/raid1/www/Hosts/bankrupt/TCRAP_Public/011121.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

           Wednesday, November 21 2001, Vol. 4, No. 228

                         Headlines


A U S T R A L I A

ANSETT: Virgin Blue To Make Formal Bid
BEACONSFIELD GOLD: Appoints New Company Secretary
BULLANT: Internet Software Co Under Administration
DAVNET LIMITED: Extends Suspension Of Securities Trading
HARRIS SCARFE: Management Buyout Given The Green Light

IMPULSE: Now Operates Under Qantas
NORMANDY MINING: AGG Shareholders Vote In Favor Of Acquisition
PMP: IPMG Finalizes Proposal to Acquire Printing Assets


C H I N A   &   H O N G  K O N G

B.I.F. TECHNOLOGY: Winding Up Petition Hearing Set
BIGWIN ENTERPRISES: Winding Up Sought By Master Proofer
FIT STAR: Winding Up Petition Hearing Set
EVER CENTURY: Petition To Wind Up Slated
NAM FONG: Winding Up Petition To Be Heard

PEARL ORIENTAL: CEO In Talks With Potential Buyers


I N D O N E S I A

TIMAH TNK: Aneka Tambang Favors Acquisition Than Merger
HOLDIKO PERKASA: IBRA Launches Indomobil Sale


J A P A N

HITACHI LIMITED: To Open China Procurement Center Next Month
NIPPON TELEGRAPH: Expects Y200B FY Net Loss
NIPPON TELEGRAPH: Needs Y1T For Early Retirement Payments
SUGINOI HOTEL: Orix, Secom To Take Over Assets


K O R E A

DAEWOO ENGINEERING: Creditors Convert W700B Into Equity
DAEWOO TELECOMMUNICATIONS: Creditors Plan 5-Way Daewoo Split
DAEWOO HEAVY: Debt Workout Should End This Month
HYNIX SEMICONDUCTOR: Ex-Minister Heads Restructuring Committee
HYNIX SEMICONDUCTOR: Debts To Top Assets By W8.6T If Liquidated

HYUNDAI CORPORATION: Exports To Top US$17B
KOREAN AIR: To Take Legal Action Against MOCT
SEOULBANK: Chohung, KEB To Bid For Takeover Next Year


M A L A Y S I A

ABRAR CORPORATION: No Changes In Defaulted Payment Status
AYER HITAM: Enters Put Option Agreement With Metro
CHASE PERDANA: Unit Signs Concession Agreement With UMS
CONSTRUCTION AND SUPPLIES: KLSE OKs 1-Mo RA Extension Request
JASATERA BHD: Revises Initial Proposed Recap Exercise

MALAYSIAN GENERAL: Restructuring Scheme Approval Pending
PERAK CORPORATION: Clarifies Unit's Asset Disposal, Cessation
RAHMAN HYDRAULIC: Court Strikes Out Writ Of Summons, Statement
RENONG BERHAD: Subsidiary Disposes Of CAHB Warrants
RNC CORPORATION: Liquidates Wholly Owned Subsidiaries

TAI WAH: Posts Change Of Registered Address Notice


P H I L I P P I N E S

ATLAS CONSOLIDATED: Sets Aside Tie-Up With Chinese Mining Firm
BENGUET CORPORATION: Posts Q301 Net Loss Of P12.1M
BENPRES HOLDINGS: Cable TV Tie-Up With PLDT In Final Stages
METRO PACIFIC: Robinsons Land Eyes Bonifacio Stake
NATIONAL POWER: Insurance Policy Auction Fails Anew

RFM CORPORATION: Cosmos Stake Sale Signing Expected This Week


S I N G A P O R E

ACMA LIMITED: Issues Director's Shareholding Changes
CREATIVE TECHNOLOGY: Merrill Lynch Changes Interest
SEMBCORP LOGISTICS: Discloses Changes In Deemed Shareholding


T H A I L A N D

DATAMAT PUBLIC: Explains Q301 Actual, Projection Variation
ITALIAN-THAI: Explains Q301 Net Gain Of Bt315.9M
SIAM STRIP: Creditors To File Bankruptcy Suit
SIAMUNISOUL COMPANY: Business Reorganization Petition Filed
THAI PETROCHEMICAL: Selects Banpu As Preferred Bidder


     -  -  -  -  -  -  -  -

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


ANSETT: Virgin Blue To Make Formal Bid
--------------------------------------
Virgin Blue said Monday it would make a formal bid for Ansett
after it looked at the failed airline's books, but Virgin Blue's
head of Commercial, David Huttner, would not specify when Virgin
would make the bid, Canberra Times reported on November 20.

Mr Huttner said, "We will put in a formal bid when we get
access to information, but we haven't cited exactly when. We
hope to do so soon and we are in discussions with parties such
as the Lang Corporation who might make that possible."

"We are putting together a proposed possibility in conjunction
with the Lang Corporation but whether or not it will go ahead is
yet to be seen."


BEACONSFIELD GOLD: Appoints New Company Secretary
-------------------------------------------------
Beaconsfield Gold NL advised that Mr Colin B Walker has resigned
as Company Secretary of Beaconsfield Gold NL (Receiver and
Manager Appointed), effective immediately.

The Company is pleased to advise that Mr Baard Solnordal has
been appointed Company Secretary of Beaconsfield Gold NL
(Receiver and Manager Appointed), effective immediately.


BULLANT: Internet Software Co Under Administration
--------------------------------------------------
Bullant, an internet software company, has been placed into
administration after private investors, who poured $40 million
into the North Sydney firm in January, baulked at a request for
another $20 million, Sydney Morning Herald reported on November
20.

Ferrier Hodgson partner, John Melluish, who estimated Bullant
had monthly income of less than $300,000, said, "They don't
generate a great deal of money and we're reliant on funding to
keep them going."

Bullant, which had raised more than $55 million from investors
including chip giant Intel, Hong Kong's JP Morgan Partners, U.S.
payments company First Data and the Australian wine maker, Mark
Cashmore, had creditors including taxpayers. The Federal
Government owed Bullant $3.7 million from a research
commercialization loan, while employees owed $2.5 million in
entitlements, and unpaid phone, electricity and trade bills
stand at around $500,000.


DAVNET LIMITED: Extends Suspension Of Securities Trading
--------------------------------------------------------
Davnet Limited has previously been granted a request for the
voluntary suspension of trading in its shares from the
commencement of trading on 14 November 2001. Davnet expected at
that time that the suspension would end prior to the
commencement of trading on 21 November 2001, after conclusion of
negotiations and the release of a further ASX announcement
concerning the outcome of those negotiations.

Davnet Limited now announces that it expects the suspension of
trading to end at the commencement of trading on Monday, 26
November 2001.

The extension of the suspension is due to a continuation of the
negotiations with various parties with respect to the financial
restructuring of Davnet Limited and its main operating
subsidiary, Davnet Telecommunications Pty Limited (Davtel),
beyond the time frame initially anticipated.

The extension of the suspension is expected to last for a
further three trading days.

A further ASX announcement is expected to be made by Davnet
Limited prior to the commencement of trading on 26 November 2001
concerning the outcome of the negotiations and resultant
transactions entered into that will end the suspension.

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


HARRIS SCARFE: Management Buyout Given The Green Light
------------------------------------------------------
Harris Scarfe Holdings Limited (the Company) announced that
successful negotiations with landlords and suppliers and an
agreement with the South Australian government on a supportive
tax relief package have secured the future of the Company.

The Company's Receivers and Managers, Messrs Bruce Carter and
John Spark of corporate recovery and turnaround specialists,
Ferrier Hodgson confirmed Tuesday that a management buy-out plan
for Harris Scarfe announced earlier this month had been
concluded, with ownership of the retailer changing from Tuesday.

"After more than six months of negotiations, this is a very
pleasing outcome for the staff, customers and suppliers of
Harris Scarfe," Mr Carter said.

"The deal secures the future of an Australian retail icon;
maintains the jobs of 1700 retail sector employees, and ensures
that Harris Scarfe can continue as the preferred department
store of so many loyal shoppers."

"We appreciate the commitment given by the South Australian
Government as well as the company's landlords and suppliers -
all of whom have recognized the future opportunities the new
strong Harris Scarfe will bring."

The new owners of Harris Scarfe are its CEO Mr Robert Atkins,
fellow Harris Scarfe executive Mr David Clark and a syndicate of
private investors, none of whom have previously had a financial
interest in Harris Scarfe.

Mr Atkins, a former senior executive with Coles Myer and Coca
Cola Amatil with more than 12 years retail experience - took the
helm of Harris Scarfe in July. Mr Clark has been with Harris
Scarfe since 1995 when it acquired Tasmania's Fitzgerald Group -
a company he joined in 1980.

"This is a great result for Harris Scarfe and we thank all of
those involved in supporting the deal for their foresight," Mr
Atkins said.

"For the new Harris Scarfe it will be very much business as
usual - but better."

"We are looking forward to an exciting future together with our
staff, customers and suppliers. We will be building on the
traditional strengths of Harris Scarfe in ways which meet the
needs of our customers while at the same time expanding our
investment in selling quality brands for less."

Harris Scarfe customers can continue to use their lay-by, credit
card and interest-free purchase facilities as normal. The New
Harris Scarfe also will continue to honor discounts to
shareholders in the old  company until December 24, 2001.

FOR FURTHER INFORMATION PLEASE CONTACT:

Bruce Carter at Ferrier Hodgson on (08) 8235 7655 (Office) or
0418 823 687 (mobile)
Robert Atkins at Harris Scarfe on (08) 8203 4444 (office) or
0404 007 710 (mobile)
Hughes Public Relations - Tim Hughes on (08) 8373 5322 or
0417 788 891 (mobile)


IMPULSE: Now Operates Under Qantas
----------------------------------
Qantas Chief Executive, Geoff Dixon said yesterday afternoon
that Impulse will now operate as a wholly owned subsidiary under
the Qantas-Link brand. ACT Deputy Chief Minister, Ted Quinlan
said the ACT Government is still assessing what effect the
takeover will have on the Government's $8 million loan to
Impulse, ABC News reported on November 20.

Mr Quinlan also said it is not known whether Qantas will honor
the loan conditions or repay the money.


NORMANDY MINING: AGG Shareholders Vote In Favor Of Acquisition
--------------------------------------------------------------
At a general meeting of AngloGold shareholders held in
Johannesburg (19 November 2001), there was a 99.3% vote in favor
of the company's bid for the acquisition of Normandy Mining
Limited.

Approval of the transaction by its shareholders fulfils an
important condition of the company's offer for Normandy.

At the same meeting a special resolution to amend the company's
articles of association regulating the currency in which
dividends may be declared, was passed by the majority of
shareholders and the resolution is in the process of being
registered with the Registrar of Companies.

PROPOSED ACQUISITION BY ANGLOGOLD OF SHARES IN LIMITED AND
RESULTS OF GENERAL MEETING

At the general meeting of Shareholders of AngloGold held on
Monday, 19 November 2001, the ordinary resolutions approving the
acquisition by the company of Normandy Mining United were passed
by the requisite majority of shareholders Approval of the
transaction by AngloGold shareholders fulfills an important
condition of the company's offer for Normandy.

At the same meeting the special resolution to amend the
company's articles of association regulating the currency of
declaration of dividends, as specified in the notice of meeting
dated 26 October 2001, was passed by the requisite majority of
shareholders and the resolution is in the process of being
registered with the Registrar of Companies.

FINANCIAL ADVISORS TO THE TRANSACTION         ISE SPONSOR
Deutsche Bank                                 UBS Warburg

LEGAL ADVISORS                                AUDITORS AND
REPORTING
                                              ACCOUNTANTS
Freehills
Fasken Martineau DuMoulin LLP                 Ernst & Young
Tabacks
Shearman and Sterling


PMP: IPMG Finalizes Proposal to Acquire Printing Assets
-------------------------------------------------------
Independent Print Media Group (IPMG), which is expected to
unveil a formal offer next month, is finalizing its proposal to
acquire PMP's printing assets, The Age reported on November 20.
The restructured offer reportedly contains several concessions
to appease the Australian Competition and Consumer Commission,
including divesting PMP's heat-set printing plant in Clayton.

The JohnB.Fairfax and Hannan family-owned company revised its
bid two months ago after its takeover plans were knocked back by
Australia's corporate regulator because of competition concerns.

The highly valued Clayton operation handles some of Australia's
largest printing contracts, including The Australian Women's
Weekly for Kerry Packer's Australian Consolidated Press.

PMP appointed Merrill Lynch to advise on the matter, but so far
only preliminary discussions with IPMG advisers Caliburn
Partnership have taken place.


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


B.I.F. TECHNOLOGY: Winding Up Petition Hearing Set
--------------------------------------------------
The petition to wind up B.I.F. Technology Co. Limited will be
heard before the High Court of Hong Kong on January 23, 2002 at
10:00 a.m.

The petition was filed with the Court on October 49, 2001 by the
Company, whose registered office is situated at Unit 1, 9th
Floor, Block A, Proficient Industrial Center, No. 6 Wang Kwun
Road, Kowloon Bay, Kowloon, Hong Kong.


BIGWIN ENTERPRISES: Winding Up Sought By Master Proofer
-------------------------------------------------------
Master Proofer Company Limited is seeking the winding up of
Bigwin Enterprises Limited. The petition was filed on October 8,
2001, and will be heard before the High Court of Hong Kong on
January 23, 2002 at 9:30 am.

Master Proofer holds its registered office at Unit 1, 8th Floor,
On Ho Industrial Building, 17-19 Shing Wan Road, Tai Wai,
Shatin, New Territories, Hong Kong.


FIT STAR: Winding Up Petition Hearing Set
-----------------------------------------
The petition to wind up Fit Star Industries Limited is scheduled
to be heard before the High Court of Hong Kong on November 21,
2001 at 9:30 am. The petition was filed with the court on August
8, 2001 by Leung Yuet Kuen of 721 Shek O Village, Hong Kong.


EVER CENTURY: Petition To Wind Up Slated
----------------------------------------
The petition to wind up Ever Century Industrial Limited
is set for hearing before the High Court of Hong Kong on  
January 16, 2002 at 9:30 am. The petition was filed on September
20, 2001 by Bank of China (Hong Kong) Limited (the successor
corporation to Sin Hua Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


NAM FONG: Winding Up Petition To Be Heard
-----------------------------------------
The petition to wind up Nam Fong International Holdings Limited
is scheduled for hearing before the High Court of Hong Kong on
January 23, 2002 at 10:00 am. The petition was filed on October
18, 2001 by China Insurance Group Finance Company Limited whose
registered office is situate at 2404, China Insurance Group
Building, 141 Des Voeux Road Central, Hong Kong.


PEARL ORIENTAL: CEO In Talks With Potential Buyers
--------------------------------------------------
Pearl Oriental Holdings Limited has noted the recent increase in
the 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 been informed by Mr Wong Kwan, the Chairman and
Chief Executive of the Company, that in-depth discussions with
one of the potential buyers as disclosed in the Company's
announcements dated 17 and 22 October 2001 as well as 5 November
2001 (the Announcements) on the terms for disposal of his stake
in the Company have been carried out. Mr Wong Kwan further
informed the Company that incidental to the disposal of his
stake in the Company, possible connected transactions under
Chapter 14 of the Listing Rules may be involved.

The development of discussions between Mr Wong Kwan and other
potential buyers are still continuing, but no concrete terms,
including the price and the percentage of shareholding that may
be disposed of, have been determined.

The development of other issues including the Statutory Demand
(as referred to in the Company's announcements dated 17 and 19
October 2001) and the sale of Pearl Oriental Center (as referred
to in the Company's announcement dated 19 October 2001) is
substantially the same as disclosed in the announcement dated 12
November 2001 (the 12th Announcement).

The Company will make further announcements if there is any
material development in respect of the Statutory Demand, the
sale of Pearl Oriental Center, the discussions with potential
buyers regarding possible sale of Mr Wong Kwan's stake and the
possible connected transactions.

Save as disclosed herein as well as the Announcements and the
12th Announcement, the Directors would like to 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 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.


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


TIMAH TNK: Aneka Tambang Favors Acquisition Than Merger
-------------------------------------------------------
PT Aneka Tambang said it would prefer to acquire troubled giant
PT Timah Tbk rather than merge with it, IndoExchange reported
Tuesday, citing Aneka's Corporate Secretary, Dohar Siregar.

The government has still not decided what to do with the tin
maker, ailing due to low world tin prices and rampant illegal
mining in its operations area. Earlier this month Timah warned
it was facing collapse because of the problems.

"Our stance remains the same, that is to focus with our core
business...of course if we have to come to the rescue and if you
ask me I would say we prefer to acquire Timah rather than to
merge with it," Siregar said.

According to the regulations, a decision on Timah and Aneka
Tambang would need approval from the public as minority
shareholders.

"But I would like to stress here that those are merely ideas,
there is nothing concrete about any of it yet".


HOLDIKO PERKASA: IBRA Launches Indomobil Sale
---------------------------------------------
In a press conference Tuesday, IBRA and PT Holdiko Perkasa
launched the strategic sale process of Holdiko's entire 72.63%
equity shareholding in PT Indomobil Sukses Internasional Tbk.
(Indomobil), and all convertible bonds issued by Indomobil to
Holdiko and IBRA in respective amounts of Rp337.38 billion and
Rp312.90 billion.

The launch of the sale process of Indomobil this month was
agreed upon following the receipt of a number of inquiries into
a potential sale and a recent serious offer from one investor
for IBRA/Holdiko's entire interest in Indomobil. The sale
process will employ an abbreviated open tender process aimed at
potential investors, with PT Deloitte & Touche FAS acting as the
financial advisor for this asset sale.

Indomobil is the holding company of a fully integrated group of
companies engaged in automotive and automotive-related
businesses with direct and indirect investments in 69
subsidiaries. These subsidiaries act as sole agents for
automotive principals, assembler of automotive components,
distributor and retailer of automotive products, and provide
auto financing and after sales services. Automotive products
distributed by Indomobil's subsidiaries consist of brands such
as Suzuki, Nissan, Mazda, Hino, Volvo, Audi, Volkswagen, and
SsangYong.

As scheduled Monday, IBRA/Holdiko received final and binding
bids for its stake in the Sugar Group. The bids are currently
under review and the winner of the sale process will very soon
be announced. IBRA/Holdiko is also scheduled to receive final
bids for its interest in PT Indosiar Visual Mandiri Tbk. and PT
Berdikari Sari Utama Flour Mills this Friday, 23 November 2001.


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


HITACHI LIMITED: To Open China Procurement Center Next Month
------------------------------------------------------------
With the aim of enhancing competitiveness and boosting its
ability to acquire parts and materials from China, Hitachi Ltd
intends to establish a procurement center in Shanghai next
month, the Asian Wall Street Journal reported Monday.

China has been chosen by Hitachi because of its relatively low
cost as a production base. Through the center, aptly named China
Procurement Promotion Center, Hitachi plans to increase local
procurement of parts, materials, semi-furnished goods and
finished products.

A Hitachi official said, "Not only will we use parts and
materials procured in China at local production bases, but we
will also look to ship them to our plants in other regions, such
as Japan."


NIPPON TELEGRAPH: Expects Y200B FY Net Loss
-------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) expects to post
a net loss estimated at Y200 billion on a consolidated basis for
the fiscal 2001, according to a report by NewsOnJapan yesterday.

This is the second group net loss for the Company since it
started to release group earnings figures in 1988. NTT last
posted a group net loss for the fiscal 1999, posting a loss of
Y67.8 billion during the period.


NIPPON TELEGRAPH: Needs Y1T For Early Retirement Payments
---------------------------------------------------------
To finance payments for the early retirement of employees as
part of a massive restructuring plan, Nippon Telegraph and
Telephone Corp (NTT) aims to generate about Y1 trillion through
bank borrowings and bond issues, NewsOnJapan reported Monday.

Over the past two years, NTT has spent more or less some Y2.4
trillion on an aggressive foreign investment program funded
mainly via the issuance of new shares.

An NTT official was quoted as saying that the planned fund-
raising would not hurt NTT's balance sheet. However, earlier
this month, ratings agency Moody's Investors Service cut NTT's
ratings outlook to negative from stable, citing concern about
earnings from its fixed line business.


SUGINOI HOTEL: Orix, Secom To Take Over Assets
----------------------------------------------
The assets of the failed five-star Suginoi Hotel are set to be
taken over by leasing company, Orix Corporation and major
security service firm, Secom Company, Kyodo News reported on
Tuesday. Orix and Secom plan to acquire all the assets of the
failed Beppu-based hotel, including all its buildings and pools.
Kamori Kanko, a Sapporo-based resort operator has the job of
running the hotel.


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


DAEWOO ENGINEERING: Creditors Convert W700B Into Equity
-------------------------------------------------------
As part of the debt restructuring efforts for Daewoo Engineering
& Construction Co Ltd, its creditors plan to convert W700
billion of debt owed by the troubled builder, PRNewsAsia
reported yesterday.

Creditor banks furthermore plan to cut interest rates and roll
over remaining debt in order for the company's management to get
back on track and end the ongoing workout plan at the earliest
possible time.

Daewoo Engineering & Construction was separated from Daewoo Corp
at the end of last year.


DAEWOO TELECOMMUNICATIONS: Creditors Plan 5-Way Daewoo Split
------------------------------------------------------------
Daewoo Telecommunications Co. faces separation into five
independent companies by its creditors as part of efforts to
normalize its operations, the Asian Wall Street Journal reported
Monday.

The plan proposes, among other things, that creditors will swap
W60.4 billion of Daewoo Telecom's debt into equity at one of the
five new units.

Moreover, creditors are seeking an interested buyer to acquire
Daewoo Telecom's automobile parts operations, which will also be
separated from the group.

Along with 11 other units of the failed Daewoo Group, Daewoo
Telecom was placed under the creditor-led debt workout program
back in 1999.


DAEWOO HEAVY: Debt Workout Should End This Month
------------------------------------------------
Daewoo Heavy Industries & Machinery Co., according to its lead
creditor Korea Development Bank (KDB), will most likely emerge
from a debt workout program at the end of this month, according
to a Monday Asian Wall Street Journal report.

KDB proposes the rescheduling of some of Daewoo Heavy's debts in
order for it to end the debt workout program as soon as
possible.

On November 29 or 30, all of Daewoo Heavy's Creditors will vote
on the proposal. Daewoo Heavy was originally scheduled to
complete the program by the end of 2002, but Creditors are now
confident that the Company can now sustain operations without
much creditor support.


HYNIX SEMICONDUCTOR: Ex-Minister Heads Restructuring Committee
--------------------------------------------------------------
Former Minister Shin kook-Hwan was named new chairman of Hynix
Semiconductor Inc's restructuring committee by the latter's
creditors, as reported by the Asian Wall Street Journal on
Monday.

The committee is composed of heads of key Hynix creditor banks,
including the president of Hynix's leading creditor Korea
Exchange Bank.

The committee is tasked to monitor the restructuring of the
ailing chipmaker and ratify any important reform-related deals
at Hynix, such as asset sales and forming alliances.


HYNIX SEMICONDUCTOR: Debts To Top Assets By W8.6T If Liquidated
---------------------------------------------------------------
In the event the troubled Hynix Semiconductor, Inc. is
liquidated, the Korean chipmaker's total debt is expected to
exceed its assets by W8.69 trillion, the Asian Wall Street
Journal reported Monday, citing an official of the Korea
Exchange Bank.

An unnamed official of Hynix creditor bank, Korea Exchange Bank
said that recently released results of the due diligence
conducted by Arthur Andersen show that Hynix's assets that are
redeemable, should the Company be liquidated, stand at W3.66
trillion.

If the Company were liquidated, Hynix's redeemable assets would
be about 29.63 percent of Hynix's total liabilities, or around
W12.36 trillion.


HYUNDAI CORPORATION: Exports To Top US$17B
------------------------------------------
Despite the far-reaching impact of the separation of Hyundai
Motor Corp. from the Hyundai Group, Hyundai Corp. announced that
its exports for the year are expected to reach US$17 billion,
the Korea Herald reported on Tuesday.

Following the rise of its exports of handsets and DVD players,
the company intends to concentrate on high-yield operations by
diversifying products and markets.

Moreover, Hyundai's performance was also better in rolling
stock, aircraft parts, diesel oil, steel and vehicle sectors. To
recall, earlier this year, Hyundai Corporation posted a net loss
of W76.5 billion, as against a profit of W22.9 billion.


KOREAN AIR: To Take Legal Action Against MOCT
---------------------------------------------
Korean Air (KAL), Korea's largest national flag carrier, intends
to take legal action against a plan by the government to revoke
the state permit on KAL's cargo flights to and from Shanghai,
the Korea Times said on November 19.

Because of an accident wherein an MD-11 KAL cargo plane crashed
immediately after it took off from Shanghai airport in April
1999, killing eight and injuring about 40, the Ministry of
Construction and Transportation (MOCT) has threatened to take
the punitive measure against the national flag-carrier.

The Ministry has decided permits for KAL's Shanghai cargo
flights, which generated a total of W30 billion in sales for the
airliner, will be canceled as of Dec. 14.

KAL, however, counters that the penalty was too hard and that
the decision on the scale of the penalty was hurried.


SEOULBANK: Chohung, KEB To Bid For Takeover Next Year
-----------------------------------------------------
Following recent failures by the Korean Government to sell its
100 percent-owned Seoulbank to foreign companies, South Korea's   
own Chohung Bank and Korea Exchange Bank may likely bid to
takeover Seoulbank next year, as reported by the Asian Wall
Street Journal Monday.

Some domestic business groups have also expressed interest in
the cash-strapped Seoulbank, but the government refuses to sell
Seoulbank to non-bank candidates due to concerns over the
further deterioration of the bank's financial status.


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


ABRAR CORPORATION: No Changes In Defaulted Payment Status
---------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that there have been no changes to the status
in payment since the Company's previous announcement made on 23
October 2001.

The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2002.

The Special Administrators of the Company are currently in the
midst of preparing a corporate debt restructuring exercise (the
Workout Proposal) for the Company pursuant to Section 44 of the
Danaharta Act. The Workout Proposal will address the Company's
default in payments.


AYER HITAM: Enters Put Option Agreement With Metro
--------------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad (AHT or Company) announced that the Company has entered
into a put option agreement (Put Option Agreement) with Metro
Tegas Sdn Bhd (Metro), whereunder Metro grants AHT an
irrevocable put option for the Company to sell and for Metro to
purchase the real properties identified, namely 4 storey shop-
offices located at Prima Uno Town Center, Phase 19, Bukit
Sentosa (Section III), 48300 Serendah, Selangor Darul Ehsan
(Real Properties) free from all encumbrances within a period of
seven (7) days commencing from seven (7) days prior to:

   (i) the expiry of one (1) month from the date of the Put
Option Agreement or 30 November 2001 whichever is later for
Tranche 1( equivalent to RM5 million); and

   (ii) the expiry of two (2) months from the date of the same
agreement or 31 December 2001 whichever is the later for Tranche
2(equivalent to RM5 million) (Put Option).


CHASE PERDANA: Unit Signs Concession Agreement With UMS
-------------------------------------------------------
The Board of Directors of Chase Perdana Berhad (the Company)
announced that Seppanggar Jaya JV Sdn Bhd (SJJV), a 60% owned
subsidiary of Chase Perdana Development Sdn Bhd which is wholly
owned by the Company, has been awarded a concession on a Build,
Operate and Transfer (BOT) basis to provide accommodation for
approximately 7200 students for University Malaysia Sabah (UMS)
for a period of 30 years. The Concession Agreement was signed on
15 November 2001.

The Concession Company

SJJV is the concession company between Chase Perdana Development
Sdn Bhd, Segi Warisan Sdn Bhd and Yayasan University Sabah
Malaysia in the proportion of 60%, 30% and 10% respectively.

The BOT Project

SJJV will be responsible for the construction of 10 hostel
blocks, 2 central facilities blocks and also 30 units of fellow
apartments on a parcel of land held under title no. CL015385618
situated in Kuala Menggatal, Kota Kinabalu, Sabah.

Under the Concession Agreement, SJJV is authorized to manage and
operate the hostel and accommodation and charged rental through
out the concession period. In addition, SJVV is also allowed to
conduct related business to obtain additional revenue during the
concession period. The related business include, rental of space
to the canteen operator, laundromat, cyber-cafe, grocery store,
photocopy kiosk and etc.

At the end of the concession period, SJJV shall hand-over the
hostel and accommodation to UMS. The construction work is
targeted to be completed by end of 2003.


CONSTRUCTION AND SUPPLIES: KLSE OKs 1-Mo RA Extension Request
-------------------------------------------------------------
On behalf of the Board of Directors of Construction and Supplies
House Berhad (CASH or the Company), Alliance Merchant Bank
Berhad, formerly known as Amanah Merchant Bank Berhad,
(Alliance) announced that the KLSE has, by its letter dated 15
November 2001, approved the further extension of time of up to
one (1) month to 25 November 2001 (Extension) for CASH to make
the Requisite Announcement(RA) pursuant to Practice Note No.
4/2001 issued by the KLSE.


JASATERA BHD: Revises Initial Proposed Recap Exercise
-----------------------------------------------------
On behalf of the Board of Directors of Jasatera Berhad (Jasatera
or the Company) (Board), Public Merchant Bank Berhad (PMBB),
announced these revisions to the Initial Proposed
Recapitalization Exercise:

   (i) Proposed increase in the authorized share capital from
RM25,000,000 comprising 25,000,000 ordinary shares of RM1.00
each (Shares) to RM100,000,000 comprising 100,000,000 Shares
(Proposed IASC)1;

   (ii) Proposed non-renounceable restricted offer for sale of
26,973,000 Irredeemable Convertible Preference Shares of RM1.00
each (ICPS) to be issued pursuant to the Proposed Debt
Settlement (Proposed ROS)2;

   (iii) Proposed special issue of up to 4,500,000 new Shares at
an issue price of RM1.00 per share, to Bumiputera investors
approved by the Ministry of International Trade and Industry
(MITI) (Proposed Special Issue)1;

   (iv) Proposed private placement of up to 12,500,000 new
Shares at an issue price of RM1.00 per share (Proposed Private
Placement)1; and

   (v) Proposed exemption for Koo Yuen Kim, JP and Koo Woon Kee
from the obligation to extend a mandatory general offer for the
remaining Shares and the new Shares arising from the conversion
of the ICPS, which are not already owned by them and the parties
acting in concert with them upon completion of the Proposed
Rights Issue and upon conversion of their ICPS into Shares
(Proposed Exemption)3;

The "Revised Proposed Recapitalization Exercise" refers to the
following:

(i) Proposed Capital Reconstruction;
(ii) Proposed Increase in the Authorized Share Capital;
(iii) Proposed Debt Settlement;
(iv) Proposed Rights Issue;
(v) Proposed Exemption from a Mandatory General Offer;
(vi) Proposed Non-Renounceable Restricted Offer For Sale;
(vii) Proposed Special Issue ; and
(viii) Proposed Private Placement

Notes:

1. being additional proposals included as part of the Revised
Proposed Recapitalization Exercise.

2. being a revision in the number of ICPS to be offered from
27,442,075 to 26,973,000 ICPS in the Revised Proposed
Recapitalization Exercise.

3. being an exemption sought pursuant to Practice Note (PN)
2.9.3 of the Malaysian Code on Take-Overs and Mergers, 1998
(Code) in the Revised Proposed Recapitalization Exercise rather
than PN 2.9.1 of the Code.

In addition, Koo Woon Kee will not be entering into the proposed
put option agreement with the financial institution creditors
(Lenders) (as per the announcement dated 24 August 2001).
Moreover, Koo Woon Kee's earlier commitment to enter into the
proposed put option agreement, is not part of the Revised
Proposed Recapitalization Exercise.

The above proposals are hereinafter collectively referred to as
the "Revisions", details of which are set out in the Section 2.

The proposals being part of the Initial Proposed
Recapitalization Exercise, that remain unchanged in the Revised
Proposed Recapitalization Exercise are as follows:

   (i) Proposed reduction of the existing issued and paid-up
share capital of RM19,980,000 comprising 19,980,000 Shares to
RM3,996,000 comprising 19,980,000 ordinary shares of RM0.20 each
pursuant to section 64 of the Companies Act, 1965 (Act) by the
cancellation of RM0.80 of the par value of every Share and
thereafter consolidating every five (5) ordinary shares of
RM0.20 each into one (1) Share (Proposed Capital
Reconstruction);

   (ii) Proposed settlement of debts owing to the Lenders
amounting to RM91,473,585 (Proposed Debt Settlement); and

   (iii) Proposed renounceable rights issue of 23,976,000 new
Shares in Jasatera (Rights Shares) on the basis of six (6)
Rights Shares for every one (1) Share held at an issue price of
RM1.00 each after the Proposed Capital Reconstruction (Proposed
Rights Issue).

DETAILS OF THE REVISIONS

Proposed IASC

The Board proposes to increase the authorized share capital of
Jasatera from RM25,000,000 comprising 25,000,000 Shares to
RM100,000,000 comprising 100,000,000 Shares to facilitate the
Revised Proposed Recapitalization Exercise.

Proposed ROS

The Company is proposing a non-renounceable restricted offer for
sale of 26,973,000 ICPS instead of 27,442,075 ICPS (as
originally proposed in the Initial Proposed Recapitalization
Exercise) by the Lenders at an issue price of RM1.00 per share
to the existing shareholders of Jasatera. The ICPS to be offered
pursuant to the Proposed ROS would not be underwritten. The
proceeds from the Proposed ROS shall accrue to the Lenders on a
pro-rata basis based on the individual Lender's portion of the
Debts.

Proposed Special Issue

Jasatera also proposes to issue up to 4,500,000 new Shares
(Special Issue Shares) to Bumiputera investors approved by MITI
at an issue price of RM1.00 per share after the Proposed Capital
Reconstruction and the Proposed Rights Issue.

The issue price of RM1.00 per Special Issue Share is arrived at
after considering the following factors:

   (i) the theoretical ex-rights price of RM0.72 per share based
on the five (5)-day weighted average price of RM0.946 per share
as at 23 August 2001 (being the last practicable date prior to
the date of the Requisite Announcement); and

   (ii) the par value of the Shares.

The Special Issue Shares to be issued pursuant to the Proposed
Special Issue, shall upon allotment and issuance, rank pari
passu in all respects with the existing Shares in Jasatera
except that they shall not be entitled to any dividends, or
other forms of distributions which may be declared before the
allotment of the Special Issue Shares.

Proposed Private Placement

In addition to the Proposed Special Issue, the Company proposes
to place up to 12,500,000 new Shares (Placement Shares)
(depending on the subscription level of the Proposed Special
Issue) to investors through an independent placement agent after
the Proposed Capital Reconstruction, the Proposed Rights Issue
and the Proposed Special Issue.

The placement price of RM1.00 per share is arrived at after
considering the following factors:

   (i) the theoretical ex-rights price of RM0.72 per share based
on the five (5)-day weighted average price of RM0.946 per share
as at 23 August 2001 (being the last practicable date prior to
the date of the Requisite Announcement); and

   (ii) the par value of the Shares.

The Placement Shares to be issued pursuant to the Proposed
Private Placement shall, upon allotment and issue, rank pari
passu in all respects with the existing Shares of the Company
except that they shall not be entitled to any dividends or other
forms of distributions which may be declared before the
allotment of the Placement Shares.

Proposed Exemption

Pursuant to the Proposed Rights Issue, Koo Yuen Kim, JP and Koo
Woon Kee will be giving their irrevocable written undertakings
to subscribe for their entitlement of 4,253,342 Rights Shares
and 19,722,658 Rights Shares being the entire potential
unsubscribed portion of the Rights Shares, via excess shares
application. Following that, Koo Yuen Kim, JP, Koo Woon Kee, and
parties acting in concert with them will hold up to 24,685,076
Shares representing 88.25% of the enlarged issued and paid-up
share capital of Jasatera after the Proposed Capital
Reconstruction and the Proposed Rights Issue.

Furthermore, Koo Yuen Kim, JP, Koo Woon Kee and parties acting
in concert with them are also entitled to subscribe for
4,785,010, ICPS pursuant to the Proposed ROS. Pursuant thereto,
upon conversion of the 4,785,010 ICPS, Koo Yuen Kim, JP, Koo
Woon Kee and the parties acting in concert with them will
collectively hold up to 29,470,086 Shares.

Pursuant to Part II of the Code, Koo Yuen Kim, JP, Koo Woon Kee
and parties acting in concert with them will seek an exemption
under Practice Note (PN) 2.9.3 of the Code from their
obligations to undertake the mandatory general offer for the
remaining Shares and the new Shares arising from the conversion
of the ICPS, which are not already owned by them upon the
completion of the Proposed Rights Issue and upon conversion of
their ICPS into Shares.

CONDITIONALITY

The Proposed Capital Reconstruction, the Proposed IASC, the
Proposed Rights Issue, the Proposed Debt Settlement and the
Proposed Exemption are inter-conditional and are not conditional
on the Proposed ROS, Proposed Special Issue and the Proposed
Private Placement. However the Proposed ROS, the Proposed
Special Issue and the Proposed Private Placement are conditional
on the Proposed Capital Reconstruction, the Proposed IASC, the
Proposed Rights Issue, the Proposed Debt Settlement and the
Proposed Exemption.

EFFECTS OF THE REVISED PROPOSED RECAPITALISATION EXERCISE

The effects of the Revised Proposed Recapitalization Exercise
are as set out below:

Effects on Share Capital

The effects of the Revised Proposed Recapitalization Exercises
on the issued and paid-up share capital of Jasatera as at 31
January 2001 are shown in Table 1 found at
http://www.bankrupt.com/misc/jasatera_tables.html

Effects on Earnings

As the Revised Proposed Recapitalization Exercise is only
expected to be completed by the third quarter of the year 2002,
it will have no material effect on the earnings of Jasatera for
the financial year ending 31 January 2002. However, it is
expected to have a positive impact on the future earnings of the
Company due to substantial savings in interest costs and the
availability of fresh working capital.

Effects on NTA

The proforma effects of the Revised Proposed Recapitalization
Exercise on the NTA per share of the Jasatera Group based on the
latest audited balance sheets as at 31 January 2001 are set out
in Table 2 at http://www.bankrupt.com/misc/jasatera_tables.html

Effects on Gearing

The effects on the gearing of Jasatera based on the Group's
audited balance sheet as at 31 January 2001 are set out in Table
3 at http://www.bankrupt.com/misc/jasatera_tables.html

Effects on Shareholding Structure

The effects of the Revised Proposed Recapitalization Exercise on
the shareholding structure of Jasatera are set out in Table 4 at
http://www.bankrupt.com/misc/jasatera_tables.html

APPROVALS REQUIRED

The Revised Proposed Recapitalization Exercise is subject to the
approvals being obtained from the following:

   (i) the Securities Commission for the Revised Proposed
Recapitalization Exercise, save for the Proposed IASC;

   (ii) the Foreign Investment Committee for the Proposed Debt
Settlement, Proposed Special Issue and Proposed Private
Placement;

   (iii) the MITI, for the Proposed Special Issue;

   (iv) the Court pursuant to Section 64 of the Act for the
Proposed Capital Reconstruction;

   (v) the Kuala Lumpur Stock Exchange for the listing of and
quotation for the Rights Shares, Placement Shares, Special Issue
Shares and the new Shares arising from the conversion of the
ICPS on the KLSE;

   (vi) the shareholders of Jasatera at an EGM to be convened;
and

   (vii) any other relevant authorities, if required.

RATIONALE FOR THE REVISIONS

The following are the rationale for the Revisions are as
follows:

Revisions     Rationale

Proposed IASC - To increase the authorized share capital
of Jasatera to facilitate the Revised Proposed
Recapitalization Exercise;

Proposed ROS - To change the number of ICPS to be
offered in order to minimize the incidence of
odd lots to the existing shareholders of
Jasatera;

Proposed Special Issue - To increase the Bumiputera
shareholdings to meet the National
Development Policy requirements;
- To meet the minimum issued and paid-up
share capital of RM40.0 million for a company
listed on the Second Board of KLSE; and

- To provide additional working capital
to the Jasatera Group.

Proposed Private Placement - To meet the minimum issued and
paid-up share capital of RM40.0 million for a
company listed on the Second Board of KLSE;
and

- To provide additional working
capital to the Jasatera Group.

Proposed Exemption - As a consequence of the Revised
Proposed Recapitalization Exercise which is
formulated to essentially avoid the threat of
winding-up of Jasatera by its Lenders, Koo
Yuen Kim, JP and Koo Woon Kee are required to
extend a mandatory general offer for the
remaining shares each and the new Shares
arising from the conversion of the ICPS, which
are not already held by them, pursuant to Part
II of the Code. The Proposed Exemption is
therefore to avoid further financial burden
being placed on them.

INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS AND PERSONS
CONNECTED TO THEM

None of the Directors and substantial shareholders and persons
connected to them has any interest, direct or indirect, in the
Revised Proposed Recapitalization Exercise.

APPLICATION TO THE SC

Barring any unforeseen circumstances, the Board of Directors
expects the application to the SC to be submitted by the end of
November 2001.


MALAYSIAN GENERAL: Restructuring Scheme Approval Pending
--------------------------------------------------------
Malaysian General Investment Corporation Berhad (MGIC or
Company), in relation to its Proposed Restructuring Scheme
Involving A Debt Restructuring With The Creditors Of MGIC And
Two (2) Of Its Subsidiaries, MGIC Construction Sdn Bhd and Magic
Hill Resort Sdn Bhd (collectively to be known as "MGIC
Companies") (Proposed Restructuring Scheme), announced that the
Company has yet to receive the approval-in-principle from all
the key creditors of the MGIC Companies.

It is the intention of the Company to proceed with the
application on the Proposed Restructuring Scheme only after
receiving the approval-in-principle from all the key creditors
as MGIC is no longer under Section 176 of the Companies Act,
1965 and also to enable the Company to finalize the terms of the
debt restructuring prior to the submission of the application to
the relevant regulatory authorities.

Further, one of the conditions precedent to the conditional
share sale agreement for the proposed acquisition of the entire
equity interest of Trans MSB Sdn Bhd (TMSB (Conditional SSA)
stipulates that the results of the due diligence on TMSB Group
and MGIC Group must be satisfactory to MGIC and the vendors of
TMSB Group respectively prior to the submission of the Proposed
Restructuring Scheme to the Securities Commission.

To date, the due diligence exercises on both TMSB Group and MGIC
Group have been completed. However, the vendors of TMSB Group
are currently in the midst of addressing the legal issues raised
by the Company's legal advisor based on the findings of the
legal due diligence exercise. As such, in accordance with the
Conditional SSA, the Company is unable to proceed with the
proposed acquisition of TMSB Group until the outstanding issues
are resolved.

In view of the foregoing, Arab-Malaysian Merchant Bank Berhad,
on behalf of the Company, announced that the Company has on even
date submitted an application to the KLSE for a further
extension of time of one (1) month from 19 November 2001 until
19 December 2001 for the Company to finalize these issues and
consequently, submit its revised regularization plan to the
regulatory authorities.


PERAK CORPORATION: Clarifies Unit's Asset Disposal, Cessation
-------------------------------------------------------------
Perak Corporation Berhad, in reference to the announcement dated
16 November 2001 in relation to the disposal of entire 51%
interest in Luceri-Cash Hotel Sdn Bhd and cessation as
subsidiary of the Company, clarified:

i) Cash Hotel Sdn Bhd is a 61.16% subsidiary of Taipan Merit Sdn
Bhd.

ii) The purchaser, Dato' Syed Hassan Nazari bin Syed Mohammad is
a common director in Cash Hotel Sdn Bhd and Luceri-Cash Hotel
Sdn Bhd.


RAHMAN HYDRAULIC: Court Strikes Out Writ Of Summons, Statement
--------------------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB
or the Company), further to the Company's announcement dated 6
September 2001, announced that the High Court of Malaya at Kuala
Lumpur has adjourned the hearing of the Company's application to
strike-out Mr Leong Yew Chin's Writ of Summons and Statement of
Claim to 4 February 2002.


RENONG BERHAD: Subsidiary Disposes Of CAHB Warrants
---------------------------------------------------
Renong Berhad (Renong or the Company) announced that Fleet Group
Sdn Bhd, a wholly-owned subsidiary of Renong, has disposed of a
total of approximately 14.9 million warrants of Commerce Asset-
Holding Berhad (CAHB Warrants) between 21 August 2001 and 15
November 2001 (Warrants Disposal).

DETAILS OF THE WARRANTS DISPOSAL

The aggregate net proceeds from the Warrants Disposal is
approximately RM6.1 million. Based on the latest consolidated
audited accounts of Renong for the financial year ended 30 June
2001, the said net proceeds is approximately 6.26% of the
consolidated net tangible assets of Renong.

The net book value of the CAHB Warrants as at 30 June 2001 is
approximately RM23.8 million. The Warrants Disposal was carried
out through the open market.

RATIONALE FOR THE WARRANTS DISPOSAL

Renong currently holds approximately 12.1% equity stake in CAHB.
As previously announced, it is Renong's intention to dispose its
stake in CAHB as part of its structured assets disposal program
to reduce its debts. In view of this, Renong has no intention of
converting the CAHB Warrants into new CAHB shares. The CAHB
Warrants will expire on 16 March 2002 and are currently out-of-
money.

The entire net proceeds of the Warrants Disposal will be
utilized for the partial redemption of the seven year zero
coupon redeemable secured bond issued by Renong Debt Management
Sdn. Bhd., a subsidiary of Renong, to Projek Lebuhraya Utara-
Selatan Berhad in 1999. This bond was issued as part of the debt
restructuring of Renong.

FINANCIAL EFFECTS OF THE WARRANTS DISPOSAL

Share Capital and Substantial Shareholding

The Warrants Disposal does not have any effect on the share
capital of Renong and the substantial shareholders'
shareholdings in Renong.

Earnings

Based on the latest audited consolidated accounts of Renong for
the financial year ended 30 June 2001, the Warrants Disposal is
expected to result in a loss of approximately RM17.7 million.

Net tangible assets (NTA)

Based on the latest audited consolidated accounts of Renong for
the financial year ended 30 June 2001, the Warrants Disposal is
expected to decrease the NTA of the Renong Group by
approximately 0.8 sen per share.

APPROVALS

The Warrants Disposal is not subject to the approval of Renong's
shareholders or regulatory authorities.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors, major shareholders and persons connected
with the Directors, and/or major shareholders of Renong has any
interests, direct or indirect, in the Warrants Disposal.

DIRECTORS' RECOMMENDATION

The Directors, after due consideration of all aspects of the
Warrants Disposal, are of the opinion that the Warrants Disposal
is in the best interests of the Company.


RNC CORPORATION: Liquidates Wholly Owned Subsidiaries
-----------------------------------------------------
The Special Administrators of RNC Corporation Berhad (RNC)
announced that members' resolution have been passed on 5th
November 2001 for the following wholly-owned subsidiary
companies to be wound-up by way of members' voluntary
liquidation:

a. Global Astral Sdn Bhd
b. Grace Legend Sdn Bhd

Mr Siew Kah Toong has been appointed as liquidator for the
abovementioned subsidiary companies.

The liquidation of the abovementioned subsidiary companies will
not have any financial or operational impact on RNC, as the
abovementioned subsidiary companies have not commence operation
since incorporation.


TAI WAH: Posts Change Of Registered Address Notice
--------------------------------------------------
Tai Wah Garments Manufacturing Berhad posted this notice:

Change description  : Registered
Old address    : No. 519, Block A (5th Floor) Kelana
  Business Center, 97, Jalan SS7/2,
  Kelana Jaya, 47301 Petaling Jaya
New address   : #57-10, The Boulevard, Mid Valley
  City, Lingkaran Syed Putra, 59200
  Kuala Lumpur
Name of Registrar  :  
Telephone no   : 03-22821916
Facsimile no   : 03-22821926
E-mail address   : taiwahannie@pd.jaring.my
Effective date   : 19/11/2001  

Profile

In 1970, the Company commenced manufacturing of knitted men's
underwear which was exported to Singapore for resale to
countries such as the US and the UK. Tai Wah penetrated the
international market in 1982, producing under contract for
European buyers, branded apparel under the brand names Adidas,
Christian Dior, Ralph Lauren, Nike and Halmode.

Tai Wah has obtained a restraining order under Section 176 of
the Companies Act, 1965 from the High Court of Malaya for the
purpose of implementing a restructuring scheme.

The restructuring scheme, announced in November 1998, involves a
proposed capital reduction and consolidation; debt
reconstruction; rights issue with warrants; special issues to a
group of senior management/operations staff and two independent
parties of Bumiputera investors; and the disposal of non-core
assets/ subsidiaries, namely, Tai Wah Ventures Sdn Bhd, Tai Wah
Development Sdn Bhd and Tai Wah Garments International Sdn Bhd.

Subsequently, in November 2000, the Company revised its scheme
in relation to the settlement terms and conditions for both
secured and unsecured creditors pursuant to the debt
reconstruction, special issues to Tai Wah's management team, and
the management team's exemption from having to undertake
mandatory general offer after the special issues.

The scheme was submitted to the SC on 20 November 2000. At
meetings convened for Tai Wah's scheme creditors on 21 December
2000, the creditors unanimously voted for the scheme as
proposed. The Company had on 22 February 2001 responded to
queries raised by the SC on its restructuring scheme.


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


ATLAS CONSOLIDATED: Sets Aside Tie-Up With Chinese Mining Firm
--------------------------------------------------------------
A planned US$120-million joint-venture agreement between Atlas
Consolidated Mining and Development Corp. and state-run China
Nonferrous Metals Corporation, has been set aside due to
diplomatic complications, the Inquirer News Service reported
yesterday, citing an official of the Bureau of Mines.

The Bureau of Mines and Geosciences director Horace Ramos, in an
interview, said China Nonferrous had yet to come up with a
"diplomatic arrangement" with the Philippine International
Trading Corporation (PTIC), as the latter has yet to recognize
the entry of China Non-ferrous.

However, Mr. Ramos reiterated that both firms have already
signed an agreement indicating their intention to "rehabilitate
and reopen the Toledo Copper mine in Cebu."

Atlas Consolidated's Toledo copper mine was the largest in Asia
until a typhoon forced it to suspend its operations in 1994.


BENGUET CORPORATION: Posts Q301 Net Loss Of P12.1M
--------------------------------------------------
Ailing Benguet Corporation posted a net loss of P12.108 million
for the three months to September period, an increase
nonetheless compared to the P82.413 million net loss posted
during the same period of last year, PRNewsAsia reported
November 19.

The firm also posted an operating loss for the same period of
P12.896 million as compared to year-ago results of P82.413
million.


BENPRES HOLDINGS: Cable TV Tie-Up With PLDT In Final Stages
-----------------------------------------------------------
Benpres Holdings Corporation and Philippine Long Distance
Telephone Co. (PLDT) are in the final stages of merger talks
regarding their respective cable television ventures under one
holding company, to be called Beyond Cable Inc., the Asian Wall
Street Journal reported on Tuesday.

The Benpres-owned Sky Cable is set to merge with Home Cable,
whose parent unit Unilink Communications is in turn owned by
PLDT.

In order for PLDT and Benpres to have equal ownership in Beyond
Cable, Benpres plans to sell up to 33 percent of its interest in
the venture to interested investors.


METRO PACIFIC: Robinsons Land Eyes Bonifacio Stake
--------------------------------------------------
Property firm, Robinsons Land Corp., recently disclosed to the
Philippine Stock Exchange that it "submitted a non-binding
expression of interest in Metro Pacific Corp's stake" in
Bonifacio Land Corporation.

Robinsons, a subsidiary of JG Summit Holdings, has now joined
Ayala Land in expressing an intention to acquire Metro Pacific's
stake in its Bonifacio Land Corp, ABS-CBN News reported November
20.

Recently, Ayala Land made an offer to take over all or part of
the total 69.6 percent stake of Metro Pacific and its parent,
First Pacific Corp., in Bonifacio Land.


NATIONAL POWER: Insurance Policy Auction Fails Anew
---------------------------------------------------
The government-initiated re-bid for the all-risk insurance
policy for National Power Corporation's assets worth US$6.5
billion has failed again because none of the bidders met the
technical requirements provided in the auction's terms of
reference, according to a report by the Inquirer News Service
yesterday.

According to Finance Undersecretary Antonio Bernardo, the four
firms which participated in the bidding - Heath Lambert, Marsh &
Mclennan, Arthur J. Gallagher and Aon Energy - submitted
different packages, each providing for a different coverage,
thus making it difficult to compare the bids using the same
parameters.

The failure of the current bidding, which is the government's
second attempt leaves the government with no other choice but
look for other means to meet National Power's insurance needs.


RFM CORPORATION: Cosmos Stake Sale Signing Expected This Week
--------------------------------------------------------------
The final share purchase agreement of the 82.3 percent stake of
RFM Corporation in Cosmos Bottling Corporation is likely to be
signed this week, the Asian Wall Street Journal reported Sunday.

The stake will be purchased by San Miguel Corporation, its Coca-
Cola Bottlers Philippines Inc unit, and the Coca-Cola Company.

In a disclosure to the Philippine Stock Exchange, RFM said, "We
are close to finishing the documents and will be ready for
signing as soon as our lawyers have fully finalized all the
documents. If the signing of the share purchase agreement is
completed this week, financial closing is expected by middle of
December 2001."

According to RFM, Cosmos will be sold based on an enterprise
value of P14 billion.


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


ACMA LIMITED: Issues Director's Shareholding Changes
----------------------------------------------------
Acma Limited issued a notice of change on Monday detailing a
change in Director Rai Rajen's Shareholding. The changes, as
posted, appear below:

Notice Of Changes In Director's Shareholding

Name of Director: Rai Rajen
Date of notice to company: 19 Nov 2001
Date of change of interest: 19 Nov 2001
Name of registered holder: Rai Rajen
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 302,000
Percent of issued share capital: 0.04
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$0.883
No. of shares held before change: 250,000
Percent of issued share capital: 0.03
No. of shares held after change: 552,000
Percent of issued share capital: 0.07

Holdings of Director including direct and deemed interest
                                   Deemed             Direct
No. of shares held before change:  250,000
Percent of issued share capital:   0.03
No. of shares held after change:   552,000
Percent of issued share capital:   0.07

Total shares:          552,000

No. of Warrants - 22,142
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - Nil


CREATIVE TECHNOLOGY: Merrill Lynch Changes Interest
---------------------------------------------------
Creative Technology Limited posted on Monday, a notice of change
on Substantial Shareholder Merill Lynch & Co. Inc.'s deemed
interests. The notice bearing the changes appears:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: November 15, 2001
Date of change of shareholding: November 13, 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Open market sale and purchase

Shares held in the name of registered holder

No. of shares of the change: (25,000)
Percent of issued share capital: (0.035)
Amount of consideration per share
excluding brokerage, GST, stamp
duties, clearing fee: S$13.48 and S$13.60
No. of shares held before change: (31,500)
Percent of issued share capital: (0.044)
No. of shares held after change: (56,500)
Percent of issued share capital: (0.079)

Holdings of Substantial Shareholder including direct and deemed
interest
                             Deemed     Direct
No. of shares held before change: 4,154,058  
Percent of issued share capital:  5.774  
No. of shares held after change:  4,129,058  
Percent of issued share capital: 5.739  

Total shares:   

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

Submitted by Ng Keh Long, Company Secretary on 19/11/2001 to the
SGX


SEMBCORP LOGISTICS: Discloses Changes In Deemed Shareholding
------------------------------------------------------------
Sembcorp Logistics Limited announced Monday a notice of changes
in its Deemed Substantial Shareholding. The notice:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: November 19, 2001
Date of change of deemed interest: November 12, 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: 139,000
Percent of issued share capital: 0.01
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: S$1.8320
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: 536,595,912  
Percent of issued share capital:    63.04  
No. of shares held after change:  536,456,912  
Percent of issued share capital:    63.03  

Total shares:        536,456,912  


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


DATAMAT PUBLIC: Explains Q301 Actual, Projection Variation
----------------------------------------------------------
Datamat Public Company Limited (the Company), pursuant to the
announcement of the Stock Exchange of Thailand (SET) that the
company has faced possible delisting from SET, prepared the
rehabilitation plan according to the SET's regulation and sent
it to SET on September  17, 2001.

The company would like to explain the variations between the
actual performance and the financial projection for the three-
month period ended September 30, 2001 as follows:  

The company' s performance based on consolidated financial
statements:

Unit : thousand baht

Projection       Actual    Variance   % of
                     Q 3/2001        Q 3/2001           Variance

Revenue from sales and services              
51,000           40,770  (10,230)   (20.06)

Other revenue                                 
4,578           14,344    9,766    213.32
Share of profit from investment in related co.  
753              217     (536)   (71.18)
Total revenue                                
56,331           55,331   (1,000)    (1.78)
Cost of sales and services                   
21,840           31,171    9,331     42.72
Selling and administrative expenses          
41,920           38,701   (3,219)    (7.68)
Interest expenses                            
29,034           10,925  (18,109)   (62.37)
Total expenses                               
92,794           80,797  (11,997)   (12.93)
Profit (loss) before minority interest
and before extraordinary item               
(36,463)        (25,466)   10,997     30.16
Minority interest in net profit (loss) of
subsidiary                                      
0               0         0         0
Profit (loss) before extraordinary item     
(36,463)        (25,466)   10,997     30.16
Extraordinary item
- Profit from debt restructuring               
0            295,681  295,681      n.a.
Net profit (loss)  
                 (36,463)         270,215  306,678    841.06

Causes of variance:
Revenue
Revenue from sales and services

Revenue from sales and services in Q 3/2001 is Bt40.770 million
which is lower than the projection by the amount of Bt10.230
million because revenue from System Integration is lower
than the forecast by the amount of around Bt10 million due to
the delay of computer installation of the customer.

Other revenue

Other revenue in Q 3/2001 is Bt14.344 million which is higher
than the projection by the amount of Bt9.766 million because
there are some transactions incurred in this quarter which are
not in the projection which are:

1) reverse allowance for bad debt of around Bt6 million since
the company receive money from the debtor which ever recorded as
bad debt  

2) there are sale of products via telemarketing channel by the
amount of around Bt2 million

3) revenue from providing staff to customer for software service
by the amount of around Bt1 million.    

Share of profit from investment in related companies

Share of profit from investment in related companies is Bt.217
million which is lower than the projection by the amount of
around Bt0.536 million because the actual performance of the
related company (Solution Corporation Company Limited) is lower
than the forecast.

Cost of sales and services

The actual cost of sales and services is Bt31.171 million which
is higher than the projection by the amount of around Bt9.331
million because the company recognized cost of computer
installation to the customers in this quarter by the amount of
around Bt8 million while the revenue from such service has not
recognized yet.

In addition, there is an amount of depreciation of
around Bt1 million recorded as actual cost of sales and services
while it was recorded in the projection as selling and  
administrative expenses.

Selling and administrative expenses

Selling and administrative expenses in Q 3/2001 is Bt38.701
million which is lower than the projection by the amount of
Bt3.219 million because  

1) the actual depreciation expense in the part of selling and
administrative expenses is lower than the forecast by the amount
of Bt1 million

2) there is an amount of depreciation expense has been recorded
as cost of sales in this quarter while the projection was
recorded as selling and administrative expense, therefore the
actual expenses is lower than the projection by the amount of
Bt1.2 million

3) the company has not recorded allowance for bad debt in this
quarter by the amount of Bt4 million while the projection
has been recorded, therefore the actual expense is lower than
projection by the amount of Bt4 million

4) the company recorded provision for stocks out of fashion
higher than projection by the amount of Bt1.7 million

5) there are other actual selling and administrative expenses
that higher than projection by the amount of Bt1.3 million.

Interest expense

Actual interest expense is Bt10.925 million which is lower than
projection by the amount of Bt18.108 million because in quarter
3/2001, the company did not recorded interest expense of
around Bt18.11 million payable to AMC (Asset Management
Corporation), BCA (Bangkok Capital Alliance Company Limited) and
NEC (NEC Thailand Ltd.) while the projection has recognized such
interest expense due to the difference of accounting principle
of the auditors between the auditor reviewing the actual
financial statement and the auditor reviewing the projection
(auditors from different offices).   

Extraordinary item

There is an extraordinary item incurred in Q 3/2001 which is
profit from debt restructuring in the amount of Bt295.681
million which is not recorded in the projection because the
company can finish debt restructuring process with one creditor
earlier than the schedule.

Net profit (loss)

The company incurred net profit of Bt270.215 million which is
higher than the projected net loss of Bt36.463 million by the
amount of Bt306.678 million due to the variance of different
transactions as described above.


ITALIAN-THAI: Explains Q301 Net Gain Of Bt315.9M
------------------------------------------------
Italian-Thai Development Public Company Limited informed that
operating results of the Company in quarter 3/2001 showed net  
gain of Bt315.9 million, which  was  more  than 20  percent  
incremental comparing to the same period  of  previous  year.

The main reasons are that the Company had an increase of revenue
recognized from construction services and gross margin, a
decrease of loss from exchange rate and loss on impairment of
assets.  

The Company also gained profit from sale of investment in
associated company (Lao Brewery Co., Ltd.) and an increase of  
interest income from the Joint Ventures.


SIAM STRIP: Creditors To File Bankruptcy Suit
---------------------------------------------
The Creditors of Siam Strip Mill (SSM), led by Japanese banks,
will file a bankruptcy suit against company, AFX News reported
on November 19. The creditors earlier this month rejected SSM's
business rehabilitation plan. The Central Bankruptcy Court will
consider the matter this week.


SIAMUNISOUL COMPANY: Business Reorganization Petition Filed
-----------------------------------------------------------
The Petition for Business Reorganization of sport footwear
manufacturer Siamunisoul Company Limited (DEBTOR) was filed in
the Central Bankruptcy Court:

   Black Case Number 631/2543

   Red Case Number 675/2543

Petitioner: SIAMUNISOLE COMPANY LIMITED 1TH, THAICOMMERCIAL BANK
PUBLIC COMPANY LIMITED 2ND

Debts Owed to the Petitioning Creditor: Bt3,347,591,781.42

Planner: S.U.L. Planner 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: April 5, 2001 at 9.30 am. Convention Room of Thummaniti
Legal Office, 4th Floor, Nainlern Tower Building, Wireless Road

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

Court Order for Accepting the reorganization plan: April 27,
2001 and appointed S.U.L.Planner Company Limited to be the Plan
Administrator

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

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: June 19, 2001

Contact: Mr. Chat Tel, 6792525 ext 124


THAI PETROCHEMICAL: Selects Banpu As Preferred Bidder
-----------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI) has
selected Banpu Power Limited as the preferred bidder in the sale
of its Power Plant facility in Rayong. The sale of this asset is
being completed pursuant to the terms of the company's Business
Rehabilitation Plan as approved by the Central Bankruptcy Court.
While a binding agreement has not been signed, the parties are
now in the process of negotiating the detailed financial and
operational terms and conditions of the bid, and aim to conclude
the sale as quickly as possible.

Banpu's bid values the power plant at approximately US$100
million, subject to purchase price adjustments which may arise
as the detailed terms of the sale are finalized. It should be
noted that part of the purchase price is contingent on obtaining
relevant environmental and regulatory approvals for an expansion
of the power plant facility.

The sale also requires approval of TPI's Committee of Creditors
and relevant government offices responsible for transferring
essential operating permits.


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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