/raid1/www/Hosts/bankrupt/TCRAP_Public/011126.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, November 26 2001, Vol. 4, No. 230

                         Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Issues Distribution Entitled Securities
AUSTRALIAN MAGNESIUM: Updates Stanwell Magnesium Project Status
CHROME GLOBAL: Posts Notice of Creditors' Meeting
HARTS AUSTRALASIA: OAMPS Buys Harts One To One
NORMANDY MT: Finalizes Restructuring, Changes Name

NORMANDY MT: Posts New Substantial Holders
TERRAPLANET LIMITED: Posts Chairman`s AGM Address To Holders


C H I N A   &   H O N G  K O N G

G-PROP (HOLDINGS): Enters Placing Agreement, Resumes Trading
GUANGDONG KELON: Receives Cert of Registration, Resumes Trading
JOHNNY HO: Winding Up Sought By Choi Nam
MARSCO SHIPPING: Petition To Wind Up
PACIFIC CENTURY: Cash Settled Warrants To Cease on Nov 30

PRICERITE GROUP: Posts Rights Issue Results
WING LEE: Parallel Trading Starts On Nov 26


I N D O N E S I A


INDOFARMA TBK: Names Australian, Dutch As Potential Investors


* Government Plans Four Bank Merger This Year *



J A P A N

ASAHI BANK: S&P Lowers Ratings To 'BBB', Still On Watch Negative
ASHIKAGA BANK: Local Government To Buy Shares Worth Y100M
BRIDGESTONE CORP: S&P Downgrades Ratings,'BBB/A-3'; Off Watch
MYCAL CORPORATION: Aeon Agrees To Sponsor Mycal Rehab
MYCAL CORP.: Moody's Downgrades Long-Term Debt Rating To Caa3

NATIONAL OIL: Dissolution Plans Move Forward
NIPPON TELEGRAPH: Cuts Director Salaries 10%-20%
NIPPON TELEGRAPH: H101 Net Loss Totals Y262B
SUMITUMO MITSUI: Loan-Loss Charge Up, Expects Y150B FY Net Loss
TAISEI FIRE: Files For Court Protection


K O R E A

DAEWOO MOTOR: Govt To Sign Daewoo Final Sale To GM By Year End
HYNIX SEMICONDUCTOR: Rehab Plan Revealed Next Week
HYNIX SEMICONDUCTOR: To Sell STN-LCD Unit To Two Firms
HYNIX SEMICONDUCTOR: Creditors Seek Merger With Rivals
HYUNDAI ENGINEERING: W300B Bond Issue Planned

HYUNDAI HEAVY: Suffering W84B Q401 Valuation Loss
SEOULBANK: CHB Keen On Merger
SSANGYONG CEMENT: Lays Out Rehab Plan For Next Year


M A L A Y S I A

AYER HITAM: Unit Suspends Interest, Principal Payments
GULA PERAK: Revises Proposed Debt Restructuring
JASATERA BERHAD: RM6M Project Management Contract Secured
KELANAMAS IND.: Proposed Restructuring Scheme Adviser Resigns
LAND & GENERAL: Unit's Winding Up Petition Hearing Set On Jan 10

PLANTATION & DEVELOPMENT: Seeks FIC Proposed Scheme Approval
RASHID HUSSAIN: Proposes New Articles of Association Adoption
SPORTMA CORPORATION: Obtains KLSE One-Month Extension Approval
SRIWANI HOLDINGS: Unit Enters SPA With First Influx
TECHNOLOGY RESOURCES: Not In Acquisition Talks With Khazanah


P H I L I P P I N E S

NATIONAL POWER: Sale Of Transmission Assets Set For Q202
NATIONAL POWER: Indon Firms Invited To Bid For Napocor Plants
RAMCAR INC: Asset-For-Debt Swap Sought For Most Of P8B Debt
RFM CORPORATION: Cosmos Sale Deal Signed Soon, No Date Fixed Yet


S I N G A P O R E

ACMA LIMITED: Substantial Shareholder's Interests Announced
CAPITALAND LTD.: Unit Enters Put,Call Option Agreement With CCL
CAM INTERNATIONAL: Court Approves Scheme of Arrangement
CREATIVE TECHNOLOGY: Issues Changes In Shareholder's Interests
HBM PRINT: Warns Of Decrease In Profits

I-ONE.NET: Issues Notice Of Shareholder's Interest
POPULAR HOLDINGS: Announces Winding Up Of Unit VivaMusic.Com


T H A I L A N D

EASTERN WIRE: Informs Remaining Right Shares Allocated
INTER FAR: Financial Statement Submission Exempted
SIAM STEEL: Posts 2002 Special Holidays
SUPALAI PUBLIC: BOD Renews Audit Committee's Term
THAI TAI: Reorganization Petition Filed In Bankruptcy Court

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Issues Distribution Entitled Securities
-------------------------------------------------------------
On 21 November 2001, Australian Magnesium Corporation Limited
(the Company) announced to the market that all the conditions of
the offer of Distribution Entitled Securities had been met and
that allotment of the new securities occurred on Friday, 23
November 2001. Participating Organizations are advised that the
following timetable will apply:

EVENT                                              DATE

Company confirms allotment of Distribution
Entitled Securities to the market      Friday, 23 November 2001
by 2.00 pm EDST

Deferred settlement trading begins in
the Distribution Entitled Securities   Monday, 26 November 2001
from the commencement of trading
(ASX Code: ANMCA)

Dispatch Date                          Tuesday, 27 November 2001
Last day of Deferred settlement trading

T+3 trading commences in the Distribution
Entitled Securities (ASX Code: ANMCA)  Wednesday, 28 November
                                       2001

First settlement day for trades
conducted on a deferred                Monday, 3 December 2001
settlement basis and on a
T+3 basis on 28 November 2001


AUSTRALIAN MAGNESIUM: Updates Stanwell Magnesium Project Status
---------------------------------------------------------------
The Board of Australian Magnesium Corporation Limited (AMC)
announced it has given its formal approval to commence
development of the $1.3 billion Stanwell Magnesium Project.

Site works at Stanwell, near Rockhampton in central Queensland
will start in February 2002 with first metal scheduled for the
December quarter 2004.

The Stanwell Magnesium Project will employ more than 1300
engineering and construction workers at peak construction and
350 staff when operational in 2004. In Stage 1 of the project,
AMC will produce 97,000 tonnes per annum of magnesium and
magnesium alloys for use predominantly by the international
automobile industry.

The formal approval to proceed, follows the successful
completion of the $525 million issue of Distribution Entitled
Securities and the satisfaction of all conditions of the offer,
including confirmation of the Ford Motor Company's 10-year take
or pay magnesium supply agreement with AMC.

AMC Chairman, Dr Roland Williams, said Friday formal go-ahead
for the project put AMC well on the path to achieving its aim to
be the world's leading supplier of magnesium metal and
magnesium-use solutions to the automobile industry.

The Stanwell plant will be both the largest magnesium producer
in the world and among the lowest cash cost producers. Dr
Williams said the development decision marked the birth of a new
light metals industry for Australia and represented a major
turning point in the world magnesium industry.

"In the years to come we hope AMC's CSIRO-inspired technology
will be seen as a step change in the magnesium industry with
modern, green 21st Century processes replacing the ageing
approaches and technologies of the 20th Century."

"Magnesium's great potential is still to be realized, but we
must make it happen through new significant developments such as
Stanwell, backed by long-term relationships with the car
industry to help develop light weight automotive products."

"The automotive industry wants large, secure, consistent-
quality, environmentally-friendly supplies of magnesium. It is
also wants more than just metal; it wants magnesium-use
solutions and AMC is intent on providing these."

Dr Williams said the Stanwell development represented the
culmination of a decade-long commitment by AMC and its
collaborative partners:

"To realize a project of this scale, challenge and opportunity
would not be possible without the involvement of our
shareholders and a significant number of visionary
stakeholders."

"AMC is deeply grateful to the foresight of our founder Ian
Howard-Smith, the passionate commitment of our staff over many
years, the people of central Queensland, the science of CSIRO,
the support of the state and federal governments over many
years, the vision of the Ford Motor Company and the commitment
of our major shareholder Normandy Mining Limited," he said.

"AMC is now set on its next great journey - to build the world's
largest and lowest cost magnesium processing facility on time
and on budget."


CHROME GLOBAL: Posts Notice of Creditors' Meeting
-------------------------------------------------
Chrome Global Limited (Administrator Appointed) posted this
notice from Administrator B McMaster:

NOTICE OF MEETING OF CREDITORS OF CO. UNDER ADMINISTRATION

1. On 23 October 2001 the company under Section 436A of the
Corporations Act 2001 appointed Brian McMaster of Ernst & Young,
Level 34, 152 St George's Terrace, Perth, Western Australia, as
the Administrator of the company.

2. A meeting of the creditors of the company will be held on 26
November 2001 at the Holiday Inn city Centre Perth, 778 Hay
Street, Perth, Western Australia at 11.00am in accordance with
Section 439A (1) of the Corporations Act 2001.

3. For those creditors based in Sydney I will offer telephone
conference facilities at:

Ernst and Young
321 Kent Street
Sydney NSW

It should he noted that the meeting is at 11.00am Western
Standard Time.

4. The purpose of the meeting is:

   (a) to receive the report by the Administrator about the
company's business, property, affairs and financial
circumstances;

   (b) to resolve the future direction of the company after
receiving the Administrator's opinion about each of the
following matters:

     (i) whether it would be in the creditors' interests for the
company to execute a Deed of Company Arrangement and appoint a
Committee of Inspection;

     (ii) whether it would be in the creditors' interest for the
administration to end;

     (iii) whether it would be in the creditors' interest for
the company to be wound up, and if appropriate, appoint a
Committee of Inspection; and

     (iv) his reasons for those opinions;

  (c) to set the Administrator's remuneration, and

  (d) any other business relevant.


HARTS AUSTRALASIA: OAMPS Buys Harts One To One
----------------------------------------------
OAMPS Insurance Brokers Ltd has successfully negotiated with the
Liquidator of Harts One To One Insurance Solutions Pty Ltd, part
of the Harts Australasia Limited Group (in liquidation), to
purchase both the general and life insurance brokering
portfolios of the business as from the 9 November 2001.

Harts One To One Insurance Solutions are based in Brisbane, with
representation in all States except Tasmania and the Northern
Territory. The staff has moved into OAMPS' offices as part of
the agreement with the Liquidator.

OAMPS' Chairman, John Jones, is pleased with the acquisition.
"We have achieved a good commercial outcome, particularly for
One To One Insurance Solutions' clients who will receive the
combined advantages of security and benefits offered by the
OAMPS Group", he said.

The purchase will bring more than 1,300 clients and an
additional $500,000 income to the OAMPS Group, which now
comprises 25 branches and 500 staff Australia-wide.

Jones also commented on a long-held ambition of the Group.
"OAMPS has recently achieved a market capitalization exceeding
$100 million. Currently the market values us at just over $113
million, a fantastic response to our performance of recent
times. Three years ago we were valued at $13 million", he said.


NORMANDY MT: Finalizes Restructuring, Changes Name
--------------------------------------------------
The Board of Normandy Mt Leyshon Limited ('NLY') announced that
the restructure of the Company has been completed. The company
has now changed its name to Leyshon Resources Limited and it
will operate with a new Board and management and an initial
focus on exploration of tenements acquired from Normandy Mining
Limited.

Details of the changes are:

1. Settlement of the purchase by Arredo Pty Ltd of Normandy
Mining's shareholding in the Company;

2. The acquisition of exploration properties in the prospective
Musgrave region of Western Australia and interests in various
tenements in the Kidston, Agate Creek and Cloncurry regions of
Queensland. This has resulted in the allotment of 12,500,000
fully paid ordinary shares (representing 13.7 percent of the
expanded issued capital) to Normandy Mining Limited;

3. David Hillier, Paul Dowd and Bruce Kay have resigned as
directors and Pauline Carr and David Godfrey have resigned as
company secretaries of the Company. Gary Pearce remains as a
non-executive Director of the company;

4. Ian Middlemas has been appointed an executive director and
Mark Pearce has been appointed a director and company secretary
of the Company. Information on these new directors was forwarded
to shareholders in the September Information Memorandum; and

5. The Company's principal and registered office has changed to:

Level 9, BGC Centre, 28 The Esplanade, Perth WA 6000.
Telephone: 08 9322 6322, Facsimile: 08 9322 6558.

Management of the Mt Leyshon mine closure and rehabilitation of
the mine site will be conducted by Normandy Mining Limited and
this is expected to be finalized by 30 June 2002. Normandy
Mining will retain responsibility for any environmental
obligations after this time.


NORMANDY MT: Posts New Substantial Holders
------------------------------------------
Arredo Pty Ltd became a substantial shareholder in Normandy Mt
Leyshon Limited on 21 November, 2001 with a relevant interest in
the issued share capital of 60,291,611 ordinary shares (65.92
percent).

Miniscrips Pty Ltd also became a substantial shareholder in
Normandy Mt Leyshon Limited on 21 November, 2001 with a relevant
interest in the issued share capital of 14,000,000 ordinary
shares (15.31 percent).


TERRAPLANET LIMITED: Posts Chairman`s AGM Address To Holders
------------------------------------------------------------
Terraplanet Limited posted Chairman Sandra Yates' address to
shareholders at the Annual General Meeting:

"It is my responsibility to deliver the chairman's Address at
this Annual General Meeting, and in doing so, I must first
acknowledge that this first year as a publicly listed company
has been extremely difficult.

"Many of you will be aware of the collapse, and subsequent
liquidation of Diamond Press - terraplanet's largest supplier.
John Spira, the previous Chair of terraplanet, was also Chairman
of Diamond Press, and the impact of its collapse on terraplanet
was considerable.

"Your directors have only recently been able to confirm that
issues arising with the liquidator of Diamond Press, Ferrier
Hodgson, have been resolved, and we can now begin to move
forward.

"The previous board resigned in May, and your new board found
that urgent restructuring and cost-cutting was necessary to
staunch on-going losses and stabilize the business.

"The internet business has been closed, the imaging division has
been sharply scaled back, and a magazine has been closed.
Management has also consolidated the offices into a smaller
space to save costs.

"A new strategic plan has been implemented, which takes account
of the significant write-downs necessary with the closure of the
internet division, and the scaling-back of the imaging Division.
The value of mastheads has also been written down to reflect
current conditions.

"Your board is keenly aware of the need to rebuild shareholder
value, and your directors have been actively involved in the
formulation of a strategic plan that is already being
implemented.

"Our current strategic goals are:

1. Achieve profitability by June 2002.

2. Achieve organic growth by reducing costs and overheads, and
improving revenues.

3.Accelerate growth through strategic alliances, mergers and/or
acquisitions.

While the internal restructuring continues, external conditions
have deteriorated. The aftermath of September 11th, and the
global downturn have already had some impact upon our business,
as on most of the Australian media.

"However, we are hopeful that terraplanet's low cost formula,
and focus on nice-markets means that we are able to take
advantage of opportunities as they arise.

"Terraplanet has recently been awarded the rights to publish a
number of BBC titles targeted at the children's market. Bob the
Builder is the first of these, and initial sales have been
encouraging. Other titles will follow.

"Your directors are actively looking for other suitable
opportunities, hopefully in the youth market, where we have
developed special expertise.

"We do not underestimate the difficulty of the task ahead.
Terraplanet has had a difficult birth, and the task before us is
significant.

"However, directors are themselves encouraged by the skills of
the management team and staff in adapting to the new business
plan.

"It would be nice to tell you that the worst is behind us, but
that may be a touch premature. Suffice it to say there are some
hopeful signs, and your board will maintain a firm had on costs.

"Let me close by paying tribute to the staff of terraplanet. It
has become a truism for those firms whose output is the result
of the intellectual capacities of its employees to say that all
their assets go down in the lift every night. terraplanet
doesn't have a lift, but it's still a statement that's true of
us. terraplanet's greatest value lies in the expertise,
editorial quality, and drive of its staff.

"In editorial, I would like to note the tremendous contribution
of Toby Creswell. Managing an essentially creative team is not
always easy, and managing them through difficult times is
especially difficult.

"You will be delighted to hear that HQ has been nominated for a
Walkley Award.

"I would like to pay tribute to the determination, and sheer
grit of our Managing Director, Lesa-Belle Furhagen. Her
commitment and enthusiasm are unflagging, and to her, our senior
management team, and all the staff of terraplanet, I extend my
thanks and appreciation."


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C H I N A   &   H O N G  K O N G
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G-PROP (HOLDINGS): Enters Placing Agreement, Resumes Trading
------------------------------------------------------------
G-Prop (Holdings) Limited entered into a placing agreement with
the Placing Agent, on 21st November 2001. The Company will
place, on a best endeavor basis, 28,200,000 new Shares of
HK$0.01 each in the share capital of the Company to independent
investors at a price of HK$0.11 per Placing Share.

The Placing Shares represent approximately 12.22 percent of the
existing issued share capital of the Company and approximately
10.89 percent of the Company's issued share capital as enlarged
by the Placing. The net proceeds from the Placing of
approximately HK$3.06 million will be used as set out under the
paragraph headed "Use of proceeds" below. The Placing Shares
will be allotted and issued pursuant to the general mandate
granted to the Directors at the annual general meeting of the
Company held on 28th August 2001.

The Placing Price represents:

   (i) a discount of approximately 9.09 percent to the closing
price of HK$0.121 per Share quoted on the Stock Exchange on 21st
November 2001, being the last trading day before the signing of
Placing Agreement and

   (ii) a discount of approximately 14.73 percent to the average
of the closing price per Share as quoted on the Stock Exchange
of approximately HK$0.129 for the ten trading days ended 21st
November 2001. The Placing Price was agreed after arm's length
negotiations and was determined having regard to the recent
performance of the closing prices of the Shares.

Trading of securities of the Company on the Stock Exchange was
suspended at 10:00 a.m. on 22nd November 2001. Application will
be made to the Stock Exchange to resume trading of the
securities of the Company with effective from 10:00 a.m. on 23rd
November 2001.


GUANGDONG KELON: Receives Cert of Registration, Resumes Trading
---------------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited (the
Company) announced that it has received from Guangdong Kelon
(Rongsheng) Group Company Limited (GKG) and Greencool Enterprise
Development Company Limited (Greencool) a certificate of
registration numbered 10008201 issued by the China Securities
Depository and Clearing Corporation Limited, Shenzhen Branch
(China Clearing) in relation to the pledge of shares in the
Company (Shares). Details of the certificate are:

Pledgor  : GKG
Shares Pledged : 204,775,755 domestic shares in the
form of legal person shares held by
GKG (Pledge Shares)
Pledgee : Greencool

As announced by the Company on 31 October, 2001, GKG entered
into an agreement to sell an equivalent amount of Shares as the
Pledge Shares to Greencool. Under this agreement Greencool
agreed to pay the first tranche of sale consideration into a
joint bank account in both their names. GKG and Greencool
entered into a share pledge agreement dated 19 November 2001,
pursuant to which GKG agreed to pledge the Pledge Shares to
Greencool in consideration for Greencool's payment of the first
tranche of the sale consideration into the joint bank account.
The term of the pledge commences on the date of registration of
the pledge with the share registrar up to 31 May 2002.

Trading in the Shares was suspended at the request of the
Company with effect from 10:00 a.m. on 22 November 2001 pending
the release of this announcement. Application has been made to
the Stock Exchange for the resumption of trading in the Shares
with effect from 10:00 a.m. on Friday, 23 November 2001.


JOHNNY HO: Winding Up Sought By Choi Nam
----------------------------------------
Choi Nam Kee Construction Company Limited is seeking the winding
up of Johnny Ho & Partners Limited. The petition was filed on
August 21, 2001, and will be heard before the High Court of Hong
Kong on December 12, 2001.

Choi Nam holds its registered office at Room 1912, Grandtech
Center, 8 On Ping Street, Shatin, New Territories, Hong Kong.


MARSCO SHIPPING: Petition To Wind Up
------------------------------------
The petition to wind up Marsco Shipping Company Limited is set
for hearing before the High Court of Hong Kong on January 30,
2002 at 10:00 am. The Company, whose registered office is
situated at 4th Floor, Kingpower Commercial Building, 409-413
Jaffe Road, Wanchai, Hong Kong, filed the petition with the
court on November 2, 2001.


PACIFIC CENTURY: Cash Settled Warrants To Cease on Nov 30
---------------------------------------------------------
Pacific Century CyberWorks Limited requested market participants
to note that dealings in the 2001 European Style (Cash Settled)
Call Warrants relating to existing issued ordinary shares of
HK$0.05 each of the Company issued by KBC Financial Products
International Ltd. (stock code: 1750) will cease after the close
of business on Monday, 26 November, 2001. Shares listing will be
withdrawn after the close of business on Friday, 30 November,
2001.


PRICERITE GROUP: Posts Rights Issue Results
-------------------------------------------
The Directors of Pricerite Group Limited (Company) announce that
as of 4:00 pm on Tuesday, 20 November 2001, being the latest
time for acceptance of and payment for Rights Shares, 58 valid
acceptances for provisional allotment of Rights Shares have been
received from a total of 1,363,491,198 Rights Shares and 48
valid applications for excess Rights Shares have been received
for a total of 88,152,000 Rights Shares.  This results in total
valid applications for 1,451,643,198 Rights Shares, which
represent approximately 104.85 percent of the total number of
the Rights Shares available under the Rights Issue. The
Underwriting Agreement and the Rights Issue have become
unconditional after 4:00 pm on Thursday, 22 November 2001.

In view of the over-subscription, the Directors have allocated
the excess Rights Shares on the following basis:

   Approximate
No. of valid Excess Rights  Percentage of
applications Shares applied for Rights Shares allotted
      Allotment

19    2,000 - 8,000     2,000 - 8,000         100%
9 10,000 - 40,000     8,000 - 16,000   40% - 80%
9 50,000 - 384,000     16,000 - 100,000    26.04% - 32%
11 600,000 - 20,000,000 150,000 - 4,650,000 23.25% - 25%

SHAREHOLDING OF CONTROLLING SHAREHOLDER

Celestial Investment Group Limited (Controlling Shareholder), as
at the latest date of acceptance of the Rights Issue, was
beneficially interested in an aggregate of 458,144,099 Shares
representing 66.18 percent of the then issued share capital of
the Company. In the underlying subscription, the Controlling
Shareholder subscribed for 916,288,198 Rights Shares through
acceptance of provisional allotment as undertaken in the
Underwriting Agreement.

Subsequent to the allotment to the Rights Issue hereof, the
Controlling Shareholder will then be ultimately interested in an
aggregate of 1,374,432,297 Shares representing approximately
66.18 percent of the issued share capital of the Company as
enlarged by the Rights Issue.

Immediately after the Rights Issue, (i) there will not be any
new substantial shareholder as recorded in the register of
members of the Company; and (ii) the minimum public float of the
Shares will be sustained.

GENERAL

Refund checks, in respect to partially unsuccessful applications
for excess Rights Shares, and share certificates, in respect to
the Rights Shares allotted, have been dispatched to those
entitled at their own risk on Thursday, 22 November 2001.
Dealings in the Rights Shares on the Stock Exchange are expected
to commence on or about 26 November 2001.


WING LEE: Parallel Trading Starts On Nov 26
-------------------------------------------
Wing Lee Holdings Limited requested market participants to note
that the parallel trading in the ordinary shares of the Company
will commence at 10:00 a.m. on Monday, 26/November/2001 under
the following participants:

Stock Code   Stock Short Name     Board Lot    Certificate Color
-------      ----------------     ---------    ----------------
876             WING LEE-NEW            2,000 Shares    Blue
2998            WING LEE-OLD            400 Shares      Green

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.


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INDOFARMA TBK: Names Australian, Dutch As Potential Investors
-------------------------------------------------------------
PT Indofarma Tbk (INAF) sees two giant drug companies from
Australia and the Netherlands as the strongest potential
strategic investors, following the government's plan to
privatize its stake in the public company, Bisnis Indonesia
reported Friday.

INAF Financial Director Purwo Kartiko, declining to unveil the
name of the Australian company, said that both companies have
shown great interests to buy the majority shares of the state
company.

The Australian company came to Indonesia last week to take a
closer look of the activities in Indofarma.
The other strategic investor is the Dutch-based Nutricia Group,
which offered options to buy newly issued shares or through
other financing scheme, Kartiko concluded.


* Government Plans Four Bank Merger This Year *
-----------------------------------------------
The government said that it would merge four banks including,
namely Bank Universal, Bank Bali, Bank Prima Express and Bank
Patriot, in a bid to restructure the troubled banking industry,
Jakarta Post reported Thursday citing State Minister for State
Enterprises Laksamana Sukardi.

He said that the legal merger of the four recapitulated banks
would take place later in the year, but their operational merger
would need more time to prepare.

The four banks are part of the 11 private banks under the
control of the Indonesian Bank Restructuring Agency (IBRA).

The central bank has stipulated that the banks must have a
minimum capital adequacy ratio (CAR) of 8 percent by the end of
this year or risk closure.

According to the November issue of Infobank monthly magazine,
Bank Bali, with total assets of around Rp12.38 trillion, had a
CAR level of 11.9 percent as of June 2001.

Bank Universal, with total assets of Rp12.74 trillion, had a CAR
level of 4.1 percent, while Bank Prima Express, with total
assets of Rp1.61 trillion, had a CAR level of 6.5 percent. Key
financial indicators of Bank Patriot were not available.

The merger process is seen as inevitable and a cost-cutting
measure to avoid banking closure.


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ASAHI BANK: S&P Lowers Ratings To 'BBB', Still On Watch Negative
----------------------------------------------------------------
Standard & Poor's lowered its long-term rating on Asahi Bank
Ltd. to triple-'B'-minus from triple-'B' and its short-term
rating to 'A-3' from 'A-2'. The ratings remain on CreditWatch
with negative implications, where they were placed on Sept. 7,
2001.

The downgrade reflects Asahi's increased vulnerability to
negative developments in the capital markets, which may impair
the bank's reputation and spur liquidity pressure.

Asahi appears to have experienced difficulty in maintaining
investor confidence in recent weeks. Market confidence has
deteriorated sharply, as evidenced by a plunge in Asahi's stock
price and widened spreads on its bonds over a short period.
Further negative developments in the capital markets may erode
investor confidence and put further pressure on Asahi's
liquidity.

On November 20, Asahi announced a six-month restructuring plan
and revised its forecast for the fiscal year ending March 2002.
The bank expects its consolidated net losses to reach 530
billion as a result of aggressive write-offs of problem loans
and unrealized losses on equity holdings. At the same time,
Asahi aims to accelerate its plan to cut its workforce and close
branches. While the plan may reduce future operating costs and
improve the bank's loan loss reserves, which could limit future
loan losses, Standard & Poor's believes it will be a challenge
for the bank to quickly improve its financial profile as planned
amid worsening operating conditions and continuing pressure from
the capital markets.

As a result of the aggressive write-off of problem loans and
write-downs in its equity holdings, Asahi's capitalization is
likely to deteriorate. Although the bank plans to bolster its
regulatory capital level by issuing preferred securities,
Standard & Poor's views these as a weak form of capital that
will not significantly improve the bank's capitalization.

The continued CreditWatch status reflects the high possibility
of close integration with Daiwa Bank Ltd., which has weaker
capitalization compared with Asahi. To resolve the CreditWatch
placement, Standard & Poor's will review the proposed
integration plans, as well as Asahi's asset quality and capital
position in light of the deteriorating economic and market
environment.

RATINGS LOWERED AND REMAIN ON CREDITWATCH NEGATIVE

Asahi Bank Ltd.  BBB-/Watch Neg/A-3
CDs    BBB-/Watch Neg/A-3


ASHIKAGA BANK: Local Government To Buy Shares Worth Y100M
---------------------------------------------------------
The local government of Utsunomiya, Tochigi Prefecture plans to
purchase some Y100 million worth of common shares up for issue
by the cash-strapped Ashikaga Bank, NewsOnJapan reported on
Thursday, citing Utsunomiya Mayor Tomikazu Fukuda.

Mayor Fukuda says that the purchase "is aimed at stabilizing the
management of small and midsize companies in Utsunomiya, because
(Ashikaga's) loans to them account for some 35 percent of the
bank's total loans to small and midsize firms in Tochigi
Prefecture,"

Ashikaga announced previously that it would issue Y25 billion
worth of common shares to raise its dropping capital-adequacy
ratio.


BRIDGESTONE CORP: S&P Downgrades Ratings,'BBB/A-3'; Off Watch
-------------------------------------------------------------
Standard & Poor's lowered its long-term rating on Bridgestone
Corp. to triple-'B' from triple-'B'-plus and its short-term
rating on the company to 'A-3' from 'A-2.' All ratings were
removed from CreditWatch, where they were placed on May 22,
2001. The outlook on the long-term rating is negative.

The downgrade reflects the worsened prospects for a recovery in
profitability at Bridgestone's subsidiary Bridgestone/Firestone
Inc. (BFS) over the medium term, following the turmoil caused by
product recalls commenced in August 2000. While related
litigation is gradually being settled, some uncertainty exists
over the number of remaining lawsuits.

Standard & Poor's is still concerned over contingent
liabilities, which might significantly affect Bridgestone's
financial profile. The litigation situation has shown signs of
stabilizing over the past two months, with the National Highway
Traffic Safety Administration making an initial finding that
defects exist in only a limited number and type of Firestone
tires.

Moreover, an increased number of settlements has taken place,
somewhat reducing the risk of further lawsuits. In addition,
there is a possibility that Bridgestone and Ford will move to
restore their damaged business relationship. Nevertheless,
Bridgestone is still exposed to potential litigation risk, as
well as additional costs associated with tire recalls.

Bridgestone's financial profile will be pressured in the near
term, but is expected to gradually recover to a level
appropriate for the triple-'B' rating category over the next two
to three years. The company's solid cash flow generation in
Japan is expected to limit downside risk, providing a sound
financial buffer and helping Bridgestone's financial profile
bounce back fairly quickly. Bridgestone's capital structure is
expected to weaken further, with total debt to capital possibly
exceeding 50 percent in 2001.

OUTLOOK: NEGATIVE

The rating assumes that, although Bridgestone's financial
profile will be pressured in the near term, the company will be
able to return its cash flow protection measures and capital
structure to levels appropriate for the triple-'B' category over
the next two to three years. If Bridgestone fails to improve
these credit measures, the ratings could be lowered.

While Bridgestone is likely to continue to generate solid cash
flows in Japan, its profitability in North America is expected
to remain weak, notwithstanding some improvement stemming from a
higher capacity utilization rate and enhanced distribution
channels. Standard & Poor's will continue to monitor
Bridgestone's operating performance, as well as further
developments in the litigation situation.


MYCAL CORPORATION: Aeon Agrees To Sponsor Mycal Rehab
-----------------------------------------------------
Mycal Corporation former rival, Aeon Company, has agreed to
sponsor the failed retailer's court-led rehabilitation program
after a previous attempt to reach a compromise failed, Kyodo
News reported on Wednesday.

Aeon's main creditor bank, Dai-Ichi Kangyo will also aid in
rehabilitating Mycal by extending loans, according to statements
by Mycal executives.

Mycal, which filed for court protection on September, since then
has been actively looking for a sponsor to take over its
business. It had previously negotiated with US-based supermarket
chain Wal-Mart, Japan's Ito-Yokado and Carrefour SA from France.

Previous takeover talks with Aeon were reported to have
collapsed due to misunderstandings between the contracting
parties.


MYCAL CORP.: Moody's Downgrades Long-Term Debt Rating To Caa3
-------------------------------------------------------------
Moody's Investors Service downgraded Mycal Corporation's (MYCAL)
senior unsecured long-term debt ratings to Caa3 from Caa1 and
continues the review for possible further downgrade. MYCAL's
ratings have been on review since September 14, 2001.

This rating action reflects the rating agency's concern that
MYCAL's rehabilitation under the Civil Rehabilitation Law is
facing challenges and may result in delays and higher than
expected loss ratios for the bondholders.

Mycal Corporation filed for corporate rehabilitation under the
Civil Rehabilitation Law on September 14, 2001.


NATIONAL OIL: Dissolution Plans Move Forward
--------------------------------------------
The dissolution and liquidation of the state-controlled Japan
National Oil Corporation will finally push through, as the
Government and the ruling parties are laying out the final
plans, Kyodo News reported Friday.

Prime Minister Junichiro Koizumi previously sought the
dissolution of the debt-saddled oil firm as part of the
Government's structural reform program to save as much as Y1
trillion.

Last July, troubled units of JNOC, Japan Oil Development
Company, Mubarraz Oil Company and United Petroleum Development
Company were widely expected to file for court protection from
creditors.


NIPPON TELEGRAPH: Cuts Director Salaries 10%-20%
------------------------------------------------
Nippon Telegraph and Telephone (NTT) Corporation plans to slash
the salaries of its board members by 10-20 percent in order to
distribute management responsibility for its worsening earnings
performance, according to a Thursday PRNewsAsia report, citing
NTT president Junichiro Miyazu.

Miyazu himself will have his salary deducted at the maximum rate
of 20 percent until such time the company "sees a clearer path".
Winter bonus payments for all board members will also be reduced
by a third of the payment levels seen two or three years ago.

Moreover, bonuses for management class staff will be cut by 20
percent, and bonuses for non-management level workers by 10
percent.

Previously, NTT posted a six-months to September net loss of
Y261.8 billion, compared to a Y175.4 billion profit a year
earlier.


NIPPON TELEGRAPH: H101 Net Loss Totals Y262B
--------------------------------------------
The Nippon Telegraph and Telephone (NTT) group posted its first
interim net loss due brought on by special losses incurred by
failed investments in overseas carriers totaling Y762.4 billion,
the Japan Times reported on November 23.

NTT also announced that it posted a net loss of Y261.8 billion
on group sales of Y5.81 trillion for the first half of the year.

For the fiscal year, the NTT expects its worst-ever business
result with net losses estimated at Y331 billion and pretax
profits of Y665 billion on group sales of Y11.81 trillion.


SUMITUMO MITSUI: Loan-Loss Charge Up, Expects Y150B FY Net Loss
---------------------------------------------------------------
Sumitomo Mitsui Banking Corporation changed its 2001 earnings
estimate from a consolidated net profit of Y180 billion to a net
loss of Y150 billion, as it announced a sharp increase in loan-
loss reserves and large losses on its holdings, NewsOnJapan
reported on Thursday.

The Company plans to write off Y1 trillion worth of bad loans
this business year, more than double its original Y400 billion
forecast, in an effort to cut credit costs and be ready for
future risks.

Sumitomo Mitsui has also outlined cost-cutting measures. The
bank plans to cut 1,100 jobs, or 18 percent of its workforce, to
22,600 employees by March 2004. It also plans to reduce the
number of its branches from 578 to 401 over the same time.


TAISEI FIRE: Files For Court Protection
---------------------------------------
Due to the deluge of obligations brought about by the
devastating effects of the September 11 terrorist attacks,
Taisei Fire & Marine Insurance Co. filed for protection from
creditors with the Tokyo District Court, becoming the first
Japanese insurer to collapse under the strain, according to the
Japan Times on Friday.

As a result of the terrorist attacks, the Japanese non-life
insurer apparently exposed itself to overseas reinsurance claims
estimated at Y74 billion. After applying for a capital boost
from friendly companies and receiving rejections, Taisei filed
for court protection with Y39.8 billion in liabilities in excess
of assets.


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


DAEWOO MOTOR: Govt To Sign Daewoo Final Sale To GM By Year End
--------------------------------------------------------------
Korean Finance and Economy Minister Jin Nyum said that the
government and the creditors of Daewoo Motor are moving ahead
with plans to sign a final contract for the sale of Daewoo Motor
Co to American automaker General Motors (GM) by the end of this
year, PRNewsAsia reported on Thursday.

Takeover talks between the two companies have been bogged down
recently due to disagreements between the GM management and
Daewoo's labor union. GM executives have demanded that the
labor-oriented CBA be revised.


HYNIX SEMICONDUCTOR: Rehab Plan Revealed Next Week
--------------------------------------------------
After it formally forms next week, the special committee tasked
to oversee Hynix Semiconductor's restructuring, intends to
unveil its management normalization plans for the ailing
chipmaker, the Korea Herald said on November 23.

Among the seven-member committee are four Hynix creditors, which
include Korea Exchange Bank President Kim Kyund-lim and Hanvit
Bank President Lee-hoon. Hynix President Park Chong-sup will
also be a part of the committee.


HYNIX SEMICONDUCTOR: To Sell STN-LCD Unit To Two Firms
------------------------------------------------------
Hynix Semiconductor Inc will most likely sign, as early as next
week, a final contract to sell its STN-LCD unit to Beijing
Orient Electronics (BOE) of China and Semicon Engineering Co Ltd
(SEC) of Korea for a sale price of W75 billion, according to a
report by PRNewsAsia on Wednesday. The price is subject to
change.

SEC is expected to buy a 45 percent stake. BOE, on the other
hand, intends to acquire a 35 percent stake, while Hynix will
retain 15 percent.

For the proceeds of the sale, Hynix is expected to receive W40
billon by the end of this month and the remaining by end-March.


HYNIX SEMICONDUCTOR: Creditors Seek Merger With Rivals
------------------------------------------------------
Creditors of Hynix Semiconductor are planning to merge Hynix
with one of its competitors, either Micron Technology, Infineon
Technologies AG or Samsung Electronics, PRNewsAsia reported
November 21, citing an unnamed official of a creditor bank.

Among the three companies, Micron appears most likely to be the
strongest candidate for the intended merger with the ailing
Korean chipmaker.

The unnamed official said, "Creditors in principle have agreed
to seek a merger with a foreign company rather than sell Hynix's
core chip lines to China."


HYUNDAI ENGINEERING: W300B Bond Issue Planned
---------------------------------------------
In order to finance its operations, as well as to repay debt due
next year, Hyundai Engineering & Construction (HEC) plans W300
billion bond issue, according to the Korea Herald on Friday.

A Hyundai official said that the Korean construction firm also
plans to issue asset-backed securities also around the same time
the bonds are issued.

The Company is still struggling despite receiving a US$2.3
billion bailout package. Hyundai Engineering earlier revealed
that it had a W250 billion third-quarter loss, more than three
times the figure from a year earlier.


HYUNDAI HEAVY: Suffering W84B Q401 Valuation Loss
-------------------------------------------------
Hyundai Heavy Industries (HHI) is expected to suffer a combined
fourth-quarter valuation loss of W84 billion resulting from its
equity holdings in sister firms, the Korea Herald reported
Friday, citing Hyundai Investment Trust and Securities.

The figure broke down into W28.6 billion for Hyundai
Petrochemical, W40 billion for Hyundai Asan, W5.6 billion for
Hyundai Oil Refinery and W9.8 billion from the sale of stakes in
Hyundai Securities and Hyundai Corp.

The valuation loss is set to shift Hyundai Heavy's balance
sheets into the red for the fourth quarter.


SEOULBANK: CHB Keen On Merger
-----------------------------
In order to help clean up the troubled Seoul Bank, Chohung Bank
(CHB) revealed its intention to merge with Seoul Bank, the Korea
Herald reported on Friday, quoting CHB President Wee Sung-bok.

President Wee stressed the importance of the Korean government
in the intended merger, saying that the government's position is
the key for the merger to push through. The government is the
largest stakeholder of both banks, both institutions being
heavily injected with public funds.

The merger is also supposed to help Seoulbank gain financial
strength since CHB has met all management improvement goals.


SSANGYONG CEMENT: Lays Out Rehab Plan For Next Year
---------------------------------------------------
Aiming to get its finances back into the black by next year,
Ssangyong Cement Industrial Co. has revealed a W74-billion long-
term rehabilitation plan this week, NewsOnKorea reported
November 22.

A memorandum of understanding was signed between the firm and
its creditors, which stated among other things that the
company's management may be replaced at the instance Ssangyong's
performance should not be at the level provided for in the rehab
plan.

Only recently, Ssangyong revealed plans to further cut its
workforce by five percent, after having previously slashed the
original labor force by 66 percent.


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


AYER HITAM: Unit Suspends Interest, Principal Payments
------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHT) informed that
Motif Harta Sdn Bhd(MHSB), a wholly owned subsidiary of AHT has
continued to suspend its interest and principal sum payments
amounting to RM5,070,784.16 as at 21 November 2001 due to
several financial institutions (Lenders) under its RM63 million
Syndicated Term Loan facilities. The total principal drawdown
and outstanding on the said loan facilities as at 21 November
2001 is RM22.8 million.

MHSB has on 17 October 2001 received preliminary response on the
terms and conditions of the proposed loan-restructuring scheme.
As at the date of this announcement, all proposed terms and
conditions have been agreed upon by the Lenders and now subject
to legal documentation.

The Company will make the appropriate announcement to the
Exchange upon execution of the relevant legal documents.


GULA PERAK: Revises Proposed Debt Restructuring
-----------------------------------------------
On behalf of the Board of Directors of Gula Perak Berhad (GPB or
the Company), Aseambankers Malaysia Berhad (Aseambankers)
informed the shareholders of GPB that due to the longer time
frame taken to complete the Proposed Debt Restructuring, GPB
proposes a further revision to the quantum of the amount of
Redeemable Convertible Secured Notes (RCSN) to be issued to the
guarantor banks, the RC and TL lenders (Lenders) so as to
include the additional estimated interest charges for the RC, TL
and invoked bank guarantee in respect of the 1995/2000 Bonds to
be incurred for another nine (9) months period from 1 October
2001 to 30 June 2002.

The Securities Commission (SC) approved the Proposed Debt
Restructuring on July 26, 2001. The Proposed Debt Restructuring
which was approved by the SC involves the issuance of RM277.833
million Redeemable Convertible Secured Notes (RCSN) to the
guarantor banks, the RC and TL lenders (Lenders) as settlement
of the Lenders' respective debts based on the principal amount
of debts plus any outstanding bank guarantee fees and/or
estimated interest for the 1995/2000 Bonds, RC and TL to be
incurred up to 30 September 2001 (Original Scheme).

Proposed Debt Restructuring of:

(i) the bank guarantee facility of RM154.5 million pursuant to
RM150 million nominal value of 3 percent 1995/2000 guaranteed
redeemable bonds (1995/2000 bonds);

(ii) RM25 million revolving credit(RC) facility; and

(iii) RM21 million syndicated term loan (TL) for KSB
requirements & rest Sdn Bhd, a subsidiary of GPB.

Details of the proposed revision and rationale for such revision
are set out in the ensuing sections.

REVISED PROPOSED DEBT RESTRUCTURING

After taking into consideration the estimated additional
interest charges for the RC, TL and invoked bank guarantee for
another nine (9) months to 30 June 2002, the nominal amount of
RCSN to be issued to the Lenders as settlement of their
respective debts will be increased to up to RM290.758 million
nominal value of RCSN from the previous amount of RM277.833
million nominal value of RCSN.

Henceforth, the revised debt restructuring scheme will be as
follows:

   1. proposed issuance of the rights to the provisional
allotment of up to RM290.758 million nominal value of RCSN by
GPB to the Lenders as settlement for their respective debts; and

   2. proposed restricted offer for sale by the Lenders of the
rights to the provisional allotment of up to RM290.758 million
nominal value of RCSN to the shareholders of GPB on a non-
renounceable basis at an offer price of 81.24 sen per RCSN.
Please note that although the total debts and RCSN to be issued
vary, the issue price of 81.24 sen will still remain the same
unless the parameters in determining the issue price, i.e. the
coupon rate, redemption premium and yield-to-maturity, have been
varied. At this juncture, none of these parameters are expected
to be changed.

A summary of the proposed settlement to the Lenders for their
respective debts is as follows:

      (A)      (B)       (C)   (D)=(B)+(C)
     Estimated   RCSN to be  Additional  Total RCSN
     amount due  issued      RCSN to be to be issued
      (1)        issued  (2)
     RM'000      RM'000      RM'000  RM'000

Guarantor Banks 180,204  187,986  33,838  221,824
RC Lender   28,500  29,731  5,351  35,082
TL Lenders   27,500  28,688  5,164  33,852
Total   236,204  246,405  44,353  290,758

Notes:

(1) Principal amount plus the outstanding bank guarantee fees
and/or estimated interest for the 1995/2000 Bonds, RC and TL up
to 30 June 2002.

(2) Additional RCSN to be issued in relation to the coupon for
RCSN for the first three (3) years that are to be paid in-kind,
i.e. additional RCSN upfront.

RATIONALE FOR THE REVISED DEBT RESTRUCTURING SCHEME

The existing amount of RCSN to be issued to the Lenders of
RM277.833 million have taken into account the principal sum as
well as the bank guarantee fee and estimated interest for the
1995/2000 Bonds, RC and TL to be incurred and capitalized up to
30 September 2001 only. In view of the anticipated time taken to
complete the restructuring and the previous capitalization of
interest up to 30 September 2001, which is currently overdue,
further capitalization of interest is proposed.

In view of the foregoing, GPB proposes to revise the amount of
RCSN to be issued to the Lenders so as to include the additional
estimated interest charges for the RC, TL and invoked bank
guarantee for another nine (9) months to 30 June 2002.

APPROVALS REQUIRED

The revised Proposed Debt Restructuring scheme is subject to the
approvals of:

   (i) the SC The SC had approved the Original Scheme on 26 July
2001;

   (ii) the Foreign Investment Committee (FIC). The FIC had
approved the Original Scheme on 15 March 2001;

   (iii) Bank Negara Malaysia (BNM) as the Proposed Debt
Restructuring involves the refinancing of offshore borrowings.
BNM had approved the Original Scheme on 5 March 2001;

   (iv) the shareholders of GPB;

   (v) the respective Lenders; and

   (vi) the Kuala Lumpur Stock Exchange (KLSE) for the listing
of and quotation for the new RCSN and new GPB shares to be
issued arising from the conversion of the new RCSN on the KLSE.


JASATERA BERHAD: RM6M Project Management Contract Secured
---------------------------------------------------------
Jasatera Berhad informed that the company has secured a project
management contract valued at RM6 million for the management and
supervision of a mixed development project comprising a hotel,
shopping complex and apartment with estimated development cost
of RM100 million in Zhongshan, China.

In relation to the above contract, we wish to furnish additional
information:

   1. Perfect Eagle Holdings Sdn Bhd (PEHSB) awarded the project
management contract to Jasatera Berhad (JB) on 19th November
2001.

   2. The nature and extent of the directorship/major
shareholders' interest in the contract are shown below:

Name    Position  Shareholding  Shareholding
in JB (%)   in PEHSB(%)

Koo Yuen Kim    Director of 1.21    98.2
                JB & PEHSB   14.65*

Koo Woon Kee    Director of 0.97    0.9
    JB & PEHSB    0.91*

Lim Ching Soon  Director of 0.04    0.9
    JB & PEHSB     100.0

* Indirect interest

   3. The Board of Directors of Jasatera Berhad wish to state
that the contract is in the best interest of the company.

   4. The duration of the contract is 24 months from March 2002
to February 2004.

   5. The contract requires the company to seek a shareholder's
mandate since the contract is a recurrent related party
transaction of a revenue nature. As such, the company will seek
the shareholder's mandate in due course.

   6. The contract involves sending the company's personnel to
Zhongshan, China to manage and to supervise the construction of
the mixed development project.

   7. The documents relating to this contract can be inspected
at No. 29, Jalan SS 15/4E, 47500 Subang Jaya, Selangor Darul
Ehsan.

Days : Monday to Friday
Time: 9.00 a.m. to 5.00 p.m.


KELANAMAS IND.: Proposed Restructuring Scheme Adviser Resigns
-------------------------------------------------------------
The Board of Directors of Kelanamas Industries Berhad (KIB or
the Company) informed that Hwang - DBS Securities Berhad (Hwang
- DBS) has resigned as Corporate Adviser for KIB pertaining to
the Proposed Rescue Cum Restructuring Scheme. The resignation of
Hwang - DBS would take effect 20 November 2001.


LAND & GENERAL: Unit's Winding Up Petition Hearing Set On Jan 10
----------------------------------------------------------------
The Directors of Land & General Berhad, in reference to the KLSE
's letter dated 21 November 2001 in relation to the Winding Up
Petition On Sri Damansara Sdn Bhd, a wholly owned subsidiary of
the Company, informed:

1) Amount of interest claimed, if any: Nil

2) Date of hearing of the winding up petition: 10 January 2002


PLANTATION & DEVELOPMENT: Seeks FIC Proposed Scheme Approval
------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Plantation &
Development (Malaysia) Berhad (P&D or the Company), announced to
the Kuala Lumpur Stock Exchange (KLSE) that the Company has
obtained KLSE approval by its letter dated 20 November 2001. P&D
previously requested a one-month extension from 31 October 2001
to 30 November 2001 in order for the Company to obtain the
remaining approval from the relevant authorities on the Proposed
Debt And Equity Restructuring Scheme (Proposed Scheme), i.e the
Foreign Investment Committee (FIC).


RASHID HUSSAIN: Proposes New Articles of Association Adoption
-------------------------------------------------------------
The Board of Directors of Rashid Hussain Berhad (RHB or the
Company) announced that the Company proposes to amend the
existing Articles of Association of the Company to bring them in
line with the provisions of the revamped Listing Requirements of
Kuala Lumpur Stock Exchange and other relevant statutory and
regulatory requirements as well as to improve the administrative
efficiency.

The proposed adoption of the new Articles of Association of the
Company is subject to the approval of the shareholders of the
Company and will be tabled at the forthcoming Fourteenth Annual
General Meeting of the Company on a date to be determined later.


SPORTMA CORPORATION: Obtains KLSE One-Month Extension Approval
--------------------------------------------------------------
The Special Administrators of Sportma Corporation Berhad
(Special Administrators Appointed) (Sportma or Company)
announced that Sportma had on 20 November 2001, obtained an
approval from the KLSE for an extension of 1 month from 1
November 2001 to 30 November 2001, within which Sportma must:

   1. Revise its regularization plan

   2. Make a revised Requisite Announcement to Exchange, and

   3. Submit its revised plan to the regulatory authorities for
approval.

Upon the submission of the revised plan to the authorities,
Sportma is required to make a separate application to the
Exchange to seek additional time for the Company to obtain all
the necessary approvals from the regulatory authorities.


SRIWANI HOLDINGS: Unit Enters SPA With First Influx
---------------------------------------------------
The Board of Directors of Sriwani Holdings Berhad (Sriwani or
Company) announced that its wholly owned subsidiary, Sriwani
Trading Sdn Bhd (Company No. 61805 T) (hereinafter referred to
as STSB) had on 19 November 2001 entered into a Sale and
Purchase Agreement (hereinafter referred to as SPA) with First
Influx Sdn Bhd (Company No. 555683-K), a private limited company
incorporated in Malaysia (hereinafter referred to as FISB) to
dispose of Eighty Thousand Three Hundred and Seventy Five
(80,375) shares, representing sixty per centum (60 percent) of
the total issued share capital in MM Sriwani Co. Ltd. (Company
No. 538) (hereinafter referred to as MMSCL) for a total
consideration of Ringgit Malaysia Three Hundred And Fifty
Thousand (RM350,000) only and hence, resulting the said MMSCL
ceasing to be a subsidiary of the Company.

DETAILS OF THE DISPOSAL

MMSCL is a private limited company incorporated in the Mongolian
Peoples' Republic with a registered capital that consists of
contributed capital of United States Dollar One Hundred thirty
Three Thousand Nine Hundred Fifty Eight and Eleven Cents
(USD133,958.11) (hereinafter referred to as the Total Share
Capital). MMSCL is in the business of general export and import,
and operating duty free outlets.

STSB is the registered holder and/or absolute beneficial owner
of Eighty Thousand Three Hundred and Seventy Five (80,375) of
the issued capital of MMSCL, representing sixty per centum (60
percent) of the Total Share Capital of MMSCL. (hereinafter
referred to as the Sale Shares)

Pursuant to the SPA, STSB shall dispose of the Sale Shares to
FISB for a total cash consideration of Ringgit Malaysia Three
Hundred And Fifty Thousand (RM350,000). In consequence thereof,
MMSCL will then cease to be a subsidiary of STSB and Sriwani.

SALIENT TERMS OF THE SPA

The salient terms of the SPA are as follows:

   (i) Subject to FISB agreeing to pay the consideration of
RM350,000, STSB agrees to sell to FISB and FISB hereby agrees to
purchase from STSB the Sale Shares free from all charges or
liens or any other encumbrances thereto and together with all
benefits, rights, and entitlement accrued or attaching thereto
for a total consideration of RM350,000 (Purchase Consideration).

   (ii) Upon the execution of the SPA, the sum of RM35,000
representing ten per centum (10 percent) of the Purchase
Consideration only is to be paid by the FISB to STSB as part
payment of the Purchase Consideration.

   (iii) FISB shall pay to STSB the balance of the Purchase
Consideration amounting to RM315,000 representing 90 percent of
the Purchase Consideration on the completion date, i.e. the day
where STSB successfully transfer of the ownership of the Sale
Shares to FISB in accordance with the law of the Mongolian
Peoples' Republic, anytime within one (1) month from the date of
the SPA or any extended period as may be agreed by the parties
in writing.

RATIONALE FOR THE DISPOSAL

The disposal of the Sale Shares is in line with the corporate
realignment of Sriwani of consolidating its operations.

FINANCIAL EFFECTS OF THE DISPOSAL

The transaction will not have any material effect on the issued
and paid up share capital, the net tangible assets and the
earnings per share of Sriwani's Group and the Company.

APPROVAL REQUIRED

The above disposal is not subject to the approval of
shareholders of the Company and the relevant government
authorities in Malaysia.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors or substantial shareholders of Sriwani or
persons connected to the Directors or substantial shareholders
of Sriwani have any interest, direct or indirect, in the said
transaction.

DIRECTORS' RECOMMENDATION

The Board of Directors of Sriwani, having considered the
rationale for the transaction, is of the opinion that the
transaction is in the best interest of the Company.

INSPECTION OF DOCUMENT

The SPA is available for inspection at the Registered Office of
Sriwani at 418 Chulia Street, 10200 Penang during the normal
business hours from Monday to Friday (except for public
holidays) for a period of fourteen (14) days from the date of
this announcement.


TECHNOLOGY RESOURCES: Not In Acquisition Talks With Khazanah
------------------------------------------------------------
Technology Resources Industries Berhad (TRI), in reply to the
November 20 article which appeared in Business Times entitled:
"TRI discussing share sale deal with Khazanah", confirmed that
there has been no discussion between TRI or its major
shareholders and Khazanah Nasional Berhad or Ministry of Finance
for any equity acquisition in TRI as reported in the said
article.


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


NATIONAL POWER: Sale Of Transmission Assets Set For Q202
--------------------------------------------------------
The sale of the state-owned National Power Corporation's
(Napocor) transmission assets, will be carried out by the second
quarter of 2002, despite rumors that the sale faced a delay,
ABS-CBN News reported November 22, citing the Department of
Energy.

At the moment, at least 10 Asian and European countries have
indicated interest in participating in the sale of the said
transmission assets.

The National Transmission Corp. (TRANSCO) will be spun off as
part of the privatization program of Napocor. After the spin-
off, Napocor's transmission assets will then be transferred to
TRANSCO and will be sold to buyers through an outright sale or
by concession.


NATIONAL POWER: Indon Firms Invited To Bid For Napocor Plants
-------------------------------------------------------------
To assure the continuous supply of coal to the Napocor Plants in
Batangas and Zambales, the Department of Energy has invited the
Indonesian Coal Mining Association (ICMA) to bid for the
National Power Corp.'s (Napocor) two coal power generation
plants in Luzon Island, according to a report by ABS-CBN on
Thursday.

ICMA's participation in the privatization would result in an
almost continuous supply of coal to the Calaca coal plant in
Batangas and the Masinloc coal-fired facility in Zambales,
because ICMA currently accounts for an annual coal production of
two million tons in Indonesia. Both power plants have an
aggregate generation capacity of 1,200-megawatts (MW).


RAMCAR INC: Asset-For-Debt Swap Sought For Most Of P8B Debt
-----------------------------------------------------------
Debt-strapped Ramcar Incorporated had asked 19 of its creditors
to allow it to restructure payments on P1.8 billion of its P7.9
billion debt over a 10-year period. The company also asked that
they accept a debt-for-equity swap for the rest of its
obligations, according to a November 22 PRNewsAsia report.

Company officials stressed that this is the only alternative
plan to allow the company to expand.

The plan calls for the suspension of principal payments for five
years and slashed interest charges on the P1.8 billion debt.

Several creditors have reportedly reacted positively to Ramcar's
proposal, while the others wanted to restructure at least P4
billion of the debt and the remainder subject to a payment-in-
kind deal.


RFM CORPORATION: Cosmos Sale Deal Signed Soon, No Date Fixed Yet
----------------------------------------------------------------
The contract confirming the sale of Cosmos Bottling Corporation
to San Miguel Corporation will be signed by parent company RFM
Corporation as soon as possible. However, no date for the
signing has been set, PRNewsAsia reported November 22, quoting
RFM President Ramon Lopez.

Lopez when asked about the delay said, "The delay is more of the
documentation and the lawyers are still discussing it. Once the
share purchase agreement is finalized and all attachments
therein, we will be signing it.

Lopez no longer foresees any issues that will further delay the
sale. According to him, all that's left to do is finalize the
agreement.

When asked about a specific target date, Lopez replied, "As soon
as the agreement is ready, both parties would like to sign. We
will make the appropriate disclosure."


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


ACMA LIMITED: Substantial Shareholder's Interests Announced
-----------------------------------------------------------
ACMA Limited disclosed on Thursday a notice of substantial
shareholder United Overseas Bank Limited's interests:

Notice Of Substantial Shareholder's Interests

Name of substantial shareholder: United Overseas Bank Limited
Date of notice to company: November 21, 2001
Date of change of interest: November 20, 2001
Name of registered holder: Overseas Union Bank Nominees
(Private) Limited holding in trust
for Overseas Union Bank 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: 5,487,000
Percent of issued share capital: 0.7
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$0.085
No. of shares held before change: 82,144,195
Percent of issued share capital: 10.52
No. of shares held after change: 76,657,195
Percent of issued share capital: 9.82

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed     Direct
No. of shares held before change: 82,144,195
Percent of issued share capital:  10.52
No. of shares held after change:  76,657,195
Percent of issued share capital:   9.82

Total shares:        76,657,195

No. of Warrants - 14,522,456
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - 76,657,195


CAPITALAND LTD.: Unit Enters Put,Call Option Agreement With CCL
---------------------------------------------------------------
CapitaLand Limited's subsidiary, The Ascott Group Limited,
entered into a conditional Put and Call Option Agreement with
CapitaLand Commercial Limited (CCL) to divest the two commercial
properties known as Junction 8 Shopping Centre and Funan
(together, the "Properties") respectively owned by the Company's
wholly-owned subsidiaries, Ventura Development Pte Ltd and Funan
IT Mall Limited, for a total cash consideration of S$486
million, and the announcement on October 22, 2001 that the
shareholders of the Company have approved the resolution as set
out in the notice of extraordinary general meeting of the
Company held on October 22, 2001, the Board of Directors
announced that the Company had agreed that:

(i) The call option period (being the period during which
CCL shall have the right to require the Company to
procure the Subsidiaries to enter into sale agreements
with its nominated party for the purchase of the
Properties by the Nominated Party) shall be extended
from 5:00 p.m. on November 21, 2001 under the Agreement
to 5:00 p.m. on November 28, 2001,
(ii) The put option period (being the period during which
the Company shall have the right to require CCL to
procure the Nominated Party to enter into sale
agreements with the Subsidiaries for the purchase of
the Properties by the Nominated Party) shall commence
after the expiry of the said call option period and end
at 5:00 p.m. on November 30, 2001, and
(iii) the completion date for the sale of the Properties
shall be extended from December 15, 2001 to December
28, 2001. This is to facilitate the sale of the
Properties to the Nominated Party which is currently
expected to be a trustee of a property trust.


CAM INTERNATIONAL: Court Approves Scheme of Arrangement
-------------------------------------------------------
CAM International Holdings Ltd announced that following the
requisite approval obtained at the creditors' meeting held on
October 18, 2001, the High Court of Singapore sanctioned the
Company's Scheme of Arrangement pursuant to Section 210 of the
Companies Act, Cap. 50.

As previously announced, implementation of the debt
restructuring plan under the Scheme is dependent on fulfillment
of all the conditions precedent set out in the Scheme and the
Company will keep the public advised accordingly.


CREATIVE TECHNOLOGY: Issues Changes In Shareholder's Interests
--------------------------------------------------------------
Creative Technology Limited on Thursday posted a notice of
changes affecting substantial shareholder Merril Lynch & Co.'s
deemed interests. The changes are:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: November 19, 2001
Date of change of shareholding: November 16,2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 60,000
Percent of issued share capital: 0.083
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$13.69 and S$13.73
No. of shares held before change: (66,500)
Percent of issued share capital: (0.092)
No. of shares held after change: (6,500)
Percent of issued share capital: (0.009)

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed   Direct
No. of shares held before change:  4,063,791
Percent of issued share capital:  5.648
No. of shares held after change:   4,123,791
Percent of issued share capital:  5.732

Total shares:

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


HBM PRINT: Warns Of Decrease In Profits
---------------------------------------
In the announcement of HBM Print Limited Group's result of June
30, 2001, which reported pre-tax loss of S$0.57 million, the
Directors stated that the demand for printing services has
lowered and that there were stiff competitions in both the print
and engineering business. The Group would take steps to improve
efficiency so as to reduce operating cost in the engineering
business and to rationalize the operations of the printing
business.

Pursuant to the Group's objective to rationalize the printing
business, HBM Print Ltd had on October 10, 2001 announced the
sale of the Company's printing equipment for S$1 million and -
lease out part of the HBM Building in Toa Payoh. The sale of
equipment would result in a book loss of S$1.2 million on
completion. Arising from the rationalizing of printing business,
the Company had to compensate staff whose services were no
longer required and some loss on clearing stocks is anticipated.
Further, adding to cost were the Company's inability to collect
payments from the trade debtors currently estimated at S$0.51
million and the diminution in value of the building estimated at
S$1.28 million.

Though the Group had taken steps to reduce operating cost in the
engineering businesses of SHC Engineering Pte Ltd and Epex
Industrial Pte Ltd, the two engineering companies, together,
have to date incurred an estimated loss of S$0.62 million.
Additional relocating cost will be incurred when they move to
Gul factory as announced previously.

Based on the above information, the Directors expect the Group's
pre-tax loss for the full year results, ending December 31, 2001
to worsen.


I-ONE.NET: Issues Notice Of Shareholder's Interest
--------------------------------------------------
I-One.Net International Limited disclosed on November 21, a
notice of substantial shareholder Hiap Hoe Holdings Pte Ltd's
interests. A portion of the disclosure appears below:

Notice Of Substantial Shareholder's Interests

Name of substantial shareholder: Hiap Hoe Holdings Pte Ltd
Date of notice to company: November 20, 2001
Date of change of interest: November 20, 2001
Name of registered holder: Hiap Hoe Holdings Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Direct interest - Purchase of
Underwritten Rights Shares from UOB Kay
Hian Private Limited

Shares held in the name of registered holder

No. of shares of the change: 137,943,313
Percent of issued share capital: 22.54
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: $0.0493
No. of shares held before change: 0
Percent of issued share capital: 0
No. of shares held after change: 137,943,313
Percent of issued share capital: 22.54

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed     Direct
No. of shares held before change:    0       0
Percent of issued share capital:    0       0
No. of shares held after change:    0       137,943,313
Percent of issued share capital:    0     22.54

Total shares:       0       137,943,313

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


POPULAR HOLDINGS: Announces Winding Up Of Unit VivaMusic.Com
------------------------------------------------------------
The Board of Directors of Popular Holdings Limited (PHL)
announced on Thursday that a petition for the winding up of one
of its subsidiaries, Vivamusic.com Pte Ltd (Vivamusic) has been
presented by Epilogue Catering Pte Ltd (Epilogue) on November
16, 2001, and is scheduled for hearing on December 14, 2001. If
no party objects to the winding up petition, Vivamusic will be
wound up with effect from the date of the petition, and the
Official Receiver will be appointed the liquidator of Vivamusic.

Vivamusic is engaged in the business of selling, distributing
and syndicating music and entertainment content as well as
music-related merchandise via various media, including the
internet. PHL owns 51 percent of the issued and paid up share
capital of Vivamusic.

Epilogue's claim is in respect of the sum of S$204,391.59 due,
owing and payable to it by Vivamusic. In addition to Epilogue,
Vivamusic is indebted to other creditors. The Directors of
Vivamusic have reviewed the current business climate and the
financial position of Vivamusic and have thereby formed the
opinion that they would not oppose the petition for the winding
up of Vivamusic.

The winding up of Vivamusic will not have a material impact on
the net earnings per share or net tangible assets per share of
PHL for the financial year ending April 30, 2001.


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


EASTERN WIRE: Informs Remaining Right Shares Allocated
------------------------------------------------------
Eastern Wire Public Company Limited informed that the Plan
Administrator resolved on October 5, 2001 for decreasing the
Company registered capital of Bt632,560 previously authorized
but unissued, from the Company  registered capital of
Bt180,000,000.

As the result, the Company has a remaining registered and paid-
up capital of Bt179,367,400 and has resolved to increase the
Company  registered capital from Bt179,367,440 to
Bt2,179,367,440 by means of new 200,000,000 ordinary shares with
a par value of Bt10 in totaling Bt2,000 million. According to
the Company allocated right shares to existing shareholders,
there are the remaining shares allocation amount 141,697,963
shares.

Thus Plan Administrator has resolved to allocate the remaining
shares to existing shareholders (by 1 existing share: 7 new
shares, sale price per share Bt0.001).  As if there is the
number of shares remaining from right offering, Plan
Administrator will be allocated the rest to other shareholders.


INTER FAR: Financial Statement Submission Exempted
--------------------------------------------------
Inter Far East Engineering Public Company Limited announced that
since the Company is under reconstruction as per the order of
Bankruptcy Court, Red Case no. 346/2544 so it is under the
regulation on exemption of submitting Financial Statement for
the third quarter of 2001.

Therefore for the third quarter of 2001, the Company is not
submitting the Financial Statement until the Company has
completed the reconstruction period or when the stock of the
company is on sale and purchase in Stock Exchange.


SIAM STEEL: Posts 2002 Special Holidays
----------------------------------------
Siam Steel International Public Company Limited (SIAM) announced
details of the Company's special holidays, which are different
to the official of The Stock Exchange of Thailand holidays.

* February 11, 2002 to February 13, 2002  Vacational holiday
* April 12, 2002       Substitute day's
      Chakkri day
* December 30, 2002       New year's eve 2002


SUPALAI PUBLIC: BOD Renews Audit Committee's Term
-------------------------------------------------
Supalai Public Company Limited notified that since the Audit
Committee completed their period as company's Audit Committee,
in the Directors' meeting 6/2001 dated 19 November 2001, the
Board of Directors agreed to renew the period of the existing
Audit Committee by 2 years, Starting from 19 November, 2001 to
18 November, 2003.

The members of Audit Committee consist of:

  * Mr. Prakit   Pradipasen      Chairman of the Audit Committee
  * Mrs. Pikul  Vilasineewan     Member of the Audit Committee
  * Mr. Anant  Gatepithaya       Member of the Audit Committee


THAI TAI: Reorganization Petition Filed In Bankruptcy Court
-----------------------------------------------------------
The Petition for Business Reorganization of Thai Tai Yo Company
Limited (DEBTOR), engaged in manufacturing and producing the in-
house facilities, office equipments, fire protection safe, was
filed in the Central Bankruptcy Court:

    Black Case Number 664/2543

    Red Case Number 707/2543

Petitioner: THAI TAI YO COMPANY LIMITED

Debts Owed to the Petitioning Creditor : Bt837,258,643.29

Planner: Mr. Krieng Saribout

Date of Court Acceptance of the Petition: August 29, 2000

Date of Examining the Petition: September 25, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 25, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 2, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: October 17,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: January 17, 2001

Planner postponed the date of submitting the Plan #1st: February
17, 2001

Appointment date for the Meeting of Creditors to consider the
plan: April 4, 2001 at 9.30 am.

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 4, 2001
and appointed Mr. Krieng Saribout 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 28, 2001

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

Contact: Mr. Thanawat Tel, 6792525 ext 123


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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