TCRAP_Public/011115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, November 15 2001, Vol. 4, No. 224

                          Headlines



A U S T R A L I A

ANALYTICA LIMITED: Posts Notice Of General Meeting
AUSTAR UNITED: Comments On Australian Financial Review Article
BEACONSFIELD GOLD: Changes Registered Office Address
CAPRAL ALUMINIUM: GSP Changes Substantial Holding
DAVNET LIMITED: Requests Suspension From Official Quotation

ENVESTRA LIMITED: A$400M Debt Re-Financing Successful
SMART COMMUNICATIONS: AJL Purchases Assets From Administrator


C H I N A   &   H O N G  K O N G

CHEUNG SHUN: Winding Up Sought By Protech
G-PROP (HOLDINGS): Cites No Reason For Share Price Decrease
INCOME EXPRESS: Winding Up Petition Set For Hearing
PALIBURG HOLDINGS: Requests Suspension Of Trading
WAH LEE: Independent Shareholders Approve Proposed Resolutions

YUEN HING: Winding Up Petition Slated For Hearing


I N D O N E S I A

GARUDA INDONESIA: US$1.8B Debt Restructuring Scheme Approved
PT TIMAH: Government Considers Aneka Tambang Merger
TELEKOMUNIKASI: Plans To Sell 13% Stake In Telkomsel


J A P A N

ASAHI MUTUAL: Plans Merger With Tokio Marine
HITACHI LIMITED: U.S. Unit Takes Over U.S. Consulting Firm
NEC CORPORATION: Management Takes 5%-10% Winter Bonus Cut
NIPPON TELEGRAPH: No Decision Yet On Verio Rehab Plan
TOSHIBA CORP: Infineon Won't Carry Deal Restructuring Costs


K O R E A

HANBO STEEL: Q301 Earnings, Net Loss Up From Last Year
HYNIX SEMICONDUCTOR: Denies Plans To Merge With Foreign Firm
HYNIX SEMICONDUCTOR: Creditors To Write Off 75% Of Loans
HYUNDAI CORPORATION: Posts 9-Month Net Loss Of W52B
HYUNDAI ENGINEERING: Creditors To Refinance Bonds

KOHAP CORPORATION: Creditor Splits Kohap
KOREA ELECTRIC: Net Profit Drops 35%
SHINHAN BANK: To Hire 100 New Workers


M A L A Y S I A

BESCORP INDUSTRIES: Posts Units' Disposed Assets
GENERAL LUMBER: Proposes Articles Of Association Amendments
JASATERA BERHAD: KLSE Extends Time To Regularize Cashflow
LION CORPORATION: KLSE Gives Further Extension
MBF CAPITAL: Obtains SC's Proposed Acquisition Approval

MYCOM BERHAD: 34th AGM To Be Held On December 6
MYCOM BERHAD: Seeks Two-Month Extension Approval
OLYMPIA INDUSTRIES: KLSE Approves Time Extension Request
SRIWANI HOLDINGS: Changes Board, Chief Executive Officer
TRANS CAPITAL: Enters MOU With Menta


P H I L I P P I N E S

ATLAS CONSOLIDATED: Announces P78M Q3014 Net Loss
BAYAN TELECOMMUNICATIONS: Junks Mobile Phone Ops Plan
NATIONAL BANK: Debt-Equity Swap Delayed Over Joint Sale Issues
NATIONAL POWER: Government Staging Second Policy Auction


S I N G A P O R E

CAPITALAND LIMITED: Shares Fall After Halted REIT Listing
CREATIVE TECHNOLOGY: Discloses Shareholder's Interests Changes
HONG LEONG: Issues Changes In Shareholder's Interests
IPCO INTERNATIONAL: Announces New Substantial Shareholder
IPCO INTERNATIONAL: Posts Changes In Substantial Shareholding


T H A I L A N D

BGES ENGINEERING: Financial Statement Submission Exempted
BIG DEVELOPMENT: Business Reorganization Petition Filed
ITALIAN-THAI: Signs Contract With NBIA
SANYO UNIVERSAL: Posts Q301 Operating Results
THAI WAH: Seeking Shareholders' Approval Re Bangna Transaction

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Posts Notice Of General Meeting
--------------------------------------------------
Analytica Limited posted this notice:

Notice is hereby given that a General Meeting of the
shareholders of Analytica Ltd (the Company) will be held at
level 21, 505 Bourke Street, Melbourne Victoria 3000 on 3
December 2001 at 3:00pm.

Additional information concerning the resolutions is contained
in the Explanatory Memorandum that accompanies and forms part of
this Notice of General Meeting. All reference to the Listing
Rules refer to the Listing Rules of the Australian Stock
Exchange Limited.

RESOLUTION 1 - FINANCIAL REPORT, DIRECTORS' AND AUDIT REPORTS

To receive and consider the financial statements and the reports
of the Directors and of the Auditors for the financial year
ended 30 June 2001 and, if thought fit, pass the following
resolution as an ordinary resolution:

That the reports of the Directors and Auditors and the financial
statements of the Company for the year ended 30 June 2001 are
received and adopted.

RESOLUTION 2 - CONSOLIDATION OF CAPITAL

To consider, and if thought fit, pass the following as special
resolutions:

For the purposes of Listing Rule 7.20, the company be authorized
to reduce the ordinary Share Capital by a ratio of 1 for 10
shares currently held on the following terms:

1. The reduction is an equal reduction pursuant to subsection
256B(2) Corporations Act in that:

(a) it relates only to ordinary shares in the company;

(b) it applies to each holder of ordinary shares in the Company
in proportion to the number of ordinary shares they hold; and

(c) the terms of reduction are the same for each holder of
ordinary shares in the Company.

2. This resolution is subject to and conditional upon the
Company entering into option Cancellation Agreements, as defined
in the Deed of Company Arrangement executed by the Company
pursuant to the resolution of the creditors of the Company made
at the Meeting held 27 July, 2001. If a sufficient number of
Option Cancellation Agreements are not entered into for the
purposes of the said Deed, and within the time therein set out,
these share Reduction Resolutions are of no force and effect.

3. The share capital of the Company is reduced, such that:

(a) all members (including the holders of Restricted Securities)
shall hereafter hold a number of shares equal to one tenth of
the number of shares which they presently hold; and

(b) if, by virtue of this resolution, a member would hold a
fraction of a share, the member holds the nearest whole number
of shares.

4. The share certificates presently on issue are cancelled.

5. The Company shall issue fresh share certificates or holding
statements to all members.

6. The secretary shall make all necessary entries in the
Register of Members.

RESOLUTION 3 - PURCHASE OF DIAGNOSTIC BUSINESS

To consider, and if thought fit, pass the following as special
resolution:

For the purpose of Listing Rule 11.1, the company be authorized
to acquire a Dianostics Business from Psiron Ltd using a loan of
$1.6 million. The conditions of the loan are:

1. Analytica may repay or draw on the Loan facility over the
first two years without penalty.

2. Principal repayments will begin at the rate of $200,000 per
annum at the end of years 3 to 7. The final loan repayment of
$600,000 will be due an the eighth anniversary of settlement.
The loan facility reduces in line with repayments made.

3. The loan is secured over existing and future assets of the
diagnostics business.

4. Interest payable on the Loan is the Westpac 90 day bill rate,
plus 2.5 percent.

5. Interest is payable quarterly in arrears.

RESOLUTION 4 - NEW SHARE ISSUE (NON-RELATED PARTIES)

To consider, and if thought fit, pass the following as an
ordinary resolution:

For the purposes of Listing Rule 7.1 the Company be authorized
to issue Psiron Ltd 8 million Cumulative Redeemable Preference
Shares for consideration of $800,000. Such Preference shares
carrying a cumulative coupon rate of 8 percent, are convertible
at the rate of 2 ordinary shares per Preference Share held and
have a term of 28 months.

RESOLUTION 5 - NEW SHARE ISSUE (RELATED PARTIES)

To consider, and if thought fit, pass the following as a special
resolution:

For the purposes of Listing Rule 10.11, the Company be
authorized to issue options to acquire fully paid ordinary
shares in the capital of the Company to the below named related
parties or their nominees as follows:

RELATED PARTY       OPTIONS        EXERCISE PRICE PER OPTION

Dr P Jonson         500,000           10 cents
Mr D Lismore        500,000            5 cents
Psiron Ltd        1,000,000           10 cents

The options will be issued by 21 December 2001 and can be
converted at the absolute discretion of the holder up and until
5 years after the date of this meeting.

RESOLUTION 6 - ELECTION OF DIRECTOR

To consider, and if thought fit, pass the following as an
ordinary resolution:

Mr T B Moyle in accordance with the company's constitution,
offers himself for re-election and being eligible is hereby re-
elected as a director.


AUSTAR UNITED: Comments On Australian Financial Review Article
--------------------------------------------------------------
Austar United Communications Limited is aware of an article in
the Australian Financial Review speculating on discussions
between Austar and Optus. Austar has a policy on continuous
disclosure whereby the company immediately announces to the
market any matter required to be announced under the listing
rules.

As part of that policy Austar, as a rule, does not comment on
market rumors or speculation in the media.

However, Austar notes that, in the ordinary course of business
it regularly reviews all strategic options available to it. In
addition it regularly has discussions about possible commercial
arrangements with a wide range of participants in the pay TV and
other industries.

Austar has a number of commercial arrangements with Optus,
including a satellite platform joint venture, a mobile telephony
resale arrangement and certain pay TV programming contracts.
Austar and Optus have, from time to time, had and continue to
have, discussions concerning possible broader strategic
relationships between the two companies.

Any such discussions to date have been very preliminary, no
agreements have been reached or are likely to be reached in the
foreseeable future and there is significant uncertainty as to
whether any such agreement will be reached between the two
companies.


BEACONSFIELD GOLD: Changes Registered Office Address
----------------------------------------------------
The registered office of Beaconsfield Gold NL has been changed
from Level 14, 26 St Georges Terrace Perth WA to Level 6, 1
Collins Street Melbourne Victoria 3000.


CAPRAL ALUMINIUM: GSP Changes Substantial Holding
-------------------------------------------------
Guinness Peat Group Plc increased its relevant interest in
Capral Aluminium Limited on 14/November/2001, from 19,412,230
ordinary shares (28.63 percent*) to 20,366,424 ordinary shares
(30.04 percent*).

* 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 Ltd
which is Annexure A to our substantial shareholding notice dated
02/April/2001.


DAVNET LIMITED: Requests Suspension From Official Quotation
-----------------------------------------------------------
The securities of Davnet Limited (the Company) will be suspended
from quotation immediately, at the request of the Company,
pending an announcement by the Company regarding a financial
restructuring.

Attached below is Companies Advisor R Iversen suspension
request:

Davnet Limited hereby requests a voluntary suspension of trading
in its shares from the commencement of trading Wednesday, 14
November 2001, which Davnet expects to end at the commencement
of trading on 21 November 2001.

In accordance with Listing Rule 17.2, I advise that:

1. The suspension is requested due to the advanced stage of
negotiations with various parties with respect to the financial
restructuring of Davnet Limited and its main operating
subsidiary, Davnet Telecommunications Pty Limited (Davtel).

2. The suspension is expected to last for one week.

3. A further ASX announcement is expected to be made by Davnet
Limited on 20 November 2001 concerning the outcome of
negotiations and  resultant transactions entered into that will
end the suspension.

4. The Company is not aware of any reason why its securities
should not be suspended.

5. The operations of the Company, and that of its operating
subsidiaries Davtel, eDataGroup, and QAI, will remain unaffected
by the suspension and the underlying negotiations.

In particular, Davtel, which is 49 percent owned by NTT
Communications' 100 percent  owned Australian subsidiary, NTT
Australia Pty Limited, will be continuing normal business
operations, supporting its business customers with high quality
and leading edge broadband data solutions.

Please contact Mark Hubbard if you wish to discuss any aspect of
this request.


ENVESTRA LIMITED: A$400M Debt Re-Financing Successful
-----------------------------------------------------
Envestra Limited announced Tuesday the re-financing of $426
million in bank debt, and also a reduction in the amount of
Commercial Paper the Company has on issue.

In making the announcement Envestra's Chief Financial Officer,
Mr Ian Little said, "This re-financing strategy has been used
rather than issuing securities in the capital markets. It
ensures Envestra maintains ready access to banking support and
strong relationships with major Australian and international
banks. The re-financing strategy is aimed at ensuring the
Envestra Group maintains around one third of its total debt
within the banking sector, with the remainder being financed in
the capital markets.

"Although Envestra enjoys strong support from institutional
investors and dealers for its Commercial Paper program, the
current international economic uncertainties dictate a
precautionary strategy in managing short-term debt", added Mr
Little.

"We have therefore taken a proactive approach to the management
of the balance sheet.

"This re-financing has been deliberately undertaken eight
months ahead of loan maturities and means that the Envestra
Group has no secured long-term loans maturing before mid-2003.
We see this as a conservative, risk adverse position in the
uncertain economic environment confronting business in 2002",
said Mr Little.

The re-financing has been undertaken with Commonwealth Bank of
Australia, the Toronto Dominion Bank and Sumitomo Mitsui Finance
Australia Ltd for Envestra Limited ($276m) and Commonwealth Bank
of Australia and ANZ Bank for Envestra Victoria Ltd ($150m).

The re-financing covers bank debt maturing in March and June
2002.

For further information please contact:

Ian Little
CHIEF FINANCIAL OFFICER

Des Petherick
MANAGER, CORPORATE & PUBLIC AFFAIRS

Telephone : 08 8227 1500
Mobile : 0403 056 540


SMART COMMUNICATIONS: AJL Purchases Assets From Administrator
-------------------------------------------------------------
AJ Lucas Group Limited (AJL), the specialist infrastructure
services provider, has acquired the principal assets and
business undertaking from the Voluntary Administrator of Smart
Communications Group Limited.

The transaction closed on 13 November 2001 although Lucas
assumed management control of Smart upon reaching agreement with
the Administrator on 7 November 2001.

Mr Allan Campbell, CEO of Lucas Group said: "Smart is an
important plank in our network strategy. We aim to build on this
business in providing integrated solutions for communications
and information technology infrastructure."

Lucas' strategy is to provide specialized infrastructure
services to niche outsourced markets in each of the utility
sectors: gas, power, telco's and water. Lucas aims to have these
businesses underpinned by strategic alliances with a number of
key players in each of the sectors. With its well known brand
name and relationships with key suppliers, Smart fits this
strategy well in terms of the telecommunications/IT sector.

"We know the Smart operational managers well and have a planned
strategy. We have high expectations for the growth of this
business" Mr Campbell said.


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


CHEUNG SHUN: Winding Up Sought By Protech
-----------------------------------------
Protech Property Management Limited is seeking the winding up of
Cheung Shun Property Management Limited. The petition was filed
on August 17, 2001, and will be heard before the High Court of
Hong Kong on December 5, 2001 at 9:30 a.m.

Protech holds its registered office at Unit  6-9, Ground Floor,
Hi-Tech Center, 9 Choi Yuen Road, sheung Shui, New Territories,
Hong Kongr


G-PROP (HOLDINGS): Cites No Reason For Share Price Decrease
-----------------------------------------------------------
The board of directors of G-Prop (Holdings) Limited (Board) have
noted the recent decrease in the price and increase in the
trading volumes of the shares of the Company and stated that the
Board is not aware of any reasons for such decrease and
increase, as the case may be.

The Board also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither 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.


INCOME EXPRESS: Winding Up Petition Set For Hearing
---------------------------------------------------
The petition to wind up Income Express Trading Limited is set
for hearing before the High Court of Hong Kong on January 9,
2002 at 9:30 am. Asia Commercial Bank Limited whose registered
office is situate at 120 Des Voeux Road Central, Hong Kong filed
the petition with the court on September 14, 2001.


PALIBURG HOLDINGS: Requests Suspension Of Trading
-------------------------------------------------
Paliburg Holdings Limited (Paliburg), Century City International
Holdings Limited and Regal Hotels International Holdings
Limited, requested that trading in their shares will be
suspended with effect from 10:00 a.m. Wednesday
(14/November/2001) pending an announcement setting out the
recent development on the settlement proposal for the
exchangeable bonds and convertible bonds of Paliburg.


WAH LEE: Independent Shareholders Approve Proposed Resolutions
--------------------------------------------------------------
Wah Lee Resources Holdings Limited (Joint and Several
Provisional Liquidators Appointed) announced that all the
resolutions set out in the notice of the SGM contained in the
circular of the Company dated 22 October 2001 were duly passed
at the SGM held Wednesday.

The proposed resolutions relating to the Joint Restructuring
Agreements, the Whitewash Waiver and the Creeper Authorization
and all the transactions contemplated thereunder, which were
taken by way of a poll, were approved by all the Independent
Shareholders present and voting in person or proxy at the SGM.

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


YUEN HING: Winding Up Petition Slated For Hearing
-------------------------------------------------
The petition to wind up Yuen Hing Medicine Manufactory Limited
is scheduled for hearing before the High Court of Hong Kong on
December 12, 2001 at 10:00 a.m.

The petition was filed with the court on August 22, 2001 by The
China and South Sea Bank, Limited, Hong Kong Branch (whose
undertakings have been succeeded by Bank of China (Hong Kong)
Limited by virtue of the Bank of China (Hong Kong) Limited
(Merger) Ordinance, Cap. 1167 whose registered office is situate
at Bank of China Tower, 1 Garden Road, Central, Hong Kong.


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


GARUDA INDONESIA: US$1.8B Debt Restructuring Scheme Approved
------------------------------------------------------------
PT Garuda Indonesia's president Abdulgani said the proposed
restructuring of its US$1.8 billion debt has been approved
following clearances by courts in London and Singapore last
week, PRNewsAsia reported on November 14, which cited Bisnis
Indonesia. Garuda's financial director Emirsyah Satar said the
company's debt, under the scheme, will be rescheduled to 16
years from 12.


PT TIMAH: Government Considers Aneka Tambang Merger
---------------------------------------------------
The government considers merging PT Timah and PT Aneka Tambang
(Antam) to save the former from bankruptcy, with the merger plan
still being studied, Jakarta Post reported on November 14, which
quoted State minister of State Enterprises Laksamana Sukardi.

Laksamana said, "The merger is part of our efforts to
restructure Timah," which has been badly hit by the plunge in
world tin prices and rampant illegal mining activities at its
sites on Bangka and Belitung islands.

According to a report by Arthur Andersen , Garuda owes US$610
million, US$420 million and US$630 million to the European
Credit Agency for the lease of six A-330 Airbus aircraft, 11
Boeing 737s and for a debt in the form of commercial paper,
respectively.


TELEKOMUNIKASI: Plans To Sell 13% Stake In Telkomsel
----------------------------------------------------
PT Telekomunikasi Indonesia planned to dispose of a 13 percent
stake in PT Telekomunikasi Selular (Telkomsel) to Singapore
Telecom Ltd, with negotiations still going on, PRNewsAsia
reported on November 14, which cited Koran Tempo. SingTel
reportedly wants to acquire another 13 percent stake in
Telkomsel from Telkom.


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


ASAHI MUTUAL: Plans Merger With Tokio Marine
--------------------------------------------
Asahi Mutual Life Insurance Co., plans to merge with Tokio
Marine Life Insurance Co. this April 2003, speeding up the
overall integration plans for the four companies comprising the
Millea Insurance Group, according to a Tuesday News On Japan
report.

The planned merger will create an entity tentatively called
Millea Life Insurance and is aimed at ultimately stabilizing
Asahi Mutual Life's precarious financial standing. Asahi Mutual,
one of the smaller insurance companies, ranked fifth among
domestic life insurers in terms of policy values, has been
affected by a series of corporate failures as well declining
stock prices that recently rocked the life insurance industry.


HITACHI LIMITED: U.S. Unit Takes Over U.S. Consulting Firm
----------------------------------------------------------
Experio Solutions Corporation, a Hitachi Ltd U.S. subsidiary,
recently signed a contract to take-over U.S.-based information
technology consulting firm, Tactica Holdings Inc, for a reported
US$60 million, PRNewsAsia reported on November 14, quoting
Hitachi sources.

The deal reportedly forms part of the Hitachi's mid-term plan to
increase revenue from the IT service business to US$1 billion by
the year 2005. For this purpose, Hitachi Limited will continue
to seek mergers and acquisition opportunities worldwide.

Presently, Tactica Holdings employs 165 workers, including 140
consultants, while Experio has 570 consultants.


NEC CORPORATION: Management Takes 5%-10% Winter Bonus Cut
---------------------------------------------------------
For some 9,000 NEC Corporation management personnel holding
ranks above section chief, winter bonuses for this year have
been cut by an estimated 5-10 percent, as part of NEC's
restructuring efforts, PRNewsAsia reported Tuesday.

The electronics giant announced plans barely two weeks ago to
speed up its restructuring efforts by streamlining chip
production lines, shifting workers out of the suffering
electronics devices division, and further cutting capital
spending.

Moreover, for the first half ended September 30, NEC posted a
group operating loss of Y55.3 billion in its electronics device
division.


NIPPON TELEGRAPH: No Decision Yet On Verio Rehab Plan
-----------------------------------------------------
Nippon Telegraph and Telephone Corp. still hasn't decided on a
rehabilitation plan for Verio Inc., its U.S. subsidiary, and is
currently collecting earnings data for this fiscal year to
March, the Asian Wall Street Journal said on Tuesday.

Local newspaper however reported that NTT will push to rebuild
Verio by selling off its loss-making units, consolidating its
data centers and shedding some of the workers. The said
restructuring steps are expected to cost some US$300 million.

NTT is also forecast to post a Y400 billion appraisal loss on
its Verio stake for the first half to September. NTT acquired
the U.S. data communications firm for a total of US$5 billion.


TOSHIBA CORP: Infineon Won't Carry Deal Restructuring Costs
-----------------------------------------------------------
Negotiations between Toshiba Corporation and Infineon
Technologies AG for a possible tie-up in both companies' memory
chip business have a hit a possible snag, with Infineon refusing
to carry restructuring costs of the merger, the Asian Wall
Street Journal reported November 13.

"If the company does come to a deal to merge its memory chip
business with that of Toshiba's, the condition is that the
partner must carry the restructuring costs," Infineon Chief
Executive Ulrich Schumacher.

Infineon certainly is in a position to demand conditions
considering that it is the more financially viable company,
carrying with it a healthy balance sheet.

"There's no pressure for us (to find a partner), rather we want
to use the opportunities that exist in the market," said
Schumacher.

In contrast, Toshiba recently announced plans to cut 10 percent,
more or less around 3,000 group workers, from its semiconductor
division by the end of this year.

It also recently posted a group operating loss of Y72 billion
for the first six months until September. Toshiba's group net
loss for the whole year is estimated to reach Y200 billion.


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


HANBO STEEL: Q301 Earnings, Net Loss Up From Last Year
------------------------------------------------------
Hanbo Steel on Tuesday posted a W203.1 billion net loss during
the first three quarters of the year, up almost 100 percent from
figures posted during the same period last year, the Korea
Herald said Wednesday.

The company cited interest costs totaling W77.4 billion, losses
from halted production facilities totaling W61.3 billion and
foreign exchange losses of W51.7 billion as reasons for its poor
performance.

However, Hanbo scored an operating profit of W10.5 billion
during the three quarters, a significant increase compared to
last year's loss of W19.3 billion.


HYNIX SEMICONDUCTOR: Denies Plans To Merge With Foreign Firm
------------------------------------------------------------
Contrary to earlier reports, Hynix Semiconductor Inc. and its
creditors have no plans to engage in any merger with any
international chipmaker, PRNewsAsia said on Tuesday, citing
Korea Development Bank (KDB) sources.

Earlier this week, a newspaper report alleged that KDB president
Jung Keun-Yong issued a statement saying that Hynix was looking
to merge with an international chipmaker to ensure its long-term
viability.

In a statement, KDB clarified Mr. Jung's statement saying,
"What he (Jung Keun-yong) meant was that its one of many
options creditors can consider in the long-term perspective."


HYNIX SEMICONDUCTOR: Creditors To Write Off 75% Of Loans
--------------------------------------------------------
The liquidation value of unsecured loans of creditor banks
extended to ailing Hynix Semiconductor Inc. is expected to be
set at around 25 percent of their book value, meaning that a
creditor could only retrieve 25 percent of its lending to the
Korean chipmaker, the Korea Herald said yesterday quoting bank
sources.

As a result, the seven banks who have decided not to grant an
extension of fresh loans to Hynix will be required to write off
around W1.4 trillion in loans out of their total lending worth
W2.02 trillion.

Accounting firm estimates Hynix's liquidating value at around
25.5 percent, thus, the said banks have to write off slightly
over 70 percent of their lending. The seven banks are Kookmin,
Shinhan, Hana, KorAm, Seoul, Industrial Bank of Korea and Pusan.


HYUNDAI CORPORATION: Posts 9-Month Net Loss Of W52B
---------------------------------------------------
Hyundai Corporation posted a net loss of W52.4 billion in nine
months through September period, drastically lower than the
W10.7 billion profit that was posted during the same period of
last year, according to a Tuesday article of PRNewsAsia.

Company sales also declined to W21.2 trillion as compared to
year-ago figures of W28.9 trillion. Operating profit was also
down to W51.2 billion, lower than year-ago figures of W107.2
billion.

Hyundai blamed its net losses in the nine months to September on
losses from its stakes in unprofitable affiliates.


HYUNDAI ENGINEERING: Creditors To Refinance Bonds
-------------------------------------------------
Creditors of Hyundai Engineering and Construction (HEC) and its
affiliate Hyundai Merchant Marine (HMM), have approved a plan to
refinance the two firms' bonds totaling W386.6 billion maturing
this December, The Korea Herald reported yesterday, quoting
Korea Development Bank (KDB) sources.

According to KDB sources, HMM has W247.2 billion worth of bonds
to mature next month, while HEC on the other hand has W237
billion. The creditors will refinance W197 billion for HMM, and
W189.6 billion for HEC, roughly 80 percent of the bonds for each
of the firms.

In return for helping the two firms revolve the maturing debts,
creditors are asking that the two companies complete each of
their declared self-help programs by the end of the year.

Moreover, as a condition for specifically assisting HEC, bank
creditors are asking that non-bank creditors should implement
their share of a debt-for-equity swap and capital increase
totaling W192.5 billion for HEC.


KOHAP CORPORATION: Creditor Splits Kohap
----------------------------------------
A proposed plan by Kohap Corporation creditors to split the
company into two separate entities has been approved by company
shareholders, the Korea Herald reported Wednesday.

One of the entities, a petrochemical firm which will be
inaugurated this December, will take over the company's core
operations and should have W1.14 trillion in assets, W686.3
billion in debt and W457.6 billion in capital.

The other unnamed entity will be put up in order to dispose of
Kohap's chemical fiber operations through sale, relocation to
foreign countries, or liquidation. The planned breakup will take
place on December 27.


KOREA ELECTRIC: Net Profit Drops 35%
-----------------------------------
Korea Electric Power Corp. (KEPCO) announced that its net profit
for this year through September went down 35 percent to W2.51
trillion amid a decrease in power demand due to the current
economic slowdown and a higher base effect, the Korea Herald
said November 14.

For the first nine months of the year, KEPCO's sales revenue
amounted to W14.91 trillion, up 9.4 percent form the W13.63
trillion posted during the same period of last year.

But the power company's operating income on the other hand fell
32 percent to W3.18 trillion, with ordinary income also dropping
6.4 percent to W2.54 trillion.

Net profit was down to W750 billion in the three months from
July to September, comparably lower than the W1.37 trillion
posted a year ago.


SHINHAN BANK: To Hire 100 New Workers
-------------------------------------
Shinhan Bank plans to hire 100 new employees this month. It
hired that many workers during the first half of the year, Korea
Herald reported Wednesday.

Shinhan, the flagship of the recently launched Shinhan Financial
Group, also recruited some 150 workers last year, and its
currently employee base stood at 4,300.

Just last month, Shinhan Bank posted a third quarter net profit
of W10.6 billion, down a whopping 87 percent from last year's
W78.8 billion during the same period.


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


BESCORP INDUSTRIES: Posts Units' Disposed Assets
------------------------------------------------
Bescorp Industries Berhad announced that certain subsidiary
companies have disposed off selected assets of the companies
pursuant to a tender exercise conducted recently. The tender
exercise was carried out as part of the liquidation
administration of the respective companies.

The details of the Disposals are:

Disposal of property belonging to Bespile Sdn. Bhd. (In
Liquidation) to Jutasama Sdn. Bhd. for a total consideration of
RM9.5 Million.

Bespile Sdn. Bhd. (In Liquidation), a subsidiary of BIB, had
entered into six (6) Sale and Purchase Agreements with Jutasama
Sdn. Bhd. on 6 September, 2001 to dispose off the six adjoining
pieces of land located at Lot Nos. 1928 to 1930 & 1943 to 1945
Mukim and District Klang, Selangor for a total consideration of
RM9.5 Million.

Disposal of property belonging to Bescorp Construction Sdn Bhd
(In Liquidation) to Autoli Retreading Sdn Bhd for a total
consideration of RM1.4 Million.

Bescorp Construction Sdn Bhd (In Liquidation), a subsidiary of
BIB, had entered into a Sale and Purchase Agreement with Autoli
Tyre Retreading Sdn Bhd on 3 September, 2001 to dispose off the
land located at Lot 4049, Jalan 2D, Subang New Village,Mukim of
Sungai Buloh, District of Petaling, Selangor Darul Ehsan for a
total cash consideration RM1.4 Million.

Disposal of plant and machineries of subsidiaries of BIB to
various parties

The subsidiaries of BIB have disposed off selected plant and
machineries to various parties. The details of the disposals
are:

Company    Purchaser    Amount (RM)
Bescorp Construction Sdn. Bhd. (In Liquidation)
Did Tsun Trading    669,000
Bespile Sdn. Bhd. (In Liquidation)
Reward Star Sdn Bhd   46,500
Bespile Sdn. Bhd. (In Liquidation)
Madani Corporation Sdn. Bhd.  141,966
Bespile Sdn. Bhd. (In Liquidation)
Wong Ah Kew    6,542
Bespile Sdn. Bhd. (In Liquidation)
Ban Hin Crane Services Sdn. Bhd. 13,500
Bespile Sdn. Bhd. (In Liquidation)
Did Tsun Trading    220,000
Bespile Sdn. Bhd. (In Liquidation)
Izzath Metal Trading Sdn Bhd 300,000
Bespile Sdn. Bhd. (In Liquidation)
Webuild Engineering Sdn. Bhd. 1,960
Bespile Sdn. Bhd. (In Liquidation)
ST Metal Trading    83,000
Bespile Sdn. Bhd. (In Liquidation)
Liew Wan Kong    1,500
Bespile Sdn. Bhd. (In Liquidation)
Jutasama Sdn. Bhd.   385,000
Bespile Sdn. Bhd. (In Liquidation)
Bayu Marketing    450,000
Farlil Sdn. Bhd. (In Liquidation)
Seng Chian Trading Co   35,000
Farlil Sdn. Bhd. (In Liquidation)
Izzath Metal Trading Sdn. Bhd. 165,000
Bescorp Piling Sdn. Bhd. (In Liquidation)
Did Tsun Trading    10,000
Bescorp Piling Sdn. Bhd. (In Liquidation)
Yong Koy Heng    70,000
Bescorp Piling Sdn. Bhd. (In Liquidation)
Reward Star Sdn. Bhd.   15,000
Bescorp Concrete Sdn. Bhd. (In Liquidation)
Million Profile Sdn. Bhd.  200,000

RATIONALE FOR THE TRANSACTIONS

The disposals were carried out as part of the liquidation
administration of the respective subsidiaries of BIB. The
proceeds arising from the disposals would be utilized to settle
the creditors of the respective subsidiaries of BIB.

FINANCIAL EFFECTS OF THE TRANSACTION

Earnings

The Disposals are not expected to have any material effect on
the earnings of the BIB for the year ending 31 December, 2001.

Net Tangible Assets

The Disposals are not expected to have any material effect on
the NTA of the Company.

Share Capital

The disposals are not expected to have any effect on the share
capital of BIB.

Substantial Shareholders' Shareholding

The Disposals are not expected to have any effect on the
substantial l shareholdings of BIB.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST AND PERSONS
CONNECTED TO DIRECTORS AND MAJOR SHAREHOLDERS

None of the Directors and/or major shareholders and/or persons
connected with a Director or major shareholder of BIB have any
interest, direct or indirect in the Disposals.

APPROVAL

The above Disposals are not subject to the approval of the
shareholders of BIB or any government authority. However, the
Disposals have been approved by the Committee of Inspection of
the respective subsidiary companies.

DOCUMENTS FOR INSPECTION

The Sale and Purchase Agreements for the disposals of the land
will be available for inspection at the Registered Office of BIB
at Unit 725, 7th Floor, Block A, Kelana Center Point, No 3 Jalan
SS7/19 Kelana Jaya, 47301 Petaling Jaya during normal working
hours from Monday to Friday (except public holidays) within 14
days from the date of this announcement.


GENERAL LUMBER: Proposes Articles Of Association Amendments
-----------------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Berhad informed the Exchange that the Company proposes to amend
the Company's Articles of Association (Proposed Amendments) to
incorporate the relevant changes under the Listing Requirements
and to be in line with the provisions of other regulatory and
statutory requirements.

The Company will be issuing a Circular to Shareholders together
with the details of the said Proposed Amendments by way of a
Special Resolution at a forthcoming Extraordinary General
Meeting.

Profile :

The Company (GLFB) and its two subsidiaries, General Lumber
Processing Sdn Bhd (GLP) and General Lumber Trading Sdn Bhd
(GLT) were originally wholly-owned subsidiaries of Land &
General Bhd (L&G). Pursuant to the restructuring exercise of
L&G, which was completed on 7 June 1993, L&G divested its
interests in GLP and GLT to GLFB. Upon completion of the
restructuring exercise, GLFB was acquired from L&G in a
management buy-out by Nik Mahmood bin Hj Nik Hassan and Wan
Mustapha bin Wan Ismail. Following further expansion and full
settlement of the amount owed to L&G in May 1994, the Company's
shares were listed on KLSE.

In January 1995, the Group was restructured to transfer and
separate GLFB's manufacturing activities and its marketing
functions to its various subsidiaries.

On 16 May 2001, the Group appointed a Financial Adviser, Perdana
Merchant Bankers Bhd, to undertake and recommend various
restructuring proposals which are expected to take a period of
six to 12 months to be put in place.


JASATERA BERHAD: KLSE Extends Time To Regularize Cashflow
---------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors
of Jasatera Berhad, announced that the Company has obtained KLSE
approval of the extension to submit its plans to regularize its
financial condition to the relevant authorities. The extension
is for a further one (1) month from 24 October 2001 to 23
November 2001.


LION CORPORATION: KLSE Gives Further Extension
----------------------------------------------
Lion Corporation Berhad announced that the KLSE had by a letter
dated 9 November 2001, approved the Company's application for an
extension of time of four (4) months from 12 October 2001 to 11
February 2002 for the Company to obtain all the necessary
approvals from the regulatory authorities for the Company's
revised proposed group wide restructuring scheme.


MBF CAPITAL: Obtains SC's Proposed Acquisition Approval
-------------------------------------------------------
The Board of Directors of MBf Capital Berhad (MBfC) announced
that its Proposed Acquisition of 51 percent equity interest in
MBf Unit Trust Management Berhad (MBfUT), representing 1,530,000
ordinary shares of RM1.00 each from MBf Finance Berhad (MBfFB)
for a cash consideration of RM8.0 million, has been approved by
the Securities Commission (SC) under the condition it will make
a mandatory general offer for shares in MBfUT which are not
already acquired.

MBfC has written to the SC to seek an exemption. MBfC is
currently waiting for their reply.

MBfC also received approval from the Foreign Investment
Committee for the above Proposed Acquisition.


MYCOM BERHAD: 34th AGM To Be Held On December 6
-----------------------------------------------
The Board of Mycom Berhad announced that the Thirty-Fourth
Annual General Meeting of Mycom Berhad will be held at the
Concorde Ballroom, Lobby Level, Concorde Hotel Kuala Lumpur, No.
2 Jalan Sultan Ismail, 50250 Kuala Lumpur on Thursday, 6
December 2001 at 11.30 a.m. to be followed by an Extraordinary
General Meeting to be held immediately thereafter.

Please check http://www.bankrupt.com/misc/Mycom_noticeagm.docto
see full copy of the Notice.


MYCOM BERHAD: Seeks Two-Month Extension Approval
------------------------------------------------
The Board of Directors of Mycom (the Board) announced that
Monday the Company sought an extension of time from the KLSE to
obtain the necessary approvals from the regulatory authorities
for another two (2) months up to 20 January 2002.

The Company will make further announcements as and when new
development in relation to the Revised Scheme arises.

Background:

On 1 November 2001, the Board of Directors of Mycom (the Board)
announced that the KLSE had, by its letter dated 31 October
2001, approved the extension of time from 21 September 2001 to
20 November 2001 for the Company to obtain all the necessary
approvals from the regulatory authorities.

The Company submitted the application in respect to the revised
proposed restructuring scheme (Revised Scheme) to the Securities
Commission (SC) on 20 July 2001, the Foreign Investment
Committee (FIC) and Ministry of International Trade and Industry
(MITI), both on 30 August 2001 and the Bank Negara Malaysia
(BNM) on 3 October 2001, to regularize its financial conditions.

The SC had on 4 October 2001, approved the new valuation of
certain land proposed to be acquired by Mycom as announced on 1
November 2001. The amended Revised Scheme to reflect SC's
approved valuation and to address SC's queries on the submission
dated 20 July 2001 will be submitted to the SC in due course.
The FIC has given a conditional approval according to its letter
dated 29 October 2001 whilst the approvals from SC, MITI and BNM
are still pending.


OLYMPIA INDUSTRIES: KLSE Approves Time Extension Request
--------------------------------------------------------
Olympia Industries Berhad informed that on 1 November 2001, the
Board of Directors of OIB (the Board) announced that the KLSE
had, in its letter dated 1 November 2001, approved the extension
of time from 21 September 2001 to 20 November 2001 for the
Company to obtain all the necessary approvals from the
regulatory authorities.

The Company had submitted the application in respect of the
revised proposed restructuring scheme (Revised Scheme) to the
Securities Commission (SC) on 20 July 2001, the Foreign
Investment Committee (FIC) and Ministry of International Trade
and Industry (MITI), both on 30 August 2001 and the Bank Negara
Malaysia (BNM) on 2 October 2001, to regularize its financial
conditions.

The SC had on 4 October 2001, approved the new valuation of
certain land proposed to be acquired by OIB and certain land to
be disposed to Mycom Berhad as announced on 1 November 2001. The
amended Revised Scheme to reflect SC's approved valuation and to
address SC's queries on the submission dated 20 July 2001 will
be submitted to the SC in due course. The FIC has given a
conditional approval vide its letter dated 29 October 2001
whilst the approvals from SC, MITI and BNM are still pending.

To date, the Board announced that the Company has sought an
extension of time from the KLSE to obtain the necessary
approvals from the regulatory authorities for another two (2)
months up to 20 January 2002.

The Company will make further announcements as and when new
developments in relation to the Revised Scheme arises.


SRIWANI HOLDINGS: Changes Board, Chief Executive Officer
--------------------------------------------------------
Sriwani Holdings Berhad posted this notice:

Date of change  : 12/11/2001
Type of change  :  Appointment Boardroom

Designation  : Director
Directorate  : Independent & Non Executive
Name    : TEOH AH GUAN
Age    : 42
Nationality  : MALAYSIAN
Qualifications  : THE CHARTERED ASSOCIATION OF CERTIFIED
ACCOUNTANTS
Working experience and occupation

  * 4 1/2 YEARS IN ERNST & YOUNG INTERNATIONAL AUDIT FIRM AS
AUDIT SENIOR

  * 4 1/2 YEARS IN PETER & CHONG & CO. AS AUDIT MANAGER

  * 1 YEAR IN BUKHARY GROUP AS FINANCIAL CONTROLLER

  * 2 YEARS IN KULIM TECHNO-CITY SDN BHD AS EXECUTIVE DIRECTOR

Directorship of public companies (if any) : N/A Family
relationship with any director and/or major shareholder of the
listed issuer : N/A

Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL

Profile:

On 23 February 2001, the Company announced a proposed scheme of
arrangement involving a capital reconstruction, rights issue,
scheme between the Company and certain of its subsidiaries,
(Sriwani Trading Sdn Bhd, Cergasjaya Sdn Bhd, Sriwani Duty Free
Supplies Sdn Bhd, Kelana Megah Sdn Bhd and Syarikat Sriwani (M)
Sdn Bhd), with certain creditors and those subsidiaries and the
proposed disposal of certain assets and properties of Sriwani
and those subsidiaries which are being charged as collateral to
financial institutions. The High Court had on 18 April 2001
granted an order for the Company to convene separate meetings of
its shareholders with each class of creditors included in the
proposed scheme of arrangement to be implemented under Section
176 of the Companies Act, 1965.

On 23 April 2001, the KLSE granted Sriwani an extension of four
months, from 23 April 2001 to 22 August 2001, to submit
authorities its plan to regularize its financial condition under
Practice Note 4/2001 of KLSE's listing requirements.


TRANS CAPITAL: Enters MOU With Menta
------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
announced that on 12th November 2001, they have entered into a
Memorandum of Understanding (MOU) with the shareholders of Menta
Construction Sdn Bhd (Menta) wherein TCHB and Menta are desirous
to propose a restructuring scheme (Proposed Restructuring
Scheme) involving, inter-alia, the setting up of a newco to take
over the listing status of TCHB and the shareholders of Menta to
inject Menta and its subsidiaries into the newco.

TCHB and Menta agree to execute a formal agreement incorporating
all the terms and conditions agreed between the parties within
30 days from the date of the MOU or the parties in writing may
mutually agree upon such later date as.

The details of the Proposed Restructuring Scheme are still being
finalized and accordingly, will be announced upon its
finalization and the execution of the formal agreement.


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


ATLAS CONSOLIDATED: Announces P78M Q3014 Net Loss
--------------------------------------------------
Troubled Atlas Consolidated Mining Co. posted a net loss
totaling P78.77 million for the three months to September
period, up from the year-ago net loss of P156.45 million,
PRNewsAsia reported on November 13.

However, third quarter revenue figures for company were down to
P17.82 million compared to the P24.51 million posted during the
same period for last year.


BAYAN TELECOMMUNICATIONS: Junks Mobile Phone Ops Plan
-----------------------------------------------------
BenPres Holdings Corporation telecommunications unit, Bayan
Telecommunications Inc. (Bayantel) has scrapped plans to venture
into the cellular phone business and instead will concentrate
its efforts on the data business, according to the Asian Wall
Street Journal Tuesday.

BayanTel is currently in the middle of drawing up a long-term
business plan which it will employ as a basis for a debt
restructuring program to cover some US$477 million in debt.


NATIONAL BANK: Debt-Equity Swap Delayed Over Joint Sale Issues
--------------------------------------------------------------
The debt-to-equity agreement supposedly to be signed between the
government and Philippine National Bank majority owner Lucio Tan
has yet again been delayed over new contentious issues regarding
a planned joint sale, according to a Tuesday Inquirer News
Service report.

"I don't think we can sign something before I leave for the
United States. Most likely, we would be able to sign the deal
late this month when I get back," Finance Secretary Jose Isidro
Camacho said on Tuesday. The trade secretary will be leaving for
the United States and eventually to Europe where he will sell
over US$225 million worth of bonds for Napocor.

Earlier this week Camacho said he was hoping to sign at least
the final term sheet (the document detailing the debt-to-equity
conversion of the government's P25 billion in advances to PNB)
on Wednesday.

Moreover was concerned about another issue, commenting on this
regard he said, "There is one more point, an aspect of the
`exit mechanism', where we have to reach an agreement on. I hope
we can come up with an agreeable solution to this issue before I
leave".

This "exit mechanism" is aimed to bind both parties to sell
jointly once the bank has recovered in three years time.

People familiar with the ongoing negotiations say that the
resolution of this issue is very important because it would
guarantee that both the government and Tan will relinquish
control of the bank, thereby making it more attractive to
potential investors.


NATIONAL POWER: Government Staging Second Policy Auction
--------------------------------------------------------
National Power Corporation's insurance policy will be put up for
auction for the second time on Monday by the joint committee
tasked to oversee the bidding, the Inquirer News Service said on
Tuesday.

The policy to be auctioned off will cover Napocor assets
totaling US$6.5 billion. The previous auction last September 27
was declared a failure because of the absence of any offers
during the bidding day itself. All qualified bidders at that
time submitted instead letters of regret saying that they were
unable to submit due to unfavorable market conditions in the
wake of the September 11 terrorist attacks.

Terms of reference and letters of invitation for the latest
auction were sent to the pre-qualified bidders last Monday.

The list includes Aon Energy, Alexander Forbes, Andrew Higgins
Pickering, Arthur J. Gallagher, Marsh & McLennan and Heath
Lambert.


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


CAPITALAND LIMITED: Shares Fall After Halted REIT Listing
---------------------------------------------------------
Following its cancellation of a trendsetting real estate
investment trust (REIT) due to poor demand, CapitaLand Limited
shares tumbled Tuesday, the Asian Wall Street Journal reported
November 13.

CapitaLand canceled the listing of its SingMall Property Trust
after its share offer totaling 530 million was only 80 percent
subscribed.

As a result, CapitaLand's restructuring efforts are set into a
tailspin and prospects of further REIT plans in Singapore appear
bleak.

The REIT was supposed to generate S$740 million that would have
easily contributed to the repayments of CapitaLand's debt.

CapitaLand fell as much as 12 percent before recovering to close
midday at S$1.33, down 7.64 percent, on heavy trading of 11.6
million shares. CapitaLand has shed 24 percent since Sept. 11
before suspending trading Monday ahead of the announcement.


CREATIVE TECHNOLOGY: Discloses Shareholder's Interests Changes
--------------------------------------------------------------
Creative Technology Limited made a disclosure November 13
regarding a certain notice of change in its substantial
shareholder The Capital Group Companies' deemed interests. The
announcement regarding the interest changes appear below:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: The Capital Group Companies,
                                 Inc.
Date of notice to company: November 9, 2001
Date of change of shareholding: November 8, 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: 7,000
Percent of issued share capital: 0.01
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: US$6.80
No. of shares held before change: 2,223,720
Percent of issued share capital: 3.091
No. of shares held after change: 2,230,720
Percent of issued share capital: 3.101

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed           Direct
No. of shares held before change:    3,830,170
Percent of issued share capital:       5.324
No. of shares held after change:     3,837,170
Percent of issued share capital:       5.333

Total shares:

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


HONG LEONG: Issues Changes In Shareholder's Interests
-----------------------------------------------------
Hong Leong Singapore Finance Limited on Tuesday disclosed a
notice of change involving substantial shareholder Hong Leong
Investment Holding's deemed interests. The full text of the
notice appear below:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Hong Leong Investment Holdings
                                 Pte. Ltd. (HLIH)
Date of notice to company: November 13, 2001
Date of change of interest: November 12, 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
                           (Citibank Nominees) for account of
                           Welkin Investments Pte Ltd (Welkin)
Circumstance giving rise to the change: Others
Please specify details: Open Market Purchase
                        HLIH has deemed interest in these shares
held in the name of the registered
holder, Citibank Nominees for account of
Welkin, a wholly-owned subsidiary of
HLIH.

Shares held in the name of registered holder

No. of shares of the change: 22,000
Percent of issued share capital: 0.005
Amount of consideration
per share excluding brokerage,
GST, stamp duties,
clearing fee: S$1.40
No. of shares held before change: 1,402,000
Percent of issued share capital: 0.325
No. of shares held after change: 1,424,000
Percent of issued share capital: 0.331

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed            Direct
No. of shares held before change: 106,313,582       99,608,176
Percent of issued share capital:    24.704        23.146
No. of shares held after change:  106,335,582       99,608,176
Percent of issued share capital:    24.709            23.146

Total shares:                     106,335,582       99,608,176

Note:
Percent of issued share capital is based on the Company's issued
share capital of 430,340,464 shares of S$1.00 each as of
November 12, 2001.


IPCO INTERNATIONAL: Announces New Substantial Shareholder
---------------------------------------------------------
The Board of Directors of Ipco International Limited (the
Company) announced Wednesday that the Company had received
notice from HSBC Republic Bank (Suisse) SA informing the Company
that HSBC Republic Bank (Suisse) SA is a substantial shareholder
of the Company following the purchase of 60,000,000 shares of
the Company, which represents 8.14 percent of the total paid up
capital of 737,341,612 shares of the Company.


IPCO INTERNATIONAL: Posts Changes In Substantial Shareholding
-------------------------------------------------------------
IPCO International Limited announced on Tuesday, a certain
notice of changes in substantial shareholder HSBC Republic Bank
(Suisse) SA's deemed interests. The changes appear in the table
below:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: HSBC Republic Bank (Suisse) SA
Date of notice to company: November 13, 2001
Date of change of interest: November 12, 2001
Name of registered holder: HSBC Republic Bank (Suisse) SA
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 60,000,000
Percent of issued share capital: 8.14
Amount of consideration
per share excluding
brokerage, GST,
stamp duties, clearing fee: S$0.05
No. of shares held before change: 20,000
Percent of issued share capital: 0.003
No. of shares held after change: 60,020,000
Percent of issued share capital: 8.14

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed               Direct
No. of shares held before change:  20,000
Percent of issued share capital:    0.003
No. of shares held after change:  60,020,000
Percent of issued share capital:    8.14

Total shares:                     60,020,000

No. of Warrants = NIL
No. of Options = NIL
No. of Rights = NIL
No. of Indirect Interest = Not disclose
Percent of shares are arrived at based on paid up capital of
737,341,612 shares of S$0.20 each as at 12 November 2001.


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


BGES ENGINEERING: Financial Statement Submission Exempted
---------------------------------------------------------
The shares of BGES Engineering Systems Public Company Limited
are under temporary suspension from trading in the Stock
Exchange of Thailand (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 prescribe the aforementioned
Notification.

The period to be exempted will begin from the Quarter 3 of 2001
onward and end at the time when the shares of the company start
be traded in the Stock Exchange of Thailand again (SP sign has
been removed) or rehabilitation process of the company has been
completed, whenever comes first company will subsequently notify
the Office the Securities and Exchange. Commission as the
progress proceeds.


BIG DEVELOPMENT: Business Reorganization Petition Filed
-------------------------------------------------------
Real estate trader and developer Big Development Company
Limited's (DEBTOR) Petition for Business Reorganization was
filed to the Central Bankruptcy Court:

     Black Case Number 598/2543

     Red Case Number 658/2543

Petitioner: BIG DEVELOPMENT COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,362,931,201.03

Planner: The Far-East Law Office (Thailand) Limited

Date of Court Acceptance of the Petition: August 7, 2000

Date of Examining the Petition: September 4, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 4, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: September 11, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : September 26,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: December 26, 2000

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 26, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 26, 2001

Appointment date for the Meeting of Creditors to consider the
plan : March 30, 2001 at 9.30 am. Narian Hotel

Appointment date for the Meeting of Creditors to consider the
plan had been postponed to April 10, 2001 at 9.30 am.

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

Court has postponed the date for the plan consideration to May
25, 2001

Central Bankruptcy Court had postponed the date for hearing the
order of
Constitutional Court and plan consideration to October 31, 2001

Contact: Mr. Thanawat Tel, 6792525 ext 123


ITALIAN-THAI: Signs Contract With NBIA
--------------------------------------
Italian-Thai Development Public Company Limited (ITD) informed
that on  November 9, 2001 ITD (as a member of ITO JV, comprising
of Italian-Thai Development Public Company Limited, Takenaka
Corporation and Obayashi  Corporation) has signed two contracts
with the New Bangkok International Airport Co., Ltd. (NBIA) for
Construction of Passenger Terminal Complex (Package 2: Main
Terminal Building and Package 3: Concourse Building) with the
total floor area of 563,000 m2

The details of the contract are:

Description of works: The construction of the Passenger Terminal
Complex is  consists of the following:

   1.The construction of Passenger Terminal Building and its
facilities including a baggage handling system. Covering floor
area of 182,000 square meter, the  terminal comprises 7 floors
and a basement  is 111 m. wide, 444 m. long  and  42.85 meter
high. The domestic and international halls are clearly
separated.

   The second floor is provided for the arrival hall and the
fourth floor for the departure hall. Its main structure and
enclosure materials are steel and glass.

2. The construction of the concourse and its facilities. The
concourse has a floor area of 381,000 square meter and is 40
meter wide, 3213 meter long and 25 meter high, comprising 4
floors and a basement level. Its main  structure is made of
steel. Enclosure materials are locally manufactured
glass and teflon coated fabric.

Contract  value: Bt36.667 million (excluding VAT)

ITD Share: Bt14,668 million (excluding VAT)

Construction period: 36  months, schedule to commence on  1st
December 2001.


SANYO UNIVERSAL: Posts Q301 Operating Results
---------------------------------------------
Sanyo Universal Electric Public Company Limited announced that
in 3rd quarter of year 2001, its net loss was Bt136.4 million,
decreasing by Bt332.1 million from Bt468.5 million net loss in
the same quarter of year 2000. The decrease in net loss was
derived from:

1. The Company's sales increased by Bt390.9 million or 57.6
percent, which mainly come from the export sales.

2. The percentage of cost to sales decreased due to the
company's effort in cost reduction.

3. Loss on foreign currency exchange at the amount of Bt40.1
million in 3rd quarter of year 2001, and Bt334.1 million in the
same quarter of year 2000.

Losses from foreign currency exchange in both 2 years was caused
by the conversion of foreign currency debts to Thai baht, at the
foreign currency exchange rate  at 30th September of each year.

The company's and the consolidated financial statements of 3rd
quarter of year 2001 that were already reviewed by the auditor
and approved by the company's board of directors have been
attach herewith for yours disclosure to investors.


THAI WAH: Seeking Shareholders' Approval Re Bangna Transaction
--------------------------------------------------------------
Thai Wah Public Company Limited (TWC) informed that although the
size of the disposition of 8,467,024 shares in Bangna Place
Realty Limited is in excess of 3 percent of its net tangible
assets as at September 30, 2001, and under normal circumstance
TWC is required to seek its shareholders' approval, TWC has not
done so for the following reasons:

On February 14, 2001, the Central Bankruptcy Court approved the
Company's Business Reorganization Plan and appointed Thai Wah
Group Planner Company Limited (TWGP) as the Company's Plan
Administrator.

With effect from February 14, 2001 the power and duties in
managing the Company's business and assets and all legal rights
of its shareholders, except for the right to receive dividends
have been vested in Thai Wah Group Planner Company Limited.


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***