S$1.822.

On the specific terms of the debts restructured, we are unable
to provide details due to a confidentiality clause imposed by
the counter-parties.


Cash and Time Deposits: As disclosed in the 28 September
announcement, AFP Group's total withdrawal since end March
amounted to US$24 million and this includes US$8 million by the
GAR Group.

As listed in the un-audited balance sheet of the half-year
financial statement announcement, AFP Group's (including GAR and
subsidiaries) cash and time deposit balances with BII Bank
Limited (BII Bank Ltd) stand at S$524 million (or US$287.6
million) as at 30 June 2001. Of this, GAR Group's cash and time
deposit balances were US$229.5 million. We would like to
highlight that given GAR is a subsidiary of AFP, GAR Group
balances were reflected in the AFP's consolidated balances.

The AFP Group has since reduced the deposit balance by US$14.8
million, of which GAR Group is US$5 million, following
withdrawals made during the third quarter of this year.

As previously disclosed, the AFP Group (including GAR and
subsidiaries) has ceased placing further or fresh deposits with
BII Bank Ltd since end November last year.

AFP and GAR will make the appropriate announcement on the debt
restructuring and the proposed repayment plan, as and when
details are finalized.


CAM INTERNATIONAL: Notice Of Adjourned Court Meeting Posted
-----------------------------------------------------------
Cam International Holdings Ltd, announced October 4, 2001, the
notice of an adjourned court meeting. The announcement was:

Notice Of Adjourned Court Meeting

IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE

Originating Summons )
No.601055 of 2001 )

In the Matter of
CAM International Holdings Ltd
(RCB No. 198900188N)

And

In the Matter of
The Companies Act, Chapter 50
(Revised Edition 1994)

SCHEME OF ARRANGEMENT
Under Section 210 of the Companies Act, Chapter 50

Between

CAM INTERNATIONAL HOLDINGS LTD

and its

CREDITORS
(as defined in the Scheme of Arrangement)


NOTICE OF ADJOURNED COURT MEETING

NOTICE IS HEREBY GIVEN that an Adjourned Meeting of the
Creditors of CAM International Holdings Ltd (the "Company")
will be held at the Carlton Hotel at 76 Bras Basah Road,
Singapore 189558, on 18th October 2001 at 2:30 p.m., for the
purpose of considering and, if thought fit, approving (with or
without modification):

(1) The amended Scheme of Arrangement (the "Scheme") dated 2nd
August 2001 proposed to be made pursuant to Section 210 of the
Companies Act, Chapter 50 between (1) the Company and (2) its
Creditors; and

(2) The appointment of S.G. Trust (Asia) Ltd as the Share Escrow
Agent (as defined in the Scheme).

(Under the Scheme, a "Creditor" is defined to mean any person
who has or who purports to have a claim against the Company
arising out of any transaction, act or omission of the Company
or of any person whether the claim be present, future or
contingent or whether liquidated, or sounding only in damages
and whether in contract or tort howsoever arising out of or
having its origin in any matter occurring on or prior to 30th
September 1999).

In accordance with the direction of the High Court, the said
creditors' meeting was originally held on 7th September 2001
(the "Original Meeting"). At the Original Meeting, a resolution
was approved by the requisite majority to adjourn the said
meeting till 18th October 2001 (the "Adjourned Meeting").

The Scheme, Forms of Proxy and the Explanatory Statement
required to be furnished pursuant to Section 211 of the
Companies Act, Chapter 50 are incorporated in a printed document
(the "Scheme Document") of which this Notice forms part. Copies
of the Scheme Document have been sent by ordinary post to the
Creditors. In the event that the copies of the Scheme Document
are not received within three (3) working days of the
advertisement of this Notice, any person entitled to attend the
Adjourned Meeting can also obtain copies of the Scheme Document
from the offices of DEXIA FUND SERVICES SINGAPORE PTE LTD at 9
Raffles Place, #42-01, Republic Plaza, Singapore 048619, at any
time between 9 a.m. and 5 p.m., from Mondays to Fridays
(excluding Public Holidays) prior to the day appointed for the
Adjourned Meeting. Persons who wish to obtain such Scheme
Document are requested to call Ms Shirley Ho at Tel No. (65)
2227622 before attending at the said offices of DEXIA FUND
SERVICES SINGAPORE PTE LTD.

For the purposes of participating and voting at the Adjourned
Meeting and participating in the Debt Restructuring Plan (as
defined in the Scheme), every Creditor of the Company shall
lodge its Claim (as defined in the Scheme) with the Company not
later than two (2) Business Days (as defined in the Scheme)
before the date of the Adjourned Meeting. Creditors who do not
file their Claims with the Company not later than two (2)
Business Days before the Adjourned Meeting may, at the
discretion of the Company, not be entitled to participate and/or
vote at the Scheme Meeting and/or participate in the Debt
Restructuring Plan. A Claim to be lodged by a Creditor of the
Company shall be lodged on the basis of that Creditor's Claim as
at 30th September 1999 (inclusive) and in accordance with the
Explanatory Statement.

The said Creditors may vote in person at the Adjourned Meeting
or they may appoint another person, whether a Creditor of the
Company or not, as their proxy to attend and vote in their
stead.

It is requested that Proxy Forms be lodged with the Company c/o
of DEXIA FUND SERVICES SINGAPORE PTE LTD (Attn: Ms Shirley Ho at
9 Raffles Place, #42-01, Republic Plaza, Singapore 048619, not
later than 2:30 p.m. on 16th October 2001, but if the forms are
not so lodged they must be handed to the Chairman of the
Adjourned Meeting at which they are to be used.

The Scheme will be subject to the subsequent approval of the
Court.


CAPITALAND LIMITED: Posts Changes In Shareholder's Interests
------------------------------------------------------------
Capitaland Limited on October 4, 2001, posted a notice of
changes in substantial shareholder, Temasek Holdings Limited's
deemed interests. The announcement:

Notice Of Changes In Substantial Shareholder's Deemed Interests
Name of substantial shareholder: Temasek Holdings (Private)
Limited
  
Date of notice to company: 02 Oct 2001
Date of change of interest: 25 Sep 2001
Name of registered holder: CDP: Vickers Ballas
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 250,000
Percent of issued share capital: 0.01
Amount of consideration
per share excluding
brokerage, GST, stamp
duties, clearing fee:  0.4130
No. of shares held before change:  
Percent of issued share capital:  
No. of shares held after change:  
Percent of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest:
                                    Deemed            Direct
No. of shares held before change: 1,597,384,771  
Percent of issued share capital:     63.46  
No. of shares held after change:  1,597,134,771  
Percent of issued share capital:     63.45  
Total shares:                     1,597,134,771  



SSANGYONG CEMENT: Posts Singapore Unit Disposal Update
------------------------------------------------------
Ssangyong Cement Limited (Singapore) on October 3, posted an
announcement of additional information regarding its disposal of
subsidiary, Chinthe Concrete Co, Ltd. The update is:

DISPOSAL OF SUBSIDIARY

Further to our announcement on 1 October 2001, the Company
wishes to provide the following additional information:

The aggregate consideration of US$400,000 was arrived at on a
"willing-buyer, willing-seller" basis, taking into account the
net tangible assets of Chinthe Concrete Co. Ltd ("Chinthe
Myanmar") and the physical condition of the fixed assets being
disposed off. The consideration was satisfied in full by cash
payment upon completion of sale which took place on 28 September
2001.


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


EMC PUBLIC: SET Lists Securities, Trading Still Suspended
---------------------------------------------------------
EMC Public Company Limited (EMC) announced that starting  
October 5, 2001, the Stock Exchange of Thailand (SET) allowed
its securities to be listed on the SET after finishing capital
increase procedures.

However, EMC is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of EMC until the causes of
delisting are eliminated.

Anyway, the company could request the SET to allow continued
trading under the REHABCO category after it completed the
conditions specified by the SET.

   Name   : EMC Issued and Paid up Capital
   Old    : Bt75,000,000
   New    : Bt441,806,540
   Allocate to : Creditors 4 groups 36,680,654 common shares
   Ratio  :   -
   Price Per Share : Bt10
   Exercise/Payment Date : September 20, 2001


SUPALAI PUBLIC: Bond Issuance Pays Debt To Creditors  
----------------------------------------------------
Supalai Public Company Limited informed that on October 3, 2001,
the Company repaid its debts by issuing and offering the
unsecured debenture and the convertible debenture to Kiatnakin
Finance Public Company Limited (KK) in accordance with these
details:

1. Issue and sale of unsecured debentures       

The Company has issued and sold the "Unsecured Debentures of
Supalai Public Company Limited No. 5 due 2007" at the price
offered of 841.2652 each to KK in the amount of  165,343 units.

2.Issue and sale of convertible debentures

The Company has issued and sold the "Convertible Debentures of
Supalai Public Company Limited No. 7 due 2002" to KK in the
amount of 81,447 units at the price of Bt1,000 each.

3.Exercise of conversion right

KK has exercised their conversion rights pursuant to all of
their convertible debentures specified in Item 3 and such
conversion causes KK to acquire ordinary shares in the amount of
3,887,600 shares.


THAI HEAT: Rehabilitation Plan Hearing Date Set On Oct 24
---------------------------------------------------------
Thai Heat Revival Company Limited, planner of Thai Heat Exchange
PCL, announced that, due to the objection filed by the ex-
workers, the judge has ordered the Planner and the objector to
submit written statements to the Court by 15 October 2001. The
deadline provides the two with an opportunity to set out their
respective positions in relation to the objection.

The Court hearing for consideration of the rehabilitation plan
will be held on 24th October 2001 at 9.30 am.


THAI PETROCHEMICAL: Pays Overdue Interest
-----------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI) advised
that TPI has initiated payment of the amount of interest
originally due on 1 October 2001 to its creditors.

This payment will be made within the five-day grace period
provided for in the company's restructuring plan to cure any
event of default, which may have arisen due to the late
payment.


TPI OIL: Reorganization Petition Filed In Bankruptcy Court
----------------------------------------------------------
TPI Oil Company Limited's (DEBTOR), engaged in petroleum and
sale of petrol, Petition for Business Reorganization was filed
to the Central Bankruptcy Court:

     Black Case Number 410/2543

     Red Case Number 466/2543

Petitioner: THAI PETROCHEMICAL INDUSTRY PUBLIC COMPANY LIMITED   
            by EFFECTIVE PLANNERS COMPANY LIMITED
          : TPI OIL COMPANY LIMITED by Mr. Antony Norman

Planner: Effective Planners Company Limited

Debts Owed to the Petitioning Creditor: Bt5,954,717,969.46

Date of Court Acceptance of the Petition: May 30, 2000

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 3, 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

Appointment Date of the Creditors' Meeting for the Plan
Consideration: November 21, 2000 at 9.30am. 11th Floor, Meeting
room no. 1105, Bangkok Insurance Building, Sathorn Rd.
the Creditors' meeting had passed a resolution accepting the
Plan on November 21, 2000

Court hearing has been set on December 12, 2000 at 13.30 pm.
Court had issued the order accepting the reorganization plan:
December 15, 2000 and Appointed Effective Planner Company
Limited to be as the Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Matichon Public Company Limited and Siam Rath Company
Limited: December 29, 2000

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator:
in Government Gazette in January 25, 2001

Contact: Mr. Anusit Tel 6792525 Ext. 122


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

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