TCRAP_Public/011009.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, October 9, 2001, Vol. 4, No. 197

                         Headlines

A U S T R A L I A

ANSETT: Resumes Flights to Brisbane, Perth
AUSTAR: Combines Divisions In Effort To Improve Performance
COLES MYER: Myer Grace Bros' Managing Director Resigns
COLES MYER: Reports Lower Overall Net Profit
DAVNET LIMITED: Board Appoints Judy Slatyer as Director, CEO
DIGITAL NOW: Files Voluntary Chapter 11 Bankruptcy
MAYNE NICKLESS: Alpharma Pays US$400M for US Pharma Business
MAYNE NICKLESS: To Issue 335M Shares to FH Faulding
PASMINCO LIMITED: Administrators Confirm Appointment


C H I N A  &  H O N G K O N G

CIL HOLDINGS: Requests Trading Suspension


J A P A N

CHUO MITSUI: In Final Talks To Integrate With Sumitomo Mitsui
MYCAL CORPORATION: Stages Sales Campaign
MYCAL CORP: At Least 10 More Outlets Tapped For Closure
SUMITOMO LIFE: Commences Merger Talks with Mitsui Mutual


K O R E A

CHUO MITSUI: Finalizes Deal For Sumitomo Mitsui Takeover
HYNIX SEMICONDUCTOR: To Sell China Chip Plant
HYUNDAI CONSTRUCTION: Spinning Off Surveying Unit
HYUNDAI GROUP: Chung Steps In To Ease Conflict
HYUNDAI PETROCHEMICAL: Creditors To Vote On W2T Debt Program
KOREAN AIR: To Issue W300B In Bonds
SEAGAIA: Rehab Proceedings Continue
SEOUL BANK: Sell Off To DBCP Breaks Down
SSANGYONG CEMENT: Creditors Agree On W1.9T Rescue Fund


M A L A Y S I A

AMSTEEL CORP: KLSE Grants Extension Re Regularization Plan
AUSTRAL AMALGAMATED: Posts Quarterly Report Ended June 30
BRIDGECON HOLDINGS: Enters Sale MoA With LSCQ, JMR
CRIMSON LAND: Enters MCBF Equity SPA With Dominion Attraction
MALAYSIAN RESOURCES: KLSE OKs Trading Suspension
PACIFICMAS: SC Okays RM90M Utilization For Core Business
RAHMAN HYDRAULIC: KLSE Reprimands, Imposes RM150,000 In Fines
SISTEM TELEVISYEN: KLSE OKs Trading Suspension
TECHNO ASIA: KLSE Reprimands, Imposes RM25,500 Fine
UH DOVE: Unusual Market Activity Cause Unknown


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Wants Creditors To Write Off P3B Debt
MAYNILAD WATER: Government Assuming PhP600 Loans
METRO PACIFIC: May Sell Stake In Global City
NATIONAL POWER: US$7.89M Insurance Premiums Missing
RFM CORPORATION: Soft Drink Unit Experiences Record Sales


S I N G A P O R E

AMTEK ENGINEERING: Posts Changes In Director's Interests
HONG LEONG: Posts Announcement Re Foreign Shareholdings
KEPPEL CAPITAL: Announces Voluntary Takeover Offer

     -  -  -  -  -  -  -  -

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


ANSETT: Resumes Flights to Brisbane, Perth
------------------------------------------
Ansett resumed services to Brisbane and Perth yesterday after a
month-long stoppage. Singapore Airlines, reportedly, has re-
entered negotiations for a possible rescue package for Ansett
Airlines, ABC News reported October 8, 2001.

Ansett's Mikala Sabin was delighted by the return and said, "The
bookings have been fantastic, we've been really thrilled with the
support we've had so far from Western Australia and we've got all
our flights over half-full so we're thrilled with that."


AUSTAR: Combines Divisions In Effort To Improve Performance
-----------------------------------------------------------
Austar overhauled its organization in a bid to turn around its
pay-TV business. Austar Chief Executive John Porter reasserted
his operational control, by merging the company's broadband and
pay-TV divisions, effectively demoting his two key executives,
Sydney Morning Herald reported October 8.

Austar spokesman Bruce Meagher confirmed that the restructure was
an attempt to improve Austar's operating performance. "Gone are
the days of everyone doing deals," Meagher said. "The focus is
now on getting down to the nuts and bolts of the organization."

Austar is facing a full-year loss of $390 million as slowing
subscriber growth, high capital expenditure and expensive US
programming costs take their toll on the company's balance sheet.
Austar must renegotiate its $400 million bank loan before the end
of the year if it is to avoid repaying the amount in full in the
first quarter of 2002.

Last week it offloaded full financial responsibility for its New
Zealand pay-TV venture Telstra Saturn on to partner Telstra,
which will fund the $NZ1.2 billion ($1 billion) roll-out of the
broadband network in New Zealand on its own.

Having rid itself of its $150 million NZ funding commitment,
Austar is confident the $253 million cash it had on hand at the
end of June will now be sufficient to fund the company until it
breaks even in 2004.


COLES MYER: Myer Grace Bros' Managing Director Resigns
------------------------------------------------------
Coles Myer Limited announced yesterday that that the managing
director of Myer Grace Bros, Phil Smith, has tendered his
resignation effective 31st October, 2001.

Warren Flick, Chief Operating Officer of the General Merchandise
and Apparel Group said, "Myer Grace Bros has been rewarded for a
number of years with Phil's energy and commitment. Certainly, the
development and mentoring of our future management talent has
been one of Phil's most important contributions."

"We appreciate and recognize these efforts and, whilst we have
accepted his resignation with regret, we respect his decision and
we wish him the very best in his future endeavors," Flick said.

"Within the GM&A group the process of identifying high quality
executives to head up Myer Grace Bros is underway," Flick added.

John Fletcher, Chief Executive Officer of CML said, "Whilst a
change in senior management is always difficult we will use this
opportunity to ensure we have the best possible leadership in all
of our businesses for the strategic roll-out of Operation Right
Now."

Effective from 1st November, 2001, Flick will assume the
additional role of acting managing director of Myer Grace Bros
and will continue to report directly to Fletcher. In the interim,
Flick will work  with Smith in effecting an orderly transition of
responsibility.

For further information:

MEDIA:    Greg Every     03 9829 5435
ANALYSTS: Amanda Fischer 03 9829 4521


COLES MYER: Reports Lower Overall Net Profit
--------------------------------------------
Coles Myer Limited reported a significantly lower than expected
overall net profit for the last financial year. The group posted
a $151 million net profit following restructuring costs, asset
write-offs and provisions, ABC News reported on October 8. The
result nearly halves Coles Myers' $301 million net profit on the
previous year.

CEO John Fletcher says while the result is clearly unsatisfactory
for shareholders, the future is looking brighter. He said, "There
is a lot of change on the way and it's going to take some time,
but I think we can confidently say the worst is behind us. And I
guess today is an important day in the sense that it's the
beginning of the beginning."


DAVNET LIMITED: Board Appoints Judy Slatyer as Director, CEO
------------------------------------------------------------
Davnet Limited board of directors announced the appointment
of Judy Slatyer as a director and the new Chief Executive Officer
of DavTel, a subsidiary of the Company, in partnership with NTT
Australia.

Slatyer has 15 years of telecommunication industry experience,
including 4 years as adviser to the Federal Minister for
Transport & Communication. Over a 10-year career with Telstra,
Slatyer has achieved an outstanding record as General Manager of
"Cable Services," Managing Director of the "Operator Assisted
Services Division," and most recently as Chief of Consumer Sales,
a major area in Telstra Retail.

The directors said they are confident that Slatyer is very well
qualified to lead DavTel in the next exciting stage of its
development.

Jason Ashton, the departing CEO of DavTel will be assisting in
the handover process, until the end of October 2001.

For inquiries in respect of the above announcement:

Mr Bill Kocass
Chairman of the Board
(02) 9279 4155.


DIGITAL NOW: Files Voluntary Chapter 11 Bankruptcy
--------------------------------------------------
Digital Now, Inc announced yesterday that on October 5, 2001, it
filed a voluntary Chapter 11 bankruptcy petition. The filings
were made with the United States Bankruptcy Court for the Eastern
District of Virginia, Alexandria Division.

Digital Now will continue to pursue discussions with potential
purchasers for the sale of all or part of its business and/or
assets.

The European subsidiaries of Digital Now, Labocontrol AG, located
in Switzerland, and Digital Now Italy, Sr1, located in Italy,
will continue to operate outside of this bankruptcy filing and to
pursue sales of products and provision of services to their
customers.

In connection with the Chapter 11 filing, Digital Now also
announced that effective October 5, 2001, Gary H Mueller will no
longer serve as the company's President and Chief Executive
Officer. Richard Gross, the company's Chief Financial Officer,
will serve as the company's chief executive officer and
representative of the debtor-in-possession.

For more information, please call +1-703-902-0600 or visit
Digital Now's website at www.digitalnow.com.


MAYNE NICKLESS: Alpharma Pays US$400M for US Pharma Business
------------------------------------------------------------
Mayne Nickless Limited announced yesterday that under the terms
of its agreement with Alpharma Inc for the sale of Faulding's US-
based oral pharmaceuticals business, Alpharma paid Mayne US$400
million of the sale consideration. The money will be held in an
escrow account until Mayne pays Faulding shareholders the offer
consideration.

In addition, Alpharma has provided Mayne with an irrevocable
stand-by letter of credit issued by Bank of America for US$260
million. The letter of credit covers the balance of the US$660
million purchase price for the oral pharmaceuticals business and
will become available to Mayne at the time of the sale to
Alpharma. The sale is expected to occur in December 2001
following the reorganization of the Faulding businesses.

The management agreement between Mayne and Alpharma in relation
to the oral pharmaceuticals business, under which Alpharma
assumes management responsibility for the business, has come into
effect.

Mayne Group Managing Director and Chief Executive Officer, Peter
Smedley, said these events represent a significant milestone in
this transaction.

"Following the reorganization of Faulding, which is currently
underway, the sale of the oral pharmaceuticals business to
Alpharma will be completed," Smedley said.

For further information contact:

Media enquiries:                  Investor enquiries:
Serena Williams                   Mark Rogers
PUBLIC AFFAIRS MANAGER            INVESTMENT RELATIONS MANAGER
Phone:  +613 9868 0886            +613 9868 0909
Mobile:  0411 126 455
        +61411 126 455 (from outside Australia)


MAYNE NICKLESS: To Issue 335M Shares to FH Faulding
---------------------------------------------------
Mayne Nickless Limited will issue 335,033,651 ordinary shares on
9 October 2001 to FH Faulding & Co Limited (FHF) shareholders who
accepted Mayne's takeover offer for FHF prior to 7pm on Friday,
28 September 2001. The new shares will rank equally with the
current issued ordinary shares of Mayne.

For inquiries:

K Kee
Manager, Group Secretarial Services
(03) 9868 0779


PASMINCO LIMITED: Administrators Confirm Appointment
----------------------------------------------------
As previously advised in its letter to creditors dated 20
September 2001, Peter McCluskey and JM Spark confirmed their
appointment as 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.

MEETING OF CREDITORS

The Administrators confirm that the first meeting of creditors
was held on 26 September 2001. At the meeting, the 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

APPLICATIONS TO COURT

   POOLING ORDER

      The administrators advised creditors at the 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, the administrators indicated
that they 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.  They expect that the Order will
assist them 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.

      The administrators expected to make the application within
the next month.

   EXTENSION OF CONVENING PERIOD

      The Corporations Act 2001 provides for a second meeting of
creditors to be held within twenty-eight (28) days from their
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.

      The administrators advised that due to the size and
complexity of the Group's business activities, they do not expect
that they are in a position to propose a Deed of Company
Arrangement and report to creditors in accordance with their
obligations under the Corporations Act within that time
frame.

      The administators intended to make an application to the
court to extend the period to convene the second meeting of
creditors to enable them 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.

      The application is likely to be made on 5 October 2001 and
not later than 9 October 2001.

   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.

     The administrators requested that any creditor and/or
supplier who has entered into formal lease, supply contract or
other agreement with the Group to provide the administrators 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.

     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.

   ONGOING TRADING ARRANGEMENTS

   JM Spark understands that a number of creditors and suppliers
have requested confirmation of purchase order approval procedures
for the administration period. He confirms their 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.

For inquiries contact: Joanne Diep or Christine Bertolotti


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


CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
Building and construction services provider CIL Holdings asked
that its shares trading be suspended, pending a statement about
the result of a winding-up petition against the company, Quamnet
News Service reported October 8, 2001.


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


CHUO MITSUI: In Final Talks To Integrate With Sumitomo Mitsui
-------------------------------------------------------------
Financially troubled Chuo Mitsui Trust & Banking Co has entered
the final phase of talks to come under the management of Sumitomo
Mitsui Banking Corp, Japan Times reported on October 6, with
Sumitomo Mitsui considering a recapitalization proposal Chuo
Mitsui by buying tens of billions of yen worth of new shares.

Huge loan-loss charges and latent losses, on securities holdings
that were registered when new mark-to-market accounting rule were
introduced in Japan, has seriously crippled Chuo Mitsui.

According to sources, Chuo Mitsui will be forced to forgo midterm
dividend payments because it will book net losses of Y10 billion
to Y20 billion for the April-September first half of fiscal 2001.

The two banks, however, issued separate statements to the press
denying integration talks, although Chuo Mitsui said, "Our
company is a part of the Sumitomo Mitsui group and we are
considering various matters, including a tieup within the group."



MYCAL CORPORATION: Stages Sales Campaign
----------------------------------------
Failed Japanese supermarket chain Mycal Corporation will stage
its first sales campaign on Sunday and Monday, Japan Today
reported Saturday.

Mycal's sales campaign, which will be held at its 90 outlets,
will include discounts of up to 50 percent on sundry and
household goods.


MYCAL CORP: At Least 10 More Outlets Tapped For Closure
-------------------------------------------------------
Mycal Corp will add more than 10 unprofitable outlets to its
store closure plan announced before its collapse last month,
Japan Today reported October 7, which cited company officials.
The additional stores are unlikely to be taken over by any firm
that would support its court-led rehabilitation.


SUMITOMO LIFE: Commences Merger Talks with Mitsui Mutual
--------------------------------------------------------
Sumitomo Life Insurance Co and Mitsui Mutual Life Insurance Co
have begun talks on integrating their businesses to create the
second largest life insurance company in Japan Japan Today
reported on October 6, citing Asahi Shimbun.  Nippon Life
Insurance Co is the largest. Sumitomo Life, the third largest
mutual life insurer, and Mitsui Mutual, the seventh largest, plan
to convert to stock companies under a holding company.


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


CHUO MITSUI: Finalizes Deal For Sumitomo Mitsui Takeover
--------------------------------------------------------
Financially troubled Chuo Mitsui Trust & Banking Co. is in the
final stages of negotiations with Sumitomo Mitsui Banking
Corporation to come under the management control of the latter,
Japan Today reported October 5.

Fitch, the international rating agency, last August lowered the
short-term debt rating of Chuo Mitsui from "F2" to "F3".

Sumitomo is currently mulling over a proposal to inject new funds
to Chuo Mitsui through the purchase of shares worth tens of
billions of yen, to be issued to by a major trust bank.


HYNIX SEMICONDUCTOR: To Sell China Chip Plant
---------------------------------------------
Troubled Korean chipmaker Hynix Semiconductor is currently in the
thick of negotiations to sell off part of its core semiconductor
plants in China, which includes its cutting-edge 8-inch wafer
production facilities, in a major self-rescue effort, the Digital
Chosun reported October 6.

If the negotiations are successful, Hynix, whose total assets are
estimated at W17.9 trillion, will become the first Korean large-
sized company ever to sell off a major production plant in China.

A consortium comprised of Chinese city government, a university
and chipmakers, were reported to be Hynix's partners in China.

News of the ongoing Hynix negotiations have sparked renewed
interest among some creditors to extend a new credit line to the
ailing Korean firm. However, not all of Hynix's creditors are
willing to dole out bailout funds. Kookmin Bank, Housing and
Commercial, as well as Shinhan Bank are opposed to the bailout
measure. Creditors who reacted positively were Korea Exchange
Bank, Hanvit Bank and Cho Hung Bank.


HYUNDAI CONSTRUCTION: Spinning Off Surveying Unit
-------------------------------------------------
As part of its ongoing restructuring moves, a high ranking
official of Hyundai Engineering and Construction Co. (HEC) said
the construction giant will, by the end of the year, spin off its
surveying unit, the Korea Herald reported Monday.

Cited reasons for the spin off were plans to reduce labor costs
and efforts to make efficient use of manpower. HEC plans to
infuse W50 million in capital for the surveying unit, which will
employ 50 employees.

The latest spin-off is just one of several that the company has
made during the last few months as part of a rigorous self-rescue
program. At the beginning of the year, HEC separated its
remodeling unit. A spin-off of its design unit followed in
February. In March, its human resources training unit, and more
recently, its construction planning unit and steel structure unit
in April and June, respectively.


HYUNDAI GROUP: Chung Steps In To Ease Conflict
----------------------------------------------
Chung Mong-hun, Chair of Hyundai Asan and de facto leader of the
Hyundai Group, attempted to solve the managerial crisis brought
about by the sudden resignation of Kim Chung-sik, Chair of
Hyundai Merchant Marine (HMM), one of the few remaining
profitable subsidiaries of the group, the Digital Chosun reported
Saturday.

Chung, while presiding over a meeting HMM's executives Saturday
morning, appointed Kim Seok-jung, a Vice President, to manage the
shipping unit until Kim's resignation becomes final and until the
firm itself appoints a new president.

Korea Development Bank, the main creditor of HMM, said, however,
that the bank has not changed its previous stance that it will
sever all of its credit line to the firm if the Hyundai group
fires Kim.


HYUNDAI PETROCHEMICAL: Creditors To Vote On W2T Debt Program
------------------------------------------------------------
Creditors of Hyundai Petrochemical Company are to hold a general
meeting on Thursday and vote on a debt-rescheduling program worth
about W2 trillion earmarked for the distressed company, the Korea
Herald reports Monday.

The program calls for a debt-for-equity swap of W300 billion and
the extension of W1.7 trillion worth of maturities in the
company's debts. The creditors will subsequently write off the
largest shareholder's stake completely once the debt-for-equity
swap is approved.

According to an unnamed creditor-bank official, the debt-
rescheduling program will be passed if creditors holding 75
percent of the total debts vote for it. The same official was
confident that the plan would be passed because, more than 60
percent of the total loans to Hyundai Petrochemical were held by
creditor banks. However, he also didn't rule out the possibility
that the said plan wouldn't pass the creditor meeting is
investment trust companies voted against the measure.


KOREAN AIR: To Issue W300B In Bonds
-----------------------------------
In order to finance maturing debts, Korean Air will issue two-
year notes worth W300 billion, the Korea Herald reported Monday.

Because of fears that the airline industry will be most damaged
by the after effects of the terrorist attacks on the U.S., the
yields will be set higher than the previous rates, at 7.72
percent.

Last February, about W200, and in July, W300 billion, were placed
by the company as corporate bonds. The airliner has to repay 300
billion won in debt in the second half of the year, with 600
billion won in debts to mature in the first half of next year.


SEAGAIA: Rehab Proceedings Continue
-----------------------------------
The Miyazaki District Court declared Friday that Phoenix Resort
Company and two of its subsidiaries have completed legal
proceedings for initializing their corporate rehabilitation,
Japan Today reported October 5.

The three owners of the resort located in the southern island of
Kyushu all sought court protection in February with combined
debts of Y326.1 billion.

Ripplewood Holdings LLC, which purchased Seagaia for Y16.2
billion, took control of the three firms, who have reorganized
into two companies and are actively seeking to revive the
corporate fortunes.


SEOUL BANK: Sell Off To DBCP Breaks Down
----------------------------------------
Ailing Seoul Bank's impending sale to Deutsche Bank Capital
Partners (DBCP) has apparently been aborted, the
Digital Chosun reported Saturday. The German banking firm
reportedly halted negotiations due to escalating disagreements
between the parties regarding the terms of the sales.

According to a high-ranking official of the Ministry of Finance
and Economy, the companies' disagreements centered upon how much
of the bank's bad assets resulting will be taken over by the
Korean government.

Other options are currently being discussed to move the sale
forward. The government is considering incorporating the bank
into the state-run financial holding company Woori Financial
Holding Co., merging the bank with Cho Hung Bank or Korea
Exchange Bank, or biding its time in hopes of locating a new
foreign purchaser.


SSANGYONG CEMENT: Creditors Agree On W1.9T Rescue Fund
------------------------------------------------------
A major debt- rescheduling plan that includes the conversion of a
W1.7 trillion loan into equity was accepted by creditors of
Ssangyong Cement, in an effort to aid the Korean firm in its
restructuring efforts, the Digital Chosun reported October 5.

The debt-rescheduling plan also includes, among other things, the
granting of fresh loans worth W200 billion. An additional agreed
Friday on a major debt rescheduling plan for the firm, including
the conversion of a W1.7 trillion loan into equity and the
provision of W200 billion in fresh loans.

Payments for the new loans will be divided equally among Cho Hung
Bank and Korea Development Bank.


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


AMSTEEL CORP: KLSE Grants Extension Re Regularization Plan
----------------------------------------------------------
Amsteel Corporation Berhad directors announced that the KLSE had
on 4 October 2001 approved the company's application on 24
September 2001 for an extension to 25 October 2001, within which
the Company is required to:

a) revise its regularization plan;
b) make a revised Requisite Announcement to the KLSE; and
c) submit its revised plan to the regulatory authorities for
approval.

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

The company is further required to provide the KLSE with a
detailed progress report on the development and/or latest status
of the regularization exercise by 17 October 2001 on any
development between 24 September 2001 and 16 October 2001.


AUSTRAL AMALGAMATED: Posts Quarterly Report Ended June 30
---------------------------------------------------------
Austral Amalgamated Berhad posted on October 5, 2001 the
company's Quarterly Report on Consolidated Results for the
financial period ended June 30, 2001.

Please see http://bankrupt.com/misc/austral10801.doc


BRIDGECON HOLDINGS: Enters Sale MoA With LSCQ, JMR
--------------------------------------------------
The Special Administrators (SAs) of Bridgecon Holdings Berhad
(BHB) announced on behalf of BHB and Lean Seng Chan (Quarry) Sdn
Bhd (LSCQ), a wholly-owned subsidiary of BHB, that the company
and LSCQ had on 4 October 2001 entered into a Memorandum of
Agreement (MoA) with JMR Construction Sdn Bhd (JMR) for the sale
of the entire issued and paid up share capital in LSCQ for a cash
consideration of RM2.0 million subject to LSCQ carrying out a
restructuring scheme pursuant to Section 44 of Pengurusan
Danaharta Nasional Act 1998 (Danaharta Act) to settle all of the
liabilities of LSCQ, except for the amount of RM6,491,675.00 due
to the financial institutions as at 31 December 2000. In the
settlement of liabilities, LSCQ may utilise its cash and debtors
realization for such a purpose.

The MoA is conditional upon fulfillment of:

1. all requisite approvals, consent, or waivers being obtained
from the relevant regulatory authorities and under the Danaharta
Act;
2. all relevant corporate aprovals;
3. due diligence audit of LSCQ to be conducred by JMR.

It is estimated that upon settlement of the liabilities as stated
above, a loss in BHB's investment on LSCQ of approximately
RM800,000.00 will ensue.

A further detailed announcement will be made to the Kuala Lumpur
Stock Exchange upon the execution of a Definitive Agreement with
JMR.


CRIMSON LAND: Enters MCBF Equity SPA With Dominion Attraction
-------------------------------------------------------------
The board of directors of Crimson Land Berhad (the Company)
announced that on October 5, 2001, the company entered into a
conditional Sale and Purchase Agreement for Shares (SPA) with
Dominion Attraction Sdn Bhd for the disposal of the entire equity
capital of MCB Farmland Sdn Bhd (MCBF) and Binaan MCB Sdn Bhd
(BMCB) to Dominion for a total cash consideration of RM50,000.00
and the assumption of liabilites of RM7,000,000.00.

DETAILS OF THE PROPOSED DISPOSAL

   The Proposed Disposal entails the disposal by Crimson to
Dominion, its entire equity interests in MCBF and BMCB detailed
as follows for a total cash consideration of RM50,000 and the
assumption and undertaking by Dominion to repay the
RM7,000,000.00 loan owing by Crimson to Aseambankers Malaysia
Berhad (Aseam Loan)

      (a) Four (4) ordinary shares of RM1.00 each in MCBF
representing the entrire issued and paid-up capital of MCBF (MCBF
Shares); and

      (b) Two million (2,000,000) ordinary shares of RM1.00 each
in BMCB representing the entire issued and paid-up capital of
BMCB ("BMCB's Shares").

   Terms and conditions

      Pursuant to the terms and conditions of the SPA, Dominion
shall satisfy the purchase consideration in the following manner:

      (a) Pay the deposit of RM50,000 to the Company upon
execution of the SPA; and
      (b) Assume the obligations and liabilities of Crimson with
Aseambankers Malaysia Berhad (Aseambakers) and cause Aseambankers
to issue evidence of full release of all Crimson's obligations
and liabilities with Asembankers through any of the following
ways:

         (i) full settlement of the Aseam Loan by Dominion; or
         (ii) full assumption of the Aseam Loan by Dominion; or
         (iii) by any other means;

prior to Completion Date or the Extended Completion Date, or such
time as the parties agree in writing.

      The Company has also expressly acknowledged that the
Proposed Disposal is on the basis that on completion:

         (a) Dominion shall have assumed the Company's and the
Company's related company's liablities under the Aseam Loan in
the abovementioned manner;
         (b) The MCBF Shares and BMCB Shares are and will
continue to be free from any security interests;
         (c) MCBF and BMCB are proprietors of the properties held
by them which are subject to the expressed conditions as
contained in the issued documents of title, but otherwise free
from encumbrances except for the vacant land owned by BMCB which
are subject to the Aseam Loan; and
         (d) The properties will be delivered to Dominion on a
"as is where is basis".

Aseam Loan

   BMCB owns two (2) pieces of vacant land located at Cheras held
under H.S. (D) 7582, P.T. No. 8492 and H.S. (D) 7583 P.T. No.
8493, all in the Mukim of Empang, District of Hulu Langat, Negeri
Selangor. The pieces of land are currently charged to
Aseambankers for a loan of RM7,000,000.00 granted to the Company
(Aseam Loan).

Basis of arriving at the sale consideration

   The sale consideration of the Proposed Disposal was arrived at
on a willing buyer-willing seller basis after taking into
consideration of the following:

      (a) Unaudited NTA of MCBF and BMCB of negative RM5,779,543
as at 30 June 2001; and
      (b) The open market value of the properties held by MCBF
and BMCB of RM7,240,000.

Completion of the SPA

   The sale shall be completed within 90 days from the date of
the SPA (Completion Date) or within a period of 90 days from the
Completion Date (Extended Completion Date), or such time as the
parties may agree in writing.

Information On MCBF

   MCBF was incorporated in Malaysia under the Companies Act,
1965 on 7 December 1985 under the name of Permai Equity Sdn Bhd.
On 10 July 1987, MCBF adopted its present name.

   MCBF's present authorized share capital is RM25,000.00 divided
into 25,000 shares of RM1.00 each of which 4 ordinary shares of
RM1.00 each have been issued and fully paid-up. MCBF has been a
wholly owned subsidiary of Crimson since 1987.

   The principal activity of MCBF is property investment.

   MCBF recorded an audited loss of RM1,037 for the financial
year ended 30 June 2000 and an unaudited loss of RM1,517,175 for
the financial year ended 30 June 2001.

Information On Dominion

   Dominion was incorporated in Malaysia under the Companies Act,
1965 on 26 February 2001.

   Dominion's authorized share capital is RM100,000.00 divided
into 100,000 shares of RM1.00 each of which 2 ordinary shares of
RM1.00 each have been issued and fully paid-up.

   The directors and shareholders of Dominion are Long Pong Yee
and Tan Ah Kai.


RATIONALE FOR THE PROPOSED DISPOSAL

   The Proposed Disposal is part of the continuing
rationalization exercise carried out by Crimson Group to reduce
its group borrowings.

UTILIZATION OF THE PROCEEDS

   The proceeds from the Proposed Disposal will be utilized as
working capital for the Group.

EFFECTS OF THE PROPOSED DISPOSAL

   Share Capital and Substantial Shareholders

      The Proposed Disposal will not have any effect on the
issued and paid-up share capital and composition of substantial
shareholders of Crimson.

   NTA

      The Proposed Disposal is not expected to have any material
effect on the NTA of the Company based on the unaudited
consolidated balance sheet of Crimson Group and the unaudited
balance sheet of the Crimson as at 30 June 2001. The NTA of the
Group is however expected to increase by RM4,753,679 or 2 sen per
share.

   Earnings

      The Proposed Disposal will result in Crimson Group
realizing an exceptional profit of RM4,753,679 based on MCBF and
BMCB's unaudited accounts as at 30 June 2001. The Proposed
Disposal is not expected to have any material effect on the
earnings of Crimson Group for the financial year ending 30 June
2002 except for the exceptional profit of RM4,753,679. After
taking into account of the expected interest savings at 8% per
annum on RM7,050,000 (for the disposal consideration of
RM50,000.00 and assumption of liability of RM7,000,000.00), the
earnings of Crimson Group for the financial year ending 30 June
2003 is expected to be increased by RM564,000.

CONDITIONS OF THE PROPOSED DISPOSAL

   The Proposed Disposal is subject to the approval of the
Foreign Investment Committee and any other relevant authorities,
if required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

   None of the directors and/or major shareholders and/or persons
connected with the directors and/or major shareholders, in the
best knowledge of the directors of the Company, has any interest,
direct or indirect in the transaction.

DIRECTORS' OPINION ON THE PROPOSED DISPOSAL

   After due consideration of the terms of the Proposed Disposal,
the Directors are of the opinion that the terms of the proposal
are fair and reasonable and that the proposal is in the best
interest of the Company and it shareholders.

DOCUMENTS FOR INSPECTION

   The Sale and Purchase Agreement for Shares is available for
inspection at the Registered Office of the Company at No. 5,
Persiaran Lidcol, Off Jalan Yap Kwan Seng, 50450 Kuala Lumpur
during normal business hours from Monday to Friday (except public
holidays) from the date of this announcement.


MALAYSIAN RESOURCES: KLSE OKs Trading Suspension
------------------------------------------------
Malaysian Resources Corporation Berhad announced that Kuala
Lumpur Stock Exchange (KLSE) has approved the company's request
for suspension of its shares trading for one (1) market day on 8
October 2001 pending an announcement on the company's Proposed
Restructuring Scheme to be released on 8 October 2001.


PACIFICMAS: SC Okays RM90M Utilization For Core Business
--------------------------------------------------------
The Securities Commission (SC) has approved the proposed
utilization of RM90.1 million of total proceeds for the core
business of PacificMas Bhd. RM83.5 million is for the acquisition
of Konsortium Insurans Bhd and RM5.94 million is for the
acquisition of Pacific Mutual Fund Bhd, the Star reported
October 8, 2001.

The approval is subject to certain conditions, including the
approval by the SC of any change to the proposed utilization if
the money. PacificMas shareholders' approval will be required if
there is more than a 25% change in the proposed utilization, but
appropriate disclosures would have to be made to shareholders for
changes below 25 percent.

Any change in the deadline for the utilization of the proceeds
would have to be approved by the directors of the company by a
final resolution, and disclosed to the KLSE.

PacificMas would have to make appropriate disclosure on the
status of the proposed utilization in its quarterly reports and
annual reports until the proceeds are fully utilized.


RAHMAN HYDRAULIC: KLSE Reprimands, Imposes RM150,000 In Fines
-------------------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded and imposed a fine of
RM150,000.00 on Rahman Hydraulic Tin Berhad (RAHMAN) for
breaching Section 60(a) of the Main Board Listing Requirements
(MBLR).

Section 60(a) of the MBLR stipulates that the printed annual
report shall be issued to the company's shareholders within a
period not exceeding 6 months from the close of financial year of
the company (Annual Report).

The financial year-end of RAHMAN was 31 December 1999 and hence
its Annual Report was due on 30 June 2000. The Annual Report was
furnished to the Exchange only on 30 May 2001, after a delay of
two hundred and twenty three (223) market days. Accordingly,
RAHMAN was found to be in breach of Section 60(a) of the MBLR.

The public reprimand and fine were imposed pursuant to Section
392 of the MBLR and Paragraph 16.17 of the Listing Requirements
after having considered all relevant circumstances and after
consultation with the Securities Commission.

The Exchange had previously imposed sanctions on RAHMAN for
breaching the MBLR. Details of these sanctions are:

(i) Publicly reprimanded and fined RM100,000.00 on 16 April 1999
for breaching Section 60 of the MBLR in respect of the late
submission of its annual report for the year ended 31 December
1997.

(ii) Publicly reprimanded on 16 April 1999 for breaching Section
56 of the MBLR in respect of the late submission of its half-
yearly results for the period ended 30 June 1998.

(iii) Publicly reprimanded and fined RM150,000.00 on 23 September
2000 for breaching Section 60 of the MBLR in respect of the late
submission of its annual report for the year ended 31 December
1998.

(iv) Publicly reprimanded and fined RM6,250.00 on 25 November
2000 for breaching of Section 56A of the MBLR in respect of the
late submission of quarterly report for the quarter ended 31
March 2000.

(v) Publicly reprimanded on 22 September 2001 for breaching
Sections 36 and 114 of the MBLR for failing to make an immediate
announcement to the Exchange for public release in relation to
its acquisition of 56,000,000 ordinary shares of RM1.00 each in
Kuala Lumpur Industries Holdings Berhad ("KLIH") on 14 July 1997
for a total cash consideration of RM198,861,680.00 ("Acquisition
of KLIH"). In addition, RAHMAN was also publicly reprimanded and
fined RM100,000.00 for breaching Section 116 of the MBLR for
failing to convene a general meeting to obtain shareholders'
approval in relation to the Acquisition of KLIH within a
reasonable time.

The Exchange views this contravention seriously and hereby
cautions the Company on its responsibility to maintain
appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.

The announcement was issued by Group Communications. For further
information, please contact:

Alice Thomas Mohamad Azam Ali
Vice President Vice President
Group Communications Public Affairs
Tel: 2026 7099 Tel: 2071 7406
Fax: 2026 3700 Fax: 2732 5258
E-Mail: alice_thomas@klse.com.my E-Mail: azam@klse.com.my


SISTEM TELEVISYEN: KLSE OKs Trading Suspension
----------------------------------------------
Sistem Televisyen Malaysia Berhad announced that the Kuala Lumpur
Stock Exchange (KLSE) has approved the company's request for
suspension of shares trading for one (1) market day on 8 October
2001 pending an announcement on the company's Proposed
Restructuring Scheme to be released on 8 October 2001.


TECHNO ASIA: KLSE Reprimands, Imposes RM25,500 Fine
---------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded and imposed a fine of
RM25,500.00 on Techno Asia Holdings Berhad (TECASIA) for
breaching Section 60(b) of the Main Board Listing Requirements
(MBLR).

Section 60(b) of the MBLR stipulates that the annual audited
accounts together with the auditors' and directors' reports shall
be given to the Exchange for public release within a period not
exceeding four months from the close of the financial year of the
company (Annual Audited Accounts).

The financial year-end of TECASIA was 31 December 2000 and hence
its Annual Audited Accounts were due on 30 April 2001. The Annual
Audited Accounts were furnished to the Exchange only on 26 May
2001, after a delay of seventeen (17) market days. Accordingly,
TECASIA was found to be in breach of Section 60(b) of the MBLR.

The public reprimand and fine were imposed pursuant to Section
392 of the MBLR and Paragraph 16.17 of the Listing Requirements
after having considered all relevant circumstances and after
consultation with the Securities Commission.

The Exchange had previously imposed sanctions on TECASIA for
breaching the MBLR. Details of these sanctions are as follows:-

(i) Publicly reprimanded on 21 May 1998 for breaching Section 57
of the MBLR in respect of the late submission of its preliminary
financial results for the financial year ended 31 December 1997.

(ii) Publicly reprimanded on 16 October 1998 for breaching
Section 60 of the MBLR in respect of the late submission of its
annual report for the financial year ended 31 December 1997.

(iii) Publicly reprimanded on 24 February 2001 for breaching
Sections 34 and 341 of the MBLR for failure to make an immediate
announcement pertaining to the appointment of receiver and
manager (R&M) to a wholly-owned subsidiary of the Company and
making contradicting announcements in relation to the appointment
of the R&M respectively.

The Exchange views this contravention seriously and hereby
cautions the Company on its responsibility to maintain
appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.

The announcement was issued by Group Communications. For further
information, please contact:

Alice Thomas Mohamad Azam Ali
Vice President Vice President
Group Communications Public Affairs
Tel: 2026 7099 Tel: 2071 7406
Fax: 2026 3700 Fax: 2732 5258
E-Mail: alice_thomas@klse.com.my E-Mail: azam@klse.com.my


UH DOVE: Unusual Market Activity Cause Unknown
----------------------------------------------
The UH Dove Holdings Bhd board of directors, in reply to the
Kuala Lumpur Stock Exchange's (KLSE) letter dated 4 October 2001,
said that upon due inquiry, it is not aware of any material
development in the company's business and affairs which were not
previously announced. There is also no known impending change in
the major shareholders, or any other reasons that account for the
unusual market activity,  except for the announcement made by UHD
on 1 October 2001 that the approval of the Securities Commission
(SC) was obtained for the Proposed Debt Restructuring, Proposed
Acquisition and the Proposed Rights Issue.

The board declared that upon due inquiry, none of the situations
or event that listed in Paragraph 9.03 of the KLSE Listing
Requirements had contributed to the unusual market action
activities in the company's shares during the period in question.

The board informed the KLSE that it has determined 5 October 2001
as the price fixing date for the issuance of the new shares
pursuant to the Proposed Debt Restructuring, Proposed Acquisition
and the Proposed Rights Issue. An announcement will be made by
the merchant banker, Malaysian International Merchant Bank
Berhad, concurrently on even date.

In addition, the board of UHD also informed the KLSE that the
Settlement Agreement (SA) entered into between UHD, Miramas
Development Sdn Bhd (MDSB) and the creditor banks on 1 December
2000 has expired on 30 September 2001 (Approval Period). Pursuant
to clause 3.6 of the SA, if any of the approvals or consents in
clause 3.1 of the SA is not obtained by 30 September 2001, any
party may terminate the SA by giving written notice to such
effect to the other parties of the SA.

The company, MDSB and the creditor banks had held a Corporate
Debt Restructuring Committee Meeting at Bank Negara on 3 October
2001 to deliberate and discuss on the extension of the Approval
Period of the SA and certain variations on the terms. Currently,
the company is awaiting the final decision from the creditor
banks in relation thereto.


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


BAYAN TELECOMMUNICATIONS: Wants Creditors To Write Off P3B Debt
---------------------------------------------------------------
Bayan Telecommunications Inc. will present a restructuring
proposal to its creditors in a meeting Monday afternoon, which
will involve the writing off by its creditors of 25 percent of
its obligations to the bondholders as well as one-fourth of its
unsecured bank loans, Business World reports October 8.

However, sources indicate that the offer might not be acceptable
considering that it will mean writing off more than P3 billion
(US$58.22 million) in obligations. A reprieve of 25 percent owed
to bondholders is equivalent to the forgiveness of at least $US50
million worth of bonds.

BayanTel has debts to 34 creditor-banks worth around P14.276
billion and US$200 million worth of seven-year bonds.

The Lopez-owned communications firm has proposed a 15-year
repayment term on the bank loans, with a five-year grace period
on the principal.

The company's two biggest creditors are Canadian firm Export
Development Corp. and Chase Manhattan Bank, owed P2.04 billion
and P1.8 billion, respectively. The company has invited Bank of
America to be its financial adviser. The creditor banks on the
other hand, will be advised by consulting firm, Arthur Andersen.


MAYNILAD WATER: Government Assuming PhP600 Loans
------------------------------------------------
Despite an earlier agreement to allow Maynilad Water Services
Inc. (MWSI) to hike its water rate by PhP4.21 per cubic meter,
the National Government will still be assuming some PhP600
million in loans of the water firm, Business World reported
Monday.

The government intends to service the loans until MWSI obtains a
US$350 million term loan. The debts were assumed by MWSI when the
Metropolitan Waterworks and Sewerage System (MWSS) was privatized
and sold to two concessionaires. It has inherited some US$800
million in loans all in all due to the privatization.

Should MWSI secure the US$350 million term loan by the end of the
year, MWSS will pay part of the MWSI concession fee due creditors
until June 30, 2002.


METRO PACIFIC: May Sell Stake In Global City
--------------------------------------------
Metro Pacific Corporation (MPC) is currently in talks for the
possible sale of its entire stake in its project 150-hectare Fort
Bonifacio Global City to Ayala Land Inc.

MPC last week admitted that it was considering putting its
controlling stake in BLC in the auction block to finance at least
P10.5 billion in debt.

The consummation of the deal would mean that Metro Pacific would
give the Ayala Group second chance to take over the property
after losing to the MPC-led consortium in 1995.

The Inquirer News Service reported Monday that MPC controls 69.6
percent of Bonifacio Land Corporation (BLC), which in turn, has a
55-percent stake in Fort Bonifacio Development Corp., the joint
venture company formed with the state-controlled Bases Conversion
Development Authority (BCDA) to develop the former Fort Bonifacio
military base.


NATIONAL POWER: US$7.89M Insurance Premiums Missing
---------------------------------------------------
The National Power Corporation (Napocor) has recently discovered
that, not only does it have US$23.6 million in unpaid claims, it
also cannot account for US$7.89 million of US13.5 million in
total insurance premiums it has doled out to the Government
Service Insurance System for securing its policy. The policy
expired in September, Business World reported October 8.

After difficulty in obtaining claims payment from GSIS, Napocor
hired consulting firm Currie & Brown on July to study its
industrial all risk policy (IAR). The London-based firm, by its
assessment, could only confirm the receipt of US$4.93 million in
premiums by GSIS insurers.

Insurers like the GSIS are kept afloat by reinsurers who absorb
part of the insurer's risks. For this service, insurers pay their
reinsurers "reinsurance premiums."

Under Napocor's policy for the year ending September, GSIS should
have received US$675,000 of the total premiums while US$12.82
million should have gone to GSIS' reinsurers. Instead transaction
slips so far indicate that reinsurers received only US$4.93
million.


RFM CORPORATION: Soft Drink Unit Experiences Record Sales
---------------------------------------------------------
RFM Corporation's soft drink unit, COSMOS Bottling Corp., has
recorded a 34 percent sales growth for the third quarter of the
year, the Inquirer News Service reports Monday.

Cosmos CEO Jose Concepcion III announced that the company, which
will be sold to San Miguel Corporation, has posted a record-high
P5.6 billion in net sales for the third quarter compared to the
P4.2 billion recorded in the same period last year.

SMC is expected to sign the purchase agreement of Cosmos within
the next two weeks and is currently finishing its due diligence
audit of the soft drink company.


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


AMTEK ENGINEERING: Posts Changes In Director's Interests
--------------------------------------------------------
Amtek Engineering Limited posted, on October 5, 2001, changes in
its Director Tan Keng Boon's interest in options. The
announcement is:

Notice Of Changes In Director's Interests In Options

Name of director: Tan Keng Boon
Date of notice to company: 05 Oct 2001
Date of change of interest: 02 Oct 2001
Name of registered holder: Tan Keng Boon
Circumstance giving rise to the change: Others
Please specify details: Share Options granted

Shares held in the name of registered holder

No. of options of the change: 100,000
Percent of issued share capital: 0.055
Amount of consideration
per share excluding
brokerage, GST, stamp duties,
clearing fee: Subscription price at S$0.65 per share
(subject to a discount of less than 20 percent)
No. of options held before change: 50,000
Percent of issued share capital: 0.027
No. of options held after change: 150,000
Percent of issued share capital: 0.082

Holdings of Director including direct and deemed interest
                                   Deemed             Direct
No. of options held before change:                    50,000
Percent of issued share capital:                       0.027
No. of options held after change:          150,000
Percent of issued share capital:         0.082
Total shares:             150,000


HONG LEONG: Posts Announcement Re Foreign Shareholdings
-------------------------------------------------------
Hong Leong Singapore Finance Limited posted an announcement
October 5 stating the percentage of foreign shareholdings in the
issued share capital of the Company. Part of the announcements
is:

Foreign Shareholdings

Based on available information and to the best of the Company's
knowledge, IT IS HEREBY ANNOUNCED that in the opinion of the
Directors of the Company, the aggregate foreign shareholdings in
the issued share capital of the Company comprised 18.97 per cent
of the issued share capital of the Company as at 30 September
2001.

This percentage includes 174,655 shares which constitute 0.04
percent of the issued share capital, held by shareholders whose
nationalities the Company is unable to determine positively as
they have not furnished the required information, and 39,441,155
shares representing 9.17 percent of the issued share capital,
which are not beneficially owned or controlled by foreign
persons.

The Directors of the Company have exercised their discretion to
refuse to register the transfer of any shares, which will result
in any shares, not previously categorized as foreign
shareholdings, being so categorized.


KEPPEL CAPITAL: Announces Voluntary Takeover Offer
--------------------------------------------------
Keppel Capital Holdings Limited posted an announcement on October
6 regarding the voluntary conditional takeover offer by Rezan Pte
Ltd. for all the issued ordinary shares in the capital of Ong
Asia Limited as well as the acquisition of shares in Ong Asia by
Rezan. Excerpts of the announcement:


VOLUNTARY CONDITIONAL TAKEOVER OFFER BY REZAN PTE LTD FOR ALL THE
ISSUED ORDINARY SHARES IN THE CAPITAL OF ONG ASIA LIMITED -
COMPULSORY ACQUISITION OF SHARES IN ONG ASIA LIMITED BY REZAN PTE
LTD

All capitalized terms used and not defined herein shall have the
meanings given to them in the offer document dated 1 September
2001 (the "Offer Document").

Level of Acceptances

On 3 September 2001, Keppel TatLee Bank Limited ("KTB")
announced, for and on behalf of Rezan Pte Ltd (the "Offeror"), a
wholly-owned subsidiary of Kim Eng Holdings Limited ("Kim Eng"),
that the voluntary conditional takeover offer (the "Voluntary
Offer") for all the issued ordinary shares of S$0.10 each ("Ong
Asia Shares") in the share capital of Ong Asia Limited ("Ong
Asia" or the "Offeree") other than those already held by the
Offeror (the "Offer Shares") had become unconditional as at 3
September 2001.

KTB is pleased to announce, for and on behalf of the Offeror,
that as of 5:00 p.m. on 5 October 2001, the Offeror has received,
pursuant to the Voluntary Offer, valid acceptances in respect of
436,666,921 Offer Shares which represent approximately 96.55
percent of the issued and paid-up share capital of Ong Asia.

On 3 September 2001, KTB announced, for and on behalf of the
Offeror, that the closing date of the Voluntary Offer would be
extended from 3:30 p.m. on 25 September 2001 to 3.30 p.m. on 10
October 2001 (or such later date(s) as may be announced from time
to time by or on behalf of the Offeror). As the Offeror has
received acceptances in respect of approximately 96.55 percent of
the issued and paid-up share capital of Ong Asia as at 5 October
2001, the Offeror has no intention to extend the Voluntary Offer
beyond 3:30 p.m. on 10 October 2001. Accordingly, notice is
hereby given that the Voluntary Offer will not be open for
acceptance beyond 3:30 p.m. on 10 October 2001. Any acceptances
received after 3:30 p.m. on 10 October 2001 will be rejected.

Compulsory Acquisition under Section 215(1) of the Companies Act,
Cap. 50 (the "Act")

The Offeror had in the Offer Document stated its intention to
exercise its right of compulsory acquisition pursuant to Section
215(1) of the Act in the event that it is entitled to do so. As
the Offeror has received acceptances of the Voluntary Offer in
respect of not less than 90 percent of the Ong Asia Shares
(excluding those already held by the Offeror, its subsidiaries
and their respective nominees as at the date of the Voluntary
Offer), the Offeror is entitled to exercise its right to
compulsorily acquire all the Ong Asia Shares of shareholders of
Ong Asia ("Shareholders") who have not accepted the Voluntary
Offer.

The Offeror has today given notice (Form 57) in the prescribed
manner pursuant to Section 215(1) of the Act, together with a
cover letter, to Shareholders who have not accepted the Voluntary
Offer (the "Dissenting Shareholders"). The Offeror will proceed
to acquire the Ong Asia Shares of the Dissenting Shareholders at
a consideration of S$0.3388 in cash for each Ong Asia Share, if
the Dissenting Shareholders do not accept the Voluntary Offer by
3:30 p.m. on 10 October 2001.

The Offeror intends to exercise its right of compulsory
acquisition to acquire the Ong Asia Shares of Dissenting
Shareholders on 6 November 2001, being one month after today's
date ("Transfer Date"), subject to and on the terms set out in
Form 57.

In the event that the Offeror exercises its right of compulsory
acquisition, on the Transfer Date, the Offeror shall pay to Ong
Asia the amount of the consideration representing the price
payable for the Ong Asia Shares that it is acquiring from the
Dissenting Shareholders. The consideration will be credited by
Ong Asia into a separate bank account and held on trust for the
Dissenting Shareholders. Upon payment of the consideration to Ong
Asia, Ong Asia will register the Offeror as the holder of the Ong
Asia Shares held by the Dissenting Shareholders. As soon as
practicable after the Transfer Date, and in any event within
seven days of that date, Ong Asia will arrange for the despatch
of the remittance in the form of checks for the appropriate
amount of the consideration payable in respect of the Ong Asia
Shares of the Dissenting Shareholders to such Dissenting
Shareholders by ordinary post at their own risk to the addresses
appearing in the records of The Central Depository (Pte) Limited
and/or Barbinder & Co Pte Ltd.

Voluntary Offer Remains Open for Acceptance

The Voluntary Offer remains open for acceptance. Shareholders who
wish to accept the Voluntary Offer but have not done so should
complete, sign and forward their Forms of Acceptance and Transfer
("FAT") or Forms of Acceptance and Authorization ("FAA") (as the
case may be) and all other relevant documents as soon as possible
so as to reach the Offeror not later than 3:30 p.m. on 10 October
2001. All FATs, FAAs and other relevant documents received after
3:30 p.m. on 10 October 2001 will not be accepted and will be
returned by post to the relevant Shareholders at their own risk,
in accordance with the terms of the Voluntary Offer.

Remittances in the form of checks for the appropriate amounts
(rounded to the nearest cent) will, subject to the terms and
conditions of the Voluntary Offer, be dispatched, by ordinary
post, to the accepting Shareholders (or their designated agents,
as they may direct, in the case of Shareholders whose Offer
Shares are not deposited with the CDP) and at the risk of such
accepting Shareholders, within 21 days of the date of receipt of
acceptances of the Voluntary Offer which are complete in all
respects and are received after 5:00 p.m. on 3 September 2001 but
before 3:30 p.m. on 10 October 2001. Shareholders who accept the
Voluntary Offer before 3:30 p.m. on 10 October 2001 will receive
the consideration due to them sooner than if the Offeror acquires
their Ong Asia Shares compulsorily as described in this
Announcement.

Responsibility Statement

The Directors of the Offeror (including any who may have
delegated detailed supervision of this Announcement) have taken
all reasonable care to ensure that the facts stated in this
Announcement are fair and accurate and that no material facts
have been omitted from this Announcement, and they jointly and
severally accept responsibility accordingly.


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
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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 240/629-3300.

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