TCRAP_Public/011105.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, November 5 2001, Vol. 4, No. 216

                          Headlines



A U S T R A L I A

ANALYTICA LIMITED: Psiron Changes Diagnostics Ops Sale Terms
AUSTRALIAN HEALTHCARE: Southern Highlands Sale Completed
AUSTRALIAN MAGNESIUM: Updates Stanwell Magnesium Project Funding
AUSTRIM NYLEX: Executes Deed Of Charge On Assets
CAPRAL ALUMINIUM: Posts GSP's Change In Substantial Holding

CHROME GLOBAL: ASIC Grants AGM Extension
GOODMAN FIELDER: ING Australia Changes Substantial Holding
GOODMAN FIELDER: Jon Peterson Steps Down As Chairman
JAMES HARDIE: Discloses Share Distribution Schedule


C H I N A   &   H O N G  K O N G

CONKY INVESTMENTS: Petition To Wind Up Pending
G-PROP (HOLDINGS): Reason For Share Price Increase Unknown
GOLD WAY: Winding Up Petition Hearing Scheduled
INNOVATIVE INTERNATIONAL: Director Chow Loy Resigns
KTP HOLDINGS: Posts Special General Meeting Notice


I N D O N E S I A

SALIM GROUP: Holdiko Sells Gumindo For US$1.68M
SEMEN GRESIK: West Sumatra Residents Take Over Unit


J A P A N

MATSUSHITA ELECTRIC: Heavy Losses Lower Company Defenses
MYCAL CORPORATION: May Undertake Rehab Under Different Law
NEC CORPORATION: Plans Temporary Lay Off of 7,400 Workers


K O R E A

HANBO IRON: Bidding Process Starting Again  
HYNIX SEMICONDUCTOR: Outlook Unclear Despite Bailout Approval
HYNIX SEMICONDUCTOR: Government Denies Bailout Involvement
HYNIX SEMICONDUCTOR: Deploys Sales, Marketing Group To U.S.
HYUNDAI GROUP: Unit's Top Execs Resign, Job Cuts Considered

HYUNDAI MOTOR: U.S. Auto Sales Expected To Rise 77%
HYUNDAI SECURITIES: Union To Appeal Court Decision
SAMSUNG ELECTRONICS: W500B Bond Issue Possible


M A L A Y S I A

ACTACORP HOLDINGS: Auditors' Report Authorized
BERJUNTAI TIN: Awaits Proposed Restructuring Scheme Approval
BRIDGECON HOLDINGS: SA Prepares Workout Proposal Preparation
DEWINA BERHAD: Authorities Reviewing Submitted Plan
ESPRIT GROUP: Prepares Documents, Meeting Arrangements

GEAHIN ENGINEERING: Obtains New White Knight
HAI MING: Posts Debt Restructuring Status Report  
INSTANGREEN CORP.: FIC Approves Proposed Restructuring Scheme
KILANG PAPAN: Seeks Debt, Equity Workout Scheme Extension
LION LAND: Posts Audited Results Loss Variation

MECHMAR CORPORATION: Remains In Loan Default
PANGLOBAL BERHAD: Awaits SC's Proposed Debt Scheme Approval
PARIT PERAK: Explains Audited/Unaudited Results Variance
SATERAS RESOURCES: Applies Time Extension To Complete Exercise
TIMBERMASTER IND.: Financial Regularization Status Unchanged


P H I L I P P I N E S

NATIONAL BANK: Pres Arroyo Gains Tan's Approval Re PNB Rehab


S I N G A P O R E

CREATIVE TECHNOLOGY: Posts Changes In Substantial Interests
RAFFLES HOLDINGS: Posts Change In Shareholder's Interests
SEMBCORP LOGISTICS: Capital Group Changes Substantial Holding


T H A I L A N D

THAI PETROCHEMICAL: EPL Reviews Plant Bids' Terms, Conditions
TPI CONCRETE: Files Petition For Business Reorganization

* FRA Brings More Companies Into Bankruptcy Process

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Psiron Changes Diagnostics Ops Sale Terms
------------------------------------------------------------
Chairman S Jones of Psiron Ltd advised that the consideration
payable by Analytica Limited for the purchase of Psiron's
diagnostic business for a price of $1.6 million would be paid by
a series of convertible notes, with a combined face value of
$1.6 million.

The consideration will now be paid by structured debt with no
equity conversion rights. The $1.6 million of debt is a eight
year loan secured by registered mortgaged debt, fixed over the
assets and undertakings of the diagnostics business, carrying an
interest of the Westpac 90 day bill rate +2.5%.

The loan is subject to these terms and conditions;

* Over the first two years from the date of settlement of the
sale of the diagnostic business (Settlement), the Company will
provide Analytica Ltd with a come and go facility (similar to a
revolving line of credit), by which Analytica Ltd may repay or
draw down funds in any amount, without penalty;

* Psiron may, but is not obliged to advance funds under the
facility from time to time in excess of the initial debt of $1.6
million;

* Any amount lent in excess of the initial debt of $1.6 million
is repayable on demand, or as may be agreed from time to time;

* After the first two years from Settlement, Analytica Ltd must
repay $1 million of the principal over a five year period at the
rate of $200,000 per year, payable on each anniversary of
Settlement or as may be agreed from time to time;

* During this 5 year period, the facility will remain a come and
go facility except for the requirement to repay $200,000 of
principal in each year;

* The balance of $600,000 of principal must be repaid on the
eighth anniversary of Settlement;

* Interest is payable quarterly in arrears, on the last days of
March, June, September and December for the entire period of the
facility including the first two years from Settlement;

The payment of all amounts payable by Analytica Ltd under the
facility is to be secured by a charge given by Analytica Ltd
over all existing and future assets of, or referable to, the
diagnostic business.

There have been no changes to the previously announced
investment by Psiron in Analytica Ltd.


AUSTRALIAN HEALTHCARE: Southern Highlands Sale Completed
--------------------------------------------------------
Australian Healthcare Investment Fund advised that the
sale of the Southern Highlands Private Hospital was settled on
31 October 2001 at a sale price of $2,700,000 less selling
costs.

The Fund will be wound up and the balance of funds distributed
to Unitholders by 30 November 2001.


AUSTRALIAN MAGNESIUM: Updates Stanwell Magnesium Project Funding
----------------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) is in the second
week of its scheduled four week public offer to raise $525
million for the Stanwell Magnesium Project and provides this  
update;

AMC is encouraged with the public response and indications of
support to date from the retail broking community, institutions
and general public.

The Company has received requests from 21 brokers for 'protected
allocations' of Distribution Entitled Securities and has closed
further broker requests for such allocations.

The Company is monitoring public subscriptions and is yet to
determine whether to close the Offer before the scheduled
closing date of Friday, 16 November 2001, mindful of allowing an
appropriate time for shareholder and public applicants to send
in their applications.

AMC will continue to keep the market informed of developments.

For further comment and clarification, please contact: Simon
Jemison - MANAGER PUBLIC AFFAIRS AND COMMUNICATION Ph: +61 7
3335 8600


AUSTRIM NYLEX: Executes Deed Of Charge On Assets
------------------------------------------------
Austrim Nylex Limited informed that on  31 October 2001, Austrim
National Radiators Ltd and the Company executed a Deed of Charge
over their assets in favor of the banks to the Austrim Nylex
Limited Group.

According to Wright Investors' Service, the Company Limited had
negative working capital, as current liabilities were A$646.30
million while total current assets were only A$415.53 million.
The fact that the company has negative working capital could
indicate that the company will have problems in expanding.


CAPRAL ALUMINIUM: Posts GSP's Change In Substantial Holding
-----------------------------------------------------------
Guinness Peat Group (GSP) increased its relevant interest in
Capral Aluminium Limited on 31/October/2001, from 18,333,020
ordinary shares (27.42%*) to 19,412,230 ordinary shares
(28.63%*).

* subject to a restriction as to voting in relation to part of
the shareholding as set out in the letter dated 02/04/2001 from
Guinness Peat Group (Australia) Pty Ltd to Capral Aluminium
Limited which is Annexure A to our substantial shareholding
notice dated 02/April/2001.


CHROME GLOBAL: ASIC Grants AGM Extension
----------------------------------------
B McMaster of Ernst & Young, administrator of Chrome Global
Limited, announced that on 1 November 2001, the Australian
Securities and Investments Commission (ASIC) granted the Company
an extension so it can hold the Annual General Meeting 30 March
2002.

The extension was sought and granted due to the Company entering
into Administration on 23 October 2001.


GOODMAN FIELDER: ING Australia Changes Substantial Holding
----------------------------------------------------------
ING Australia Limited increased its relevant interest in Goodman
Fielder Limited on 16 October 2001, from 63,936,541 ordinary
shares (5.00%) to 77,722,585 ordinary shares (6.05%).


GOODMAN FIELDER: Jon Peterson Steps Down As Chairman
----------------------------------------------------
Jon Peterson has announced that he will step down immediately as
Chairman of Goodman Fielder for health reasons and will not seek
re-election as a Director at the Annual General Meeting on 16
November 2001.

The Deputy Chairman, Sir Dryden Spring, will take over as acting
Chairman while a search is being conducted for a new Chairman to
work with the new Managing Director and Chief Executive, Tom
Park, over the next five years.

Mr Peterson said it was with a great deal of regret that he was
standing down as Chairman and as a Board Director at this time
and in these circumstances.

"However, I am satisfied that the company now has the right
strategy and management team to take the business forward and
improve shareholder returns," he said.

"Our Board has worked tirelessly in developing a new strategy
and appointing a new Chief Executive and I would like to thank
them all for their commitment and support."

Sir Dryden Spring expressed appreciation on behalf of the Board
for the contribution that Jon Peterson made as a Director and
Chairman.

"I join with all members of the Board in thanking Jon for his
leadership and enormous personal contribution as a Director, and
more recently as Chairman" Sir Dryden said.

Sir Dryden said that as part of the ongoing program of Board
renewal, further announcements on Board composition and the
Chairman's position would be made in due course.


JAMES HARDIE: Discloses Share Distribution Schedule
---------------------------------------------------
JAMES HARDIE INDUSTRIES N.V. posted its Distribution Schedule
and Top 20 share/CUFS Holders:

DISTRIBUTION SCHEDULE AT 31/10/2001
                                            
     SIZE OF HOLDINGS              SHARES/CUFS
                             HOLDERS   HOLDING

          1 -    1,000        8,471    4,303,900             
       1,001 -   5,000        9,254   23,205,365             
       5,001 -  10,000        2,088   14,966,715             
      10,001 - 100,000        1,427   32,630,636             
     100,001  and over          195  375,764,546             

                 TOTAL       21,435  450,871,162             


TWENTY LARGEST SHARES/CUFS HOLDERS AS AT 31/10/2001
                                        
NAME                                              NUMBER      %

Chase Manhattan Nominees Limited             42,217,342     9.36
National Nominees Limited                    30,592,077     6.79
Citicorp Nominees Pty Limited                22,780,027     5.05
Westpac Custodian Nominees Limited           18,208,014     4.04
Queensland Investment Corporation            15,535,388     3.45
Citicorp Nominees Pty Limited                12,779,990     2.83
  CFS WSLE Imputation Fund A/C
AMP Life Limited                             12,534,075     2.78
Perpetual Trustees Victoria Limited          10,467,364     2.32
MTRAEF A/c
Madingly Nominees Pty Limited                10,242,200     2.27
Citicorp Nominees Pty Limited                 9,461,095     2.10
CFS WSLE Aust Share Fund A/c
RBC Global Services Australia
Nominees Pty Ltd RA A/C             8,002,718     1.77
Citicorp Nominees Pty Limited                 7,678,629     1.70
CFS Imputation Fund A/C
Perpetual Nominees Limited                    7,110,446     1.58
JBEMEP A/c
Sherwood House Nominees Pty Ltd               6,620,500     1.47
Australian Foundation Investment
Company Limited Investment Portfolio A/c      6,044,679     1.34
Citicorp Nominees Pty Limited                 6,016,310     1.33
  CFS WSLE Industrial Share A/C
NRMA Nominees Pty Limited                     5,802,837     1.29
Zurich Australia Limited                      5,580,597     1.24
Perpetual Trustees Victoria Limited           5,385,480     1.19
Imputa A/c
Perpetual Trustees Victoria Limited           5,366,890     1.19
MTRBAL A/c

TOTAL                                       248,436,658    55.09


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


CONKY INVESTMENTS: Petition To Wind Up Pending
----------------------------------------------
The petition to wind up Conky Investments Limited is scheduled
to be heard before the High Court of Hong Kong on January 23,
2001 at 9:30 am. The petition was filed with the court on
October 15, 2001 by Nanyang Commercial Bank, Limited whose
registered office is situated at 151 Des Voeux Road Central,
Hong Kong.


G-PROP (HOLDINGS): Reason For Share Price Increase Unknown
----------------------------------------------------------
The board of directors of G-Prop (Holdings) Limited have noted
the recent increases in the trading volumes of the shares of the
Company and wish to state that the Board is not aware of any
reasons for such increases.

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


GOLD WAY: Winding Up Petition Hearing Scheduled
-----------------------------------------------
The petition to wind up Gold Way Foods Co., Limited is set for
hearing before the High Court of Hong Kong on November 7, 2001
at 9:30 am. The petition was filed with the court on August 2,
2001 by Sham Hoo Fat of Room 1018, Lim Kit House, Lei Cheng Uk
Estate, Kowloon, Hong Kong.


INNOVATIVE INTERNATIONAL: Director Chow Loy Resigns
---------------------------------------------------
Innovative International (Holdings) Limited (Receivers and
Managers Appointed) (the "Company") announced that Mr. Liu Chow
Loy tendered his resignation as a director of the Company
effective on 23rd October, 2001, a copy of which was received by
the Company Secretary on 30th October 2001.


KTP HOLDINGS: Posts Special General Meeting Notice
--------------------------------------------------
KTP Holdings posted this notice of special general meeting:

NOTICE IS HEREBY GIVEN THAT a special general meeting of the
shareholders of KTP Holdings Limited (the Company) will be held
at Block C, 1st Floor, Wong King Industrial Building, 2-4 Tai
Yau Street, Sanpokong, Kowloon, Hong Kong at 10:00 a.m. on 26th
November 2001 for the purpose of considering and, if thought
fit, pass the following special resolution:

Special resolution
"THAT,

(1) with effect from10:00 a.m. (Hong Kong Time) on the day
after the day on which this resolution is duly passed (the
"Effective Date") and conditional upon the Stock Exchange of
Hong Kong Limited granting the listing of, and permission to
deal in, the shares in the Company resulting from (a) and (b)
below;

     (a) the nominal value of each ordinary share of HK$0.45
each be and is hereby reduced to HK$0.01 by canceling HK$0.44 of
the paid up capital on each of the ordinary share in issue;

     (b) each unissued ordinary share of HK$0.45 be and is
hereby subdivided into 45 unissued shares of HK$0.01 each; and

     (c) the credit arising from the capital reduction be
applied to eliminate part of the accumulated losses of the
Company;

(2) with effect from the Effective Date, the entire amount
standing to the credit of the share premium account of the
Company be and is hereby cancelled and the credit arising
therefrom be applied to eliminate part of the accumulated losses
of the Company;

(3) with effect from the Effective Date, the amount of
HK$127,554,983.57 standing to the credit of the contributed
surplus account of the Company be applied to eliminate the
balance of the accumulated losses of the Company; and

(4) any director of the Company be and is hereby authorized to
do all acts and things which in his opinion are necessary to
effect and implement any of the foregoing."


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


SALIM GROUP: Holdiko Sells Gumindo For US$1.68M
-----------------------------------------------
Following the sale of PT Salim Rengo Containers several weeks
ago, PT Holdiko Perkasa issued a press release Friday announcing
the completion of another asset sale.  PT Gumindo Perkasa
Industri is Holdiko's 10th (tenth) asset sale for the year, and
generated gross proceeds of USD 1.68 million.

PT Gumindo Perkasa Industri (Gumindo) is the only food grade
manufacturer of seaweed flour (semi-refined carrageenan) in
Indonesia. Holdiko's entire 43.20% shareholdings in the company
was acquired by an existing shareholder and joint venture
partner, Mr. Ridwan Soeriyadi.

The sale process, which began last August, was initiated with an
offer by Holdiko to all existing shareholders in respect to
their pre-emptive rights as ruled by Gumindo's Articles of
Association and Joint Venture Agreement. For this transaction,
KPMG (PT Siddharta Consulting) acted as financial advisor to
Holdiko.

More details of this transaction are available on Holdiko's
website and can be accessed through the following link:
http://www.holdiko.com/prdetails.php?id=59&lang=en

IBRA/Holdiko also announced that it is on schedule to complete 9
(nine) more asset sales before the end of the fiscal year, for a
total of 19 (nineteen) completed asset sale transactions for
2001. For the next few weeks, IBRA/Holdiko will be conducting
due-diligence for the nine remaining asset sales and expects to
receive final bids from the participating investors, as outlined
below:

Asset Sale     No. of Investor participating     Final Bid Date
                in the final phase


PT Poli Contindo Nusa               9          October 31, 2001

Guangdong jiangmen ISN Float Glass  8          November 9, 2001

Riau Industrial Estates
(PT Herwido Rintis/ PT Bintan Inti
Industrial Estate/ PT Karimun
Sembawang Shipyard)   6       November 12, 2001

Sugar Group     9       November 19, 2001

PT Yakult Indonesia Persada N/A (Offer to    November 19, 2001
JV partners)        

PT Indosiar Visual Mandiri Tbk.    7       November 23, 2001

PT Berdikari Sari Utama Flour Mills  10       November 23, 2001

PT Indomarco Adi Prima        4       November 26, 2001

PT Indogift Chuenher Indah N/A (Offer to    November 30, 2001
JV partners)


SEMEN GRESIK: West Sumatra Residents Take Over Unit
---------------------------------------------------
The West Sumatra community has temporarily taken over PT Semen
Padang from its parent company, PT Semen Gresik, pending a
central government decision on whether to approve the unit spin
off, AFX-ASIA reported Friday.

"As of Nov 1, 2001, the provincial parliament declares that
Semen Padang is temporarily put under the authority of the
people of West Sumatra...until after a spin-off is implemented
by the government of the Republic of Indonesia," the provincial
parliament said in a decree.

State Enterprise Minister secretary Bacelius Ruru said the
takeover is against the law and the government will take firm
action against it.

"Semen Padang is a government asset. Any action related to the
asset, therefore, must be in conformity with the applicable
law," Ruru said.

He added that Semen Padang is covered by the Capital Market law,
which requires that any transfer of assets must be approved by
shareholders.

Ruru declined to comment what action the government will take.


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


MATSUSHITA ELECTRIC: Heavy Losses Lower Company Defenses
--------------------------------------------------------
Matsushita Electric Industrial Co Ltd could be susceptible to
takeover by a foreign corporation should its performance not
improve soon, PrnewsAsia reported on Friday citing a Matsushita
official.

Last week, Matsushita announced that it expects to suffer a net
loss of Y265 billion in the full fiscal year. The company's goal
it to post a sharp recovery.

Yukio Shohtoku, Matsushita Electric director in charge of
international business said, "If we should miss this target,
ratings agencies will downgrade our status and our market
capitalization will decline. That would make Matsushita an easy
target for a takeover -- and a lucrative target for a
takeover."

Shohtoku stressed however that a takeover is merely a
possibility not a probability.


MYCAL CORPORATION: May Undertake Rehab Under Different Law
----------------------------------------------------------
The failed Mycal Corporation may undertake restructuring under
the Corporate Rehabilitation Law, instead of the Civil
Rehabilitation Law under which it is currently proceeding, the
Asian Wall Street Journal reported on November 1.

Unlike the Civil Rehabilitation Law, the Corporate
Rehabilitation Law provides for a court-appointed administrator
that has a stronger say in the settling of conflicts of
interests, something which is currently hindering negotiations
between Mycal and sponsor candidates.


NEC CORPORATION: Plans Temporary Lay Off of 7,400 Workers
---------------------------------------------------------
Following a 90 percent drop in its operating profit for the
fiscal first half, NEC Corporation announced plans to
temporarily lay off some 7,400 employees at four Japanese plants
operated by its subsidiaries, the Asian Wall Street Journal
reported on November 1.

Previously, NEC announced a similar plan to temporarily lay off
9,000 workers at chip-related divisions at the parent company.
In line with its plans, the company's Fukui plant in central
Japan suspended operations for a day Thursday, affecting 800
workers there.

Furthermore, an NEC spokesman said, "Workers at three other
chip plants in the Kyushu, Tohoku and Kansai regions would be
temporarily laid off this year. The workers will be paid 80
percent of their standard daily wages on the days they are laid
off".

Some 1,700 workers of its Kyushu plant will be required to take
one to three days leave this November. Its Tohoku plant on the
other hand will force some 2,000 workers to take one to three
days off this month and next and at its Kansai plant in central
Japan, some 2,900 workers will take a total of four days leave
by the end of 2001.


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


HANBO IRON: Bidding Process Starting Again  
------------------------------------------
Hanbo Iron and Steel will open bidding anew in the middle of
this month, the Korea Herald reported Friday, quoting an
official of the Korea Asset Management Corporation (KAMCO).

KAMCO intends to enter into a binding memorandum of
understanding (MoU) with the bidder offering the highest price,
directly proceeding into negotiations for a final contract.

KAMCO plans to set up a corporate restructuring vehicle for
Hanbo's assets if a buyer isn't found.

Hanbo, which went bankrupt in early 1997, is reportedly staging
a turnaround, registering a W22.1 billion ordinary profit and
W8.2 billion operating profit for the first half of the year.


HYNIX SEMICONDUCTOR: Outlook Unclear Despite Bailout Approval
-------------------------------------------------------------
Despite the approval of its bailout package on Wednesday, Hynix
Semiconductor Inc. faces a bleak future amid the continuing
slump in chip prices and the recent allegations that it has
received direct aid from the Korean government, according to a
Friday report on Korea Herald.

Analysts are divided on their opinions regarding the ailing
chipmaker's future, with some saying that although the bailout
is meaningful for it may spark a turnaround, a liquidity crisis
may result if chip prices continue to slide.

According to analysts, for the next 12 months, Hynix needs about
W2 trillion for operation funds and technology development
costs. They also say that Hynix needs to sell-off non-core
facilities and engage in aggressive restructuring moves.

Meanwhile, U.S. and EU officials attending a World Trade
Organization meeting warned that government support for the
ailing chipmaker has led to what they called "severe trade
distortions" in the chip industry.

Under WTO guidelines, private companies can't receive direct
financial assistance from the state, and in this case the
government owns large stakes in several of Hynix's creditor
banks. Thus, investors see the injection of fresh funds from
creditor banks as tantamount to an injection of government
money.


HYNIX SEMICONDUCTOR: Government Denies Bailout Involvement
----------------------------------------------------------
The Korean government denied its participation in the Hynix
Semiconductor Inc. bailout amid growing criticism from
competitors and foreign investors alike that the company had
directly provided aid for the debt-ridden chip manufacturer, the
Korea Herald reported yesterday.

Trade Minister Hwang Doo-yun, in a press conference for foreign
media said, "We are going to have to ask the critics to trust us
when we say we had no part in the aid program. It was a decision
made between the creditors and the company," he further noted
that, "We can see that the U.S. is afraid that Korea
Development Bank's refinancing of Hynix bonds violates WTO's
subsidy rules. But we explained that the KDB program is a
temporary means, applying to one year, serving as a bridge
between supply and demand for corporate bonds".


HYNIX SEMICONDUCTOR: Deploys Sales, Marketing Group To U.S.
-----------------------------------------------------------
Hynix Semiconductor America Inc. announced the redeployment of
its worldwide sales and marketing team from the company's Seoul,
Korea, headquarters to its U.S. facility in San Jose,
California.  Putting into place a critical component of Hynix's
restructuring plan, the new infrastructure will become the nerve
center of the company's global sales and strategic marketing
activities.  

The organization, lead by senior vice president and general
manager of worldwide memory marketing, D. S. Kim, is charged
with expanding the company's market share within the U.S. and
centralizing communication across its worldwide sales, support
and manufacturing facilities and customer base.  Reporting to
Kim is vice president of worldwide memory marketing, Farhad
Tabrizi.

With a new technical support group and a task force of
additional sales teams strategically located near its key
customers, the move positions Hynix to offer swifter service and
quicker decision turnaround.  The streamlined communication
structure will also bolster customer response time -- a
critical factor in today's global business world.  In addition,
a planning team, tasked with coordinating marketing activities
across Hynix's several international locations, will lay the
foundation for the company's future as a global, market-leading
semiconductor company.

"Centralizing our sales and marketing functions in Silicon
Valley makes excellent business sense for Hynix," said Farhad
Tabrizi.  "At the heart of this major corporate decision was
the fact that North America is Hynix's largest market and the
home base for many of our key customers.  It's extremely
important, therefore, that we have a series of rapid-response
teams here to meet the ever-changing needs of these companies.
Our new infrastructure will not only allow us to service our
existing customer base, but it will also enable us to more
easily and rapidly exploit diverse new market segments and
applications for which our cutting-edge technology is ideally
suited."

Hynix Semiconductor America Inc. is a U.S. subsidiary of Hynix
Semiconductor Inc. and is headquartered at 3101 North First
Street, San Jose, California, 95134.  For more information on
Hynix Semiconductor visit http://www.hynix.comor  
http://www.us.hynix.com


HYUNDAI GROUP: Unit's Top Execs Resign, Job Cuts Considered
-----------------------------------------------------------
Hyundai Group subsidiary Hyundai Asan Corp. announced the
resignation of 13 of its 17 top executives. The Chief Executive
has not resigned. The resignations come in the wake of the
company's continuing liquidity problems, according to a report
by the Asian Wall Street Journal on Thursday.

Hyundai Asan is also mulling over the possibility of imposing
lay-offs and instituting an organizational shuffle. Chief
Executive, Kim Yoon-kyu will retain his position but will go
without pay for an unspecified period starting November.

No clear details were revealed regarding the planned reshuffling
except that the company plans on slashing two of its business
units to three. In order to raise W700 million for this month,
the company is currently readying plans to sell 30 of its buses.

Just last Thursday, Hyundai Asan failed to pay one month's
salary to all its employees due to a lack of funds. The company
managed to pay its employees Wednesday.


HYUNDAI MOTOR: U.S. Auto Sales Expected To Rise 77%
---------------------------------------------------
In view of an apparent shift in U.S. customer demand, wherein
U.S. customers now favor economical vehicles rather than high-
priced luxury cars in the wake of the September 11 attacks,
Hyundai Motor's U.S. exports are expected to record a 77 percent
growth in October, Korea Herald reported Friday.

Hyundai Motor affiliate, Hyundai Securities noted that,
"Hyundai had sold 27,888 vehicles in the United States by Oct.
29 and is projected to have attained a monthly volume of over
31,000 units".

The estimated October volume exceeds its September sales of
30,166 units and represents a huge 77 percent increase from what
was recorded for the same month of last year.

Buoyed by its strong showing, Hyundai recently forecast an
increase of its U.S. exports in 2001 to 335,000 units from
320,000.

Earlier this month, Hyundai was planning to issue W200 billion
in three-year corporate bonds carrying a 5 percent annual
coupon. The proceeds from the issue will be made to repay more
than W155 billion of corporate bonds maturing this month.


HYUNDAI SECURITIES: Union To Appeal Court Decision
--------------------------------------------------
The labor union of Hyundai Securities Co. has decided to appeal
to a higher court the Seoul District Court's decision to reject
a lawsuit to block the planned investment of American
International Group Inc. and W.L. Ross & Co. into the Korean
securities firm, the Korea Herald reported November 2, quoting
union sources.

The lawsuit was filed by the labor union, minority shareholders,
and the civic group People's Solidarity for Participatory
Democracy. The petitioners insisted that the deal, which
involved the issuance of Hyundai preferred shares to the AIG-led
consortium, is unfair and detrimental to minority shareholder's
interests.

The consortium is set to acquire about a third of Hyundai
Securities, 55 percent of Hyundai Investment Trust & Securities
Co. and 29 percent of Hyundai Investment Trust Management Co.


SAMSUNG ELECTRONICS: W500B Bond Issue Possible
----------------------------------------------
Samsung Electronics Co. may issue W500 billion worth of three-
year bonds in November, supposedly part of a refinancing package
introduced early this year, the Asian Wall Street Journal
reported on November 1.

Samsung Securities may be the underwriter for the bond issuance.

In July, Samsung Electronics said it would issue bonds totaling
W1.5 trillion before the end of the year in order to refinance
W1.6 trillion in bonds maturing in the final quarter.

The chipmaker had issued KRW500 billion in three-year unsecured
bonds each in August and October, making the latest issuance the
last of what the company had earlier promised.

The electronics giant's third quarter net profit dropped 75
percent on year to W420 billion as chip prices dropped 90
percent from a year ago.


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


ACTACORP HOLDINGS: Auditors' Report Authorized
----------------------------------------------
Actacorp Holdings Berhad (AHB or the Company) informed that the
Auditors' Report on the Audited Accounts for the year ended 30
June 2001 has been qualified due to:

  * The ability of the AHB Group and the Company to continue as
a going concern and to pay its debts as they mature (being debts
already accrued in the financial statements) is dependent upon
the successful completion of the restructuring scheme and the
relationship with their financiers in relation to any variation
to settlement of debts or debts covenants should the situation
be required.

  * The details and timing of the current restructuring scheme
undertaken by AHB, which AHB has applied to the Corporate Debt
Restructuring Committee (CDRC), is pending finalization.

  *  The deficit in the "adjusted shareholders equity" of which
the AHB Group had on 26 February 2001 announced that it is
considered to be an affected listed issuer pursuant to the
requirement of Practice Note 4/2001 (PN4) issued by KLSE. As at
30 June 2001, the AHB Group and Company have net shareholders'
deficits of RM197,688,680 and RM194,617,645 respectively, and
net current liabilities of RM228,362,309 and RM207,088,911
respectively. The AHB group is required to regularize its
financial conditions within the time frame stipulated by PN4.

  * An "emphasis of matter" as to the appropriateness of the
going concern assumption of all other subsidiaries in the Group
except for PPKL-Actacorp Sdn Bhd in the preparation of the
financial statements of these subsidiaries. The ability of these
subsidiaries to continue as going concern is dependent on its
ability to obtain continued financial support from its
shareholders.

  *  A "disclaimer" in respect of Teknik Cekap Sdn Bhd and TC
Machineries Sdn Bhd as these companies were served with a
winding up order.

However, in the auditors opinion, the financial statements of
the AHB group and company have been properly drawn up in
accordance with the provisions of the Company Act 1965 ("the
Act") and the matters required by Section 169 of the Act to be
dealt with in financial statements.

Furthermore, the accounting and other records and the registers
required under the Act to be kept by the company and its
subsidiaries which the auditors have acted for, have been
properly kept in accordance with the provisions of the Act.

AHB also announced that a meeting was held with the Corporate
Debt Restructuring Committee on 29 October 2001 to discuss on
the restructuring scheme of AHB.

The company is currently in the continuous process of finalizing
the terms of the restructuring scheme.


BERJUNTAI TIN: Awaits Proposed Restructuring Scheme Approval
------------------------------------------------------------
Berjuntai Tin Dredging Berhad (BTD or the Company) announced on
24 October 2001 that RHB Sakura Merchant Bankers Berhad, on
behalf of the Company, on 22 October and 23 October 2001
submitted the applications in relation to the proposed
restructuring scheme to the relevant authorities.

At present, the Company is awaiting the scheme approval.


BRIDGECON HOLDINGS: SA Prepares Workout Proposal Preparation
------------------------------------------------------------
On behalf of Bridgecon Holdings Berhad (Special Administrators
Appointed) (BHB or the Company), Arab-Malaysian Merchant Bank
Berhad announced that there are no changes to the status of the
Company's plan to regularize its financial position. The Special
Administrators (SA) of the Company are in the process of
preparing the workout proposal of BHB.


DEWINA BERHAD: Authorities Reviewing Submitted Plan
---------------------------------------------------
On behalf of Dewina Berhad (Dewina or Company) with regards to
the Company's plan to regularize its financial condition
(Requisite Announcement), Arab-Malaysian Merchant Bank Berhad
informed that the relevant authorities are currently reviewing
the submissions made by the Company on 21 September 2001.

In accordance with PN4, an affected listed issuer, which has
made an announcement and submitted its plan to regularise its
financial condition to the relevant authorities, must obtain all
approvals necessary for the implementation of such plan within
four(4) months from the date of submission of such plan for
approval.


ESPRIT GROUP: Prepares Documents, Meeting Arrangements
------------------------------------------------------
Esprit Group Berhad informed that the Company has made the
Requisite Announcement pursuant to Practice Note No. 4/2001 on
25 October 2001 in regard to its detailed planning to regularize
its financial condition and level of operations.

The Company is in the midst of preparing all relevant documents
and will make all necessary arrangements to convene both the
Creditors' and Members' meetings for the Company and the
Creditors' meetings for its relevant subsidiaries pursuant to
Section 176(1) of the Companies Act, 1965.


GEAHIN ENGINEERING: Obtains New White Knight
--------------------------------------------
Geahin Engineering Berhad announced the Company did not receive
any response from Lembaga Tabung Haji (LTH) to confirm their
continued interest in the proposed restructuring exercise till
24 October 2001. Alternatively, on 25 October 2001 the company
submitted a proposed restructuring scheme with a new White
Knight namely Ornapaper Industry (M) Sdn. Bhd.

The Company also applied to the Exchange for a further extension
of three (3) months commencing from 26 October 2001 for a
Merchant Banker to work out the details while awaiting the
Exchange's reply.


HAI MING: Posts Debt Restructuring Status Report  
------------------------------------------------
0Hai Ming Holdings Berhad (Hai Ming or the Company) and its
group of companies (Hai Ming Group) announced on 26 February
2001 that the Company is an affected issuer pursuant to PN4/2001
(First Announcement). Pursuant to Para 4.1 (b) of PN 4/2001, Hai
Ming is required to issue a monthly status report to provide
details and the status of its plan to regularise its financial
condition on a monthly basis on the first market day of each
month beginning with the month following the First Announcement.

Pursuant to Para 5.1 (a) of PN 4/2001, the Company is required
to make an announcement to the KLSE of a plan to regularise its
financial condition within six months of the First Announcement,
i.e. by 25 August 2001(Requisite Announcement), failing which,
the KLSE may impose a suspension on the securities of the
Company. On 16 August 2001, the Company had applied to the KLSE
for an extension of time to make the Requisite Announcement as
negotiations with the Company's bank lenders were still on-
going. Subsequently, on 19 September 2001, the KLSE approved the
Company's application for an extension of time to 25 October
2001 to make the Requisite Announcement.

The Company had on 22 October 2001 via Public Merchant Bank
Berhad (PMBB), applied to the KLSE for an extension of time of
another one month up to 25 November 2001 ("Extension") to comply
with the requirements of Para 5.1 (a) of PN 4/2001.

Status of the Company's plan to regularise its financial
condition under KLSE PN 4/2001

On 31 October 2001, PMBB made the Requisite Announcement on
behalf of the Company as required under Para 5.1 (a) of PN
4/2001.

The Requisite Announcement, among other things, highlighted the
following agreements entered into by the Hai Ming Group on 30
October 2001 to regularise its financial condition:
? Debt restructuring agreement between the Company, seven
(7) of its subsidiary companies, namely Hai Ming Trading
Co Sdn Bhd, Hai Ming Marketing Sdn Bhd, Paragon Paper Mill
Sdn Bhd, Hai Ming Capital Sdn Bhd, Hai Ming Paper Products
Sdn Bhd, Hai Ming Paper Mills Sdn Bhd and Hai Ming
Industries Sdn Bhd and the secured and unsecured bank
lenders of the Hai Ming Group for the proposed settlement
of debts amounting to RM53,588,638 and
? Sale and purchase agreement between the Company and the
vendors of Koh Poh Seng Plywood Co. (M) Sdn Bhd (KPS) for
the proposed acquisition of the entire equity interest in
KPS.
? In accordance with Para 5.1 (b) of PN 4/2001 and barring
any unforeseen circumstances, the Board of Directors of
Hai Ming expects to submit an application to the
Securities Commission in relation to the above proposed
restructuring exercise within two months from the date of
the Requisite Announcement.


INSTANGREEN CORP.: FIC Approves Proposed Restructuring Scheme
-------------------------------------------------------------
On behalf of Instangreen Corporation Berhad (ICB or the
Company), Arab-Malaysian Merchant Bank Berhad announced that the
revisions to the Proposed Restructuring Scheme of ICB (Proposal)
as announced on 11 September 2001 has also been approved by the
Foreign Investment Committee (FIC) vide its letter dated 30
October 2001 (which was received on 31 October 2001).

Apart from that, there are no changes to the status of the
Company's plan to regularize its financial position i.e. the
Company is presently finalizing the necessary documentation for
the completion of the Proposal.


KILANG PAPAN: Seeks Debt, Equity Workout Scheme Extension
---------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Kilang Papan
Seribu Daya Bhd (KPSD or the Company) (Special Administrators
Appointed) announced that an application was made to the KLSE on
31 October 2001 to seek for further extension for the submission
of the proposed debt and equity restructuring scheme to the
relevant authorities for another one (1) month to 30 November
2001.

The extension is needed because the Company requires additional
time to finalize the submission documents in view of the changes
in the business environment.


LION LAND: Posts Audited Results Loss Variation
-----------------------------------------------
The Board of Directors of Lion Land Berhad announced that there
was a variation in the loss as per the audited consolidated
results for the financial year ended 30 June 2001 and stated in
the fourth quarter financial results announced 30 August 2001
(Announcement).

The details of the variation:

Loss (Year-to-date) RM '000

As per the Announcement (63,368)

Taking into account the provisions now
ascertained pursuant to the Revised
Proposed GWRS :

-Provision for doubtful debts on amounts
owing by ultimate holding company (305,300)

-Provision for foreseeable loss on
proposed disposals (98,400)

Loss after adjustments (a)            -------------
(467,068)
========
Loss as per Audited Financial
Statements (b) (468,306)
========

Variance - RM '000 (c) = (b) - (a) (1,238)
- % (c)/(a) -0.3%

As disclosed in the Announcement, the unaudited consolidated
results of the Group for the financial year ended 30 June 2001
did not include any adjustments relating to the recoverability
of certain assets or receivables which may be necessary upon the
completion of discussions with lenders on the revised terms of
the proposed group wide restructuring scheme (Proposed GWRS).

The Company announced the revision of certain terms of the
Proposed GWRS (Revised Proposed GWRS) on October 8 2001.
Accordingly, the necessary provisions have been incorporated in
the Audited Financial Statements for the financial year ended 30
June 2001.


MECHMAR CORPORATION: Remains In Loan Default
--------------------------------------------
Mechmar Corporation (Malaysia) Berhad is still in technical
default over these loans as of 31 October 2001;

1. The company has settled RM2 million of the outstanding
principal of RM4 million due 30 June 2001 to a syndicated term
loan of RM 35 million. The outstanding balance of RM 2 million  
will be repaid from the sale proceeds of a piece of property in
Melati owned by a 51% subsidiary.

2. The company is in default on repayment to a local merchant
bank of a principal sum of RM5.5 million loan.  The Company is
in negotiations regarding repayment, planning to use income from
their Tanzanian power plant. The plant is scheduled to be in
commercial operation in November 2001.

3. On 18 May 2001, the company and its subsidiary was served
with a summons in chambers for summary judgement as Corporate
guarantor and debtor in respect of two term loans for RM1
million and RM2 million for an outstanding amount of RM 625,231
and RM 1,322,725 respectively. The subsidiary is in final
discussions with the lender to repay the outstanding sum by
installments.

4.The Company is still in discussions with its syndicated
lenders over a technical default in respect to RM 9,185,000
unsecured syndicated loan from local banks owed since December
2000. Ongoing discussions are still being held with the lenders
to reschedule loan repayments from the income receivable from
their power plant in Tanzania, scheduled to be in commercial
operations in November 2001.

5. The Company has been in default since 31 March 2001 on an
unsecured loan payment of RM 1.2 million borrowed from a local
merchant bank 31 March 2001. The Company has decided to repay
this facility from the income receivable from their power plant
in Tanzania, which is expected to be in commercial operation in
November 2001. The merchant bank has, however, proceeded with
legal action to recover debt.

6.The Company is in default on a secured local merchant bank
loan payment of RM 2.4 million since April 2001. The Company  
sold the secured landed property on 18 June 2001. The sale
proceeds due will be utilized towards repayment of the loan.

7. The Company is in default over the repayment of a secured
loan of RM4.7 million sold to Danaharta in August 2000. The
lender has granted indulgence to the Company to repay it from
the income of their power plant in Tanzania, which is expected
to be in commercial operation in November 2001.


PANGLOBAL BERHAD: Awaits SC's Proposed Debt Scheme Approval
-----------------------------------------------------------
PanGlobal Berhad (the Company) is still awaiting the Securities'
Commission approval of its proposed composite scheme of debt
arrangement (the Scheme). The Company has obtained approval from
the Foreign Investment Committee and conditional approval from
Bank Negara Malaysia for the Scheme.


PARIT PERAK: Explains Audited/Unaudited Results Variance
--------------------------------------------------------
The Board of Directors of Parit Perak Holdings Berhad (PPHB)
announced that the Group registered an Audited Group Turnover of
RM366,000 for the financial year ended 30 June 2001. It is
RM210,062,000 lower than the Unaudited Group's turnover of
RM210,428,000 announced to Kuala Lumpur Stock Exchange (KLSE) on
30 August 2001.

The variance is mainly due to the reversal of the relevant
accounting entries in relation to the contra of properties with
Malaysia Building Society Berhad (MBSB). Based on the draft Deed
of Settlement between Capital Dynasty Sdn Bhd, a subsidiary of
PPHB, and MBSB, the contra of properties gives rise to a sale
consideration of RM210,124,767.76. The announcement dated 30
August 2001 had included the sale consideration in the reported
Group's turnover.

However, the Deed of Settlement was called off. Consequently,
there is no ground to include the above transaction in the books
of PPHB for the financial year ended 30 June 2001.


Reference is made to the announcement dated 1 October 2001
wherein the Company had, pursuant to paragraph 8.14 of the
Listing Requirements of the KLSE and Practice Note 4/2001 dated
15 February 2001 issued by the KLSE (Practice Note), announced:

   *?TCHB is an affected listed issuer under the Practice Note;

   * ?TCHB has received the approval of the KLSE for the
extension of time for 2 months from 22 August 2001 to 21 October
2001 in order for TCHB to comply with the requirements of
paragraph 5.1 of PN4/2001.


SATERAS RESOURCES: Applies Time Extension To Complete Exercise
--------------------------------------------------------------
Sateras Resources (Malaysia) Berhad said that the Company
applied to the Securities Commission (SC) for an extension to
complete the Proposed Debt Equity Conversion Exercise involving
RM254,170,157 owing to identified Creditors of the Sateras Group
(Exercise), as well as to make some variations to the Exercise:

   (i) The Proposed Debt Conversion will involve the conversion
of up to RM32,378,638 debts owing to identified creditors into
new ordinary shares of RM1.00 each credited as fully paid in the
Company as opposed to RM156,013,314 originally; and

   (ii) The Proposed Private Placement will involve an issuance
of up to 221,791,519 new ordinary shares of RM1.00 fully paid in
the Company to identified placees as opposed to 98,156,843 new
ordinary shares originally; without affecting the total amount
of debts of the Sateras Group to be settled pursuant to the
Exercise amounting to RM254,170,157. The decision from SC on the
proposed variations and implementation of the Exercise is
pending.

The Company further informed that the KLSE has perused the
second draft of the circular to shareholders and Commerce
International Merchants Bankers Berhad, our merchant bank
adviser, has incorporated the comments and amendments to be made
thereto.


TIMBERMASTER IND.: Financial Regularization Status Unchanged
------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) (TMIB or the Company) announced that there has been
no change to the status of the Company's plan to regularize its
financial condition.

TMIB has been consistently following up with the White Knight on
its endeavors and status of fulfilling the conditions precedent
set out in the Memorandum of Understanding (MoU) dated 14 August
2001.

TMIB was earlier required to make the Requisite Announcement
(RA) by 23 October 2001. However, on 5 September 2001, the
Company appealed to the KLSE for consideration of an extension
of time until 7 December 2001 to make the RA, as the RA is
dependent on the White Knight fulfilling the conditions
precedent set out in the MoU dated 14 August 2001.

Subsequent to TMIB's appeal, the KLSE, by its letter dated 31
October 2001, granted the Company until 7 December 2001 to make
the RA. In the interim, the Company is required to provide the
KLSE detailed progress report by 15 November 2001. The progress
report sets out the development and/ or latest status of the
Company's regularization exercise between its appeal letter
dated 5 September 2001 and 14 November 2001.  


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


NATIONAL BANK: Pres Arroyo Gains Tan's Approval Re PNB Rehab
------------------------------------------------------------
Philippine President Gloria Arroyo announced she has convinced
business tycoon Lucio Tan to agree on the rehabilitation of the
Philippine National Bank (PNB), in which the latter owns a
majority stake, the Manila Times reported Friday.

No details regarding the negotiations were released but the
President said Finance Secretary Isidro Camacho would be in
charge of releasing the information.

Previously, different plans for the rehabilitation of the ailing
bank were proposed including the infusion of capital from a
strategic investor, or the outright sale of Tan's majority
stake.

The persistent stumbling blocks for PNB's early rehabilitation
were the bank's bad loans. The absence of a rehab plan also
snagged the settlement of some P10 billion emergency loans
issued by the Philippine Deposit Insurance Corp. and some P15
billion more from the Bangko Sentral ng Pilipinas.

Analysts also noted that PNB's financial state was also due to
its reputation of being an alleged "milking cow" of some
government officials, thus the presence of such huge bad loans.

A PriceWaterhouseCoopers audit released at the end of this
year's first quarter revealed that at least half of all PNB's
loans were bad loans or "non-performing" loans.


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


CREATIVE TECHNOLOGY: Posts Changes In Substantial Interests
-----------------------------------------------------------
Creative Technology Ltd. posted on November 1, a notice of
changes in substantial shareholder The Capital Group Companies'
deemed interests. The changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: The Capital Group Companies,
            Inc.
Date of notice to company: 31 Oct 2001
Date of change of shareholding: 30 Oct 2001
Name of registered holder: Cede & Co.
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 30,000
Percent of issued share capital: 0.041
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: US$5.89
No. of shares held before change: 2,193,720
Percent of issued share capital: 3.005
No. of shares held after change: 2,223,720
Percent of issued share capital: 3.046

Holdings of Substantial Shareholder including direct and deemed
interest
     Deemed              Direct
No. of shares held before change: 3,800,170  
Percent of issued share capital:   5.206  
No. of shares held after change:   3,830,170  
Percent of issued share capital:   5.247  
Total shares:   

No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest


RAFFLES HOLDINGS: Posts Change In Shareholder's Interests
---------------------------------------------------------
Raffles Holdings Limited, a subsidiary of CapitaLand Limited,
posted on Thursday, a notice of changes in substantial
shareholder CapitaLand Limited's shareholding. The changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: CapitaLand Limited
Date of notice to company: November 1, 2001
Date of change of deemed interest: October 31, 2001
Name of registered holder: CapitaLand Commercial Limited
Circumstance giving rise to the change: Others
Please specify details: On October 31, 2001, CapitaLand
Commercial Limited (CCL) transferred its beneficial
interest in 793,824,376 ordinary shares of S$0.50 each in
the capital of Raffles Holdings Limited to Pidemco Land
(Philippines) Pte Ltd (PLP), pursuant to an internal
restructuring of the CapitaLand Limited (CL) group, for an
aggregate consideration of S$801,000,603.CCL and PLP are
wholly-owned subsidiaries of CL. Accordingly, CL is now
deemed (through its interest in PLP instead of CCL) to
have an interest in the Shares by virtue of Section 7 of
the Companies Act, Chapter 50 of Singapore.

Shares held in the name of registered holder
No. of shares of the change: 793,824,376
Percent of issued share capital: 38.16
Amount of consideration
per share excluding
brokerage, GST, stamp
duties, clearing fee: S$1.009
No. of shares held before change: 793,824,376
Percent of issued share capital: 38.16
No. of shares held after change: 0
Percent of issued share capital: 0

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed               Direct
No. of shares held before change: 1,249,273,450            0
Percent of issued share capital:    60.06           0
No. of shares held after change:  1,249,273,450       0
Percent of issued share capital:    60.06                  0
Total shares: 1,249,273,450 0


SEMBCORP LOGISTICS: Capital Group Changes Substantial Holding
-------------------------------------------------------------
Sembcorp Logistics Limited announced on Friday a notice of
changes in the Deemed Substantial Shareholding of shareholder,
Capital Group Companies. The changes:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: The Capital Group Companies,
                                 Inc.   
Date of notice to company: November 2,2001
Date of change of deemed interest: November 1, 2001
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 138,000
Percent of issued share capital: 0.02
Amount of consideration
per share excluding
brokerage, GST,
stamp duties, clearing fee: S$1.6009
No. of shares held before change: 55,872,400
Percent of issued share capital: 6.56
No. of shares held after change: 56,010,400
Percent of issued share capital: 6.58

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed            Direct
No. of shares held before change:  88,233,200  
Percent of issued share capital:      10.37  
No. of shares held after change:   88,371,200  
Percent of issued share capital:      10.38  
Total shares:                      88,371,200  


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


THAI PETROCHEMICAL: EPL Reviews Plant Bids' Terms, Conditions
-------------------------------------------------------------
Ferrier Hodgson's wholly owned subsidiary, Effective Planners
Public Company Limited (EPL), began a comprehensive review of
the terms and conditions set for two bids received for Thai
Petrochemical Industry (TPI)'s Rayong-based power plant,
Business Day Thailand reported Friday.

The process is expected to take several days, during which time
EPL will hold further discussions with each bidder.

The signing of the sales transaction agreements are expected to
held towards the end of the month.


TPI CONCRETE: Files Petition For Business Reorganization
--------------------------------------------------------
The Petition for Business Reorganization of TPI Concrete Company
Limited (DEBTOR) was filed in the Central Bankruptcy Court:

     Black Case Number 565/2543

     Red Case Number 628/2543

Petitioner: TPI CONCRETE COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,218,386,016

Planner: TPI Concrete Company Limited

Date of Court Acceptance of the Petition: July 21, 2000

Date of Examining the Petition: August 21, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: August 21, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 25, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 14,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 14, 2000

Appointment Date of the Creditors' meeting for the Plan
Consideration: February 1, 2001 at 13.00 pm. Convention Room,
9th Floor Legal Execution Department, Bangkunnont Rd.

The Creditors' meeting has a special resolution accepting the
plan.

Court hearing has been set on February 9, 2001 at 13.30 pm.

Court Order for Accepting the reorganization plan: February 9,
2001 and appointed TPI Concrete Company Limited to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: February 16, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: March 20, 2001

Contact: Mr. Tanawat Tel, 6792525 ext 123


* FRA Brings More Companies Into Bankruptcy Process
---------------------------------------------------
The Central Bankruptcy Court declared three suspended companies
under the supervision of the Financial Sector Restructuring
Authority (FRA), namely G.C.N Finance Plc., Sri Dhana Finance
Plc. and Chatiphaibul Finance Co., Ltd., bankrupt and put them
under absolute receivership upon the request filed by the
liquidator of each company.

Mr.Kamol Juntima, the FRA's Chairman , said that these three
companies have already distributed the proceeds from asset sales
amounting to Bt10,069.75 million to their eligible creditors who
had filed their claims with the FRA. Of this amount, Bt9,807.51
million or 97.40% were paid to the Financial Institutions
Development Fund (FIDF).

"The remaining assets of these three companies will be handled
by the Official Receiver of the Legal Execution Department and
all of the creditors have to file claims with the Official
Receiver for their outstanding debts within 2 months after the
receiving orders are publicized," said Mr.Kamol .

Mr.Kamol said that, as of October 31,2001, the FRA has already
brought 37 of 56 suspended companies under its supervision into
the bankruptcy process. Of 19 others, seven have already
completed their repayment processes, six are repaying debts to
their creditors and two more will be distributing payments
during November - December 2001. The last group of four
companies with more complicated calculations will be repaying
their debts early next year.

G.C.N Finance Plc. was ordered to suspend operations by the
Ministry of Finance on June 26, 1997. During July 16,2001 -
August 15,2001, the company's creditors have been repaid  
Bt2,920.23 million, of which Bt2,799.64 million was paid to the
FIDF. After repaying debts under the FRA's procedures, the
company has Bt2,431.82 million in remaining assets and
Bt8,561.18 million of outstanding debts as of September 30,2001.

Sri Dhana Finance Plc. was ordered to suspend operations by the
Ministry of Finance on August 5, 1997. As of July 31, 2001 , the
company has Bt7,341.27 million in remaining assets
and Bt14,153.82 million in outstanding debts. During July
16,2001 - August 15,2001 , the company's creditors have been
repaid Bt5,418.54 million, of which Bt5,289.24 million was paid
to the FIDF.

Chatiphaibul Finance Co.,Ltd. was ordered to suspend operations
by the Ministry of Finance on August 5, 1997. During July
16,2001 - August 15,2001, the company's creditors have been
repaid Bt1,730.98 million, of which Bt1,718.63 million was paid
to the FIDF. After repaying debts under the FRA's procedures,
the company has Bt1,441.10 million in remaining assets and
Bt4,711.37 million in outstanding debts as of September 30,2001.


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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