TCRAP_Public/011109.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

            Friday, November 9 2001, Vol. 4, No. 220

                           Headlines



A U S T R A L I A

DIGITAL NOW: Appoints Sal Catalano As BODs' Chairman
HIH INSURANCE: ASIC Signs Protocol Agreement With HIH Royal
NORMANDY MINING: Member's General Meeting To Be Held Nov 19
NORMANDY MT: Issues AGM Proxy Results
NORMANDY MT: Posts Production Report
TWINTARA PTY: Ex-Director Faces 190 Insolvent Trading Charges


C H I N A   &   H O N G  K O N G

GENERAL GLORY: Winding Up Sought By Hua Xing
KEEN CAPITAL: Faces Winding Up Petition
KTP HOLDINGS: Takes Measures To Ensure Sufficient Public Float
MARKET REPUBLIC: Hearing of Winding Up Petition Set
WING LEE: Consolidates Shares
WAH WAH TRAVEL: Petition To Wind Up


I N D O N E S I A

HOLDIKO PERKASA: Sells Steel-Drum Manufacturing Company
PASIFIK SATELIT: Delisted By Nasdaq


J A P A N

ASAHI BANK: Stock Hammered Due To Banking Sector Concerns
FUJITSU LIMITED: Moody's Downgrades Long Term Debt Rating
MATSUSHITA ELECTRIC: Moody's Lowers Rating, Outlook Negative
NEC CORPORATION: Hastens Job Cuts, Transfers
TOSHIBA CORPORATION: Chairman Optimistic Re Recovery by 2002


K O R E A

BYUCKSAN ENGINEERING: Debt Workout To Continue
DAEWOO MOTOR: Hyundai Denies Polish Plant Takeover Bid
HANBO STEEL: November 14 Auction Scheduled
HYNIX SEMICONDUCTOR: Three Chinese Consortiums To Buy Lines
HYNIX SEMICONDUCTOR: Creditors OK W640B New Loans
HYUNDAI PETROCHEMICAL: New CEO Appointment Pending
SEOULBANK: Kyobo Life Interested In Takeover Offer


M A L A Y S I A

EMICO HOLDINGS: Seeks KLSE's One-Month Extension Approval
MENANG CORPORATION: SC Gives Proposed ESOS Approval
PANCARAN IKRAB: SC OKs Restructuring Scheme Proposed Revision
PSC INDUSTRIES: FIC Approves Proposed Disposal
RENONG BERHAD: Answers KLSE's Query, Clarifies Paper's Report
SOUTH MALAYSIA: Receives SC's Proposal Approval Letter
TA ENTERPRISE: TA Bank Disposal Completed
TAT SANG: Posts Principal, Interest Defaulted Payments
TECHNOLOGY RESOURCES: Updates Proposals' Status
UH DOVE: Proposed Amendments Subject To Shareholders Approval


P H I L I P P I N E S

BENPRES HOLDINGS: Investors Told To Avoid Stock
METRO PACIFIC: ING Barings Identifies 10 Buyers For Boni Project
NATIONAL BANK: Clarifies BusinessWorld News Article
NATIONAL BANK: Moody's Revises Ratings Outlook To `Positive'
NATIONAL POWER: Mid-November Sale Plan Submission Expected
NATIONAL STEEL: Iligan Plant Fast Deteriorating


S I N G A P O R E

ASIA FOOD: Issues Property Valuation Notice
GOLDEN AGRI: Appoints Three New Directors
THAKRAL CORPORATION: Losses, Earnings Signal New Stability


T H A I L A N D

MODERN HOME: Exempted From Submitting Financial Statement
PRASIT PATANA: PwC Posts Rehab Plan Progress Report
SUNTECH GROUP: Files Business Reorganization Petition
THAI TELEPHONE: Appoints Directors, Audit Committee Chairman

     -  -  -  -  -  -  -  -

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


DIGITAL NOW: Appoints Sal Catalano As BODs' Chairman
----------------------------------------------------
Digital Now Inc announced resignations from the Company's Board
of Directors effective immediately:

(a) Mr Abe Ostrovsky has resigned as the Chairman and a
director; and

(b) Mr Wiliam Lane has resigned as a director.

Mr Sal Catalano, a Director of Chimaera Capital Pty Ltd has been
appointed to the board as a Director and has accepted the
position of Chairman of the Board of Directors. Chimaera Capital
Pty Ltd is a shareholder in the Company.

Mr Catalano was previously the Head of Donaldson Lufkin and
Jenrette's (DLJ) Australian division and following the takeover
of DLJ by Credit Suisse First Boston, was appointed as the
Director of Credit Suisse First Boston International's
Alternative Capital Group in London.


HIH INSURANCE: ASIC Signs Protocol Agreement With HIH Royal
-----------------------------------------------------------
Ms Jillian Segal, Deputy Chair of the Australian Securities and
Investments Commission (ASIC) announced that ASIC has signed a
protocol agreement with the HIH Royal Commission.

The protocol provides for cooperation between ASIC and the Royal
Commission in light of possible overlaps between ASIC's
investigation into the collapse of HIH and the Commission's
inquiry.

Copies of the protocol are available from ASIC's website at
www.asic.gov.au or the Commission's website at
www.hihroyalcom.gov.au.

ASIC's investigation is continuing.

For further information contact:
Felicity Glennie-Holmes
ASIC Media Unit
Telephone: 02 9911 2600
Mobile: 0412 673 038


NORMANDY MINING: Member's General Meeting To Be Held Nov 19
-----------------------------------------------------------
Normandy Mining Limited announced that a general meeting of the
members of the Company will be held at 11:00 on Monday, 19
November 2001 at The Johannesburg Country Club, Napier Road,
Auckland Park, Johannesburg, South Africa, for the purpose of
considering and, if deemed fit, passing, with or without
modification, the following ordinary and special resolutions:

ORDINARY RESOLUTION NUMBER 1

"RESOLVED that the acquisition by the Company of up to 100
percent of the issued share capital of Normandy Mining Limited
(ABN 86 009 295 765), a public company incorporated in
Australia, in accordance with the terms of the offer as
described in the circular accompanying the notice of the meeting
at which this resolution is proposed, or any variation of such
terms permitted by law, as the directors deem fit, is hereby
approved."

ORDINARY RESOLUTION NUMBER 2

"RESOLVED that any director of the Company be and is hereby
authorized to do all such things, sign all such documents and
procure the doing of all such things and the signature of all
such documents as may be necessary for or incidental to the
implementation of the acquisition referred to in ordinary
resolution number 1."

SPECIAL RESOLUTION

"RESOLVED that article 108 of the Company's articles of
association be amended by the deletion of the first sentence and
the substitution therefore of 'Dividends may be declared in
South African rands or in United States dollars, as the
directors in their discretion may determine."

The reason for and the effect of the above special resolution,
if passed, is to amend the Company's articles of association to
authorize the payment of dividends by the company in South
African rands or United States dollars as determined by the
directors.


NORMANDY MT: Issues AGM Proxy Results
-------------------------------------
Normandy Mt Leyshon Limited announced that at the Annual General
Meeting held Wednesday, shareholders passed resolutions
approving the restructure of Normandy Mt Leyshon Limited,
the return of capital of $0.33 per share to each shareholder,
and the change of name of the Company to Leyshon Resources
Limited.

The record date for the return of capital is 14 November 2001
and shares will trade on an "ex of capital return" basis from 8
November 2001.

Pursuant to Australian Stock Exchange Limited requirements, the
Company advised that all of the resolutions contained in the
Notice of Meeting dated 28 September 2001 placed before the
shareholders at the Annual General Meeting of the company were
carried on a show of hands.

Proxy results:

                   FOR        OPEN        AGAINST       ABSTAIN

Resolution 1  %  99.64%      0.36          0.00
          No  65,254,445   233,796         1,138        12,700

Resolution 2  %   99.33%     0.67%         0.00%
          No  65,036,485   442,444           300        22,850

Resolution 3  %   89.26%     4.83%         5.91%
          No   4,636,572   252,096       307,000    60,306,411

Resolution 4  %   88.88%     5.22%         5.90%    60,309,911
          No   4,613,928   272,096       306,144

Resolution 5  %   99.20%     0.37%         0.43%
          No  64,959,139   243,240       284,700        15,000

Resolution 6A %   99.45%     0.48%         0.07%        15,000
          No  65,123,553   317,546        45,980


NORMANDY MT: Posts Production Report
------------------------------------
Normandy Mt Leyshon Limited announced that production in the
latter part of the 2001 year shifted to low grade stockpiles
after cessation of open pit mining.

As a result, an after tax profit of $8.4 million was recorded
for the year, with gold production 17 percent lower, total cash
cost $66 per ounce higher and realized gold price $54 per ounce
lower than last year.

Gold production is expected to end at Mt Leyshon in February
2002, after almost 15 years of operations. At closure, the mine
will have yielded some 3.1 million ounces of gold, generating
$1.8 billion in revenue, $409 million in net profits and $5.38
per share in dividends. This outstanding record positions Mt
Leyshon among Australia's most successful and profitable gold
mines.

Shareholders have been advised that, with approaching closure,
Directors propose a cash distribution of 33 cents per share and
a restructuring of the Company, as an alternative to orderly
liquidation.

FINANCE

Consolidated profit after tax was $8.4 million, down from $37.3
million in the previous year, reflecting lower production as the
mine approaches reserve depletion.

The profit was achieved on gold sales on 233,632 ounces at a net
(after hedge fees) average realized price of $488 per ounce
compared to the average spot price for the year of $501 per
ounce.

Consolidated profit was influenced by the lower production,
largely reflecting a 16 percent lower head grade and lower
recovery, higher total cash costs and the lower average realized
gold price.

The Company had cash and bullion totaling $35.3 million at 30
June 2001.

Cash flow generated was applied to dividends (final 1999-2000
and interim 2000-2001) totaling 95 cents per share ($75.0
million).

OPERATIONAL PERFORMANCE

The year's result reflects approaching reserve depletion and
mine closure, with gold production 17 per cent lower at 233,761
ounces and total cash cost $66 per ounce higher at $349 per
ounce.

Total mine movement declined to 6.33 million tons, with mining
activities in the main pit completed at an accelerated rate in
March to reduce exposure to the tropical wet season. A remnant
ore block was mined from the main haul road in early June,
marking the conclusion of mining operations at Mt Leyshon.

The decline in gold production was primarily due to a lower
average head grade in the final open pit benches and
commencement of treatment of the low-grade stockpile, which
averaged 0.74g/t toward year-end.

Average grade treated was 1.46g/t and gold recovery declined to
87.8 percent, largely reflecting the lower recoveries achieved
from the stockpile which averaged 67 percent compared to the
feasibility estimate of 80 percent. Mill throughput was slightly
lower than last year at 5.67 million tons due to initial
processing difficulties with the stockpile, including grade
variation due to scattered historical dumping patterns.

GOLD SALES & HEDGING

The Company delivered gold for sale predominantly into existing
hedge positions, realizing a net $488 per ounce after fees.

Hedging declined by a net 217,001 ounces during the year,
reflecting delivery of 219,041 ounces into maturing contracts
and net replacement hedging of 2,040 ounces.

The audited mark-to-market value of the hedge book (unrealized)
at 30 June 2001, was $2.5 million.

MINE CLOSURE & REHABILITATION

Rehabilitation and re-vegetation of the mine site is expected to
be completed by the end of fiscal 2002, to be followed by post-
closure monitoring.

The mine closure plan was accepted by regulatory bodies, with
remaining work to be undertaken including rehabilitation of two
waste rock dumps, the New North Tailings facility, treatment
plant area and footprint of the low grade stockpile.

Local government involvement in long-term management of the site
is under negotiation in return for access to the scats
stockpile, which is suitable for road base and construction
purposes.

The treatment plant will be offered for sale once stockpile
processing is completed.

Approximately 180 hectares of the site was rehabilitated during
the year, with about 120 hectares remaining to be completed.

THE YEAR AHEAD

The outlook for the year ahead is for production to continue
until February 2002, sourced entirely from processing low-grade
stockpiles.

Total gold production is estimated at approximately 63,000
ounces, at an average total cash cost $412 per ounce.

SEPTEMBER QUARTER

Gold production declined further to 25,745 ounces due to reduced
average head grade and recovery resulting from treatment of low
grade stockpiles throughout the quarter. Average grade was
0.19g/t and recovery averaged 69.5 percent. Recovery improved in
the second half of the quarter after a number of process circuit
improvements. Mill throughput was 1,418,115 tons.

Handling and processing of the stockpile to date has provided
more accurate information on its properties, and it is now
expected that at least 90 percent of the stockpile is treatable.
An estimated 2.1 million tons averaging 0.7g/t remains to be
processed.

Gold sales were 25,723 ounces at a net average realized $511 per
ounce after hedge fees, compared with the average spot price of
$533 per ounce.

Remaining forward sales positions total 31,600 ounces at an
average $531 per ounce.

A consolidated loss after tax of $1.3 million (un-audited) was
recorded, primarily due to higher depreciation and amortization
charges required to ensure that assets are fully written down by
the end of operations.

At 30 September 2001, cash and bullion was $40.1 million (un-
audited), an increase of $4.8 million.

THE NEW COMPANY

The Directors of Normandy Mr Leyshon Limited are proposing a
restructuring of the Company as an alternative to orderly
liquidation.

The 'new' company, proposed to be named Leyshon Resources
Limited, will have a specific strategic focus on exploration,
with potential upside and renewed opportunity for growth.

A key element of the proposal is a capital return to
shareholders of 33 cents per share.

The new company will be debt free and have a cash balance of at
least $3.5 million. It will hold existing tenements in the Mr
Leyshon district and acquire interests in a portfolio of
exploration properties, including tenements in the prospective
Musgrave region of Western Australia and various tenements in
the Kidston, Agate Creek and Cloncurry regions of Queensland.

The company would have no historical liabilities, with
responsibility for Mt Leyshon mine rehabilitation and closure
assumed by Normandy Mining Limited. The current closure estimate
is $8.3 million.

Shareholder approval for the restructuring is being sought at
this Annual General Meeting, and details have been provided to
shareholders in an Explanatory Memorandum which accompanied the
Notice of Annual General Meeting.

Should the proposal not gain shareholder approval, an interim
distribution of 25 cents per share will be made after the AGM,
with the prospect of additional distributions of between 15
cents and 20 cents per share, over a number of years, assuming
no increase in mine closure estimates.


TWINTARA PTY: Ex-Director Faces 190 Insolvent Trading Charges
-------------------------------------------------------------
Peter John Neagoe, former director of failed home building
company Twintara Pty Ltd, appeared Wednesday in the Melbourne
Magistrates Court in relation to 190 charges of insolvent
trading brought by the Australian Securities and Investments
Commission (ASIC).

ASIC alleges that, between 15 December 1999 and 3 May 2000, Mr
Neagoe failed to prevent the company from incurring debts at a
time when the company was insolvent.

Mr Neagoe faces a further 22 ASIC charges of breaching his
duties as a director.

ASIC alleges that Mr Neagoe dishonestly used his position as a
director by incurring debts when he was aware the company was
insolvent.

Twintara Pty Ltd, which traded as Eastern Park Developments,
operated in Melbourne's outer eastern suburbs and was placed
into liquidation in July 2000 with debts to creditors of over $2
million.

Mr Neagoe did not enter a plea to the charges. He is due to
appear in the Melbourne Magistrates Court on 9 January 2002.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


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C H I N A   &   H O N G  K O N G
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GENERAL GLORY: Winding Up Sought By Hua Xing
--------------------------------------------
Hua Xing Equipment Limited is seeking the winding up of General
Glory Company Limited. The petition was filed on September 6,
2001, and will be heard before the High Court of Hong Kong on
January 2, 2002.

Hua Xing holds its registered office at 27th Floor, Effectual
Building, No. 16 Hennessy Road, Wanchai, Hong Kong.


KEEN CAPITAL: Faces Winding Up Petition
----------------------------------------
The petition to wind up Keen Capital International Limited is
scheduled to be heard before the High Court of Hong Kong on
December 12, 2001 at 10:00 am.

The petition was filed with the court on August 21, 2001 by Bank
of China (Hong Kong) Limited, (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance, of Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.


KTP HOLDINGS: Takes Measures To Ensure Sufficient Public Float
--------------------------------------------------------------
KTP Holdings Limited (the Company), further to the announcement
dated 4th October, 2001 (the Announcement) in relation to the
insufficient public float of the Company, announced that the
Company has taken various steps with a view to reinstate the
minimum public float.

Since the date of the Announcement, the Company has been in
negotiation with the substantial shareholders of the Company for
the disposal of their shares of the Company (Shares) in the open
market. The Company is also considering other methods include
but not limited to the placing of new Shares.

However, nothing has been finalized up to the date hereof and
more time may be required for the negotiation. Accordingly, the
public float of the Company remains at 21.36 percent of the
total number of Shares in issue since the date of the
Announcement. The Company does not comply with the minimum
prescribed percentage of 25 percent as stipulated in Rule 8.08
of the Rules Governing the Listing of Securities of the Stock
Exchange of Hong Kong Limited and the Stock Exchange has
indicated that it reserves the right to take any disciplinary
action.

The Directors and Top Source have undertaken to take appropriate
steps to ensure restoration of the 25 percent public float
within one month from the date of this announcement.

The directors of the Company (the Directors), the Company and
its single largest controlling shareholder, Top Source
Securities Limited (Top Source), will continue to take
appropriate steps to ensure restoration of the minimum 25
percent of the issued shares of the Company to public hands by
no later than 7th December, 2001. The Hong Kong Stock Exchange
has indicated that it will closely monitor the trading and price
movement in the Shares. A further announcement may be made in
this respect in due course.


MARKET REPUBLIC: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Market Republic Limited is scheduled for
hearing before the High Court of Hong Kong on November14, 2001
at 9:30 am. The petition was filed with the court on August 7,
2001 by The Bank of East Asia, Limited of 10 Des Voeux Road
Central, Hong Kong.


WING LEE: Consolidates Shares
-----------------------------
Wing Lee Holdings Limited advised market participants to note
that the shares of HK$0.10 each (Old Shares) in the capital of
Wing Lee Holdings Limited will be consolidated into shares of
HK$0.50 each (New Shares) on the basis of 5 into 1 subject to
its shareholders' approval at the Special General Meeting to be
held on 9/November/2001.

Effective Monday, 12/November/2001, a temporary counter under
stock code 2998 and stock short name "WING LEE HOLD" will be
established for trading in board lots of 400 New Shares each to
replace the present counter (stock code: 876) for trading in
board lots of 2,000 Old Shares each.


WAH WAH TRAVEL: Petition To Wind Up
-----------------------------------
The petition to wind up Wah Wah Travel Services Limited is set
for hearing 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 Lui Sheung Lok of Room 2811, Kwong Hin
House, Kwong Tin Estate, Lam Tin, Kowloon, Hong Kong.


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


HOLDIKO PERKASA: Sells Steel-Drum Manufacturing Company
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko
Perkasa (Holdiko), a holding company established pursuant to the
Shareholding Settlement Agreement between IBRA and the Salim
Group, announced Thursday that Holdiko's entire stake in PT Poli
Contindo Nusa (Poli Contindo), a steel-drum manufacturing
company has been sold to PT Kerismas Witikco Makmur (Kerismas),
for Rp49.5 billion. Poli Contindo is one of the major
manufacturers of steel-drums in Indonesia, supplying its
products to various industries.

"It is a pleasant surprise for us to learn that during these
difficult economic times, investors continue to submit strong
bids for our assets," states Dasa Sutantio, Deputy Chairman Ad
Interim/AMI, IBRA.

"In particular, we are pleased that Kerismas (the purchaser of
Poli Contindo) has decided to increase their investment by
acquiring Poli Contindo," he added.

Kerismas is a major producer of galvanized iron sheet in
Indonesia's construction industry. Kerismas is a former
subsidiary of Holdiko and was sold to PT Sentralindo Bumi
Persada, a consortium company led by PT Trimegah Securities
Tbk., a leading Indonesian investment banking house, in June
2001. Kerismas and Poli Contindo have complimentary activities
in their businesses.

The sale process of Holdiko's 100 percent stake in Poli Contindo
was simultaneously launched with 8 (eight) other asset sales in
late August 2001. The sale process implemented a two-tier
selection method with AAJ Batavia as financial advisor to
Holdiko for this transaction.

"Our acquisition of Poli Contindo is inline with our strategy to
expand our presence in Indonesia's steel related industries,"
states Lau Beng Sing, Director of PT Kerismas Witikco Makmur.
"We believe that our expertise and presence in the galvanized
iron-sheet industry will form synergistic benefits with Poli
Contindo in the future," he adds.

Poli Contindo is one of the largest manufacturers of steel drums
in Indonesia. Its production facility is located in Cilincing,
Jakarta with a total capacity of up to 1,500,000 drums/year.
Poli Contindo manufactures a variety of steel drums and relies
on local suppliers for cold-rolled sheet steel raw material.
Poli Contindo supplies its products to a wide base of customers
in diverse industries and holds an international accreditation
of ISO 9002 by BVQI.

With regard to the positive market response to its asset sales,
IBRA/Holdiko is confident that its target from the sale of its
ex-Salim Group assets will be achieved. On this, Scott Coffey,
Director of Holdiko commented, "Based on preliminary feedback
from our various financial advisors for our upcoming sales this
month, we are highly optimistic that we will meet our sales
target on the back of strong bids from both local and foreign
investors."

Up to date, Holdiko has disposed of almost 57 percent of its
initial portfolio, having sold its holdings in 61 out of 108
companies transferred under the MSAA.

NUMBER OF COMPANIES UNDER PT HOLDIKO PERKASA

MSAA    Sold in   For Sale in 2001 Remaining for Sale in 2002
      1999 - 2000  Sold In progress

108     48    13     13  35

Progress on Holdiko Asset Sales

The sale of Poli Contindo is Holdiko's 11th (eleventh) completed
transaction this year. Holdiko continues to progress with the
sale process of its 8 remaining assets from a total of 19
scheduled transactions for 2001. These transactions include the
sale of Holdiko's ownerships in PT Indosiar Visual Mandiri Tbk.,
Sugar Group, PT Berdikari Sari Utama Flour Mills, PT Indomarco
Adi Prima, Riau Industrial Estates (PT Herwido Rintis/PT Bintan
Inti Industrial Estate/PT Karimun Sembawang Shipyard), Guangdong
Jiangmen ISN Float Glass, PT Yakult Indonesia Persada and PT
Indogift Chuenher Indah. The sale processes of these remaining
asset sales commenced last August and September 2001 and are
expected to be completed by mid-December, 2001.

IBRA/Holdiko is currently at the due-diligence stage of the sale
process of these assets which is participated by investors who
have been shortlisted from the preliminary bidding stage. These
investors are presented with comprehensive information on the
assets before being asked to submit their final and binding
bids.

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

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   November 19, 2001
(Offer to 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  November 30, 2001
    (Offer to JV partners)

To date this year Holdiko has closed the following asset sale
transactions:

Closed in 2001 (sold in 2000)
Salim Plantations   US$368 million
- Loan repayment to Holdiko  Rp357 billion
Mosquito Coil Group   Rp610 billion

Sold in 2001
First Pacific Co. Ltd.   US$8.55 million
Indocoal     US$45.5 million
Indomaret     Rp162 billion
Indocement (Tranch A)   US$43.8 million
Indocement (Tranch B)   Rp250.4 billion
Kerismas     Rp297 billion
Indopoly     US$29.17 million
Yunnan Kunlene    US$14.38 million
PT Indosiar Visual Mandiri Tbk.
- Loan repayment to Holdiko  Rp400 billion
PT Salim Renggo Containers  Rp204 billion
PT Gumindo Perkasa Industri  US$1.68 billion
PT Poli Contindo Nusa   Rp49.5 billion

Total estimated gross proceeds from 13 transactions Rp7,443
billion

*) Rp/US$ exchange rate used as of date of sale

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended
by PT Bank Central Asia (BCA) to companies affiliated to the
Salim Group. As part of the settlement agreement with IBRA, the
Salim Group transferred shares and assets in more than 100
operating companies to PT Holdiko Perkasa.

As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.

The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and dispose of their assets and collateral.


PASIFIK SATELIT: Delisted By Nasdaq
-----------------------------------
P.T. Pasifik Satelit Nusantara (Nasdaq: PSNRE)(PSN), a
diversified provider of fixed and mobile satellite
communications in the Asia-Pacific region, announced that it was
notified after market close on Tuesday, November 6, 2001 that,
due to failure to meet certain Nasdaq National Market listing
requirements, the company's American Depositary Shares have been
delisted from the National Market, effective as of the opening
of business today.  Following the delisting, PSNs American
Depositary Shares can be traded only through "pink sheet" inter-
dealer quotations.

In press releases dated July 23, July 27 and August 7, 2001, PSN
had announced that it had received notifications from the Nasdaq
that it failed to comply with several listing criteria
applicable to Nasdaq National Market listings and that it was
delinquent in filing its Form 20-F for the year ended December
31, 2000.

PSN commented that the primary cause of the delisting was the
delay in filing the Form 20-F.  The delay is principally
attributable to differences of view between PSN's old and new
auditors as to the proper manner of reporting management's
decision, after discussions with SEC staff, to restate the
results of prior years to expense approximately $3 million of
interest that had been capitalized over that period as part of
the acquisition cost of the ACeS System (out of a total of
approximately $20.5 million of ACeS System interest expense
capitalized by PSN during such period).  These differences of
view occurred after and were unrelated to the change of
auditors.

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"PSN very much regrets that it has been unable to fulfill the
Nasdaq National Market filing requirement," said Adi Rahman
Adiwoso, President Director and CEO of PSN.  "However, while the
delisting of our shares is clearly disappointing, it has no
effect on our ability to conduct day-to-day operations and is
not indicative of our operational performance.

"As soon as our 2000 Form 20-F is filed, we will commence the
steps necessary to qualify our ADSs on the Nasdaq Over The
Counter Bulletin Board. We remain committed to our shareholders
and our goal is to return to either the Nasdaq National Market
or the Nasdaq SmallCap Market as quickly as possible."

About PT. Pasifik Satelit Nusantara

PT. Pasifik Satelit Nusantara (PSN) (http://www.psn.co.id) is
the first private satellite communications company in Indonesia
and one of the leading satellite companies in the Asia Pacific.
Based in Jakarta, PSN is focused on becoming a fully integrated
provider of satellite-based telecommunications products and
services in Asia, including the wholesale leasing of satellite
capacity and five emerging new services:
  * Xpress Connection?, a low-cost, VSAT-based rural telephone
service;
  * Private Line, a WAN-based extension of Xpress Connection?
Targeted at the corporate market;
  * BYRU (pronounced : be ru), a GSM satellite service based on
ASIA

Cellular Satellite (ACeS), a satellite-based, handheld digital
mobile telecommunications system which will provide both voice
and data services;

  *PASTI, a fixed application of the ASIA Cellular Satellite
(ACeS) system that enables the benefits of satellite telephony
anywhere within the home or office; and

  * Multi-Media Asia (m2@), being developed as Asia's first
satellite-based multimedia digital telecommunications system,
supporting two-way voice and data services, Internet access, fax
and DTH television services.


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


ASAHI BANK: Stock Hammered Due To Banking Sector Concerns
---------------------------------------------------------
Due to speculative selling in the wake of concerns revolving
around the banking sector's bad loan problems, shares in Asahi
Bank Ltd., hit an all time low, of just Y76 on the Tokyo Stock
Exchange, according to the Asian Wall Street Journal on November
7.

By midday however, Asahi's shares went up again to Y96 but it
was still down 15 percent on the day. The stock performance of
Asahi's future merger partner Daiwa Bank was similarly
miserable, its shares plunged below the Y100 threshold,
recording an all time low of Y99, but fought its way back to
Y120 by the end of trading day.

The sell-off in Asahi Bank shares came at the heels when four
major banking group's stocks all sank to their deepest levels
for the year Wednesday.


FUJITSU LIMITED: Moody's Downgrades Long Term Debt Rating
---------------------------------------------------------
Moody's Investors Service has downgraded to A3 from A2 the
senior unsecured debt ratings of Fujitsu Limited (Fujitsu),
Fujitsu Finance (UK) PLC and Fujitsu International Finance
(Netherlands) BV. The rating action concludes the review
initiated on July 30, 2001. The rating outlook is stable.

Moody's says the rating action reflects Fujitsu's weakened
profitability due to the downturn in the world IT (information
technology) market, as well as the rating agency's expectation
that Fujitsu's free cash flow will not materially reduce its
debt burden.

However, Fujitsu's large exposure to the US WDM (wave-length
division multiplexing) products has resulted in large
revaluation losses on inventories, as some of its customers went
bankrupt and orders were canceled. The profitability of
Fujitsu's semiconductor division has also been hit by price
declines due to the downturn of the global telecommunication and
PC markets.

Fujitsu now aims to further strengthen its soft/solution
business by trimming down hardware manufacturing and shifting
human resources to the soft/solution area.

On October 24 2001, Fujitsu announced that the company expects
net losses of Y310 billion at fiscal year March 2002 end. The
net losses include restructuring losses of Y350 billion,
approximately half of which will be spent on personnel cuts, and
another half will go to revaluation losses on inventories and
rationalization of manufacturing facilities.

Fujitsu Limited, headquartered in Tokyo, Japan, is one of the
world's leading manufacturers of main frame computers,
telecommunications equipment and semiconductors.


MATSUSHITA ELECTRIC: Moody's Lowers Rating, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the issuer and senior
unsecured debt ratings of Matsushita Electric Industrial Co.,
Ltd (Matsushita) to Aa3 from Aa2. The rating action concludes
the review initiated on July 30, 2001. The Prime-1 short-term
ratings for Matsushita, Panasonic Finance America and Panasonic
Finance Europe were not included in the review. The rating
outlook is negative.

Moody's says the downgrade reflects Matsushita's weakened
profitability, which has been pressured over the last few years.
The current downturn of the global telecommunications market
(particularly mobile phones) has hit Matsushita hard because the
company invested heavily in mobile handsets including those for
the third generation mobile phones and their components, as
suggested by its mid-term business plan announced in November
2000.

The negative rating outlook reflects the rating agency's concern
that Matsushita's profitability will continue to be pressured in
the near future.

Matsushita Electric Industrial Co., headquartered in Osaka,
Japan, is one of the world's leading manufacturers of consumer
electronics products.


NEC CORPORATION: Hastens Job Cuts, Transfers
--------------------------------------------
NEC Corporation recently revealed plans to speed up job cuts and
the transfer of many of its 14,000 workers employed in four
unprofitable divisions to other, more profitable ones,
PrnewsAsia reported Wednesday.

The company plans to offer early retirement incentives with up
to a maximum of 34 months severance pay to 4,000 employees over
45 in the year to March 2002.

Workers in the four worst performing divisions will be
encouraged to switch to NEC's more profitable software and
services divisions.

These four divisions are the electronics parts divisions
centered on semiconductors, personal computers, high-end
computers, and telecommunications hardware.


TOSHIBA CORPORATION: Chairman Optimistic Re Recovery by 2002
------------------------------------------------------------
Toshiba chairman Taizo Nishimuro is optimistic that the troubled
technology sector will make a rebound by the second half of next
year, News On Japan said on Wednesday.

"I think we have had the worst," Mr. Nishimuro said. He expects
that excess inventory would be depleted by the early part of
2002 and as a result demand will recover.

Toshiba, currently experiencing its worst year financially, is
in the middle of slashing spending and staff. The company is
busy undertaking an early-retirement program to dramatically cut
down its 188,000 strong workforce by 20,000.

On Wednesday, the tech giant announced plans to temporarily lay
off some 12,000 workers of three semiconductor plants in Japan
for two to four days by year's end.


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


BYUCKSAN ENGINEERING: Debt Workout To Continue
----------------------------------------------
An official Byucksan Engineering and Construction Co. said that
the company would likely remain under its current debt workout
program for the time being and will not yet be granted early
release from workout constraints, according to the Korea Herald
on November 8.

The same official indicated that although Byucksan has been
showing steady progress, it still would not be released from the
program because it could not live on its own credit.

But the company will be free from the debt program next year as
scheduled because its business has been steadily normalizing.

As of the end of June, Byucksan had debts of W1.05 trillion,
with its debt to equity ratio standing at 1.201 percent.


DAEWOO MOTOR: Hyundai Denies Polish Plant Takeover Bid
-------------------------------------------------------
Hyundai Motor, on Wednesday vehemently denied consistent reports
that it was taking over ailing Daewoo Motor's passenger car
plant in Poland, Daewoo FSO, the Korea Herald reported
yesterday.

The denial came in the wake of reports from AFX, an
international business-news provider, that the company was being
suggested as the strongest possible candidate to take over the
Polish plant.

Currently largest passenger car manufacturer in Poland, Daewoo-
FSO was not included in the take over list of General Motors
when the latter entered into a non-binding MoU with the Korean
auto-maker last month. The American company only promised to
acquire two of Daewoo's overseas plants.


HANBO STEEL: November 14 Auction Scheduled
------------------------------------------
The auction of bankrupt Hanbo Steel & General Construction by
state-run Korea Asset Management Corporation (Kamco) will take
place November 14, the Asian Wall Street Journal reported
November 7.

Three consortiums, both foreign and domestic are reportedly
expected to offer at least W500 billion for the acquisition of
the bankrupt steel company.

No details have yet been released regarding when Kamco plans to
short list potential buyers.

Due to a lack of buyers brought about by the continuing slowdown
gripping the global steel industry, Kamco has several times
delayed the sale of Hanbo Steel.


HYNIX SEMICONDUCTOR: Three Chinese Consortiums To Buy Lines
-----------------------------------------------------------
Hynix Semiconductor Inc is currently under negotiations to sell
part of its Korea-based chip production lines to three Chinese
consortiums for a reported W650 billion, PrnewsAsia reported on
November 7, citing a creditor bank official.

A senior official of one of Hynix's creditor bank said, "Three
Chinese consortiums including Beijing and Shanghai consortiums
are all showing great interest in buying Hynix's production
lines."

Part of Hynix's production lines at its Chongju and Gumi plants,
located south of Seoul, are currently up for sale.


HYNIX SEMICONDUCTOR: Creditors OK W640B New Loans
-------------------------------------------------
Creditors of troubled Hynix Semiconductor Inc. have granted a
total of W640 billion in fresh loans to the cash-strapped chip
manufacturer as part of its latest rescue package totaling US$7
billion, News On Korea reported on Tuesday.

Hanvit Bank and Korea Exchange Bank (KEB), both agreed to inject
W160 billion each into Hynix, while Chohung Bank on the other
hand extended a total of W120 billion to the Korean firm.

The current Hynix bailout package, passed last week, includes a
W4 trillion debt-to-equity swap, another W4 trillion in debt
rollover, W1 trillion in new loans, which include interest
payment extensions, and debt write-offs.


HYUNDAI PETROCHEMICAL: New CEO Appointment Pending
--------------------------------------------------
In order to facilitate its sale, creditors of troubled Hyundai
Petrochemical will meet on November 20 to appoint a new Chief
Executive Officer (CEO) for the ailing chemicals maker, the
Korea Herald said yesterday.

During the meeting, the creditors will also nominate other top
managers among other things. Once new management is in place,
full-scale efforts will be made to normalize the debt-ridden
company and sell it to potential domestic and foreign in close
consultation with the creditors.

Domestic companies already contacted for the sale include Honam
Petrochemical Co. Honam, through a company official, said that
it is indeed considering acquiring Hyundai Petrochemical should
takeover terms be met. However, Honam noted that it can't assume
all of the company's debts and suggested instead that creditors
should grant further debt write-offs to the company.

As of the moment, Hyundai's main creditor Hanvit Bank said that
the Korean petrochemical company's debt stood at W2.2 trillion.


SEOULBANK: Kyobo Life Interested In Takeover Offer
--------------------------------------------------
Kyobo Life Insurance Co Ltd is reportedly interested in taking
over Seoulbank, PRNewsAsia reported yesterday, citing an
unidentified government official.

Seoulbank previously sent invitations to Tongyang Group, Dongbu
Group, Kyodo Life and other potential buyers to take part in its
investor relations meeting to be held November 20.

The unnamed official further noted that Kyobo Life is aiming to
expand into a financial group that provides both banking and
insurance services.

Early last month, the negotiations initiated by the Korean
government for the sale of the ailing Seoulbank to Deutsche Bank
AG unit, DB Capital, collapsed.


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


EMICO HOLDINGS: Seeks KLSE's One-Month Extension Approval
---------------------------------------------------------
Emico Holdings Berhad (Emico or Company) stated that on 5th
November 2001, the Company made an application to the Kuala
Lumpur Stock Exchange (KLSE), for an extension of an additional
one month from 6 November 2001 to 6 December 2001. The extension
will facilitate the applications' completion and their
submission to the relevant authorities.

Previously announcements were released on the 1st and 5th of
November, 2001 in relation to the Proposed Debt Restructuring
Scheme, Proposed Rights Issue and Proposed ESOS (collectively
known as the "Proposals"). The extension is needed mainly due to
the lengthy legal due diligence process necessary prior to
submission.


MENANG CORPORATION: SC Gives Proposed ESOS Approval
---------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Menang
Corporation (M) Berhad (Menang), announced that the Securities
Commission (SC), in its letter dated 1 November 2001, approved:
   (i) proposed employee share option scheme of up to ten per
cent (10 percent) of the issued and paid-up share capital of the
company (Proposed ESOS) for eligible executive directors and
employees of Menang Group of up to ten percent (10 percent) of
the issued and paid-up share capital of Menang; and
   (ii) listing and quotation of the new ordinary shares of
RM1.00 each to be issued in relation to the exercise of options
pursuant to the Proposed ESOS on the Kuala Lumpur Stock Exchange
(KLSE).
The Proposed ESOS is now subject to:

   (i) the approval of the KLSE for the listing and quotation of
the new ordinary shares of RM1.00 each to be issued in relation
to the exercise of options pursuant to the Proposed ESOS; and

   (ii) the approval of the shareholders of Menang at an
Extraordinary General Meeting to be convened.

PANCARAN IKRAB: SC OKs Restructuring Scheme Proposed Revision
-------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Pancaran Ikrab Bhd (PIB or Company), announced
that the Securities Commission (SC) has, in its letter dated 2
November 2001, approved the Proposed Revision to the Original
Restructuring Scheme, as proposed, which entails:

1. proposed revision to the original debt restructuring scheme
as follows:

   (a) the amount owing to Overseas Union Bank (M) Berhad (OUB),
Pengurusan Danaharta Nasional Berhad and Danaharta Managers Sdn
Bhd, which was originally proposed to be settled by cash, will
be converted into new Promenade Consolidated Berhad (PCB) shares
at RM1.00 per share for every RM1.00 of debt;

   (b) the amount owing to Malayan Banking Berhad and Malayan
Banking Berhad (formerly held under PhileoAllied Bank (Malaysia)
Berhad's account) (PAB) which was originally proposed to be
settled by cash, will be settled in the following manner:

     (i) 70 percent of the total debt would be settled via the
issuance of new PCB shares at RM1.00 per share for every RM1.00
of debt; and

     (ii) the remaining 30 percent of the total debt would be
settled via a bullet cash payment with interest compounded at 9
percent per annum, at the end of the third year from the date
where all new PCB shares and redeemable convertible unsecured
loan stocks are issued to the revised selected creditors
(Completion Date);

   (c) the amount owing to OUB and PAB, which was originally
proposed to be settled on the basis of one (1) new PCB share for
every RM2.00 of debt, will be settled on the basis of one (1)
new PCB share for every RM1.00 of debt;

   (d) the amount owing from Powerdrive Sdn Bhd (a wholly owned
subsidiary company of PIB) (Powerdrive) to Malayan Banking
Berhad, which was previously not in the original debt
restructuring scheme, will be settled in the following manner:

     (i) 70 percent of the total debt would be settled via the
issuance of new PCB shares at RM1.00 each for every RM1.00 of
debt; and

     (ii) the remaining 30 percent of the total debt would be
settled via a bullet cash payment with interest compounded at 9
percent per annum at the end of the third year from the
Completion Date;

   (e) RM2.0 million overdraft facility owing from Powerdrive to
its unsecured creditor, RHB Bank Berhad, which was previously
not in the original debt restructuring scheme, will be settled
via the conversion into new PCB shares at RM1.00 each for every
RM1.00 of debt; and

   (f) the exclusion of the secured creditor of RC Consultancy
Sdn Bhd (a wholly owned subsidiary company of PIB) namely,
Alliance Bank Malaysia Berhad (formerly known as Multi-Purpose
Bank Berhad), from the revised debt restructuring scheme;

2. Proposed revision to the internal reorganization as follows:

   (a) proposed revision to the purchase consideration for
Pembinaan Promset Sdn Bhd, based on its net tangible assets
(NTA) as at the Completion Date of the revised proposed
restructuring scheme as opposed to the audited NTA of the
company as at 30 September 1999 of RM5,029,661 as approved
earlier; and

   (b) proposed revision to the total purchase consideration for
a group of wholly-owned subsidiary companies of PIB comprising
Promset Distributors Sdn Bhd (formerly known as Powerdrive
Distributors Sdn Bhd), Powerdrive Sdn Bhd, Powerdrive (Perak)
Sdn Bhd, Powerdrive (Penang) Sdn Bhd, Powerdrive (Selangor) Sdn
Bhd and Powerdrive (Johor) Sdn Bhd, to a nominal consideration
of RM1.00 as opposed to RM6,236,867 as approved earlier; and

   (c) aborting the restricted offer for sale, offer for sale
and restricted issue.

The SC has also granted a time frame of six (6) months from the
date of listing of the Promenade Consolidated Berhad shares, for
PIB to comply with the SC's requirement for public shareholding
spread of at least 25 percent of the Company's issued and paid-
up share capital at the time of listing.

The Proposed Revision to the Original Restructuring Scheme is
currently pending the approvals of the following:

   (1) the Foreign Investment Committee;

   (2) the Ministry Of International Trade and Industry;

   (3) the shareholders of PIB at an extraordinary general
meeting to be convened; and

   (4) the Kuala Lumpur Stock Exchange for the listing and
quotation for the PCB shares.


PSC INDUSTRIES: FIC Approves Proposed Disposal
----------------------------------------------
PSC Industries Berhad (PSCI) announced that the Foreign
Investment Committee (FIC) has approved the Proposed Disposal by
letter, dated 30 October 2001 received on 2 November 2001.

PSC Asset Holdings Sdn Bhd (PSCA), a wholly-owned subsidiary of
PSCI, on 29 June 2001 entered into a conditional Sale and
Purchase Agreement with Amin Shah Holdings Sdn Bhd (ASHSB), for
the proposed disposal of Menara PSCI to ASHB for a total cash
consideration of RM70,000,000 (Proposed Disposal).


RENONG BERHAD: Answers KLSE's Query, Clarifies Paper's Report
-------------------------------------------------------------
RENONG BERHAD (Renong), in reference to KLSE's query dated 5
November 2001 and in particular to the following sentences
appearing in The Sun, Sun Biz, page 29 on Monday, 5 November
2001:

"United Engineers (M) Bhd's (UEM) newly appointed board has
decided to dispose of the group's 12.1 percent stake in
Commerce-Asset Holdings Bhd ....."

"The asking price for CAHB is believed to be about RM1 billion
....."

" .... UEM's board is also said to have sent feelers to parties
who may be interested in their non-core businesses. Among them
are .... its 38.6 percent interest in Crest Petroleum and its 60
percent stake in Faber Group (held through associate, Renong
Bhd)."

informed that it has always been a key part of Renong's strategy
to reduce its debt through a systematic and structured disposal
of its non-core assets. This strategy has been previously
announced on 13 March 2000 and stated in Renong's circulars to
its shareholders dated 14 July 1999 and 27 August 2001 and also
Renong's Annual Report 2000.

Renong e have sought clarification from United Engineers
(Malaysia) Berhad (UEM), a substantial shareholder of Renong,
and informed that UEM is currently evaluating various options
regarding its investments.


SOUTH MALAYSIA: Receives SC's Proposal Approval Letter
------------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad) (Alliance) announced, on behalf of the Board of
Directors of South Malaysia Industries Berhad (SMI or Company),
that the Securities Commission (SC) had, via their letter dated
1 November 2001, approved these proposals:

   (i) Proposed restructuring of RM150,000,000 nominal value of
3 percent redeemable secured bonds 1995/2000 via a cash
redemption of RM28,500,000, the issuance of RM121,500,000
nominal value of redeemable convertible secured loan stocks
(RCSLS), RM27,337,500 nominal value of irredeemable convertible
unsecured loan stocks
(ICULS) at 100 percent of their respective nominal value
together with 6,075,000 new warrants;

   (ii) Proposed restructuring of up to RM95,062,000 secured and
unsecured debts via the issuance of RM62,000,000 nominal value
of RCSLS and up to RM54,450,950 nominal value of ICULS at 100
percent of their respective nominal value together with
3,923,100 new warrants;

   (iii) Proposed two-call rights issue of up to 61,449,908 new
ordinary shares in SMI (Share or SMI Share) on the basis of one
(1) new Share for every four (4) existing Shares held (Proposed
Two-Call Rights Issue); and

   (iv) Proposed listing of and quotation for the RCSLS, ICULS,
warrants and the new SMI Shares to be issued pursuant to the
above proposals and the conversion/exercise of
RCSLS/ICULS/warrants on the Main Board of the KLSE.

UTILISATION OF PROCEEDS

As disclosed in the application to the SC, the gross proceeds
expected from the Proposed Two-Call Rights Issue will be
utilized for the core business of SMI as set out in a table
found at http://www.bankrupt.com/misc/South_Malaysia.doc

These conditions have been imposed by the SC regarding the
utilization of the proceeds:

   (i) the SC's approval is required for any revision to the
original utilization of proceeds where the said revision
involves utilization of proceeds for purposes other than for
core business of SMI;

   (ii) the approval of SMI's shareholders is required for any
deviation of 25 percent or more from the original utilization of
proceeds. Should the deviation be less than 25 percent, an
appropriate disclosure to the shareholders of SMI should be
made;

   (iii) Any extension of time from that determined by SMI for
the utilization of proceeds is required to be approved by the
Board of Directors of SMI via a clear resolution and announced
to the KLSE; and

   (iv) An appropriate disclosure on the status of the
utilization of proceeds is required to be made in the Quarterly
Reporting and Annual Reports of SMI until the proceeds have been
fully utilized.

CONDITIONS OF THE SC's APPROVAL

The SC's approval as mentioned in Section 1 is subject to the
following conditions:

   (i) The Proposed Two-Call Rights Issue shall only be
undertaken if the share price of SMI is traded around or below
its par value. In relation to this, SMI must have sufficient
reserves for capitalization purpose pursuant to the second call
of the Proposed Two-Call Rights Issue. If the Company does not
have sufficient reserves to meet the said second call, then it
shall revise the terms of the Proposed Two-Call Rights Issue;

   (ii) The conversion price for the RCSLS and ICULS and the
exercise price for the warrants may be fixed at RM1.20 and
RM1.00 respectively, or based on a discount of not more than 10
percent on the weighted average market price of SMI Shares for
the five (5) market days prior to price fixing date (i.e. after
the date of the SC's approval but before the book closing date),
whichever is higher;

   (iii) The tenure and conversion/redemption period of the
RCSLS shall be fixed prior to the issuance of the RCSLS, i.e.
five (5) years from the date of issue;

   (iv) SMI shall seek the SC's approval if the nominal value of
the ICULS to be issued exceeds that approved by the SC after
taking into account of the ICULS to be issued to the Liquidated
Ascertained Damage creditors;

   (v) SMI shall seek the SC's approval for any changes to be
made on the terms and conditions for the issuance of the RCSLS
and ICULS;

   (vi) prior to the issuance of the RCSLS and ICULS, Alliance
is required to furnish the following:
    * FMF/JPB (Facility Maintenance File) to the SC and Bank
Negara Malaysia;
   *  executed trust deed to the SC; and
   *  final rating and rating report to the SC.

   (vii) SMI has to fully comply with the requirements of the
SC's "Policies and Guidelines on Issue/Offer of Securities" in
relation to Proposals.

The Board of Directors of SMI is currently deliberating on the
above mentioned SC's conditions.

WRITTEN CONFIRMATION

SMI and Alliance are required to furnish the SC with written
confirmations that the terms and conditions as set out above
have been complied with upon completion of the Proposals.

EXTENSION OF TIME

In addition, the SC via its letter dated 2 November 2001 has
also approved the extension of time for the implementation of
the Replacement of Warrants for another period of eight (8)
months to 30 June 2002, as proposed.

In approving the extension of time, all other conditions as
contained in the SC's approval letter for the Replacement of
Warrants dated 31 July 2000 shall remain.

The "Proposals" refers to:

    Proposed Bond Restructuring;
    Proposed Debt Restructuring;
    Proposed Two-Call Rights Issue; and
    Proposed listing of and quotation for the RCSLS, ICULS,
Warrants and the new shares to be issued pursuant to the
Proposed Two-Call Rights Issue and the conversion/exercise of
RCSLS/ICULS/Warrants on the Kuala Lumpur Stock Exchange (KLSE)

    Non-renounceable issue of up to 77,223,258 replacement
warrants 2000/2005 to the holders of the Company's existing
warrants 1995/2005 at an issue price of RM0.08 per replacement
warrant 2000/2005 to be paid in cash on the basis of one (1)
replacement warrant 2000/2005 in substitution for and upon
surrender and cancellation of each existing warrant 1995/2000
held (Replacement of Warrants)


TA ENTERPRISE: TA Bank Disposal Completed
-----------------------------------------
The Board of Directors of TA Enterprise Berhad (TAE) announced
that the disposal of its 30 percent stake in TA Bank of the
Philippines, Inc (TA Bank) (Disposal) is now completed and the
shares of TA Bank have been transferred to The Manila Banking
Corporation (Buyer).

On 12 October 1999, TAE announced the Disposal to the Buyer. The
Disposal was subject to the approval of the Central Bank of the
Philippines (BSP) and the full purchase price would only be paid
by the Buyer after confirmation of the amount of loans of TA
Bank which were classified as loss (according to criteria set by
BSP).


TAT SANG: Posts Principal, Interest Defaulted Payments
------------------------------------------------------
Tat Sang Holdings Berhad (TSHB or the Company) informed that its
subsidiary, Mercuries & Muar Wooden Furniture Mfg Sdn. Bhd.
(MMWF) is still in default in payment of the principal and/or
interest of the respective bank borrowings as of 31st August
2001, as found at http://www.bankrupt.com/misc/Tat_Sang.doc

TSHB also announced that Bumiputra-Commerce Bank Berhad has
served a Writ of Summon dated 31 July 2001 to MMWF for the claim
of approximately RM5.07 million in respect of the Bankers
Acceptance Facility of RM5.0 million granted to MMWF on 9 August
2000. The Writ of Summon was received on the 6 November 2001.


TECHNOLOGY RESOURCES: Updates Proposals' Status
-----------------------------------------------
On behalf of the Board of Directors of Technology Resources
Industries Berhad (TRI) (TRI Board), Malaysian International
Merchant Bankers Berhad (MIMB) announced that TRI, on 5 November
2001 received a letter from the Securities Commission (SC), in
relation to the Proposals, stating:

   (a) The SC noted that TRI is proposing the implementation of
a restricted issue of up to 724,138,000 new TRI shares
(Restricted Shares) at an issue price of RM1.45 per share
(Proposed Restricted Issue) and a rights issue of up to
840,907,661 new TRI shares (Rights Shares) at an issue price of
RM1.00 per share (Proposed Rights Issue). SC takes note that the
fixing of the issue prices for the Restricted Shares and Rights
Shares at RM1.45 and RM1.00 per share respectively does not
comply with the requirements of Chapters 12 and 15 of the
Policies and Guidelines on Issue/Offer of Securities of the SC.

   (b) The SC also noted from earlier communication from MIMB,
on behalf of TRI, that the TRI Board had accepted the
participation by Naluri Berhad in the Proposed Restricted Issue.
On 31 October 2001, Naluri Berhad announced to the Kuala Lumpur
Stock Exchange (KLSE) that its proposal to participate in the
Proposed Restricted Issue was rejected by the SC.

In connection with the foregoing, TRI and MIMB are required to
expeditiously submit an alternative proposal in response to the
above, for the SC's consideration.

The TRI Board intends to seek consultation with the SC in
respect of the above to obtain a better understanding of the
SC's response, before deciding on the next course of action. In
the meantime, the TRI Board wishes to highlight:

   (a) In relation to paragraph (a) above, based on the
understanding of the TRI Board, under the said requirements of
the SC, the issue prices for the Rights Shares and Restricted
Shares are to be set after the approval of the SC for the
Proposed Rights Issue and Proposed Restricted Issue.
Accordingly, the Company had highlighted in its announcement to
the KLSE dated 28 June 2001 on the Proposals that the fixing of
the issue prices concerned represents a departure from the said
SC's guidelines, and that TRI will seek exemption from the SC
from having to comply with the said guidelines.

In this regard:

     (i) Rights Shares issue price - The SC guidelines (via
press release on 30 December 1999) stipulate that: "A listed
company is now allowed to have the full discretion to determine
the issue price of the rights shares at a price-fixing date to
be determined after approval of the SC for the rights issue.
However, where the issue price is set at a discount of more than
30 percent from the theoretical ex-rights price based on the 5-
day weighted average market price at the price-fixing date, the
promoters and directors of the listed company are required to
give undertaking to the SC that they would not dispose of their
shares from the "ex-date" of the shares until 10 market days
after the listing of the rights shares."

In connection with the foregoing, TRI will maintain the
undertaking given earlier to the SC that in the event the issue
price of RM1.00 per Rights Share is at a discount of more than
30 percent from the relevant theoretical ex-rights price, the
Company shall procure its promoters and directors to give the
requisite undertaking to the SC not to dispose of their
respective shares in TRI from the "ex-date" of the Rights Shares
until 10 market days after their listing.

     (ii) Restricted Shares issue price - TRI Board will
consider whether TRI should further appeal to the SC for
exemption from complying with the said SC requirement for the
issue price of the Restricted Shares to be fixed only after SC's
approval has been obtained, or to comply with the said
requirement.

  (b) In relation to paragraph (b) above, the TRI Board was
aware that the participation of Naluri Berhad (which would not
have covered the entire maximum size of the Proposed Restricted
Issue) is subject to several conditions including the approval
of the SC. TRI has been actively sourcing for and negotiating
with potential investors (other than Naluri Berhad) including
several companies and institutional investors for participation
in the Proposed Restricted Issue, which is targeted to strategic
long-term investors.

The "Proposals" comprises the following:

    Proposed Restricted Issue
    Proposed Rights Issue
    Proposed Early Redemption Option
    Proposed Debt Refinancing
    Proposed Internal Restructuring


UH DOVE: Proposed Amendments Subject To Shareholders Approval
-------------------------------------------------------------
The Board of Directors of UH Dove Holdings Berhad (the Company)
announced that the Company proposes to amend the existing
Articles of Association of the Company ("the Proposed
Amendments") in order to comply with the revamped Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE). Also,
the Company wishes to comply with the various amendments made to
the Companies Act, 1965, the Securities Industry (Central
Depository) Act, 1991 and the Rules of the Malaysian Central
Depository Sdn. Bhd. in 1998.

The Proposed Amendments is subject to the approval of the
shareholders of the Company at an EGM to be convened at a later
date.

A Circular to Shareholders detailing the Proposed Amendments
together with the Notice of EGM will be dispatched to the
Company's Shareholders in due course.


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


BENPRES HOLDINGS: Investors Told To Avoid Stock
-----------------------------------------------
Because of the current debt woes of several of its affiliates,
namely Sky Vision Corp. and Bayan Telecommunications Inc.,
financial analysts are advising potential investors to steer
clear of Benpres Holdings stock, the Asian Wall Street Journal
reported on November 7.

According to Laura Dy-Liacco, an analyst for ATR-Kim Eng
Securities Inc., "Benpres is highly leveraged. We're
recommending our clients avoid the stock." Moreover, a local
ratings agency, Philippine Rating Services Corp., recently
downgraded its ratings on Benpres's two billion pesos in long-
term debt by two notches to B-double-A from double-A.

On Wednesday, the company's share price closed at P0.45, 85
percent lower than figures set last February.


METRO PACIFIC: ING Barings Identifies 10 Buyers For Boni Project
----------------------------------------------------------------
ING Barings on Wednesday pointed out 10 "suitable" buyers for
the entire or substantial Metro Pacific Corporation stake in its
Fort Bonifacio project, PRNewsAsia reported Wednesday.

According to ING Barings, that, along with Metro Pacific, will
handle the sale, "suitable" companies were Ayala Land Inc.,
Robinsons Land Corp., SM Development Corp. and Megaworld Corp.

The list includes not only domestic buyers but foreign investors
as well. They reportedly have already been informed that they
are given only until next year to submit their offers.

Metro Pacific owns a 69.6 percent stake in Bonifacio Land Corp,
which in turn has a 55 percent interest in Fort Bonifacio
Development Corp. Earlier, Metro Pacific announced its intention
to sell its controlling stake in the Fort Bonifacio Project in
order to improve its financial condition.



NATIONAL BANK: Clarifies BusinessWorld News Article
---------------------------------------------------
On November 07, 2001, the Philippine National Bank announced a
clarification of the Business World news article titled,
"Government Ready To Assume PNB Control" published on November
5, 2001.

The article reported that, "The National Government will start
reacquiring a controlling stake in Philippine National Bank
(PNB) within the year. This is after convincing the bank's
majority shareholder, Lucio C. Tan, to sell his stake in the
financially troubled bank. In principle, he (Tan) said yes
already (to the reverse privatization plan of the government)
Finance Secretary Jose Isidro N. Camacho told BusinessWorld in a
telephone interview over the weekend."

Philippine National Bank (PNB), in a letter dated 5 November
2001, in clarifying the veracity of the article stated that:

"It is my understanding that the referenced news article
entitled 'Government Ready to Assume PNB Control' was generated
from the news conference conducted by President Gloria M.
Arroyo. The Bank does not have any official notice or
information from Mr. Lucio C. Tan. We will inform your
goodselves as soon as the Bank receives such confirmation."


NATIONAL BANK: Moody's Revises Ratings Outlook To `Positive'
------------------------------------------------------------
Moody's revised the outlook for the ratings of Philippine
National Bank to positive, on news that the government and the
bank's major shareholder are closer to agreement over a proposed
debt-equity swap.

The rating agency said that the proposed agreement, which would
see the government substantially increase its stake in the bank,
has the potential to increase the predictability of regulatory
support for the bank in future, with a correspondingly positive
effect on deposit ratings.

PNB has received approximately P25 billion in liquidity support
from official sources. Under the proposed agreement, the bank
would swap some of these liabilities for equity, raising the
government's stake well above the current 16 percent.

The following ratings were affected:

The ratings of the bank for its domestic and foreign currency
long-term and short-term deposits, of Ba3 and Not Prime.

The bank financial strength rating of E.

PNB, which has headquarters in Manila, is the country's sixth
largest bank, with total assets of P186.7 billion.


NATIONAL POWER: Mid-November Sale Plan Submission Expected
----------------------------------------------------------
The national government is expected to submit the final draft of
the privatization plan for the state-owned National Power Corp.
or Napocor to the Philippine Congress for approval, coming mid-
November, the Asian Wall Street Journal reported on Wednesday.

A Napocor spokeswoman said that the final draft is to be
completed by November 12. Then draft will then be passed on to
the Power Commission (a congressional joint committee) for
approval and then forwarded to Philippine President Gloria
Macapagal Arroyo.

Upon approval of the bill, by both Congress and the President,
privatization of the ailing power company's generation and
transmission assets shall commence early next year.

A total of US$5 billion is expected from the sale of Napocor's
transmission and generation assets.


NATIONAL STEEL: Iligan Plant Fast Deteriorating
-----------------------------------------------
National Steel Corporation's worker's union has asked the
Philippine government to speed up the reopening of the ailing
steel firm's mothballed Iligan plant. The workers claim the
plant's equipment is steadily deteriorating and some of its
former workers have gone to find work overseas, according to a
Business World report Thursday.

Simplicio Villarta, Jr., president of the National Steel Labor
Union-Federation of Free Workers (Naslu-FFW), said "For the sake
of the workers, and for the sake of Iligan, the government
should let NSC operate again." NSC, prior to its closure was
Iligan's biggest employer, with around 2,000 employees on its
payroll.

Mr. Villarta also noted that the plant's closure adversely the
city since it also crippled other businesses. He pointed out
that many of the former NSC employees, especially the systems
engineers, have already gone abroad.

Hiring new personnel would only delay startup time so it would
be imperative for the company to retain the services of those
that have already worked for it in the past.

The worker's union is supporting the lease offer made by
Allengoal, which is headed by former NSC engineer Alex Delmo.
Allengoal's offer to lease the plant at P20.5 million a month
plus a 40 percent net profit, is considered by the union as the
best offer so far.


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


ASIA FOOD: Issues Property Valuation Notice
-------------------------------------------
Asia Food & Properties yesterday announced the recent valuation
of properties made on October 26, 2001. The notice of the
valuation:

Date of valuation: 26/10/2001
Name of valuer: FPDSavills (Singapore) Pte Ltd
Description of property: Retail, office units and apartments
                         within Orchard Towers at 400 Orchard
                         Road / 1 Claymore Drive, Singapore
                         238875/229594

(Desktop Valuation)
Valuation (S$) 116,080,000

The valuation reports for the above properties are available for
inspection at 3 Shenton Way #17-03 Shenton House Singapore
068805 during normal business hours up to 08/02/2002.


GOLDEN AGRI: Appoints Three New Directors
-----------------------------------------
Ailing Golden Agri Resources as well as Asia Food & Properties
have appointed three prominent corporate figures as independent
directors starting November 2, in a bid to bolster the
independence of their boards, the Business Times reported
Thursday.

Both Companies have appointed Dr. Hong Hai, Hong Pian Tee and
Foo Meng Kee as the new directors. Dr. Hong is president and
chief executive of Haw Par Corporation and Haw Par Healthcare.
Hong Pian Tee on the other hand is a principal of accounting
firm PricewaterhouseCoopers, and Mr. Foo is also a director of
MK Capital Pte Ltd and managing director of Hitachi Zosen
Singapore.

Both companies, in separate statements said that the
appointments were really needed to "enhance the corporate
governance" of the two firms which will benefit from the wide
corporate existence between these three men.


THAKRAL CORPORATION: Losses, Earnings Signal New Stability
----------------------------------------------------------
Thakral Corporation reported a loss of only US$6 million for the
six months ended September 30, compared to last year's reported
loss of US$47 million, proving that the company's outlook is
looking bright, the Business Times said yesterday.

The group is now undergoing financial restructuring.

Moreover the company's profit before interest, depreciation and
amortization, exceptional items, income tax and minority
interests totaled US$19.4 million, significantly higher than the
year-ago figure of US$3 million.

Inderbethal Singh Thakral, the group's managing director said,
"These results are a good measure of the stability that has
returned to the group's operations and also reflect the
continuing health of our core businesses, in particular, our
trading and distribution activity."


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


MODERN HOME: Exempted From Submitting Financial Statement
---------------------------------------------------------
The shares of Modern Home Development Public Company Limited are
under temporary Stock Exchange of Thailand trading suspension
(SP sign). The company is in the process of rehabilitation under
the Bankruptcy Act B.E. 2483 (A.D. 1940) which matches the
criteria to be exempted from submitting the quarterly financial
statement prescribed in the aforementioned Notification.

The exemption period will begin the Quarter 3 of 2001 and end
when the company shares are traded in the Stock Exchange of
Thailand again (SP sign has been removed) or the rehabilitation
process of the company has been completed, whichever comes
first. The company will subsequently notify the Office of the
Securities and Exchange Commission as the progress proceeds.


PRASIT PATANA: PwC Posts Rehab Plan Progress Report
---------------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited (PwC) as
Plan  Administrator of Prasit Patana Public Company Limited
(PPCL) issued a Progress Report on the implementation of
Rehabilitation Plan of PPCL for the period from 9 July 2001 to 9
October 2001:

Parts of the rehabilitation plan that have been completed

Debt repayment to various classes of creditors

PPCL has paid creditors specified below for the amounts to which
they are entitled in accordance with the Plan:

   * Employee Creditors    Bt82,189,717.23
   * Other Creditors       Bt61,613,985.53
   * Trade Creditors       Bt77,325,748.22

Report on the advantages and disadvantages of Single Company
Structure and Four Company Structure and creditors' meeting to
vote on company structure

In accordance with subclause 8.7, the Plan Administrator
submitted a report on the advantages and disadvantages of the
Single Company Structure and the Four Company Structure to
Lenders on 9 August 2001 and, as requested by the Creditors''
Committees of all three companies, an additional report on 12
September 2001.

Creditors' Committees of all three companies resolved to
postpone the voting date for company structure to 9 October
2001.

The results of the voting on Company Structure for the three
companies are as follows:

            Company
Voting Results
Prasit Patana Public Company Limited            Approved  Single
Company Structure
Phyathai 2 Hospital Company Limited             Not approved
Single Company Structure
Phyathai 3 Hospital Company Limited             Approved  Single
Company Structure

According to the plan, to implement Single Company Structure,
the lenders of each company must approve the Single Company
Structure. As a result of the voting results above, Plan
Administrator has therefore to implement Four Company Structure.

Valuation of secured assets of Klass V Co., Ltd (Klass V) and
Phyathai 4 Hospital Co., Ltd (PYT4)

Under paragraph 9.87, the Plan Administrator engaged Sallmanns
(Far East) Limited to value assets which are pledged or
mortgaged to Bank of Ayudhya Pcl. (BAY) such assets being
owned by Klass V and PYT4.  The Plan Administrator received the
Valuation report on 18 Oct 2001. The valuation can be
summarized;

   Assets      Market Value(Baht)      Force Sale Value (Baht)
   Klass V     240,000,000             144,000,000
   PYT 4       240,000,000             168,000,000

Treatment to Lenders with sustainable debt denominated in USD

Under sub-clause 9.69 of the Plan, each Lender is required to
give a written notice within 2 months of the Approval Date to
the Plan Administrator its choice of treatment to its USD
loan. The relevant date was 9 September 2001. As at that date,
four Lenders have not yet given notice to the Plan Administrator
of their choices. Plan Administrator will follow up those
creditors to find out their choices.

Budget Approval

On the first Creditors' Committees meeting held on 23 July 2001
and on the second Creditors' Committees meeting held on 1 August
2001,Creditors' Committee approved a budget for Capital
Expenditure (CAPEX) requested by Plan Administrator.

The companies are currently in the process of selection,
purchasing, and implementation of Information Technology Systems
to improve hospital operations and information system and
reporting.


SUNTECH GROUP: Files Business Reorganization Petition
-----------------------------------------------------
Manufacturer and producer of all types of tomato products
Suntech Group Public Company Limited's (DEBTOR), which is also
engaged in changing scrap iron into others, Petition for
Business Reorganization was filed in the Central Bankruptcy
Court:

     Black Case Number 586/2543

     Red Case Number 636/2543

Petitioner: SUNTECH GROUP PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt4,948,814,544.27

Planner: EMC Power Company Limited

Date of Court Acceptance of the Petition: July 31, 2000

Date of Examining the Petition: August 28, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: August 28, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: September 1, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 21,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 21, 2000

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 21, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 21, 2001

Appointment date for the Meeting of Creditors to consider the
plan: March 20, 2001 at 9.30 am. Convention Room 1105, 11th
floor, Bangkok Insurance Building, South Sathorn

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to April 9, 2001 at 13.00 am. Convention
Room 1105, 11th floor, Bangkok Insurance Building, South Sathorn

The Meeting of Creditors had passed a special resolution
accepting the reorganization plan

Court Order for accepting the reorganization plan: May 3, 2001
and appointed Srishongkram Planner Company Limited to be the
Plan Administrator
Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: May 17, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: June 21, 2001

Contact: Mr. Chat Tel, 6792525 ext 124


THAI TELEPHONE: Appoints Directors, Audit Committee Chairman
----------------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited's
informed that the Board of Directors Meeting No. 8/2001 held on
November 6, 2001 resolved to appoint Mr. Rungroj Sriprasertsuk
as Chairman of Audit Committee and Director and to appoint Mr.
Pete Bodharamik as Director, effective from November 6, 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
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza, Jerros Dolino, Editors.

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

This material is copyrighted and any commercial use, resale or
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