TCRAP_Public/011018.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

           Thursday, October 18 2001, Vol. 4, No. 204

                         Headlines


A U S T R A L I A

AUSTRALIAN MAGNESIUM: Posts Chairman Dr J R William's Message
BRIDGEDFS LIMITED: Posts Chairman's Statement, Appoints Director
BRIDGEDFS LIMITED: Company Name Change Resolution Approved
CENTAUR MINING: Goldfields Signs Sale, Purchase Agreement
NORMANDY MINING: AngloGold Issues Formal Takeover Documents


C H I N A   &   H O N G  K O N G

CAMBERGS LIMITED: Winding Up Sought By Tai Pan
FOURSEAS.COM: Currently Negotiating PRC Project Agreement
GLORY CASTLE: Faces Winding Up Petition
INNOVATIVE INTERNATIONAL: Suspends Trading
LEGEND HOLDINGS: Sees No Reason For Share Price Decrease

PEARL ORIENTAL: Requests Trading Suspension
WORLD BLOOM: Winding Up Petition Pending
ZHENGZHOU BAIWEN: China MoF OKs State Share Transfer


I N D O N E S I A

BANK INTERNASIONAL: Govt Asks IBRA To Show Financial Condition


J A P A N

FURUKAWA CO.: Moody's Reviews Rating For Possible Downgrade
MATSUSHITA ELECTRIC: In Talks With Toshiba For LCD Ops Tie-Up
NISSAN MOTOR: Denies Reports On 15% Renault Stake


K O R E A

DAEWOO MOTOR: In Negotiations To Sell Construction Unit
HYUNDAI MERCHANT: W200B Bonds To Be Bought By KDB
HYUNDAI MOTOR: To Issue FRN's To Pay Debts
IASIAWORKS: Sells Korean Assets, Changes Management
SAMSUNG ELECTRONICS: Signs Preliminary Agreement With HP
SSANGYONG CEMENT: All-Out Self-Rescue Draws Creditor Support

* Govt Grants W250B Aid To Korean Air, Asiana *


M A L A Y S I A

AUSTRAL AMALGAMATED: Proposes Restructuring Scheme Modifications
AYER HITAM: Subsidiary Suspends Interest, Principal Payments
AYER HITAM: Unit's Trial Adjourned, To File Affidavit Dec 3
BRIDGECON HOLDINGS: SA Appointed, Prepares Workout Proposal
GADEK CAPITAL: Proposes New Warrants Issuance

GOLD BRIDGE: Unit Gets Winding-up Petition Cessation Notice
INDAH WATER: Three Firms Submit Takeover Proposal
KEMAYAN CORP.: Extends MoU, Finalizes Proposed Workout Scheme  
KUALA LUMPUR: BNM Grants Proposed Disposal Approval
L & M CORPORATION: Discloses Auditors' Report

MAN YAU:  Applies Restraining Order Extension
MAN YAU:  Unit Defaults Interest Payment
PADINI HOLDINGS: Subsidiary Shuts Down Business Activity
PAN PACIFIC: SC OKs Proposed Utilization Of Disposal Proceeds
PANGLOBAL BERHAD: Awaits SC Approval Of Restructuring Proposal

TA ENTERPRISE: February South African Unit Wind Down Set
TANAH EMAS: KLSE Approves New Stock Name Application
WOO HING: Bradley Dean Norman Appointed Special Administrator


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Creditors Present Debt Options
METRO PACIFIC: Analysts View Financial Health Negatively
NATIONAL STEEL: Asks DTI To Let Allengoal Bid
UNIWIDE HOLDINGS: SEC Committee Seeks Property Sale Nod


S I N G A P O R E

JK YAMING: Announces Unit's Voluntary Liquidation
SPP LIMITED: Posts Changes In Board And Audit Committee


T H A I L A N D

TADA COMPANY: Files Reorg Petition In Bankruptcy Court
THAI TELEPHONE: SET Adds New Listed Securities
TPI POLENE: Majority Of Creditors Agree Cemex Deal

     -  -  -  -  -  -  -  -   

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Posts Chairman Dr J R William's Message
-------------------------------------------------------------
Australian Magnesium Corporation Limited discloses Chairman Dr J
R Williman's (CBE) presentation to shareholders & investors:   

"On behalf of my fellow Directors, it is with much pleasure that
I invite you to participate in a capital raising to fund the
development of the Stanwell Magnesium Project. Australian
Magnesium Corporation's vision is to be the world's pre-eminent
supplier of magnesium metal and magnesium-use solutions to the
automotive industry.

"With a production capacity of 90,000 tpa, the Stanwell Plant is
targeted to be the largest magnesium producer in the world and
among the lowest, if not the lowest, cash cost producers in the
Western world.

"AMC expects demand for magnesium to grow strongly over the rest
of this decade as automakers seek to produce lighter, more fuel
efficient vehicles through the use of lightweight materials such
as magnesium.

"An independent report suggests total annual magnesium demand
will more than double to over 950,000 tonnes by the end of 2010,
driven by total automotive demand growth for magnesium of around
13.6 percent pa to around 584,000 tonnes by 2010. AMC's ten year
magnesium alloy supply contract with the Ford Motor Company in
the United States underpins our confidence in magnesium's
potential.

"In June 2001 AMC undertook a global offer of $680 million. This
was withdrawn in July 2001. The structure of this revised Offer
has been made possible with the financial support of the State
of Queensland and the Federal government, subject to certain
conditions precedent being satisfied, including AMC shareholder
approval of the equity arrangements with Normandy Mining
Limited, the Company's largest shareholder. These arrangements
include the subscription by Normandy for $100 million of
ordinary shares.

"We believe that the revised Offer balances many of the
investment requirements sought after in a project of this scale,
timing and opportunity.

"AMC is offering the opportunity to invest in Distribution
Entitled Securities, which provide equity participation in AMC
along with the entitlement to a 3.2 cents semi-annual
Distribution to Security Holders during the three year
construction phase of the Project, the payment of which is
funded by the State of Queensland.

"Payment of the Issue Price for the Securities will be in two
installments, which will more closely match the equity
contribution to the funding requirements of the Project. The
Distribution equates to 12.8 percent pa of the First Installment
of 50 cents and 8 percent pa of the 80 cent Issue Price
following payment of the Final Installment of 30 cents in
January 2003.

"We believe that the combination of the commitments from Ford,
the banking syndicate, the State of Queensland, the Federal
government and Normandy demonstrate the enormous support for the
potential of AMC to realize its vision.

"When the Stanwell Plant is fully developed and commissioned AMC
will, I believe, be strategically placed as the pre-eminent
supplier of magnesium alloys to the automotive components
industry and provide investors with a direct stock exchange-
listed exposure to the magnesium industry and its growth
potential.

"Details of the Offer, including plans for the development of
the Stanwell Magnesium Project, its anticipated operations and
risk factors are set out in this Prospectus. I urge you to read
the Prospectus in full before making your investment decision.

"On behalf of the Directors of AMC, I commend this investment
opportunity to you and look forward to welcoming you to the
Company."

Below is a detailed copy of the Offer:


An Offer by Australian Magnesium Corporation of Distribution
Entitled Securities.

State of Queensland funded distributions for 3 years equal to
12.8 percent of first installment and 8 percent of fully paid
Issue Price.

JOINT LEAD MANAGERS

ABN AMRO Rothschild, JB Were & ABN AMRO Morgans.

KEY DATES

Offer Opens                                   22/10/2001

Offer Closes                                  16/11/2001

Expected Allotment of Distribution
Entitled Securities                           23/11/2001

Expected quotation of Distribution
Entitled Securities on a deferred
settlement basis                              26/11/2001

Deferred settlement trading ends/
commencement of normal trading                28/11/2001

Final Installment Payment Date                 31/01/2003

Reversion of Distribution Entitled
Securities into Ordinary Shares               23/11/2004

The dates and times shown are indicative only. AMC, after
consultation with the Joint Lead Managers, has the right to vary
the dates and times of the Offer without notifying any recipient
of this Prospectus or any Applicant for Distribution Entitled
Securities.

OFFER SNAPSHOT

THE OFFER

A $500 million non-underwritten offer of Distribution Entitled
Securities, Underwritten over subscriptions of $25 million
conditional  upon raising $500 million.

INSTALMENTS

$0.50 on application
$0.30 on 31/01/2003
5c loyalty discount on Final Installment for AMC and Normandy
shareholders registered at 18/10/2001 up to 30,000 Securities
per Application.

DISTRIBUTIONS EQUAL TO 12.8% PA OF FIRST INSTALMENT AND 8% PA
ONCE FULLY PAID

State of Queensland funded Distribution, comprising 6 semi-
annual  payments over 3 years.

Distribution Reinvestment Plan to reinvest Distributions into
AMC ordinary shares at a 5 percent discount to AMC market price.

MAJORITY SHAREHOLDER AND GOVERNMENT SUPPORT

State of Queensland and Federal government support of funding
packaging, subject to conditions including AMC shareholder
approval of significant equity contribution from Normandy.

FORD CONTRACT

10 year take or pay contract with Ford for almost 50 percent of
planned
annual magnesium production.

THE OFFER

Installment: An offer of Distribution Entitled Securities at
$0.80 each, payable in two installments:

- A First Installment of $0.50 payable on application; and

- A Final Installment of $0.30 payable on 31 January 2003.*

* subject to a Loyalty Discount

Size: The minimum subscription under the Offer is $500 million.
The minimum subscription is not underwritten. If the minimum
subscription is not raised, the Offer will not proceed and
Application Amounts will be refunded without interest. The Joint
Lead Managers have agreed to underwrite the raising of an
additional $25 million in over subscriptions, conditional upon
the raising of the minimum subscription amount.

THE SECURITY

Distribution Entitled Securities: Successful Applicants will be
registered as holding a stapled security called a Distribution
Entitled Security.

Distributions: Holders of Distribution Entitled Securities will
receive six semi-annual Distributions of 3.2 cents each, equal
to 12.8 percent of the First Installment and 8 percent of Issue
Price following payment of the Final Installment. The
Distributions to Security Holders will be paid by the State of
Queensland on behalf of AMC. The Distribution payment schedule
is shown in the adjacent table.

PAYMENT DATE               AMOUNT (PER SECURITY)

23 May 2002                         3.2c
23 November 2002                    3.2c
23 May 2003                         3.2c
23 November 2003                    3.2c
23 May 2004                         3.2c
23 November 2004                    3.2c
Total Payments                     19.2c

Loyalty Discount: AMC and Normandy retail shareholders
registered at 18 October 2001 and AMC Employees, Directors and
proposed Directors will be entitled to a 5 cent Loyalty Discount
on the Final Installment on successful Applications up to 30,000
Securities per Applicant, up to a total of 166.7 million
Securities being allotted under the Shareholder and Employee
Offers.

Taxation: The Distribution will not be assessable for income tax
purposes but will reduce the acquisition cost of the
Distribution Entitled Security for the purposes of calculating
tax on disposal.

Reinvestment: AMC will implement a Distribution Reinvestment
Plan offering Security Holders the opportunity to reinvest each
Distribution into AMC ordinary shares at a 5 percent discount to
the
prevailing AMC ordinary share price at the time of each payment.

Voting: The Share component of the Distribution Entitled
Securities will entitle Security Holders to vote in proportion
to the paid up value of the Share.

Reversion: Distribution Entitled Securities will revert to fully
paid ordinary shares on 23 November 2004 when the final
Distribution is paid.

Quotation: AMC will apply for quotation by ASX of the
Distribution Entitled Securities.

CONDITIONS OF OFFER

In recognition of the global economic circumstances resulting
from the events of 11 September 2001, the Offer is made on a
conditional basis. If following the close of the Offer and
before allotment of the Distribution Entitled Securities:

* as a consequence of an adverse movement in the A$/US$ exchange
affecting the contract price, Ford gives a notice terminating
the Ford Magnesium Supply Agreement; or

* as a consequence of a material adverse change, the Banks give
notice either amending the pricing or terms of the Bank Debt
Facilities on a basis unacceptable to AMC or terminating the
Bank Debt Facilities,

the Offer will be withdrawn and all Application Amounts will be
refunded.

MORE INFORMATION

For further information on the Distribution Entitled Securities
or more detailed information on the Offer, refer to Section 7 -
Details of the Offer.

USE OF PROCEEDS

The gross proceeds of the Offer will be $525 million (including
$25  million in underwritten over subscriptions). AMC intends to
apply the  net proceeds of the Offer (after payment of expenses
of the Offer  and partial repayment of the Stanwell Working
Capital Facility,  estimated to be $31 million) as follows:

                                      $MILLIONS

Project Capital Expenditure              405

QMAG foreign exchange hedge book
and working capital                       25

Bank Debt Facilities establishment
and commitment fees                     35.3

Distribution support                      24

Remaining balance of Stanwell
Working Capital Facility                 4.7

Net Proceeds of the Offer                494

Prior to the draw down of the Bank Debt Facilities, AMC must
have
spent at least $445 million of the net proceeds of the Offer on
the development and the financing of the Stanwell Magnesium
Project. This  consists of the Project capital expenditure, Bank
Debt Facilities  establishment and commitment fees and partial
repayment of the Stanwell Working Capital Facility (all
identified in the preceding table). In addition, the $100
million equity contribution from Normandy under the Normandy
Subscription Agreement, funding of not less than $75 million out
of the total funding to be obtained with the assistance of the
Federal Guarantee Facility, the CSIRO commitment and the State
of Queensland government infrastructure commitment must also
have been spent.


BRIDGEDFS LIMITED: Posts Chairman's Statement, Appoints Director
----------------------------------------------------------------
Bridgedfs Limited posted Chairman N Hamilton statement on
October 17, 2001:

"At today's EGM the shareholders have voted to change the name
of the Company to IRESS Market Technology Limited. The name
change follows the successful sale last July of Bridge
Information System's  controlling stake in the company. The
change is part of the ongoing process to remove the relatively
few links that existed between the companies. I can advise
shareholders that all aspects of the process are well progressed
and should be completed by the end of December.

"Consistent with these changes we have hired a Chief Financial
Officer, Stuart Bland, to bring the finance and back office
functions in-house. Also management is well progressed in
securing separate tenancies for our offices in Melbourne and
Sydney, which were previously shared with Bridge.

"Since the resignation of the three Bridge appointed directors
at the time of the sale, the Company has been considering adding
to the  board. To this end I am pleased to advise that Cameron
O'Reilly has accepted the Company's invitation to join the board
as a non-executive director. Cameron is an experienced
international businessman who has  a strong knowledge of the
Australian marketplace. Although Cameron is based overseas he is
in the country regularly on business and will provide valuable
international insights.

"At the EGM the company's Managing Director, Peter Dunai
commented on current trading. He indicated the company continued
to perform well given the current challenging environment and he
expected the full  year result to exceed the forecasts in last
year's prospectus."


BRIDGEDFS LIMITED: Company Name Change Resolution Approved
----------------------------------------------------------
Bridgedfs Limited advised that security holders at the
Extraordinary General Meeting of the members of the Company held
on 16 October 2001 at 11.00am (Melbourne Time) at Level 20 360
Collins Street Melbourne, approved the following special
resolution:

RESOLUTION - To change the name of the Company to IRESS Market
Technology Limited

The resolution was passed on a show of hands.

The valid proxy votes received by the Company for this
resolution were:

Total                     68,904,797
For                       67,932,994
Against                        8,000
Discretionary                963,803


CENTAUR MINING: Goldfields Signs Sale, Purchase Agreement
---------------------------------------------------------
Goldfields Limited (Goldfields) announced that it has signed a
Sale and Purchase Agreement with Centaur Mining & Exploration
Ltd (Receivers and Managers Appointed) (Under Deed of
Company Arrangement) (Centaur) to acquire Centaur's Mt Pleasant
gold assets located north and west of Kalgoorlie, Western
Australia.

Terms of the deal are for Goldfields to pay Centaur a total of
$42.6 million cash, consisting of $39 million on completion plus
an additional $3 million when remaining caveats are lifted from
a number of tenements, and then a further $0.6 million for
several small joint ventures that are subject to pre-emptive
rights. Completion remains subject to standard conditions, all
of which are at an advanced stage of satisfaction.

The Mt Pleasant gold assets consist of an extensive package of
mining, prospecting and exploration tenements and applications
covering an area of over 3000sqkm. The core of Centaur's
holdings is a large, 800sqkm, contiguous tenement block
encompassing four gold districts including the Mt Pleasant and
Ora Banda gold mining centers, Grants Patch (between Ora Banda
and Mt Pleasant) and Carbine/Zuleika (north west of Kundana).
This core tenement block adjoins Goldfields' key holdings around
its Paddington and Kundana operations as shown on the attached
map. The acquisition will give Goldfields a nearly continuous
block of tenements covering all of the major gold mineralized
systems and prospective ground north and west of Kalgoorlie.

As reported on 17 September 2001, Goldfields and Delta Gold
Limited (Delta) have announced the intention to merge by way of
Scheme of Arrangement. Delta's Kanowna Belle mine and associated
tenements are also located close to Goldfields' key landholding
north of Kalgoorlie and these Delta tenements are shown in the
attached map. The Kanowna Belle treatment plant is capable of
treating refractory ore that may be sourced from the Centaur
tenements.

The resource base at December 2000 was estimated by Centaur to
be 39.7 million tonnes at 3.8g/t for 4.8 million ounces of
contained gold in various open pit and underground deposits
throughout the tenement package. Goldfields intends to evaluate
these resources in accordance with JORC standards. Priority will
be placed on those resources with early development potential,
currently including Quarters Central, Bullant and Racetrack.

The gold endowment (historical production plus resources) at Mt
Pleasant exceeds 3 million ounces. The Quarters Central mine
previously produced 370,000 ounces from an open pit operation
and is currently producing from Quarters Central underground.
Goldfields estimates some 600,000 tonnes at 6.5g/t could be
extracted, providing immediate high-grade feed for its
Paddington mill. Adjacent to Quarters is the Racetrack deposit,
previously mined as an open pit that produced 225,000 ounces
gold from oxidized ore.

Production ceased when fresh refractory material was encountered
and prior to Receivership, Centaur was developing a plan to
develop this resource which was estimated at 5.4 million tonnes
at 6.7g/t containing 1.1 million ounces of gold. Racetrack is
1,200m long, open along strike and at depth, and is a candidate
for processing through Delta Gold Limited's Kanowna Belle
facility.

Exploration potential is rated as high for new discoveries at
Ora Banda (where gold endowment is already 1.3 million ounces),
Grants Patch, and the Carbine/Zuleika area. At Zuleika, the
high-grade Bullant mine extracted 220,000 ounces gold from an
open pit and is currently being evaluated for underground
development from a resource base of 923,000 tonnes grading
5.6g/t for 165,000 ounces.

Centaur has an extensive, but under-utilized exploration
database incorporating first-pass exploration over most of its
tenements. The work generated numerous gold anomalies and
mineralized prospects which Goldfields intends to evaluate in
order to realize the full potential of the region. The Mt
Pleasant mining center remains highly prospective for free-
milling, high-grade underground veins.

Similarly, the prospect for extensions to the refractory
Racetrack deposit are high. Structures similar to that hosting
the Enterprise deposit (approximately one million ounces prior
to mining) represent immediate targets at Ora Banda. Widespread
cover at Carbine/Zuleika holds potential for a number of hidden
high-grade discoveries such as Goldfields' Paradigm deposit
(total resource of 160,000 tonnes at 13.0g/t). Grants Patch is a
well-mineralized gold district in its own right and is the least
explored of the four areas.

Goldfields has conducted an extensive review of the
environmental responsibilities associated with Centaur's past
mining operations. A seven year rehabilitation program has been
formulated, incorporating experience from the Paddington
operations, and work will commence immediately on the areas
targeted for first attention.

Dr Peter Cassidy, Managing Director and CEO of Goldfields,
commented: "This purchase is a great achievement for Goldfields
and is an important milestone in our strategy of adding value
through consolidation of prospective tenements around the
Kundana and Paddington plants. Access to Centaur's extensive
ground holdings will provide immediate high grade feed for
Paddington and potential to add significant further life to this
operation. Another defining milestone in the rationalization of
Kalgoorlie land positions and operations will be achieved in the
event that the proposed merger between Goldfields and Delta is
approved by Delta shareholders."

For further information, contact:

Peter Cassidy                   Mark Wheatley
MANAGING DIRECTOR AND CEO       GENERAL MANAGER CORP DEVELOPMENT
(02) 8223 2400                  (02) 8223 2400

or visit the Goldfields web site at www.goldfields.com.au


NORMANDY MINING: AngloGold Issues Formal Takeover Documents
-----------------------------------------------------------
AngloGold Ltd lodged Wednesday its formal Offer Documents and
Shareholder Circular in respect of its offer for Normandy Mining
Ltd with the relevant regulatory authorities.

In Johannesburg the Circular to Shareholders was submitted to
the Johannesburg Securities Exchange for approval. Following the
approval of the JSE, the circular will be posted to AngloGold
shareholders later this month and a shareholders' meeting has
been scheduled for November 19.

In the United States the F4 Registration Statement - the
document required for the offer to be made to all shareholders
located in the US - was filed with the US Securities and
Exchange Commission. This document has also been filed with the
ASIC in Australia and will be available to Normandy shareholders
located outside the United States on request.

The offer will be opened to Normandy shareholders located in the
US only upon the US Securities and Exchange Commission declaring
the F4 Registration Statement effective.

In Australia the formal Bidder's Statement detailing the offer
for Normandy Mining Ltd was lodged with the Australian
Securities and Investment Commission (ASIC) and served on
Normandy Mining. A copy has already been sent to the Australian
Stock Exchange.

The Bidders Statement will be dispatched to Normandy
shareholders at the end of October and the offer will remain
open until December 14.

The Bidder's Statement explains a number of features of interest
to Normandy retail shareholders.

Last week AngloGold announced a 10-for-one split of its CDIs in
Australia to make the share more accessible to retail
shareholders and to enhance trading liquidity on the ASX.

The Bidder's Statement also includes details about a top-up
facility as part of its commitment to building a long-term
retail investor base and to further promote liquidity in
Australia.

The Company is proposing to offer accepting Normandy
shareholders, other than these in the US, the opportunity to
subscribe for additional AngloGold shares (to be registered in
the form of CDIs) at a 7.5 percent discount to market prices.

The top-up facility will allow subscriptions of up to A$5,000
with a minimum subscription level of A$2,500.

AngloGold believes this will be the first time such a facility
has been provided in Australia in conjunction with a takeover
offer. No brokerage or other costs will be payable by Normandy
shareholders.

The facility will be subject to the approval of the South
African Reserve Bank.

FIRB

AngloGold has received notification from the Australian Foreign
Investment Review Board that the application for approval of the
transaction has been deferred pending the release of the
Bidder's
Statement.

It is anticipated that the transaction will be approved in due
course.


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C H I N A   &   H O N G  K O N G
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CAMBERGS LIMITED: Winding Up Sought By Tai Pan
----------------------------------------------
Tai Pan (China) Limited is seeking the winding up of Cambergs
Limited. The petition was filed on August 14, 2001 and will be
heard before the High Court of Hong Kong on November 28, 2001 at
9:30 am.

Tai Pan holds its registered office at Unit A, 11th Floor, Luk
Hop Industrial Building, No. 8 Luk Hop Street, San Po Kong,
Kowloon, Hong Kong.  


FOURSEAS.COM: Currently Negotiating PRC Project Agreement
---------------------------------------------------------
Fourseas.com Limited (the Company) noted the recent increase in
the price and trading volume of the shares of the Company on
15th October 2001.

The Company informed their shareholders and public investors
that the management is currently in a preliminary stage of
negotiations of a possible co-operation of a tourist spot
related project (the Project) in the Peoples' Republic of China
(the PRC) with a PRC party who is independent of, and not
connected with, any of the directors, chief executive and
substantial shareholders of the Company or its subsidiaries, or
any of their respective associates (as defined in the Listing
Rules). Both parties have not reached any terms or agreement
regarding the Project at this current moment.

Save as mentioned above, there are no negotiations or
arrangements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the board of directors of the Company (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.

As the Project may or may not proceed or materialize,
shareholders and public investors are advised to exercise
caution when dealing in the securities of the Company.


GLORY CASTLE: Faces Winding Up Petition
----------------------------------------
The petition to wind up Glory Castle Holdings Limited is
scheduled for hearing before the High Court of Hong Kong on
January 2, 2001 at 9:30 am. The petition was filed with the
court on September 3, 2001 by Lau Chun Piu of Room 2137, Tai Lok
House, Tai Yuen Estate, Tai Po, New Territories, Hong Kong.


INNOVATIVE INTERNATIONAL: Suspends Trading
------------------------------------------
At the request of Innovative International (Holdings) Limited
(the "Company"), trading in its shares was suspended with effect
from 10:00 a.m. Tuesday (16/October/2001) pending an
announcement in relation to the Debt Restructuring Agreement.


LEGEND HOLDINGS: Sees No Reason For Share Price Decrease
--------------------------------------------------------
Legend Holdings Limited have noted Monday's decrease in the
price of the shares of the Company and is not aware of any
reasons for such a decrease.

Apart from the formal announcement dated 11 June 2001 in respect
to the joint venture with America Online, Inc. and possible
connected transactions, we confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement. The Board is also unaware 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.


PEARL ORIENTAL: Requests Trading Suspension
-------------------------------------------
At the request of Pearl Oriental Holdings Limited (the Company),
trading in its shares was suspended effective 10:00 a.m. Tuesday
16 October 2001 pending the issue of the announcement to be
issued due to the new development with the creditor banks.


WORLD BLOOM: Winding Up Petition Pending
------------------------------------------
World Bloom Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
November 21, 2001 at 9:30 am.

The petition was filed on August 9, 2001  by Gealex Toys
Manufacturing Company Limited whose registered office is
situated at Blocks C & D, 6th Floor, Kwai Po Industrial
Building, 40 Wong Chuk Hang Road, Aberdeen, Hong Kong.  


ZHENGZHOU BAIWEN: China MoF OKs State Share Transfer
----------------------------------------------------
Zhengzhou Baiwen Co Ltd said the Ministry of Finance (MoF) has
approved its application to allow Zhengzhou Baiwen Group to
transfer ownership of half of its 28.88 million state shares in
the company to Shandong Sanlian Group free of charge, AFX-ASIA
reported Tuesday.

The company said that the 14.44 million shares transferred to
Sanlian Group will be converted into legal public shares, while
Zhengzhou Baiwen Group's remaining stake in the company will
remain state shares.

The company added that although it has made some progress in its
restructuring plans, many uncertainties remain.

"The company will be delisted or put into bankruptcy if it fails
to complete its restructuring by year-end," the company said.

The company has applied for the suspension of trading in its A-
shares to be extended until Nov 19.


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BANK INTERNASIONAL: Govt Asks IBRA To Show Financial Condition
--------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has been asked
by the finance ministry to make a statement about the real
financial condition of Bank Internasional Indonesia (BII) before
it issues hedge bonds to the publicly listed bank, AsiaPulse
reported yesterday.

"The statement necessary before the government could carry out
its plan to issue hedge bonds valued at US$1.059 billion to BII
to cover its non performing credits to the Sinar Mas Group,"
Financial Institution Director General, Darmin Nsaution, said.

Darmin said one of the reasons for the delay in issuing the
hedge bonds is fear that BII will need larger bonds in the
future thus IBRA must make that statement to be sure that BII
will not ask for more bonds.

"If the US$1.059 billion hedge bonds turn out to be not enough
for BII, it will affect state-owned Bank Mandiri, which plans to
buy BII later this year," Darmin Nsaution added.

IBRA has asked for personal guarantee of Eka Tjipta Widjaja, the
owner of the Sinar Mas Group, to be responsible for any
shortfall in the value of assets handed over by the company
group in compensation for its debt to BII.


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J A P A N
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FURUKAWA CO.: Moody's Reviews Rating For Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed Furukawa Co., Ltd.'s
(Furukawa) Baa3 senior unsecured long-term debt ratings under
review for possible downgrade.

The rating action reflects Moody's growing concern that
Furukawa's business fundamentals are weakening amid an
increasingly tough environment for its core businesses of metal,
machinery and electronic materials.

Furukawa's performance has been pressured by the rapidly
deteriorating state of each market. In addition, the delay in
its Australian copper smelting and refining facility becoming
fully operational has further pressured its profitability and
increased the interest burden.

Even though the Australian facility is expected to be in full-
scale operation from the beginning of 2002, the rating agency
expects Furukawa's operating performance may not recover to
former levels in the medium term given the current downturn in
the global economic environment.

Furukawa Co., Ltd, headquartered in Tokyo, is one of the leading
manufacturers of metal products and construction and mining
machinery in Japan.


MATSUSHITA ELECTRIC: In Talks With Toshiba For LCD Ops Tie-Up
-------------------------------------------------------------
Matsushita Electric Industrial Co. is currently under
negotiations with Toshiba Corp. for a possible link-up in their
Liquid Crystal Display (LCD) operations, the Asian Wall Street
Journal reported Tuesday.

Toshiba officials have said that the deal may be finalized
within the week.

It was reported earlier that the two electronics giants would
integrate LCD operations in order to cut investment costs and
strengthen international competitiveness. The report, taken from
a Japanese newspaper indicated that the Toshiba's stake would
most likely be higher that Matsushita's in the supposed merger.


NISSAN MOTOR: Denies Reports On 15% Renault Stake
-------------------------------------------------
Nissan Motor Corp. President Carlos Ghosn has denied earlier
reports that his company has decided to acquire a 15 percent
stake in French automaker Renault SA, the Asian Wall Street
Journal reported yesterday.

Ghosn also dismissed allegations that the two companies might
form a "full-blown" holding company that would control Renault
and Nissan. However, both companies are mulling over plans to
form a company to "oversee areas of cooperation" between them.
Although Ghosn denied any stake acquisition, he did not discount
the possibility.

Both companies have been cooperating since March 1999, when
Renault acquired a 36.8 percent stake in Nissan. The partnership
agreement then included an option for the French company to
raise its stake to 44.4 percent and for Nissan to buy a stake in
Renault.

Under Ghosn's stewardship, Nissan has improved substantially
during the last year-and a half, having returned to
profitability following three straight years of losses.


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K O R E A
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DAEWOO MOTOR: In Negotiations To Sell Construction Unit
-------------------------------------------------------
The Asian Wall Street Journal reported on Tuesday that Daewoo
Motor Corp. sales subsidiary Daewoo Motor Sales Corp. is
currently deep in negotiations to sell its construction
operations to an unnamed Japanese company for a reported W50
billion.

The Daewoo construction unit is ranked 75th among Korean
construction firms in terms of amount of orders and is also
reported to have an estimated W100 billion worth of assets.


HYUNDAI MERCHANT: W200B Bonds To Be Bought By KDB
-------------------------------------------------
A total of W200 billion worth of bonds to be issued by Hyundai
Merchant Marine (HMM) this November will be purchased by the
state-run Korea Development Bank (KDB) in order to help the
former in refinancing 80 percent of the W250 billion worth of
corporate bonds maturing in November, the Asian Wall Street
Journal reported Tuesday.

The move is part of KDB's debt buyout program to underwrite new
bonds equivalent to 80 percent of the total amount of maturing
bonds of selected troubled companies. The remaining 20 percent
are to be financed by the beneficiaries themselves.


HYUNDAI MOTOR: To Issue FRN's To Pay Debts
------------------------------------------
In order to pay some of Hyundai Motor Corporation's foreign
debt, the ailing car company said it would issue on Thursday
US$150 million worth of three-year floating rate notes (FRNs),
the Korea Herald reported yesterday.

The notes are to carry a coupon rate of 1.6 percent above the
six-month London interbank offered rate.

The issue contract was signed by Hyundai in Hong Kong Tuesday
together with the lead managers, ABN Amro, National Australia
Bank and Societe Generale.

Officials of the company said that the FRN issuance, to be made
at an exceptionally low rate will help Hyundai Motor save on its
financing costs. Moreover, the proceeds will be used to pay back
some of the automakers foreign debt.


IASIAWORKS: Sells Korean Assets, Changes Management
---------------------------------------------------
iAsiaWorks(TM), Inc. (Nasdaq:IAWK) sold its Seoul, Korea data
center to Korean Internet Data Center, Inc. and its Korean
internet access customer base to Dacom. In conjunction with
these transactions, iAsiaWorks has terminated all of its Korean
employees and intends to cease operating in Korea.

iAsiaWorks also announced the departure of three of its senior
executives, which aligns the management of the Company with its
reduced scope of operations. Jon Beizer, CEO, Dennis Muse,
president and COO, and Jon Engman, CFO, have left the company's
management. Beizer and Muse will remain on the company's Board
of Directors. Beizer will be replaced by Nicolas Pianim, who
previously was the company's vice president of Corporate
Development. Engman will be replaced by Andrew Gidney, who
previously was the company's vice president of Finance.

Pianim commented, "in conjunction with selling most of our
assets in Korea, we are attempting to rationalize the company's
liabilities and focus our remaining resources on our data center
assets in Taiwan. In this regard, we are endeavoring to
restructure our debt and expect to further reduce the level of
our operating expenses. The change in management reflects the
company's efforts to immediately reduce costs and our need for
fewer management personnel now that we are focused on a more
narrow geographic area."


SAMSUNG ELECTRONICS: Signs Preliminary Agreement With HP
--------------------------------------------------------
Samsung Electronics Co. and Hewlett-Packard Co. have signed a
preliminary agreement to cooperate in developing wireless
technology or "pervasive computing" technology, which enables
household appliances to be linked wirelessly.

In an Asian Wall Street Journal report on Tuesday, the companies
have joined specifically to develop server platforms, short-
range wireless networking and next-generation memory chips.

However, both companies have yet to announce the agreement's
finalization.


SSANGYONG CEMENT: All-Out Self-Rescue Draws Creditor Support
------------------------------------------------------------
Troubled cement firm Ssangyong Cement's sustained self-rescue
efforts are paying off in the form of increasing creditor
support, according to Wee Song-bok, President of one of the
cement firm's major creditor banks, Chohung Bank.

Recently, the company has been paving the way for the eventual
normalization of its operations. Creditors, led by Chohung, have
just decided on a bailout package that includes a debt-equity
swap, the Korea Times reported Tuesday.

Wee, who leads Hyundai's viability efforts, credited the bailout
to the company's sustained as well as painstaking moves to
rescue itself since 1998.

According to Wee, saving the company was based on these three
factors; self rescue efforts, attraction of foreign capital and
financial aid volunteered by creditor financial institutions.

To recall, the sale of Ssangyong Motor to Daewoo Motor in 1997
caused the firm to shoulder debts totaling W1.7 trillion. As a
result, the company was hit with a severe liquidity crunch early
1998 and at that point Wee introduced several solutions for the
normalization of the cash-strapped firm, which eventually became
a model for restructuring of insolvent companies.


* Govt Grants W250B Aid To Korean Air, Asiana *
-----------------------------------------------
As part of an aid package to the battered airline industry, the
South Korean government will grant loans totaling W250 billion
by year-end to its two flag carriers, Korean Airlines and Asiana
Airlines, the Asian Wall Street Journal reported October 16.

Although exact loan terms as well as maturity dates haven't been
decided yet, officials however have already disclosed that the
loans will have an interest rate of 5 percent a year.

Furthermore, the government will offer a one-year tax relief on
airplane leases in the year 2002 and starting next year, will
also reduce customs charges for the two companies' fuel imports
to 5 percent from the original 7 percent. The first measure
mentioned could necessitate savings of up to W15 billion.


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


AUSTRAL AMALGAMATED: Proposes Restructuring Scheme Modifications
----------------------------------------------------------------
The Special Administrators of Austral Amalgamated Berhad (AAB)
have proposed certain essential modifications for the
Restructuring Scheme of AAB Group (the Scheme), which had been
earlier approved by Pengurusan Danaharta Nasional Berhad
(Danaharta) and the secured creditors on 10 October, 2000 and 27
October, 2000 respectively pursuant to the Pengurusan Danaharta
Nasional Berhad Act, 1998 (Danaharta Act).

The Scheme was approved by the Securities Commission (SC) on 16
April, 2001. The proposed modifications are proposed due to
certain adjustments that need to be taken into account to
maintain an equitable Scheme and in interest of expediting the
implementation of the Scheme.

The proposed modifications to the Scheme are:

   1. Treatment of the scheme debts of a scheme creditor, in
view of exclusion of a security previously assumed to be secured
against that scheme creditor's scheme debts;

   2. Revision of the acquisition value of Eastern Biscuit
Factory Sdn. Bhd., which was approved by SC at RM182,453,000
instead of RM196,000,00 as originally submitted to SC;

   3. Proposed retention of core, non-core and unencumbered
assets in existing companies of AAB as opposed to the transfer
of these assets to Special Purpose Vehicles (SPVs) in the
original Scheme; and

   4. Creation of a trustee mechanism to capture the
entitlements to be issued to scheme creditors in the event of
non-responsiveness of the respective scheme creditors.

The above proposed modifications do not vary the aggregate
quantum and terms of the settlement to be issued to the scheme
creditors under the Scheme.

The independent adviser appointed by Danaharta for the Scheme,
RHB Sakura Merchant Bankers Berhad, has reviewed the proposed
modifications and confirmed that the proposed modifications are
reasonable taking into consideration the interests of the
creditors and shareholders of the Scheme Companies and that a
meeting of the secured creditors of the Scheme Companies to
approve the proposed modifications pursuant to Section 48(2) of
the Danaharta Act would not be required. The SC shall be duly
notified of the proposed modifications of the Scheme.

Pursuant to the Section 48(7) of the Danaharta Act, upon receipt
of the above confirmation from the independent Advisor, the
Special Administrators shall now implement the proposed
modifications, which shall be binding on the members and
creditors of the Scheme Companies and all person affected by the
Scheme.

Further, the Special Administrators wish to inform that
supplemental sale and purchase agreements for the sale of all
shares in Eastern Biscuit Factory Sdn. Bhd. and Wilayah Leasing
Sdn. Bhd. to Furqan Business Organization Berhad were entered
into by the Furqan Business Organization Berhad, the respective
vendors of Eastern Biscuit Factory Sdn. Bhd. and Wilayah Leasing
Sdn. Bhd. and the Special Administrators on behalf of AAB on 12
October, 2001.

The supplemental sale and purchase agreements were necessary to
reflect the revised acquisition value of Eastern Biscuit Factory
Sdn. Bhd. of RM182,453,000 and for the extension of time until 9
June, 2002 for the conditions precedent of the share sales of
Eastern Biscuit Factory Sdn. Bhd. and Wilayah Leasing Sdn. Bhd.
to be achieved.


AYER HITAM: Subsidiary Suspends Interest, Principal Payments
------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHT) informed that
Motif Harta Sdn Bhd, a wholly owned subsidiary of AHT is still
waiting for the formal response from several financial
institutions (Lenders) on the proposed loan restructuring scheme
and consequently, has continued to suspend to its interest and
principal payments amounting to RM4,200,218 as at 15 October
2001 due to the Lenders under its RM63 million Syndicated Term
Loan facilities.

The total principal drawdown and outstanding on the loan
facilities as of 15 October 2001 is RM22.8 million.

The Company will make the appropriate announcement on the loan
restructuring as soon as the terms are finalized.


AYER HITAM: Unit's Trial Adjourned, To File Affidavit Dec 3
-----------------------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad (AHT) announced that the trial set for 15 October 2001
for the Kuala Lumpur Sessions Court Summons No. 2-52-13178-98
suit between KIY Design & Interior (M) Sdn Bhd (KIY) and Motif
Harta Sdn Bhd (MHSB), a wholly owned subsidiary of AHT, has been
adjourned in light of the Plaintiff's Notice of Application and
Supporting Affidavit served on 10 October 2001.

The next mention date for MHSB to file an Affidavit In Reply to
the same is 3 December 2001.


BRIDGECON HOLDINGS: SA Appointed, Prepares Workout Proposal
-----------------------------------------------------------
Bridgecon Holdings Berhad (BHB or Company), announced that Tan
Kim Leong and Siew Kah Toong of Messrs. BDO Binder were
appointed by Pengurusan Danaharta Nasional Berhad (Danaharta) to
act as Special Administrators (SA) for BHB and Lean Seng Chan
(Quarry) Sdn Bhd (LSC), a wholly-owned subsidiary of BHB, on 6
April 2001 and 24 May 2001 respectively.

The Special Administrators are undertaking a proposed corporate
and debt restructuring exercise in relation to BHB and are
preparing a Workout Proposal pursuant to Section 44 of the
Danaharta Act (Workout Proposal).

EXECUTION OF AGREEMENT

On 11 October 2001, the Special Administrators have, on behalf
of BHB, entered into an agreement with City Associates Sdn Bhd
(CASB) (Agreement) with the intention of setting the key areas
of understanding for a corporate restructuring exercise
(Restructuring Scheme) pending the formal documentation of
relevant agreements in relation to the Restructuring Scheme.

The salient terms and conditions of the Agreement are:

The Restructuring Scheme shall involve:

(a) the proposed setting up of an investment holding company to
assume the listing status of BHB upon the successful
implementation of the Proposal (Newco);

(b) the proposed share capital reduction of RM0.95 each of the
existing ordinary shares of BHB of RM1.00 each and thereafter
the consolidation of twenty (20) RM0.05 shares into RM1.00 each
(Proposed Capital Reduction and Consolidation);

(c) the proposed share exchange between BHB and Newco on the
basis of one(1) new ordinary share of RM1.00 each in Newco for
every one(1) consolidated ordinary share of RM1.00 in BHB after
the Proposed Capital Reduction and Consolidation;

(d) the proposed acquisition of the Northam Suites Sdn Bhd
(NASBand Gurney Development Sdn Bhd (GDSB) by the Newco from
CASB based on the adjusted net tangible asset values of NSSB and
GDSB respectively as follows:

   (i) the entire issued and paid up share capital of NSSB (NSSB
Shares) for a total purchase consideration of RM59.5 million to
be satisfied by the issuance to CASB of RM54.5 million new
ordinary shares of Newco at par and the issuance of RM5.0
million nominal value of Irredeemable Convertible Unsecured
Loans Stocks (ICULS) by Newco upon the terms and subject to the
conditions to be agreed upon between the parties hereto; and

   (ii) the entire issued and paid up share capital of GDSB
(GDSB Shares) for a total purchase consideration of RM75.4
million to be satisfied by the issuance to CASB of RM69.4
million new ordinary shares of Newco at par and the issuance of
RM6.0 million nominal value of ICULS by Newco upon the terms and
subject to the conditions to be agreed upon between the parties
hereto;
(collectively "NSSB Shares" and "GDSB Shares" are referred to as
"Sale Shares" and the acquisitions of the Sale Shares are
referred to as "Proposed Asset Acquisition").

For the avoidance of any doubt, the adjusted net tangible asset
value of NSSB and GDSB shall not be less than the total purchase
consideration mentioned above.

If the Securities Commission makes a downward revision to the
purchase consideration mentioned above of less than ten per cent
(10%), CASB's participation in the Restructuring Scheme shall
continue.

In the event that the revaluation of NSSB and/or GDSB allows a
higher total purchase consideration and such revaluation is
subsequently approved by the Securities Commission, the existing
total purchase consideration shall be adjusted accordingly and
Newco shall issue additional Newco shares or such other
instruments to CASB. The parties hereto agree that 80 percent of
any additional issues shall be issued to CASB and the remaining
20 percent thereof shall be issued to the creditors of BHB.

   (e) the proposed liquidation of BHB and all its subsidiary
companies save for LSC. Simultaneous with the execution of the
Agreement, BHB will enter into an arrangement with LSC and
J.M.R. Construction Sdn Bhd (JMR) for the proposed disposal of
the entire issued and paid-up share capital of LSC by BHB to JMR
upon the terms and subject to the conditions as the parties have
agreed upon pursuant to the agreement dated 4 October 2001;

   (f) the proposed settlement of the liabilities of BHB upon
the terms and conditions as the Special Administrators may at
their sole discretion deem fit via a proposed debt restructuring
scheme involving:

     (i) the proposed issuance of 2,000,000 Newco shares of
RM1.00 each at par to the creditors of BHB;

    (ii) the proposed cash payment of RM21.0 million to be
raised via:

      (aa) the proposed restricted offer for sale and placement
of 10,000,000 Newco shares of RM1.00 each at par;

      (bb) the proposed issuance of RM2.0 million nominal value
of ICULS to be issued by Newco at par; and

      (cc) the proposed issuance of RM9.0 million nominal value
of ICULS to be issued by Newco at par; and the proposed put and
call option arrangement on the RM9.0 million nominal value of
ICULS between CASB and a creditors' agent to be appointed for
and on behalf of the creditors of BHB.

With regard to the proposed put and call option, the parties
agree:

      (aa) Under the proposed put and call option arrangement,
CASB shall grant a put option to the creditors' agent and the
creditors' agent shall grant a call option CASB. The put option
shall be exercisable on the first and the second anniversary of
the date of issue of the ICULS at an exercise price of RM1.08
and RM1.17 respectively. The call option be exercisable at any
time after the date of issue of the ICULS at an exercise price
of RM1.00 each plus 8 percent increment per annum calculated on
a daily basis from the date of issue of the ICULS up to the
exercise date of the call option; and

      (bb) CASB shall procure an irrevocable underwriting in the
sum of up to RM10.53 million for the RM9.0 million nominal value
of ICULS under the put an call option agreement.
(collectively items (f)(i) and (f)(ii) above are referred to as
"Proposed Cash Settlement");

   (g) the proposed disposal of the entire issued and paid-up
share capital of LSC for a total purchase consideration of RM2.0
million. The proposed disposal of LSC is not inter-conditional
upon the BHB Proposal; and

   (h) the proposed liquidation of BHB Group.

Subject to Clause 1.3 of the Agreement, the parties agree that
the Proposal shall, inter allia, be conditional upon the
following conditions having been fulfilled:

   (a) the results of a due diligence of NSSB's and GDSB's
accounts books and other records, assets and liabilities being
satisfactory to BHB;

   (b) the setting up of Newco by BHB;

   (c) the approval of the Foreign Investment Committee of the
Prime Minister's Department, the Securities Commission and the
Kuala Lumpur Stock Exchange;

   (d) the approval of the board of directors/shareholders of
CASB;

   (e) the approval of the Proposal by Pengurusan Danaharta
Nasional Berhad and/or the secured creditors of BHB, where
applicable, pursuant to the Act;

   (f) the granting of an exemption by the Securities Commission
to CASB from the obligation of a mandatory general offer for the
remaining shares in Newco not already owned by it after the
completion of the Restructuring Scheme, where applicable;

   (g) the compliance with all relevant laws including Section
67 and Section 132G of the Companies Act, 1965 and regulations
currently in force; and

   (h) all requisite approvals including but not limited to any
approval of regulatory bodies being obtained in connection with
the sale and purchase of the Sale Shares and the Proposal.

Unless mutually agreed upon in writing between the parties, the
Agreement shall terminate immediately upon forfeiture or refund
of the Security Deposit of RM1.0 million in accordance with
Clause 1.3 of the Agreement or if the entire Restructuring
Scheme cannot be completed within nine (9) months from the date
of the Agreement or such other period as the parties hereto may
mutually agree to extend provided that such agreement shall not
be unreasonably withheld, whereupon the Security Deposit shall
be immediately refunded without interest to CASB in accordance
with Clause 1.3 the Agreement.

BHB shall be entitled, by written notice to CASB, to terminate
the Agreement if:

   (a) a winding-up petition is presented against CASB, NSSB
and/or GDSB;

   (b) as a result of any change in applicable laws, the
transactions contemplated by the Agreement of the performance by
CASB of its obligations under the Agreement;

   (c) Upon termination of the Agreement under Clause 6.1 of the
Agreement, no party shall have any claim against each other save
for any antecedent breach. For the avoidance of any doubt, the
obligations under Clause 4 of the Agreement of the parties shall
survive the termination of the Agreement for any reason
whatsoever.

Further details and terms of the Workout Proposal and the Share
Sale Agreements will be announced in due course.


GADEK CAPITAL: Proposes New Warrants Issuance
---------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the Board of Directors of Gadek Capital Berhad (Gadek Capital
or the Company),  announced that the Company proposes to
undertake the issue of up to 174,176,464 new warrants in Gadek
Capital (Gadek Capital Warrants) on the basis of one (1) Gadek
Capital Warrant for every two (2) existing ordinary shares of
RM1.00 each held in Gadek Capital after the Proposed Bonus Issue
to Malton Corporation, being its 100 percent  shareholder after
the Proposed Acquisition and Proposed Bonus Issue but before the
Proposed Placement and Proposed Offer for Sale (Proposed
Warrants Issue).

The basis of the Proposed Warrants Issue has been determined
based on the enlarged share capital of Gadek Capital after the
Proposed Bonus Issue of 348,352,928 ordinary shares of RM1.00
each in Gadek Capital.

As part of the Proposed Placement and Proposed Offer for Sale,
Malton Corporation proposes to attach one (1) Gadek Capital
Warrant for every two (2) existing ordinary shares of Gadek
Capital placed/offered pursuant to the Proposed Placement and
Proposed Offer for Sale for free.

Reference is made to the announcements dated 13 March 2001 with
regards to the proposed acquisitions of Khuan Choo Realty Sdn
Bhd, Bukit Rimau Development Sdn Bhd and Domain Resources Sdn
Bhd ("Proposed Acquisitions") and on 27 April 2001 with regards
to the following:

(a) Proposed bonus issue of 174,176,464 new ordinary shares of
RM1.00 each in Gadek Capital on the basis of one(1) new ordinary
share of RM1.00 each in Gadek Capital for every one(1) existing
ordinary share of RM1.00 each in Gadek Capital (Proposed Bonus
Issue);

(b) Proposed placement of up to 104,158,000 existing ordinary
shares of RM1.00 each in Gadek Capital representing
approximately 29.9 percent  of the enlarged issued and paid-up
share capital of the Company after the Proposed Bonus Issue at a
placement price to be negotiated with the placees (Proposed
Placement);

(c) Proposed offer for sale of 122,280,000 existing ordinary
shares of RM1.00 each in Gadek Capital at a price to be
determined later to Directors, employees, to the public and
bumiputera investors to be nominated by MITI and/or Malton
(Proposed Offer for Sale); and

(d) Proposed increase in the authorized share capital of Gadek
Capital from RM200,000,000 comprising 200,000,000 ordinary
shares of RM1.00 each to RM1,000,000,000 comprising
1,000,000,000 ordinary shares of RM1.00 each (Proposed Increase
In Authorized Share Capital)

(The Proposed Acquisitions, Proposed Bonus Issue, Proposed
Placement, Proposed Offer for Sale and Proposed Increase In
Authorized Share Capital are collectively referred to as the
"Proposed Restructuring")

THE PROPOSED WARRANTS ISSUE

Details of the Proposed Warrants Issue

The Proposed Warrants Issue will be issued to Malton
Corporation, being the holder of the entire ordinary shares of
RM1.00 each in Gadek Capital after the Proposed Acquisitions and
Proposed Bonus Issue (but before the Proposed Placement and
Proposed Offer for Sale) at an aggregate consideration of
RM250,000 i.e. approximately 0.14 sen per Gadek Capital Warrant.

As part of the Proposed Placement and Proposed Offer for Sale,
Malton Corporation proposes to attach one (1) Gadek Capital
Warrant for every two (2) existing ordinary shares of Gadek
Capital placed/offered pursuant to the Proposed Placement and
Proposed Offer for Sale for free.

The Gadek Capital Warrants shall carry an expiry date of five
(5) years from the date issue.

The Exercise Price of the Gadek Capital Warrants shall be set at
a price not lower than the public offer price of the ordinary
shares of RM1.00 each in Gadek Capital pursuant to the Proposed
Placement and the Proposed Offer for Sale.

For the purpose of trading on the KLSE, board lots of Gadek
Capital Warrants will be 1,000 Gadek Capital Warrants carrying
the right to subscribe for 1,000 ordinary shares of RM1.00 each
in Gadek Capital.

Salient terms of the Proposed Warrants Issue

The principal terms of the Gadek Capital Warrants are set out in
Table 1 at http://www.bankrupt.com/misc/gadek_capital.html

Rationale for the Proposed Warrants Issue

The Proposed Warrants Issue shall, not being exhaustive, serve
the following objectives:

   (a) In view of the prevailing cautious market sentiments,
Gadek Capital Warrants is intended to attract strategic
investors, Bumiputera investors and public participation into
Gadek Capital via the Proposed Placement and Proposed Offer for
Sale respectively.

   (b) the Gadek Capital Warrants will provide shareholders with
an opportunity to participate in the growth of the Company in
the future; and

   (c) upon exercise of the Gadek Capital Warrants, the Company
will receive approximately RM278.68 million of cash as working
capital.

Utilization of Proceeds

The total proceeds to be raised from the Proposed Warrants Issue
is RM250,000 and will be used for working capital purposes.

The Gadek Capital Warrants, if exercised in full at an
indicative exercise price of say RM1.60 per ordinary share in
Gadek Capital will provide Gadek Capital with a cash infusion of
approximately RM278.68 million which is proposed to be utilized
for working capital purposes.

Basis of Pricing

The Gadek Capital Warrants is proposed to be issued by Gadek
Capital to Malton Corporation at a nominal issue aggregate
amount of RM250,000 i.e. approximately 0.14 sen per Gadek
Capital Warrant, as the Gadek Capital Warrants will be
thereafter given by Malton Corporation to the places/offerees of
the Proposed Placement and Proposed Offer for Sale for free to
attract strategic investors, Bumiputera investors and public
participation into Gadek Capital.

For information purposes, the theoretical valuation of the Gadek
Capital Warrants based on the Black Scholes model is RM0.49.

Ranking of the new ordinary shares in Gadek Capital

The new ordinary shares of RM1.00 each in Gadek Capital to be
issued pursuant to the exercise of the Gadek Capital Warrants
shall, upon allotment and issue be credited as fully paid and
shall rank pari passu in all respects with the then existing
ordinary shares of the Company in issue except that they will
not be entitled to any dividends, rights, allotments and/or
other distribution, the entitlement date of which is before the
allotment of the new ordinary shares.

EFFECTS OF THE PROPOSED WARRANTS ISSUE

Share Capital

Upon completion of the Proposed Bonus Issue, Proposed Placement
and Proposed Offer for Sale, the enlarged share capital of Gadek
Capital will be RM348,352,928 comprising 348,352,928 ordinary
shares of RM1.00 each. The Gadek Capital Warrants if fully
exercised will further enlarge the share capital to
RM522,529,392 comprising 522,529,392 ordinary shares of RM1.00
each as shown in Table 2 at
http://www.bankrupt.com/misc/gadek_capital.html

Net tangible assets ("NTA")

The Proposed Warrants Issue will not have any immediate material
effect on the NTA of the Group. However, upon full exercise of
the Gadek Capital Warrants, the NTA per share of the Group will
increase from RM1.01 to RM1.21 on a proforma basis as shown in
Table 3 at http://www.bankrupt.com/misc/gadek_capital.html

Substantial Shareholders

The Proposed Warrants Issue will not have any effect on the
substantial shareholders of the Company as it is a pro-rata
issue to all shareholders of the Company as shown in Table 4 at
http://www.bankrupt.com/misc/gadek_capital.html

The substantial holders of the Gadek Capital Warrants are as
shown in Table 5 at
http://www.bankrupt.com/misc/gadek_capital.html

Earnings

The Proposed Warrants Issue will not have any immediate material
effect on the earnings of the Company for the financial year
ending 30 June 2002. Any potential effects on the future
earnings would depend on the number of Gadek Capital Warrants
exercised at any point in time.

Dividends

After the Proposed Restructuring is completed, the then existing
Board of Directors of Gadek Capital expects to be in a position
to declare a 3 percent  dividend to the shareholders of the
Company for the financial year/period ending 30 June 2002.

Consequently, the Proposed Warrants Issue will only affect the
payment of dividends in any particular financial year up to the
level of the Gadek Capital Warrants being exercised during that
year.

DISCLOSURE OF DIRECTORS' OR MAJOR SHAREHOLDERS' INTEREST AND/OR
PERSONS CONNECTED TO THEM

Save as disclosed below, none of the Directors or major
shareholders of Gadek Capital or persons connected to them have
any interest, direct or indirect, in the Proposed Warrants
Issue.

Datuk Lim Siew Choon is deemed interested in the Proposed
Warrants Issue by virtue of his substantial shareholding in
Malton Corporation and directorships in Malton Corporation and
Gadek Capital. Pursuant to this, Datuk Lim Siew Choon will
continue to abstain from all Board deliberations and voting on
resolutions pertaining to the Proposed Warrants Issue.

CONDITIONS TO THE PROPOSALS

The Proposed Warrants Issue is subject to the approvals of the
following parties:

   a) The Securities Commission for the:

     i) the Proposed Warrants Issue; and

     ii) the issuance of up to 174,176,464 new ordinary shares
of RM1.00 each in Gadek Capital upon exercise of the Gadek
Capital Warrants.

   b) The shareholder of Gadek Capital for the Proposed Warrants
Issue.

   c) The Kuala Lumpur Stock Exchange for the:

     i) Deed Poll for the Gadek Capital Warrants;

     ii) initial listing of and quotation for the Gadek Capital
Warrants on the Main Board of the Kuala Lumpur Stock Exchange;
and

     iii) listing of and quotation for the new ordinary shares
of RM1.00 each in Gadek Capital to be issued upon exercise of
the Gadek Capital Warrants on the Main Board of the KLSE.

APPLICATION TO THE SC

The application to the SC for the Proposed Warrants Issue is
expected to be made within one (1) month from the date of this
announcement.


GOLD BRIDGE: Unit Gets Winding-up Petition Cessation Notice
-----------------------------------------------------------
Gold Bridge Enginering & Construction Bhd (GBE) announced that
Gold Bridge Concrete Sdn Bhd (GBC), a subsidiary of GBE, has
received a Notice of Cessation dated 27 September 2001 for the
Winding-up Petition filed with the High Court of Shah Alam.


INDAH WATER: Three Firms Submit Takeover Proposal
-------------------------------------------------
Thames Water and two local companies, one of which is headed by
former Domestic Trade and Consumer Affairs minister Megat Junid,
have proposed the take over of troubled government sewerage
service firm Indah Water, AFX-ASIA reported yesterday referring
an article from The Sun.

The report said that Thames Water will invest RM18 billion over
21 years to upgrade facilities and improve services and plans to
raise rates on services to households and industries
"dramatically".

The weekly Cabinet meeting held yesterday made a decision on the
proposal and the terms of the acquisition will be made known in
the budget to be presented by Prime Minister Mahathir Mohamad on
Friday.

The government took back the 29-year sewerage privatization
concession after the troubled sewerage operation ran into
financial difficulties. It paid RM192 million to the last owner
of the firm, Prime Utilities, and earlier provided a support
loan of RM925 million to the previous owner.


KEMAYAN CORP.: Extends MoU, Finalizes Proposed Workout Scheme  
-------------------------------------------------------------
On behalf of Kemayan Corporation Bhd (KCB or the Company), Arab-
Malaysian Merchant Bank Berhad (Arab-Malaysian) announced that
KCB, Mr Lai Kuai Weng (LKW), Datuk Umar Haji Abu (DUH) and Haji
Ismail Bin Daut (HID), on 15 October 2001 agreed to extend the
expiry date of the Memorandum of Understanding (MoU) entered
into between the Company and LKW, DUH and HID to 22 December
2001.

The details of the proposed restructuring scheme are still being
finalized.


KUALA LUMPUR: BNM Grants Proposed Disposal Approval
---------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
Appointed)(KLIH) announced that Bank Negara Malaysia (BNM)
granted its approval for KLIH, via its wholly-owned subsidiary
Kuala Lumpur Industries Berhad (Special Administrators
Appointed) (KLIB) to dispose of its entire equity interest in
The People's Insurance Company (Malaysia) Berhad (PICM)
comprising 80,000,000 ordinary shares of RM1.00 each to Talasco
Insurance Berhad (Talasco) for a total cash consideration of
RM80,000,000. BNM also has no objection to the subsequent merger
between PICM and Talasco upon completion of the proposed
disposal by KLIB of 100 percent  Equity Interest in PICM to
Talasco (Proposed Disposal).

KLIB and Talasco are in the process of finalizing the relevant
share sale agreement and a full announcement setting out the
terms of the Proposed Disposal shall be made upon execution of
the agreement.


L & M CORPORATION: Discloses Auditors' Report
---------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd (LMCM)
announced that during financial year 2000, four (4) subsidiary
companies of LMCM were liquidated namely L & M Piling Sdn Bhd, L
& M Prestressing Specialist Sdn Bhd, L & M Structure Sdn Bhd and
L & M East Malaysia Sdn Bhd. Therefore the management accounts
of these subsidiary companies were not audited instead Statement
of Affairs were prepared in accordance with Section 234 of the
Companies Act 1965. Under these circumstances no opinion was
form by the Auditors on all the liquidated subsidiary companies.

In accordance with MASB 11, the operating results of the
subsidiary company shall be included in the consolidated income
statement up to the date on which the holding company ceases to
have control of the subsidiary company. Thus the consolidated
income statement of LMCM has included the operating results of
those liquidated subsidiary companies up to their respective
date of winding up based on unaudited management accounts. In
these regards, the Auditors were unable to form an opinion on
the consolidated financial statements as the operating results
for those liquidated subsidiary companies included in the
consolidated financial statements were not audited. As such a
qualification was expressed by the Auditors in L & M Corporation
(M) Bhd Annual Report 2000.


MAN YAU:  Applies Restraining Order Extension
---------------------------------------------
The Board of Man Yau Holdings Bhd (the Company) announced that
the Company and its subsidiary, Wang Corporation Sdn. Bhd. have
to date instructed the lawyers to apply to the High Court for an
extension of the Restraining Order which is due to expire on 16
October 2001.


MAN YAU:  Unit Defaults Interest Payment
----------------------------------------
The Board of Directors of Man Yau Holdings Berhad (MYHB or the
Company) informed that Nostalgic Properties Sdn. Bhd. (NPSB) had
defaulted on its interest servicing obligation amounting to
RM8,417,898.14 (as at September 2001) in respect of its RM70.0
million Term Loan facilities (the "Loan") from Arab-Malaysian
Bank Berhad ("AMBB"), which comprised the following:

    - Term Loan facility of RM12.0 million (TL1)

    - Term Loan facility of RM52.0 million (TL2)

    - Term Loan facility of RM6.0 million (TL3)

The Loan is secured by:

    (i) 6 charges over 2 adjoining pieces of freehold land owned
by NPSB

    (ii) A debenture over the fixed and floating assets of NPSB

    (iii) Corporate guarantees by MYHB

The default is due principally to the absence of sufficient
sales transacted on Northam Tower, the office building being
built on the above-mentioned freehold land.

MEASURES TAKEN BY NPSB

The measures taken by NPSB include:

    (a) A request to AMBB for further deferment of the interest
servicing until after sufficient funds are raised from the sale
proceeds of Northam Tower.

    (b) The sale of office units in Northam Tower, from which
the sale proceeds shall be used to redeem the Loan and service
the interest payments due.

LEGAL AND FINANCIAL IMPLICATION

Non-payment of interest constitutes an event of default by NPSB.
The default empowers AMBB to appoint a receiver or receiver and
manager.

The default in payment does not constitute an event of default
under a different agreement for indebtedness (cross default) as
the indebtedness of MYHB and its other subsidiaries are already
in default and is currently being resolved under MYHB's proposed
Capital and Debt Restructuring Scheme.

MYHB has made regular and timely announcements on the progress
of its proposed Capital and Debt Restructuring Scheme and
continues to do so on a monthly basis in compliance with
Practice Note No. 4/2001.

In the meantime, NPSB is negotiating with AMBB for a further
deferment of its interest servicing obligation.


PADINI HOLDINGS: Subsidiary Shuts Down Business Activity
--------------------------------------------------------
The Board of Directors of Padini Holdings Berhad informed that
one of its subsidiary company, The New World Garment
Manufacturers Sdn Bhd (New World), will cease its manufacturing
activities 1st November 2001.

New World's principal activity is the manufacture of shoes.


PAN PACIFIC: SC OKs Proposed Utilization Of Disposal Proceeds
-------------------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad) announced, on behalf of Pan Pacific Asia Berhad
(PPAB), that the SC had, vide their letter dated 5 October 2001,
approved the proposed utilization of approximately RM70 million
of the proceeds from the Proposed Disposal for the purpose of
investment in a new business involving the establishment of
production facilities or acquisition of machinery to manufacture
biodegradable food and beverage packaging products (Proposed New
Business).

INFORMATION OF THE PROPOSED NEW BUSINESS

The Company seeks to establish a business that will manufacture
and market biodegradable food packaging products. The disposable
food packaging market is estimated to be worth USD 20 billion on
a global basis with the market potential of the Asia Pacific
region estimated at USD 1.15 billion. (Source: Marketing Study
on Biodegradable Food Packaging Products, June 2001 by Deloitte
KassimChan Management Consultants Sdn Bhd)

PPAB is in the final stages of discussion with a US based
company to acquire its technology that manufactures
biodegradable food packaging products using starch, cellulose
fiber and limestone as primary sources of raw material.

PPAB will, through its identified technology partner, commit to
secure sales for biodegradable products from major food
distributors. PPAB will also manufacture biodegradable products
to distribute in Malaysia, Singapore and Korea.

The principal raw materials used for the Proposed New Business
are tapioca starch, cellulose fiber and limestone, all of which
are readily found in Malaysia. The identified technology partner
shall provide the necessary technical and engineering support,
which includes the training of technical personnel.

PPAB will set up a biodegradable packaging plant in Malaysia,
which will have a capacity of producing approximately 1 billion
pieces of biodegradable packaging per year.

CORPORATE STRUCTURE OF THE PROPOSED NEW BUSINESS

As negotiations with regards to the Proposed New Business are
currently ongoing, more comprehensive information including the
corporate structure of the Proposed New Business will be
announced at a later date.

Background

On 19 June 2001 Commerce International Merchant Bankers Berhad
on behalf of PPAB announced that the Securities Commission (SC)
had approved the Proposed Disposal without variation, subject
to, amongst others, the following condition:

"PPAB must rebuild its core business within six (6) months from
the date of the Proposed Disposal is implemented. In relation
thereto, PPAB must obtain the prior approval of the SC for the
utilization of the disposal proceeds which are allocated for
investment in new business/working capital, which is estimated
at RM94.415 million."


PANGLOBAL BERHAD: Awaits SC Approval Of Restructuring Proposal
--------------------------------------------------------------
PANGLOBAL BERHAD, in reference to 19 September 2001
announcement, wherein the Kuala Lumpur Stock Exchange (KLSE) has
granted PGB an extension of time to 25 October 2001 to obtain
all the relevant approvals pursuant to PN 4/2001, informed that
the restructuring proposal is still pending the approval from
the Securities Commission. As such, CIMB has applied, on behalf
of PGB, to the KLSE to seek for a further extension of time
until 25 January 2002 to obtain the relevant approval.


TA ENTERPRISE: February South African Unit Wind Down Set
--------------------------------------------------------
TA Bank of South Africa Ltd's, a subsidiary of TA Enterprise Bhd
(TA), operations will be wound down and de-registered on Feb 1
2002, instead of Oct 31 2002, AFX-ASIA reported Tuesday.

The decision to wind down the unprofitable bank was due the
economic downturn in South Africa. "The South African Reserve
Bank has agreed to the de-registration," TA said.

Since Oct last year, TA Bank has been focusing on collection of
loans, in line with its exit plan, and the de-registration date
brought forward following its loan recovery progress.

"The earlier de-registration will save TAB additional overhead
expenses from continuing as a bank," TA added.

Currently, the bank has no deposits by any external parties and
is only allowed to continue collecting its outstanding loans
after Feb 1 next year, according to the terms of the loans.


TANAH EMAS: KLSE Approves New Stock Name Application
----------------------------------------------------
Tanah Emas Corporation Berhad (Tecb or the Company) (formerly
known as Isuta Holdings Berhad), further to the announcement on
1 October 2001, announced that the Kuala Lumpur Stock Exchange
has approved the Company's application for a new stock name vide
its letter dated 12 October 2001.

In this regard, the ordinary shares of TECB will be traded and
quoted under the stock short name "TANAMAS" with effect from
9.00 a.m., Tuesday, 16 October 2001. The stock number will
remain the same.


WOO HING: Bradley Dean Norman Appointed Special Administrator
-------------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (the Company) announced that
Pengurusan Danaharta Nasional Berhad (Danaharta) has appointed
Bradley Dean Norman as the Special Administrator of the Company
on 10 October 2001 pursuant to Section 24 of the Danaharta Act,
1998.

The appointment of Kelvin Edward Flynn as the Special
Administrator of the Company was terminated 8 October 2001.


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


BAYAN TELECOMMUNICATIONS: Creditors Present Debt Options
--------------------------------------------------------
Business World reported yesterday that the 34 creditor banks of
beleaguered Benpres Holdings affiliate Bayan Telecommunications
Inc. or BayanTel, have set 10 options on how to deal with
BayanTel's debts.

International consulting firm Arthur Andersen, financial adviser
to all the creditors, was the one who laid out all the options
that include, a possible sale of merger of Bayantel through a
joint venture agreement and a debt-for-share swap arrangement,
and also the filing for the suspension of court payments.

Due to foreign exchange losses, the company in January informed
all its creditors of its inability to service its debts, and
just last week, the company presented a proposed debt-
restructuring plan that included writing off 25 percent of its
debts. The company has a total of US$477 million in obligations,
at least US$200 million of which it owed to creditors.


METRO PACIFIC: Analysts View Financial Health Negatively
--------------------------------------------------------
Analysts say that Metro Pacific Corp.'s financial woes are only
to get worse due to its already huge debt burden and a weak
domestic property market, the Asian Wall Street Journal reported
Tuesday.

Stock analysts are currently maintaining their previous stand of
encouraging the sale of the stocks considering that economic
conditions will continue to worsen amid a fallout brought about
by the September 11 terrorist attacks in the U.S.

As of the end of June, the company's total debt amounted to
P24.2 billion. Metro Pacific's net loss during the beginning of
the same month widened to P1.09 billion from the P603.4 million
posted a year ago.


NATIONAL STEEL: Asks DTI To Let Allengoal Bid
---------------------------------------------
In a letter to Department of Trade and Industry (DTI) Secretary
Manuel Roxas II, Hottick Investment Ltd. Chairman, Datuk Abdul
Rashid Manaff urged the DTI to give Filipino-owned Allengoal
Steel Fabrication and Trading Inc. a chance to bid for the right
to lease and operate the abandoned National Steel Corporation
(NSC) facilities in Iligan City, in Mindanao, the ABS-CBN news
service reported Tuesday.

Manaff reasoned that the inclusion of Allengoal would "preclude
any potential roadblock" to the eventual lease, such as court
litigation. He stressed in the letter that court litigation
would surely keep the plant closed almost indefinitely.

Hottick has offered to return to the evaluation committee tasked
to evaluate proposals for the operation of the NSC plant
provided that the committee in carrying out its job, gives
credence to substance over form and minor technicalities. The
company also asked that the committee keeps the terms and
conditions as "realistic" as possible.

Previously, Hottick withdrew committee membership, which in
effect stalled the evaluation process.


UNIWIDE HOLDINGS: SEC Committee Seeks Property Sale Nod
-------------------------------------------------------
In order to rehabilitate Uniwide Holdings Incorporated's retail
operations, the receivership committee empowered by the
Philippine Securities and Exchange Commission (SEC) to
facilitate the retail giant's eventual rehabilitation is seeking
SEC approval for the proposed sale of some Uniwide properties
located in Bulacan province outside Manila, for P7.12 million,
the Asian Wall Street Journal reported on October 16.

Proceeds from the sale will be used to generate enough cash to
fully pay its unsecured creditors and save the jobs of more than
13,000 employees.

In June 2000, Uniwide was granted by the SEC a suspension of its
debt payment on P11.1 billion in obligations that it had
incurred because of its expansion into property development.


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


JK YAMING: Announces Unit's Voluntary Liquidation
-------------------------------------------------
Electric products manufacturer JK Yaming International Holdings  
announced on October 16, the intention of its Board of Directors
to voluntary liquidate its subsidiary Xiaming Electric Company.
Xiaming Electric has been dormant since 1995.

According to the announcement posted on the Singapore Stock
Exchange Tuesday, the liquidation has commenced on October 10.

Xiaming Electric is 33.4 percent owned by the company and 66.6
percent owned by another subsidiary Fujian Juan Kuang Yaming
Electric Limited. Fujian Juan is 92.9 percent owned by JK
Yaming.


SPP LIMITED: Posts Changes In Board And Audit Committee
-------------------------------------------------------
SPP Limited has announced on October 16, certain changes in its
Board of Directors and its Audit Committee. The announcement
posted:

1. Mr. Ho Tian Yee has today resigned as a Director and the
Chairman of the Audit Committee. SPP wishes to express its
sincere appreciation for past contributions by Mr. Ho, who has
been a non-executive Director since 1997 and the Chairman of the
Audit Committee since 1999.

2. Mr. Ho Tian Yee is replaced as the Chairman of the Audit
Committee with immediate effect by Mr Cheng Hong Kok, a non-
executive, independent Director and a member of the Audit
Committee.

3. Mr. See Yen Tarn has served notice to resign as a non-
executive Director and an Audit Committee member and his last
day of service will be 30 November 2001. SPP wishes to express
its sincere appreciation for past contributions by Mr. See, who
has been a non-executive Director since June 2000, an executive
Director since 1995 and a member of the Audit Committee since
1997.

4. Mr. Low Kian Beng, the Managing Director and Chief Executive
Officer, has been appointed a member of the Audit Committee with
effect from 1 December 2001.

As such, the Audit Committee will comprise the following
Directors with immediate effect:

Mr Cheng Hong Kok (Chairman of the Audit Committee)
Mr Tan Lye Huat
Mr Ong Teck Ghee
Mr See Yen Tarn

The Audit Committee will comprise the following Directors with
effect from 1 December 2001:

Mr Cheng Hong Kok (Chairman of the Audit Committee)
Mr Tan Lye Huat
Mr Ong Teck Ghee
Mr Low Kian Beng


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


TADA COMPANY: Files Reorg Petition In Bankruptcy Court
------------------------------------------------------
The Petition for Business Reorganization of Tada Company Limited
(DEBTOR), engaged in construction of power station, was filed in
the Central Bankruptcy Court:

     Black Case Number 458/2543

     Red Case Number 517/2543

Petitioner: TADA COMPAMY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,239,242,844.07

Planner: Tada Planner Company Limited

Date of Court Acceptance of the Petition: June 12, 2000

Date of Examining the Petition: July 10, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: July 31, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 9 , 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 5,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: December 5, 2000

Planner postponed the date for submitting the Plan: January 5,
2001

Court Hearing has been set to consider the plan: March 19, 2001

Court Order for Accepting the reorganization plan: March 19,
2001 and appointed Tada Planner 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: March 23, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: April 19, 2001

Contact: Mr. Apiruk Tel 6792525 Ext. 113


THAI TELEPHONE: SET Adds New Listed Securities
----------------------------------------------
The Stock Exchange of Thailand (SET) has granted a listing of
certificates representing the rights to purchase shares
(warrants No. 1) of Thai Telephone & Telecommunication Public
Company Limited (TT&T) from October 19, 2001.

The SET has set warrants No. 1 of TT&T, amounting to 281,155,610  
units to be traded on the SET under the sector of warrants to
subscribe to common shares using the trading name of "TT&T-W1"
commencing from October 19, 2001 onwards.


TPI POLENE: Majority Of Creditors Agree Cemex Deal
--------------------------------------------------
TPI Polene Public Company Limited's (TPIPL) 66 percent creditors
were expected to agree in principle to proposed debt
restructuring involving the Cemex group, to lower debt from 36
to 30 per cent, The Nation reported yesterday, citing Chief
Executive Prachai Leophairatana.

"The company's steering committee was scheduled to meet
Wednesday to consider the proposal. About two-thirds of the
creditors are likely to accept the plan," Prachai Leophairatana
said.

TPIPL is facing a major obstacle for its debt restructuring
since some creditors, including Bangkok Bank, turned down the
Cemex proposal and are negotiating with new strategic partners.


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
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