TCRAP_Public/011024.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, October 24 2001, Vol. 4, No. 208

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Beamish Appointed Non-Executive Director
ANSETT AUSTRALIA: ANZ Confirms Executive Team
AUSTAR UNITED: Selects Partner Installation, Tech Support
CABLE & WIRELESS: SingTel Australia Completes Acquisition
NEWCREST MINING: Perpetual Trustees Ups Stake To 9.29%
NEWCREST MINING: Posts First Quarter Activity Report
PACIFIC DUNLOP: Implements Joint Venture Agreement


C H I N A   &   H O N G  K O N G

CHINA CONSTRUCTION: Restructuring Proposal Completed
CIL HOLDINGS: Consolidates Share
KAM LEE (TEXTILE): Winding Up Petition Set For Hearing
KIN DON: Exceptional Price, Turnover Movements Unexplainable
REESON CONSTRUCTION: Winding Up Sought By Golik Metal
PEARL ORIENTAL: Posts Resignation, New Directors Info
PEARL ORIENTAL: Sees No Reason For Exceptional Price Increase
WINGER (H.K.): Winding Up Petition Slated For Hearing


I N D O N E S I A

SEMEN GRESIK: Cemex Says Groups Ignore Sale's Possible Benefit  
TRI POLYTA: BNY Files Suit Over Unit's Defaulted Debt Payment


J A P A N

DAIEI INCORPORATED: Closes Three More Outlets
HITACHI LIMITED: Worsening Market Results In More Job Cuts
NICHIEI CO: Fitch Affirms `BBB-' Long-Term Rating
SNOW BRAND: Weakened Image Lingers Bringing Higher 1H Losses
TOKYO MUTUAL: Rehab Plan Approval Prompts Moody's Withdrawal


K O R E A

ASIANA AIRLINES: Creditors Offer W100B In Emergency Loans
ASIANA AIRLINES: Starts Second Phase Of Restructuring Exercise
DAEWOO ELECTRONICS: Creditors To Choose Bidder
DAEWOO HEAVY: 28% Korea Aerospace Stake Sale Possible
HANJIN SHIPPING: Implementing Larger Ships, Chiwan Port Plan
HYUNDAI ENGINEERING: Creditors Creating New Council
HYUNDAI ENGINEERING: May Sell Stakes In Hyundai Headquarters
HYUNDAI GROUP: Units Sale To AIG Halted
HYUNDAI MOTOR: W200B 3-Yr Bond Issue To Repay Debts
SHIN DONG: Creditors Decision Pending On Debt-Equity Swap


M A L A Y S I A

ASSOCIATED KAOLIN: Restructuring Scheme Proposals Submitted
BRIDGECON HOLDINGS: Seeks KLSE Extension Request Approval
EPE POWER: Posts Board Appointments, Resignations
KEMAYAN CORP.: Finalizes Financial Regularization Plan
NAUTICALINK BERHAD: Submits Corporate Exercise Progress Report
PARIT PERAK: Enters MoU With Dato' Salleh, Poh Kim, Ah Eng
PROMET BERHAD: Seeks Two-Month Restructuring Scheme Extension
SISTEM TELEVISYEN: Corporate Proposals Documents Executed
TECHNO ASIA: KLSE Extension Approval Pending
TIME ENGINEERING: Appoints Renong's Nominees To Board
TIME DOTCOM: Appoints Board Committee
WOO HING: Applies Requisite Announcement Time Extension


P H I L I P P I N E S

NATIONAL POWER: San Pascual Power Talks To End December
NATIONAL STEEL: Allengoal Wants Buyer Choice Terms Revealed
RAMCAR INCORPORATED: Creditors Seek Interest Payment


S I N G A P O R E

CAPITALAND LIMITED: Posts General Meeting Results
CHARTERED SEMICONDUCTOR: Posts 3Q US$118M Loss
ST ASSEMBLY: May Post Deeper 3Q Losses


T H A I L A N D

TPI POLENE: Creditors Expected To Resume Talks With Cemex
UBOL SAHATHAM: Reorganization Petition Filed In Court

     -  -  -  -  -  -  -  

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


ANACONDA NICKEL: Beamish Appointed Non-Executive Director
---------------------------------------------------------
Anaconda Nickel Ltd (Anaconda) forwarded the 2001 Annual Report
to the Australian Stock Exchange Tuesday, October 23. Details of
the AGM will be announced in the Notice of Meeting, which will
be forwarded to members shortly.

The Company is also pleased to announce Mr Brian Beamish of
Anglo American Plc (Anglo) as a non-executive Director. Mr
Beamish was previously Operations Director of Anglo Platinum,
Anglo's nickel assets and Anglo Base Metals Executive Vice
President. He will fill a casual vacancy created by the
resignation of Ian Delaney from the Board.

Mr Beamish holds various directorships in Anglo including
Chairman of Loma de Niquel Holdings, Tati Nickel Mining Company
and Anglo American Research Laboratory Limited.

Mr Delaney, who is Chairman and Chief Executive of Canadian
based Sherritt International Inc (Sherritt), has resigned from
the Board of Anaconda due to the demands of the growth programs
of Sherritt. Mr Delaney joined the Board in March this year and
became interim Chairman consequent to the EGM in May. Mr Delaney
provided cohesiveness and focus on achieving operating targets
for the Murrin Murrin Nickel/Cobalt Operation and exploiting the
potential of Australia's dry laterites.

Mr Delaney's major endeavors for Sherritt have limited his
availability to Anaconda and it is with regret that Anaconda's
Board has accepted his resignation.

The Board is advanced in considering the position of an
independent Chairman. In the intervening period, Mr Andrew
Forrest, CEO, has responsibility in his capacity as Deputy
Chairman.


ANSETT AUSTRALIA: ANZ Confirms Executive Team
---------------------------------------------
Air New Zealand has consolidated its group structure and
executive management team following the loss of its Australian
subsidiary, Ansett Holdings.

The company has reduced the number of its functional units and
senior vice presidents from 12 to six, and the continuing
members of the executive have agreed to remuneration reductions
averaging 15 percent.

Commenting on the appointments, the Executive Director of Air
New Zealand, Roger France, said it was inevitable that there
would be fewer positions in the new structure compared to the
combined Air New Zealand - Ansett group.

"We faced a very difficult task making final selections between
highly capable and respected executives who guided our business
through the integration with Ansett," he said.

STRATEGY & PLANNING

Mr Andrew Miller has been appointed Senior Vice President -
Strategy & Planning. Mr Miller was the Air New Zealand - Ansett
group's Senior Vice President - Sales & Marketing. His new
responsibilities include fleet planning, fleet strategy, network
strategy, revenue management, marketing, alliances, government
affairs, and Freedom Air.

Mr Wayne Dodge continues as Vice President - Freedom Air.

SALES & DISTRIBUTION

Mr Norm Thompson has been appointed Senior Vice President -
Sales & Distribution. Mr Thompson was the Air New Zealand -
Ansett group's Vice President - Australian Sales and
Distribution. His new responsibilities include New Zealand and
international sales, call Centres, cargo, and New Zealand
regional airline operations.

Mr Paul Donovan, formerly Vice President - New Zealand and
Southwest Pacific Sales and Distribution, has been appointed
Vice President - Australia Sales and Distribution. Mr Peter
Elmsly continues as Vice President - Cargo.

CUSTOMER SERVICES

Mr Brendan Fitzgerald has been appointed Senior Vice President -
Customer Services. Mr Fitzgerald was the Air New Zealand -
Ansett group's senior vice president - worldwide airport
services. His new responsibilities include cabin crew, New
Zealand and international airport services, airport support, and
customer service standards & support.

OPERATIONS & TECHNICAL

Mr Bill Jacobson has been appointed Senior Vice President -
Operations & Technical. Mr Jacobson was the Air New Zealand -
Ansett group's engineering unit ANNZES. His new responsibilities
include operations, pilot and ANZES functions.

HUMAN RESOURCES & ORGANISATION CHANGE

Ms Carolyn Tremain has been appointed Senior Vice President -
Human Resources and Organization Change. She held the same
position in the Air New Zealand - Ansett group.

FINANCE

Mr Adam Moroney has agreed to continue as Chief Financial
Officer until Christmas. His responsibilities include all
finance functions, business performance enhancement,
procurement, property, information technology, and NZ Ski.

Ms Karen Waddell will continue in her role as Vice President
Group Finance until Christmas.

Mr Andrew David will also continue in his role as Chief
Information Officer.

OFFICE OF THE CHIEF EXECUTIVE

The company is continuing its search for a new Chief Executive
Officer. Mr Roger France will continue to carry out the Chief
Executive's responsibilities until an appointment is made.

Mr John Blair continues to exercise his responsibilities as
Company Secretary and General Counsel. Mr David Beatson will
also continue as Vice President - Group Public Affairs. Both
will operate in the Office of the Chief Executive.

DEPARTURES

Mr France paid tribute to a number of executives who are leaving
Air New Zealand at this time.

"This is sad but inevitable as we have fewer positions in our
new structure - and not all of our existing executive team are
able to relocate to Auckland," he said. "It is with regret that
I confirm the following people will shortly be leaving Air New
Zealand."

GEORGE FRAZIS, SENIOR VICE PRESIDENT, STRATEGY, NETWORKS &
MARKETING

George joined Air New Zealand in January 2001. George's
experience in the aviation industry commenced during his
employment with the Royal Australian Airforce where he served
from 1986 to 1990. George has chosen to leave Air New Zealand to
pursue other opportunities in Australia.

LESLEY GRANT, SENIOR VICE PRESIDENT, CUSTOMER SERVICES

Lesley has performed a wide range of operational and customer
service roles across the group over many years and has most
recently led the Customer Service Division from Melbourne. For
family reasons Lesley will not be relocating to NZ and will
remain in Australia.

PETER HARRIS, VICE PRESIDENT, GOVERNMENT/INTERNATIONAL AFFAIRS

Peter joined Air New Zealand on 29 January 2001 from the
Australian Department of Transport in Canberra where he held the
position of Deputy Secretary. Whilst in the role of Vice
President - Government & International Affairs, Peter made
significant progress in re-building relationships between Air
New Zealand, the infrastructure providers and airport
authorities. At Easter he negotiated the restart of the grounded
Ansett 767s with Australia's CASA and otherwise contributed to
the ownership negotiations with Governments on both sides of the
Tasman.

TREVOR JENSEN, SENIOR VICE PRESIDENT, OPERATIONS

Trevor joined Ansett in 1996 as Executive General Manager
Operations and Inflight Services. Trevor has spent the past
eighteen months tackling one of the most challenging tasks ever
to confront an airline's operational administration and with
notable success. Trevor's intentions going forward are to focus
on re-establishing Ansett as an independent airline and to
maintain close links with Air New Zealand to ensure a formidable
Australasian presence.

ANDREW PONDEKAS, SENIOR VICE PRESIDENT, VENTURES

Andrew has a Bachelor of Business and initially commenced his
career in the health services sector. In 1985 he moved to
Brambles Industries Limited where he held senior management
roles in Australia and in Europe. In 1996 Andrew was appointed
Group General Manager of Qantas Flight Catering Limited, a
wholly owned subsidiary of Qantas. Andrew was appointed to Air
New Zealand in June 2001.

KEVIN TURNBULL, SENIOR VICE-PRESIDENT, BUSINESS PERFORMANCE
ENHANCEMENT

Kevin Turnbull re-joined Air New Zealand in January 2001, after
working in Australia for six years, Kevin worked with Qantas
from 1994 to 2000, during which time he held the positions of
General Manager Accounting and Performance and Group General
Manager Operation Services. Kevin's first term with Air New
Zealand was spent as Chief Internal Auditor between 1992 and
1994.

"I would like to record the Board's appreciation of the efforts
of these executives during the challenging task of integrating
Air New Zealand and Ansett. We wish each and every one of them
every success with their future plans and careers," said Mr
France.


AUSTAR UNITED: Selects Partner Installation, Tech Support
---------------------------------------------------------
Austar United Communications announced Tuesday that it had
selected Access Television Services Pty Limited (ATS), backed by
Hills Industries and Ergon Energy, to be its preferred partner
for installation, technical and maintenance services for the
whole of its pay television business.

The choice of a single alliance contract partner reduces from
eight to one the number of companies managing installation and
technical support services for Austar customers. It is
anticipated that the new arrangements will save Austar between
$4 and $7 million dollars per year.

The single contractor alliance partnership will ensure
efficiency and transparency for Austar as well as guaranteeing
consistency and quality of service for Austar's customers.

As part of its bid to win the Austar business ATS, a Cairns
based company, has enlisted the support of Hills Industries and
Ergon Energy, which will use their nationwide resources to
guarantee speedy and efficient service delivery across the whole
of Austar's service area.

It is anticipated that formal contract documents will be
executed by mid November 2001 and transition to the new
arrangement should be complete by February 2002.


CABLE & WIRELESS: SingTel Australia Completes Acquisition
---------------------------------------------------------
Singapore Telecommunications Limited's (SingTel's) wholly-owned
subsidiary, SingTel Australia Investment Ltd (SingTel
Australia), has now completed the compulsory acquisition of all
of the outstanding ordinary shares in Cable & Wireless Optus
Limited (Optus) that were not acquired by SingTel Australia in
its takeover offer for Optus shares.

SingTel Australia now holds 100 per cent of the ordinary shares
in Optus.

As a result of the issue of SingTel shares under the takeover
offer for Optus shares and on completion of the compulsory
acquisition of Optus shares, SingTel now has total issued share
capital of 17,825,826,694 ordinary shares.

SingTel will announce its results for the six months ended 30
September 2001 on 8 November 2001, after the end of morning
trading on the Singapore Exchange. The announcement is expected
to be made between 12.30 pm and 1.00 pm, Singapore time (between
3.30 pm and 4.00 pm, Sydney time). The half year results of
Optus for the current financial year will also be released
simultaneously.

For further information, please phone:

Foo Kim Leng
SENIOR CORPORATE COMMUNICATIONS MANAGER
Singapore Telecommunications
Tel: +65 8382011
E-mail: kimleng@singtel.com

Stephen Woodhill
PUBLIC AFFAIRS
Optus
Tel: +61 2 9342 7850
E-mail: stephen.woodhill@optus.com.au


NEWCREST MINING: Perpetual Trustees Ups Stake To 9.29%
------------------------------------------------------
Perpetual Trustees Australia Ltd increased its relevant interest
in Newcrest Mining Limited on 19 October 2001, from 23,003,579
ordinary shares (8.22 percent) to 26,058,452 ordinary shares
(9.29 percent).


NEWCREST MINING: Posts First Quarter Activity Report
----------------------------------------------------
Newcrest Mining Limited posted summary of its quarterly report
for the three months ending 30 September 2001 (Unaudited):

KEY POINTS

* Group cash costs A$260/oz.

* Goswong performance remains strong.

* Ridgeway construction proceeding well.

* $136M equity raising and US$80M debt facility completed.

OVERVIEW

PRODUCTION

* Gold production for the quarter was 161,269 ounces (202,223
ounces) at a total cash cost of $260/oz ($289/oz).

* Copper production for the quarter was 6,787t(6,578t).

DEVELOPMENT

* Ridgeway development remains on target for early 2002 start-up
with the 3.5 km incline to house the run-of-mine ore conveyor
completed.

* Telfer development studies progressing on schedule.

EXPLORATION

* Resource definition at Toguraci continues.

* Gracow resource statement incorporation Crown shoot being
progressed.

FINANCE AND HEDGING

* Profit after tax of $505 million.

* Achieved gold price at $584/oz ($605/oz).

CORPORATE

* Newcrest Chairman Mr Ian Johnson assumed the role of Executive
Chairman on 18 September 2001 following the resignation of Mr
Russell Barwick as Managing Director and Chief Executive
Officer.

FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL PERFORMANCE
(UNAUDITED)
3 MONTHS ENDING                          30 SEPT        30 JUNE
                                         2001           2001
                                          $M             $M

Sales revenue                            106.6           135.8
Net Mining Income                         40.6            52.4
Other income/(expense)                       -            (7.8)
Exploration expense                       (6.4)           (5.1)
Loss on sale of New Celebration              -            (9.2)
EBITDA                                    34.2            30.3
Borrowing costs                           (2.0)           (3.0)
Depreciation and amortization            (22.7)          (26.7)

Net profit (loss) before income tax        9.5             0.6
Income tax (expense)/benefit              (3.1)            2.3

Net profit after tax                       6.4             2.9

Outside equity interest in
controlled entity                         (0.9)           (0.9)

Net profit after tax attributable to
member of the Company                      5.5             2.0

CASHFLOW STATEMENT

Cashflow from operating activities

Sales receipts                           114.6           124.2
Payments to suppliers and
employees                               (111.9)         (105.0)
Interest received                          0.6               -
Borrowing costs paid                      (4.3)           (4.0)
                                          (1.0)           15.2

Cashflow from investing activities

Exploration                              (15.1)          (11.0)
Fixed assets, evaluation and
development                              (68.2)          (31.0)
Proceeds on sale of non-current
assets                                    12.4             0.7
Other                                        -            (0.8)
                                         (70.9)          (42.1)

Cashflow from financing activities

Net proceeds from borrowings                 -            30.0
Lease payments including
finance costs                             (2.4)           (2.5)
Repayment of borrowings                  (76.1)           (1.9)
Proceeds from share issues               137.2             1.9
                                          58.7            27.5

Net increase/(decrease) in cash          (13.2)            0.6

STATEMENT OF FINANCIAL POSITION
(UNAUDITED)                              30 SEPT        30 JUNE
                                          2001           2001
                                           $M             $M
Cash and Bullion                          60.0            73.2
Accounts receivable                       49.4            68.6
Investments                                0.2             0.2
Inventories                               39.0            28.0
Other                                     17.8            11.1

Current assets                           166.4           181.1

Non-current assets                      1,102.3         1,035.6

Accounts payable                           91.1           110.5
Borrowings                                 66.4           111.7
Provisions                                 24.5            22.7
Other                                       6.1             8.0

Current liabilities                       188.1           252.9

Borrowings                                378.2           409.7
Deferred tax                               62.3            59.0
Provisions                                 44.1            42.8
Other                                       4.2             4.1

Non-current liabilities                   488.8           515.6

Net Assets                                591.8           448.2

Share capital                             507.2           370.0
Retained profits                           76.2            70.7
Outside equity interest in                  8.4             7.5
controlled entity
Shareholders' equity                      591.8           448.2

FINANCIALS

PROFIT AFTER TAX

Operating profit after tax was $5.5 million, an increase of $3.5
million on the previous quarter.

Stockpiling of high grade Ridgeway ore has commenced and will
negatively impact profit in the first half of 2002 however the
company expects this to be balanced by a higher second half
contribution.

NET MINING INCOME

Gold sold in both ore and concentrate form totaled 147,795
ounces, down 30 percent from the previous quarter due to the New
Celebration sale and only two concentrate shipments from Cadia
in the quarter.

A gold price of $584/oz ($605/oz) was realized, $54/oz above the
spot price.

The achieved gold price was adversely affected by the lower
US$/A$ exchange rate impacting on US$20M of currency contracts
that matured in the period and the effect of the higher spot
price on repayments of the gold loan.

DEPRECIATION AND AMORTISATION

Depreciation and amortization totaled $22.7M equating to a rate
of $15/oz sold.

INTEREST

Borrowing costs expensed amounted to $2.0M ($3.0M). This
decrease was due to the lower finance lease costs and lower gold
interest rate. Interest costs capitalized were $2.3M ($2.3M).

EXPLORATION

Exploration expensed totaled $6.4M and $8.7M was capitalized
during the quarter relating to Telfer, Cadia Far East and
Toguraci.

CASHFLOW - INVESTING ACTIVITIES

Cash used in investing activities amounted to a net $70.9M.
Major areas of expenditure were:

                                                      $M
Ridgeway                                             51.4
Telfer feasibility studies and exploration           15.2
Generative and general mine resource
exploration                                          10.0
Sustaining capital expenditure                        6.7

$11.8M was received on settlement of the sale of the New
Celebration mine. Other asset sales generated proceeds of $0.6M.

CASHFLOW - FINANCING ACTIVITIES

Debt repayments in the quarter consisted of:

* $29.2M gold loan repayment (59,750 oz).
* $1.9M collateralized loan repayment.
* $2.0M finance lease principal repayment.
* $45.0M repayment of all standby facilities.

Net proceeds from the equity placement were $136.3M. A further
$0.9M was received from issuing shares on the exercise of
options.

On 12 October 2001, US$80M was drawn down under the loan from
Nippon Mining & Metals Co Limited.

A gold price of $584/oz ($605/oz) was achieved for the quarter.

Late in the quarter the spot A$ gold price reached $602/oz.
During the quarter 120,000oz of call options lapsed and 53,000
of call options were exercised and delivered.

There remains 281,000 oz of contingent call options in the
current year. These options have exercise triggers ranging
between spot gold prices of $A550 and A$600/oz.

At 30 September 2001 the hedge position comprised 6.3 million
ounces hedged into Australian dollar contracts at an average
forecast price of $652/oz. A further 0.3 million ounces are
hedge into US dollar contracts at an average forecast price of
US$497/oz. In addition 0.3 million ounces of US dollar knockout
put options exist at a price of approximately US$450/oz if gold
is above US$330/oz.

The future deliverable values of the hedge contracts have
weighted average lease rate allowance of approximately 1.8
percent.

The mark-to-market value of the net gold/FX position as a the
end of the quarter was negative $1,086 million. The fall in the
Australian dollar and an increase in the Australian dollar gold
price increased the negative mark-to-market value.

The gold loan is recorded in the balance sheet at $488/oz and is
not included in the mark-to-market valuation.

Subsequent to quarter end, parameters affecting the hedgebook
reduced the negative mark-to-market by approximately $350
million.

A summary of the hedge position at 30 September 2001 is as
follows.

                              '000      A$      '000     US$
                               oz       /oz*     oz      /oz*

Standard put options          4,676      614     305     497
Standard forward sales          248      508       -       -
Convertible put options       1,250      684       -       -
Variable priced forwards        325    1,130       -       -
Purchased forwards             (235)     564       -       -
Total                         6,264      652     305     497

* Estimated average deliverable price, which is subject to gold
lease rate exposure. These values include a lease rate allowance
of approximately 1.8 percent

The following matrix illustrates the likely achieved gold price
for Newcrest at various exchange rates and spot Australian
dollar gold prices.

The level of gold will affect the achieved gold price
production as well as the spot gold price and exchange rate for
the year.

COPPER

There is hedge cover over 221,860 tonnes of copper out to
2006/07.

At the end of the quarter the copper mark-to-market position was
negative $49.7 million.

For further information on hedging please refer to the Newcrest
website.

GOLD INSTITUTE STANDARD COST PER OUNCE OF GOLD PRODUCED

                             NOTE        3 MTHS TO    3 MTHS TO
                             REFERENCE   30/09/2001   30/06/2001
                                           ($/oz)       ($/oz)

Direct mining expenses       (1)            418          371
Stripping & mine
development adjustments     (2)            (95)         (41)
By product credits           (3)           (141)        (113)
Third party smelting,                        62           55
relining and transport-
action costs
Royalties                                    16           17
TOTAL CASH COST                             260          289
Depreciation & Amortization  (4)            152          143
Mine closure                 (5)              5            6
TOTAL PRODUCTION COST                       417          438

NOTES

(1) All mining, milling and administration expenditures
incurred, including inventory changes and site specific
corporate charges.

(2) Represents adjustment for the cost of waste removal at
life-of-mine stripping ration and a share of advanced
development costs.

(3) Copper and silver revenue at spot price.

(4) Depreciation and amortization of mine site assets is
determined on the basis of the lesser of the asset's useful
economic life or the life of the mine. Life-of-mine assets are
depreciated according to unit of production and the remainder on
a straight line basis.

(5) Includes costs of estimated rehabilitation expenditure,
decommissioning and closure costs on a unit of production basis
over the life of the mine.


PACIFIC DUNLOP: Implements Joint Venture Agreement
--------------------------------------------------
Pacific Dunlop Limited, in reference to the Chairman's address
to Shareholders at the Company's Annual General Meeting on 12
October 2001, advised that the Agreement with their partner, The
Goodyear Tire & Rubber Company of the United States, governing
the restructure of the South Pacific Tyres joint venture, has
now been executed by both companies.

As reported, 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, exercisable in
four to five years, to sell 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, exercisable in the
following six months, on the same pricing basis.

Based on projections of future performance post-restructuring,
as advised to shareholders at the above meeting there is every
confidence that the exercise price under the agreement will
exceed the current book value of the investment in the business.


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


CHINA CONSTRUCTION: Restructuring Proposal Completed
----------------------------------------------------
China Construction Holdings Limited (CIH) announced that the
legal review initiated by some noteholders of the extraordinary
resolution to approve the restructuring proposal put forward by
the Company has been concluded.

A fresh meeting notice was circulated 19 October 2001 to all
noteholders for the purpose of convening a meeting on 10
November 2001, which is to consider, and if thought fit, pass an
extraordinary resolution to approve the restructuring proposal
put forward by the Company.


CIL HOLDINGS: Consolidates Share
--------------------------------
CIL Holdings Limited requested market participants to note that
the shares of HK$0.0002 each (after capital reduction) (Old
Shares) in the capital of the Company will be consolidated into
shares of HK$0.01 each (New Shares) on the basis of 50 into 1
subject to its shareholders' approval at the Special General
Meeting to be held on 24/October/2001.  

Upon the proposals becoming effective, a temporary counter under
stock code 2990 and stock short name "CIL HOLDINGS" will be
established for trading in board lots of 2,000 New Shares each
to replace the present counter (stock code: 479) for trading in
board lots of 100,000 Old Shares each effective from Friday,
26/October/2001.


KAM LEE (TEXTILE): Winding Up Petition Set For Hearing
------------------------------------------------------
The petition to wind up Kam Lee (Textile) Trading Limited is set
for hearing before the High Court of Hong Kong on October 31,
2001 at 9:30 am.

The petition was filed with the court on July 31, 2001 by Sin
Hua Bank Limited, Hong Kong Branch, (whose undertakings have
been succeeded by Bank of China (Hong Kong) Limited whose
registered office is situated at Bank of China Tower, 1 Garden
Road, Central, Hong Kong.)


KIN DON: Exceptional Price, Turnover Movements Unexplainable
------------------------------------------------------------
Kin Don Holdings Limited have noted the recent increases in the
price and the trading volume of the shares of the Company and
stated 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 price-sensitive nature.


REESON CONSTRUCTION: Winding Up Sought By Golik Metal
-----------------------------------------------------
Golik Metal Manufacturing Company Limited is seeking the winding
up of Reeson Construction & Engineering Limited. The petition
was filed on September 7, 2001, and will be heard before the
High Court of Hong Kong on January 9, 2002.

Golik Metal Manufacturing Company Limited holds its registered
office at Room 5608, 56th Floor, Central Plaza, 18 Harbour Road,
Wanchai, Hong Kong.  


PEARL ORIENTAL: Posts Resignation, New Directors Info
-----------------------------------------------------
The Directors of Pearl Oriental Holdings Limited announced that
Mr Yuen Hon Ming Edwin resigned as an executive director of the
Company with effect from 20 October 2001 due to his health
problem. Mr Wen Carson resigned as an independent non-executive
director of the Company with effect from 19 October 2001 due to
his professional commitment as a practicing lawyer, which
requires frequent traveling abroad. The Directors would like to
express their sincere gratitude to the contributions made by Mr
Yuen and Mr Wen to the Company and wish them every success in
their future pursuits.

The Directors also announced that Mr Siu King Nin Peter and Mr
Leung Tze Hang David have been appointed as an executive
director and an independent non-executive director of the
Company with effect from 22 October 2001 and 19 October 2001
respectively. Mr Siu has more than 30 years' experience in the
banking business and was previously the assistant general
manager of Industrial and Commercial Bank of China (Asia)
Limited, previously known as Union Bank of Hong Kong Limited.

Before joining the Company, he has acted as an executive
director in several listed companies in Hong Kong. Mr Leung has
over 20 years' experience in property development and
investment. He is the managing director of 401 Holdings Limited,
a listed company on the Stock Exchange.

Save as disclosed herein and the Announcements, the Directors
would like to confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither are the Directors 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.


PEARL ORIENTAL: Sees No Reason For Exceptional Price Increase
-------------------------------------------------------------
Pearl Oriental Holdings Limited has noted the recent increase in
the price and trading volume of its shares and wishes to state
that the directors (the "Directors") of the Company are not
aware of any reasons for such increase.

Further to the previous announcements dated 17 October 2001 and
18 October 2001 (collectively referred to as the
"Announcements"), the Company has been informed by Mr Wong Kwan,
the Chairman and Chief Executive of the Company, that he
commenced preliminary discussions with a new independent third
party in late afternoon of Saturday, 20 October 2001 in respect
of a possible disposal of all or part of his 50.17 percent stake
in the Company.

The discussions are at a very preliminary stage and up to the
present moment, no concrete terms, including the price and the
percentage of shareholding that may be disposed of, have been
determined. The discussion may or may not lead to a concluded
transaction or result in an introduction of a new controlling
shareholder and a general offer to the shareholders of the
Company under the Takeovers Code.

The discussions between Mr Wong and a potential party (the
"Potential Party") previously mentioned in the announcement
dated 17 October 2001 (the "Announcement") are still going on
with developments substantially the same as previously disclosed
in the Announcement. The Company has been informed that the
Potential Party has submitted to The Bank of East Asia, Limited
("BOEA") a preliminary proposal to resolve the outstanding debt
issue. BOEA and the Potential Party will be in further
discussions in this respect.


WINGER (H.K.): Winding Up Petition Slated For Hearing
-----------------------------------------------------
The petition to wind up Winger (H.K.) Limited is scheduled for
hearing before the High Court of Hong Kong on November 28, 2001
at 9:30 am. The petition was filed with the court on August 13,
2001 by Fu Yuen Mei of Flat H, 11th Floor, Manhattan Heights,
Belair Garden, Shatin, New Territories, Hong Kong.


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


SEMEN GRESIK: Cemex Says Groups Ignore Sale's Possible Benefit  
--------------------------------------------------------------
Cemex Indonesia said it regrets the steady campaign by certain
interest groups opposing the exercise of a government put option
to sell a majority 51 percent stake in PT Semen Gresik, which is
to expire on Friday, AFX-ASIA reported yesterday.

In a half-page announcement entitled "Important Massage to all
Indonesians" published by local medias, Cemex said realization
of the option will benefit Indonesia by setting the country on
the right track towards economic recovery. However, it said
there has been steady pressure on the government not to proceed
with the sale process by some interest groups.

"Regrettably, some interest groups have invoked nationalism,
community welfare, and employee security to advance their own
agenda," it said.

"It is vital that a decision on this acquisition be based on the
facts, not misinformation."

Cemex said the completion of the agreement will strengthen
confidence in Indonesia as a destination for foreign and local
investment.


TRI POLYTA: BNY Files Suit Over Unit's Defaulted Debt Payment
-------------------------------------------------------------
Bank of New York (BNY) has filed a lawsuit against PT Tri Polyta
Indonesia (TPIA) over payment of notes issued by the TPIA's
subsidiary, Tri Polyta Finance B.V. (TPIBV), IndoExchange
reported Monday.

BNY is a trustee of `Guaranteed Secured Notes' holders issued by
TPIBV valued at US$185 million. The notes guaranteed by Tri
Polyta has interest rate of 11 3/8 percent with grace period
until 2003.

"Such lawsuit was filed on October 12, 2001 in New York State
Court, however, Tri Polyta has just received the notice from its
legal consultant in the US - Milbank, Tweed, Hadley & McCoy - on
October 18, 2001," Director of Tri Polyta, Suryandi said.

"Effective since October13, 2001, the company is given 20 days
to provide response to the lawsuit," Suryandi added.

Suryandi didn't elaborate on how the Company would settle the
debt repayment however, "along with Credit Suisse First Boston
(CSFB) as its financial adviser, Tri Polyta management has
submitted debt restructuring proposal on October 16, 2001".

Earlier, BNY had asked Tri Polyta to speed up the matured
interest payment. Tri Polyta had been putting off such payment
since 1999.

Tri Polyta had declared it was unable to pay the loan interest
due to worsened company performance since the economic crisis
that hit Asia, Indonesia included.

Tri Polyta is a propylene and polypropylene producer used as
plastic and plastic packaging raw material.

Last year, the company suffered a Rp625.15bn net loss,
ballooning from the Rp13.33bn net loss endured in 1999.


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


DAIEI INCORPORATED: Closes Three More Outlets
---------------------------------------------
In order to complete the series of closures, a part of its
rehabilitation plan, cash-strapped supermarket chain operator
Daiei Incorporated will close down three more unprofitable
outlets by the end of March, Kyodo News reported Monday.

Yesterday, Daiei sold Yokohama Dreamland Amusement park, owned
by its subsidiary Jujiya Co. to USS Co., used car auctioneer,
for a reported Y9 billion. The sale was aimed at reducing the
company's interest-bearing group debt.


HITACHI LIMITED: Worsening Market Results In More Job Cuts
----------------------------------------------------------
Due to an ailing global chip market, Hitachi Ltd. fired 300 jobs
at its wafer fabrication joint venture in Singapore last week,
the Asian Wall Street Journal reported on October 22.

The Japanese chipmaker has cut its workforce in Hitachi Nippon
Steel Semiconductor Singapore from 1,300 to 1,000. Its Japan
operations also suffered 1,100 job cuts.

The reduction in production volumes at the Singapore plant
(which had sunk to a historic low) contributed largely to the
current downsizing. The company would not hesitate to axe more
jobs if current volumes continue to decline.

However, the company doesn't plan on closing down the plant but
is currently trying to shift production to DRAM from non-DRAM
products.


NICHIEI CO: Fitch Affirms `BBB-' Long-Term Rating
-------------------------------------------------
Fitch, the international rating agency, has affirmed Monday
Nichiei Co. Ltd.'s (Nichiei) Long- and Short-term debt ratings
at 'BBB-' (BBB minus) and 'F3', respectively. The Negative
Outlook on the Long-term debt rating remains unchanged. Its
investment-grade ratings are supported by its high capital ratio
(38 percent at end-March 2001) and adequate liquidity.

The affirmation of the ratings follows the completion of Fitch's
review of Nichiei's results for the year ending March 2001 and
of the preliminary results for the interim period to September
2001. In the year to March 2001, Nichiei suffered a 140 percent
year-on-year increase in loan losses, caused mainly by
weaknesses in its previous lending policy, a less aggressive
approach to loan collections than the approach adopted in the
past, and to some extent free riders.

It reported a net loss of Y40 billion for an annualized ROE
(return on equity) of minus 22 percent. Nichiei will post a
small net loss for the interim period due to the tail end of the
bad debt problem, although for the year ending March 2002, it
projects a net income of Y1.5bln.

Fitch believes that the most difficult period for Nichiei is
over, and there are signs of improvement - especially in terms
of its funding capability, as some banks have started to provide
new money. Pre-provision operating profitability should also
pick up as Nichiei plans to shift its emphasis back to shoko
loans, albeit on a somewhat different basis from those in the
past in that they are designed to diversify credit risks by
limiting the maximum size and shortening the maturity period of
loans.

However, concerns still remain over its funding capability as
well as its ability to achieve a good record of credit quality.
For these reasons we have kept the Negative Outlook on Nichiei's
Long-term debt rating.

Contact: Reiko Toritani; Takayuki Takahashi, Tokyo, Tel: +813
3288 2628, David Marshall, Hong Kong, Tel:+852 2263 9963, Brett
Hemsley, London, Tel:+44 (0)20 7 417 3494, Fred Puorro, New
York, Tel:+1 212 908 0500.


SNOW BRAND: Weakened Image Lingers Bringing Higher 1H Losses
------------------------------------------------------------
Deflationary pressure and reduced product prices on store
shelves have forced Snow Brand Milk Products Co. to revise its
original earnings forecast and anticipate much deeper losses for
the first half ended Sept. 30, according to the Asian Wall
Street Journal.

The food product company now estimates a group net loss of Y14
billion, a pretax loss of Y15 billion and sales of Y618 billion.
Its May forecast originally called for a net loss of Y11.5
billion, a pretax loss of Y12.5 billion and sales of Y627
billion.

Snow Brand has been trying to fight reduced sales and a tainted
brand image brought about by the food poisoning incident
involving the company's products. But the company has been
fighting a losing battle, it still hasn't found a way to defeat
weak prices and intensifying deflation.


TOKYO MUTUAL: Rehab Plan Approval Prompts Moody's Withdrawal
------------------------------------------------------------
Moody's Investors' Service has withdrawn Tokyo Mutual Life
Insurance Company's (Tokyo Life) Caa2 insurance financial
strength rating, following the approval of its corporate
rehabilitation plan. Tokyo Life will be changing its name to T&D
Financial Life Insurance Company, and will resume operations
under that name starting October 22, 2001.

Withdrawal of Tokyo Life's Caa2 rating reflects Moody's view
that Tokyo Life's policyholders face significant economic losses
under the corporate rehabilitation plan, and that it will be
difficult to distinguish ex-Tokyo Life policies in the new
company. The new company, however, will provide a different
level of solvency "with restructured conditions" for
policyholders that do not surrender their policies.

Daido Life Insurance Company and The Taiyo Mutual Life Insurance
Company have jointly provided Y10 billion of capital and Y10
billion of subordinated loans to help recapitalize the
reorganized company, according to the details of the announced
plan.

Moody's initially assigned a B1 rating to Tokyo Life on November
21, 1997, and downgraded the rating to B2 on April 22, 1999 and
to B3 on June 9, 1999. The rating was further downgraded to Caa1
on March 12, 2001 and to Caa2 on March 27, 2001.

The Japanese life insurance industry has experienced five
failures in 2000 and 2001: Daihyaku Mutual Life Insurance
Company (Daihyaku Life), Taisho Life Insurance Company, Ltd.
(Taisho Life), Chiyoda Mutual Life Insurance Company (Chiyoda
Life), The Kyoei Life Insurance Company, Ltd. (Kyoei Life), and
Tokyo Life.

Tokyo Life's policyholders face potential economic losses
because of the reduction of their guaranteed rates and the
imposition of penalties upon early surrender. Liability reserves
will not be reduced, but minimum guaranteed crediting rates will
be lowered to 2.60 percent, and surrender charge penalties will
be applied to cash surrender values until March 2012. Tokyo
Life's policyholders will receive "special dividends", one from
operating profits in a period between April 2006 and March 2012
and the other if the realized value of Tokyo Life's asset
holdings exceeds the appraisal values.

Tokyo Mutual Life Insurance Company, headquartered in Tokyo, is
a Japanese life insurance company with total assets of Y1,015
billion as of September 30, 2000.


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

ASIANA AIRLINES: Creditors Offer W100B In Emergency Loans
---------------------------------------------------------
In order to cope with the fallout brought about by the September
11 terrorist attacks, creditors of Asiana Airlines have extended
Korea's second-largest carrier W100 billion in emergency loans,
the Korea Herald reported on October 22.

Previously, two of Korea's national flag carriers have received
subsidies in the form of US$1.5 billion short-term guarantees
from the national government to cope with current crisis
plaguing the global airline industry.

Moreover, the Finance and Economy Ministry said last week
creditors are willing to offer W250 billion to the nation's two
airlines. In return for the loans, Asiana would cut five percent
of its 7,000 staff and reduce flights to Los Angeles.


ASIANA AIRLINES: Starts Second Phase Of Restructuring Exercise
--------------------------------------------------------------
Asiana Airlines, one of the nation's two flag carriers, has
launched the second phase of its restructuring efforts, saying
that the move is more intense than the efforts announced a month
back, the Digital Chosun reported Monday.

Although suffering from a serious setback in operations, Asiana
Airlines declared that it will secure a total of W200 billion in
cash through the sale of non-core business lines and equity
stakes in its affiliates early December.

The airline company is currently in negotiations to sell off
some of its affiliates, such as Asiana Airport Service, Asiana
Airport Development and also its catering services.

Phase one of Asiana's restructuring was aimed at saving a total
of W57.5 billion in expenditures through cost-saving measures.
Phase two involves an additional reduction of international
flights and the selling off of assets.


DAEWOO ELECTRONICS: Creditors To Choose Bidder
----------------------------------------------
Creditors of Daewoo Electronics will select a preferred bidder
for the company from the three or four prospective buyers who
beat the deadline set last week and start sale negotiations by
next month, the Korea Herald reports Monday.

Company officials say the announcement of the preferred buyer
will be made after all the bidders have completed a due
diligence investigation of the company, which will take about 6-
7 weeks.

The interested buyers supposedly include a consortium wanting to
acquire the company purely as an investment opportunity, and an
electronics manufacturer that believes in Daewoo's "strategic
importance".

DAEWOO HEAVY: 28% Korea Aerospace Stake Sale Possible
-----------------------------------------------------
In an effort to complete its debt workout program earlier than
scheduled, South Korea's Daewoo Heavy Industries & Machinery Co.
may sell its entire 28.1 percent stake in Korea Aerospace
Industries Ltd., the Asian Wall Street Journal reported Monday.

Korea Aerospace Industries, formed in 1999, is a consolidation
of the aerospace businesses of three companies, Samsung
Aerospace, Hyundai Space and Aircraft, and Daewoo Heavy
Industries. Hyundai Space, as well as another company, Samsung
Techwin Co., also holds 28.1 percent stake in the aerospace
company each.


HANJIN SHIPPING: Implementing Larger Ships, Chiwan Port Plan
------------------------------------------------------------
Hanjin Shipping Company will include Chiwan, a port in southern
China, in its China-Europe Express Service and it will also
enlarge current vessel sizes in a bid to strengthen its service
to China, the Korea Herald reported yesterday.

The company will replace its current 2,700 TEU (twenty-feet
equivalent units) with five 4,350 TEU by the end of May next
year.

In beefing up its services in China via transporting
import/export goods between Hong Kong and China, Hanjin aims to
increase its revenue to US$ 1 billion in two years.

The Company issued W100 billion in four-year unsecured bonds in
the domestic market on September 21, 2001, as TCR-AP reported.
Proceeds of the issuance were used to pay back some of the W400
billion in bonds maturing early next year.


HYUNDAI ENGINEERING: Creditors Creating New Council
---------------------------------------------------
A new creditors council will be formed by the creditors of
Hyundai Engineering and Construction (HEC) through a meeting to
be held on October 29, the Korea Herald reported Tuesday.

The new council will be formed under the government's Corporate
Restructuring Acceleration Act. Creditors are also supposed to
resolve a one-month stay on all their claims during the same
meeting. The claims against HEC should be reported to Korea
Exchange Bank (KEB), the company's principal creditor, by
October 25.

KEB's proposal to convert loans amounting to W1.4 trillion into
equity will then be endorsed by the new council, thereby
increasing the company's capital by W750 billion.


HYUNDAI ENGINEERING: May Sell Stakes In Hyundai Headquarters
------------------------------------------------------------
Korea Herald reported Monday that Hyundai Motor is currently in
the final stages of negotiations with Hyundai Engineering and
Construction (HEC) for the acquisition of the headquarters
building of the ailing Hyundai Group located in Gyeo-dong,
downtown Seoul.

HEC owns eight floors of the 14-story main building, and five
floors of the eight-story annex, which accounts for a 60 percent
stake of the whole building complex. Hyundai Motor moved from
the Gyeo-dong building to a building in southern Seoul last
year.


HYUNDAI GROUP: Units Sale To AIG Halted
---------------------------------------
Digital Chosun reported yesterday that negotiations for the
impending sale of Hyundai Securities, Hyundai Investment Trust
and Securities and Hyundai Investment and Trust Management to
the American International Group (AIG)-led consortium stalled
due to new conditions demanded by the consortium.

The consortium demanded the guarantee of high-rate dividends for
its investment in Hyundai Securities, shortening the period to
convert equity into common shares, and the compensation of
losses that occur five years after the investment.

Hyundai Securities commented that all the demands are difficult,
to say the least. The demand for loss compensation, in
particular, is not acceptable.


HYUNDAI MOTOR: W200B 3-Yr Bond Issue To Repay Debts
---------------------------------------------------
Hyundai Motor Co. is planning to issue W200 billion of three-
year corporate bonds October 29. The bonds will carry a 5
percent annual coupon, and are rated "AO" by local credit
rating agencies, the Asian Wall Street Journal reports Monday.

The proceeds from the issue will be made to repay W155 billion
of corporate bonds maturing in November and also settle other
debts. Daishin Securities Co. will lead-manage the issue.


SHIN DONG: Creditors Decision Pending On Debt-Equity Swap
---------------------------------------------------------
Creditors of Shin Dong Bang will decide later this week on a
debt-rescheduling plan, which may include possibly swapping W370
billion of the company's debt for equity, the Asian Wall Street
Journal reported Monday.

A final decision on the proposed plan may be reached Thursday or
Friday. Presently, the feed and starch producing company is
hobbled with about W600 billion in debt. The plan also includes
rolling over Shin Dong's debt and cutting interest rates on the
debt.

Earlier this month, the company had W86.2 billion of its debt to
Daehan Merchant Bank written off. The writing off of the said
debt was one of the conditions the creditors required before
considering a debt-restructuring plan for Shin Dong.


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


ASSOCIATED KAOLIN: Restructuring Scheme Proposals Submitted
-----------------------------------------------------------
The Special Administrators of Associated Kaolin Industries
Berhad (AKI) announced to the Kuala Lumpur Stock Exchange that
the Proposals relating to the Proposed Corporate and Debt
Restructuring Scheme of AKI have been submitted to these
regulatory bodies for approval on 19 October, 2001:

(i) Foreign Investment Committee;
(ii) Ministry of International trade and Industry; and
(iii) Securities Commission


BRIDGECON HOLDINGS: Seeks KLSE Extension Request Approval
---------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
(BHB or the Company) applied on 17 October 2001 to the Kuala
Lumpur Stock Exchange for an extension of the release deadline
for the Requisite Announcement (RA).

On 20 September 2001, Arab-Malaysian Merchant Bank Berhad
announced that the Company is required to make a Requisite
Announcement to the KLSE of a plan to regularize its financial
condition on or before 21 October 2001.

As revealed on 16 October 2001, the Special Administrators (SA)
have, on behalf of BHB, entered into an agreement with City
Associates Sdn Bhd on 11 October 2001 with the intention of
setting up key areas of understanding for a corporate
restructuring plan to regularize the financial condition of BHB.
As such, the SA are in the process of preparing the workout
proposal of BHB.


EPE POWER: Posts Board Appointments, Resignations
-------------------------------------------------
EPE Power Corporation Berhad (the Company) announced the
appointment of new nominees of TIME Engineering Berhad (TEB) to
the Board of EPE:

1. Ahmad Pardas Senin; and
2. Salmah Binti Sharif.

Encik Ahmad Pardas Senin is the Managing Director and Group
Managing Director of Renong Berhad while Cik Salmah Sharif is
the Director of Renong Berhad and TIME dotCom Berhad.

These nominees replace the existing nominees of TEB namely Dato'
David Frederick Wilson and Phang Shyue Ming (who had resigned on
7 August 2000).

The Company also approved the appointment of Independent Non-
Executive Directors to the Board of EPE:

1. Dato' Sulaiman Daud (as Chairman); and
2. Hj Ir Abdullah Yusof.

The Board of EPE also accepted the resignation of:

1. Syed Zaid Syed Jaffar Albar (Chairman);
2. Dato' Syed Md Amin Syed Jan Aljeffri;
3. Peter Lee Siew Choong.

With the above changes, EPE Board comprises of 7 Directors with
En Abdul Latif Mahamud as the Managing Director and the
remaining Directors namely:

1. Mohd Kamal Azmey Awang Hitam; and
2. Zainal Abidin Bin Mohd Rafique.


KEMAYAN CORP.: Finalizes Financial Regularization Plan
------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of the board of Directors of Kemayan Corporation Berhad (KCB or
the Company), announced that KCB has yet to finalize a detailed
plan to regularize the Company's financial condition as KCB is
seeking various options to secure more income-generating assets
which can contribute immediately to the earnings of the post-
restructured entity and strengthen its financial position.

The Kuala Lumpur Stock Exchange (KLSE) on 3 September 2001
approved the application of KCB to announce a detailed plan to
regularize its financial conditions (Requisite Announcement)
before 22 October 2001In this respect, KCB is unable release the
Requisite Announcement by 22 October 2001.

The Company has complied with the KLSE's condition (as set out
in its letter dated 3 September 2001) that requires the Company
to provide KLSE with detailed progress reports on the
development and/or latest status of the regularization exercise
by the following dates:

1. 1st progress report by 12 September 2001 on any development
between the Company's application letter dated 8 August 2001 and
11 September 2001; and

2. 2nd progress report by 17 October 2001 on any development
between 11 September 2001 and 16 October 2001.

As the Company is unable to release the Requisite Announcement
by 22 October 2001, the Company had on 17 October 2001 applied
to the KLSE for an extension of three (3) months, i.e. until 22
January 2002 for the Company to release the Requisite
Announcement.

Presently, the Company is awaiting the outcome of the
application for an extension from the KLSE.


NAUTICALINK BERHAD: Submits Corporate Exercise Progress Report
--------------------------------------------------------------
The Board of Directors of Nauticalink Berhad (NLB or the
Company) informed that the Company, on 17th October 2001,
submitted its second progress report on the Company's status
with regard to NLB's corporate exercise to regularize its
financial position.

At the same time, NLB has also made an application to the Kuala
Lumpur Stock Exchange (KLSE) for a further extension of time for
another two months to enable the merchant bankers and other
advisers to prepare and work out the details of NLB's fresh
restructuring scheme.

To date the Company is currently awaiting response from the KLSE
pending which the Requisite Announcement (RA) is expected on or
before 21st December 2001.

The Company had received an approval from the KLSE via its
letter dated on 3rd September 2001, granting NLB an extension of
two months from 22nd August 2001 to 21st October 2001 to enable
NLB to make its RA.


PARIT PERAK: Enters MoU With Dato' Salleh, Poh Kim, Ah Eng
----------------------------------------------------------
The Board of Directors of Parit Perak Holdings Berhad (PPHB)
announced that on 18 October 2001, the Company entered into a
Memorandum of Understanding (MoU) with Dato' Mohd Nadzmi Bin
Mohd Salleh, Chan Poh Kim & Richard Kuah Ah Eng and accordingly
made the necessary announcement to the KLSE on the even date.

The Company wrote the KLSE on 17 October 2001 to request a
further extension to 22 January 2002 to obtain the written
agreement-in-principle from secured and unsecured creditors
prior to making Requisite Announcement.

The Company is currently seeking other suitable viable
assets/business for acquisition with the main objective to
rescue PPHB Group and return it to a favorable financial footing
and profitability.

On 3 September 2001, the Company obtained approval from the KLSE
to release the Requisite Announcement on 22 October 2001. The
Master Agreement signed between Bentaniaga Sdn Bhd, Desa Lestari
Sdn Bhd and PPHB had lapsed 5 July 2001.

On 23 February 2001, PPHB announced that it is an affected
issuer pursuant to Paragraph 8.14 of the KLSE Listing
Requirements and the obligations of an affected listed issuer
(First Announcement). One of the obligations pursuant to
Paragraph 4.1(b) of Practice Note 4/2001 is to announce within 6
months from the date of the First Announcement, ie. by 22 August
2001, a detailed plan to regularize the Company's financial
position (Requisite Announcement).

An affected listed issuer is also obligated to announce its
compliance i.e. failure to comply with a particular obligation
imposed pursuant to Practice Note 4/2001, as and when such
obligation becomes due.

Prior to making the Requisite Announcement, the affected listed
issuer must ensure that:

(a) all agreements to be entered into with third parties, as
part of the plan to regularize the financial condition, have
been duly executed by all parties to such agreements.

(b) where the plan involves or comprise or arrangement with the
listed issuer's creditors, an affected listed issuer has taken
reasonable steps to procure the agreement-in-principle of such
creditors.

CONSEQUENCES OF NON-COMPLIANCE

If the Company fails to comply with any of the obligation set
out in Practice Note 4/2001, the Company may be suspended from
trading.

If the Company fails to regularize its financial condition to
warrant continued trading and listing within the time frames
stipulated by KLSE, the Company may be de-listed.

KLSE will accord due process to an affected listed issuer prior
to affecting any suspension and/or delisting.


PROMET BERHAD: Seeks Two-Month Restructuring Scheme Extension
-------------------------------------------------------------
The Board of Promet Berhad informed that the Company, on 17
October 2001, made an application to the Exchange for a further
two months extension. The extension is necessary to enable the
merchant bankers and advisors to work out the restructuring
scheme details in order to make the Requisite Announcement on or
before 23 December 2001.


SISTEM TELEVISYEN: Corporate Proposals Documents Executed
---------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) on behalf
of the Board of Directors of Sistem Televisyen Malaysia Berhad
(TV3 or Company), announced that on 22 October 2001, the
following documents have been executed in relation to the
Proposed Corporate Restructuring Scheme (Corporate Proposals):

(a) The Share Sale Agreement between MRCB and Profitune Sdn Bhd
(Newco), the company identified to assume the listing status of
TV3 pursuant to the Corporate Proposals, for the proposed
transfer of MRCB's entire 43.5 percent equity interest in New
Straits Times Press (M) Berhad to Newco for a total
consideration of RM338.2 million to be satisfied by the issuance
of new ordinary shares and Irredeemable Convertible Unsecured
Loan Stocks in Newco as well as an undertaking by Newco to
provide a put option to MRCB's secured lenders under the
Proposed MRCB Debt Settlement.

Newco was incorporated on 27 November 2000 with an authorized
share capital of RM100,000.00 comprising 100,000 ordinary shares
of RM1.00 each, of which 2 shares have been issued and fully
paid-up and are held by MRCB. The directors of Newco are Abdul
Rahman Ahmad and Shahril Ridza Ridzuan.

(b) The Share Subscription Agreement between MRCB and Newco
whereby MRCB agrees to subscribe for 77.3 million new Newco
ordinary shares of RM1.00 each at an issue price of RM1.10 per
Newco share for a total cash consideration of RM85.0 million;

(c) The agreement in relation to the proposed Schemes of
Arrangement between MRCB, TV3 and Newco to document the
agreement of the parties to use their respective endeavors to
implement the Corporate Proposals.

The Company is in the midst of finalizing the details and terms
of the subscription agreement in relation to the RM125 million
nominal amount of Bonds with 115 million detachable Warrants to
be issued by Newco. An announcement will be made in due course
upon the execution of the said subscription agreement.

The Company has sought the support from the majority of the
creditors to implement the detailed plan to regularize the
financial condition of the Company (Proposed TV3 Debt
Restructuring Scheme) through a Corporate Debt Restructuring
Committee-led meeting held on 4 October 2001.

With reference to the above and the announcement on behalf of
the Board of Directors of TV3 dated 20 September 2001, the
Company announced that a new application pursuant to Section
176(1) of the Companies Act, 1965 has been filed to the High
Court on 22 October 2001.

The Tentative Timeline for the completion of the Proposed TV3
Debt Restructuring Scheme.

Date Event

8 October 2001 Announcement on the Scheme

22 October 2001 Requisite Announcement

Mid December 2001 Submission to relevant authorities (Paragraph
5.1(b) of PN4)

Mid February 2002 Expected approvals from authorities (Paragraph
5.1(c) of PN4)

Early March 2002 Implementation

End June 2002 Completion

Pursuant to Paragraph 5.1(a) of PN4 and for the purposes of
fulfilling the requirements set out in Paragraph 5.2 and 5.3 of
PN4, this announcement along with the announcement on the
Corporate Proposals dated 8 October 2001, shall constitute a
Requisite Announcement in relation to the paragraphs. An
application to the relevant authorities in relation to the
Corporate Proposals will be made within 2 months from the date
of this announcement pursuant to the requirements of Paragraph
5.1(b) of PN4.

On 23 February 2001, on behalf of the Board of Directors of TV3,
Arab-Malaysian announced that the Company is an affected listed
issuer pursuant to the requirements of PN4 on the criteria and
obligations to Paragraph 8.14 of the Kuala Lumpur Stock Exchange
Listing Requirements.

On 8 October 2001, on behalf of the Board of Directors of TV3,
Arab-Malaysian announced the Proposed TV3 Debt Restructuring
Scheme), which forms part of the Corporate Proposals of
Malaysian Resources Corporation Berhad (MRCB) Group and TV3
Group.


TECHNO ASIA: KLSE Extension Approval Pending
--------------------------------------------
On behalf of Techno Asia Holdings Berhad (Special Administrators
Appointed) (TAHB or Company) (formerly known as Westmont Land
(Asia) Berhad), Arab-Malaysian Merchant Bank Berhad announced
that the Company had on 19 October 2001, applied to the Kuala
Lumpur Stock Exchange (KLSE) for an extension to release the
Requisite Announcement. The KLSE's approval of the request is
pending.

The company was required to make a Requisite Announcement to the
KLSE of a plan to regularize its financial condition on or
before 22 October 2001.

As announced on 7 September 2001, the Special Administrators
(SA) have, on behalf of TAHB, entered into a principal agreement
with Dr. Yu Kuan Chon and Semai Warnasari Sdn Bhd on 7 September
2001 with the intention of implementing a corporate
restructuring exercise to regularize the financial condition of
TAHB. As such, the SA are in the process of preparing the
workout proposal for TAHB.


TIME ENGINEERING: Appoints Renong's Nominees To Board
-----------------------------------------------------
Time Engineering Berhad (TIME or the Company) announced the
appointments of the nominees of Renong Berhad to the Board of
Directors of TIME (the TIME Board):

1. Puan Elakumari Kantilal
2. Cik Salmah Sharif
3. En Ahmad Pardas Senin

En Ahmad Pardas Senin is the Group Managing Director of Renong
Berhad while Puan Elakumari Kantilal and Cik Salmah Sharif
currently sit on the Board of TIME dotCom Berhad. Cik Salmah is
also a Director of Renong Berhad.

The TIME Board also approved the appointments of Independent
Directors:

1. Datuk Haji Mohd Khalil Dato' Haji Mohd Noor
2. Haji Abdullah Yusof

The TIME Board has also appointed the nominees of TIME to be
appointed to the Board of TIME dotCom Berhad (TIME dotCom) and
the Board of EPE Power Corporation Berhad (EPE):

1. En Abdul Wahid Omar and En Abdul Kadir Md Kassim as TIME's
nominees to be appointed to the Board of TIME dotCom replacing
the existing nominees, Dato' Zaidan Haji Othman and Tan Sri
Halim Saad; and

2. Cik Salmah Sharif and En Ahmad Pardas Senin as TIME's
nominees to be appointed to the Board of EPE replacing Dato'
David Frederick Wilson and Mr Phang Shyue Ming.

As previously announced by TIME dotCom, Tan Sri Halim Saad
resigned from the Board of TIME dotCom on 3 October 2001.

As previously announced by EPE, Mr Phang Shyue Ming resigned
from the Board of EPE on 7 August 2000.


TIME DOTCOM: Appoints Board Committee
-------------------------------------
Time Dotcom Berhad (TdC or the Company) announced the
appointments of the nominees of TIME Engineering Berhad (TIME)
to the Board of Directors of TdC ("the TdC Board"):

1. Abdul Wahid Omar
2. Abdul Kadir Md Kassim

En Abdul Wahid Omar is the Executive Vice Chairman of Renong
Berhad and Managing Director/Chief Executive Officer of United
Engineers (M) Berhad.

These nominees replace the existing nominees of TIME namely
Dato' Zaidan Haji Othman and Tan Sri Halim Saad (who had
resigned on 3 October 2001) pursuant to the Shareholders'
Agreement dated 8 July 2000 between TIME, Khazanah Nasional
Berhad and TdC .

The TdC Board also approved the appointment of Ms Gee Siew Yoong
as an Independent Director.

With these appointments, the TdC Board now comprises nine (9)
Directors including Tan Sri Abu Talib Othman , Mr Michael Lim
Hee Kiang, Dr Ismail Abd Rashid, Puan Elakumari Kantilal, Cik
Salmah Sharif and Dato' Wan Muhamad Wan Ibrahim in addition to
the three (3) new appointments mentioned above.


WOO HING: Applies Requisite Announcement Time Extension
-------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad have written to the Kuala
Lumpur Stock Exchange (KLSE) on Monday to apply for an extension
of time to make the Requisite Announcement and maximum timeframe
for the implementation of the Company's plan to regularize its
financial condition.

Reference is made to the 3 September 2001 and 1 October 2001
announcements regarding the Exchange's approval of an extension
of time of two (2) months from 23 August 2001 to 22 October 2001
to enable the Company to make its Requisite Announcement to the
Exchange for public release.

An agreement regarding the revised assets under the proposed
restructuring scheme between the Company and Jiwa Ragam Sdn Bhd
(JRSB) was executed on 26 September 2001 (the Principal
Agreement). The Principal Agreement sets out JRSB's obligations
with respect to the restructuring plan, which includes amongst
other things the procurement of the various Sale and Purchase
Agreements for the revised assets to be injected into the
Company by 10 October 2001. To date, JRSB has not satisfied all
the conditions of the Principal Agreement.

The Company is currently endeavoring to get JRSB to satisfy its
obligations under the Principal Agreement. The Company is
therefore unable to fulfill the conditions to make the Requisite
Announcement by Monday 22 October 2001.


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


NATIONAL POWER: San Pascual Power Talks To End December
-------------------------------------------------------
San Pascual Cogeneration Co. Intl. B.V. wants to end
negotiations with National Power Corp. (Napocor) on the setting
of a commission date and the determination of the fuel source
for its 304MW power plant by year-end, the Asian Wall Street
Journal reported Sunday.

San Pascual originally signed an agreement with the state-owned
power company to build an oil-fired power plant in Batangas,
Luzon island, to be operational by July 2001. The construction
was delayed at the request of Napocor due to an excess power
generation capacity in the country at that time, so the startup
date was moved to January 2004.

Napocor wants to push the date back again prompting a San
Pascual official to say that construction of the US$400 million
power plant is likely to start in October 2002.


NATIONAL STEEL: Allengoal Wants Buyer Choice Terms Revealed
-----------------------------------------------------------
Allengoal Steel Fabrication Trading Co. is pushing for the
postponement of this Tuesday's submission of lease contract
proposals for the operation of National Steel Corporation's
(NSC) Iligan plant until such time the terms of reference in
choosing a suitable investor is revealed by the Department of
Trade and Industry-led evaluation committee, the Philippine
Daily Inquirer reported yesterday.

Allengoal president Alexander Delmo had asked for the
postponement from the NSC liquidator in order for the committee
to clarify to all the parties concerned the terms of the
bidding.

Some provisions have allegedly been inserted in the bidding
terms to favor some parties according to Delmo. He further
asserted that a certain provision was supposedly inserted which
would have given the committee the power to even "sell" the
plant.


RAMCAR INCORPORATED: Creditors Seek Interest Payment
----------------------------------------------------
The 16 creditors of Ramcar Inc. have asked the ailing automotive
battery manufacturer to continue paying interest on its P8
billion debt and have rejected its request for a "standstill
agreement", the Asian Wall Street Journal reported Tuesday.

Ramcar is currently seeking a 90-day freeze on all payments and
unilateral acts, including the seizing of collateral in order
for it to have sufficient time to initiate a debt-restructuring
plan. In return, the Philippine's largest car battery
manufacturer is offering P6.5 billion in collateral in the form
of real estate and other assets.


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


CAPITALAND LIMITED: Posts General Meeting Results
-------------------------------------------------
CapitaLand Limited announced that on 22 August 2001, it entered
into a conditional Put and Call Option Agreement with CapitaLand
Commercial Limited to divest two commercial properties known as
Junction 8 Shopping Center and Funan, respectively owned by the
Company's wholly-owned subsidiaries, Ventura Development Pte.
Ltd. and Funan IT Mall Limited, for a total cash consideration
of S$486 million.

The Board of Directors also announced that, at the Extraordinary
General Meeting of the Company held on 22 October 2001, the
resolution was duly passed.

A further announcement will be made when the put or call options
under the Agreement is exercised.


CHARTERED SEMICONDUCTOR: Posts 3Q US$118M Loss
----------------------------------------------
Due to the continued decrease in chip prices and demand, the
world's number third-largest semiconductor maker, Singapore's
Chartered Semiconductor, posted its third successive quarterly
loss, Channel News Asia reported on Monday.

For the fiscal third quarter ended September, the company's
losses totaled to US$118 million as compared to a profit of
US$71 million in the same period a year ago. The Singapore
firm's sales also dropped a whopping 74 percent to US$79
million.

Shares of Chartered Semiconductor Manufacturing on Tuesday were
up 14 cents, at S$3.50.


ST ASSEMBLY: May Post Deeper 3Q Losses
--------------------------------------
Chartered Semiconductor's sister company, ST Assembly Test
Services, which provides semiconductor testing and packaging
services, is most likely going to post losses for the third
quarter ended September 30, due to a continued slump in the
networking and communications segment, CNET Singapore reported
Monday.

Communications comprises about 60 percent of ST Assembly's net
sales. Presently, the company is estimated to lose between
US$34.4 million and US$42 million for the third quarter,
compared to the US$31.7 million loss it posted for the quarter
ended June 30.


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


TPI POLENE: Creditors Expected To Resume Talks With Cemex
---------------------------------------------------------
TPI Polene Public Company Limited's (TPIPL) creditors are
expected to resume talks with Cemex SA de C.V. on the 72.7
percent sale of TPIPL on Wednesday and Thursday, The Asian Wall
Street Journal reported Monday citing an anonymous creditor.

The creditors' steering committee plans to invite Cemex for
talks even though the company said last week its offer to buy a
controlling stake in TPI Polene was no longer in effect.

"So far, the committee hasn't got any official notification from
Cemex (on the offer withdrawal). Judging from its (media)
release, the creditors presume that Cemex hasn't withdrawn its
proposal," the creditor said.

Cemex said last Wednesday in a statement that its offer to buy
the TPI Polene stake had expired since Cemex didn't receive a
satisfactory answer from the steering committee on its revised
offer, cutting a proposed average debt writeoff to 12 percent
from 18 percent.

"We (the creditors) don't want to see a haircut. We're open to
any other options but a debt-discount," the creditor said.


UBOL SAHATHAM: Reorganization Petition Filed In Court
-----------------------------------------------------
Debtor Ubol Sahatham Transport (1983) Company Limited's, engaged
in construction and transportation, Petition for Business
Reorganization was filed to the Central Bankruptcy Court:

     Black Case Number 486/2543

     Red Case Number 541/2543

Petitioner: UBOL SAHATHAM TRANSPORT (1983) COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt662,862,308.23

Planner: Miss Vichittra Lilawitmongkon

Date of Court Acceptance of the Petition: June 19, 2000

Date of Examining the Petition: July 19, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: July 20, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: July 31, 2000

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

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

Planner postponed the Date for submitting the Plan: December 22,
2000

Appointment date of the Creditors' meeting for the Plan
Consideration: January 26, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Creditors' meeting has a special resolution accepting the
plan

Court Order for Accepting the reorganization plan: February 23,
2001 and appointed Miss Vichittra Lilawitmongkon 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 5, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: March 29, 2001

Contact: Ms. Umaporn Tel 6792525 Ext. 142


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

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