TCRAP_Public/011120.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

            Tuesday, November 20 2001, Vol. 4, No. 227

                         Headlines



A U S T R A L I A

ANACONDA NICKEL: Appoints Stephen Dennis As Acting CEO
AUSTRALIAN MAGNESIUM: Public Offer Closed
HARTS AUSTRALASIA: Court Winds Up Six More Subsidiaries
HORIZON ENERGY: Posts Resolutions Passed At AGM
JAMES HARDIE: Issues Historical Financials

NEWCREST MINING: Proposed Record Date To Close Nov 27
SCANBOX ASIA: Share Transfer Lodged


C H I N A   &   H O N G  K O N G


CHINA ECONOMIC: Winding Up Petition To Be Heard
EVER SUCCESS: Winding Up Petition Set For Hearing
FANG ZHENG: Winding Up Sought By BOC Credit
PALIBURG HOLDINGS: Bond Settlement Proposal Formulated
PEARL ORIENTAL: Clarifies Pearl Oriental Center Article

RENOMATE LIMITED: Winding Up Petition Hearing Set
Y&F INDUSTRIAL: Faces Winding Up Petition


I N D O N E S I A

CENTRAL ASIA: IBRA Gets Preliminary Bid From 15 Investors
HOLDIKO PERKASA: Sells China Float Glass Factory


J A P A N

ITOCHU CORP: Group Net Profit Reduced By 55.1%
KAWASAKI HEAVY: Plans To Spin Off Shipbuilding Business
MITSUBISHI HEAVY: Sharply Reduces Group Net Loss
MITSUI MUTUAL: Sumitomo Denies Non-Life Insurer Sale Plans
NIPPON COLUMBIA: Incurs Y520M 1H Net Loss, Y458 1H Pretax Loss

SHINKIN BANKS: Banks, Credit Unions File For Bankruptcy


K O R E A

HYNIX SEMICONDUCTOR: Creditors Write Off W1.47T Debt
HYNIX SEMICONDUCTOR: Signs Non-Disclosure Deal With Aralion
HYUNDAI ENGINEERING: Awarded W200B Public Works Contract
KOREAN AIRLINES: Staff To Take Month Unpaid Leave To Save Jobs
KOREAN AIRLINES: To Raise W700B With Asiana Via ABS Issuance

SEOULBANK: Investor Relations Session To Be Held Tuesday


M A L A Y S I A

AUSTRAL AMALGAMATED: Resolutions Passed At 62nd AGM
CHASE PERDANA: Receives Writ Of Summons, Statement Of Claim
HAP SENG: Subsidiary Undergoes Restructuring Exercise
LION CORPORATION: Posts EMG Notice
PERAK CORPORATION: Unit Disposes 51% Interest In LCH

SIN HENG: Updates Defaulted Payments Status
TALAM CORPORATION: British Virgin Registry Strikes Off Unit
TONGKAH HOLDINGS: Proposes Revised Special, Rights Issue
TRU-TECH: Posts Additional Proposed Disposals Info
WEMBLEY IND.: Proposes Adoption Of Association New Articles


P H I L I P P I N E S

NATIONAL BANK: May Regain PNB Control On Buy Back Option
RAMCAR INCORPORATED: Creditors To Cover Loans


S I N G A P O R E

GOLDTRON LIMITED: Issues Statement Re Annual Report
HONG LEONG: Declares Shareholder's Interests Changes
HONG LEONG: Posts Changes On Shareholder's Interests
I-ONE.NET: Discloses Renounceable Rights Issue Results
IPCO INTERNATIONAL: Issues Holding Deemed Interest Changes

IPCO INTERNATIONAL: Clarifies Change In Deemed Share Holding
RAFFLES HOLDINGS: Issues Changes In Shareholder's Interests
RAFFLES HOLDINGS: Announces Shareholder's Interests Changes
SEMBCORP INDUSTRIES: Unit Enters SPA To Dispose Of Shares
SEMBCORP LOGISTICS: Posts Changes In Deemed Holding


T H A I L A N D

BIP ENGINEERING: Files Petition For Business Reorganization
EMC PUBLIC: Issues Rehab Plan Implementation Report
NEP REALTY: Discloses Resolutions Passed at Shareholders' EGM
SAHAMITR PRESSURE: Explains Q301 Actual, Projection Variance
THAI WAH: Posts Reorganization Plan Progress Report

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Appoints Stephen Dennis As Acting CEO
------------------------------------------------------
Anaconda Nickel Limited announced that Mr Andrew Forrest has
stepped down as Chief Executive and looks forward to his
continuing support for and association with the Company, as
described in the recent Quarterly Report.

The Company announced that Mr Stephen Dennis has been
appointed as Acting Chief Executive. Stephen, currently General
Manager Commercial, previously held various positions in the
Company since he joined Anaconda in February 1997, including
that of General Manager Murrin Murrin.

The Company also reported that the Board anticipates
appointing a new Chairman and Chief Executive shortly.


AUSTRALIAN MAGNESIUM: Public Offer Closed
-----------------------------------------
Australian Magnesium Corporation Limited (AMC) has closed the
$500 million public offer of Distribution Entitled Securities
fully subscribed and will accept $25 million in
oversubscriptions.

The Company and the joint lead managers to the offer will meet
this week to finalize allocation and allotment issues.

Allotment of the Distribution Entitled Securities is expected by
Friday 23 November 2001 with deferred settlement trading in the
securities scheduled to commence on Monday 26 November 2001.

As detailed in AMC's prospectus, if prior to the allotment of
the securities the Ford Motor Company terminates its supply
agreement, AMC will withdraw the offer and return all
application funds. The offer is no longer subject to the
condition relating to the amendment or the termination of the
project debt facilities.

As announced on Wednesday 14 November 2001, the Company intends
to proceed with an option issue to existing AMC Shareholders.
The option issue is conditional on the allotment of the
Distribution Entitled Securities. AMC Shares will be quoted as
ex-entitlement from Monday, 19 November 2001.

AMC will make further announcements this week regarding the
public offer, the Stanwell Magnesium Project and the allotment
of the securities.

For further comment and clarification, please contact:

Simon Jemison
Manager Public Affairs And Communication
Ph: +61 7 3335 8500


HARTS AUSTRALASIA: Court Winds Up Six More Subsidiaries
-------------------------------------------------------
The Federal Court of Australia granted Friday an application by
the Australian Securities and Investments Commission (ASIC)
seeking the appointment of a liquidator to six more companies
within the Harts Australasia Limited accounting group.

ASIC sought the appointment of a liquidator following concerns
relating to the corporate governance of the companies, possible
breaches of fiduciary or statutory duties of directors and the
solvency of the group.

The Court appointed Friday John Greig and Jack Duff of Deloitte
Touche Tohmatsu as joint liquidators of Harts (Newco 4) Pty Ltd,
Firstmac Securities Investments Pty Ltd, Harts (Newco 3) Pty
Ltd, Firstmac Securities Pty Ltd, First Mortgage Management Pty
Ltd and First Mortgage Human Resources Pty Ltd.

This follows the Court's appointment of Messrs Greig and Duff as
provisional liquidators to the entire Harts Australasia group on
2 October 2001, and their appointment as joint liquidators to
the listed company Harts Australia Limited and 26 subsidiary
companies on 31 October 2001.

Proceedings were adjourned to 14 December 2001 against Double H
Securities Pty Ltd and Wessex Fund Management Ltd which, it is
claimed, were transferred from the Harts Australasia group prior
to the litigation.

Proceedings were also adjourned against a third company H No.1
Pty Ltd to the same date to allow the identity of its holding
company to be established.

As a result of ASIC's action, the Australian Stock Exchange
suspended trading in the shares of Harts Australasia Limited on
24 September 2001.  

ASIC does not propose to comment any further at this time.


HORIZON ENERGY: Posts Resolutions Passed At AGM
-----------------------------------------------
Horizon Energy Investment Limited informed that at the
Annual General Meeting on Friday, 16 November 2001 the following
resolutions were passed by the shareholders on a show of hands
in accordance with the requirements of the Corporations Law:

FINANCIAL ACCOUNTS AND REPORTS - ORDINARY RESOLUTION

The Financial Report, the Director's Report and the Auditor's
Report thereon in respect of the year ended 30 June 2001
previously sent to Members be received and considered.

RE-ELECTION OF MR N WRIGHT AS DIRECTOR - ORDINARY RESOLUTION

That Mr Nicholas Wright be re-elected as a Director of the
Company.

RE-ELECTION OF MR W R SHEPPARD AS DIRECTOR - ORDINARY RESOLUTION

That Mr Wallace Richard Sheppard be re-elected as a Director of
the Company.

ELECTION OF MR M RODRIGUEZ - ORDINARY RESOLUTION

That Mr Michael Rodriguez be elected as a director of the
Company.


JAMES HARDIE: Issues Historical Financials
------------------------------------------
On 2 July 1998, James Hardie Industries Limited (JHIL) announced
a plan of Reorganization and capital restructuring (the 1998  
Reorganization). James Hardie N V (JHNV) was incorporated in
August 1998, as an intermediary holding company, with all its
common stock owned by indirect subsidiaries of JHIL. On 16
October 1998,  JHIL's shareholders approved the 1998
Reorganization. Effective as of 1 November 1998, JHIL
contributed its fiber cement businesses, its U.S. gypsum
wallboard business, its Australian and New Zealand building
systems businesses and its Australian windows business
(collectively, the "Transferred Businesses") to JHNV and its
subsidiaries. In connection with the 1998 Reorganization, JHIL
and its non-transferring subsidiaries retained certain unrelated
assets and liabilities.

On 24 July 2001, JHIL announced a further plan of Reorganization
and capital restructuring (the 2001 Reorganization). Completion
of the 2001 Reorganization occurred on 19 October 2001. In
connection with the 2001 Reorganization, James Hardie Industries
N V (JHINV), formerly RCI Netherlands Holdings B V, issued
common shares represented by CHESS Units of Foreign Securities
(CUFS) on a one for one basis to existing JHIL shareholders in
exchange for their shares in JHIL such that JHINV became the new
ultimate holding company for JHIL and JHNV.

Following the 2001 Reorganization, JHINV controls the same
assets and liabilities as JHIL controlled immediately prior to
the 2001 Reorganization.

HISTORICAL FINANCIALS

The attached financials are for the information of investors and
analysts. They are presented in US GAAP and in US dollars. The
consolidated Balance Sheets, Statements of Income and Statements
of Cash Flows are the results of JHINV as audited and previously
published. Certain line items in fiscal years ended 1997-1999
are blank because that information has not been audited or
previously published.

For the Selected Segment Information, where possible the Company
has taken the financials that have already been prepared and
published for JHINV.

For most segment information, there is no material difference
between the results of each segment at the JHINV level and at
the JHNV level. As such, if the results of JHINV have not been
prepared and published, the Company has used the information
that has been prepared and published at the JHNV level. Thus the
addition of the four quarters of results at the JHNV level will
not necessarily exactly equal the full year results at the JHINV
level.

Prior period balances have been reclassified to conform with the
current presentation.

DIFFERENCES BETWEEN AUS GAAP AND US GAAP

The major differences between AUS GAAP and US GAAP that have
affected James Hardie's results are described below:

1. CAPITALISED COSTS

Costs incurred during the start-up phase of a new plant are
expensed under US GAAP but were previously capitalized under AUS
GAAP.

2. LAND & BUILDING REVALUATIONS

Under US GAAP, fixed assets must be recorded at their historical
costs. They may be written down to reflect an impairment in
value, but there can never be an increase in their value based
on market valuations.

3. FIBRE CEMENT DEPRECIATION

Under US GAAP, James Hardie revised the useful lives of its
fibber cement plants to 20 years rather than the 15 years used
under AUS GAAP. Since 1 April 1999 purchases of plant have the
same useful life under both GAAP's.

4. GOODWILL

Under US GAAP the limit on goodwill useful life is 40 years,
whereas it is only 20 years under AUS GAAP. The Company has
amortized goodwill over 25 years for US GAAP.

5. GENERAL WARRANTY

Under US GAAP, there is a requirement to accrue a general
provision for warranties.

6. PENSION

Under US GAAP, the surplus in the Australian superannuation
account must be recognized as an asset and pension expense
recognized to deplete the asset.

7. SHARE PLAN

US GAAP requires compensation expense to be charged to earnings
for the increase in value of shares issued to employees that are
subject to a non-recourse loan.

8. INVESTMENTS

Under US GAAP, unrealized revaluation gains and losses of
investments are excluded from earnings and reported as a net
amount in other comprehensive income (OCI) in the equity section
until the investment is realized. Once the investment is
disposed of, any revaluation gain or loss is transferred out of
OCI into earnings. Refer to note below for explanation of OCI.

9. DERIVATIVES

US GAAP requires all derivatives to be marked-to-market and
recorded as an asset or liability. If the derivative meets the
strict criteria for a hedge, the movement in the fair value can
be suspended in OCI until the underlying transaction takes
place, at which time it is released to earnings. If the
derivative does not meet the criteria for a hedge, the movement
in fair value must flow through earnings.

10. UNDISCOUNTING OF PROVISIONS

If the timing of a stream of cashflows is known, there is no
need to discount those cashflows under US GAAP, whereas it is
required to be discounted under AUS GAAP.

11. EMPLOYEE SHARE LOANS

Any receivables relating to the purchase of the companies
capital must be recorded as a reduction of shareholders equity
rather than an asset.

12. DIVIDENDS

Dividends are recorded as a liability on the date that the Board
of Directors formally declares that dividend under US GAAP.

OTHER COMPREHENSIVE INCOME

Occasionally US GAAP requires that certain changes in assets and
liabilities not be reported in earnings for the current period
but instead be included in balances within a separate component
of equity on the Balance Sheet called "Other Comprehensive
Income" (OCI). The items that are required to be included in OCI
are foreign currency items, minimum pension liability
adjustments, unrealized gains and losses on certain investments,
and fair values of cash flow hedges.


NEWCREST MINING: Proposed Record Date To Close Nov 27
-----------------------------------------------------
The Company advised that it proposes:

1. to introduce a Share Purchase Plan;

2. to introduce a Share Sale Facility; and

3. to activate its Small Shareholder Rationalization Scheme.

In accordance with Listing Rule 3.20 the Company further advised
that the proposed Record Date for calculating shareholder
entitlements in respect of each of the above shall be close of
business (Melbourne time) on Tuesday 27 November, 2001.


SCANBOX ASIA: Share Transfer Lodged
-----------------------------------
The Board of Scanbox Asia Pacific Limited (SAPL) advised that
further to the company release of 31st August 2001 and in
accordance with advice from the Australian Securities and
Investments Commission a duly stamped share transfer
has been lodged to register the transfer of 20,625,010
ordinary shares from Scanbox Entertainment 2000 AS to Scanbox
Entertainment AS, a subsidiary of VCL Film and Media AG DE.


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


CHINA ECONOMIC: Winding Up Petition To Be Heard
-----------------------------------------------
The petition to wind up China Economic Information Center
Company Limited is scheduled for hearing before the High Court
of Hong Kong on December 19, 2001 at 10:00 a.m.

Dibb Lupton Alsop whose business address is at 41/F., Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition with the Court on August 23, 2001.


EVER SUCCESS: Winding Up Petition Set For Hearing
-------------------------------------------------
The petition to wind up Ever Success Engineering Limited will 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 22,
2001 by Weston Electrical Supplies Limited whose registered
office is situated at Ground Floor, ung Chau Building, 276 Tung
Chau Street, Shamshuipo, Kowloon, Hong Kong.


FANG ZHENG: Winding Up Sought By BOC Credit
-------------------------------------------
BOC Credit Card (International) Limited is seeking the winding
up of Fang Zheng Tobacco Wine Limited. The petition was filed on
October 30, 2001, and will be heard before the High Court of
Hong Kong on January 30, 2002 at 9:30 am.

BOC Credit holds it registered office at 20th Floor, BOC Credit
Card Center, 68 Connaught Road West, Hong Kong.


PALIBURG HOLDINGS: Bond Settlement Proposal Formulated
------------------------------------------------------
The board of directors of Paliburg Holdings Limited (Paliburg)
announced that the principal terms of a proposal for the
settlement of Paliburg's outstanding exchangeable bonds and
convertible bonds have been formulated and will be put to the
Bondholders for their approval as soon as practicable. Such
Proposal has been formulated following protracted negotiations
with the informal committee for the Bondholders. Certain major
Bondholders have agreed to support the Proposal.

Implementation of the Proposal will be conditional on, among
others, settlement of definitive documentation and the obtaining
of all necessary consents and approvals, including approval by
the Bondholders, other relevant lenders, and the shareholders of
Paliburg and Century City International Holdings Limited
(Century City).

The Boards of Directors of Century City, Paliburg and Regal
Hotels International Holdings Limited (Regal) also announced
that negotiations with the lending banks of the residential
development project at Wong Ma Kok Road, Stanley, Hong Kong for
the resumption of draw down under the original construction
facility have been successfully concluded. Construction work on
this project recommenced in October 2001.

At the request of the companies, trading in the shares of
Century City, Paliburg and Regal was suspended with effect from
10:00 a.m. on 14th November, 2001, pending the release of this
announcement. Applications have been made for the resumption of
trading in the shares of Century City, Paliburg and Regal with
effect from 10:00 a.m. on 19th November, 2001.


PEARL ORIENTAL: Clarifies Pearl Oriental Center Article
-------------------------------------------------------
Pearl Oriental Holdings Limited (the Company) has noted the
recent increase in the price and trading volume of its shares
and stated that the directors (the Directors) of the Company are
not aware of any reasons for such increase.

The Company has also noted an article appeared on Hong Kong
Economic Times on 16 November 2001 (the Article) stating that
the Company as vendor of Pearl Oriental Center is close to
concluding the disposal of its interest in Pearl Oriental Center
(Pearl Oriental Center) with an interested buyer at a sale
consideration exceeding HK$270 million. The Company would like
to clarify that the negotiations with various interested buyers
of the four offers for the acquisition of Pearl Oriental Center
as referred to in the Company's announcement dated 12 November
2001 (the Announcement) is still continuing.

As of Monday, November 19, 2001, no concrete terms for the
disposal, including the price, with any one of the various
interested buyers have been determined. Neither has the Company
determined on disposing of Pearl Oriental Center to any
particular buyer. The speculation stated in the Article is
incorrect. The Company will issue an announcement if the
aforesaid disposal transaction is concluded.

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


RENOMATE LIMITED: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Renomate Limited is scheduled to be
heard before the High Court of Hong Kong on December 19, 2001 at
10:00 a.m.

The petition was filed with the court on August 29, 2001 by The
Hongkong Land Property Company, Limited whose registered office
is situated at 8th Floor, One Exchange Square, 8 Connaught
Place, Central, Hong Kong.


Y&F INDUSTRIAL:  Faces Winding Up Petition
----------------------------------------
The petition to wind up Y&F (Korea & Hong Kong) Industrial Co.,
Limited is set 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 18, 2001 by Hua
Chiao Commercial Bank Limited (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 situated at Bank of China Tower, 1
Garden Road, Central, Hong Kong.  


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


CENTRAL ASIA: IBRA Gets Preliminary Bid From 15 Investors
----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has received
preliminary bids for Bank Central Asia (BCA) shares from about
15 strategic investors, including local and international
consortium.

Due to the legal requirements of the joint agreement as
stipulated in the confidentiality agreement, several strategic
investors are public companies, and to maintain healthy and
conducive competition among bidders, IBRA can not announce the
name of strategic investors who have submitted their preliminary
bids for BCA shares.

The preliminary bid is non-binding. In the near future
clarification will be made with the investors regarding issues
in need of explanation about the submitted preliminary bids. In
response to the submitted preliminary bids, IBRA will conduct
evaluation based on the preset criteria for nominating the
shortlisted investors who will be eligible to carry out due
diligence fir the financial, management and operational aspects
of BCA.

The criteria for short-listing the prospective investors include
having a primary bank or financial institution with a good
reputation, sound financial position and fixed funds source.
Also it is important that it is not included in the bankers'
negative list as defined in the Central Bank regulations (Bank
Indonesia), and not affiliated either directly or indirectly
with the former owners of BCA (Salim Group), as well as the
bidding price.

After conducting due diligence for a few weeks, strategic
investors will submit their final bid. IBRA will carry out the
selection and review the incoming final bids in order to
nominate the right prospective investor for BCA.

Since early October 2001, IBRA has commenced offering of BCA
shares as much as 51% consisting of 30% and option 21%. Later as
from 8 October 2001 a teaser letter and confidentiality
agreement was sent to about 98 (ninety eight) prospective
investors. In return IBRA received letter of interest in BCA
shares from 23 strategic investors.

The next step, IBRA sent information memorandum (more detailed
information) about the plan for BCA shares divestment as well as
corporate performance of PT Bank Central Asia Tbk to prospective
strategic investors who have submitted their letter of interest
and signed up confidentiality agreement.

In compliance with the good corporate governance principle, IBRA
has appointed Deloitte and Touche (DTT) as an independent party
who will conduct evaluation on each process of BCA shares
divestment. Duties of the independent consultant includes
assisting IBRA in evaluating the structure and proposal from
investors.

Appointment of DTT as an independent party was carried out
through a process involving inviting 10 consultants who
submitted their proposals. Based on the technical and financial
evaluation, the evaluation team concluded to appoint DTT as
independent consultant.


HOLDIKO PERKASA: Sells China Float Glass Factory
------------------------------------------------
PT Holdiko Perkasa together with SembCorp Industries, announced
that it has sold a combined effective shareholding of 59.5% in
Guangdong Jiangmen ISN Float Glass Co Ltd. (GJISN), raising an
additional of US$34.17 million to Holdiko's year 2001 sales
proceeds.

GJISN is one of the largest float sheet glass manufacturers in
Guangdong Province, Jiangmen, China, mainly serving its domestic
market, and contributes to approximately one-third of the total
output of float glass in the Guangdong region. It is a jointly
owned company of Indo-Sembawang-Nippon Glass Pte. Ltd. (ISN) and
Guangdong Jiangmen Float Glass Factory (JMGF), with ISN being a
joint venture company of Holdiko (57%), Singapore's SembCorp
Industries (28%) and NSG Asia of Japan (15%).

The sale process of GJISN began in August and implemented a two-
tier selection method with The Hongkong Shanghai Banking
Corporation Limited (HSBC) as financial ad visor to Holdiko for
this transaction.

To date, Holdiko has disposed of 57% of its initial portfolio,
having sold its ownership in 61 out of 108 companies transferred
under the MSAA. The sale of GJISN is Holdiko's 12th (twelfth)
completed transaction for the year, and will be followed by 7
other asset sales for which final and binding bids are expected
to be received within the next two weeks.

NUMBER OF COMPANIES UNDER PT HOLDIKO PERKASA    

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

108    47     14   13   34

Recently, Holdiko has resumed the divestment process of Sulfindo
Group where sales proceeds from this transaction will also
contribute to IBRA/Holdiko's year 2001 target from the sale of
ex-Salim Group assets. The sale process of Sulfindo was
announced cancelled in early October as the final bids received
by Holdiko were far below the preliminary bids submitted by
investors and the valuation range submitted by Holdiko's
financial advisors.

IBRA/Holdiko has changed the sale structure in the effort to
maximize the proceeds from the sale of this asset. Participating
investors in the final stage of the sale process will now be
asked to resubmit their offers in determining the winning
bidder.


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J A P A N
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ITOCHU CORP: Group Net Profit Reduced By 55.1%
----------------------------------------------
Itochu Corp said Thursday its group net profit reduced by 55.1
percent in the first half of fiscal 2001 mainly due to one-off
proceeds booked a year earlier from the sale of shares in an
overseas financial arm, Japan Today reported on November 16.
Itochu's net profit in the April-September period reached Y25.22
billion, less than half the Y56.22 billion a year earlier,
calculated according to U.S. accounting rules.


KAWASAKI HEAVY: Plans To Spin Off Shipbuilding Business
-------------------------------------------------------
Kawasaki Heavy Industries Ltd President said Friday the Company
is considering spinning off its shipbuilding business by March
2003, Japan Today reported on November 17.

Earlier the Company planned to merge its shipbuilding operations
with Ishikawajima-Harima Heavy Industries Co (IHI), but
abandoned the plan because of "difficulties in reaching terms
to realize the targeted position on a merger at the current
juncture."


MITSUBISHI HEAVY: Sharply Reduces Group Net Loss
------------------------------------------------
Mitsubishi Heavy, Japan's largest comprehensive heavy machinery
manufacturer, said Thursday it reduced its group net losses to
Y8.26 billion in the April-September first half of fiscal year
2001, compared to the Y23.47 billion in losses during the same
period a year earlier, due to aggressive cost-cutting measures,
Japan Today reported on November 16.


MITSUI MUTUAL: Sumitomo Denies Non-Life Insurer Sale Plans
----------------------------------------------------------
Mitsui Sumitomo Insurance Co denied a Nihon Keizai Shimbun
report that Mitusi Mutual Life Insurance Co plans to sell its
wholly-owned non-life unit, Mitsui Seimei General Insurance Co,
to Mitsui Sumitomo Insurance to concentrate on life insurance.
Mitsui Mutual reportedly also called on Sumitomo Mitsui Banking
Corp and other group firms to supply funds to boost its
financial base, Japan Today reported on November 18.

Mitsui Sumitomo Insurance said, "There was a report concerning
Mitsui Mutual Life Insurance Co yesterday, but we have not
received any such request."


NIPPON COLUMBIA: Incurs Y520M 1H Net Loss, Y458 1H Pretax Loss
--------------------------------------------------------------
Nippon Columbia Co, a financially troubled music entertainment
firm, said Friday it posted a consolidated net loss of Y520
million yen and a pretax loss of Y458 million for the fiscal
first half ended September 30, making it certain the group will
remain in the red for the full year to March, Japan Today
reported on November 17.


SHINKIN BANKS: Banks, Credit Unions File For Bankruptcy
-------------------------------------------------------
Nakatsu Shinkin Bank, Usuki Shinkin Bank and Saganoseki Shinkin
Bank, all located in Oita Prefecture, and Tochigi Prefecture's
Dainikko Credit Union and Bato Credit Union filed bankruptcy
proceedings Friday with the Financial Services Agency (FSA)
under the Deposit Insurance Law. They were unable to
rehabilitate their ailing operations on their own, Japan Today
reported Saturday, which quoted FSA officials.


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K O R E A
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HYNIX SEMICONDUCTOR: Creditors Write Off W1.47T Debt
----------------------------------------------------
Seven South Korean banks namely, Kookmin, Shinhan, Hana, Koram,
Seoulbank, Industrial Bank of Korea, and Pusan will write off
some W1.47 trillion to the ailing Hynix Semiconductor Inc, in
return for withholding fresh loans to the troubled chipmaker,
News On Korea reports Sunday.

The amount of the debt write-off was already fixed via a due
diligence survey conducted by Arthur Andersen, which set the
liquidation value for the semiconductor giant's unsecured debt
at 25.46 percent. This means that the seven banks will be able
to recoup 25.46 percent plus three percentage points of their
loans and give up the remaining 71.54 percent.


HYNIX SEMICONDUCTOR: Signs Non-Disclosure Deal With Aralion
-----------------------------------------------------------
Hynix Semiconductor Inc and an Aralion Inc-led consortium have
already signed a non-disclosure agreement regarding the
consortium's intention to set up a new company to take over
Hynix's two non-memory fabrications, PRNewsAsia reported on
Friday.

An Aralion official stressed the confidentiality of the talks
and that both parties will stick to the original agreement of
setting up a new company to take over the ailing chipmaker's
non-memory fabrication operations.

The consortium is set to begin a due diligence study on the fabs
next week.


HYUNDAI ENGINEERING: Awarded W200B Public Works Contract
--------------------------------------------------------
Hyundai Engineering & Construction Co Ltd has been granted three
separate public works contracts by state-run organizations worth
a total of W200 billion. The projects entail road and waterway
construction in the provinces, according to a Friday PRNewsAsia
report.

Barely two weeks ago, it was reported that South Korean
creditors of Hyundai Engineering & Construction Co. agreed to
freeze the Company's debt repayments until November 28, to give
the ailing construction company some time to address issues
regarding a previous W2.9 trillion-bailout package approved
March.


KOREAN AIRLINES: Staff To Take Month Unpaid Leave To Save Jobs
--------------------------------------------------------------
In an effort to cut costs and save jobs, ailing national flag
carrier, Korean Air Company next year will give all employees a
month's unpaid leave, PRNewsAsia said Friday.

This move is a complete turnaround from the company's earlier
decision to cut some 1,000 jobs due to a continuing slump
plaguing the global airline industry following the September 11
terrorist attacks.

Union official Lee Kyong-Su said, "Instead of resorting to
layoffs, the firm decided to carry out a one-month unpaid leave
for all staff next year."

The original plan to lay off some 1,000 jobs would have saved
the company US$110 million.


KOREAN AIRLINES: To Raise W700B With Asiana Via ABS Issuance
------------------------------------------------------------
In order to cope up with the increasing losses brought about by
the September 11 attacks, Korean Airlines and fellow national
flag carrier, Asiana Airlines, plan to generate W750 billion
next month through the issuance of asset-backed securities
(ABS), the Korea Herald reported Saturday.

In December, Korean Air intends to sell W500 billion of asset-
backed securities, backed by future revenues from passenger and
cargo services. On the otherhand, Asiana plans to issue W250
billion of ABS using the same method.

Furthermore, in the first two months of next year, Korean Air
has W400 billion in bonds that will mature for that period,
while Asiana has W700 billion worth of bonds maturing in May
next year.


SEOULBANK: Investor Relations Session To Be Held Tuesday
--------------------------------------------------------
On Tuesday, Seoulbank President Kang Jung-won will discuss the
bank's performance as well as its future outlook and direction
in an investor relations (IR) session for domestic institutional
investors to be held at the Chosun Hotel, according to a Korea
Herald report November 17.

Officials from securities companies, investment trust management
companies and a host of other representatives from different
financial institutions will take part in the sessions.

As previously reported, more than a week ago Seuolbank sent
invitations to Tongyang Group, Dongbu Group and Kyodo Life
Insurance to take part in the session.  The three companies have
been reportedly interested in taking over the financially
strained Seoulbank.


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


AUSTRAL AMALGAMATED: Resolutions Passed At 62nd AGM
---------------------------------------------------
The Special Administrators of Austral Amalgamated Berhad (AAB)
informed that all the resolutions as set out in the notice of
the Annual General Meeting dated 25th October, 2001 were duly
passed at the Sixty-Second Annual General Meeting of AAB held at
the Lotus Room, Level 2, Swiss Garden Hotel, 117 Jalan Pudu,
55100 Kuala Lumpur on Friday, 16th November 2001.


CHASE PERDANA: Receives Writ Of Summons, Statement Of Claim
-----------------------------------------------------------
The Board of Directors of Chase Perdana Bhd (the Company)
announced that the Company had been served a Writ of Summons and
Statement of Claim on 15 November 2001 filed by Port Dickson
Land Development Sdn Bhd (PDLD) vide Kuala Lumpur High Court
Suit No. S5-22-440 for these Claims:

1. Specific performance of the Settlement Agreement dated 26
March 1999.

2. Payment of RM68,383,199.24.

3. Damages Compensation or of loss or damages in lieu Specific
Performance.

4. Interest on item 2 above at 8% per annum calculated from the
date of filing of the Statement of Claim to the date of full and
final settlement.

5. Costs

6. Relief or other relief deemed reasonable by the Court.

Events leading to the Summons

A Settlement Agreement was entered into between the Company and
PDLD on 26 March 1999 wherein PDLD acknowledged the debt of
RM30,554,800.76 owing to the Company for the works carried out
by the Company for the Kota Impian Marina Condominium
Development Project, Kota Impian, located at Lot 70 & 75, Bandar
Baru Port Dickson, Negeri Sembilan. The following terms and
conditions settlements were agreed:

1. For settlement of RM7,000,000 only, a piece of land known as
H.S.(D) 33860, No. P.T. 1185, Mukim Kawasan Bandar VI, Daerah
Melaka Tengah, will be transferred to the Company subject to
valuation by licensed valuer appointed by the Company, and

2. For the balance of debt, all the issued and paid-up share
capital in Kota Impian Port Dickson Sdn Bhd (Kota Impian) will
be transferred to the Company including a right of reclamation
of109 acres of "unrecalled foreshore land" assigned by PDLD to
Kota Impian via a Tripartite Agreement dated 15 January 1998
between PDLD, Kota Impian and the State Government of Negeri
Sembilan. It was agreed that the Company has the right to
appoint licensed valuer to value Kota Impian's rights of
reclamation under the Tripartite Agreement and such valuation
shall be final and binding on all parties and any variance shall
be dealt with in the following manner:

   a. If the share value is higher than the balance of debt, the
Company will transfer or issue shares in Kota Impian to PDLD for
the difference.

   b. If the share value is less than the balance of debt, PDLD
will pay the difference to the Company.

PDLD claims that the Company has failed to fulfill the
conditions of the Settlement Agreement and they have suffered
losses because of the Company's failure to comply.

The Company's Explanation

There are two main issues pertaining to the Settlement
Agreement:

1. PDLD until todate is yet to be able to procure from the owner
of the land in Melaka to transfer the land "free from all
encumbrances and with vacant possession" to the Company as there
is a private caveat placed on the land. The matter relating to
the transfer of land in Melaka is being litigated in court at
this juncture. The matter is waiting to be set for a hearing
date by the Court of Appeal, and

2. The Company's appointed valuer has valued the Kota Impian
"Rights of Reclamation" at Ringgit Malaysia Seven Million
(RM7,000,000.00) as compare to the PDLD's valuation of Ringgit
Malaysia Seventy Eight Million (RM 78,000,000.00). As per the
Settlement Agreement, the valuation made by the Company's valuer
is final and binding to the parties concerned. This disparity is
the main issue relating to the PDLD's claim.

The Company has every reason to believe that at this particular
juncture, PDLD has failed to fulfill the terms and conditions of
the Agreement and the Company has every right to claim the full
amount owed.

Steps Taken by the Company

The Company has engaged a solicitor to enter its appearance by
the deadline.

Material Impact

In the unlikely event that PDLD succeeds in their suit, there
will not be any material impact on the financial position and
earnings of the Company as any amount awarded to PDLD will be
off-set by the corresponding increase in the value of the said
land and shares in Kota Impian.


HAP SENG: Subsidiary Undergoes Restructuring Exercise
----------------------------------------------------
The Board of Directors of Hap Seng Consolidated Berhad (HSCB)
announced that Vox Emas Communications Sdn Bhd (VEC) has on even
date ceased to be its wholly-owned subsidiary upon completion of
this exercise (VEC Restructuring Exercise):

(a) the increase in the authorized share capital of VEC from
RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each
to RM500,000.00 comprising 500,000 ordinary shares; and

(b) the increase in the issued and paid-up share capital of VEC
from RM2.00 comprising 2 ordinary shares of RM1.00 each to
RM340,000.00 comprising 340,000 ordinary shares of RM1.00 each
by issuance and allotment of 339,998 ordinary shares of RM1.00
each, the same being subscribed to in the following manner:

Subscriber   Number of ordinary shares   Cash consideration

HSCB     64,598 RM       64,598.00
Dr. Goh Cheng Teik
(NRIC: 431016-07-5379) 275,400 RM      405,000.00

For purpose of easy reference, the composition of shareholding
in VEC before and after the VEC Restructuring Exercise is
illustrated as follows:

Before:

Shareholder  No. of shares issued  Percentage of
& allotted   shareholding

HSCB     2    100%

After:

Shareholder  No. of shares issued  Percentage of
& allotted   shareholding

HSCB     64,600   19%
Dr. Goh Cheng Teik  275,400   81%

Total    340,000   100%

VEC was incorporated in Malaysia on 18 June 1997 with the
principal objective of engaging in the business of providing
networking and communication services including electronic
application services.

None of the directors or persons connected to the directors of
HSCB has any interest, direct or indirect in the VEC
Restructuring Exercise. To the best of the knowledge of the
directors, none of the major shareholders or persons connected
to the major shareholders of HSCB has any interest, direct or
indirect, in the VEC Restructuring Exercise.


LION CORPORATION: Posts EMG Notice
----------------------------------
Lion Corporation Berhad announced that an Extraordinary General
Meeting of the Company will be held at the Meeting Hall, Level
48, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur on
Tuesday, 11 December 2001 at 10.15 a.m. or immediately after the
Twenty-Eighth Annual General Meeting of the Company scheduled
to be held on the same day at 9.30 a.m., whichever shall be the
later, for the purpose of considering and, if thought fit,
passing a special resolution:

SPECIAL RESOLUTION
PROPOSED ADOPTION OF A NEW ARTICLES OF ASSOCIATION

That the Articles of Association of the Company in the form
contained in Appendix 2 of the Circular to the Shareholders
dated 16 November 2001 be and are hereby approved and adopted as
the Articles of Association of the Company in substitution for
and to the exclusion of all existing Articles of Association.


PERAK CORPORATION: Unit Disposes 51% Interest In LCH
-----------------------------------------------------
Perak Corporation Berhad (PCB) informed that Cash Hotel Sdn Bhd,
a wholly owned subsidiary of Taipan Merit Sdn Bhd, which is
ultimately owned by PCB has on 15 November 2001 disposed of its
entire 51% interest (the Disposal) in the issued and paid up
capital in Luceri Cash Hotel Sdn Bhd (LCH) to Dato' Syed Hassan
Nazari bin Syed Mohammad for a consideration of RM1.00.
Accordingly, LCH ceases to be a subsidiary of PCB.

BACKGROUND INFORMATION

LCH, bearing Company No. 136242-M, is a company incorporated in
Malaysia and has an authorized share capital of RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which
20,000 ordinary shares have been issued and are fully paid up or
credited as fully paid up. LCH is currently a dormant company.

DETAILS OF THE DISPOSAL

The consideration for the Disposal is arrived at on a willing
buyer-willing seller basis.

The Disposal is free from all charges, liens, encumbrances,
equities and claims whatsoever but with all rights attached and
at the consideration as agreed between the two parties.

RATIONALE OF THE DISPOSAL

The Group does not anticipate to invest further in LCH which is
presently dormant.

FINANCIAL EFFECTS OF THE DISPOSAL

Issued and Paid-up Share Capital and Net Tangible Assets

The Disposal does not have any financial effect on the share
capital of the Company and the net tangible assets of its Group.

Earnings

The Disposal does not have any material effect on the earnings
of the Company and its Group in the current financial year.

Profit on the Disposal

The investment in LCH has been fully written off. Accordingly,
the Disposal resulted in a gain of RM1.00 on the written-down
value.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors and/or substantial shareholders of the
Company and persons connected to them have any direct and
indirect interest in the Disposal.

DIRECTORS' STATEMENTS

After careful consideration, the Directors of the Company are of
the opinion that the Disposal is in the best interests of the
Company and the Group.


SIN HENG: Updates Defaulted Payments Status
-------------------------------------------
The Special Administrators of Sin Heng Chan (Malaya) Berhad (SHC
oR the Company) announced that SHC and certain subsidiaries in
its Group has defaulted in its repayment obligations in respect
of bank and credit facilities. Please check
http://www.bankrupt.com/misc/Sin_Heng.xlsto see detailed  
default in payment of bank/credit facilities as at 31 October
2001.

The Special Administrators has made regular monthly
announcements on the status of SHC as an "affected listed
issuer" under Practice Note No. 4/2001 since 26th February
2001.

BACKGROUND

In its earlier years, the Company's expansion programs i.e.
factory set-ups, farms set-up, operational needs, etc., were
financed mainly by bank and trade facilities. These finances
were obtained without collaterals and bankers/ financial
institutions were given a negative pledge.

On 15th December, 1998, one of the Financial Institution (Sime
Bank Bhd) sold its loan made to SHC to Danaharta Managers Sdn
Bhd. Danaharta appointed the Special Administrators on 11th
August, 1999. Trading of SHC's shares on the KLSE was
subsequently suspended on 11th August, 1999 and has not been
uplifted todate.

REASONS FOR DEFAULT

The Company has a high gearing ratio and interest payment has
eroded its cashflows and profitability over the years. The
Company also experienced collection difficulties and has made
significant bad debt provisions due to the difficult trading
conditions.

MEASURES TAKEN TO ADDRESS THE DEFAULT

The Special Administrators are in the process of implementing
the workout proposal which has been approved by Danaharta and
the Securities Commission to regularize the financial conditions
of the Company and the Group.

IMPLICATIONS IN RESPECT OF THE DEFAULT

Subsequent to the appointment of the Special Administrators on
11th August, 1999, a twelve (12) months moratorium has been
granted (which has since been extended) until 10th August, 2002.
During this period, no creditor may take any legal action
against the Company.


TALAM CORPORATION: British Virgin Registry Strikes Off Unit
-----------------------------------------------------------
Talam Corporation Berhad (Talam) announced that on 15 November
2001, a confirmation was received from the Registered Agent of
British Virgin Islands that Exposition Resources Limited
(Exposition) had been struck off from the Register of
International Business Companies (RIBC) on 1 November 2001.

Exposition was a wholly-owned subsidiary of Talam. Exposition
was a dormant company which was incorporated on 13 May 1997 in
the British Virgin Islands. The issued and paid-up share capital
of Exposition was US$1.00.


TONGKAH HOLDINGS: Proposes Revised Special, Rights Issue
--------------------------------------------------------
On behalf of Tongkah Holdings Berhad (THB or the Company),
Alliance Merchant Bank Berhad, formerly known as Amanah Merchant
Bank Berhad (Alliance), wishes to announce that:

(a) THB is aborting the Proposed Revised Special Issue;

(b) By the mutual agreement of the Vendors and THB, the parties
have agreed to terminate the Sale of Shares Agreement in
relation to the Proposed Acquisition, on 16 November 2001 with
immediate effect.

The parties confirm that they shall have no claim whatsoever
against each other as the consequence of the termination of the
Sale of Shares Agreement; and

(c) Pursuant to the termination of the Sale of Shares Agreement,
the Company is aborting the Proposed Rights Issue.

THB is currently in the process of formulating a scheme to
restructure the business and the debts of the Group. Due to the
prevailing market conditions and the impending restructuring
scheme of THB, THB does not foresee it viable to proceed with
the Proposals.

Background

On 16 May 2000, Alliance announced on behalf of the Board of
Directors of THB that THB proposed to issue 30,000,000 new
ordinary shares of RM1.00 each in THB (THB Shares or Shares) at
a proposed issue price of RM1.30 per Share to Bumiputera
investors (Proposed Special Issue). Subsequently on 24 October
2000, Alliance announced that THB proposed to revise the
Proposed Special Issue to 7,700,000 new THB Shares at a proposed
issue price of RM1.00 per Share to Bumiputera investors to be
nominated by THB and to be approved by MITI (Proposed Revised
Special Issue).

On 6 December 2000, on behalf of the Board of Directors of THB,
Alliance also announced the following proposals to be undertaken
by THB (Proposals):

   (a) Proposed acquisition of Le Premiere Sdn Bhd (LPSB) from
Wong Poh Kun, Wong Poh Lum, Wong Poh Kong and Ramco Holdings Sdn
Bhd (Vendors) for a total consideration of RM176,801,490 to be
satisfied by a combination of cash consideration of
RM125,000,000 and the issuance of 46,251,330 new THB Shares at
an issue price of RM1.12 per Share vide a Sale of Shares
Agreement between THB and the Vendors dated 6 December 2000
(Proposed Acquisition); and

   (b) Proposed rights issue of 217,552,000 new THB Shares on
the basis of five (5) new THB Shares for every four (4) existing
Shares held at an issue price of RM1.00 per Share assuming that
none of the outstanding 6,593,000 option shares granted but
unexercised under the Employees' Share Option Scheme (ESOS),
195,907,452 Warrants 1999/2004, 161,996,151 Irredeemable
Convertible Unsecured Loan Stocks 1999/2004 (ICULS) and
462,538,659 Redeemable Convertible Secured Bonds 1999/2004
(Bonds) are exercised/ converted as at the date of the
announcement (Proposed Rights Issue).


TRU-TECH: Posts Additional Proposed Disposals Info
--------------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech), in reference to KLSE's
query letter dated 13 November 2001, furnished the following
information in relation to the Disposal of Properties (Proposed
Disposals), as requested:

i) Completion date under the Agreements is set at three months
after signing of the Agreements (Completion Date). In the event
that the Purchaser is unable to pay the balance of the purchase
price by the Completion Date, Tru-Tech Electronics (M) Sdn Bhd
(TTEM/the Vendor) will grant an extension of time of a further
three months therefrom (First Extended Completion Date) to do so
upon the Purchaser's undertaking to pay the Vendor an agreed
interest calculated at 10.0% per annum on a day to day basis for
every day the balance of the purchase price remains to be paid.

In the event that the Purchaser is still unable to pay the
balance of the purchase price by the First Extended Completion
Date, the Vendor will grant to the Purchaser a further extension
of time of a further two months therefrom to do so upon the
Purchaser's undertaking to pay the Vendor agreed interest
thereon calculated at 12.0% per annum on a day to day basis for
every day the balance of the purchase price remains to be paid
subject to the Purchaser first paying to the Vendor the full
amount of the agreed interest for the First Extended Completion
Date. The Vendor shall be entitled to forfeit the 10.0% deposit
paid by the Purchaser upon the signing of the Agreements in the
event of the failure of the Purchaser to make full payment in
accordance with such completion dates set out above as the case
may be.

Other than the above, the other salient features of the
Agreements are as set out in the earlier announcement. No
valuation report has been prepared for the Properties. The
Agreements are available for inspection during normal office
hours at the registered office of the Company at Suite 1301,
13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru for a
period of one month from the date of signing of the Agreements.

ii) The rationale for the Proposed Disposals is that it will
enable the Group to realize cash from non-income yielding assets
which will be used to retire the Group's borrowings and
therefore reduce its interest charges.

iii) The Purchaser, Astakajaya Corporation Sdn Bhd
(Co.No.251465-V), is an investment holding company incorporated
under the Companies Act 1965 and with an issued and paid-up
capital of RM480,000 and an authorized share capital of
RM1,000,000.

iv) Tru-Tech Group will realize an extraordinary gain of
RM18,005.17 on completion of the Proposed Disposals based on the
net book value of the Properties as at 31 December 2000.

TTEM will also realize an extraordinary gain of RM18,005.17 on
completion of the Proposed Disposals based on the net book value
of the Properties as at 31 December 2000. Please note that the
figure in our earlier announcement dated 8 November 2001 was
incorrect.

v) The sale proceeds from the Proposed Disposals will be used to
retire existing borrowings of the Group.

vi) Other than its obligation pay the full purchase price under
the Agreements, the Purchaser will assume no further liabilities
under the Proposed Disposals.

vii) The original aggregate cost of the Properties is
RM4,335,187.50 and the original date of the investment is 1
April 1996.

viii) The Proposed Disposals are expected to be completed within
three to eight months from the date of signing of the
Agreements.

ix) The Proposed Disposals are not subject to the approval of
the shareholders.

x) No valuation was carried out on the Properties.

xi) The Properties are currently charged to HSBC Bank Malaysia
Berhad.


WEMBLEY IND.: Proposes Adoption Of Association New Articles
-----------------------------------------------------------
The Board of Directors of Wembley Industries Holdings Berhad
announced that the Company proposes to adopt a new set of
Articles of Association for the Company (Proposed New Articles)
to replace the existing Articles of Association of the Company
(Proposed Adoption of New Articles).

The Proposed Adoption of New Articles would enable the Company
to comply with the provisions of the revamped Listing
Requirements of Kuala Lumpur Stock Exchange, other relevant
regulatory and statutory requirements, and various amendments
incorporated into the Companies Act, 1965.

The Proposed Adoption of New Articles will not have any effect
of the share capital, net tangible assets, earnings and
shareholders' structure of the Company.

The Proposed Adoption of New Articles is subject to the approval
being obtained from the shareholders of the Company at an
Extraordinary General Meeting (EGM) to be convened.

A copy of the Circular to the shareholders of the Company
together with the Proposed New Articles and the notice of EGM
will be dispatched to the shareholders of the Company in due
course.


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


NATIONAL BANK: May Regain PNB Control On Buy Back Option
--------------------------------------------------------
An already rehabilitated Philippine National Bank (PNB) two to
three years ahead, may still end up controlled by Chinese-
Filipino tycoon Lucio Tan, this developed as a well-placed
source privy to the deal indicated that the tycoon has an option
to buy back shares and regain control of the bank,

A previous agreement between the government and Tan specified
that the tycoon's 67 percent share in PNB should be brought down
to 44.98 percent, equal to that of the government's share, with
management control resting on the government's hands.

The unnamed source however said, "He (Tan) has the option to
buy back the shares and control PNB again by having two-thirds
of the bank or at least 67 percent," the source further adds,
"He has the right of first refusal under an exit mechanism
being discussed [by Tan and the government]."


RAMCAR INCORPORATED: Creditors To Cover Loans
---------------------------------------------
In the event Ramcar Incorporated should start defaulting on even
the interest portion of its over P7.9-billion in loans, the
Central Bank of the Philippines, (BSP) has ordered all the
battery manufacturer's 19 creditors to declare their loans as
"substandard" or "non-performing", the Inquirer News Service
reported yesterday.

As of the moment, the Central Bank can require creditor banks to
provide a 25-percent provision for probable losses since the
battery-maker's loans can now be classified as substandard.


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


GOLDTRON LIMITED: Issues Statement On Annual Report
---------------------------------------------------
Goldtron Limited clarified the questions asked by the Singapore
Stock Exchange in a letter sent last November 13, 2001 and set
out a reply in the same order:

(a) The subsidiary in question, Dynamar International Trading
(Shenzhen) Co. Ltd, although not significant under the
definition of Clause 902B(5), is audited by an associated firm
of Moore Stephens, Singapore. The disclosure on page 37 of the
Annual Report has erroneously disclosed "**" instead of " *"
after the name of Dynamar International Trading (Shenzhen) Co.
Ltd.

   (i) The auditor of Dynamar International Trading (Shenzhen)
Co. Ltd is Shenzhen Nanfang-Minhe Certified Public Accountants.

   (ii) We confirm that we have complied with the provisions of
Clause 902B(5) of the Listing Manual.

(b) The Company explained the revenue figure as follows:

Full Year Financial Statement and Dividend Announcement, dated
September 28, 2001 (Announcement) The revenue (S$385.645
million) as disclosed in the Announcement includes the share of
revenue of associated companies (S$45.170 million) and this is
to be consistent with the announcements in the previous year.
The revenue as disclosed in the Announcement is a "stand alone"
figure.

Annual Report

Due to the change of reporting format of the profit and loss
accounts as required by Statement of Accounting Standard 1 (SAS
1), revenue of the Group (S$340.475 million) as disclosed in the
Annual Report is no longer a "stand alone" figure in the profit
and loss account.

The format of the profit and loss account as per the revised SAS
1 requires the disclosure of the summation of revenue, cost of
sales, expenses, share of profits/(losses) of associated
companies and taxation to arrive at the net profit/loss for the
year. Accordingly it will not be appropriate to disclose the
share of revenue of associated companies in the revenue of the
Group as this will result in double counting.

(c) There are no substantial shareholders for disclosure under
Appendix 11, Clause 1(10)(c) of the Listing Manual. We confirm
that the Company has complied with the minimum public float of
10 percent as set out in Clause 926 of the Listing Manual.


HONG LEONG: Declares Shareholder's Interests Changes
----------------------------------------------------
Hong Leong Singapore Finance Limited posted a Notice of Change
in Substantial Shareholder Kwek Holdings Pte Ltd's deemed
interests. The changes are detailed below:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Kwek Holdings Pte Ltd
Date of notice to company: November 16, 2001
Date of change of deemed interest: November 15, 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
                       for account of Welkin Investments Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 71,000
Percent of issued share capital: 0.016
Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee: S$1.4154
No. of shares held before change: 1,533,000
Percent of issued share capital: 0.356
No. of shares held after change: 1,604,000
Percent of issued share capital: 0.373

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed                Direct
No. of shares held before change: 206,052,758               0
Percent of issued share capital:    47.881           0
No. of shares held after change:  206,123,758      0
Percent of issued share capital:    47.897    0

Total shares:        206,123,758     0

Note:
Percent of issued share capital is based on the Company's share
capital of 430,340,464 shares of S$1.00 each on November 15,
2001.


HONG LEONG: Posts Shareholder's Interests Changes
-------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of changes
in Shareholder Hong Leong Investment Holdings Pte Ltd's deemed
interests. The notice detailing such change appears below:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Hong Leong Investment Holdings
Pte. Ltd.
Date of notice to company: November 16, 2001
Date of change of deemed interest: November 15, 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
for account of Welkin Investments Pte
Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 71,000
Percent of issued share capital: 0.016
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$1.4154
No. of shares held before change: 1,533,000
Percent of issued share capital: 0.356
No. of shares held after change: 1,604,000
Percent of issued share capital: 0.373

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed             Direct
No. of shares held before change: 106,444,582        99,608,176
Percent of issued share capital:  24.735    23.146
No. of shares held after change:  106,515,582       99,608,176
Percent of issued share capital:  24.751     23.146

Total shares:          106,515,582       99,608,176

Note:
Percent of issued share capital is based on the Company's share
capital of 430,340,464 shares of $1.00 each as of November 15,
2001.


I-ONE.NET: Discloses Renounceable Rights Issue Results
------------------------------------------------------
The Board of Directors of I-One.Net International Limited
announced that as at the Closing Date of the Rights Issue, valid
acceptances and excess applications for a total of 12,056,687
Rights Shares, representing approximately 5.22 per cent. of the
Rights Issue, have been received. Accordingly, the Rights Issue
has been under-subscribed by 218,943,313 Rights Shares,
representing approximately 94.78 per cent. of the available
231,000,000 Rights Shares.

Details of the valid acceptances and excess applications for the
Rights Shares received are:

(a) Acceptances were received for a total of 7,438,264 Rights
Shares, representing approximately 3.22 per cent. of the Rights
Shares offered under the Rights Issue; and

(b) excess applications were received for a total of 4,618,423
Rights Shares representing approximately 2.00 per cent. of the
Rights Shares offered under the Rights Issue.

The excess valid applications received for a total of 4,618,423
Rights Shares mentioned in (b) above will be satisfied.

As set out in the Abridged Prospectus, the Rights Issue is not
fully underwritten. 150,000,000 Rights Shares are underwritten
by UOB Kay Hian Private Limited (UOBKH) pursuant to a Management
and Underwriting Agreement dated July 31, 2001 and as
supplemented by the Supplemental Agreement dated August 29,
2001. Taking into account the valid acceptances and excess
applications for a total of 12,056,687 Rights Shares, UOBKH will
be required to subscribe for 137,943,313 Rights Shares. Pursuant
to the arrangement entered into by Hiap Hoe Holdings Pte Ltd
(Hiap Hoe) and UOBKH as disclosed in the Abridged Prospectus
dated October 25, 2001, the 137,943,313 Rights Shares will be
sold to Hiap Hoe by UOBKH. As disclosed in the same Abridged
Prospectus, the remaining 81,000,000 Rights Shares not
accepted/applied for and not underwritten will not be taken up.

Unsuccessful Applications for Rights Shares and Excess Rights
Shares

Where any acceptance of the Rights Shares is not accepted for
any reason or where any excess applications for the Rights
Shares allotted is less than that applied for, the amount paid
on application or the surplus application monies (as the case
may be) will be refunded to such applicants, without interest or
any share of revenue or other benefit arising therefrom within
14 days after the last day of acceptance, excess application and
payment for the Rights Shares from November 13, 2001 by any one
or a combination of the following:

   (i) crediting the applicant's bank account with the relevant
NETS Bank at his own risk if he had accepted through an ATC;

   (ii) by crediting the applicant's bank account with the
relevant Participating Bank at his own risk if he had accepted
and (if applicable) applied through an ATM; or

   (iii) by means of a crossed check sent BY ORDINARY POST at
the applicant's own risk to his mailing address in Singapore as
recorded with CDP if he had accepted or (if applicable) applied
through CDP.

Unless otherwise defined, terms used in this Announcement shall
have the same meanings as defined in the Abridged Prospectus.


IPCO INTERNATIONAL: Issues Share Holding Interest Changes
---------------------------------------------------------
IPCO International Limited presented a notice of changes in its
deemed substantial shareholding:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Springsun Highways Limited
Date of notice to company: November 15, 2001
Date of change of interest: November 13, 2001
Name of registered holder: Kim Eng Securities (Private) Limited
Circumstance giving rise to the change: Sales in open market at     
own discretion

Shares held in the name of registered holder

No. of shares of the change: 30,000,000
Percent of issued share capital: 4.07
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: S$0.11
No. of shares held before change: 406,034,000
Percent of issued share capital: 55.07
No. of shares held after change: 376,034,000
Percent of issued share capital: 51

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed   Direct
No. of shares held before change: 406,034,000  
Percent of issued share capital:  55.07  
No. of shares held after change:  376,034,000  
Percent of issued share capital:   51  
  
Total shares:        376,034,000  

No. of Warrants = NIL
No. of Options = NIL
No. of Rights = NIL
No. of Indirect Interest = 376,034,000
Percent of shares are arrived at based on paid up capital of
737,341,612 shares of S$0.20 each as November 13, 2001.


IPCO INTERNATIONAL: Clarifies Change In Deemed Share Holding
------------------------------------------------------------
Ipco International Limited, (IPCO) clarified the two Notices of
Changes in Deemed Substantial Shareholding released on November
13, 2001 as informed by the solicitor of Mr. Purwadi. The
clarification:

1. Kim Eng Securities (Private) Limited was the registered
holder of the entire block of 151,309,000 IPCO shares (as
nominees for Mr Purwadi). The statement in the announcement of
November 13, 2001 that 17,270,636 shares were held by OCBC
Securities Pte Ltd and 134,038,364 shares were held by Kim Eng
Securities (Private) Limited is not correct.

2. The circumstance which gave rise to the changes in deemed
substantial shareholding was the sale of the entire block of
151,309,000 IPCO shares in the open market by Mr Purwadi acting
on his own accord and discretion.


RAFFLES HOLDINGS: Issues Changes In Shareholder's Interests
-----------------------------------------------------------
Raffles Holdings Limited, announced a Notice of Changes in
Substantial Shareholder Temasek Holdings' Deemed Interests. The
notice of changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: TEMASEK HOLDINGS (PRIVATE)
                                 LIMITED
Date of notice to company: November 15, 2001
Date of change of interest: October 31, 2001
Name of registered holder: PIDEMCO LAND (PHILIPPINES) PTE LTD

Circumstance giving rise to the change: Others
Please specify details: On October 31, 2001, CapitaLand
Commercial Limited (CCL) transferred its beneficial interest
in 793,824,376 ordinary shares of S$0.50 each in the capital
of Raffles Holdings Limited to Pidemco Land (Philippines) Pte
Ltd (PLP), pursuant to an internal restructuring of the
CapitaLand Limited (CL) group, for an aggregate consideration
of S$801,000,603.

CCL and PLP are wholly owned subsidiaries of CL. Accordingly,
CL is now deemed (through its interest in PLP instead of CCL)
to have an interest in the Shares by virtue of Section 7 of
the Companies Act, Chapter 50 of Singapore. Singapore
Technologies Holdings Pte Ltd (STH) has a shareholding of
more than 20 per cent. in Singapore Technologies Pte Ltd
(STPL). Accordingly, STH is deemed (through its interest in
STPL) to have an interest in the Shares by virtue of Section
7 of the Companies Act, Chapter 50 of Singapore.

Through its interest in more than 50 per cent of the share
capital of STPL, Temasek Holdings (Private) Limited is deemed
to have an interest in the Shares referred to above by virtue
of Section 7 of the Companies Act, Chapter 50 of Singapore.

Shares held in the name of registered holder

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

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed               
Direct
No. of shares held before change:  1,415,864,190              0
Percent of issued share capital:       68.07                  0
No. of shares held after change:   1,415,864,190              0
Percent of issued share capital:       68.07                  0

Total shares:                      1,415,864,190              0


RAFFLES HOLDINGS: Announces Shareholder's Interests Changes
-----------------------------------------------------------
Raffles Holdings Limited announced changes in the deemed
interest of the substantial shareholding of Raffles Holdings
Limited through a Notice of Change:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: TEMASEK HOLDINGS (PRIVATE)
LIMITED
Date of notice to company: November 15, 2001
Date of change of interest: October 31, 2001
Name of registered holder: CAPITALAND COMMERCIAL LIMITED
Circumstance giving rise to the change: Others
Please specify details: On 31 October 2001, CapitaLand
Commercial Limited (CCL) transferred its
beneficial interest in 793,824,376
ordinary shares of S$0.50 each in the
capital of Raffles Holdings Limited to
Pidemco Land (Philippines) Pte Ltd (PLP),
pursuant to an internal restructuring of
the CapitaLand Limited (CL) group, for an
aggregate consideration of S$801,000,603.

   CCL and PLP are wholly-owned subsidiaries
of CL. Accordingly, CL is now deemed
(through its interest in PLP instead of
CCL) to have an interest in the Shares by
virtue of Section 7 of the Companies Act,
Chapter 50 of Singapore.

Singapore Technologies Holdings Pte Ltd
(STH) has a shareholding of more than 20
per cent. in Singapore Technologies Pte
Ltd (STPL). Accordingly, STH is deemed
(through its interest in STPL) to have an
interest in the Shares by virtue of
Section 7 of the Companies Act, Chapter
50 of Singapore. Through its interest in
more than 50 per cent. of the share
capital of STPL, Temasek Holdings
(Private) Limited is deemed to have an
interest in the Shares referred to above
by virtue of Section 7 of the Companies
Act, Chapter 50 of Singapore.

Shares held in the name of registered holder

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

Holdings of Substantial Shareholder including direct and deemed
interest
       Deemed       Direct
No. of shares held before change: 1,415,864,190    0
Percent of issued share capital:   68.07    0
No. of shares held after change:  1,415,864,190   0
Percent of issued share capital:   68.07    0
   
Total shares:        1,415,864,190   0


SEMBCORP INDUSTRIES: Unit Enters SPA To Dispose Of Shares
---------------------------------------------------------
SembCorp Industries announced that its wholly-owned subsidiary,
Sembawang Industrial Pte Ltd, has today signed a Sale and
Purchase Agreement (SPA) to sell its entire 28 percent equity
interest comprising 2,800,000 ordinary shares of par value
S$1.00 each in Indo-Sembawang-Nippon Glass Pte Ltd (ISN) and
transfer a shareholder's loan of US$8,654,184 (approximately
S$14.35million) for a total cash consideration of US$4,527,900
(approximately S$8 million) to Feature Technology Limited.

Completion is expected to take place on or about November 27,
2001.

This sale is part of the SembCorp Industries group's
rationalization and divestment program of its non-core
operations.

The original investment in and loan to ISN had been fully
provided for. Following the sale, provision of approximately S$8
million for the equity interest and the loan will be written
back in FY2001.

The sale of the equity stake in ISN has no material impact on
the earnings and net tangible assets per share of SembCorp
Industries.


SEMBCORP LOGISTICS: Posts Changes In Deemed Share Holding
---------------------------------------------------------
SembCorp Logistics Limited posted a notice of changes on the
deemed Substantial Shareholding of Temasek Holdings Limited. The
changes appear:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: November 16, 2001
Date of change of deemed interest: November 9, 2001
Name of registered holder: CDP: DBS Vickers Securities
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 182,000
Percent of issued share capital:  
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: S$1.753
No. of shares held before change:  
Percent of issued share capital:  
No. of shares held after change:  
Percent of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
      Deemed   Direct
No. of shares held before change: 536,473,912  
Percent of issued share capital:    63.03  
No. of shares held after change:  536,291,912  
Percent of issued share capital:  63.01  

Total shares:        536,291,912  

Note:
1. The transaction was reported to Temasek Holdings (Private)
Limited on November 15, 2001


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


BIP ENGINEERING: Files Petition For Business Reorganization
-----------------------------------------------------------
The Petition for Business Reorganization of BIP Engineering and
Construction Company Limited (DEBTOR), engaged in general
building engineering, was filed in the Central Bankruptcy Court:

     Black Case Number 630/2543

     Red Case Number 678/2543
Petitioner: BIP ENGINEERING AND CONSTRUCTION COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt80,763,725

Planner: E.M.C. Power Company Limited

Date of Court Acceptance of the Petition: August 17, 2000

Date of Examining the Petition: September 11, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 11, 2000
Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: September 18, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : October 3,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: January 3, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: February 3, 2001

Appointment date for the Meeting of Creditors to consider the
plan: March 28, 2001 at 9.30 am. Convention Room 1105, 11th
floor, Bangkok Insurance Building, South Sathorn

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

Court Order for Accepting the reorganization plan: May 9, 2001
and appointed E.M.C. Power 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 30, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: July 3, 2001

Contact: Mr. Thummalort Tel, 6792525 ext 122


EMC PUBLIC: Issues Rehab Plan Implementation Report
---------------------------------------------------
Pursuant to the approval of the rehabilitation plan of EMC
Public Company Limited by the Central Bankruptcy Court on May
15, 2001, EMC Power Company Limited, the rehabilitation plan
administrator of the company, issued some progress in
implementation of the rehabilitation plan from August 16, 2001
to November 15, 2001:

1. A Change of  paid-up capital:  on September 20, 2001,  the
plan administrator has registered the paid-up capital from
Bt75,000,000 to Bt441,806,540, divided into 44,180,654 ordinary
shares which have the par value of Bt10 per share.

2. At the request of  the plan administrator, the Stock Exchange
of  Thailand  allowed the increased shares of  EMC Public
Company Limited  to be listed securities starting from October
5, 2001 onwards.

3. On October 19, 2001, the plan administrator has issued the
first EMC Public Company Limited's convertible bonds which are
due to be redeemable in the year of 2011 to Bangkok Bank Public
Company Limited. The total amount of the convertible bonds is
Bt50,000,000, divided into 50,000 units and the unit of which is
Bt1,000 domination.


NEP REALTY: Discloses Resolutions Passed at Shareholders' EGM
-------------------------------------------------------------
NEP Realty and Industry Public Company Limited informed that the
meeting of Extraordinary General Meeting of Shareholders
No.2/2001, held on 15 November 2001:

1. Unanimous adoption of the Extraordinary General Meeting of
Shareholders No. 1/2001

2. Approved the amendments to the Articles of Association as
follows:

   2.1 The following wording shall be inserted in the Articles
of Association as Article 50:

"Article 50.  Incase the Company or a subsidiary company enters
into a connected transaction or transaction relating to an
acquisition or disposal of material assets of the Company or the
subsidiary company according to the meaning given in the
announcement of the Stock Exchange of Thailand governing
connected transactions of listed companies or acquisitions or
disposals of material assets  of listed companies, as the case
may be, the announcement with regard to that particular
matter."

   2.2 The original Article 50 shall be renumbered as Article
51.

   2.3 The original Article 51 shall be renumbered as Article
52.

Therefore, the above amendments will increase the Articles of
Association to 52.

3.  Approved the use of reserves and an excess amount of the par
value in the reserve fund of the Company as compensation for its
accumulated losses under section 119 of the Public Limited
Companies Act (No.2) of B.E.2544 in the following order:

   1. Offset the reserves amounting to Bt4,960,100 against the
accumulated losses of the Company amounting to
Bt1,960,966,268.42, leaving Bt1,956,006,168.42 as balance
of the accumulated losses.

   2. Offset the excess amount of the par value in the reserve
fund amounting to Bt772,994,187.95 against the balance of the
accumulated losses after the first offset amounting to
Bt1,956,006,168.42, leaving Bt1,183,011,980.47 as balance of the
accumulated losses.

4. Approval for the Company to subscribe for the capital
increase ordinary shares in NEP Property Co., Ltd (NEPP), which
is a subsidiary of the Company, in the amount of 18,400,000
shares, par value of Bt10 per share, totaling Bt184 Million,
whereupon NEPP will use the capital increase fund of Bt184
Million in its restructuring of the debts of the Company, and
after the capital increase the Company still maintains the       
100% shareholding of the registered capital in NEPP.


SAHAMITR PRESSURE: Explains Q301 Actual, Projection Variance
------------------------------------------------------------
Sahamitr Pressure Container Public Company Limited, in reference
to the Company's submission of the Rehabilitation Plan in
solving causes of being delisted as a listed company from the
SET and following to the regulations of the SET regarding rules,
conditions and procedures of listing and delisting (No. 7)
notified on 15 January 1997, submitted the third quarter
performance comparing to the financial projection as:

      Forecast              Actual                  Difference
     '000       %           '000      %              '000      %
Total Sales                

311,737   99.77        355,608   99.03           43,871   14.07

Other Revenue                         
707    0.23          3,477    0.97            2,770  392.49

Total Revenue                     
312,444  100.00        359,085  100.00           46,641   14.93

Cost of Goods Sold                
218,405   69.90        289,792   80.70           71,387   32.68

Gross Profit                       
94,039   30.10         69,293   19.29          (24,476)  26.31

Selling and Admin. Exp.            
61,293   19.62         54,762   15.25           (6,531) (10.65)

Interest Expenses                     
165    0.04            438    0.12              273  165.45

Director Fee                           
30    0.01             30     .01               0      0

Net Profit                         
32,551   10.42         14,063    3.92          (18,488) (57.80)

Revenue
In Q3/2001, the Company actual sales of Bt355.61 was Bt43.87
million higher than the projected sales or accounted for 14.07%
due to the increase in domestic sales by 125.58% higher
than expected and due to the increase in sales volume of
approximately 24.33% from the projection.

At the same time, the average unit sales dropped 8.25% from the
projection  which was due to the higher competition in
international market.

Cost of Sales

The actual cost of sales at Bt288.79 million was Bt71.39 million
higher  than the projection at Bh218.40 million. This was due to
the change in sales-mix, more of the bigger size which
had higher cost are sold.

Selling and Administration Expenses

The actual selling and administration expenses at Bt54.76
million was Bt6.53 million lower than the projection at Bt61.29
million. This was mainly due to decreasing in transportation
cost, since most of sales in this quarter was domestic sales
which delivery cost was lower than export sales.

Interest Expenses

In Q3/2001, the actual interest expenses was Bt438,487 which was
Bt273,173 higher than expected due to interest incurred from
trading at discount of account receivable.


THAI WAH: Posts Reorganization Plan Progress Report
---------------------------------------------------
Thai Wah Group Planner Company Limited, the Plan Administrator
of Thai Wah Public Company Limited, pursuant to the Central
Bankruptcy Court order on February 14, 2001 approving its
Business Reorganization Plan, reported the progress on the
implementation of Business Reorganization Plan as:

1. The Company has already effected principal and interest
payment due on September 28, 2001 to the creditors in the Debt
Restructuring Agreement totaling for US$ 1.88 million and
Bt38.47 million.

2. On November 12, 2001, the Company has sold all Thai Wah
Public Company Limited's shares in Bangna Place Realty Limited
to Laguna Grande Limited (a wholly subsidiary of Laguna Resorts
& Hotels Public Company Limited) for Bt21 million .  The Central
Bankruptcy Court has already on September 21, 2001 granted an
approval for the said transaction.

3. On August 22, 2001 the Plan Administrator has filed a
petition to the Central Bankruptcy Court to extend the execution
of the security documents to October 12, 2001. The Central
Bankruptcy Court has already on September 21, 2001 granted an
approval for the said extension.  Consequently, on October 12,
2001, the Plan Administrator has filed the 2nd petition to the
Central Bankruptcy Court to extend the execution of the
security documents to December 11, 2001.


S U B S C R I P T I O N  I N F O R M A T I O N

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

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