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

                   A S I A   P A C I F I C

           Thursday, October 25 2001, Vol. 4, No. 209

                         Headlines



A U S T R A L I A

ANSETT AUSTRALIA: SIA Draws Up New Business Plan
CABLE & WIRELESS: Removed From ASX's Official Listing
CHROME GLOBAL: Hires Ernst & Young's McMaster As Administrator
CHROME GLOBAL: Posts Ernst & Young's Letter
KEYCORP LIMITED: Telstra Lowers Shares From 51.2% To 49.61%

PASMINCO LIMITED: Aquila Seeks Access To Documents
TELEZON LIMITED: Issues Second Creditors' Meeting Notice
TELEZON LIMITED: Posts Administrator's Report To Creditors


C H I N A   &   H O N G  K O N G

CHINA PETROLEUM: Unit Disposes 25% Capital On Chemical Fibre
CIL HOLDINGS: Reduces Capital, Consolidates Shares
GUANGDONG INVESTMENT:Modified Assets Test Application Approved
HUGE GAIN: Winding Up Petition Hearing Set
NAM FONG: Posts Shareholder Changes, Winding Up Petition Info

SOLAR UNIVERSE: Petition To Wind Up Pending
WAH LEE: Joint Restructuring Agreements Circular Dispatched
WING LEE: Proposal Circular Dispatched Wednesday


I N D O N E S I A

BANK CENTRAL: 18 Strategic Investors Express Interests
BAKRIE & BROTHERS: BHP Billiton Agrees Sale Of Arutmin


J A P A N

ISUZU MOTOR: GM President Eyes Joint Purchasing Program
MATSUSHITA COMMUNICATIONS: UK Plant Faces Closure
MYCAL CORPORATION: Talks With Aeon Collapse
NEC CORPORATION: Cuts Semicon Staff Hours To Slash Production
SEGA CORPORATION: Profit Turnaround Sparks Hope


K O R E A

HYNIX SEMICONDUCTOR: Park Meets Citi Group Head
HYNIX SEMICONDUCTOR: Financial Woes Affecting Banks
HYUNDAI GROUP: FSS Denies AIG Talks Fallout
HYUNDAI MOTOR: Plans To Set Up Europe Car Plant
KOHAP CORPORATION: Bailout Meeting Postponed

KOREA LIFE: Prospective Buyers To Begin Due Diligence
SAMSUNG ELECTRO-MECHANICS: Deeper Losses Expected


M A L A Y S I A

ABRAR CORPORATION:  Updates Workout Proposal Status
BESCORP INDUSTRIES: Posts Workout Scheme Tentative Timeline
CHASE PERDANA: Reviews Proposed Debt Restructuring Scheme
MALAYSIAN RESOURCES: Corporate Proposals Document Executed
PAN MALAYSIAN:  Soo Lay Buys .012% Shares

PERNAS INT'L: Termination Of SPA Triggers Change Of Board
S & P FOOD: Implements Restructuring Exercise
SRIWANI HOLDINGS: Seeks Creditors' Meeting Time Extension
TAJO BERHAD: Posts Status On Defaulted Payments
UNIPHOENIX CORPORATION: Court Grants Further RO Extension

WEMBLEY INDUS.: Awaits Lenders Reply Re Restructuring Plan


P H I L I P P I N E S

NATIONAL STEEL: Union Wants Roxas Out Of Proceedings
RAMCAR INCORPORATED: Debt Woes May Raise Bad-Loan Levels
RFM CORPORATION: Shares Down After SMC Lowers Cosmos Offer


S I N G A P O R E

CREATIVE TECHNOLOGY: Extends Net Losses
CREATIVE TECHNOLOGY: Posts Changes In Shareholder's Interests
RAFFLES HOLDINGS: Posts Q201 Loss Of S$4.3M
SEMBCORP LOGISTICS: Posts Changes In Substantial Shareholding


T H A I L A N D

EASTERN WIRE: Petition For Business Reorganization Filed
NATIONAL FINANCE: November Share Conversion No. 4/2001 Slated
QUALITY HOUSES: Reports Warrants Conversion Results

     -  -  -  -  -  -  -

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A U S T R A L I A
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ANSETT AUSTRALIA: SIA Draws Up New Business Plan
------------------------------------------------
Singapore Airlines (SIA) has agreed to draw up a new business
plan as a consultant to assist in the revival of Ansett
Australia, according to an October 22 article of AFX-ASIA.

"We're not taking a management role. We'll assist them in
developing a new business plan," a spokesman for SIA said, who
declined to give further details.

Ansett's administrators had requested SIA's assistance as
consultants in early October.


CABLE & WIRELESS: Removed From ASX's Official Listing
-----------------------------------------------------
Cable & Wireless Optus Limited (the Company) has been removed
from the official list of Australian Stock Exchange Limited as
from the close of trading on Wednesday, 24 October 2001, at the
request of the Company, under listing rule 17.14, following
compulsory acquisition by Singapore Telecommunications Limited
under its takeover offer.


CHROME GLOBAL: Hires Ernst & Young's McMaster As Administrator
--------------------------------------------------------------
The Directors of Chrome Global Limited have moved to appoint
Mr Brian McMaster, of Ernst & Young, as administrator of the
Company and its subsidiaries.

This action has arisen as a result of a downturn in sales
revenues, particularly over the past two months, and the
projected weaker sales cycle that is expected to continue until
February 2002. A high level of economic uncertainty,
particularly since September 11 has impacted on Chrome's
national sales pipeline with existing and prospective clients
either postponing work orders or canceling contracts.

The Board had been seeking to raise additional funding as a
result of a shortfall from the Company's recent rights issue. On
Monday 22nd October 2001 the directors of Chrome were notified
by the Company's advisers that while arrangements for the
placement of all shortfall securities had been all but finalized
the sharp fall in revenues meant that the investors did not wish
to proceed under the pre-existing arrangements. Having been
notified of this the directors moved to halt trading in the
Company's securities on Australian Stock Exchange Limited late
Monday and subsequently appoint an administrator to the
Company's affairs.

The acquisitions of PPR and RHK, which was approved by
shareholders of the Company in September, have not been settled.
Both the PPR and RHK businesses are continuing to operate as
usual and are not affected in any way by the appointment of the
administrator.

The Board remains confident that the synergies identified by
Chrome in relation to the proposed PPR and RHK acquisitions are
still applicable and will look to work with the administrator to
attempt to complete the transactions.

While the Company's securities will be suspended during its
administration, the directors of the Company remain confident
that the Company will be able to overcome its current
difficulties and re-establish itself and the listing in the near
future.

A meeting of creditors has been convened at 10:00am (WST)
Tuesday 30th October 2001 at a venue to be determined. All
creditors and shareholders are invited to attend.

Any questions should be directed to the Administrator on (08)
9429  2222.

The securities of Chrome Global Limited (the Company) will be
suspended from quotation immediately, following the
administrator's appointment to the Company.


CHROME GLOBAL: Posts Ernst & Young's Letter
-------------------------------------------
Chrome Global Limited posted this letter from Ernst & Young:

LETTER FROM ERNST & YOUNG

In accordance with the Listing Rules, I advise that I Brian
McMaster, of Ernst & Young, was yesterday appointed
Administrator of Chrome Global Limited and the following
subsidiaries by Resolution of the Boards of Directors:

*   Chrome Public Relations Pty Ltd (Administrator Appointed)
    ACN 098 070 029

*   Chrome Web Developments Pty Ltd (Administrator Appointed)
    ACN 009 291 936


KEYCORP LIMITED: Telstra Lowers Shares From 51.2% To 49.61%
----------------------------------------------------------
Telstra Ltd changed its relevant interest in Keycorp Limited on
16/10/2001, from 38,703,000 ordinary shares (51.2 percent) to
39,082,000 ordinary shares (49.61 percent).


PASMINCO LIMITED: Aquila Seeks Access To Documents
--------------------------------------------------
Aquila Resources Limited (Aquila) advised that it has filed an
application in the Supreme Court of Western Australia seeking
access to documents relating to the circumstances surrounding
and leading to the extension of the pre-emption period
with respect to the sale of Pasminco Limited's 49 percent
interest in the Ernest Henry Mine.

Aquila is seeking orders against Pasminco, Savage Resources
Limited, Savage EHM Finance Pty Ltd, MIM Holdings Limited and
Ernest Henry Mining Pty Ltd.

Aquila had been awaiting the release of Pasminco's and MIM's
annual financial results to substantiate certain information.

Aquila's application to the Court is designed to furnish it with
additional information, which may result in substantive
proceedings being initiated.


TELEZON LIMITED: Issues Second Creditors' Meeting Notice
--------------------------------------------------------
Telezon Limited (Administrators Appointed), formerly known as
Min-Tech 8 Ltd, posted Notice Of Administrators' Appointment And
Notice Of Second Meeting Of Creditors Of Company Under
Administration:

1. On 28 September 2001 the above company under Section 436A of
the Corporations Act appointed Laurence A Fitzgerald and Michael
J Humphris of Sims Lockwood, Level 15, 461 Bourke Street,
Melbourne, VIC, 3000 as Joint and Several Administrators.

2. Notice is now given that a meeting of the creditors of the
company will be held at the offices of Sims Lockwood, Level 15,
461 Bourke Street, Melbourne, Victoria, at 1:00pm on 25 October
2001.

AGENDA

3. To review the Administrator's Report concerning the company's
business, property, affairs and financial circumstances.

4. For creditors to consider options available and resolve
either:

(a) That the company execute a Deed of Company Arrangement; or

(b) That the administration should end; or

(c)That the company be wound up.

5. To approve the Voluntary Administrator's remuneration; and if
appropriate determine the remuneration of the Deed
Administrator; and to determine the remuneration of the
liquidator, if one is appointed.

6. If the company is wound up, the appointment of a Committee of
Inspection.

7. To consider any other business which may be brought before
the meeting.


STATEMENT OF JOINT ADMINISTRATOR'S OPINION PURSUANT TO SECTION
439A(4)(b) OF THE CORPORATIONS ACT

A Notice of Meeting accompanies this statement, advising of a
Second Meeting of Creditors of Telezon Ltd to be held on 25
October 2001 at 1:00pm at the office of Sims Lockwood, Level 15,
461 Bourke Street, Melbourne, Victoria.

I am of the opinion that:

(a) It is in the creditors' interests to consider the proposal.

(b) It is not in the creditors' interest for the administration
to end, at this time.

(c) It is not in the interests of creditors for the company to
be wound up as I anticipate there will no funds available for a
dividend to unsecured creditors.


TELEZON LIMITED: Posts Administrator's Report To Creditors
----------------------------------------------------------
L A Fitzgerald, Joint And Several Administrator of Telezon
Limited issued this report to creditors:

"Michael James Humphris and I, Laurence Andrew Fitzgerald were
appointed Joint and Several Administrators of Telezon Ltd
pursuant to a resolution made by the directors of Telezon Ltd on
28 September 2001.  For simplicity and for the purpose of this
report and attachments, references to the Administrators will be
singular, however, those references include the joint appointee,
Mr Humphris.

"The first meeting of creditors was held on 5 October 2001.  At
that meeting, my appointment as Joint and Several Administrator
was confirmed.  The meeting also determined there was no need
for the appointment of a committee of creditors.

"Pursuant to Section 439A of the Corporations Act I am obliged
to convene a second creditors' meeting within 28 days of the
date of the appointment and to hold such a meeting within five
business days after the end of the convening period.

PURPOSES AND OBJECT OF PART 5.3A OF THE CORPORATIONS ACT

"The main purpose of this meeting is for an Administrator, to
firstly, report on a company's financial position, and secondly,
to set out their opinion as required by Section 439A(4) of the
Corporations Act.

"The object of these provisions is to provide for the business,
property and affairs of the insolvent (or likely to become
insolvent) company to be administered in a way that maximizes
the chances of the company continuing in existence or if this is
not possible, results in a better return for creditors than
would result from an immediate winding up.

DISCLAIMER

"My report, statements and investigation of Telezon Ltd affairs
has been prepared and conducted from the available books and
records of the company and other information provided by the
directors, and their advisors.

"Whilst I have endeavored to determine the accuracy or otherwise
of the information provided, I am unable to warrant the
accuracy, completeness or reliability of same.

"I have not conducted an audit of Telezon Ltd affairs.  However,
should creditors require a more detailed investigation and/or
have information they consider relevant, please raise these
matters before or at the meeting of creditors.

"In order to assist my staff I urge all creditors intending to
vote at the creditors meeting to lodge proxy and claim forms
with my office by 5.00pm 24 October 2001.

"If you have any questions regarding this matter, please contact
Mr Steven Schneider of my Melbourne office.

OPTIONS AVAILABLE TO CREDITORS

"At the second meeting of creditors, creditors may resolve to
pass one of the following resolutions relating to the future of
Telezon:

a That Telezon execute a Deed of Company Arrangement; or

b That Telezon be placed into Liquidation; or

c That the Administration End.

"As explained below it is my recommendation that the creditors
consider the proposals for a DCA.

DEED OF COMPANY ARRANGEMENT

"A Deed of Company Arrangement (DCA) is a mechanism which was
introduced into the Corporations Act and became effective on 23
June 1993. A DCA, if approved by creditors, binds all creditors
of the company, arising on or before the date of the appointment
of the Voluntary Administrators unless otherwise specified.

"At this stage I have received two proposals concerning a DCA to
be formulated. An outline of each proposal is summarized below.

THAT THE ADMINISTRATION END

"I do not consider this to be an appropriate alternative, as I
believe that terminating the administration would serve no
purpose. This option would result in the control of Telezon
being returned to the directors and would provide no formal
means to deal with creditors' claims, investigate and recover
antecedent transactions or from insolvent trading. Telezon is
presently insolvent.

THAT TELEZON BE WOUND UP

"A liquidation would allow the realization of remaining assets
and lead to the eventual dissolution of Telezon.

"I have not prepared a full assessment as to assets or
recoveries available in a winding up. Essentially creditors in a
liquidation will be reliant on recoveries and litigation rather
than tangible asset realization.

"If creditors resolve to place Telezon into liquidation, the
winding up will, pursuant to Section 513C of the Corporations
Act, be deemed to have commenced on the date of my appointment
as Administrator, being 28 September 2001.

ADMINISTRATOR'S RECOMMENDATION

"Pursuant to the provisions of Section 439A of the Corporations
Act, I am required to investigate the affairs of the company and
form an opinion on whether it would be in the interests of
creditors of Telezon for it to execute a DCA, if any, whether
the Administration should end, or whether Telezon should be
wound up.

"I have attached a Statement of Administrator's Opinion pursuant
to Section 439A(4)(b) of the Corporations Act. It is my
recommendation that the company enter into a Deed of Company
Arrangement. The alternative of liquidation is unlikely to
provide any material return to creditors in the short term. Any
return to creditors in a liquidation would be dependent upon
recovery actions and investigations as discussed earlier in this
report.

"If any creditor is aware of any information which may assist me
with my investigation, or information that may impact upon my
recommendation, then they are requested to provide full details
in writing to my office.

"The first proposal is expected to return a small dividend to
shareholders subject to the condition noted.

"The second proposal is less specific as any return would be
dependent upon the secured creditor and financiers. It is
unlikely any return would be forthcoming to unsecured creditors
unless the secured creditor and financiers to HGL accept a
significant reduction for transfer of their rights. I understand
no such arrangements are in place."


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


CHINA PETROLEUM: Unit Disposes 25% Capital On Chemical Fibre
------------------------------------------------------------
The board of directors (the "Board") of China Petroleum &
Chemical Corporation (Sinopec Corp.) announced that Shijiazhuang
Refining & Chemical Co. Ltd. (Shijiazhuang Refining Co.), a
79.73 percent owned subsidiary of Sinopec Corp., entered into a
disposal agreement with China Petrochemical Group Company
(Sinopec Group Company) on 23rd October 2001 (the "Agreement")
for the disposal of 25 percent of the registered capital of
Shijiazhuang Chemical Fibre Co. Ltd. (Chemical Fibre Co.) by
Shijiazhuang Refining Co. (the "Disposal").

Chemical Fibre Co. is a subsidiary indirectly owed by Sinopec
Corp. and will remain as a subsidiary indirectly owned by
Sinopec Corp. after the Disposal. There will be no change in the
board of directors of Chemical Fibre Co. or its management as a
result of the Disposal.

TERMS OF THE DISPOSAL

Purchaser: Sinopec Group Company
Vendor: Shijiazhuang Refining Co.
Date of the Agreement: 23rd October 2001

Interest to be disposed:  25 percent of the registered capital of
Chemical Fibre Co., being RMB397.2 million calculated based on
Chemical Fibre Co.'s agreed registered capital of RMB1,588.8
million

Consideration: RMB266.26 million (approximately HK$251.2 million
at the exchange rate of RMB106:HK$100) payable in cash within 30
days after the conditions under the Agreement, as set out below,
have all been fulfilled. The consideration was determined after
arm's length negotiation with reference to the audited net asset
value of Chemical Fibre Co. as at 30th June 2001, being
RMB1,065.04 million.

Conditions: The Agreement is subject to the approvals of:

   1. the board of directors of Sinopec Corp., the controlling
shareholder of Shijiazhuang Refining Co.;

   2. the board of directors of Shijiazhuang Refining Co.;

   3. the shareholders of Shijiazhuang Refining Co. at a general
meeting; and

   4. (if applicable) the Ministry of Finance.

Effective date of Agreement: 1st July 2001

CHEMICAL FIBRE CO.

Chemical Fibre Co. was incorporated in the PRC in 1997 as a
limited liability company at the Shijiazhuang High-Tech
Development Zone. Currently, Chemical Fibre Co.'s main business
is the production and sale of caprolactam, nylon and related
products. The agreed registered capital of Chemical Fibre Co. is
RMB1,588.8 million.

The audited net asset value of Chemical Fibre Co. as at 31st
December 1999 and 31st December 2000 were RMB1,442.86 million
and RMB1,173.40 million respectively, and Chemical Fibre Co.'s
net loss after taxation and extraordinary items for the two
years ended 31st December 1999 and 31st December 2000 were
RMB22.94 million and RMB269.48 million respectively. For the
same period, Chemical Fibre Co.'s net loss before taxation and
extraordinary items were also RMB22.94 million and RMB269.48
million respectively.

REASONS FOR THE DISPOSAL

Owing to the material adverse change in the demand and supply of
caprolactam in the PRC market, the price of the product has been
seriously twisted. Accordingly, Shijiazhuang Refining Co. has
decided to effect the Disposal in order to increase the overall
profitability efficacy of its remaining assets.
The consideration for the Disposal will be used in technological
improvements and operating working capital.

NON-COMPETITION

Sinopec Corp. holds directly a 39.66 percent of the registered
capital of Chemical Fibre Co. and a 79.73 percent interest in
Shijiazhuang Refining Co. before and after the Disposal.

Prior to the Disposal, Shijiazhuang Refining Co. holds a 43.35
percent of the registered capital of Chemical Fibre Co. and the
remaining 16.99 percent of the registered capital is owned by an
independent third party. After the Disposal, Shijiazhuang
Refining Co. will hold an interest of 18.35 percent in the
registered capital of Chemical Fibre Co.

Sinopec Corp. is an integrated energy and chemical company with
upstream, midstream and downstream operations. The business of
Sinopec Corp. and its subsidiaries include: exploring and
developing, producing and trading crude oil and natural gas;
processing crude oil into refined products, producing refined
products and trading, transporting, distributing and marketing
refined products; and producing, distributing and trading
petrochemical products.

The Board (including Sinopec Corp.'s independent non-executive
directors) considers that the holding by Sinopec Corp. and
Sinopec Group Company at the same time of their respective
interests in Chemical Fibre Co. does not give rise to any
competition issues, and Sinopec Corp. and Sinopec Group Company
will in fact benefit in the same way from their respective
interests in Chemical Fibre Co. Clause 2.1 of the non-
competition agreement signed by Sinopec Group Company at the
time of Sinopec Corp.'s listing provides that Sinopec Group
Company shall not undertake, develop, engage or participate in
the core businesses of Sinopec Corp., although the Board may,
after discussion and with the consent of the independent
directors, grant a waiver in respect of this clause.

The holding of interests in Chemical Fibre Co. by Sinopec Group
Company may fall within the scope of clause 2.1 of the non-
competition agreement, however, for the avoidance of doubt, a
waiver from compliance with the requirements of clause 2.1 of
the non-competition agreement by Sinopec Group Company has been
obtained from the independent non-executive directors of Sinopec
Corp.

CONNECTED TRANSACTION

As Sinopec Group Company is a substantial shareholder of Sinopec
Corp. and the consideration is less than 3 percent of the
audited net asset value of Sinopec Corp. and its subsidiaries as
at 31st December 2000, the Disposal is a connected transaction
pursuant to the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (the "Hong Kong Listing
Rules") and is subject to disclosure requirements under Rule
14.25(1) of the Hong Kong Listing Rules in this announcement and
in the next publish annual report of Sinopec Corp.

The Board (including Sinopec Corp.'s independent non-executive
directors) is of the view that the terms of the Agreement
(including the Disposal) are on normal commercial terms and are
fair and reasonable.

In addition, the Disposal is a connected transaction pursuant to
the Rules of the Shanghai Stock Exchange on Listing of Stocks
(the "Shanghai Listing Rules"). Although the consideration
exceeds RMB30 million, the consideration is less than 5 percent
of the audited net asset value of Sinopec Corp. and its
subsidiaries as at 31st December 2000. The Shanghai Stock
Exchange has in August 2001 granted Sinopec Corp. a waiver from
obtaining shareholders' approval of the Disposal.

GENERAL INFORMATION

Details of the Disposal (including the date of the transaction,
the purpose of the Disposal, the total consideration, the terms
of the Disposal and the nature and to extent of the interest of
the connected person in the Disposal) as required under the Hong
Kong Listing Rules and Section 3 of Chapter 7 of the Shanghai
Listing Rules shall be disclosed in Sinopec Corp.'s next
published annual report.


CIL HOLDINGS: Reduces Capital, Consolidates Shares
--------------------------------------------------
CIL Holdings Limited announced that at the SGM held Wednesday,
shareholders approved an adjournment of the SGM to consider the
Adjustment Proposal to such date as may be resolved by the
Directors.  A further announcement will be made when the
Directors have determined the date on which the adjourned
meeting is to be held.

The Directors of CIL Holdings Limited announced on 24th
September, 2001 proposals for the adjustment of the nominal
value of shares by way of a reduction of issued share capital
and consolidation of shares.  Terms defined in that announcement
have the same meanings when used in this announcement.

On 29th September, 2001, the Company issued a notice that a
special general meeting (SGM) will be held at 10:00 a.m. on 24th
October, 2001 to consider the Adjustment Proposal.  On 8th
October, 2001, the Company announced that the Justice of High
Court granted leave for Star Dragon Securities Limited to be
substituted as petitioner of a winding-up petition initially
made by Power Forward Finance Limited which has withdrawn from
the proceedings. An amended petition (to reflect the
substitution) and a supporting affidavit was filed with the
court on 18th October, 2001.  The hearing of the amended
petition has adjourned to 12th November, 2001.

In light of the foregoing and to allow time for the Company to
deal with Star Dragon Securities Limited, the Directors have
resolved that it is in the interests of the Company to seek at
the SGM, an adjournment of the SGM, until such further date as
may be determined by the Directors.  Such adjournment was
approved by a simple majority of shareholders present at the SGM
held Wednesday.

As the Directors anticipate that the adjournment will be for a
period of more than 14 days, in accordance with the Bye-laws of
the Company, at least seven clear days' notice will be given for
the adjourned meeting.  Accordingly, when the Directors have
determined the date on which the adjourned meeting is to be
held, the Company will make a further announcement of that date
and of a revised expected timetable for the implementation of
the Adjustment Proposal.


GUANGDONG INVESTMENT:Modified Assets Test Application Approved
--------------------------------------------------------------
Guangdong Investment Limited  announced that it has obtained the
approval of the Hong Kong Stock Exchange to extend the
application of the modified assets test under the Modified
Calculation Concession to Rule 14.25(2)(b)(i) of the Listing
Rules subject to a reduction of the percentage ratio threshold
of 15 percent of the book value of the net tangible assets to 5
percent of the net assets of the Company and its subsidiaries
(the "GDI Group") as calculated under the modified assets test
under the Modified Calculation Concession.  Details of such
approval are set out below.

Terms and expressions defined or referred to in the Guidelines
shall, unless the context otherwise requires, have the same
meaning when used in this announcement.

REASONS FOR APPLYING FOR MODIFIED ASSETS TEST UNDER THE MODIFIED
CALCULATION CONCESSION

Based on the GDI Group's unaudited interim report for the six
months ended 30 June 2001, the GDI Group has a negative net
tangible asset value of approximately HK$5,577,355,000.  This
negative net tangible asset value has not arisen from
operational losses in the ordinary and usual course of business.

Under the modified assets test under the Modified Calculation
Concession, net asset value is determined by reference to the
value of the gross assets less intangibles and current
liabilities.

After applying the modified assets test under the Modified
Calculation Concession to the GDI Group, the value of the GDI
Group's consolidated gross assets (HK$34,605,574,000) less
intangibles (HK$14,280,968,000) and current liabilities
(HK$2,846,555,000) as extracted from its published unaudited
condensed consolidated financial statements as of 30 June 2001
was approximately HK$17,478,051,000 as at 30 June 2001.

APPLICATION OF MODIFIED CALCULATION CONCESSION TO RULE
14.25(2)(B)(I) IN ACCORDANCE WITH THE GUIDELINES

On the basis that the GDI Group has a negative net tangible
asset value as at 30 June 2001 of approximately
HK$5,577,355,000, the Company has obtained the approval of the
Stock Exchange to apply the modified assets test under the
Modified Calculation Concession to Rule 14.25(2)(b)(i) of the
Listing Rules subject to a reduction in the relevant percentage
ratio threshold of 15 percent of the book value of the net
tangible assets of the GDI Group to 5 percent of the net assets
of the GDI Group as determined under the modified assets test
under the Modified Calculation Concession.

Accordingly, in the event any member of the GDI Group grants
financial assistance as contemplated by Rule 14.25(2)(b)(i) that
exceeds HK$873,902,550 (being 5 percent of HK$17,478,051,000),
then the Company shall comply with the disclosure requirements
required by such rule.

The approval is valid from 19 October 2001 until the date of
publication of, or the due date of, the next annual report of
the Company, whichever is the earlier.

Details of the approval shall be included in the Company's next
published annual report and accounts.


HUGE GAIN: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Huge Gain Development Limited is
scheduled for hearing before the High Court of Hong Kong on
November 21, 2001 at 9:30 am. The petition was filed with the
court on August 8, 2001 by Cheung Siu Kwong of Room 1107, Yan
Wai House, Sun TinWai Estate, Shatin, New Territories, Hong
Kong.


NAM FONG: Posts Shareholder Changes, Winding Up Petition Info
-------------------------------------------------------------
The board of directors (the "Board") of Nam Fong International
Holdings Limited (the "Company") has been informed by Guangdong
Investment Limited (GIL), a substantial shareholder of the
Company, that it has entered into an unconditional sale and
purchase agreement (the "GIL Agreement") on 18th October 2001
with Sinowin Enterprises Limited (Sinowin) as the purchaser
relating to the sale (GIL Sale) of 136,000,000 ordinary shares
of HK$0.10 each in the Company (Shares) representing all the
Shares held by GIL and its subsidiary.

The Board has also been informed by Guangdong Assets Management
Limited (GAM) that GAM has entered into an unconditional the
sale and purchase agreement on 18th October 2001 as varied by a
supplemental agreement dated 20th October 2001 (collectively the
"GAM Agreement") with Sinowin as purchaser (GAM Sale)  in
relation to the sale of 269,280,000 Shares. The GAM Shares are
held by GAM's subsidiaries.

Sinowin is a company incorporated in the British Virgin Islands
and as far as the Board is aware, is wholly and beneficially
owned by Mr. Hung Ka Faat (Mr. Hung). The Board has also been
informed that Mr. Hung is engaged in property development
business in the Mainland China with residential and office
projects in Beijing and Shenzhen. Each of Sinowin and Mr. Hung
is an independent third party not connected with the directors,
chief executive or substantial shareholders of the Company, GIL
or GAM or their respective subsidiaries or any of their
respective associates. In addition, the Board is not aware that
Sinowin is acting in concert with any shareholders of the
Company.

Consideration

The consideration for both the GIL Shares and GAM Shares is HK$
0.25 per Share, representing a premium of approximately 1.8
times over the closing price of HK$0.089 per share on 17th
October 2001, being the last trading day preceding the date of
the GIL Agreement and the GAM Agreement.

Completion

As advised by GIL, GIL will upon completion take a legal charge
on the GIL Shares until all amounts owing under the GIL
Agreement have been paid in full, which is expected to take
place in December 2001. The performance by Sinowin of its
obligations under the GIL Agreement is further secured by the
personal guarantee of Mr. Hung.

We are also advised by GAM that completion of the GAM Sale will
take place in two stages. First completion (First Completion)
will occur on a date to be agreed between Sinowin and GAM, being
a date within 30 days after 18th October 2001. At First
Completion, beneficial interest in the GAM Shares will be
transferred to Sinowin, against which a legal share mortgage
will be executed on the GAM Shares by Sinowin in favor of GAM to
secure the payment of the outstanding balance of the
consideration. Final completion (the "Final Completion") is
expected to take place on 18th December, 2001, when payment of
the balance of the consideration will be made in full. Mr. Hung
will act as guarantor and will guarantee the obligations of
Sinowin under the GAM Agreement relating to the GAM Sale.

The Board has been advised by GAM that it is GAM's intention
that it will procure its subsidiary to dispose of the remaining
shares in the Company (amounting to approximately 2.9 percent of
the Company's entire issued share capital) held by such
subsidiary should the appropriate opportunity arise.

Shareholding structure of the Company

Based on the records of the Company as at the date of this
announcement, the GIL Shares and GAM Shares together represent
approximately 29.8 percent of the Company's entire issued share
capital. The remaining shareholding held by a subsidiary of
GAM's in the Company represents approximately 2.9 percent of the
entire issued share capital of the Company.

Upon final completion of the GIL Sale and the GAM Sale and based
on the information set out in this announcement, Sinowin will
become a substantial shareholder of the Company holding
approximately 29.8 percent of the issued share capital of the
Company. Great Capital Holdings Limited (GCH) remains holding
approximately 33.6 percent of the issued share capital of the
Company. GCH is wholly and beneficially owned by Mr. Wong Wah
and Ms. Wong Sui Mui.

General

The directors of the Company appointed in August 2001, Mr. Zhai
Zhiming, Mr. Zhuang Zhuning, Mr. Liang Kaiming, Mr. Michael Wu,
Mr. Liang Luan, Mr.Chen Jiyao and Mr. Zeng Haipeng will resign
upon First Completion and it is expected that Sinowin will
recommend certain number of individuals to be appointed as
directors of the Company in their place. Further announcement on
the change of directors of the Company will be made as soon as
practicable. The Board has no information regarding Sinowin's
intention in relation to the conduct of the business of the
Company until after the representatives of Sinowin are appointed
to the Board of the Company upon First Completion. Further
announcement as required under the Listing Rules will be made as
and when appropriate.

The delay in publishing this announcement was caused by
additional information given to the Company by GAM on the 20th
October 2001 as GAM entered into a supplemental agreement with
the purchaser on that date.

The Board refers to the Company's announcement dated 13th
September 2001 regarding a formal demand issued by a creditor of
the Company for immediate payment of the entire outstanding sum
plus interest for an aggregate sum of approximately HK$16
million following the Company's failure to meet the installment
payment due under the consent order and the creditor's
indication to present a petition to the court to wind up the
Company if payment was not made within three weeks from 30th
August 2001.

According to a press article published on 20th October 2001, a
petition for winding up against the Company has been presented
to the court. A search conducted by the Company on the High
Court registry confirms that the said creditor presented a
winding-up petition against the Company on 18th October 2001. As
of the date of this announcement, the Company has not received
the said winding up petition. Further announcement will be made
by the Company to inform the shareholders and the public of the
date of hearing for the petition.

Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.

The Company will continue its effort to negotiate with the
creditor for settlement of the outstanding debt and withdrawal
of the winding up petition.

Save as the above, the Board confirms that it is not aware of
any other negotiations or agreements relating to intended
acquisitions or realization which are discloseable under
paragraph 3 of the Listing Agreement, nor is the Board aware of
any matter discloseable under the general obligation imposed by
paragraph 2 of the Listing Agreements, which is or may be of a
price-sensitive nature.

Trading in shares of the Company on the Stock Exchange was
suspended at the request of the Company from 10:42 a.m., 22nd
October 2001 pending release of this announcement. Application
has been made to the Stock Exchange for resumption of trading in
the shares of the Company with effect from 10:00 a.m. on 24th
October 2001.


SOLAR UNIVERSE: Petition To Wind Up Pending
-------------------------------------------
The petition to wind up Solar Universe Limited is scheduled to
be heard before the High Court of Hong Kong on January 16, 2002
at 9:30 am. The petition was filed with the court on September
21, 2001 by China Merchants Bank.


WAH LEE: Joint Restructuring Agreements Circular Dispatched
-----------------------------------------------------------
The Provisional Liquidators announced that the circular of Wah
Lee Resources Holdings Limited (the Company), in relation to the
Joint Restructuring Agreements, was dispatched to the
Shareholders on 22 October 2001.

The Provisional Liquidators reminded the Shareholders of the
following:

(i) Timetable       2001

Latest time for lodging forms of proxy
for the SGM      10:00 am Sat, 10 Nov

SGM       10:00 am Tue, 13 Nov

Announcement of results of the SGM  Wed, 14 November

The following events are conditional on, amongst other things,
the results of the SGM and the availability of the HK Court and
the Bermuda Court. Accordingly, there is no guarantee that the
trading in the shares of the Company can be resumed in
accordance with the timetable set out below. Further
announcements will be made to update the Shareholders and
potential investors as and when appropriate.

2001

Creditors Meetings   Thursday, 22 November

Bermuda Court hearing of petition
to sanction the Bermuda Scheme Thursday, 29 November

HK Court hearing of petition to
sanction the HK Scheme   Thursday, 6 December

Completion of the Joint
Restructuring Agreements  Monday, 10 December

Resumption of trading in the
Shares     10:00 am Tue, 11 December

(ii) The Joint Restructuring Agreements are subject to a number
of conditions including the Whitewash Waiver and may not be
completed if any of such conditions is not fulfilled or waived
in accordance with the terms of the Joint Restructuring
Agreements. If the Whitewash Waiver is not approved by the
Independent Shareholders, the Joint Restructuring Agreements
will lapse.

(iii) Shareholders should peruse the aforesaid circular
carefully, in particular, all the financial information and the
letter of advice from the independent financial adviser
contained therein.

To the best knowledge of the Provisional Liquidators, the
material changes in the trading and financial position or
prospects of the Group subsequent to the last published audited
accounts of the Group for the year ended 30 June 1998 up to 16
February 2001 are:

   a) Restructuring adjustments of approximately HK$121,077,000
were made as a result of the Company's last restructuring
completed on 27 October 2000. Details of these restructuring
adjustments were described in the Company's circular dated 29
September 2000.

   b) Net proceeds of approximately HK$48,400,000 from the issue
of new Shares in accordance with the Company's placing
agreements dated 9 November 2000 and 7 December 2000 were
raised.

   c) 500 million new Shares were issued at a nominal value of
HK$0.01 each to Liuzhou Wuling to capitalize its claims against
the Company up to a maximum amount of HK$5 million for the
restructuring costs incurred from the Company's last
restructuring completed on 27 October 2000.

Save as described above, the Provisional Liquidators, to their
best knowledge, do not know whether there are any other material
changes in the financial or trading position or prospects of the
Group subsequent to the last published audited accounts of the
Group for the year ended 30 June 1998 up to 16 February 2001.

The impact of all material changes in the trading and financial
position or prospects of the Group subsequent to 16 February
2001 has been incorporated in the unaudited consolidated income
statement of the Group for the period from 17 February 2001 to
30 September 2001 and the unaudited consolidated balance sheet
of the Group as at 30 September 2001 as set out below.

Save as described above, the Provisional Liquidators confirmed
that, as at the Latest Practicable Date, there is no material
change in the trading or financial position or prospects of the
Group subsequent to 16 February 2001.

Unaudited Consolidated Income Statement
For the Period from 17 February 2001 to 30 September 2001

HK$

Turnover       2,200,133
Cost of sales          (2,189,842)

Gross profit      10,291
Other revenue - bank interest income  408,156
Provision for inventories written back  662,514
Legal and professional fees      (4,600,481)
Staff costs         (488,273)
Rents, rates and management fee          (357,078)
Other operating expenses      (453,768)

Loss before taxation     (4,818,639)
Taxation -

Net loss for the period     (4,818,639)

Unaudited Consolidated Balance Sheet
At 30 September 2001

         HK$

Current assets
  Bank balances      29,498,196

Current liabilities
  Convertible bonds         203,465,210
  Creditors and accrued charges   11,816,459

    215,281,669

Net current liabilities       (185,783,473)

Non-current liabilities
  Other borrowings         (2,100,000)

Net liabilities        (187,883,473)

Capital and reserve
  Share capital      48,618,314
  Deficit         (236,501,787)

Deficiency         (187,883,473)

The Group is currently engaged in trading of audio-visual
products, photographic products and other electrical consumer
products primarily in the PRC. The Group also operates an e-
commerce platform that offers online airline ticket, hotel and
packaged tour reservation services. The Group has a sufficient
level of operations to warrant the continued listing of the
Shares as required by paragraph 38 of the Listing Agreement.

Trading in the Shares of the Company has been suspended since
10:00 a.m. on 5 February 2001 and will continue to be suspended
while the Provisional Liquidators remain appointed to the
Company. Further announcement will be made if material
developments take place or the trading in the Shares of the
Company is to be resumed.


WING LEE: Proposal Circular Dispatched Wednesday
------------------------------------------------
The Directors of Wing Lee Holdings Limited announced that copies
of the circular in relation to the Proposal (the Circular) will
be dispatched to the Shareholders on 24th October, 2001. The
Circular contains:

    (i) further information regarding the Proposal, the relevant
exchange and trading arrangements including details of odd lot
trading facility and free exchange of share certificates; and

   (ii) a notice to Shareholders to convene the SGM at which the
requisite ordinary resolution will be proposed to approve the
Proposal.

ODD LOT FACILITY ARRANGEMENTS

In order to alleviate the difficulties arising from the
existence of odd lots of the New Shares when the Proposal
becomes effective, the Company has appointed Sun Hung Kai
Securities Limited to provide the service to match the sale and
purchase of odd lots of the New Shares during the period from
26th November, 2001 to 17th December, 2001, both days inclusive.
Holders of New Shares in odd lots who wish to take advantage of
this facility either to dispose of their odd lots of the New
Shares or top up their shareholdings in the Company to board
lots of 2,000 New Shares, may directly or through their broker
contact Ms Lee Nga Yee at 2822 5695 of Sung Hung Kai Securities
Limited at Suite 1101-1106, One Pacific Place, 88 Queensway,
Hong Kong during such period. Shareholders should note that
successful matching of the sale and purchase of odd lots of the
New Shares is not guaranteed.

ARRANGEMENT FOR EXCHANGE OF SHARE CERTIFICATES

All the existing share certificates shall remain as valid proof
of legal title to the New Shares on the basis of 5 Shares for 1
New Share in the shareholdings of the Company and shall cease to
be used for dealing and settlement purposes after the completion
of the Proposal. New share certificates will be blue in color in
order to distinguish them from the existing share certificates,
which are green in color. Shareholders of the Company are urged
to exchange their share certificates as soon as possible from
12th November, 2001 so that their shareholding may be accurately
represented in terms of New Shares.

This may be done free of charge up to and including 24th
December, 2001 by delivering the existing share certificates to
the office of the Company's branch share registrar and transfer
office, Tengis Limited at 4th Floor, Hutchison House, 10
Harcourt Road, Central, Hong Kong. Thereafter, existing share
certificates will be accepted for exchange only on payment of a
fee of HK$2.5 (or such higher amount as may from time to time be
allowed by the Stock Exchange) for each new share certificate.

EXPECTED TIMETABLE FOR THE PROPOSAL
          2001
Latest time and date for shareholders to lodge
forms of proxy for the SGM              9:00 am on Wed, 7th Nov

Special General Meeting                 9:00 am on Fri, 9th Nov

Effective time and date for the
Proposal                                4:00 am on Fri, 9th Nov
Existing counter for trading in existing
Shares in board lots of 2,000 Shares
Temporarily closes                     10:00 am on Mon, 12th Nov

Temporary counter for trading in New
Shares in board lots of 400 New Shares
opens (in the form of existing
share certificates, which are green
in color)                             10:00 am on Mon, 12th Nov

Free exchange of existing share
certificates for new share
certificates commences                  9:00 am on Mon, 12th Nov

Existing counter for trading in New
Shares in board lots of 2,000
New Shares re-opens (in the form of
new share certificates, which are
blue in color)                        10:00 am on Mon, 26th Nov

Parallel trading in New Shares
commences (in the form of new and
existing share certificates)           10:00 am on Mon, 26th Nov

First day of operation of odd lot
facility                               10:00 am on Mon, 26th Nov

Temporary counter for trading in New
Shares in board lots of 400 New
Shares closes (in the form of existing
share certificates, which are green
in color)                              4:00 pm on Mon, 17th Dec

Dealing in form of existing share
certificates ends                       4:00 pm on Mon, 17th Dec

Parallel trading in New Shares ends     4:00 pm on Mon, 17th Dec

Last day of operation of odd lot
facility                                4:00 pm on Mon, 17th Dec

Free exchange of existing share
certificates for new share
certificates ends                       4:00 pm on Mon, 24th Dec


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


BANK CENTRAL: 18 Strategic Investors Express Interests
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has since early
October 2001 offered its 51 percent stake at Bank Central Asia
(BCA) consisting of 30 percent with an 21 percent option.
Further, on 8 October 2001 teaser letter and confidentiality
agreement were sent to 98 (ninety eight) prospective strategic
investors.

Until recently, IBRA has received expression of interest in BCA
shares from 18 strategic investors, consisting of 7 foreign
investors and 11 local investors. The prospective strategic
investors represent both banks and financial institutions
including :

JP Morgan Partners
JP Morgan Securities
PT Makindo Tbk
PT Madani Securities
PT Trimegah Securities
PT Bhakti Investama/PT Bhakti Asset Management
PT Jakarta Aset Manajemen
PT Rifan Financindo Advisory
PT Indonesian Recovery Company Limited
PT BNI Tbk
PT Andalan Artha Advisindo Sekuritas
PT Bhakti Capital Indonesia Tbk
PT TDM Asset Manajemen

Apart from the strategic 18 investors who have showed their
interest and signed up confidentiality agreement, IBRA is
expecting finalization of the document signing from several
foreign strategic investors.

For the next round, IBRA will send information memorandum (more
detailed information) about the BCA shares divestment plan as
well as performance of publicly-listed PT Bank Central Asia Tbk
to the prospective strategic investors who have submitted their
expression of interest and signed up the confidentiality
agreement.

IBRA expects the initial non binding bid has been received by
early November 2001. Concerning the non-binding preliminary bid,
an evaluation will be conducted to decide the shorlisted
investors who will be qualified for the next round.

Road show Report

In the meantime, on 17 and 18 October 2001, Laksamana Sukardi
(State Minister for State Enterprises), I Putu Gede Ary Suta
(IBRA Chairman), I Nyoman Sender (IBRA Asset Sales Coordinator),
and Soebowo Musa (Bank Restructuring Division Head) conducted a
series of meeting with several prospective strategic investors
in Singapore and Hong Kong.

The meeting is aimed at expressing the Indonesian Government
commitment to the prospective strategic investors in conducting
the strategic divestment of BCA shares. The meeting is also
designed to explore how serious the interest of prospective
strategic investors in BCA shares.

The divestment is expected to represent a landmark transaction
as a reference for divestment of other government shares
including the privatization efforts of state owned enterprises.
Prospective strategic investors' interest in BCA shares has so
far quite encouraging in term of the number of expression of
interest from prospective investors.


BAKRIE & BROTHERS: BHP Billiton Agrees Sale Of Arutmin
------------------------------------------------------
BHP Billiton reached agreement for the sale of its 80 per cent
interest in the PT Arutmin Indonesia (Arutmin) energy coal
mining operations in Kalimantan, Indonesia to PT Bumi Resources
Tbk for $US 148 million. The remaining 20 per cent equity in PT
Arutmin is held by PT Bakrie and Brothers Tbk.

The sale agreement is subject to certain conditions and
Government approvals being met.

PT Arutmin operates two open-cut energy coal mines, Senakin and
Satui, in south Kalimantan. The mines produce approximately 11
million tonnes per annum of thermal coal, which is predominantly
exported to Asian markets.

BHP Billiton Energy Coal will continue its association with PT
Arutmin by providing marketing services to the purchasers. The
Marketing Services Agreement provides for BHP Billiton to market
75 per cent of the current coal production.

President BHP Billiton Energy Coal Mike Oppenheimer said the
sale agreement had a sound commercial basis as well as meeting
the Government requirements. "This is definitely a win for all
parties and we appreciate the cooperation of the Indonesia
authorities in bringing the transaction to fruition," he said.

Mr Oppenheimer added "The Marketing Services Agreement provides
a strong platform for repositioning and further developing our
investments in Indonesia. In addition, the Agreement enhances
the inherent value of the business through BHP Billiton's world-
wide marketing expertise and our strong relationship with
existing customers."

BHP Billiton has now met its obligation under Indonesia law to
sell down its interest in PT Arutmin to allow majority
Indonesian ownership of the project. BHP Billiton has worked
cooperatively with the Indonesian Government in meeting the
legal requirements set out in the Coal Contract of Work (CCOW)
applying to PT Arutmin and the result is believed to be the
first transaction of its kind in Indonesia.

In addition to the agreement to continue marketing PT Arutmin
coal, BHP Billiton's continuing interests in Indonesia include
the management of PT BHP Kendilo Coal Indonesia, an energy coal
mine in East Kalimantan, and a range of advanced exploration
developments.


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


ISUZU MOTOR: GM President Eyes Joint Purchasing Program
-------------------------------------------------------
Richard Wagoner, President of General Motors Corp. (GM) said the
American auto giant is considering a joint purchasing program
with Isuzu Motors, and is also keen on providing management help
to the troubled truck-maker, the Asian Wall Street Journal
reported Tuesday.

But Wagoner, while saying that GM is interested in Isuzu's
success (GM owns a 49 percent stake), declined any notion of the
company being "the financial provider of last resort" for the
Japanese company because, according to him, that would not be
fair to all GM shareholders.

Isuzu has been posting losses for the past two years and posted
a group net loss of Y66.8 billion in the latest fiscal year to
March.


MATSUSHITA COMMUNICATIONS: UK Plant Faces Closure
-------------------------------------------------
Japan's largest mobile phone producer Matsushita Communications
is announcing the closure of its factory located in Thatcham,
Berksire after more than 13 years of operations, the Financial
Times reports on Tuesday.

The impending closure comes only six months after the company's
announcement to create 400 research and development jobs in the
town. Matsushita Communication has gone into the red in the UK
in recent months.

The Thatcham factory is expected to be transferred to the Czech
Republic where production costs are cheaper. The closure will
affect some 600 employees.


MYCAL CORPORATION: Talks With Aeon Collapse
-------------------------------------------
Negotiations between failed Japanese supermarket giant Mycal
Corporation and potential partner, Aeon Co. Ltd for the
rehabilitation of the former collapsed, News On Japan reported
yesterday.

Aeon's management said, in closing negotiations, it simply did
not want to continue talks under current situations. Mycal
Corporation filed for court protection last September with Y1.39
trillion in total liabilities at its parent company and had a
group debt of Y1.74 trillion. Its failure was one of the biggest
in Japan in recent years.

The Japanese company had a list of potential partners to help it
rehabilitate and had recently narrowed the list down to five
companies. Among the companies were, Wal-Mart Stores Inc.,
Cotsco Wholesale Corp., Carrefour SA, and Aeon, which later
changed its name to Jusco.


NEC CORPORATION: Cuts Semicon Staff Hours To Slash Production
-------------------------------------------------------------
NEC Corporation has unveiled a move to cut back working hours of
some 9,000 specialist employees under its semiconductor section
in order to cope with declining demand for information
technology related products, according to a Tuesday article of
News on Japan.

The reduction is nothing new to the company, having already
invoked similar measures in September and early October, both
times affecting some 1,700 workers at its Yanagawa, Fukuoka
Prefecture-based NEC Semiconductors.

More reductions in working hours are scheduled for this month,
November and December as well. Those affected will suffer a 20
percent cut in their wages.



SEGA CORPORATION: Profit Turnaround Sparks Hope
-----------------------------------------------
Former game-console manufacturer Sega Corp., once a leader of
the video-game market, is expected to post a group operating
profit for the fiscal year, an indication that its departure
from game-console production is paying dividends, the Asian Wall
Street Journal reported yesterday.

However, the company is still expected to post a group net loss
of Y15 billion for the year ending March 31, 2002, down from the
Y2.1 billion profit originally forecast. The company said that
the loss could be attributed to the falling value of its
stockholdings.

Sega expects a group pretax profit of Y4.5 billion for the
fiscal first half, up from its original forecast of a Y2.4
billion loss. Group revenue is also expected to reach Y97
billion, an increase from an original estimate of Y82 billion.

The video game maker has posted losses for four consecutive
years, thus the current figures are evoking positive reactions
from analysts who earlier predicted the company's bankruptcy.


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


HYNIX SEMICONDUCTOR: Park Meets Citi Group Head
-----------------------------------------------
Park Chong-sup, President of ailing chipmaker Hynix
Semiconductor, met with visiting Citi Group Chairman Robert
Rubin on Tuesday to discuss the fate of the Korean semiconductor
manufacturer, the Korea Herald reported Wednesday.

Also present at the meeting were officials of Salomon Smith
Barney, Hynix financial adviser and at the same time a Citi
Group affiliate. Hynix officials however, did not have any idea
of the specific details of the meeting.

Rubin recently said he could not accurately provide an outlook
for the chip industry saying that there have been too many
uncertainties revolving around the global economy, specially
following the September 11 attacks.

The world's third-largest memory-chip maker has recently posted
its largest-ever quarterly loss estimated to be around W1.62
trillion this third quarter, compared to a net profit of W66
billion posted during the same period of last year.


HYNIX SEMICONDUCTOR: Financial Woes Affecting Banks
---------------------------------------------------
The financial health as well as third-quarter profits of some
local banks are suffering because of the current financial
crisis plaguing Hynix Semiconductor Inc., according to a
Wednesday Korea Herald article.

Banks ratios of so-called "bad loans", otherwise termed by
authorities as those which are "substandard and below", have
been on the rise. Bad loans refer to loans where the principal
has not been paid for three months or longer.

Among the banks affected are Shinhan Bank, Kookmin Bank, KorAm
Bank and Hana Bank.

Kookmin, the nation's strongest commercial bank, has seen its
portion of substandard-and-below loans rise to 5.69 percent in
September, up from 5.42 percent in June following its increase
in loan-loss reserve ration against Hynix to 49 percent from 19
percent.


HYUNDAI GROUP: FSS Denies AIG Talks Fallout
-------------------------------------------
Denying reports that talks with American International Group
(AIG) and W.L. Ross & Company regarding proposed investments in
Hyundai Group affiliates have collapsed, the South Korean
government, through the Financial Supervisory Service (FSS),
said that negotiations are going on "faithfully" to close the
deal, the Asian Wall Street Journal reported on October 23.

Local news services have previously reported that the said talks
have collapsed because AIG had presented new demands that were
not acceptable to Hyundai. A spokesman for Hyundai said that
although the said demands were not acceptable, negotiations
would still go on as planned.

To recall, AIG and W.L. Ross have previously signed a tentative
agreement last August with the Korean Government to buy
controlling stakes worth a total of W1 trillion in several
Hyundai Group affiliates namely; Hyundai Securities, Hyundai
Investment Trust & Securities Co., and Hyundai Investment Trust
Management Co.


HYUNDAI MOTOR: Plans To Set Up Europe Car Plant
-----------------------------------------------
Once plans for the proposed U.S. car plant is finalized, Hyundai
Motor officials say the Korean auto maker will soon begin
studies on putting up a car plant in the European Union bloc,
the Korea Herald reported yesterday.

The company has been planning fresh overseas manufacturing and
research strategies in order to change its image of being a
maker of small and low-priced cars and compete in the overall
global market.

In line with the strategies, Hyundai is speeding up its plan to
build the U.S. plant and later conduct a separate study on the
feasibility of setting up a European car plant. Hyundai also has
plans to dramatically strengthen research and development
capabilities in Los Angeles, Tokyo and Frankfurt in a move let
them make their own regional designs.

The ailing car company issued US$150 million worth of three-year
floating rate notes (FRNs) on October 18, 2001, in order to pay
some foreign debts, TCR-AP reported earlier this week.


KOHAP CORPORATION: Bailout Meeting Postponed
--------------------------------------------
The Korea Herald reported Wednesday that a meeting in which
creditors of Kohap Corporation were scheduled to vote on a
proposed rescue plan for the ailing petrochemical company last
Monday was moved on Thursday.

A creditor bank official said that the reason for the delay was
that creditors were still in need of ironing out the details for
the eventual vote on the proposed rescue plan. Voting has
previously been put off three times since October 12.

The rescue plan called for the establishment of a new company
with capital of W457.6 billion, liabilities of W626.3 billion
and total assets of W1.14 trillion.


KOREA LIFE: Prospective Buyers To Begin Due Diligence
-----------------------------------------------------
A due diligence audit in preparation for the impending takeover
of state-owned Korea Life Insurance conducted by its prospective
buyers is slated to be begin on Tuesday, the Korea Herald
reported yesterday, citing a statement by the Korea Deposit
Insurance Corp. (KDIC).

The Hanwha Group and U.S.-based Metlife, are but two of the five
companies interested in trying to takeover Korea Life. KDIC will
receive the final bids for the takeover within the month and the
signing of the memorandum of understanding is expected by
yearend.


SAMSUNG ELECTRO-MECHANICS: Deeper Losses Expected
-------------------------------------------------
Third quarter losses for Samsung Electro-Mechanics Co. are
expected to increase following a continued decline in its gross
margin, the Korea Herald reported Tuesday citing a statement by
Shinyoung Securities.

According to a Shinyoung analyst, the company's sales revenue is
expected to amount to W748.3 billion during the period of July
to September, up 3.4 percent on year, due to the sales growth in
telecommunication parts of Samsung Electronics.

In spite of this, Samsung Electro-Mechanics is expected to
suffer deeper operating losses, estimated at W20 billion. This
may be due to increased depreciation costs for accounts
receivable arising from liquidation of a plant in Portugal. As a
result, ordinary losses will amount to W1 billion.


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


ABRAR CORPORATION:  Updates Workout Proposal Status
---------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that it had on 23rd February 2001 made an
announcement to the Exchange (the First Announcement) confirming
that it is deemed an Affected Listed Issuer due to the
fulfillment of the criterias as set out in paragraph 2.1 of PN
4/2001.

As an Affected Listed Issuer, the Company is required to comply
with the time schedule to regularize its financial condition in
compliance with paragraph 5.1 of PN 4/2001 and must make an
announcement to the Exchange of the Company's plan to regularize
its financial condition within six (6) months ("the Requisite
Announcement") from the date of the First Announcement i.e. by
23 August 2001.

On 3 September 2001, the Exchange granted the Company with an
extension of two (2) months until 22 October 2001 to make the
Requisite Announcement pursuant to the Company's application on
13 August 2001.

On 18 October 2001, the Company announced that it Company had on
17 October 2001 applied to the Exchange for a further extension
of two (2) months until 31 December 2001 (the Further Extension)
to make the Requisite Announcement since the Company will not be
able to release its Requisite Announcement by 22 October 2001.

The Further Extension requested by the Company from the Exchange
was mainly due to unforeseen circumstances as the White Knight,
the Company and their advisors had to revisit the impact on the
financial projections relating to the Company's corporate and
debt restructuring exercise (the Workout Proposal) as a result
of the 11 September 2001 attack on United States and all the
subsequent events that followed.

The Further Extension sought by the Company will allow the
Company to finalize and to announce the full details of its
Workout Proposal in its Requisite Announcement. The Exchange's
reply to the Company's appeal for the Further Extension is
currently pending.


BESCORP INDUSTRIES: Posts Workout Scheme Tentative Timeline
-----------------------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of Bescorp Industries Berhad (Special Administrators
Appointed) (BIB or the Company), announced that the tentative
timeline for the completion of the Proposed Corporate and Debt
Restructuring Scheme is set out:

     Time Frame

First Announcement     23 February 2001

Requisite Announcement    18 October 2001

Submission of applications to the
Securities Commission and other relevant
Authority      By December 2001


Procurement of all approvals necessary
for the implementation of the Proposed
Corporate and Debt Restructuring Scheme By April 2002


CHASE PERDANA: Reviews Proposed Debt Restructuring Scheme
---------------------------------------------------------
The Board of Directors of Chase Perdana Berhad (the Company)
announced that the Company had on 11 October 2001 made an
application to the KLSE for a further extension of time to
release the Requisite Announcement (RA) for a period of two (2)
months, i.e. 23 December 2001. The application is currently
pending the decision from the KLSE.

On 1 October 2001, the Company announced that a creditors'
meeting was held on 20 September 2001 under the auspicious of
Corporate Debt Restructuring Committee to discuss the revised
proposed debt restructuring scheme (Revised Scheme), which was
forwarded, to the creditors on 10 September 2001. The Company is
currently reviewing and fine-tuning the Revised Scheme after
obtaining the comments from the creditors.


MALAYSIAN RESOURCES: Corporate Proposals Document Executed
----------------------------------------------------------
Arab-Malaysian on behalf of the Board of Directors of Malaysian
Resources Corporation Berhad (MRCB), announced that on 22
October 2001, the following documents have been executed in
relation to the Corporate Proposals:

   (a) The Share Sale Agreement between MRCB and Profitune Sdn
Bhd (Newco), the company identified to assume the listing status
of Sistem Televisyen Malaysia Berhad (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 of 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.


PAN MALAYSIAN:  Soo Lay Buys .012% Shares
-----------------------------------------
Pan Malaysian Industries Berhad (PMIB), further to its trading
in shares during closed period, informed that, pursuant to
paragraph 14.08(c) of the Listing Requirements of Kuala Lumpur
Stock Exchange, Soo Lay Holdings Sdn Bhd (Soo Lay) had informed
PMIB that Soo Lay had purchased the ordinary shares of PMIB:

1) Date of dealing - 22 October 2001

2) Consideration of dealing - Average price of RM0.2342 per
share

3) Number of shares acquired - 237,000 ordinary shares of RM0.50
each

4) Percentage of issued share capital of PMIB - 0.012 percent


PERNAS INT'L: Termination Of SPA Triggers Change Of Board
----------------------------------------------------------
Fernrite Sdn Bhd (Fernrite), the single largest shareholder in
Pernas International Holdings Berhad (PIHB) has informed PIHB
that Fernrite has on 22 October 2001 executed a Settlement
Agreement with Perbadanan Nasional Berhad (PNS) to terminate the
Sale and Purchase Agreement dated 19 August 1996 between
Fernrite and PNS, wherein Fernrite was to have purchased an
entire 32 percent shareholding in PIHB from PNS.

With the termination of the agreement, the entire 32 percent
shareholding in PIHB will be re-transferred to PNS. The
termination was due to the inability of Fernrite to raise
funding for the settlement of the purchase price for the 32
percent shareholding in PIHB.

As a result of the Settlement Agreement, the changes to the
Board of PIHB are as follows:

   (a) Tunku Tan Sri Dato' Shahriman bin Tunku Sulaiman resigns
as Chief Executive Officer but will remain on the Board of PIHB
as the Non-Executive Chairman.

   (b) The following four Executive Directors resign from the
Board of PIHB but will continue to carry out their respective
executive functions in PIHB until further notice:

     (i) Dato' Mohamed Khadar bin Merican
     (ii) Syed Abu Bakar bin Syed Mohsin Almohdzar
     (iii) Dato' Haji Ahmad bin Sidek
     (iv) Hajah Noraini binti Che Dan

   (c) Encik Ismail bin Abd Halim resigns as Non-Independent
Non-Executive Director of PIHB.

   (d) Tuan Syed Tamim Ansari bin Syed Mohamed and Encik Azhar
bin Abdul Hamid have been appointed as Non-Executive Directors
of PIHB.

The appointment of the new Chief Executive Officer of PIHB will
be made within the next few days.

The aforementioned appointments and resignations have been
announced to the Kuala Lumpur Stock Exchange through the KLSE
Link.


S & P FOOD: Implements Restructuring Exercise
---------------------------------------------
On behalf of S & P Food Industries (M) Bhd. (SPF or Company),
Commerce International Merchant Bankers Berhad announced that
pursuant to the Restructuring Exercise, Cepatwawasan Group
Berhad (CEPAT) will be admitted to the Official List of Kuala
Lumpur Stock Exchange (KLSE) in place of SPF which will be
delisted and cease to be quoted on the Official List of KLSE
with effect from 24 October 2001.

The RESTRUCTURING EXERCISE is comprised of:

   ú Capital Reduction
   ú Scheme Of Arrangement
   ú Debt Restructuring
   ú Claim Settlement
   ú Acquisitions
   ú Capitalization Of Debts
   ú Shareholders' Advance
   ú Disposal Of Existing Business


SRIWANI HOLDINGS: Seeks Creditors' Meeting Time Extension
---------------------------------------------------------
On behalf of Sriwani Holdings Berhad (SHB or Company), Commerce
International Merchant Bankers Berhad (CIMB) hereby announces:

   (i) On 12 October 2001, CIMB on behalf of SHB, applied to the
Kuala Lumpur Stock Exchange for an extension of time of three
(3) months from 22 October 2001 to submit the application for
the Proposed Scheme to the relevant authorities.

   (ii) On 17 October 2001, the Company applied to the High
Court of Malaya for an extension of time of six (6) months from
18 October 2001 to convene the creditors meetings that have been
adjourned by certain classes of creditors in the court-convened
meetings held on 10 October 2001 and the meeting of its
shareholders for the Proposed Scheme.


TAJO BERHAD: Posts Status On Defaulted Payments
-----------------------------------------------
Tajo Berhad (Tajo) provided an update on the details of all the
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001. Please check details of defaulted
facilities at http://www.bankrupt.com/misc/Tajo_default.doc

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to our previous announcements dated 12
September 2001, 16 August 2001 and 5 July 2001.

With regards to the conditional Sale and Purchase Agreement
(SPA) and Profit Guarantee Agreement (PGA) entered into between
Kris Angsana Sdn Bhd (KASB) and Tajo on 20 December 2000 for the
acquisition of Plaza Palas Tower by Tajo, Tajo announced on 4
October 2001 that due to an anticipated delay in the completion
of a condition precedent in the SPA and PGA, both KASB and Tajo
had mutually agreed to terminate the SPA and PGA and entered
into two Deeds of Revocation and Mutual Release in respect of
the SPA and PGA on 4 October 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

Tajo has commenced negotiations with a new potential "white
night" which will be integral to the proposed debt restructuring
of Tajo. The negotiations are currently on-going and an
announcement will be made in due course on the finalization of
the revised scheme.
C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 30 September 2001, in
relation to the payments which are in default and are the
subject matter of the restructuring scheme is RM201,837,909.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE;

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


UNIPHOENIX CORPORATION: Court Grants Further RO Extension
---------------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad (UCB), Southern Investment Bank Berhad announced that the
High Court of Malaya had on 22 October 2001 granted an order for
the extension of the Restraining Order (RO) dated 17 July 2001
to be further extended to 16 January 2002.

Reference is made on the announcement on 18 July 2001 in
relation to the granting of a restraining order by the High
Court of Malaya on 17 July 2001 to restrain all further
proceedings in any action or proceeding whatsoever and howsoever
against UCB for a period of three (3) months from the date of
the restraining order.


WEMBLEY INDUS.: Awaits Lenders Reply Re Restructuring Plan
----------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance) announced on behalf of
Wembley Industries Holdings Berhad (WIHB or Company), that
Alliance had on 17 October 2001, submitted an application to the
Kuala Lumpur Stock Exchange (KLSE), on behalf of WIHB, to seek
its approval for a further extension of time from 22 October
2001 to 31 December 2001 to carry out the following:

   (i) formalization of a regularization plan to be principally
approved by the bankers and creditors of WIHB;

   (ii) make a requisite announcement to the KLSE; and

   (iii) make a submission to the SC and FIC respectively,

as the Company is currently either still undertaking discussions
with or awaiting for a reply from its lenders and creditors on a
debt restructuring plan.

The reply from the KLSE is still pending.


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


NATIONAL STEEL: Union Wants Roxas Out Of Proceedings
----------------------------------------------------
National Steel Corporation's (NSC) Labor Union had asked the
evaluation committee (EC) to postpone the bidding for the ailing
steel company's Iligan plant pending the union's request to
exclude Trade Secretary Manuel Roxas III from the proceedings
and to dissolve the EC that Roxas created, Business World
reported Tuesday.

Roxas has been accused by the union of exhibiting "manifest
partiality" and of protecting "his or some other party's
interest" during the proceedings. The labor union also alleges
that the creation of the evaluation committee tasked to choose
the right bidders for the operation of the plant is
"discriminatory, without legal basis, unfair and unjust".

The union accuses Roxas of meddling in NSC affairs, which
according to them falls under the jurisdiction of the SEC.


RAMCAR INCORPORATED: Debt Woes May Raise Bad-Loan Levels
--------------------------------------------------------
The Asian Wall Street Journal reported Tuesday that should
Ramcar Incorporated default on its P8 billion debt, the non-
performing loan ratio of commercial banks may increase between
half and three quarters of a percentage point.

Ramcar, the country's largest battery maker, is currently in
danger of defaulting on its debts to some of its 16 creditor
banks. Two of the battery maker's largest creditors are Bank of
the Philippine Islands, which has an exposure worth P2.2
billion, and Land Bank of the Philippines, which has an exposure
totaling P1 billion.

The average non-performing loan ratio for the country's 42
commercial banks at the end of August was 18.03 percent.


RFM CORPORATION: Shares Down After SMC Lowers Cosmos Offer
----------------------------------------------------------
Share price for RFM Corporation and its unit Cosmos Bottling
Corporation went down following reports that San Miguel
Corporation has lowered its purchase price offer for Cosmos by
at least P1 billion, the Asian Wall Street Journal reported
October 23.

As of Tuesday afternoon, RFM was down 4 centavos, or 2 percent,
at P1.98 on 173,000 shares traded, while soft-drink company
Cosmos was down 20 centavos, or 3.7 percent, at P5.20 on 542,000
shares traded.

RFM Corporation is said to have been banking on the proceeds of
the sale to pay immediate debts. Last year, the company incurred
a net loss of P520 million, due to hefty foreign exchange losses
amounting to P1 billion.

Should the sale of Cosmos be successful, RFM expects to post a
net income of P350 million for the year 2000.


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


CREATIVE TECHNOLOGY: Extends Net Losses
---------------------------------------
With its bottom line hurting from a drop in the value of its
listed investments, Creative Technology Ltd. posted a net loss
for the third straight quarter, the Asian Wall Street Journal
reported on Tuesday.

Creative Technology, which specializes in computer audio and
personal digital entertainment, posted a net loss of US$12.8
million for the first fiscal quarter ended September 30,
compared to with the fourth quarter loss of US$73.4 million.
Third quarter losses were pegged at US$101 million.

It posted a first quarter net profit of US$17.6 million a year
ago.


CREATIVE TECHNOLOGY: Posts Changes In Shareholder's Interests
-------------------------------------------------------------
Creative Technology Limited announced on October 24, 2001, a
notice of changes in substantial shareholder Merrill Lynch's
deemed interests. The changes are:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: 22 Oct 2001
Date of change of shareholding: 19 Oct 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Open market purchase and sale

Shares held in the name of registered holder

No. of shares of the change:       2,350
Percent of issued share capital:   0.003
Amount of consideration
per share excluding
brokerage, GST, stamp duties,
clearing fee:   SGD 7.98 and SGD 8.43
No. of shares held before change: 18,500
Percent of issued share capital:  0.025
No. of shares held after change: 20,850
Percent of issued share capital: 0.029

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed          Direct
No. of shares held before change:    4,204,058
Percent of issued share capital:       5.759
No. of shares held after change:     4,206,408
Percent of issued share capital:       5.763
Total shares:


RAFFLES HOLDINGS: Posts Q201 Loss Of S$4.3M
-------------------------------------------
Raffles Holdings, subsidiary of CapitaLand Ltd., has posted a
loss of S$4.3 million in the third quarter ending September as
the hotel operator suffered from cancelled bookings from
travelers following the aftermath of the September 11 terrorist
attacks, Channel News Asia reported Tuesday.

It had previously recorded a profit of S$16.7 million a year
ago. The company expects losses for the fourth quarter as well.

Raffles Holdings has a portfolio of 39 hotels with 13,457 rooms
in 34 destination cities. Raffles Holdings is a subsidiary of
CapitaLand Limited, which has an asset base of over S$18
billion.


SEMBCORP LOGISTICS: Posts Changes In Substantial Shareholding
-------------------------------------------------------------
Sembcorp Logistics on October 24, 2001, posted changes in deemed
substantial shareholding of The Capital Group Companies
Incorporated. The announcement is:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: The Capital Group Companies
Inc.
Date of notice to company: 24 Oct 2001
Date of change of deemed interest: 23 Oct 2001
Name of registered holder: DBS Nominees (Pte) Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change:         938,000
Percent of issued share capital:      0.11
Amount of consideration
per share excluding
brokerage, GST, stamp
duties, clearing fee:               S$1.5031
No. of shares held before change:   56,356,400
Percent of issued share capital:      6.62
No. of shares held after change:    55,418,400
Percent of issued share capital:      6.51

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed           Direct
No. of shares held before change: 88,717,200
Percent of issued share capital:    10.42
No. of shares held after change:  87,779,200
Percent of issued share capital:    10.31
Total shares:                     87,779,200


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


EASTERN WIRE: Petition For Business Reorganization Filed
--------------------------------------------------------
Wire producer Eastern Wire Public Company Limited's (DEBTOR)
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number 501/2542

   Red Case Number 602/2542

Petitioner: EASTERN WIRE PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,819,745,209.03

Planner: Mr. Preraphut Parusung

Date of Court Acceptance of the Petition: June 26, 2000

Date of Examining the Petition: August 7, 2000 at 13.30 A.M.

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 24, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 12,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 12, 2000

Planner postponed the Date for submitting the Plan #1st: January
12, 2001

Appointment Date of the Creditors' meeting for the Plan
Consideration: March 13, 2001 at 9.30 am. Convention Room no.
1104, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Meeting of Creditors had passed the resolution accepting the
reorganization plan pursuant to section 90/46

Court Appointment for the Plan Consideration on May 29, 2001at
9.30 am.

Court had issued an Order for Accepting the reorganization plan:
June 21, 2001 and appointed Mr. Preraphut Parusung to be the
Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: July 11, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: August 9, 2001

Contact: Miss Kanjana Tel, 6792525 ext 133


NATIONAL FINANCE: November Share Conversion No. 4/2001 Slated
-------------------------------------------------------------
National Finance Public Company Limited released the schedule of
share conversion No.4/2001 on November 15,2001. The preferred
share's holders can subscribed the preferred-to-common share
conversion during office hours (8:30 am-4:30 pm) of the date
from November 12,13,14 to November 15,2001 at Thailand
Securities Depository Company limited, 6th Floor, Stock Exchange
of Thailand Building, Rachadapisek, Kwang Klong-Toey, Khet
Klong-Toey, Bangkok.

The Board of Directors approved the announcement of tenet,
conditions and preferred-to-common share conversion procedure,
which one preferred share can be converted to one common share
without costs on its Board of Directors' Meeting No.5/2536 on
September 30,1993.


QUALITY HOUSES: Reports Warrants Conversion Results
---------------------------------------------------
Quality Houses Public Company Limited, pursuant to its
announcement regarding exercise of warrants (QH-W2) by using
electronics media (R-SIM) for the warrant holders to exercise
their warrants on October 19, 2001, informed that there is no
longer any warrant conversion by the warrant holders.  As the
result, there are 329,999,942 remaining warrants.


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

This material is copyrighted and any commercial use, resale or
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