TCRAP_Public/011015.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, October 15, 2001, Vol. 4, No. 201

                         Headlines

A U S T R A L I A

ANSETT AUSTRALIA: ANZ Posts Recapitalization Update
ENERGY EQUITY: Issues Further Update Re Legal Proceedings
JAMES HARDIE: Courts Grants Unconditional Approval
JAMES HARDIE: Issues Restructuring Update
ONLINE TRADING: Restructures Training Subsidiary
PACIFIC DUNLOP: Posts Chairman`s Address To Shareholders
PASMINCO CENTURY: Australian Gasfields Terminates Agreement
PRESLITE AUSTRALIA: Posts Case Profile


C H I N A   &   H O N G  K O N G

CENTURY LEGEND: Reduces Issued Share Capital, Subdivides Shares
DYNAMIC CRUISE: Winding Up Petition Set For Hearing
HINET HOLDINGS: Exceptional Price Movements Unexplainable
INTERFORM CERAMICS: Changes Company Name
PACIFIC CENTURY: Lists Last Day of Call Warrants Dealings


I N D O N E S I A

ASTRA INTERNATIONAL: Pefindo Confirms 'idB+' 1999 Bond Rating
BUKAKA TEKNIK: Creditors Give Much Needed Break  


J A P A N

ASAHI BANK: Group To Post H1 Y60B Net Loss
KUMAGAI GUMI: Expects Wider Group Net Loss of Y4.5B
MYCAL CORP: Heiwado Plans Outlet Takeover
SUMITOMO CORP: Joining Mitsui In Philippine Steel Sheet Ops
TAISEI CORP: To Incur Group Net Loss of Y31B Ending March 2002


K O R E A

ASIANA AIRLINES: Will Issue ABS Worth W200B
HYNIX SEMICON: Denies Chinese Delegation Visit Report
HYUNDAI SECURITIES: AIG Agrees to Invest W5 Billion More
KOOKMIN BANK: Merged Entity To List On Nov. 1
KOREA LIFE: Local, Foreign Investors Bid to buy Insurer
SEOUL BANK: Sale Talks With Deutsch Bank Unit Collapses


M A L A Y S I A

ASSOCIATED KAOLIN: Posts Audit Committee Changes
BRISDALE HOLDINGS:Releases Additional Winding-Up Petition Info
IDRIS HYDRAULIC: Finalizes RM843M Debt Plan
MBF HOLDINGS: Files Proposed Scheme Of Arrangement With Court
MGR CORPORATION: Issues More Info Re Administrator Appointment
MGR CORPORATION: Voluntarily Suspends Securities Trading
PERDANA INDUSTRI: Becomes An Affected Listed Issuer
REPCO HOLDINGS: Appoints PwC's Yim Fun As Special Administrator
REPCO HOLDINGS: MoF Grants Extension Approval
SPORTMA CORPORATION: Updates Defaulted Payments Status
TAJO BERHAD: Appoints PMBB As Financial Advisers
TRANS CAPITAL: Payment Default Results In Winding Up-Petition  


P H I L I P P I N E S

LAZI BAY RESOURCE: Losses, Price Issues Force Mine Closure
MANILA JOCKEY: To Retire P247.6M Banco de Oro Debts
NATIONAL STEEL: 782 Companies Protest Over Incentive Package
REYNOLDS: Converting Majority of P2.4B Debt to Equity
UNITRUST DEVT: BSP May Reject Purchase By G Cosmos Associate


S I N G A P O R E

CAPITALAND: Management Salary Cuts Scheduled November 1


T H A I L A N D

ADVANCE PAINT: Court Reviews Rehab Petition November 5
ITALIAN-THAI: Signs Two Contract Projects
MATCON TRADING: Files Business Reorganization Petition
SANYO UNIVERSAL: Posts Financial Advisor's Opinions

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: ANZ Posts Recapitalization Update
---------------------------------------------------
Air New Zealand, parent firm of Ansett Australia, advised that
further progress has been made towards the satisfaction of the
conditions precedent to its recapitalization.

The Crown has now advised that the condition concerning the
Company's residual exposures in relation to Ansett is satisfied.

In relation to the condition concerning the composition of the
Air New Zealand Board, the Crown has waived the requirement that
two persons nominated by the Board and approved by the Crown
must be directors before the drawdown of the $300 million loan.
The Crown has advised that that condition is now a condition
precedent to the subscription by the Crown for the new
convertible preference and ordinary shares. The new date for
fulfillment of that condition is 16 November 2001.

Air NZ is continuing to make progress in its discussions with
its bank financiers. The date for the fulfillment of the
condition relating to the obtaining of formal confirmation of
ongoing support from the Company's banks and other financiers
has been further extended until Friday.


ENERGY EQUITY: Issues Further Update Re Legal Proceedings
---------------------------------------------------------
The Directors of Energy Equity Corporation Ltd (EEC) refer to
the announcement released on 19 September 2001 and wish to
advise that Charmont's application hearing was adjourned to a
date to be fixed pending EEC's application to dismiss that
application as an abuse of process.

The Directors are confident EEC's application will be
satisfactorily resolved.

EEC will inform the market of the outcome of both the EEC and
Charmont's applications.

For further inquiries, please contact EEC's Company Secretary,
Ian Jordan on 02 9247-6888.


JAMES HARDIE: Courts Grants Unconditional Approval
--------------------------------------------------
James Hardie Industries Limited (JHIL) announced that the
Supreme Court of New South Wales has given its unconditional
approval to the group's restructuring scheme of arrangement. The
scheme will be become effective when the company lodges the
court order with ASIC tomorrow.

Shareholders overwhelmingly approved the restructuring at a
Court convened Scheme Meeting held in Sydney in late September,
with almost 98 percent of the votes in favor.

The restructuring involves a new primary listing on the
Australian Stock Exchange (ASX) of the group's new parent
company, James Hardie Industries NV (JHI NV).

The first day of trading will be on Monday, 15 October 2001.
Trading will occur on a deferred settlement basis under the
ticker symbol JHXDA. The ticker symbol will change to JHX when
it commences trading on a T+3 basis on Monday, 29 October 2001.

The group expects regular trading of listed ADRs on the New York
Stock Exchange to commence on Monday, 22 October 2001. The NYSE
ticker symbol will also be JHX. The listed ADRs will replace the
unlisted ADRs that currently trade 'over the counter'.

The last day of trading in ordinary shares of the existing
parent company, James Hardie Industries Limited under the ticker
symbol HAH is expected to occur tomorrow, Friday, 12 October
2001.


JAMES HARDIE: Issues Restructuring Update
-----------------------------------------
On 9 October 2001, James Hardie Industries Limited (JHIL)
announced that shareholders overwhelmingly resolved to approve
the group's corporate restructuring at a Scheme Meeting.

This resolution will see shareholders exchange each of their
ordinary shares in JHIL for one CHESS Depository Interest in the
new parent company James Hardie Industries NV provided the NSW
Supreme Court approves the Scheme.

The Court had previously confirmed the restructuring Scheme to
take effect at 1:00pm on 11 October 2001. However, in light of
recently proposed changes to U.S./Australia Double Tax Treaty,
the Court has decided to hear objections to the Scheme. The
Court is scheduled to hear any such objections at 11:00 am on 11
October, 2001.

Provided the Scheme approval stands, James Hardie Industries NV
(JHI NV), will have its primary listing on the Australian Stock
Exchange (ASX). Trading as JHI NV in the form of Chess
Depository Interests, JHI NV is expected to commence on a
deferred settlement basis on Monday 15 October 2001, and on a T
+ 3 basis from 29 October 2001 under the ASX code JHX. The
shares in JHIL are expected to have their last day of trading on
Friday 12 October 2001.

SG Australia Limited (SGAL) as Issuer of the warrant, HAHWGA
(the "Warrant") under the offering circular dated 25 June 2001
("Offering Circular"), has elected, with the consent of ASX, to
substitute the Underlying Security for each Warrant under clause
11(b) of the Offering Circular.

As a consequence, each Underlying Security (one fully paid
ordinary share in JHIL) will be substituted with the new
security (1 CHESS Unit of Foreign Securities in JHI NV).

If the expected timetable for trading of JHIL and JHI NV
eventuates, the adjustment to the Warrants will take effect as
of Monday 15 October, and the Warrants will have their ASX code
changed to JHXWGA.


ONLINE TRADING: Restructures Training Subsidiary
------------------------------------------------
Online Trading Systems Limited announced its intention to
transfer its subsidiary Trading Mastery business from an offline
market education program to an online education service.

OTS' Board considers the business' re-configuration is more
consistent with OTS' online services across other business
divisions, and offers the added advantage of reducing costs and
increasing efficiency for the education service.

The Board's decision to phase out Trading Mastery's offline
service offering will unfortunately mean most staff within the
business division will be made redundant.

The Trading Mastery online education service will provide a more
convenient and efficient educational service offering to an
audience already highly familiar computer-based interaction with
the market

For more information: please contact Paul Naphtali at Haystac
Public Affairs, ph: (03) 9909 7814.


PACIFIC DUNLOP: Posts Chairman`s Address To Shareholders
--------------------------------------------------------
Pacific Dunlop Limited posted Friday at Australian Stock
Exchange Chairman John T Ralph's address to shareholders:

"I would now like to turn to the affairs of the Company and
report on the progress of changes that are being made at Pacific
Dunlop. I have addressed previously the reasons for the changes,
and they are referred to in some detail in the annual report
which you should have all received. The changes have one purpose
and that is to re-establish the Company on a profitable footing
after tackling the serious problems which have bedeviled it over
recent years.

"Fixing the problems to allow us to reach this point has been a
long and arduous task. In addition to addressing the specific
problems relating to the battery business, the litigation in
respect of the pacing leads and the problems in the tire
industry, we have had to consider and implement measures that
change the nature and the structure of the Company. The
objective of these changes is to realize better value for
shareholders. I will return to these measures and the current
state of developments but, first, I would like to make some
comments on the results of the business in the last twelve
months.

"The financial year, which ended on 30th June last, proved to be
a difficult one for most of our businesses as conditions
deteriorated in many of the Company's markets. This was
particularly so in the second half of the year and was
exacerbated by the effects of the falling value of the
Australian dollar. A number of our major customers have reported
on the difficult trading conditions in the retail markets
experienced during that period and their difficulties flowed
back to us, their suppliers. These conditions and the problems
encountered in the tire industry contributed to another
disappointing result with operating earnings from continuing
businesses being down by 11 percent to $221.5 million. The SPT
result accounted for the 11 percent reduction. After taking into
account the non-recurring items described in the Annual Report,
including the writing-off of the value of future tax benefits in
respect of past Australian tax losses, the net result was a loss
of $139.4 million.

"Last year, Ansell continued to introduce new products and grow
market share even though difficult trading conditions slowed
sales and profit growth in the second half. Ansell continued to
consolidate its global leadership position in healthcare barrier
protection and held an increased market share of all key
products in most major markets worldwide.

"Ansell's strong profit growth in the first half was slowed in
the second half by a reduction in the North American market for
occupational gloves for workplace use. This was a direct result
of the US economic downturn and its impact on the manufacturing
industry. In addition, profits were impacted, particularly in
the first half, by price competition as a result of over-
capacity in the world market for examination gloves. Pleasingly,
prices in this market seem to have stabilized in recent months.

"In the growing world market for surgical gloves, Ansell
remained the clear leader with a 25 percent market share and
strong growth in the emerging powder-free and synthetic
segments. A steady flow of new products across the three major
market segments will contribute to Ansell's future performance
as it moves to differentiate its products and services from low
price competitors.

"In the occupational area, a substantial market opportunity
still exists amongst users of traditional leather or cotton
gloves and people who still work in industry without gloves. New
products have been introduced to take advantage of this market
opportunity. Ansell's leadership position in this market segment
was further strengthened by an exclusive agreement to supply
Ford plants with all their protective glove requirements
starting with its US plants.

"Pacific Brands' sales during the past year were maintained in a
retail environment which was adversely impacted by the
introduction of the GST, a post-Olympics slump in consumer
spending and the effects of a rapid depreciation of the
Australian dollar on the Group's cost of imported goods.

"The integration and rejuvenation of the Sara Lee apparel
business was commenced during the last quarter. This acquisition
has given Pacific Brands a leadership position in the new
markets of hosiery and work wear and expanded its position in
the clothing and intimate apparel markets. Clarks Shoes,
including Hush Puppies, and the Jockey New Zealand clothing
operations were integrated successfully during the year.

"Pacific Brands continues to lead in innovation and expanding
its product range. The new Sarah O'Hare range of Bonds underwear
and outerwear along with the "Love Kylie" lingerie range are
selling well at attractive margins.

"In addition, considerable work has gone into improving the
Group's supply chain management capability which enabled
substantial reductions in inventory and improvements in customer
service to be achieved during the last quarter of the year. This
remains a key focus of the business.

"South Pacific Tyres lost market share in Australia due to an
increase in low priced imports. A major reorganization of the
marketing group was implemented during the year to provide a
more customer-focused organization targeting both the Consumer
and Commercial market segments.

"The financial results were impacted by lower manufacturing
volumes, falling prices during the early part of the year and
the impact of the loss of market share. There were, however,
some encouraging signs that prices have now stabilized, or
slightly improved.

"As we have previously reported, it was decided, in view of the
loss recorded in the year and in the interests of rebuilding the
balance sheet, not to pay a final dividend. The fall in the
value of the Australian dollar adversely affected the amount of
the US dollar borrowings originally associated with the funding
of the battery and Telectronics businesses based in USA. Because
of the impact of this on the Company's gearing, debt reduction
remains a prime focus of our present strategies, particularly in
a world of great uncertainty. Considerable effort was directed
during the year towards the management of cash flow to reduce
the burden of debt.

"I know how disappointing for shareholders was the decision to
not pay a final dividend in respect of last year, particularly
for many of you here today and who have watched the value of
your investment diminish in recent years and have remained loyal
to the Company. I can assure you that the decision was not taken
lightly but, like a lot of other decisions that have had to be
taken in relation to this Company in recent times, your
Directors had to do what they believe is in the best interests
of shareholders in the longer term.

"The question that naturally arises relates to the resumption of
dividends. I cannot give a definitive response to that question
because the decision will be one that is taken at the time when
the results for those future periods are known and your
Directors will do what they consider is in the best interests of
shareholders, taking into account those results and other
commercial factors, including the gearing of the Company, the
immediate outlook and alternatives that they might see as being
more beneficial for the Company and its shareholders.

"Pacific Dunlop has been undergoing a substantial transformation
and it is now a very different company from what it was a couple
of years ago but one that is better positioned for the future.
Businesses have been divested where they were non-core, not
performing or where shareholder value in the market was not
enhanced by retaining them. At the same time those that are
still in Pacific Dunlop ownership have been strengthened by
improving their fundamental competitiveness. The Company, as a
result, is far less complex and more focused. The manufacturing
operations of Ansell are being largely relocated from the USA to
Mexico and Asia to give that business an even better cost
competitive position than it enjoys today. Its European
marketing effort is also being consolidated to improve its
effectiveness and cost position.

"South Pacific Tyres is embarking on an extensive restructuring
to improve viability and restore the value of Pacific Dunlop's
investment in the joint venture on a basis satisfactory to the
Company. The Pacific Brands business is also in sound condition
as a result of the actions that have been taken to improve the
logistics of the business and to further enhance the stable of
brands. Proposals have been received from prospective buyers for
this business and these are currently being assessed. The
decision as to whether this business will be sold or retained
will be determined by the final offers received and whether
disposal or retention is in the best interest of shareholders in
terms of the value that the market is likely to place on your
shares in the Company.

"As we have reported, the class action in the United States in
relation to the Accufix pacing leads has finally been settled
and your Directors believe any financial exposure in relation to
Accufix is adequately covered by existing provisions. This has
been a costly and drawn-out exercise which has destroyed
substantial shareholder value, both directly and indirectly. The
cost has been much more than the $500 million of direct cost
incurred.

"Those of you who were at last years annual meeting will recall
that we discussed the course on which we had embarked to dispose
of businesses that were not performing satisfactorily and not
likely to improve sufficiently, or where the value to
shareholders was likely to be greater by selling rather than
continuing to operate within the Pacific Dunlop structure.

"After an earlier abortive attempt when an executed agreement
was not able to be completed, we had been able to dispose of the
GNB Technologies business on a satisfactory basis, given the
circumstances. Holding that business together during the
protracted sale process was a challenging assignment for the
management but one which was accomplished extremely well. As I
remarked at last years meeting, GNB Technologies was a capital-
hungry enterprise in an industry suffering from over-capacity
and low returns. It was an industry where the retailers had
captured the lion's share of the brand equity in the automotive
battery sector and the manufacturers were engaged largely in a
commodity manufacturing business. In a poor industry that was in
desperate need of rationalization, we were certainly not well
positioned to be an instigator.

The Electrical Distribution business was sold because it
provided an opportunity to realize better value for shareholders
through its sale as opposed to keeping and continuing to operate
it. This was a low margin business where the market was shared
almost equally between the Company and two other participants,
both of which were engaged in this business internationally and
who had relatively recently acquired their Australian
businesses. Consequently, there was little opportunity for
growth in our business and the two principal competitors had
world scale. We were able to sell the business to a third
international participant, who was keen to enter the Australian
market, for a price which exceeded the value to the Company of
retaining it. The sale of the GNB Technologies and the
Electrical Distribution businesses released over $900 million
cash that went largely into debt reduction.

"Having disposed of these two businesses we considered the
actions that could be taken to improve the position for
shareholders in relation to their shareholdings, given the
negative sentiment in the market. A proposition was developed to
divide the Company into two separate listed entities by
distributing to Pacific Dunlop shareholders their beneficial
holding in the Ansell business. If carried through to
completion, shareholders would have held their interests
separately in two listed entities; Ansell, a global business in
the barrier protection health industry, and the remainder of
Pacific Dunlop, predominantly a domestic business engaged in the
manufacturing, sourcing and distribution of branded products.
Shareholders would then have been in a position to make their
own portfolio decisions in relation to these businesses.

"As we informed shareholders at the time, this proposal had to
be abandoned because shareholders, with sufficient votes to
defeat the necessary special resolution, informed the Company
that they would vote against the resolution if it were to be put
to a vote of shareholders in general meeting. A special
resolution was required for a Court approved Scheme of
Arrangement to preserve the benefit of the Australian and US tax
losses for shareholders. In the light of the opposition to the
proposal there was no point in proceeding.

"At around the same time, we decided to explore the possibility
of disposing of the automotive parts distribution business.
Following the sale of the electrical distribution business the
automotive parts distribution business was not regarded as being
core to the ongoing group. The opportunity was taken to seek
expressions of interest for the purchase of this business. This
decision was announced on 13th March.

"Following the abandonment of the de-merger proposal it was
decided that we would also investigate the sale of Pacific
Brands, but would only dispose of this business if the price
obtainable represented value for shareholders. We advised the
market and wrote to shareholders to inform them of this
decision. We are now well down the track in this investigatory
process with three parties.

"Each of these groups has undertaken due diligence and proposals
have been received during this past week. These are currently
being evaluated and a decision will be taken shortly as to how
the Company will proceed in this matter. Pacific Brands is a
sound and profitable business which the Company could continue
to operate if a satisfactory price cannot be obtained.

"Meanwhile, the sale of Pacific Automotive Distribution was
successfully completed three weeks ago for a consideration of
$251 million, with provision for an additional $20 million if
certain profit criteria are achieved over the next two years.

"Other actions have been taken to eliminate legacy problems and
to relieve the Company of ongoing financial commitments. In this
respect, part of the under-performing industrial engineering
businesses are being sold and the remainder closed. A book loss
was recognized in last year's accounts, but the transaction,
overall, will be cash positive for the Company. The Company's
investment in the development of the Ambri biosensor technology
was sold to Optecom Limited for $10 million plus a 19.9 percent
interest in that company. The sale relieves Pacific Dunlop of
the financial commitment of about $15 million a year for the
development and commercialization of the technology, as well as
realizing $7.5 million profit to be brought to account in the
current half year.

"One of the key problem areas that has been the focus of
considerable effort is the South Pacific Tyres joint venture.
Last year our share of the loss from this business was nearly
$30 million, which clearly, is not a situation which we or our
partner, The Goodyear Tire & Rubber Company of the United
States, could continue to tolerate. At last year's annual
meeting, I referred to the fact that the tire, industry,
worldwide, was experiencing very difficult times and that
here in Australia we could not expect to avoid the problems
which industry over-capacity, changing demand patterns and cheap
imports from Asia were causing to volumes, productivity and
margins. With an economic downturn making matters worse,
experience has certainly borne this out.

"We entered into negotiations with Goodyear to agree a basis on
which the business could be restructured but which would not
require the commitment of new cash from Pacific Dunlop.
Shareholders were advised on 16th August that a Memorandum of
Understanding was signed by the partners that would achieve this
objective. This Memorandum required that it be given effect by
entering into a definitive agreement to be approved by the
Boards of Pacific Dunlop and Goodyear. Both Boards have now
approved the draft Agreement that is expected to be executed by
the companies in this coming week.

"Both Goodyear and ourselves believe South Pacific Tyres is a
worthwhile business which can be made profitable again, recover
lost market share, and maintain its premier position in the
Australian tire business. With restructuring, the business will
give Pacific Dunlop the opportunity to realize its investment,
should it wish to do so, in four to five years from now. We
have, therefore, committed to support a major restructuring
program to reduce costs, improve existing work practices, and
lift competitiveness. During the coming nine months this will
include the consolidation of all Australian passenger tire
production at the modern Somerton site and the closure of
facilities at Footscray and Thomastown. We regret that these
moves will cause redundancies, but there is no alternative to
these changes if South Pacific Tyres is to be a competitive,
long-term participant in the tire industry. Without this
restructuring the total m7anufacturing activity would disappear.

"The restructuring of South Pacific Tyres will not require any
further cash contribution from Pacific Dunlop. Pacific Dunlop's
future funding is limited to the loans of $56 million currently
in the business. The Agreement with Goodyear contains a put
option in favor of Pacific Dunlop, exercizable in four to five
years, to sell our interest in SPT at a price determined by the
profits achieved in the two year period prior to the exercise of
the option. If this put option is not exercised Goodyear has a
call option, exercizable in the following six months, on the
same pricing basis. Based on projections of future performance
post-restructuring, there is every confidence that the exercise
price under the agreement will exceed the current book value of
the investment in the business. It was on this basis that there
was no provision made against the carrying value of this
investment in the annual accounts. The financial projections of
the business will be updated each six months to determine the
expected value of the Company's investment in order to establish
the validity of the carrying value.

"Another important decision made during the year was to provide
additional underpinning to Ansell's already pre-eminent position
in the world's healthcare markets by deciding to move most of
its American manufacturing operations to lower-cost locations
and restructuring its global marketing organization. Provision
for the cost was made in last year's accounts, with the work
involving the transfer of certain facilities to Mexico and the
expansion of existing facilities in South Asia where Ansell has
well-established operations. This restructuring is scheduled for
completion by the end of the first quarter next year and will
further strengthen Ansell's already strong competitive position.

"As a result of the various actions that have been taken and are
underway the major legacy problems will be behind the Company.
It will then have its investment in a highly competitive Ansell
business, it will have its half interest in a restructured South
Pacific Tyres with no exposure to the funding of the ongoing
business in the period to the exercise date of the put option,
and it has the Pacific Brands business which may be sold,
provided a satisfactory price is attainable or, otherwise, would
continue to be operated. It also has some minor passive
investments which can be converted into cash at the appropriate
time.

OUTLOOK

"The period ahead is certainly one of considerable uncertainty.
Most of the developed economies were entering a period of
economic contraction even before the tragic events of September
11. Those events and their consequences have only added to that
uncertainty. Australia has been able to maintain a growth path,
but we cannot expect to escape totally the fallout from a
synchronized slowing in the major economies.

"The Company's major businesses of Ansell and Pacific Brands
have largely completed the restructuring that has strengthened
the underlying fundamentals of those businesses. South Pacific
Tyres has embarked on a programmed which will pull that business
back into profitability and allow the Company the opportunity of
realizing its investment in the joint venture, if it chooses to
do so, on a basis that is expected to, at least, equal book
value.

"The professional healthcare products of Ansell have traded
satisfactorily in the first quarter and these parts of the
business are not expected to be significantly affected by any
economic slowdown in the US and European markets. The
occupational products business has been adversely affected in
the current period by the reduction in industrial production,
particularly in the automotive industry. The consequence is that
Ansell's operating profit in the first quarter, while on budget,
was about 8 percent lower than in the comparable period last
year.

"The Pacific Brands business had a much stronger quarter than
for the same period last year and the operating profit was about
23 percent higher. This reflected, in part, the inclusion of the
Sara Lee apparel and Clarks Shoes businesses. South Pacific
Tyres had a slightly worse result than in the first quarter last
year, but the operating losses are running at a lower rate than
at the close of the last financial year. The important point in
relation to this business is that by the end of the financial
year, it will be of a very different shape and expected to be
well on the way to recovery. In the meantime, the Company is not
required to commit any new funding into the ongoing business.
Whatever the results in the next two years, they will have
little effect on the value of the Company's investment in this
business because the exercise price of the put option which the
Company will hold is basically determined by the financial
results after the end of the second year. It is confidently
expected by the partners that the reshaping of the business will
lead to a much more viable business going forward.

"Manufacturing businesses in countries like Australia and the
USA are facing a tough challenge and will find this increasingly
so for products which are economically transportable. The lower
cost structures and greater levels of flexibility for companies
in developing countries which have access to the same
sophistication of technology as the developed nations, make them
very potent competitors. We have seen recently how quickly
substantial but uncompetitive entities can begin to disintegrate
when faced with competitors with a more competitive and flexible
structure.

"Fortunately, Ansell's and Pacific Brands' businesses have
access to competitive supply sources, but maintaining
competitiveness will remain a key objective of the Group.

BOARD CHANGES

"As I said earlier, Mr. Daniels was prepared to take on the
responsibility of Acting Chief Executive in order to maintain
the momentum of the program under way to tackle the problems
faced by the Company. With that work coming to a conclusion, Mr
Daniels' assignment is also coming to an end and the Board has
engaged an executive search firm to identify candidates for the
position of Managing Director and Chief Executive Officer of the
Company. The firm engaged for the task has already had
discussions with some prospective candidates and it is expected
that the selected appointee will be in position before the end
of the year. Mr Daniels has agreed to remain as a non-Executive
Director for a short period in the new year to ensure a smooth
hand-over to the new CEO and for continuity on the Board.

"At the same time as engaging the executive search firm to find
a new Chief Executive Officer for the Company we also requested
the same firm to identify two or three people suitable for
appointment as non-Executive Directors on the Board. Discussions
did not begin with identified candidates prior to the completion
of the sale of the automotive parts distribution business and
until there was certainty in relation to South Pacific Tyres.
This was so that persons considering these positions would know,
with confidence, the shape of the company on whose Board they
were being invited to sit. The Company should be in a position
to inform shareholders of the new appointments to the Board very
shortly.

"With these new persons coming on to the Board I believe it is
highly desirable that they should participate directly in the
two very significant decisions to be made in the near term and
so important to the future of the Company. They are the
selection and appointment of the Chief Executive Officer, and
the decision in relation to Pacific Brands and so we expect to
announce these appointments quite soon.

"Since the last Annual General Meeting four Directors have
retired from the Board and I have expressed, on behalf of my
colleagues and myself, our appreciation for their counsel and
efforts on behalf of the Company. With the proposed new
appointments the Company will have, essentially, a new Board
going forward.

"As to my own position, I decided to stay in the role of
Chairman of Pacific Dunlop when choosing between this Company
and Foster's Brewing Group at the time of deciding to retire
from one of those positions. I was very conscious of the serious
problems facing the Company at that time, particularly in
relation to the pacing lead litigation and the battery business.
I felt an obligation to shareholders to see the Company through
these problems.

"With the position now achieved, I intend to retire, shortly, as
Chairman and as a Director of the Company. I am pleased to
advise you that Dr Ed Twedell has agreed to accept appointment
as a Director and Deputy Chairman of the Company. He will take
up this appointment before the end of the month and will succeed
me as Chairman before the end of the year, at which time I will
retire from the Board. My Board colleagues and I are delighted
that Dr Twedell has agreed to accept this role within the
Company. He brings a great wealth of experience to the Company
with intimate knowledge of the health industry internationally,
which is particularly relevant to Ansell's business. Dr Twedell
was, until recently Group Managing Director and Chief Executive
Officer of F H Faulding and Company Limited.

"Before moving on to the official business of the meeting I
would like to recognize the work of the management team in what
has been an intensive year of activity that has imposed
considerable demands on them. They have responded extremely well
to the challenges they have had to face."


PASMINCO CENTURY: Australian Gasfields Terminates Agreement
-----------------------------------------------------------
The Directors of Energy Equity Corporation Ltd (EEC) issued an
announcment that its wholly owned subsidiary, Australian
Gasfields Ltd, has advised Pasminco Century Mine Ltd that, in
accordance with its Gas Supply Agreement dated 10 December 1997,
it has given notice of termination as a result of the
appointment of an Administrator to Pasminco Century Mine Ltd
continuing for more than 21 days.

Australian Gasfields Ltd has decided to review its strategic
options for the use of the remaining gas reserves contained
within Production License 115, 116 and Exploration Permit ATP-
549P.

EEC will advise Shareholders on completion of its strategic
review.

For further inquiries, please contact EEC's Company Secretary,
Ian Jordan on 02 9247 6888.


PRESLITE AUSTRALIA: Posts Case Profile
--------------------------------------
PricewaterhouseCoopers posted Preslite Australia Pty Ltd's case
profile:

Territory :  Australia  
Company Name:  Preslite Australia Pty Ltd  
Lead Partner:  Nick Brooke  
Case Manager:  James Shady  
Date of Appointment:  6 February 2001  
Normal Contact :  James Shady  
Contact Phone No :  (03) 8603 3840  

PwC Office  

Location :  Melbourne  
PO Box :  GPO Box 1331L  
Street Address:  215 Spring Street  
City  :  MELBOURNE  
State  :  VIC  
Postcode :  3000  
DX  :  DX 77 Melbourne  
Phone  :  (03) 8603 1000  
Fax  :  (03) 8603 6044  
Appointor :  by special resolution of the creditors  
Company No / ACN:  079 887 880  
Type of Appointment :  Liquidator  
Lead Partner - Full Name:  Nicholas Brooke  
Second Partner - Full Name:  David L McEvoy  

Case Information  

First Creditors' Meeting  
Date :  12 December 2000  
Time :  10:30am  
Address:  Level 12, 333 Collins St Melbourne  
Proxy return date:  To be handed to the chairman of the meeting  

Second Creditors' Meeting (or adjournment)  
Date :  6 February 2001  
Time :  10.30 am  
Address:  Level 8, 215 Spring Street, Melbourne, VIC, 3000  
Proxy return date :  5 February 2001  
Return time  :  5.00 pm  

Other Key Information  

Report as to Affairs received from directors: A report as to
affairs has been received from the directors and is available on
this web site.

Dates of trading by insolvency practitioner:  5 December 2000 to
6 February 2001 under Voluntary Administration. From 6 February
2001 to current In Liquidation.  

Business sold/ceased trading:  The liquidators ceased trading
the business on 9 March 2001. The business is now operated by
the purchaser.  

Job closure:  Preslite is now in liquidation, operations have
ceased and the liquidators are settling the affairs of the
group.  

Background Information  

Nick Brooke and David McEvoy of PricewaterhouseCoopers were
appointed Voluntary Administrators by the Directors on 5
December 2000. The first creditors meeting was held on 12
December 2000. Copies of the minutes of the meeting are
available on this web site.

The second meeting of creditors was held on 6 February 2001.

At the second meeting of creditors the creditors resolved to
place the company into liquidation.

Current status of assignment and actions required by creditors  

Details of claims by creditors should be forwarded for the
attention of Jeremy Bertram, c/- PricewaterhouseCoopers, Level
4, 215 Spring Street, Melbourne, VIC, 3000.

The administrators have traded the business on from 5 December
2000. Due to the vehicle industry close down from 22 December
2000 to 15 January 2001, Preslite also closed. Part of the
Preslite business reopened on 8 January 2001 but Preslite
returned to full production from 15 January 2001 under the
continuing control of the Administrators.

The Administrators (through PricewaterhouseCoopers Securities
Pty Ltd) received a number of non-binding indicative offers for
the business from several interested parties. These parties
undertook their due diligence procedures within the
Administrators' time frame which initially presumed that a sale
of the business could be consummated by 31 January 2001. In this
context, "business" means the Preslite Australia Pty Ltd
automotive business and the Preslite Drive Technologies non-
automotive business that operates in AIV Management Services Pty
Ltd.

The Administrators granted an extension for the submission of
final binding offers by interested parties to 2 February 2001. A
number of offers were received and the Liquidators worked
through a number of issues with the preferred bidders to
complete an agreement for the sale of business.

A sale of the business was settled on Monday 26 February 2001
and the liquidators continued to trade on the business, under
licence, until 9 March 2001. The business is now traded by the
purchaser.

Likely outcome for creditors and timetable  

There is not likely to be any return for the unsecured creditors
of Preslite Australia. (www.pwcrecovery.com)


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


CENTURY LEGEND: Reduces Issued Share Capital, Subdivides Shares
---------------------------------------------------------------
The Directors of Century Legend (Holdings) Limited announced
that at the Special General Meeting held Thursday, the special
resolution relating to the Capital Reduction and the Share
Subdivision was duly approved by the Shareholders, and all other
conditions of the Capital Reduction and the Share Subdivision
have been fulfilled. Accordingly, the Capital Reduction and the
Share Subdivision have become effective after 5:00 p.m. on 11th
October, 2001 pursuant to which the nominal value of the shares
of the Company has become HK$0.01 each.

TRADING ARRANGEMENT AND FREE EXCHANGE OF CERTIFICATES FOR NEW
SHARES

There will be no change in the board lot size of the shares in
the Company and there will be no parallel trading arrangement
for the shares of the Company.

Existing certificates for Shares in issue will continue to be
evidence for title to the same number of New Shares and will be
valid for trading and settlement purposes. Shareholders are
urged to exchange, free of charge, their certificates for Shares
for certificates for New Shares as soon as possible from Friday,
12th October, 2001 to Monday, 12th November, 2001 (both days
inclusive) by delivering the certificates of the Shares to the
Company's branch share registrar in Hong Kong, Central
Registration Hong Kong Limited at Shop 1712-1716, 17th Floor,
Hopewell Centre, 183 Queen's Road East, Hong Kong.

Thereafter, certificates of the Shares will be accepted for
exchange only on payment of a fee of HK$2.50 (or such higher
amount as may be prescribed or allowed under the Listing Rules
and the Bye-laws from time to time) for each certificate of the
New Shares issued.


DYNAMIC CRUISE: Winding Up Petition Set For Hearing
---------------------------------------------------
The petition to wind up Dynamic Cruise Industrial Limited is set
for hearing before the High Court of Hong Kong on December 12,
2001 at 9:30 am. The petition was filed with the court on August
20, 2001 by Lam Lai Yee of Room 429, Tai Tak House, Tai Yuen
Estate, Tai Po, New Territories, Hong Kong.


HINET HOLDINGS: Exceptional Price Movements Unexplainable
---------------------------------------------------------
HiNet Holdings Limited noted the recent increases in the price
and trading volume of the shares of the Company and wish to
state that we are not aware of any reasons for such increases.

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


INTERFORM CERAMICS: Changes Company Name
----------------------------------------
The directors of Interform Ceramics Technologies Limited (the
"Directors") announced that a special resolution has been passed
to change its name to "Shanghai Allied Cement Limited" and
adopted the Chinese trade name for identification purposes at
the annual general meeting of the Company held on 28th September
2001.

The Certificate of Incorporation on Change of Name was issued by
the Registrar of Companies in Bermuda on 3rd October 2001 and
was received by the Company on 11th October 2001. The Company
will carry out necessary filing procedures with the Registrar of
Companies and Business Registration Office in Hong Kong
accordingly.

Trading of shares of the Company on The Stock Exchange of Hong
Kong Limited (the "Stock Exchange") under the New Name will take
effect on 15th October 2001. The stock short name for the
Company for its listing on the Stock Exchange will be changed to
"SAC CEMENT" with effect from 15th October 2001. The existing
stock code "1060" for the Company's ordinary shares listed on
the Stock Exchange will remain unchanged.

The change of name will not affect any of the rights of the
shareholders of the Company. All existing share certificates in
issue bearing the former name of the Company will, on and after
the change of name, continue to be evidence of title to the
shares for the Company and will be valid for trading, settlement
and delivery for the shares in the New Name. No arrangement will
be made in respect of exchange of share certificates in the
former name of the Company to shares certificates in the New
Name.


PACIFIC CENTURY: Lists Last Day of Call Warrants Dealings
---------------------------------------------------------
Pacific Century CyberWorks Limited (the Company) advised market
participants to note that dealings in the 2001 European Style
(Cash Settled) Call Warrants relating to existing issued
ordinary shares of HK$0.05 each of the Company issued by Credit
Suisse First Boston (stock code: 2135), will cease after the
close of business on Monday, 15 October 2001, and listing will
be withdrawn after the close of business on Friday, 19 October
2001.

The Company also requested market participants to note that
dealings in the 2001 European style cash settled call warrants
relating to issued ordinary shares of the Company HK$0.05 each
in issued by Credit Lyonnais Financial Products (Guernsey)
Limited (stock code: 1711) will cease after the close of
business on Tuesday, 16 October 2001 and listing of which will
be withdrawn after the close of business on Monday, 22 October
2001.


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


ASTRA INTERNATIONAL: Pefindo Confirms 'idB+' 1999 Bond Rating
-------------------------------------------------------------
PT Pemeringkat Efek Indonesia (Pefindo) reaffirmed the "idB+"
rating for PT Astra International's Rp404.9 billion bonds issued
in 1999. The local rating agency has also assigned a stable
outlook to the rating, IndoExchange reported Thursday.  

Several factors that serve as the basis of the rating:

  * weak and unstable demand in automotive market. Despite vast
improvement in Astra's automotive sector in the past two years,
automotive sales are estimated to grow relatively flat this year
as concerns rose over political instability and currency rapid
fluctuation.

  * fluctuating profitability performance. The unfavorable
business condition and high amount of debts in foreign currency
has caused profitability measures of the company to remain high.

  * weak capital structure. Although Astra has managed to pay
parts of its debts in 1999, the capital structure remained weak
due to rupiah depreciation. Its debt to equity ratio (DER) stood
at 27.4 times in the first semester of 2001 compared to 7.0
times in the corresponding period the previous year.

  * limited cash flow protection. The asset disposals and
dividend income may not be sufficient to cover series II-loans
that stood at $173.7 million and Rp204.8 billion in December
2002.

Astra International is the parent company of Astra Group which
is also the sole distributor of many leading automobile brands
such as Toyota, BMW and Peugeot.


BUKAKA TEKNIK: Creditors Give Much Needed Break  
-----------------------------------------------    
Some creditors of PT Bukaka Teknik Utama have agreed to give to
the indebted company a cut of up to 75.6 percent of the
company's US$142 million debt, Bisnis Indonesia reported Friday,
citing Financial Director Johansyah Anwar.  

The company Bukaka also has domestic debt amounting to Rp70.9
billion, which is unlikely to be paid in cash considering the
company's current sluggish condition.

Negotiation with Indonesian Bank Restructuring Agency (IBRA)
over debt restructuring still goes on until now but it will
surely take quite some time to complete the process.

"The company is also inviting a new investor from Malaysia.
Talks with the prospective Malaysian investor have actually come
to the MoU level but realization of the plan [has been]
postponed until now due the troubling domestic situation," Anwar
said.

Apart from the mentioned prospective Malaysian investor, there
is also investor of other country, which is still in the process
of due diligence, conducted by Kannic Konsultama and Arthur
Andersen.

"The investor plans to invest US$35 million, which is 24 percent
of the company's total overseas debt of US$140 million," he
added.


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


ASAHI BANK: Group To Post H1 Y60B Net Loss
------------------------------------------
Instead of the May projected Y15 billion profit, Asahi Bank said
Thursday it will post a group net loss of Y60 billion for the
six months to September 30. The company has shouldered heavy
losses from soured loans and stock market plunges, Japan Times
reported on October 12.

The revision is the last of a string of cuts to forecast
earnings among the nation's eight top banks, which slashed their
first-half figures for the 2001 business year, with only
Sumitomo Mitsui Banking Corp and Sumitomo Trust and Banking Co
making profit forecasts so far.

Asahi will set aside Y90 billion in appraisal costs to cover
stock price losses, which  will further reduce the company's
surplus for dividend payouts to Y2 billion, down from Y41.8
billion at March-end.


KUMAGAI GUMI: Expects Wider Group Net Loss of Y4.5B
---------------------------------------------------
Kumagai Gumi Co said Friday it now expects a slightly wider
group net loss for the fiscal half ended September 30, citing
losses related to its group restructuring. The ailing Japanese
general contractor now predicts a group net loss of Y4.5 billion
for the interim period, compared with the Y4.2 billion loss it
predicted in May, Dow Jones reported as cited by WSJ on
October 12.

The company posted a group net loss of Y459.65 billion on group
revenue of Y290.69 billion for the fiscal half a year ago. On a
parent-only basis, Kumagai now expects a first-half pretax loss
of Y2 billion on revenue of Y260 billion, compared with its May
estimate of a loss of Y2.5 billion on revenue of Y229 billion.

Kumagai reportedly has been carrying out large-scale
restructuring after receiving official consent earlier this year
from its lender banks to waive a total of Y430 billion debt.


MYCAL CORP: Heiwado Plans Outlet Takeover
-----------------------------------------
Heiwado Co, a supermarket chain based in Hikone, Shiga
Prefecture, said Thursday it has applied to take over certain
outlets of Mycal Corp, Japan Times reported on October 12.
Heiwado is willing to take over Mycal outlets in Osaka, Kyoto
and Shiga prefectures, and those in the Hokuriku region on
the Sea of Japan coast.

"We believe there are merits for us, so we applied to become a
sponsor," a Heiwado spokesman said.


SUMITOMO CORP: Joining Mitsui In Philippine Steel Sheet Ops
-----------------------------------------------------------
Sumitomo Corp and Mitsui & Co plan to integrate their steel
sheet processing operations in the Philippines to generate
combined annual sales of US$30 million. Their goal is to raise
to US$40 million within five years, the Nihon Keizai newspaper
reported, as cited by the PRNewsasia on October 12.

Mitsui and Nissho Iwai Corp hold stakes of 38.25 percent and
46.75 percent, respectively, in a Philippine steel sheet
processing firm capitalized at P185 million (Y460 million). But
Nissho Iwai's decision to integrate its metal operations with
those of Mitsubishi Corp earlier this year also made it
difficult to continue the joint venture. Meanwhile, Coil Tech
Manila Inc is due to be dissolved before year-end because of the
Southeast Asian currency crisis in 1997.

Sumitomo, which has two steel sheet processing firms in
Southeast Asian, plans to set up a holding company in Manila
covering both of them. The new firm will be capitalized at Y700-
800 million, of which Mitsui will buy a 10 percent.


TAISEI CORP: To Incur Group Net Loss of Y31B Ending March 2002
----------------------------------------------------------
Major Japanese construction company Taisei Corp. said it will
incur a group net loss of Y31 billion for the year ending March
2002, compared with an earlier forecast for a Y19 billion net
profit. The company cited consolidation of its construction,
real estate leasing and development businesses as a reason for
the downward revision, Dow Jones reported as cited by Asian Wall
Street Journal on October 12.

The company, which expects to post Y112.3 billion in group-wide
special losses as part of a bid to strengthen its balance sheet,
will reduce the size of its construction business and cull some
redundant apartment building businesses within its group
companies.

The company will withdraw from the long-term leasing business
and sell the properties it owns for this purpose to liquidate
assets. Taisei's group companies will also reduce their
apartment and condominium development businesses, while it will
accelerate its plan to sell some of its properties as well as
reevaluate the value of those assets and some low-profit leisure
businesses it holds.

On a parent basis, it revised its pretax profit forecast for the
current fiscal year to March 2002, up 14 percent from its
earlier forecast of Y35 billion to Y40 billion, citing a better-
than-expected profit from construction charges.


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


ASIANA AIRLINES: Will Issue ABS Worth W200B
-------------------------------------------
Asiana Airlines, which has W150 billion in commercial notes
reaching maturity before the end of the year, will issue asset-
backed securities (ABS) worth W200 billion to pay off maturing
commercial papers, Korea Herald reported on October 12, citing
the company's creditors.

After being battered by the September 11 U.S. tragedy, Korean
Air and Asiana Airlines have been suffering from a rise in
insurance premiums and a fall in passengers.


HYNIX SEMICON: Denies Chinese Delegation Visit Report
-----------------------------------------------------
Hynix Semiconductor Inc. denied Friday and labeled "groundless"
a report that a team of engineers from two Chinese companies,
municipal government officials and scholars would be touring
Hynix's production lines in Icheon, Chongju and Kumi in Korea,
starting Friday, Dow Jones reported as cited October 12 by WSJ.

"The report is groundless," said Hynix spokesman Kim Seung-soo.

Beijing-based Shougang Group reportedly was in talks with Hynix
regarding the purchase of the Korean chipmaker's plants, the
Shanghai Daily reported Thursday, quoting a senior Beijing
municipal government official. The official reportedly said the
Chinese steel company has contacted Hynix about the possible
purchase of a plant and that Hynix's president visited Beijing
recently. Shougang is diversifying into the semiconductor
business.


HYUNDAI SECURITIES: AIG Agrees to Invest W5 Billion More
--------------------------------------------------------
The AIG-led consortium agreed yesterday to add W5 billion more
to its W400 billion originally contracted investment in Hyundai
Securities, Korea Herald reported on October 12.

The new agreement was reportedly an appeasement measure for
Hyundai Securities' shareholders following the brokerage's
decision to lower the sale price of its preferred shares to AIG
from W8,940 to W7,000 last month.

"As we are aware of the dissatisfaction among our shareholders
over the adjusted preferred stock price, we negotiated with the
consortium to make an additional W5 billion investment in which
minority shareholders will be able to participate at W7,000 per
stock," one Hyundai Securities official said.


KOOKMIN BANK: Merged Entity To List On Nov. 1
---------------------------------------------
Kookmin Bank and Housing and Commercial Bank's (H&CB) merged
entity is pushing for a November 1 listing of its stock on the
Korea Stock Exchange, earlier than it original November 22
listing date, the Korea Herald reported on October 12.

The early listing is designed to minimize possible
inconveniences to investors during the period between November 1
and the date when the merged bank's stock is listed, an H&CB
official said. The merged bank, which will set sail "after
consultation with the stock exchange."


KOREA LIFE: Local, Foreign Investors Bid to buy Insurer
-------------------------------------------------------
Local and foreign prospective buyers bid for Korea Life
Insurance Co according to the Korea Deposit Insurance Corp.
(KDIC) after the first deadline Wednesday, Korea Herald reported
on October 12. A KDIC official said, "We cannot reveal who the
bidders are or how many have applied. But we have enough for a
competition."

Some five to six domestic and foreign firms were interested to
buy, inside sources say. A month-long study of the bidders will
be conducted by KDIC and the final proposals will be accepted
sometime next month to select a priority negotiating partner. It
hopes to conclude a memorandum of understanding within the year.

A separate disposal of Korea Life Insurance and the 63 Building
will be allowed to facilitate the sale.


SEOUL BANK: Sale Talks With Deutsch Bank Unit Collapses
-------------------------------------------------------
Negotiations between the Korean government and Deutsch Bank
Capital Partners for the sale of Seoul Bank collapsed Thursday.
The Public Fund Management Committee, which oversees public
funds use and distressed assets sales, agreed to terminate the
sale talks due to some sticking points in the negotiation
process, Korea Herald reported on October 12.

Park Seung, chairman of the committee, said, "DB Capital
demanded put-back options, and is interested in making equity
investment in the bank, not managing it." DB Capital Partners
reportedly demanded that the Korean government buy bad loans
from Seoul Bank for a certain period after the takeover, similar
terms of sales agreed between the government and Newbridge
Capital of the U.S. over the latter's acquisition of Korea First
Bank in 1999.

The government and Seoul Bank will make efforts to find
alternatives for the latter, including putting it under the wing
of Woori Finance Holdings Co, the state-run bank holding
company, Park added.

"Also, the bank could be merged with other local financial
institutions, or be sold to financial groups," said Park.
He, however, did not rule out the possibility that the bank will
hold onto independent status, given the fact that the bank's
financial position has improved significantly with the injection
of public funds.


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


ASSOCIATED KAOLIN: Posts Audit Committee Changes
------------------------------------------------
Associated Kaolin Industries Berhad posted this notice:

Date of change : 10/10/2001
Type of change : Appointment
Designation : Director
Directorate : Independent & Non Executive
Name : Dato' Dr Loga Bala Mohan a/l Jaganathan
Age : 35
Nationality : Malaysian
Qualifications : - Bachelor of Law (LLB) Honors in King's
College, University of London (1987)
  - Doctorate in Philosophy in Pacific Western
University, United States of America (1997)

Working experience and occupation:

- Managing Director in Sanatan Holdings Sdn Bhd (1993)
- Executive Director in Tenco Berhad (1996)
- Executive Director in Westmont Lands Sdn Bhd (1999)
- Director in Wing Tiek Holdings Berhad (1999)
- Director in Associated Kaolin Industries Berhad (2000)

Directorship of public companies (if any): None
Family relationship with any director and/or major shareholder
of the listed issuer: None
Details of any interest in the securities of the listed issuer
or its subsidiaries: None
     
Composition of Audit Committee (Name and Directorate of members
after change):

1. Encik Ahmad bin Habib (Chairman/Independent
Non-Executive Director)

2. Tuan Haji Mohd Badrol Afandi @ Farok bin Abdul Rahman
(Independent Non-Executive Director)

3. Dato' Dr Loga Bala Mohan a/l Jaganathan (Independent Non-
Executive Director)


BRISDALE HOLDINGS:Releases Additional Winding-Up Petition Info
--------------------------------------------------------------
Brisdale Resources Sdn Bhd (BRSB) furnished the following
additional information in relation to its winding-up petition:

1. Cost of investment in BRSB is RM10,578,472.50.

2. Date of hearing of the winding-up petition is on 21st January
2002.

3. The name of the petitioner is Chuah Chong Kheng (I/C No.
581108-08-5287).


IDRIS HYDRAULIC: Finalizes RM843M Debt Plan
-------------------------------------------
Real estate and insurance company Idris Hydraulic Bhd finalized
its RM843 million debt plan, which will include asset and share
sales, Business Times reported Friday.

"Idris plans to sell new shares to raise RM42 million, and three
types of redeemable and irredeemable loan stocks. Idris will
also sell non-core assets within 12 months to raise cash to
partly pay off the loan stocks," state-rum mediator Corporate
Debt Restructuring Committee (CDRC) said.

The CDRC said that a new company will be formed to take over
Idris' publicly traded status and guarantee the debt.

Creditors sold assets that Idris pledged as collateral in June
and August to raise RM110 million after it failed to repay
loans. The CDRC said it also accepted a plea by Kretam Holdings
Bhd, a plantations company, to help it reorganize overdue debt.


MBF HOLDINGS: Files Proposed Scheme Of Arrangement With Court
-------------------------------------------------------------
The Board of MBf Holdings Berhad (MBfH) announced that MBf
Hotels (M) Sdn Bhd (MBf Hotels) on 8 October 2001 applied to the
High Court of Malaya at Kuala Lumpur (Court) for a Court Order
(CO), pursuant to Section 176 of the Companies Act 1965, to
present a proposed Scheme of Arrangement to reorganize the debts
due to its creditors.

Information on MBf Hotels

MBf Hotels has an authorized and paid-up capital of RM25,000.00
and RM2.00 respectively. It is a wholly owned subsidiary of
Paradise Hotel & Resort International Limited, which in turn is
wholly-owned by MBf Equities Sdn Bhd (MBfE). MBfE is a wholly
owned subsidiary of MBfH.

In 1992, MBf Property Services Sdn Bhd (MBfPS), a wholly owned
subsidiary of MBfH and registered owner of the master title for
Sandy Bay Paradise Resort (SBPR) and Paradise Malacca Village
Resort (PMVR), entered into a Sale and Purchase Agreement of a
Lease Hotel Apartment Suites (SPA of Lease) in SBPR and PMVR
with purchasers. Subsequently MBf Hotels entered into a total of
686 sublease agreements with unit owners of SBPR and PMVR in
return for an annual 8 percent guaranteed return over a period
of 3 years with an automatic renewal option for another 3 years,
expiring in years 2000 and 2001.

MBf Hotels had suffered losses in the running of the hotel
suites and was unable to pay the guaranteed rental. As a result
of financial deterioration over time and potential legal suits
which may result in substantially lower returns to all creditors
of MBf Hotels, a Scheme of Arrangement (SOA) is proposed to
address the situation.

Salient Points of the Proposed Scheme of Arrangement (SOA)

As at 31 December 2000, MBf Hotels has a total debt of RM97.6
million comprising scheme and non-scheme debt of RM56.7 million
and RM40.9 million respectively. The non-scheme debt is
basically made up of intercompany creditors.

The proposed SOA primarily involve the following compromise:

1. Guaranteed Return (GR) creditors with debts amounting to
approximately RM45.3 million for SBPR and PMVR

2. Non SBPR Trade and Other creditors with total liabilities
amounting to RM11.4 million;

The proposed SOA encompasses these proposals:

Scheme A - Proposal to SBPR GR creditors
Scheme B - Proposal to PMVR GR creditors;
  * setting up of new companies for SBPR GR and PMVR GR
creditors;
  * issuance of new shares by the new companies
  * transferring of the common areas of the Resorts, underlying
titles and fixed and other assets such as furniture & fittings,
equipment etc to the new companies;
Scheme C - Proposal to Non SBPR Trade and Other creditors;
  * cash payment of RM0.05 for every RM1.00 debt to Non SBPR
Trade and Other creditors;
Rationale for the Proposed SOA

The proposed SOA will allow MBf Hotels to compromise its debts
with the Scheme creditors, thereby providing returns greater
than under a liquidation scenario.

The proposed SOA specifies the method to distribute and transfer
MBf Hotels' assets to Scheme creditors in an orderly manner to
enhance value to stakeholders.

The success of the proposed SOA is largely dependent on the
agreement with the creditors and sanction by of the Court and
also the completion of MBfH's SOA which is now dependent on the
approval by the Securities Commission.

Financial Effects

The proposed SOA will result in a savings of RM40.7 million to
MBf Hotels.

Approvals Required

The Proposed SOA is not subject to any regulatory authorities.

Documents for Inspection

The details of the proposed SOA may be inspected at the office
of our Adviser namely Arthur Andersen Corporate Advisory
Services Sdn Bhd at Level 23 Menara Milenium, Jalan Damanlela,
Pusat Bandar Damansara, 50490 Kuala Lumpur, on any working day
except Saturday between 9 am to 5 pm within 2 weeks from the
date hereof.


MGR CORPORATION: Issues More Info Re Administrator Appointment
--------------------------------------------------------------
Mgr Corporation Berhad made this announcement in relation to the
appointment of Special Administrators (SA) as required under
Chapter 9 of the KLSE Listing Requirements to MGR Corporation
Berhad:

(a) Date of Appointment & Particulars of Special Administrators
(SAs)

On October 11, 2001 Kevin How, Adam Primus Varghese bin Abdullah
and Wong Lai Wah of Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Special Administrators.

(b) Details of the event leading to the appointment of Special
Administrators

The Company is in default of its loan obligations. The
appointment of Special Administrators under this circumstance is
provided under the Pengurusan Danaharta Nasional Berhad Act
1998. The appointment has been approved by Danaharta's Oversight
Committee, a three-member committee with one representative each
from the Ministry of Finance, Securities Commission and Bank
Negara Malaysia.

(c) Terms of Reference of the Special Administrators

The Special Administrators will assume control and management of
the assets and affairs of the Company with effect from the date
of their appointment.

The Special Administrators will prepare a workout proposal as
soon as reasonably practicable, which will be examined by the
Independent Advisor. The Independent Advisor's role is to review
the reasonableness of the proposal, taking into consideration
the interests of all creditors (whether secured or unsecured)
and shareholders.

If Danaharta approves the proposal prepared by the Special
Administrators, the Special Administrators will call for a
meeting of secured creditors to consider and vote on the
proposal. A majority in value of secured creditors present and
voting at the meeting must approve the proposal before it can be
implemented. Relevant regulatory approvals must also be
obtained.

(d) The financial and operational impact of the aforesaid
appointment of the group, if any

The appointment of Special Administrators is not expected to
have any immediate financial and operational impact on the
Group.

(e) The effect of the appointment on the business operations of
the listed issuer

The appointment of Special Administrators is not expected to
have any impact on the business operation. The Company is
expected to continue to operate as usual under the supervision
of the special Administrators.

However in order to preserve the assets of the Company until the
Special Administrators are able to complete their task, a 12-
month moratorium will take effect from the date of appointment.
During that period, no creditor may take action against company.

(f) The steps taken or proposed to be taken by the listed issuer
in respect of the appointment of the Special Administrators

No steps are expected to be taken by the Company in respect of
the appointment of Special Administrators.

(f) The role of the board of directors in light of the
appointment of the special administrator

With the appointment of Special Administrators, the powers of
the Board of Directors are effectively suspended and only the
Special Administrators can deal with assets and affairs of the
Company. Pursuant to the provision of the Danaharta Act, Special
Administrators shall be entitled to exercise all the functions
of the Board of Directors.


MGR CORPORATION: Voluntarily Suspends Securities Trading
--------------------------------------------------------
Mgr Corporation Bhd (Special Administrators Appointed) (the
Company) announced that on the 11th day of October 2001, Kevin
How, Adam Primus Varghese Bin Abdullah and Wong Lai Wah of  
Ernst & Young were appointed as Special Administrators of MGR
Corporation Bhd under the Pengurusan Danaharta Nasional Berhad
Act 1998.

Pursuant to Paragraph 16.03 of the Kuala Lumpur Stock Exchange
Listing Requirements, the Company requested to suspend trading
of the securities of the Company with effect from 11 October
2001 until such time that the Special Administrators are able to
determine the future direction of the Company.


PERDANA INDUSTRI: Becomes An Affected Listed Issuer
---------------------------------------------------
Perdana Industri Holdings Berhad (Special Administrators
Appointed) (PIHB or the Company) announced that the Exchange,
via its letter dated 2 October 2001 (the Notice) notified the
Company that, based on the Company's audited annual accounts for
the financial year ended 31 March 2001, the Company has an
insignificant businesses or operations.

The Company is therefore an Affected Listed Issuer pursuant to
paragraph 2.1 of PN 10. The Company must therefore comply with
the provisions and requirements of PN 10.

DETERMINATION OF ADEQUACY OF LEVEL OF OPERATIONS

PN 10 which came into effect on 1 July 2001, states that a
listed issuer must maintain a level of operations which, in the
opinion of the Exchange, is adequate to warrant continued
trading and/or listing on the Official List as set out under
paragraph 8.16 of the Listing Requirements issued by the
Exchange.

The following are some of the circumstances, the occurrence of
any one of which, may lead the Exchange to determine a listed
issuer as having inadequate level of operations pursuant to
paragraph 8.16 of the Listing Requirements:

   (a) Where the assets of the listed issuer on a consolidated
basis consist of 70 percent or more of cash and/or short term
investments.

   (b) The listed issuer has suspended or ceased:

     (i) all of its business or major business; or

     (ii) its entire or major operations,

for any reasons whatsoever including, amongst others, due to or
as a result of:

       (aa) The cancellation, loss or non-renewal of a licence,
concession or such other rights necessary to conduct its
business activities;

       (bb) The disposal of the listed issuer's business or
major business; or

       (cc) A court order or judgment obtained against the
listed issuer prohibiting the listed issuer from conducting its
major operations on grounds of infringement of copyright of
products, etc.

For purpose of this paragraph, "major" means such proportion
that contributes or generates 70 percent or more of the listed
issuer's revenue on a consolidated basis based on its latest
annual audited accounts; or

   (c) The listed issuer has an insignificant business or
operations. For purpose of this paragraph, "insignificant
business or operations" means business or operations which
generates revenue on a consolidated basis that represents 5
percent or less of the issued and paid-up capital (excluding any
redeemable preference shares) of the listed issuer based on its
latest annual audited accounts.

In view of the above, the Company is an Affected Listed Issuer
pursuant to paragraph 2.1 of PN 10 and is required to comply
with the provisions and requirements of PN 10.

OBLIGATIONS OF THE AFFECTED LISTED ISSUER

The Company, being the Affected Listed Issuer, must comply with
the following obligations as set out in PN 10:

   (a) Provide such information as prescribed in paragraph 5.1
of PN 10;

   (b) Comply with the obligations set out in paragraph 6.1 of
PN 10 within the time frames stipulated therein; and

   (c) Do such other acts or things as may be required by the
Exchange.

DISCLOSURE OBLIGATIONS OF THE AFFECTED LISTED ISSUER

An Affected Listed Issuer must comply with the following
disclosure requirements. An Affected Listed Issuer must:

   (a) Within seven (7) market days from the Notice announce the
following to the Exchange (Initial Announcement):

      (i) that the Company has inadequate level of operations
and details relating on the same;

     (ii) the obligations of the Company pursuant to PN 10;

     (iii) the consequences of non-compliance with the aforesaid
obligations; and

     (iv) the status of the Company's proposal, if any, to
ensure an adequate level of operations or the status of its
endeavors/steps to formulate such a proposal, whichever is
applicable, or where neither a proposal nor any endeavor to
formulate such a proposal has been undertaken, an appropriate
negative statement to such an effect;

   (b) Announce the status of the Company's proposal to ensure
an adequate level of operations simultaneously with its
quarterly report pursuant to paragraph 9.22 of the Listing
Requirements and in any event not later than two (2) months
after the end of each quarter of a financial year until further
notice from the Exchange; and

   (c) Announce its compliance or non-compliance with a
particular obligation imposed pursuant to PN 10 as and when such
obligation becomes due.

OBLIGATION TO ENSURE ADEQUATE LEVEL OF OPERATIONS

Except as otherwise prescribed by the Exchange, an Affected
Listed Issuer must comply with the following obligations within
the timeframes stipulated hereunder:

   (a) The Company must within nine (9) months from the date of
the Initial Announcement make an announcement to the Exchange of
a detailed proposal, the implementation of which will enable the
Company to ensure a level of operations that is adequate to
warrant continued trading and/or listing on the Official List.
This announcement must fulfill the requirements set out in
paragraph 6.3 of PN 10 (the Requisite Announcement)

   (b) The Company which has announced a detailed proposal to
ensure adequate level of operations must submit the same to the
relevant authorities for approval within two (2) months from the
date of the Requisite Announcement or the date of the Initial
Announcement (where the detailed proposal was made on or before
the effective date of PN 10); and

   (c) The Company which has submitted the detailed proposal to
the relevant authorities, in accordance with paragraph (b)
above, must obtain all approvals necessary for the
implementation of such detailed proposal within four (4) months
from the date of submission of such detailed proposal for
approval.

CONSEQUENCES OF NON-COMPLIANCE WITH THE OBLIGATIONS OF PN 10

If the Company fails to comply with any of the obligations
imposed on it by the Exchange pursuant to PN 10, the Exchange
may de-list the Company.

Note: The Company's shares are already suspended from trading.
PRACTICE NOTE NO. 4/2001 ("PN 4") OF THE EXCHANGE

The Company also wishes to inform that it is an Affected Listed
Issuer pursuant to PN 4 and had complied with the required
disclosure requirements and obligations. Accordingly, the
requirements and obligations set out in PN 4 would prevail.

The Company is therefore required to strictly comply with the
provisions of PN 4, particularly the time frame prescribed
therein for the regularization of the Company's financial
condition.

STATUS OF THE COMPANY'S PLANS FOR THE REGULARISATION OF ITS
FINANCIAL CONDITION

On 10 September 1999, the Special Administrators (SAs) of the
Company, for and on behalf of the Company, entered into a
Memorandum of Understanding (MoU) with the shareholders of Wah
Seong Industrial Holdings Sdn Bhd and Grandval Sdn Bhd to
formulate a debt and equity restructuring scheme (the Workout
Proposal) in accordance with the Pengurusan Danaharta Nasional
Berhad Act, 1998.

On 14 January 2000, the SAs entered into a Transfer of Listing
Status Agreement with Wah Seong Corporation Berhad (WSC), a
newly incorporated company whereby the Company will transfer its
listing status to WSC and WSC will settle all or part of the
outstanding debts due to the creditors of PIHB.

The Workout Proposal has since been approved by the following
parties on the respective dates as follows:
Independent Advisor, Malaysian
International Merchant Bank Berhad             11 February 2000
Pengurusan Danaharta Nasional Berhad           14 February 2000
Secured Creditor, MBf Finance Berhad           17 February 2000
Foreign Investment Committee  5 May 2000
Bank Negara Malaysia 19 May 2000
Ministry of International Trade and Industry     6 June 2000
Securities Commission        20 June 2000
                                              12 September 2000    
23 November 2000
Kuala Lumpur Stock Exchange                     26 December 2000

Subsequently, on 12 September 2001, the SAs entered into a
supplemental agreement with WSC to modify certain terms of the
abovementioned Transfer of Listing Status Agreement. Details of
the modifications were announced to the Exchange on 17 September
2001 and 19 September 2001 respectively.


REPCO HOLDINGS: Appoints PwC's Yim Fun As Special Administrator
---------------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed) (the
Company) announced that Chan Yim Fun of PricewaterhouseCoopers
(PwC) has been appointed as Special Administrator of the Company
and seven of its subsidiaries. The appointment is effective from
10 October 2001 by Pengurusan Danaharta Nasional Berhad under
Section 24 of the Pengurusan Danaharta Nasional Berhad Act 1998.
Ms. Yim Fun will replace Mr Gong Wee Ning who ceased to be the
Special Administrator of the Company on 8 October 2001.


REPCO HOLDINGS: MoF Grants Extension Approval
---------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed)(the
Company), subsequent to the announcement dated 19 September 2001
on the reduction in the number of agencies by the Ministry of
Finance (MoF), announced that Sandakan Turf Club had, on 8
October 2001, received MoF approval for an extension of time
from 1 October 2001 to 31 December 2001 for the operation of the
10 agencies.


SPORTMA CORPORATION: Updates Defaulted Payments Status
------------------------------------------------------
Sportma Corporation Berhad (Special Administrators Appointed)
(Sportma) provided an update on its default in payment as at 30
September 2001, found at
http://www.bankrupt.com/misc/sportma_corp.xls

The default by Sportma as of 30 September 2001 is made up of a
principal sum of RM159,788,960-58, plus RM47,447,429-50 in
interest for revolving credit facilities, trade financing and
overdraft.

Chemitech Industries Sdn Bhd, a wholly-owned subsidiary of
Sportma had as of 30 September 2001, defaulted on RM598,655-10,
made up of a principal sum of RM470,000-00 plus RM128,655-10 in
interest, in respect of its term loan.

There is no further new development since our previous
announcement with regard to this Practice Note.


TAJO BERHAD: Appoints PMBB As Financial Advisers
------------------------------------------------
On behalf of the Board of Directors of Tajo Berhad (Tajo or
Company), Public Merchant Bank Berhad (PMBB), announced that the
Company has appointed PMBB as the Adviser with regards to the
plans to regularize its financial condition pursuant to PN4. As
such, Alliance Merchant Bank Berhad would cease to represent
Tajo in its new restructuring plans.

An application for an extension of time, pursuant to Paragraph
5.1(c) of PN4 has been made to the KLSE on 10 October 2001,
being the dead-line granted by the KLSE to enable the Company to
make a re-submission of its regularization plans to the relevant
authorities for approval, as announced by the Company on 3
August 2001.

On 4 October 2001, the Company had announced that two Deeds of
Revocation had been entered into on even date with regards to
the Sale and Purchase Agreement (SPA) and Profit Guarantee
Agreement ("PGA") entered into between Tajo and Kris Angsana Sdn
Bhd on 20 December 2000.

In view of the termination of the SPA and PGA, the proposed
scheme of arrangement announced on 20 December 2000 and 19
January 2001 respectively would no longer be implemented. As
such, it was stated in the same announcement that Tajo has
commenced negotiations with a new potential "white knight" which
would be integral to the debt restructuring of Tajo, as well as
the plan to regularize its financial condition pursuant to PN4.


TRANS CAPITAL: Payment Default Results In Winding Up-Petition  
-------------------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
wish announced that on 26 September 2001 TCHB was served a
notice pursuant to section 218 of the Companies Act, 1965 by the
following party:

a) Lee Hishammuddin (LH)

The amount claimed is RM192,000.00.

DETAILS OF DEFAULT LEADING TO THE PETITION

The amount claimed is in respect of the balance sum due and
owing to LH under note of charges dated 2 February 2000 and 31
May 2000. The Company is contesting the amount claimed.

The Company hopes to resolve the above matter before the
proceedings of winding up pursuant to section 218 of the
Companies Act, 1965 commences that is within three (3) weeks
from the date of the notice was served.


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


LAZI BAY RESOURCE: Losses, Price Issues Force Mine Closure
----------------------------------------------------------
Lazi Bay Resource Development Inc (LBRDI), a P750 million
capitalized limestone mining company in Siquijor, and its
limestone exporter sister company Goodyield Resource Development
arm are shutting down their operations for six months starting
October 15 due to heavy losses. The closure displaces 120
workers, Inquirer News Service reported October 12.

Joseph Lo, president of both the LBRDI and the GRDI, said the
companies were forced to shut down after recent developments in
the cement industry made their limestone more expensive than
those offered by their competitors. LBRDI raw materials cost 10
dollars more per ton compared to the clinker made in Japan, Lo
added.

LBRDI's sister company exports limestone to Green Island Cement
Corp in Hong Kong. Limestone produces clinker when processed,
which is the principal raw material for cement manufacturing.


MANILA JOCKEY: To Retire P247.6M Banco de Oro Debts
---------------------------------------------------
Manila Jockey Club, Inc. (MJCI) will retire P247.6 million
(US$4.78 million at PhP51.794=$1) in debts from Banco de Oro
Universal Bank using proceeds of the PhP48-million pre-emptive
rights offer slated this month, BusinessWorld reported Friday.

MJCI corporate secretary Ferdinand A. Domingo said the debts,
which will fall due within this month, comprise the company's
total outstanding loans, of which P126.6 million are short-term
in nature. The debts have an average interest rate of 14%.

Some 48.19 million common shares of the company will be offered
to shareholders at PhP1/share starting October 22. The pre-
emptive rights offering will be at the proportion 0.93 of a
share for every existing share. At least 90% of the total
outstanding capital stock shareholders are expected to avail of
the issuance.

MJCI has an authorized capital stock of PhP100 million divided
into 100 million common shares of which roughly 51.81 million
shares are outstanding. The remaining shares of the unissued
portion shall be offered to those shareholders that participated
in the first round of offering.

MJCI has engaged the services of Banco de Oro Capital &
Investment Corp. as underwriter. In case not all shares are
subscribed, the underwriter has agreed to subscribe to the
remaining shares. Last year, the company's net losses grew to
P30.04 million from P15.66 million in the previous year.


NATIONAL STEEL: 782 Companies Protest Over Incentive Package
------------------------------------------------------------
The Department of Trade and Industry was deluged with protests
Thursday, from 782 companies with over 60,000 employees, for
hammering out an incentive package to attract more investors for
National Steel Corp (NSC), Inquirer News Service reported on
October 11.

The incentives package would include tariff protection for steel
products, specifically those produced by the NSC, such as hot
and cold rolled coils, billets and tinplates. The coils and such
are vital and critical raw materials in the production of pipes,
roofing sheets, metal sheets for appliance and auto parts and a
host of other products.

Downstream Steel Industry (DSI), in its letters to Trade and
Industry Secretary Manuel Roxas II and Securities and Exchange
Commission chair Lilia Bautista, said the tariff cover "clearly
favors one company to the detriment of the other members of the
industry."

"We sincerely believe that the proposed policy is seriously
misguided and will harm the entire economy since its impact and
unwanted harmful effects will be far reaching both within and
beyond the confines of the steel industry," DSI said.

"Any additional tariff duties will gravely compromise the global
competitiveness of DSI manufacturers and processors," DSI said.

"While we support the government's various attempts to revive
the NSC, we ask that it weigh the impact and the outcome of the
alternative that is chosen. Any government thrust to develop
upstream steel activity must never be at the expense of
downstream industries," it said.


REYNOLDS: Converting Majority of P2.4B Debt to Equity
-----------------------------------------------------
Reynolds Philippines Corp (RPC), a cash-strapped aluminum maker
with P2.4 billion in total current liabilities as of June 30,
2001, is seeking to convert majority of its PhP2.4-billion debt
into equity as part of a debt-restructuring plan mapped out to
keep the company afloat, Inquirer News Service reported on
October 11.

The company's PhP3-billion authorized capital will be divided
into 3 billion shares with a par value of 1 peso each.

Land Bank of the Philippines, the company's biggest creditor-
bank, was given six of the nine seats in the nine-member
management committee created by the board to review and
implement the restructuring plan as well as its business plans
and programs, capital expenditures and projects. Penta Capital
Investment Corp will get one seat as the company's financial
adviser for the debt restructuring, incumbent Reynolds president
Jaime Gonzales and chief finance officer Jorge Navarra will take
the two other seats.

Reynolds' board approved a resolution to fully pay the company's
subscriptions in two subsidiaries--Reynolds Food Services Corp.
and Reynolds Business Corp--as well as to subscribe to
additional capital in each unit.

RPC reportedly has P3.35 billion worth of assets in its books,
enough to cover its total liabilities of P2.4 billion.


UNITRUST DEVT: BSP May Reject Purchase By G Cosmos Associate
------------------------------------------------------------
The purchase of Unitrust Development Bank by a group associated
with G. Cosmos Philippines, Inc. may be rejected by the Bangko
Sentral ng Pilipinas (Central Bank of the Philippines, or BSP)
due to G. Cosmos' unresolved administrative case with the
Securities and Exchange Commission (SEC), BusinessWorld reported
Saturday.

The G. Cosmos' case at the SEC may be used as basis by the
policy-making Monetary Board to disqualify the group from owning
a bank, says a ranking central bank official. "Under the general
Banking Law of 2000, illegal activities can be used as basis for
rejecting the change in ownership," BSP Deputy Governor Alberto
V. Reyes said.


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


CAPITALAND: Management Salary Cuts Scheduled November 1
-------------------------------------------------------
CapitaLand Ltd's 40 senior executives of the company, including
chief executive Liew Mun Leong, and the company's major units
will take salary cuts of 5-8 percent, effective November 1. The
cuts are part of a cost-reduction exercise in the current
property market slump, Dow Jones reported as cited by Asian Wall
Street Journal on October 12.

CapitaLand, a property developer and Singapore's third major
company, in a statement said the exercise won't affect other
personnel. It "isn't considering" laying off staff and "will
continue to hire personnel when the need arises".


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


ADVANCE PAINT: Court Reviews Rehab Petition November 5
---------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited, in
accordance to its filing of a petition for protection and
rehabilitation, announced that on October 10, 2001, the Central
Bankruptcy Court set an appointment to review the petition at
09:00 am on November 5, 2001.
        

ITALIAN-THAI: Signs Two Contract Projects
-----------------------------------------
ITD Planner Co., Ltd. on behalf of Italian-Thai Development
Public Company Limited, informed that during September 13-20,
2001, the Company signed two contracts:

                  (including VAT)                     of work

The construction  The State Railway  15.2M  Sept 27   450 days
of improvement of   Thailand
Lat Krabang Inland
Container Depot
(Initial Stage -
Development)

The construction    ITAC Joint Venture 2.98M  Sept 13   105 days
of excavate and
lining optic fiber
cable MTP-RYG
(provincial part 2
east zone route 53)

The details of each project are:

1.The construction of improvement of Lat Krabang Inland
Container Depot (Initial Stage Development)

Description  of  works:

   - Railway embankment and track Laying  length  approx  
1,400 million including turnout installation 5 units.
   - Realignment of existing track, length approx  750  m.
   - Construction  of  pipe  culvert, V-Ditch , fence  and
retaining  wall

2. The construction of excavate and lining optic fiber cable
MTP-RYG (provincial part 2 east zone route 53)
Description  of  works:

     - Trenching  and  installation duct  liner
     - Lining  the  optic  fiber  cable      


MATCON TRADING: Files Business Reorganization Petition
------------------------------------------------------
Constructor Matcon Trading Company Limited's (DEBTOR) Petition
for Business Reorganization was filed in the Central Bankruptcy
Court:

   Black Case Number 436/2543

   Red Case Number 522/2543

Petitioner: OSK Engineering Company Limited
          : MATCON TRADING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt519,986,149.69

Planner: Poonchalerm Company Limited

Date of Court Acceptance of the Petition: June 5, 2000

Date of Examining the Petition: July 3, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: July 11, 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 26, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette in August 22,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: November 22, 2000

Planner postponed the date for submitting the Plan #1st:
December 22, 2000

Planner postponed the date for submitting the Plan #2nd: January
22, 2001

Meeting of Creditors had a special resolution accepting the plan
Court Order for Accepting the reorganization plan: March 27,
2001 and appointed Poonchalerm Company Limited to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited in April 9, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette in May 3, 2001

Contact: Mr. Kanjana Tel 6792525 Ext. 133


SANYO UNIVERSAL: Posts Financial Advisor's Opinions
---------------------------------------------------
Sanyo Universal Electric Plc. (the Company), pursuant to a
resolution of the 6/2001 Board of Directors' Meeting on June 28,
2001, and the 1/2001 Extraordinary Shareholders' Meeting on
September 11, 2001, was approved to voluntarily delist its
securities from the Stock Exchange of Thailand (SET), and the
SET accordingly gave approval and notified the delisting thereof
on September 21, 2001.

IFCT Advisory Co., Ltd. (IFCTA) as the Independent Financial
Advisor, have considered the details of the tender offer, the
reasonableness of the tender offer, and the offering price made
by Premier CE Co., Ltd., as the Offeror, and would like to give
our opinions as follows:

Nature of transaction

The Company's major shareholders wish to delist its shares from
the SET to ensure flexibility in problem solving and rendering
of full support, as the Company will no longer be required to
disclose to the public information on its business transactions,
movement and decision-making in material matters that may put
the Company at a disadvantage compared with its non-listed
competitors.

In this relation, the major shareholders will provide support to
the Company regarding financial, production technology, and
marketing aspects so that the Company will be able to solve its
problems, carry on its business as well as strengthen its
position in the long run.  In order to comply with the SET's
procedures and conditions governing the voluntary delisting of
securities, the Company has arranged for an Offeror to make a
tender offer to the shareholders in general.  In this
connection, Premier CE Co., Ltd. has made a tender offer to buy
13,829,819 shares from the shareholders in general, equivalent
to 31.45 percent of the total issued shares of the Company at
Bt. 2.50/share.  The offer period will be on business days from
September 27, 2001 November 29, 2001.

Appropriateness of the offering price

Premier CE Co., Ltd. has made a tender offer for the Company's
securities from the shareholders in general at Bt2.50 per share.  
The sellers will be responsible for the selling fee of 0.25
percent of the offering price plus value-added tax of 7 percent
of the selling fee, hence Bt2.4933 net per share to be received
by the sellers.  

IFCTA, as the Independent Financial Advisor, has considered the
offering price compared with the share prices derived from
various valuation approaches, and is of the opinion as follows:

1. Book value approach

The share price by this method is determined based on the net
asset book value in SUE's financial statements. Thus, the share
price obtained may fail to reflect the present value of SUE's
assets as well as its profitability in the future.

Based on the consolidated financial statements of the Company
and its subsidiaries and the financial statements of the Company
as of June 30, 2001 reviewed by its auditor, the share book
value is figured out as follows:
        
Consolidated Financial Statements (Bt. Million)
SUE's Financial Statements (Bt. Million)

Issued and fully paid-up capital  439.69  439.69
Share premium    499.85 499.85
Revaluation surplus- net  1,637.69 1,637.69
Retained earning    (4,595.46) (4,595.46)
Shareholders'  equity   (2,028.62) (2,028.82)
No. of shares    43,969,280 43,969,280
Book value per share (Bt.)  (46.14) (46.14)

By this approach, the Company's share price will be -Bt46.14 per
share which is lower than the offering price of Bt2.50 per share
by Bt48.64 per share.

2. Adjusted book value approach

By this method, the share price is derived from the market value
of the total assets as of June 30, 2001, deducted by total
liabilities and commitments and contingent liabilities as shown
in the financial statements, then adjusted by the revaluation of
some fixed asset items conducted by the independent appraiser,
and finally divided by total number of shares.  This approach
can better reflect the net present value of the Company's assets
than the book value approach.  Nonetheless, it does not take
into account SUE's future operational performance,
competitiveness potentiality and overall industrial and economic
trend.

Based on the consolidated financial statements of the Company
and its subsidiaries and the financial statements of the Company
as of June 30, 2001 reviewed by its auditor, the share price by
the adjusted book value approach is figured out as follows:

Consolidated Financial
Statements (Bt. Million)

SUE's Financial Statements
(Bt. Million)

Total assets    7,550.49 7,447.51
Less  Total liabilities  9,579.11 9,476.33
Less  Commitments and
Contingent liabilities  215.30 211.10
Plus revaluated assets*  381.41 381.41
Net asset value   (1,862.51) (1,858.51)
No. of issued and fully
paid-up shares    43,969,280 43,969,280
Share price by adjusted
book value approach
(Bt./share)    (42.36) (42.27)

*Note: Derived from the assets revaluated  as of July 1, 2001 by
Year Appraisal Co., Ltd. and excluding the land and building at
Soi Udomsuk the value of which is based on the agreement to buy
and to sell land dated October 1, 2001 worth Bt. 285 million to
be received in full by the end of 2001.

By this method, the Company's share value will be Bt42.27 to
42.36 per share which is lower than the offering price of Bt
2.50 by Bt44.77  44.86 per share.
         
3. Price to book value (P/BV) approach

By this method, the share price will be determined by
multiplying the Company's book value by the average price to
book value (P/BV) ratio of the listed companies in the
electrical appliances industry.   In this case, the companies
operating in the same industry and having the similar business
nature as SUE's taken into account comprise Singer (Thailand)
Plc. (SINGER), Kang Yong Electric Plc. (KYE), Compass East
Industry (Thailand) Plc. (CEI), and Distar Electric Corporation
Plc. (DISTAR).

This valuation method will reflect SUE's value under the market
mechanism which is circumscribed by demand and supply of the
investors.  The average P/BV ratios of the listed companies
operating in the same industry and having the similar business
nature as SUE's over the past 3 months, 6 months, 9 months, and
12 months counted until May 11, 2001 are in the range of 0.87-
0.90.  However, as the Company's book value as of June 30, 2001
was negative, this method is not applicable to figure out the
Company's share price.

4. Market value approach
        
The share price by this method will be determined by the average
price of shares traded on the SET over the past one year until
May 11, 2001 which will come out as below:

Calculation period     Average price  
(Bt./share)
Apr. 12, 2001  May 11, 2001: past 1 month1/  1.53
Feb. 12, 2001  May 11, 2001: past 3 months 3.63
Nov. 12, 2000  May 11, 2001: past 6 months 3.98
Aug. 12, 2000  May 11, 2001: past 9 months 4.24
May. 12, 2000  May 11, 2001: past 12 months 4.80

Note: 1/ Being the period that the Company's shares was allowed
by the SET for temporary trade after the Company notified the
SET of its decision to carry out business rehabilitation.

By this share valuation method, SUE's share price will be about
Bt1.53 - 4.80 per share, which varies from being Bt0.97 lower to
Bt. 2.30 higher than the offering price of Bt. 2.50 per share.

5. Price to earning (P/E) ratio approach

By this method, the share price is derived by multiplying SUE's
net earning per share in the 2001 projected financial
statements, by the average P/E ratios of the four listed
companies operating in the similar industry to SUE's over the
past 3 months, 6 months, 9 months, and 12 months counted until
May 11, 2001 which are in the range of 3.63  3.77.  The
Company's share price, based on the net earning per share of Bt.
0.13 in the projected financial statements for 2001, will be in
the range of Bt0.47-0.49 per share, which is lower than the
offering price of Bt2.50 per share by Bt2.01-2.03 per share.

6. Enterprise value to earning before interest, tax,
depreciation and amortization (EV/EBITDA) approach
By this valuation method, SUE's enterprise value is calculated
by having the enterprise value of the companies in the same
industrial sector and listed on the SET divided by their EBITDA
and then multiplied by the projected EBITDA of SUE in 2001.  The
derived enterprise value will then be used to calculate the
Company's share price as follows:

EV  = Market capitalization + Total liabilities - Cash
Market capitalization = Price x Number of outstanding shares

The EV/EBITDA ratio in 2000 of the companies in the same
industrial sector and listed on the SET was about 5.34.  Having
it multiplied by the EBITDA of SUE projected for 2001 which is
Bt1,011.88 million, the Company's enterprise value can be
figured out at Bt5,403.44 million.  This amount will then be
used to calculate the Company's share price as follows:
        
EV = Market capitalization + Total liabilities - Cash
5,403.44 = ( X *43.969) + 9,476.33  28.457
SUE's share price (Bt./share)  = (91.98)
        
By this method, the Company's share price will be -Bt91.98 per
share which is lower than the offering price of Bt2.50 per share
by Bt94.48 per share.

Discounted cash flow approach

This method takes into account the profitability of the Company
in the future. The Company's share price is derived from the
operating cash flow projection for the next 10 years (2001-2010)
prepared by its management under the assumption that the
business is run on a going concern basis.       

The prepared financial projection is exclusively for the purpose
of figuring out the Company's fair share price under the current
circumstances and for use in price comparison with the offering
price of this tender offer. There may be deviation in
such price if the economic condition and the circumstances
surrounding the Company have changed in material aspects from
the above-mentioned assumptions. In this connection, the price
under such circumstances shall not be used as reference price
for any purpose other than the above stated.

Important assumptions used in the financial projection are:

1. Revenue from sales of products and services is estimated at
Bt. 5,285 million in 2001 and to grow by 7 percent per year
during 2002-2006, 5 percent per year during 2007-2008, and be
constant afterwards throughout 2009-2010.

2. Cost of sales comprising raw material, direct labor, factory
overhead, factory depreciation, and other costs is estimated at
80-82 percent of revenue from sales of products and services
during 2001-2010.

3. Selling and administrative expenses are estimated at 10-11
percent of revenue from sales of products and services during
2001-2010.

4. The Company has entered into an agreement to buy and to sell
the land at Soi Udomsuk at Bt. 285 million expected to be
received by the end of 2001.

5. The average collection period for domestic accounts
receivable is estimated at 2 months and for overseas accounts
receivable 0.5 month.

6. The turnover of inventories is projected to be 2.5 months.

7. The average payment period of both domestic and overseas
accounts payable is estimated at about 2 months.

8. Terminal growth rate of the Company is zero from 2011
onwards.

9. The discount rate of about 11 percent, which is close to the
return on equity rate, will be used to figure out the present
value of SUE's cash flow.  The weighted average cost of capital
(WACC) cannot be used as the discount rate in the case of SUE
due to its negative net worth that makes WACC fail to reflect
the capital cost.

As regards the Company's present operational performance
registers loss and its liabilities enormously exceed its assets,
the investment in the Company's share has thus posted high risk
for the investors. However, if a higher discount rate than such
reference rate is used, the share value from calculation will
come out lower.

After the tender offer for the Company's shares has been
concluded and the Company's shares have been delisted from the
SET, minor shareholders who have failed to sell such shares to
the Offeror will be affected as follows:   

1. Lack of liquidity in stock trading   -  After the Company
becomes non-listed, there will be no secondary market and
reference market price for its share trading, resulting in lack
of trading liquidity.

2. Change in return on investment  Return on investment in the
securities will change.  That is, the opportunity for the
shareholders to obtain capital gain will become less due to lack
of secondary market.

3. Tax privileges  The shareholders who are natural persons will
not be entitled to the exemption of capital gain tax.  In
addition, without Thailand Securities Depository Co., Ltd. as
the Company's registrar, the transfer of ordinary shares either
in case of natural persons or juristic persons shall not be
exempt from stamp duty of 0.1 percent of the share payment or
the face value of the instrument, whichever is higher.  

4. Access to the Company's information - Minor shareholders can
no longer have timely access to the news or information to be
disclosed by the Company as required by the SET.  

Besides, after a tender offer is made for the shares from all
the shareholders as required by the SET regulations regarding
delisting of shares, if the shareholding of the remaining
shareholders who are not the Offeror nor related persons of the
Offeror is less than 5 percent of the total issued shares, the
Company is no longer required to disclose information on its
financial position and operational performance as required under
the Notification of the SEC No. KorJor. 40/2540, and the duties
of the executives and the auditor in preparing and disclosing
the report on securities holding according to the Notification
of the SEC No. SorJor. 14/2540 shall come to an end.

Conclusion of the Financial Advisor's opinions

For the above reasons, the Financial Advisor is of the opinion
that the objective of this tender offer is to comply with the
SET's procedures and conditions governing the voluntary
delisting of securities, and the offering price of Bt. 2.50 per
share is reasonable.  Besides the appropriateness of the
offering price, another factor to support the decision making is
that if the shareholders accept the tender offer, their risk in
investment will be relieved.  However, if the tender offer is
rejected, the shareholders may be affected by the Company's
delisting of the shares from the SET as regards the share's
liquidity, the change in form of return on investment and tax
privileges.

Therefore, the Financial Advisor considers the tender offer for
the Company's shares and the offering price appropriate and
reasonable.  The decision whether to accept or reject the tender
offer can be made based on the reasons and the opinions given by
the Financial Advisor as described above.  However, the final
decision should be made at the shareholders' own discretion.

The Financial Advisor, hereby certify that the opinions
expressed herein  have prudently been made in compliance with
the professional standards and principles, and with due regard
to the shareholders' benefits.


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

              *** End of Transmission ***