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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, November 29 2001, Vol. 4, No. 233

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Appoints New Senior Officers, Obtains Capital
ANACONDA NICKEL: Discloses Chairman Campbell's AGM Address
AUSTAR MINING: Southern Cross Increases Stake By 30%
AUSTRALIAN MAGNESIUM: Posts Managing Director's Address
DAVNET LIMITED: Posts AGM Meeting Results

NORMANDY MINING: AngloGold Obtains FIRB Approval
PASMINCO LIMITED: Australian Smelting GM Resigns
SMART COMMUNICATIONS: Lucas Buys Majority Assets


C H I N A   &   H O N G  K O N G

CHIAP KAN: Petition To Wind Up Pending
GUANGDONG KELON: Unit Signs Acquisition Agreement
KTP HOLDINGS: Trading Suspended As Requested
MONEY FACTS: Hearing of Winding Up Petition Set
PACIFIC CENTURY: 2001 Warrants Reach Last Day of Dealings

SUPER WARM: Winding Up Sought By Eastern Bless
QUICK EAST: Winding Up Petition Hearing Set
ZHUHAI HIGHWAY: DebtTraders Recommends 9.125% '06 Senior Notes


I N D O N E S I A

BANK CENTRAL: IBRA Short-lists StanChart
INDOSIAR VISUAL: Seven Investors To File Final Bid
SALIM GROUP: 14 Potential Investors Eye Indomobil


J A P A N

DAIEI INCORPORATED: Nakauchi Gives Up Representation Rights
DAINONG CORPORATION: W166B Purchase By Golden Bridge Likely
MATSUSHITA ELECTRIC: UK Mobile Phone Unit Dissolution Planned
MIZUHO HOLDINGS: Appoints New Presidents
NIIGATA ENGINEERING: Files For Bankruptcy


K O R E A

DAEHAN FIRE: Takeover By Daehan Cement Finalized
DAEWOO MOTOR: GM Appoints Exec To Lead Daewoo Acquisition
DAEWOO MOTOR: GM To Sign Takeover Deal Before Dec 25
DAEWOO MOTOR: Halted Labor Talks May Delay GM Takeover
DAEWOO SECURITIES: Kookmin Refutes Reports Of Takeover Plans

HYNIX SEMICON: Rehab Committee To Announce Normalization Plans
HYUNDAI MOTOR: Labor Plans Strike
SSANGYONG CEMENT: Buying W500B Worth Of Shares In 2 Units


M A L A Y S I A

ABRAR CORPORATION: MoU Definitive Agreements Not Executed
BRIDGECON HOLDINGS: Extension Conditional Upon Report Submission
EMICO HOLDINGS: KLSE Grants Proposals Submission Extension
HAI MING: Subsidiary Enters Proposed Disposal Agreement
MAN YAU: Submits Schemes Of Arrangement Petition For Sanction

OMEGA HOLDINGS: In Acquisition Talks With Unnamed Party
PENAS CORPORATION: Updates Financial Regularization Status
PSC INDUSTRIES: Reacts To The Edge Article
SUNWAY HOLDINGS: Bondholders Approve Proposed Restructuring
TECHNO ASIA: KLSE Grants RA Extension
UH DOVE: Subsidiary Cuts HWGB Stake



P H I L I P P I N E S

METRO PACIFIC: Denies Report Of San Miguel Takeover Offer
METRO PACIFIC: Announces 9-Month Net Loss Of P2B
NATIONAL POWER: DOE, Congress Schedule Privatization Talks
NATIONAL STEEL: Stakeholders Seen To Contribute In Evaluation
RFM CORPORATION: Exploring New Business Opportunities


S I N G A P O R E

CREATIVE TECHNOLOGY: Changes In Shareholder's Interests Posted
FHTK HOLDINGS: Shareholder's Interest Changes Disclosed
L & M GROUP: Investor Proposes Loan Restructuring


T H A I L A N D

DATAMAT PUBLIC: Amends Capital Reduction Details
JEWELRY REALTY: Files Petition For Business Reorganization
KGI SECURITIES: TRIS Assigns "BBB-" Rating to KGI
MEDIA OF MEDIAS: Rehabilitation Plan Hearing Date Moved
RAIMON LAND: Announces 2002 Annual Holidays

* DebtTraders Real-Time Bond Pricing

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A U S T R A L I A
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ANACONDA NICKEL: Appoints New Senior Officers, Obtains Capital
--------------------------------------------------------------
Anaconda Nickel Limited announced the appointments of James
Campbell, Peter Johnston and Paul Chapman as Non Executive
Chairman, Chief Executive and Chief Financial Officer,
respectively.

Campbell, a Non Executive Director of Anaconda since September
1999, assumed the Chairmanship position on 26th November 2001,
following on the retirement of Ian Delaney in October.

Johnston, who will take up the appointment of Chief Executive
Officer in early December, fills this position arising from the
retirement of Andrew Forrest on 16th November 2001. Peter,
currently an Executive General Manager of WMC Resources Limited
has extensive knowledge and experience in the resource sector
worldwide and in Western Australia's nickel industry, in
particular. Welcoming his appointment, the new Chairman
commented "Peter's contribution to WMC's nickel developments
over the years is not to be underestimated and it is a credit to
Anaconda that we were able to secure his services at this
critical time in the company's development. He will join the
Board on the date he takes up his executive duties."

Meanwhile, and as previously announced Stephen Dennis, a General
Manager of Anaconda is acting Chief Executive Officer until
Peter assumes the position.

Chapman, who will likewise take up the office as Chief Financial
Officer in early December, has also had extensive experience
with WMC Resources Limited in the resource industry, both in
Australia and the United States. He assumes the position vacated
by Michael Masterman on 31st May 2001 and currently occupied, in
an acting capacity, by Mal James, the Company Secretary.

Commenting on the series of appointments, the recently retired
Chief Executive Officer and founding shareholder, Andrew Forrest
said "These appointments clearly reflect the Company's ability
to attract top quality talent to lead it forward and manage its
exceptional asset base. The affairs of the Company under the
leadership of Peter as CEO and the existing executives
supplemented by Paul will be in good hands and I welcome them to
the team."

Anaconda also advised that it has now completed documentation
with Glencore International AG in relation to financing
facilities for US$10m of working capital and a further US$20m to
be negotiated. The agreements also involve a Nickel Offtake
Agreement for a five year period under which Glencore will
purchase, as principle, Anaconda's share of nickel production
from the Murrin Murrin Nickel Cobalt Operations, and a Cobalt
Offtake for two years with Glencore having the right to
negotiate annually thereafter for a further three years.

The Company is currently completing an Information Memorandum
for shareholders and a General Meeting will be held prior to the
end of the calendar year at which shareholders will be asked to
ratify the agreements.


ANACONDA NICKEL: Discloses Chairman Campbell's AGM Address
----------------------------------------------------------
Anaconda Nickel Limited released Chairman Campbell's Address at
the Annual General Meeting:

"Welcome to the Eighth Annual General Meeting of Anaconda Nickel
Limited.

"As you are aware, the year to June 2001 and for the recent
months post the year end has been an interesting and challenging
period for your Company.

"The challenges identified by the technical teams at Murrin
Murrin are being addressed and the important statutory shutdown,
which took place recently, was made to coincide with a major
programmed of rectification and retrofit. The plant is
progressively being brought back into production at higher
throughput levels and it will be extremely important for the
operations to perform at respectable levels during the
foreseeable future. This is particularly important not only for
the financial position of the Company at a time of low nickel
and cobalt prices but also for the morale of our workforce. As
you will recall the Fluor arbitration surrounding this matter is
scheduled to commence at the end of January 2002. While not all
sections of the plant are performing to design, it is noteworthy
to record that as a result of the extensive rectification
programmed by the Company the acid plant is operating at or
about design and autoclave throughput levels on all four
autoclaves have confirmed the ability to operate at above design
levels.

"These facets, taken with estimates of down time in any year,
are of importance for a matter that I will refer to later in
this address.

"As a result of various issues that were the subject of the EGM
on 31 May 2001, a Strategic Review of all of the Companys
activities and potential projects was instigated by the Board
and undertaken by a select team of internal people headed by
Stephen Dennis and under the direction of the Board. It is
understandable, I am sure you will agree, that a primary focus
was placed on the future of the Murrin Murrin operation and the
role that it has to play in fully establishing the credentials
of the Company as a competitive and reliable nickel / cobalt
producer.

"Your Board debated at length the findings of this review and
adopted a plan of action in respect of the underlying components
of the Companys portfolio of assets and mineral resources.

"Let me highlight the main decisions for you.

A  MURRIN MURRIN OPERATIONS

"The focus on the operation will remain and maximum attention
will be provided to achieve operations at progressively higher
throughput and product output levels.

"Technically, there is confidence that this is achievable and we
wish Joc ORourke, Operations Manager at Murrin Murrin and his
colleagues at the plant every success with this endeavor.
Equally, it is important that continuous operation be
established to define accurately and predictably the consumables
levels and maintenance schedules and the costing thereof.

"This data base and experience are necessary for the assessment
of similar projects of the Company in the years ahead.

"As I mentioned earlier, there are components of the circuitry
that currently provide confidence that, post the rectification
programmed referred to earlier, they can operate at higher than
design levels. This, together with similar expectations for
other parts of the plant, will provide the platform for
potential further debottlenecking in the near future and the
Board is committed to this option pending the achievement of the
anticipated and forthcoming period of production at design
levels.

"To cover the financial situation in the short term additional
financial support has been negotiated by way of metal offtake
arrangements and secured loan facilities with Glencore, the
Companys major shareholder. Members will be asked to approve
these arrangements at an EGM to be held before the end of the
year.

"Furthermore, and in order to ensure the future financial
stability of the Company, various financial alternatives are
currently being examined and will include all interested
parties.

B  MOUNT MARGARET

"This is an important mineral deposit of the Company which has
attracted the interest of a major foreign investor and nickel
consumer in a Joint Venture structure and as a result could
feature as an important investment opportunity in the medium
term.

C  NON-NICKEL ASSETS

"Furthermore, the Board has reviewed the Companys interests in
other non-nickel assets and will initiate soon how best these
can be dealt with for the maximum benefit of the Company.
Members will be aware of the recently announced disposal of the
Rare Earth deposits to Lynas Corporation together with the
decision to sell our shareholding in that Company. This
demonstrates the Boards desire for the Company to maintain its
focus on becoming a successful nickel producer.

D  STAFFING

"You will appreciate that the above mentioned initiatives have
taken and will take its toll on the staffing levels of the
organization.

"There has been a progressive reduction of staffing levels at
site and in the Head Office over the recent months which will
continue as job functions become redundant and efficiency levels
are improved.

"You may well ask why I decided to accept the position of
Chairman of the Company on Monday 26 November 2001 ?

"I have been a non-Executive Director since September 1999 and
have come to understand the dynamics of the processes which come
together to extract metals utilizing the hydrometallurgical
technology employed at Murrin Murrin. While the financial
structure of the Company makes for a challenging period in the
immediate future, this technology, in my view, will undoubtedly
feature significantly in the nickel industry in the years ahead.

"I believe I am joined in this view by the new CEO, Peter
Johnston and new CFO, Paul Chapman. Both these gentlemen have
extensive experience in the industry and for your Company to
secure their services must underpin my belief that, subject to
the understanding and co-operation of all stakeholders in the
various sectors of the Companys financial structure, there is
every reason to be confident that Anaconda will emerge from its
challenges as an important player in the hydrometallurgical
sector of the worlds nickel producers.

"Various senior officers have left the Company since the last
AGM was held and I would like to thank them on your behalf for
their contribution to the affairs of Anaconda as I do for other
members of staff who have or are facing similar action.

"Your previous CEO and a founding shareholder, Andrew Forrest,
has clearly been a force in the affairs of the Company over many
years and I believe it appropriate that we pay tribute to Andrew
for his commitment and efforts over this period.

"Chris Linegar notified the Board that he is stepping down as a
Director and will not be seeking re-election at today's meeting.
He believes that, with the Strategic Review completed and the
new executive appointments now in place, he is satisfied that
the affairs of the Company are in good hands and accordingly his
departure is timeous. We thank him also for his contribution
during his tenure.

"The Board intends appointing non-executive Directors to fill
the vacant positions on the Board in the near future.

"Finally, on your behalf, I wish to extend every success with
their future endeavors to the new officials of the executive
team."


AUSTAR MINING: Southern Cross Increases Stake By 30%
----------------------------------------------------
Southern Cross Exploration NL advised that it is acquiring
another thirty percent (30 percent) of the share capital of
Austar Mining Corporation NL.

Austar has several diamond exploration areas in Western
Australia and in Queensland and has been granted two diamond
exploration licenses in Botswana.

It is envisaged that after commencement of an active exploration
program, Austar Mining Corporation NL will be prepared for an
IPO (Initial Public Offering) by way of a Prospectus.


AUSTRALIAN MAGNESIUM: Posts Managing Director's Address
-------------------------------------------------------
Australian Magnesium Corporation Limited posted Managing
Director, Creagh O'Connor's, address to shareholders:

"I intend to touch on events of the past year, what has been
achieved, and how we are positioned to move forward in the
future.

"Before I start, on a personal note Ladies and Gentleman, it is
with mixed feelings that I address you this year. On the one
hand, I am buoyed after a very difficult year, that last week
AMC realized the necessary funds to commit to the
commercialization of the Stanwell Magnesium Project. This is a
great positive. But as the Chairman has said, it has been
facilitated at a far lower share price than we, and some of you
would have liked. Having said that we believe we are now
well placed to put value back into AMC shares. I will now focus
on AMC's credentials to achieve this, and Rod will touch on how
we will achieve this.

EXTENSIVE SUPPORT

"A pleasing aspect of the past year has been the ability of AMC,
against a backdrop of substantial due diligence, to pull
together a deep and broad level of support from a range of
stakeholders.

"This support, in our view, confirms the extensive homework AMC
has undertaken, the robust economics of the Stanwell finance
plan, and AMC's strategic positioning with its offtake and
energy contracts - these contracts, together with our patented
AM technology, constitute a long term competitive advantage for
AMC.

"Specifically, on the support your Company has received;

FORD MOTOR COMPANY

"In 1997, AMC signed a magnesium supply contract with Ford Motor
Company which we believed was without equal. Earlier this year
we renegotiated it and achieved a major enhancement. We took
what was then a 5 year contract, with a 5 year option, and
extended it for a full 10 years. Importantly, it is fixed for
the first 5 years in $A's which means AMC does not have to carry
the foreign exchange exposure. In the past couple of years, Ford
has had the opportunity to buy magnesium from elsewhere, and in
the past 3-6 months has had opportunities to let our contract
lapse - they didn't - reaffirming our belief in their support
and the demand profile within the auto industry for magnesium.

SENIOR DEBT

"As the Chairman has mentioned, AMC stands today with a $932
million senior debt package for the Stanwell Magnesium Project.
Our banking negotiations began almost 3 years ago, highlighting
the level of investigation large scale resource finance projects
are now subject to. These negotiations set the conservative base
from which we have based the balance of our fundraising
endeavors. This support has remained in place since June 2001
despite subsequent negative events.

STANWELL CORPORATION LIMITED

"In January 2001, AMC finalized the Stanwell Energy, Water and
Land Agreements and a $70 million loan facility. When just on 40
per cent of your costs relate to energy, you must take the time
to get it right. Stanwell is a world-class power station, and
AMC has a world competitive energy contract for 15 years, with a
15 year option providing scope for Stanwell project expansions.
Central Queensland is without doubt one of the most
internationally advantageous locations for magnesium and
aluminium developments. AMC was blessed to have its extensive
magnetite resource located in this region.

GOVERNMENT

"For a decade AMC's activities have involved both the Queensland
and  Commonwealth Governments, these are relationships built on
a shared  vision - the development of a light metals industry
for Australia. In  November 2000, AMC's extensive research work
with CSIRO was the basis  for a $50 million commitment by the
Commonwealth via CSIRO to  continue this support.

"The Queensland Government matched this with a $50 million
commitment to infrastructure at Stanwell. This infrastructure
forms the basis for an industry cluster of magnesium, chemical
and industrial developments, of which AMC is but one.

"Just a few months ago when AMC repackaged its equity raising,
the  State and Commonwealth Governments both "stepped up" again
and agreed  to provide commercial loans or guarantees of $100m
each. At the same  time our parent, Normandy Mining Limited,
expanded its already  considerable support with an extra $100
million in equity funds.  Again, great and tangible support from
our stakeholders.

"We believe this extensive external support is evidence of our
credentials to become a major player in the growth market of
magnesium.

HOMEWORK DONE AND BASE CASE

"By their nature prospectuses are designed to be conservative.
AMC sees the prospectus recently completed as the base case to
work from - our  intention is to improve upon this.

"AMC's goal is to better these assumptions on  many fronts -
project ramp up, production throughput, financial structuring
and sales contracts. Rod, will touch on some of these shortly.

"In the immediate term, on the finance front we will seek to
optimize  the senior debt package with a US bond issue. This was
foreshadowed in our prospectus and will be targeted for
implementation in the New Year as a potential enhancement to
shareholder returns.

"In respect of future magnesium sales contracts, we will look at
opportunities to secure additional off-take arrangements and
alliances in the lead up to commercial operation. As many of you
would be aware, we already have significant relationships in
this area - providing a  strong base to build on.

QMAG

"While most of our corporate energies have been devoted to
finance activities for the Stanwell Magnesium Project, a number
of significant issues should not go unnoticed among our
operating activities at Queensland Magnesium (QMAG) and the
Gladstone demonstration plant.

"Turning to the QMAG business, it was a year characterized by
strong sales volumes and stabilized prices for calcined and
refractory grade magnesia products. At the same time we had the
challenge of developing the new KG2 mine and managing a
significant hedge book in a depreciating $A environment.

"Record production and sales were achieved. The consequent
increase in production volumes has improved core operations and
costs.

"A quick overview shows total magnesia production increased up
10.8 per cent to a record 187,572 tonnes, driven by a 23 per
cent increase in calcined magnesia to a record 51,375 tonnes.

"Total magnesia sales grew 3.9 per cent to a record 182,212
tonnes, with calcined magnesia sales up 31.8 per cent to a
record 55,583 tonnes.

FIRST QUARTER

"This trend has continued. As reported recently in the first
quarter, magnetite production was at record levels up 12.3 per
cent to 157,203 tonnes with total magnesia production up 2.7 per
cent to 48,644 tonnes. Record magnesia sales were achieved up
9.7 per cent to 58,154 tonnes. And operating cash flow was
positive - over $2 million for the quarter.

"A new mine plan for Kunwarara will be reviewed next year to
accommodate the future needs of QMAG and Stanwell with the goal
of achieving significant mine efficiencies.

"A new three year plan to improve QMAG earnings is being met
with early success, with increased sales volumes, prices and
margins. This has led to improved cash flow while at the same
time management has kept a tight rein on working capital.
Cashflow will shortly be enhanced with the restructuring of
QMAG's foreign exchange and debt arrangements. This has been
facilitated by the recent capital raising.

SAFELY AND QUALITY CULTURE

"A focus this year for the Company has been its commitment to
quality and safety.

"At QMAG, we believe a renewed emphasis on safety is leading to
a safer working environment. The trend in lost time injuries at
Parkhurst is improving and all staff should take credit for this
improvement.

"As the Gladstone Demonstration Plant has shown, safety and
quality performance go hand in hand. The Gladstone demonstration
plant this month achieved 1,000 days without an LTI - an
outstanding achievement

"In May, Gladstone received IS09001 accreditation, this is only
the second magnesium plant in the world to achieve such
accreditation and a major reward for the training and procedures
of the 80 staff at Gladstone.

"This accreditation builds on our commitment to meet the auto
industry's requirements and adds to the achievement we reached
during the year of producing metal to the highest US
specifications.

CONCLUSION

"The past year was one of challenge, pain and achievement. All
of which has set a secure base for the future, with operational
improvement at QMAG and the commencement of development
activities at Stanwell. The plan now is to build this plant on
time and on budget."


DAVNET LIMITED: Posts AGM Meeting Results
-----------------------------------------
Davnet Limited revealed the results of its Annual General
Meeting held Wednesday.

RESOLUTION 1. CONFIRMATION OF APPOINTMENT OF EDWARD RULE

"Mr Edward Rule's appointment as a director of the Company to
fill a casual vacancy on 10 August 2001 be confirmed"

The above resolution was carried on a show of hands. The proxy
votes received by the Company in respect of this resolution are:

FOR        AGAINST          OPEN      ABSTAINED    NO INTENTION
65,414,078    361,192    1,914,929      218,633      16,613,260

RESOLUTION 2. CONFIRMATION OF APPOINTMENT OF JEAN-MARIE SIMART

"Mr Jean-Marie Simart's appointment as a director of the Company
to fill a casual vacancy on 10 August 2001 be confirmed"

The above resolution was carried on a show of hands. The proxy
votes received by the Company in respect of this resolution are:

FOR        AGAINST           OPEN      ABSTAINED    NO INTENTION
65,432,278   379,492   1,879,929        217,133      16,613,260

RESOLUTION 3. CONFIRMATION OF APPOINTMENT OF ALEXANDER ADAMOVICH

"Mr Alexander Adamovich's appointment as a director of the
Company to fill a casual vacancy on 17 August 2001 be confirmed"

The above resolution was carried on a show of hands. The proxy
votes received by the Company in respect of this resolution are:

FOR        AGAINST           OPEN      ABSTAINED    NO INTENTION
65,349,083   409,506   1,914,929        235,314      16,613,260

RESOLUTION 4. CONFIRMATION OF APPOINTMENT OF WILLIAM KOCASS

"Mr William Kocass' appointment as a director of the Company to
fill a casual vacancy on 17 August 2001 be confirmed"

The above resolution was carried on a show of hands. The proxy
votes received by the Company in respect of this resolution are:

FOR        AGAINST           OPEN      ABSTAINED    NO INTENTION
65,425,187   380,083    1,879,929        223,633      16,613,260

RESOLUTION 5. APPOINTMENT OF DAVID RICHMOND

"Subject to the passing of Resolution 6, Mr David Richmond be
appointed as a director of the Company with effect from the end
of the annual general meeting"

This resolution was withdrawn, however, proxy's received prior
to the withdrawal of the resolution are as follows:

FOR         AGAINST         OPEN      ABSTAINED    NO INTENTION
65,334,010   433,243      1,907,629     223,610      16,613,260

RESOLUTION 6. ISSUE OF SECURITIES TO CRAVELLE (BELGIUM) SA AND
OTHERS

"The Company is authorized to issue and allot:

(a) up to 166,666,667 convertible notes in aggregate to Cravelle
(Belgium) SA (Cravelle) and Other Investors (as that term is
defined in the Explanatory Memorandum), at an issue price of 3
cents each, convertible at any time up to the third anniversary
of their date of issue, (and any ordinary shares issued on the
conversion of those convertible notes in accordance with their
terms of issue); and

(b) up to 166,666,667 options in aggregate to Cravelle and Other
Investors to subscribe for up to 166,666,667 ordinary shares
exercisable at 3 cents each at any time up to the third
anniversary of their date of issue (and any ordinary shares
issued on the exercise of those options in accordance with their
terms of issue); and

(c) up to 40,000,000 ordinary shares in aggregate to Cravelle,
Other Investors and (if any) other Noteholders (as that term is
defined in the Explanatory Memorandum), at 3 cents (being the
maximum number of shares which may be issued in satisfaction of
interest payable on the convertible notes described in paragraph
(a)),

on terms and conditions set out in the Convertible Note
Subscription Agreement described in the Explanatory Memorandum,
and

(d) the shares the subject of the options issued to Equity
Partners Asia Limited (EPA) and the shares the subject of the
options that may be issued to Alexander Adamovich referred to in
resolutions 7(b) and 8(b) respectively,

as a result of which Cravelle, EPA and Alexander Adamovich and
each of their associates potentially will obtain in aggregate a
relevant interest in 431,333,334 ordinary shares in the capital
of the Company if all of the convertible notes described above
are issued to Cravelle and converted by Cravelle and all of the
options issued to EPA described above are exercised by EPA and
all of the other options described above are issued to Cravelle
and Alexander Adamovich and exercised by Cravelle and Alexander
Adamovich and all of the shares described above are issued to
Cravelle. Companies with which Cravelle is associated currently
have relevant interests in 9,591,368 ordinary shares. The
contemplated issue of securities to Cravelle and Alexander
Adamovich and the potential issue of ordinary shares to EPA
upon the exercise of options would increase the potential voting
power in the Company of Cravelle, EPA and Alexander Adamovich
and their associates to more than 20 percent, irrespective of
whether the voting power of any of the abovementioned parties or
any other member of the Company may have changed between:

(i) the date of this Notice of Meeting and the date of the
Annual General Meeting; and

(ii) the date of the Annual General Meeting and the date that
the convertible notes and options described above are issued."

This resolution was withdrawn, however, proxy's received prior
to the withdrawal of the resolution are as follows:

FOR         AGAINST        OPEN      ABSTAINED    NO INTENTION
63,664,408   2,078,614    1,909,929     251,981      16,613,260

RESOLUTION 7. APPROVAL OF PREVIOUS ISSUES OF SHARES AND OPTIONS

"The Company approves the allotment and issue of:

(a) 13,265,852 ordinary shares in the Company; and

(b) 55,000,000 options over ordinary shares in the Company (and
any ordinary shares issued on the exercise of those options in
accordance with their terms of issue),

at the dates, to the persons and on the terms described in the
Explanatory Memorandum"

The above resolution was carried on a show of hands. The proxy
votes received by the Company in respect of this resolution are:

FOR          AGAINST         OPEN      ABSTAINED    NO INTENTION
63,881,017    1,802,814      1,915,606   308,825      16,613,260

RESOLUTION 8. ISSUE OF OPTIONS AND DIRECTORS

"On the basis that the named persons are directors of the
Company at the date of the proposed allotment and issue, the
Company approves the allotment and issue of options (totaling
20,000,000) to the directors and proposed director of the
Company as set out below (and any ordinary shares issued on the
exercise of those options in accordance with their terms of
issue) at the date and on the terms described in the Explanatory
Memorandum:

DIRECTOR                                   NUMBER OF OPTIONS
(a) W Kocass                                   3,000,000
(b) A Adamovich                                3,000,000
(C) J-M Simart                                 3,000,000
(d) E Rule                                     3,000,000
(e) J Walker                                   3,000,000
(f) D Richmond (proposed director)             5,000,000"

This resolution was withdrawn, however, proxy's received prior
to the withdrawal of the resolution are as follows:

(a)
FOR          AGAINST         OPEN      ABSTAINED    NO INTENTION
61,116,155    4,005,511      2,002,929   782,037      16,613,260

(b)
FOR          AGAINST         OPEN      ABSTAINED    NO INTENTION

(c)
FOR          AGAINST         OPEN      ABSTAINED    NO INTENTION
61,103,951    4,027,692      2,002,929   774,260      16,613,260

(d)
FOR          AGAINST         OPEN      ABSTAINED    NO INTENTION
61,120,132    4,010,711      2,002,929   775,060      16,613,260

(e)
FOR          AGAINST         OPEN      ABSTAINED    NO INTENTION
61,108,951    4,017,211      1,994,729   787,941      16,613,260


NORMANDY MINING: AngloGold Obtains FIRB Approval
------------------------------------------------
AngloGold received Wednesday approval from Australia's Foreign
Investment Review Board (FIRB) for its proposed acquisition of
Normandy Mining.

The approval was granted on these conditions:

* that AngloGold adheres to its undertaking not do anything to
prevent Normandy from honoring its existing commitments with
respect to Australian Magnesium Corporation Limited;

* that AngloGold maintains a corporate headquarters in
Australia; and

* that AngloGold retains its listing on the Australian Stock
Exchange (ASX).

AngloGold Chairman and CEO Bobby Godsell said that the
conditions were entirely consistent with the company's
intentions.

The AngloGold offer currently values Normandy at A$1.46 per
share, based on the closing price of AngloGold shares on the New
York Stock  Exchange (NYSE) on 26 November.

This compares with the current value of the proposed offer by
Newmont which values Normandy at A$1.42 (which could increase by
5 cents per share in the event of a 90 percent acceptance of the
offer and certain relief being obtained from the Australian
Securities and Investments Commission), based on the closing
share price on the NYSE on 26 November.

Applications by AngloGold have now been lodged with the
Australian Takeovers Panel. These challenge key aspects of
Newmont's proposed offer for Normandy and the related
arrangements with Franco Nevada.

AngloGold's offer is open and capable of immediate acceptance
with a scheduled closing date of 14 December 2001.


PASMINCO LIMITED: Australian Smelting GM Resigns
------------------------------------------------
Pasminco Limited (Administrators Appointed) advised that
Executive General Manager Australian Smelting, Stephen
O'Donnell, tendered his resignation effective 31 December 2001.

O'Donnell has headed Pasminco's Australian smelting business
since January 2000. A replacement for O'Donnell will not be
chosen at this time given the uncertainty surrounding the
forward strategy for Pasminco, which appointed Voluntary
Administrators on 19 September 2001.

>From 1 January 2002, those persons previously reporting to
O'Donnell will report directly to Chief Executive Officer Greig
Gailey.

For further information contact:

Trevor Shard
GROUP MANAGER INVESTOR RELATIONS
++61 (3) 9288 9186 or 0419 584 515

Peter Griffin
GROUP MANAGER PUBLIC AFFAIRS
++61 (3) 9288 0463 or 0419 314 265


SMART COMMUNICATIONS: Lucas Buys Majority Assets
------------------------------------------------
The technology infrastructure provider, AJ Lucas, has purchased
most of the business assets of the listed computer cabling
company, Smart Communications Ltd, and its five subsidiary
firms.

The Voluntary Administrator of Smart Communications, Max
Prentice of the specialist insolvency firm, Prentice Parbery
Barilla, said Lucas will immediately take over Smart's business
and 110 of Smart's employees.

Entitlements for these employees will also transfer to Lucas
saving the administrator more than $1 million in employee
redundancy since these jobs have been saved. This sum will now
be applied to help pay creditors and Mr Prentice is hopeful of
making a substantial recovery to Smart's unsecured creditors.

Twenty-five employees will not transfer to Lucas and will
receive their full employee entitlements from the Voluntary
Administrator but sadly are now without jobs.

Smart Communications, a market leader in the provision of
computer cabling to banks and financial institutions in NSW,
Victoria and Queensland, was placed in voluntary administration
on October 25 at the request of its directors.

Prentice said Lucas made a bid for the business after an
advertising campaign resulted in some 20 enquiries and four firm
offers.

"I am delighted that Lucas has taken over the business since it
will provide continuity of employment for the bulk of the
workforce and ensure the orderly continuation of work in
progress," Prentice said.


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


CHIAP KAN: Petition To Wind Up Pending
--------------------------------------
The petition to wind up Chiap Kan Industrial Company Limited is
scheduled to be heard before the High Court of Hong Kong on
January 9, 2002 at 11:00 am. The petition was filed with the
court on September 17, 2001 by Chan Ah Yau of Room 3619, Ching
Yat House, Yat Tung Estate, Tung Chung, New Territories, Hong
Kong.


GUANGDONG KELON: Unit Signs Acquisition Agreement
-------------------------------------------------
The Directors of Guangdong Kelon Electrical (GKG) announced that
on 26 November 2001 Jia Ke Electronics, a wholly owned
subsidiary of the Company, entered into the Acquisition
Agreements with GKG for the acquisition of respective interests:

1.  75 percent interest in Kelon HEA for no consideration; and
GKG agreed to bear 75 percent of the accumulated losses of Kelon
HEA in the amount of RMB7,092,200 (by way of set off with the
total consideration of the Acquisition).

2.  70 percent interest in Huaao Electronics for a consideration
of RMB8,075,400.

3.  80 percent interest in Wangao for a consideration of
RMB2,694,200.

4.  80 percent interest in Kelon Advertising for a consideration
of RMB966,200.

GKG is a substantial shareholder of the Company, currently
holding approximately 34.06 percent of the Company's total
issued share capital and is a connected person of the Company
under the Listing Rules. Transactions between the Group and the
GKG Group, including the Acquisition, therefore constitute
connected transactions of the Company.

The net total consideration of RMB4,643,600 (after setting off
GKG's proportional share of the accumulated losses of Kelon HEA)
for the Acquisition represents less than 3 percent of the book
value of the net tangible assets of the Company as disclosed in
the Company's latest published accounts and accordingly no
shareholders' approval is required in respect of the
Acquisition. The Acquisition is however subject to the
disclosure requirement under Rule 14.25 of the Listing Rules.
Details of the Acquisition as required under Rule 14.25(1)(A) to
(D) of the Listing Rules will be disclosed in the Company's next
published annual report and accounts.


KTP HOLDINGS: Trading Suspended As Requested
--------------------------------------------
At the request of KTP Holdings Limited (the Company), trading in
its shares was suspended with effect from 10:00 a.m. Wednesday
28 November, 2001) pending an announcement in relation to the
possible acquisition of shares by the Company's substantial
shareholder and possible general offer of the Company's shares.


MONEY FACTS: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Money Facts Limited is set for hearing
before the High Court of Hong Kong on December 5, 2001 at 9:30
am. The petition was filed with the court on August 16, 2001 by
Harbour Front Limited whose registered office is situated at
P.O. Box 659, Road Town, Tortola, British Virgin Islands.


PACIFIC CENTURY: 2001 Warrants Reach Last Day of Dealings
---------------------------------------------------------
Pacific Century CyberWorks Limited requested market participants
to note that dealings in the 2001 Warrants (stock code: 587) of
the Company will cease after the close of business on Thursday,
29 November, 2001. Warrants Listing will be withdrawn after the
close of business on Tuesday, 4 December, 2001.

According to DebtTraders, PCCW-HKTC Capital Ltd's 7.750% bonds
due in 2011 (PCCW1) are trading in the high 90s. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PCCW1for
real-time bond pricing.


SUPER WARM: Winding Up Sought By Eastern Bless
----------------------------------------------
Eastern Bless Limited is seeking the winding up of Super Warm
International Limited. The petition was filed on October 31,
2001, and will be heard before the High Court of Hong Kong on
January 30, 2002 at 10:00 am.  Eastern Bless holds its
registered office at 6th Floor, Wheelock House, 20 Pedder
Street, Central, Hong Kong.


QUICK EAST: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Quick East Company Limited was scheduled
for hearing before the High Court of Hong Kong on November 28,
2001 at 9:30 am.

The petition was filed with the court on August 10, 2001 by Bank
of China (Hong Kong) Limited by virtue of the Bank of China
(Hong Kong) Limited (Merger) Ordinance, Cap. 1167 whose
registered office is situated at Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


ZHUHAI HIGHWAY: DebtTraders Recommends 9.125% '06 Senior Notes
--------------------------------------------------------------
DebtTraders analyst, Daniel Fan (852 2537-4111), says, "Through
our recent discussion with management of Zhuhai Highway Company
Limited, the Company plans to repay another $5 million to
holders of the $85 million 9.125% Senior Notes due '06 this
year, which will be the third payment for the year after the
issue was accelerated in May."

According to Fan, Zhuhai Highway has so far repaid $33 million
in principal to the holders of the Senior Notes, including the
distribution of the balance in Debt Service Reserve in May and
another distribution of free cash flow in September,
respectively. The Company's continued repayments and the
structural protection of the Senior Notes strengthen our belief
that the holders of the Senior Notes will get back their
principal and interest by the maturity date in 2006.

Fan said, "We are maintaining our recommendation at a BUY on
the 9.125% Senior Notes due '06. Our BUY recommendation is based
on a combination of an estimated yield of 25.14% and a SAFETY
rating of 80%, which together result in an ATTRACTIVENESS of
80%. The SAFETY rating reflects our expectation of Company 's
ability to service the Senior Notes until both principal and
interest have been fully repaid. The yield estimation takes into
consideration our average life assumption of the Senior Notes at
around 2.3 years."

DebtTraders reports that ZhuHai Highway Co.'s 11.500% bonds due
in 2008 (ZHAI2A) are trading between 12 and 15. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ZHAI2A for
real-time bond pricing.


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


BANK CENTRAL: IBRA Short-lists StanChart
----------------------------------------
Standard Chartered PLC (StandChart) is one of nine bidders
short-listed for the Indonesian government's 51 percent stake in
PT Bank Central Asia, The Asian Wall Street Journal reported
Tuesday, referring from the Daily Kompas.

"We are one of the short-listed investors," A. Halim Mahfudz,
Jakarta StanChart Bank head of external affairs confirmed. "We
have received a notification from the Indonesian Bank
Restructuring Agency (IBRA)."

Earlier this week, IBRA announced that a foreign bank is one of
the nine bidders for the BCA stake, though it refused to name
the bank.


INDOSIAR VISUAL: Seven Investors To File Final Bid
--------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) expects the
final seven investors to acquire a 57 percent stake in PT
Indosiar Visual Mandiri to file a final bid, PRNewsasia reports
Wednesday, citing IBRA director Dasa Susantio. "All seven
investors have conducted due diligence and none of them have so
far withdrawn their bids," Susantio said. He added that IBRA
would announce the final bidders Wednesday night.


SALIM GROUP: 14 Potential Investors Eye Indomobil
-------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko
Perkasa (Holdiko), a holding company established pursuant to the
Shareholding Settlement Agreement between IBRA and the Salim
Group, announced Tuesday that there has been strong investors'
interest in the sale of Holdiko's 72.63 percent shareholding in
PT Indomobil Sukses Internasional Tbk. (Indomobil) and the
entire convertible bonds issued by Indomobil to Holdiko and
IBRA. Of the 135 invitation letters that were sent out all over
the world, Holdiko received 21 strong expressions of interest,
of which 14 have returned Confidentiality Agreements. These 14
potential investors will respectively receive Information
Memorandums to be reviewed prior to their final bid submission
on Tuesday, 4 December 2001.

"Although the schedule for the divestment of Indomobil is quite
challenging, investors' interest to participate in the bid
process quite is encouraging," states Dasa Sutantio, Deputy
Chairman Ad Interim - AMI, IBRA.

Scott Coffey, Director of Holdiko, added, "This strong
investors interest is reassuring bearing in mind that the
holiday season is fast approaching."

The sale, which includes (i) Holdiko's entire 72.63 percent
equity shareholding in PT Indomobil Sukses Internasional Tbk.
(Indomobil) and (ii) the entire convertible bonds issued by
Indomobil to Holdiko (IDR337,382,000,000,-) and IBRA (IDR
312,902,186,671,-), both of which may be converted to common
shares in Indomobil began on 20 November 2001 and is expected to
conclude before the year ends.

Indomobil is the holding company of a fully integrated group of
companies that is engaged in automotive and automotive-related
businesses. Indomobil has direct and indirect investments in 69
subsidiaries who 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 its subsidiaries
consist of well-known brands such as Suzuki, Nissan, Mazda,
Hino, Volvo, Audi, Volkswagen, and SsangYong. Indomobil's shares
are listed and traded on the Jakarta Stock Exchange and Surabaya
Stock Exchange with a total 996,502,680 shares. At present
Indomobil's shareholding structure consists of PT Holdiko
Perkasa (72.63 percent), PT Tritunggal Intipermata (20.47
percent) and the balance of 6.9 percent is held by various
shareholders including public shareholders whose individual
ownership is less than 5 percent.

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

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

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


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


DAIEI INCORPORATED: Nakauchi Gives Up Representation Rights
-----------------------------------------------------------
TOKYO, Nov. 28 Kyodo - Isao Nakauchi, founder and former
President of the troubled supermarket chain Daiei Inc., has
surrendered his rights to represent any of the companies in the
Daiei group, Kyodo News reported Wednesday.

Nakauchi was replaced by Kunio Takagi. His former prot,g,,
company Vice President Takashi Hirayama, is the one spearheading
the ailing retailer's restructuring efforts.

Daiei recently stopped selling home electronics and appliances
such as televisions, refrigerators, and washing machines at
nearly two-thirds of all its outlets in a bid to stem poor sales
and ease the burden of huge interest-bearing debts.


DAINONG CORPORATION: W166B Purchase By Golden Bridge Likely
-----------------------------------------------------------
Golden Bridge Corporate Restructuring Company (CRC) will
probably buy Dainong Corporation, a company involved in the
manufacture of fabrics, for W166 billion, PRNewsAsia reported
yesterday, citing an unnamed Golden Bridge official.

The source close to the negotiations said that Golden Bridge,
selected for exclusive talks regarding Dainong, intends to
finalize the deal by the end of next month. Dainong is currently
under court receivership.


MATSUSHITA ELECTRIC: UK Mobile Phone Unit Dissolution Planned
-------------------------------------------------------------
Matsushita Electric Industrial Co Ltd (MEI) and principal
subsidiary Matsushita Communication Industrial Co Ltd (MCI)
announced plans to dissolve their UK mobile phone arm,
Matsushita Industrial UK ltd (MCUK), by the end of March 2002,
as reported by PRNewsAsia on November 27.

MCI recently closed two MCUK factories based in Thatcham,
Berkshire and Portsmouth, Hampshire, as part of Matsushita's
global restructuring efforts.

Thus, the Japanese electronic giant's European mobile phone
production base will then be transferred to the Czech Republic,
which is currently under construction.


MIZUHO HOLDINGS: Appoints New Presidents
----------------------------------------
Following the resignation of Mizuho Holdings Inc's three top
Chief Executive Officers yesterday, the company has appointed
Fuji Bank Ltd managing director Teronobu Maeda as new company
president, the designation to take effect on April 1, 2002,
according to PRNewsAsia on Tuesday.

The company has also appointed Tadashi Kudou as President of
Mizuho Bank, and Hiroshi Saito as President of Mizuho Corporate
Bank, both their appointments also to take effect on April 1,
2002.

The three top CEO's of Mizuho resigned in order to "renew its
executive team to start fresh", as the company has been
recently saddled by bad debts.


NIIGATA ENGINEERING: Files For Bankruptcy
-----------------------------------------
Heavy-duty machinery maker Niigata Engineering Company went
bankrupt on November 27, with debts totaling Y227 billion
following its filing for court protection from creditors, Kyodo
News reported yesterday.

The bankruptcy is reportedly the eighth-largest corporate
failure in 2001.  As a result of the breakdown, the Tokyo Stock
Exchange (TSE) announced that it would de-list Niigata
Engineering Co. stock from the exchange's First Section on
February 28, 2002.


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


DAEHAN FIRE: Takeover By Daehan Cement Finalized
------------------------------------------------
Daehan Cement has signed a formal contract with the Korea
Deposit Insurance Corp (KDIC) to acquire the ailing Daehan Fire
and Marine Insurance for W42 billion, the Korea Herald reported
Wednesday.

The government plans to write off the shares of the insolvent
insurer in full. Daehan Fire's debts have exceeded its assets by
W80.1 billion.

Following a capital reduction, the KDIC, the government body
that helps bail out troubled financial companies, will then
invest w38 billion in the insurer.

KDIC signed a preliminary agreement to sell Daehan Fire to
Daehan Cement in August.


DAEWOO MOTOR: GM Appoints Exec To Lead Daewoo Acquisition
---------------------------------------------------------
General Motors Corp. (GM) appointed D. Nick Reilly, formerly GM
Europe's Vice President in charge of Sales and Marketing, to
lead a team to supervise the transition in the U.S. auto-maker's
takeover of bankrupt Daewoo Motor Co., the Asian Wall Street
Journal reported Tuesday.

Reilly will assume his new position on January 1, 2002. When the
deal is consummated he will become the Chief Executive of the
new company and will then report directly to Rudy Schlais, Vice
President and President of General Motors Asia Pacific.


DAEWOO MOTOR: GM To Sign Takeover Deal Before Dec 25
----------------------------------------------------
U.S.-based General Motors Corp. aims to sign the final contract
to acquire Daewoo Motor Co. before Dec. 25, according to a
Tuesday report in the Asian Wall Street Journal, citing a high-
ranking GM official.

In September, GM and a few other investors agreed to purchase a
controlling stake in Daewoo Motor for US$400 million and a new
company will subsequently be created to replace the cash-
strapped South Korean automaker.

The new company will be launched on January 1, 2002 after the
purchase, barring any hitches in the negotiations.


DAEWOO MOTOR: Halted Labor Talks May Delay GM Takeover
------------------------------------------------------
Negotiations between Daewoo Motor's labor and management over
the revision of collective bargaining regulations have been
suspended, and both parties agreed to a cooling-off period,
until December 2, the Korea Herald reported yesterday.

The revision of the controversial collective bargaining
regulations is a key condition for General Motors' takeover of
the bankrupt Daewoo Motor, and a delay in the negotiations
necessarily results in delay of the takeover.

Talks for the revision of the collective bargaining regulations
begun on November 12, with the management trying to revise
certain collective bargaining regulations, specifically those,
which allow the labor union's approval on personnel reshuffling,
asset sales and other key managerial decisions.  GM has been
demanding that the labor oriented CBA be revised before it
should take over Daewoo Motor.


DAEWOO SECURITIES: Kookmin Refutes Reports Of Takeover Plans
------------------------------------------------------------
In a statement to the Korea Stock Exchange, Kookmin Bank said it
had no plans to take over Daewoo Securities Co, denying earlier
market speculations that it would buy the ailing broker from its
largest shareholder, Korea Development Bank, according to a
report by PRNewsAsia on November 27.

Daewoo Securities in a separate statement said that KDB, which
currently holds a 39 percent stake, has made no final decision
yet on selling the company.


HYNIX SEMICON: Rehab Committee To Announce Normalization Plans
--------------------------------------------------------------
The details of ailing Hynix Semiconductor's normalization plans
will be disclosed on November 28, at 4:00pm by the special body
specifically tasked to lead the restructuring of the troubled
Korean chipmaker, PRNewsAsia reported on Tuesday.

The restructuring body, which is headed by former Commerce
Minister Shin Kook-hwan, plans to hold a meeting in the morning
to discuss the normalization plans right before the afternoon
announcement.


HYUNDAI MOTOR: Labor Plans Strike
---------------------------------
The labor union of Hyundai Motor will walk out for two hours on
Thursday and Friday to protest management's refusal to give in
to its demands for an 11-percent pay hike and other collective
bargaining proposals, as reported by the Korea Herald on
November 28.

Union officials warned that the partial strike would turn into a
general walkout should Hyundai Motor management ignore their
demands.

The union's decision to push through with the walkout came after
arbitration efforts by the National Labor Relations Commission
failed.


SSANGYONG CEMENT: Buying W500B Worth Of Shares In 2 Units
---------------------------------------------------------
Ssangyong Cement Industrial Co Ltd has announced it will dispose
a total of W500 billion, buying more shares in its shipping and
real estate development units, PRNewsAsia reported on November
27.

Only last week, Ssangyong Cement disclosed a W74-billion long-
term rehabilitation plan to stabilize its finances by next year.
A memorandum of understanding was also signed between the firm
and its creditors, stating among other things, that Ssanyong's
management may be replaced at the instance the Company's
performance falls below the level provided for in the
rehabilitation plan.


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


ABRAR CORPORATION: MoU Definitive Agreements Not Executed
---------------------------------------------------------
The Special Administrators of Abrar Corporation Berhad (Special
Administrators Appointed) (ACB or the Company), on behalf of the
Company, announced that the restructuring exercise of ACB
involving Asia Pacific Land Berhad (APLand) and its wholly owned
subsidiaries (and sub-subsidiaries) namely City Square Center
Sdn Bhd, City Square Properties Sdn Bhd, APL Hotel Sdn Bhd,
Mount Pleasure Corporation Sdn Bhd and United Well Investment
Ltd. (collectively known as "the Vendors") as envisaged under
the Memorandum of Understanding (MoU) dated 26 June 2001 between
ACB, APLand and the Vendors will no longer be proceeded with as
the Definitive Agreements (as defined in the MoU) were not
executed by the relevant parties within the time period
stipulated in the MoU.


BRIDGECON HOLDINGS: Extension Conditional Upon Report Submission
----------------------------------------------------------------
On behalf of Bridgecon Holdings Berhad (Special Administrators
Appointed) (BHB or the Company), Arab-Malaysian Merchant Bank
Berhad announced that the KLSE has vide its letter dated 23
November 2001 approved the Company's application for an
extension of time for additional three (3) months period from 22
October 2001 to 21 January 2002 to enable the Company to
announce its Requisite Announcement.

The KLSE's approval for extension is on condition that the
Company is required to provide KLSE with detailed progress
reports on the development and/or latest status of the
regularization exercise by the following dates:

   a) 1st progress report by 6 December 2001 on any development
between the Company's application letter dated 17 October 2001
and 5 December 2001; and

   b) 2nd progress report by 15 January 2002 on any development
between 6 December 2001 and 14 January 2002.


EMICO HOLDINGS: KLSE Grants Proposals Submission Extension
----------------------------------------------------------
On behalf of the Board of Directors of Emico Holdings Berhad
(Emico or Company), Affin Merchant Bank Berhad announced that
the Kuala Lumpur Stock Exchange (KLSE) has, by its letter dated
23 November 2001 approved an extension of another one (1) month
from 7 November 2001 to 6 December 2001 for the submission of
the Proposals to the regulatory authorities.

The "Proposals"are made up of:

  *  Proposed Debt Restructuring Scheme
  *  Proposed Two-Call Rights Issue
  *  Proposed Employee Share Option Scheme
  *  Proposed Increase in Authorized Share Capital


HAI MING: Subsidiary Enters Proposed Disposal Agreement
-------------------------------------------------------
On behalf of the Board of Directors of Hai Ming Holdings Berhad
(HMHB), Public Merchant Bank Berhad (PMBB) announced that on 23
November 2001, Hai Ming Capital Sdn Bhd (HMCSB), a wholly-owned
subsidiary of HMHB has entered into an Agreement (Agreement)
with Ensonet.Com (Beijing) Ltd, a company incorporated in the
People's Republic of China (PRC) (Ensonet) for the Proposed
Disposal of 60 percent equity interest in Hubei Huali Paper Mill
Co Ltd (HHPM), a company incorporated in the PRC for a total
cash consideration of Rmb2,000,000 (equivalent to approximately
RM890,000 based on the agreed exchange rate of Rmb2.247=RM1.00).

DETAILS OF THE PROPOSED DISPOSAL

On 23 November 2001, HMCSB entered into an Agreement to dispose
of its 60 percent equity interest in HHPM (Sale Interest) to
Ensonet for a total cash consideration of Rmb2,000,000. The sale
consideration shall be payable in the following manner:

   (i) Upon execution of the Agreement, Ensonet shall pay, as a
non-refundable deposit and part payment, a sum of Rmb200,000
(equivalent to approximately RM89,000) to HMCSB; and

   (ii) The balance of the disposal consideration of
Rmb1,800,000 (equivalent to approximately RM801,000), shall be
paid by Ensonet to Ensonet's solicitors as stakeholders 7 days
after all the conditions precedent as set out in the Agreement
being satisfied.

Ensonet's solicitors will release the balance of the disposal
consideration within 3 days of the registration of the Sale
Interest in favor of Ensonet or Ensonet's nominee or 30 days
from the date the conditions precedent as set out in the
Agreement are satisfied, whichever is earlier.

The Sale Interest will be disposed of free from any mortgages,
liens, charges, encumbrances, or adverse claims of any nature
whatsoever together with all benefits rights and entitlement
accrued attaching thereto including but not limited to all bonus
and rights issues, dividends and distributions declared paid or
made on or after the execution of the Agreement.

The Proposed Disposal is expected to be completed within 3
months from the date of the Agreement.

Information on HHPM

HHPM was registered in China on 21 February 1995 and commenced
operation on the same date. The company is principally engaged
in the manufacture and sale of paper and paper related products
in the province of Jianli, PRC. Presently, HHPM has an issued
and paid-up share capital of Rmb38,333,000.

The summary of financial information on HHPM for the past 3
financial years ended 20 April 1998 to 2000 are set out in Table
1 below found at http://www.bankrupt.com/misc/Hai_Ming.doc

Presently, HHPM has ceased all of its operations.

Information on Ensonet

Ensonet was registered in China on 26 September 2000 and
commenced operations on 15 October 2000. The company is
principally involved in the following activities:

   * Advertising and promoting clients' products through E-
commerce, internet, intranet, mail ordering and telemarketing;
and

   * Investing or dealing in the sale and purchase of equities
and debts of companies, corporation, municipal or local
authority.

Presently, Ensonet has an issued and paid-up share capital of
USD150,000.

Original cost of investment in HHPM

HMCSB had on 31 January 1996 acquired the rights and interests
of Rmb23,000,000 or the entire 60 percent of the issued and
paid-up share capital of HHPM for a total cash consideration of
RM9,600,000.

Liabilities to be assumed by Ensonet

Save for the existing liabilities of HHPM, Ensonet will not
assume any new liabilities pursuant to the Proposed Disposal.

BASIS OF THE SALE CONSIDERATION

The sale consideration of Rmb2,000,000 was arrived at on a
willing-buyer willing-seller basis after taking into
consideration that HHPM has ceased operations and its NTA as at
20 April 2000 (date of deconsolidation) of Rmb24,302,048
(equivalent to approximately RM11,200,000) which has
deteriorated to Rmb22,514,566 (equivalent to approximately
RM10,334,636), based on the unaudited results of HHPM as at 31
May 2001. The directors of HMHB envisage that the break-up value
of the NTA of HHPM will be lower in the event the company is
wound up.

The sale consideration of Rmb2,000,000 for the 60 percent equity
interest in HHPM represents a discount of Rmb12,581,230 or 86
percent to the latest audited NTA of HHPM as at 20 April 2000 of
Rmb14,581,230 (60 percent of the audited NTA) and a discount of
Rmb11,508,740 or 85 percent to the unaudited NTA of HHPM as at
31 May 2001 of Rmb13,508,740 (60 percent of the unaudited NTA).

The sale proceeds will provide the HMHB Group with the much-
needed funds for working capital and restructuring expenses to
be incurred for the proposals to be undertaken by HMHB, the
details of which are set out in HMHB's announcement dated 31
October 2001.

CONDITIONS OF THE PROPOSED DISPOSAL

The completion of the Proposed Disposal is conditional upon the
following approvals being obtained:

   (i) The approval of the shareholders of HMHB vide an
extraordinary general meeting (EGM) to be convened;

   (ii) Delivery of the deed of assignment duly executed by
HMCSB; and

   (iii) The approval of the creditors of HMHB in accordance to
the terms set out in the Debt Restructuring Agreement dated 30
October 2001 entered into between HMHB, its subsidiaries and its
creditors.

RATIONALE FOR THE PROPOSED DISPOSAL

Since the last financial year ended 30 April 2000, the HMHB
Group is deemed to have no effective control of the HHPM
operations as the HMHB Group could not exert control over the
management team. The HMHB Group is also reluctant to commit
further funds of Rmb40,000,000 (equivalent to approximately
RM18,360,000) which is required for the construction of a water
treatment and filtration plant in view of the imposition of
environmental controls by the Chinese Authorities. The deadline
for the construction of the water treatment and filtration plant
has since lapse.

During the financial year ended 30 April 2001, a Court Order was
also issued pursuant to creditors petition for winding up, to
freeze the assets and operations of HHPM and HMHB was unable to
exercise management control over the preparation of the
financial statements of HHPM due to the Court Order.

In view of the abovementioned uncertainty in the future
operating condition of HHPM and HMHB's inability to inject the
required capital into HHPM, the Proposed Disposal is in the best
interest of the HMHB Group. Moreover, the Proposed Disposal will
result in cash inflow of Rmb2,000,000 (equivalent to
approximately RM890,000), which will provide the HMHB Group with
the necessary funds to finance the urgently required working
capital of the Group and the restructuring expenses to be
incurred for the proposals as set out in HMHB's announcement
dated 31 October 2001.

FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL

Share capital

The Proposed Disposal will not have any effect on the share
capital of HMHB.

Earnings

As the HMHB Group's investment in HHPM has been written off, the
Proposed Disposal will result in an exceptional gain of
approximately RM890,000 less any incidental cost of the Proposed
Disposal at the Group level.

Net tangible liabilities (NTL)

The proforma effect of the Proposed Disposal on the NTL of the
HMHB Group based on the latest audited consolidated balance
sheet of HMHB as at 30 April 2001 is as set out in Table 2 found
at http://www.bankrupt.com/misc/Hai_Ming.doc

Substantial shareholdings

The Proposed Disposal will not have any effect on the
substantial shareholdings of HMHB.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and/or substantial shareholders of HMHB
and persons connected to them have any interest, direct or
indirect, in the Proposed Disposal.

DIRECTORS' RECOMMENDATION

After considering all aspects of the Proposed Disposal, the
Board of Directors of HMHB is of the opinion that the Proposed
Disposal is in the best interest of the Company.

EGM

A notice for the EGM together with a Circular setting out the
details of the Proposed Disposal will be dispatched to the
shareholders of HMHB in due course.

DOCUMENT FOR INSPECTION

A copy of the Agreement in respect of the Proposed Disposal will
be available for inspection at the registered office of HMHB at
Lot 765, Jalan Haji Sirat, Off Jalan Meru, 42100 Klang during
normal business hours from Monday to Friday (except for public
holidays) for a period of 14 days from the date of this
announcement.


MAN YAU: Submits Schemes Of Arrangement Petition For Sanction
-------------------------------------------------------------
Reference is made to the announcement dated 8 November 2001
whereby the Board of Directors of Man Yau Holdings Berhad (MYHB
or the Company) had announced that the following statutory
schemes as per the Notice of Members and Creditors summoned
pursuant to an order of the High Court of Malaya dated 15
October 2001 were approved at the respective court convened
meeting of members of MYHB and meetings of creditors of MYHB,
Man Yau Plastic Factory (Malaysia) Sdn Bhd (MYPF) and Wang
Corporation Sdn Bhd (Wang) held on 8 November 2001:

1. Scheme of Arrangement between MYHB and its members.
2. Scheme A - Preferential Creditors of MYHB.
3. Scheme B - Unsecured Creditors of MYHB.
4. Scheme C - Preferential Creditors of MYPF.
5. Scheme D - Unsecured Creditors of MYPF.
6. Scheme E - Preferential Creditors of Wang.
7. Scheme F - Unsecured Creditors of Wang.

The Board of Directors of MYHB announced that the Company had on
19 November 2001, submitted a petition to the Kuala Lumpur High
Court for sanction of the respective schemes of arrangement
mentioned above.

The petition for sanction of the respective schemes of
arrangement mentioned above, by the Kuala Lumpur High Court has
been fixed for hearing on 6 December 2001.


OMEGA HOLDINGS: In Acquisition Talks With Unnamed Party
--------------------------------------------------------
On behalf of Omega Holdings Berhad (Omega or the Company),
Commerce International Merchant Bankers Berhad (CIMB) announced
that Omega had on 23 November 2001 received a letter from the
KLSE dated 23 November 2001 notifying that KLSE has approved an
extension of three (3) months from 26 October 2001 to 25 January
2002 to enable Omega to announce its Requisite Announcement.

In addition, Omega is further required to provide the KLSE with
detailed progress reports on the development and/or latest
status of the regularization exercise by the following dates:

1. 1st progress report by 6 December 2001 on any development
between Omega's application letter dated 23 October 2001 and 5
December 2001; and

2. 2nd progress report by 15 January 2001 on any development
between 6 December 2001 and 14 January 2002.

The Board of Directors of Omega is currently in discussion with
a suitable party for the acquisition of suitable/viable assets
with the objective to rescue Omega group and return it to a
secure financial footing and profitability. An announcement on
the outcome of the discussion will be made in due course.

Proposed Members' Scheme of Arrangement encompasses, as follows:

- Proposed Capital Reduction,
- Proposed Newco Incorporation, and
- Proposed Share Exchange;

* Proposed Rights Issue;

* Proposed Restricted Issue;

* Proposed Acquisition; And

* Proposed Debt Restructuring.

(Collectively referred to as the "Proposals")


PENAS CORPORATION: Updates Financial Regularization Status
----------------------------------------------------------
Penas Corporation Berhad (Pencorp or the Company) announced the
status of it's plan to regularize its financial position:

The Company had on 17 October 2001, applied to the KLSE for an
extension of time to announce the Requisite Announcement of its
plan to regularize its financial position. The KLSE has vide its
letter dated 23 November 2001 approved the Company's application
for an extension of time for an additional three (3) months from
20 October 2001 to 19 January 2002 to enable the Company to
announce its Requisite Announcement.

The KLSE's approval for extension is on condition that the
Company is required to provide KLSE with detailed progress
reports on the development and/ or latest status of the
regularization exercise by the following dates:

   a) 1st progress report by 6 December 2001 on any development
between the Company's application letter dated 17 October 2001
and 5 December 2001; and

   b) 2nd progress report by 15 January 2002 on any development
between 6 December 2001 and 14 January 2002.


PSC INDUSTRIES: Reacts To The Edge Article
------------------------------------------
The Board of Directors of PSC Industries Berhad (PSCI or the
Company) responded to a November 26 article in the Edge
entitled, "PSC Industries Defaults on Interest Payments":

PSCI has applied to the Corporate Debt Restructuring Committee
(CDRC) towards the finalization of Debt Restructuring Scheme on
the Company's indebtedness to its lenders since 17 August 1998.
The Company ultimately finalized a Restated Debt Restructuring
Agreement with its lenders on 6 December 2000 towards
restructuring of its loans totaling approximately RM581 million,
details of which were announced on the same day.

PSC1 has since 19 January 2001 sought from its lenders approval
for the interest payable from 1 January 2001 to debt conversion
date, which is to be satisfied by cash, to be converted into
ordinary shares of the Company. On 29 March 2001, it wrote to
the Corporate Debt Restructuring Committee (CDRC) to assist and
procure a decision from the lenders. It should be noted that no
decision was conveyed to the Company.

On 15 October 2001 the Company, after taking into consideration
the new initiatives of CDRC and call for "haircut" on
restructuring scheme, requested from its lenders to instead
waive all interest accruing from 1 January 2001 to the
completion of the Debt Restructuring exercise as PSCI exercise
does not involve any "haircut".

PSCI subsequently on 29 October 2001 met up with CDRC, among
others to discuss on the Company's request for the interest
waiver. CDRC shall arrange to convene a Creditors Meeting
towards a resolution on the matter.

Although PSCI has not made interest payments from the period 1
January 2001 to date, the Company is currently in negotiations
with its lenders on the interest and has not received any notice
of termination on the Restated Debt Restructuring Agreement.

Meanwhile, PSCI has been servicing the interest on loans of its
other banking facilities, which are not included and subjected
to the Restated Debt Restructuring Agreement.


SUNWAY HOLDINGS: Bondholders Approve Proposed Restructuring
-----------------------------------------------------------
The Board of Directors of Sunway Holdings Incorporated Berhad
(Company) announced that the Proposed Restructuring of the ECB
was approved by the holders of the euroconvertible bonds
1996/2001 (ECB)(the Bondholders) at the Extraordinary Meeting of
the Bondholders held on 27 November 2001.

Of the Bondholders represented at the Extraordinary Meeting,
98.565 percent voted in favor of the restructuring proposal.

The salient terms and conditions applicable to the ECB, which
were approved by the Bondholders at the Extraordinary Meeting to
be amended, includes:

(a) paying half of the accrued redemption premium on 11 December
2001;

(b) capitalizing the balance of the accrued but unpaid
redemption premium;

(c) introducing an option for eligible Bondholders to make
Ringgit denominated term loans available to the Company for the
sole purpose of enabling the Company to purchase a proportionate
number of ECB held by the relevant Bondholder, subject to
approval by Bank Negara Malaysia;

(d) adjusting the applicable interest rate from a fixed to
floating rate as per Schedule 2:

Year    USD Bonds (%)   Ringgit Term Loan (%)

2002    LIBOR + 1.75%   BLR or COF + 1.50%
2003    LIBOR + 2.00%   BLR or COF + 1.75%
2004    LIBOR + 2.25%   BLR or COF + 2.00%
2005    LIBOR + 2.50%   BLR or COF + 2.25%

(e) extending the final maturity date of the ECB from 11
December 2001 to December 2005;

(f) repaying the principal sum outstanding (including the
capitalized redemption premium amount) according to Schedule 1
below:

Payment Date   Amortization Amount as Percentage of
Principal Amount
Dec 2002     5%
Dec 2003     20%
Dec 2004     37.5%
Dec 2005     37.5%

(g) removing the Bondholders' conversion right.


TECHNO ASIA: KLSE Grants RA Extension
-------------------------------------
On behalf of Techno Asia Holdings Berhad (Special Administrator
Appointed) (TAHB or the Company), Arab-Malaysian Merchant Bank
Berhad announced that the KLSE, by its letter dated 23 November
2001, had approved TAHB's application for an extension of two
(2) months from 23 October 2001 to 22 December 2001, for TAHB to
make the Requisite Announcement (RA) to the KLSE.

The KLSE's approval for extension of time is conditional upon
the Company providing the KLSE with a detailed progress report
on the development and/or latest status of the regularization
exercise by 6 December 2001 on any development between 19
October 2001 and 5 December 2001.


UH DOVE: Subsidiary Cuts HWGB Stake
-----------------------------------
The Board of UH Dove Holdings Berhad (the Company or UHD)
announced that on 26 November 2001, the Company's wholly owned-
subsidiary, namely U.H. Industries Sdn. Bhd. has disposed part
of its investment in Ho Wah Genting Berhad (HWGB) comprising
20,000 shares representing 0.0125 percent of the issued and
paid-up capital of HWGB through the open market in the KLSE.

Details of Consideration [Paragraph 10.07(a)(i)]

The 20,000 shares were disposed at a selling price of RM1.52 per
share through the open market in the KLSE.

Particulars of the Transaction [Paragraph 10.07(a)(ii)]

The particulars of the investment in HWGB are as follows:

Number of Shares held
of RM1.00 each     Percentage

Before Disposal   198,600     0.12%
After Disposal   178,600     0.11%

Statement that the Directors, Major Shareholders and/or person
connected with them have no interest, direct or indirect, in the
transaction [Paragraph 10.07(a)(iii)]

Based on the statutory records of the Company and to the best of
our knowledge and belief, none of the Directors and Major
Shareholders and/or person connected with them has interest,
direct or indirect, in the aforesaid disposal.

Rationale for the Disposal

The disposal was made to raise additional working capital for
UHD Group.


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


METRO PACIFIC: Denies Report Of San Miguel Takeover Offer
---------------------------------------------------------
Metro Pacific Corp denied a local report made Monday, which said
that parent First Pacific Co Ltd offered to sell its 80.6
percent stake in the company to San Miguel Corporation,
PRNewsAsia reported on November 27.

A local newspaper reported previously that First Pacific had
offered to sell its controlling stake in its subsidiary to
several companies, including San Miguel for only P1 per share
plus advances worth US$90 million, with the latter declining the
offer. In a disclosure to the Philippine Stock Exchange, Metro
Pacific said, "Please be advised that there is no truth to this
article."


METRO PACIFIC: Announces 9-Month Net Loss Of P2B
------------------------------------------------
Metro Pacific Corporation posted a net loss of P2.2 billion for
the nine months ended September 30, as compared to the P2.7-
billion net profit posted during the same period of last year,
the Asian Wall Street Journal reported November 27.

Revenues of the company for the nine months ended September 30
were down to P5.5 billion, as compared to year-ago revenues of
P6.97 billion.

According to DebtTraders, Metro Pacific Corporation's 2.500%
convertible bonds due in 2003 (METPAC) are trading above par
between 124 and 125. For more real-time bond pricing
information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC


NATIONAL POWER: DOE, Congress Schedule Privatization Talks
----------------------------------------------------------
The Philippine Department of Energy is set to lead discussions
with the joint-congressional Power Commission on Thursday
regarding the final version of the plan to privatize the state-
controlled National Power Corporation (Napocor), the Asian Wall
Street Journal reported on Tuesday.  After the discussions and
deliberations, the Power Commission has until the year-end to
approve the proposed privatization.

Napocor's transmission assets are up for sale in the first
quarter of 2002, as part of the initial privatization process.
The sale of its generation assets would then follow. The sale of
Napocor's assets is expected to generate a total of US$5
billion.


NATIONAL STEEL: Stakeholders Seen To Contribute In Evaluation
-------------------------------------------------------------
The main stakeholders of the ailing National Steel Corporation
are widely expected to play important roles in the evaluation of
proposals for the lease, rehabilitation and operation of the NSC
plant in Iligan City, according to BusinessWorld on November 28.

DTI Secretary Mar Roxas said, "With the three proponents now
having submitted their detailed business and financial plans, we
look forward to the NSC Liquidator, the creditor-banks' Steering
Committee, the NSC management, and Hottick Investment Limited
now taking the front-running and active roles in finding the
best option to return the Iligan plan to viable operations."

The NSC committee is set to hold separate closed-door sessions
with each of the three companies that submitted proposals,
namely Voest Alpine of Austria, Cathay Pacific Steel Corp.
(Capasco) and Allengoal Steel Fabrication and Trading.


RFM CORPORATION: Exploring New Business Opportunities
-----------------------------------------------------
Following the sale of its bottling unit Cosmos Bottling
Corporation to San Miguel Corp, food conglomerate RFM
Corporation is exploring new business opportunities,
specifically, television broadcasting in an effort to "redefine
itself", Inquirer News reported yesterday.

RFM Chairman Jose Concepcion III confirmed that the company was
indeed interested in acquiring PLDT's 66.7 percent controlling
stake in media giant GMA Network, but not at the price
originally offered by PLDT, which was P8.5 billion.

Concepcion added that RFM would rather enter into a new
business, such as broadcasting, with a strategic partner rather
than venture alone.


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


CREATIVE TECHNOLOGY: Changes In Shareholder's Interests Posted
--------------------------------------------------------------
Creative Technology Limited on Tuesday announced a notice of
change in the deemed interests of substantial shareholder The
Capital Group Companies Incorporated. The changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: The Capital Group Companies,
Inc.
Date of notice to company: 26 Nov 2001
Date of change of shareholding: 23 Nov 2001
Name of registered holder: Cede & Co.
Circumstance giving rise to the change: Others
Please specify details: Open market sale

Shares held in the name of registered holder

No. of shares of the change: (97,100)
Percent of issued share capital: (0.135)
Amount of consideration per share
excluding brokerage, GST, stamp duties,
clearing fee: US$7.6127
No. of shares held before change: 2,230,720
Percent of issued share capital: 3.101
No. of shares held after change: 2,133,620
Percent of issued share capital: 2.966

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed    Direct
No. of shares held before change:  3,858,170
Percent of issued share capital:   5.363
No. of shares held after change:   3,761,070
Percent of issued share capital:   5.228

Total shares:

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


FHTK HOLDINGS: Shareholder's Interest Changes Disclosed
-------------------------------------------------------
FHTKI Holdings Limited disclosed on Tuesday a notice of changes
on the interests of substantial shareholder Oversea-Chinese
Banking Corporation Limited. The notice which contains the
changes:

Notice Of Changes In Substantial Shareholder's Interests

Name of substantial shareholder: Oversea-Chinese Banking
Corporation Limited
Date of notice to company: 26 Nov 2001
Date of change of interest: 22 Nov 2001
Name of registered holder: Oversea-Chinese Bank Nominees Pte Ltd
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: 140,000
Percent of issued share capital: 0.01
Amount of consideration per share
excluding brokerage, GST, stamp duties,
clearing fee: S$0.10321
No. of shares held before change: 871,122
Percent of issued share capital: 0.07
No. of shares held after change: 731,122
Percent of issued share capital: 0.06

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed    Direct
No. of shares held before change: 48,581,292  149,635,667
Percent of issued share capital:   3.95    12.15
No. of shares held after change:  48,581,292  149,495,667
Percent of issued share capital:     3.95    12.14

Total shares:        48,581,292  149,495,667

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
148,764,545 (12.08 percent) and registered holder Oversea-
Chinese Bank Nominees Private Limited is 731,122 (0.06 percent)
and deemed interest under registered holder UOB Kay Hian Private
Limited is 48,176,448 (3.92 percent) and under registered holder
Keppel Bank Nominees Private Limited is 404,844 (0.03 percent).
Total interest after change is 16.09 percent.


L & M GROUP: Investor Proposes Loan Restructuring
-------------------------------------------------
L&M Group Investments Limited announced that it has received a
proposal from an investor to restructure the Company's bank loan
of approximately S$82 million with Overseas Union Bank Limited).
The proposal aims to improve the financial position of the
Company and to facilitate the strategic investment by the
Investor in the Company.

The proposal is subject to agreement by the Bank and the
agreement between William Soeryadjaya and Edward Soeryadjaya who
are parties to the proposal. The Company expects that it will be
able to make further announcements on this by Friday, November
30, 2001.


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


DATAMAT PUBLIC: Amends Capital Reduction Details
------------------------------------------------
Datamat Public Company Limited (DTM) requested to allow for the
amendment of details of reduction of capital, and the Clause 3.
should read:

"3.  To resolve that the Bt134,093,050 of registered capital of
the Company, which already been paid, are reduced to
Bt67,046,520 by reduction of 6,704,653 common shares of Bt 0
each  to 6,704,652 shares of Bt10 each. Any fraction of the
shares with regard to the reduction are to be deemed as 1 share
then the differences between the shares allotted by the
reduction and the capital reduced are to be borne by Mr. Manoo
Ordeedolchest, the Director."


JEWELRY REALTY: Files Petition For Business Reorganization
----------------------------------------------------------
Real estate developer Jewelry Realty Company Limited's (DEBTOR)
Petition for Business Reorganization was filed in the Central
Bankruptcy Court:

   Black Case Number 696/2543

   Red Case Number 720/2543

Petitioner: JEWELRY REALTY COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,278,162,013.98

Planner: Consolidate Consultant Company Limited

Date of Court Acceptance of the Petition: September 4, 2000

Date of Examining the Petition: October 2, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of
Planner: October 2, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: October 31,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: January 31, 2001

Appointment date for the Creditors' meeting to consider the
Business Reorganization Planner: February 13, 2001 at 9.30 am.
Convention Room no. 1105, 11th Floor Bangkok Insurance Building,
South Sathorn Rd.

Meeting of Creditors had a special resolution accepted the Plan

Court Order for Accepting the reorganization plan: March 6, 2001
and appointed Consolidate Consultant 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: March 15, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: April 10, 2001

Contact: Tel, 6792525


KGI SECURITIES: TRIS Assigns "BBB-" Rating to KGI
-------------------------------------------------
Thai Rating and Information Services Co., Ltd. (TRIS) announces
that it has assigned a "BBB-" company rating to KGI Securities
(Thailand) PLC (KGI). The rating is based on the persistently
sluggish economy and its prolonged negative outlook. The
economic downturn has adversely affected all securities
companies including KGI. The rating also reflects the time that
KGI's management team from its major shareholder, the Koos
group, will need to rectify KGI's position in this volatile
securities market situation. These weaknesses are mitigated by
KGI's strong capital base and support from the Koos group that
sustained the company's performance during financially difficult
years.

TRIS said that trading on the Stock Exchange of Thailand (SET)
has been hit by prolonged weak economic conditions. Average
daily market turnover has been highly volatile: Bt3,764 million
in 1997, Bt3,505 million in 1998, Bt6,571 million in 1999,
Bt3,740 million in 2000 and Bt6,619 million during the first
nine months of 2001. Amid general economic malaise and
compounded by terrorist attacks on the United States, daily
trading on the SET since September up to mid-November 2001 has
averaged close to Bt3,700 million. The securities business
outlook is closely tied to the weakening economic environment.
The liberalization of brokerage fees since the fourth quarter of
2000 has significantly intensified competition in the business.
The average brokerage fee declined from 0.4 percent-0.5 percent
before liberalization to approximately 0.15 percent in 2001.
Many securities firms are bearing losses in order to secure
their client bases.

TRIS said the Koos group initially intended to use KGI as the
group's core securities entity by setting up KGI Securities One
Holding Ltd. (HOLDCO) in Hong Kong in 1999 as a wholly-owned
subsidiary of KGI to handle KGI's foreign investments. However,
because the Thai authorities in 1998 restricted the amount of
baht that could be transferred out of the country, KGI was
limited in the investments it could make through
HOLDCO. In late 2000, the Koos changed its strategy by
transferring KGI's parent status to KGI International Holding
Ltd. (KGII), another holding company of the group that is
incorporated in the Cayman Islands. At the end of 2000, HOLDCO
had a 0.45 percent stake in KGII.

In 2001, KGI swapped its investments worth Bt2,720 million or 36
percent of its total assets in 2000, for US$70 million in
convertible debentures and straight bonds from KGII. These
convertible debentures and straight bonds are expected to
provide stable interest income to KGI to substitute for profit
sharing from its former HOLDCO subsidiaries in foreign
countries. In addition, KGI's 100 percent investment in One
Asset Management Co., Ltd. (OAM) is expected to provide stable
cash flow to KGI in the future. KGI has received dividends of
approximately Bt22 million from OAM each year since 1999. KGI
has a strong capital base compared with its peers. Its assets to
equity ratio was 141.14 percent at mid-year 2001. At the end of
June 2001, KGI had paid up capital of Bt14,930 million, after it
increased capital by Bt7,000 million in 1998 and Bt5,000 million
in the third quarter of 1999. Besides being able to inject new
capital into KGI, the Koos group can also direct its client base
in other countries to be potential clients of KGI.

KGI has been able to resolve some major conflicts, namely the
resignation of its prior management and changing warrant
conditions for reflecting proper market situation. KGI's new
management team led by the Koos group became fully operational
at KGI in 2001. Top management from the Koos g roup had
experience in the securities business in Taiwan and Hong Kong
before being appointed in Thailand. This could bring new ideas
and fresh innovations to KGI. However, the team requires more
time to prove its success in Thailand. KGI's management plans to
reenter the investment banking business and expects it to
generate significant revenues in the future, TRIS said.


MEDIA OF MEDIAS: Rehabilitation Plan Hearing Date Moved
-------------------------------------------------------
Media of Medias Public Company Limited, in reference to the
postponement of the Bankruptcy Court in considering the
Company's Rehabilitation Plan and the appointment to listen for
the judgment from the Constitution Court on January 15,2002,
announced that at present the Constitution Court has made the
judgment that Section 90/46 and 90/58 of the Bankruptcy Act are
not unconstitutional with the section in the Constitution Court.

Therefore, the Judge who handles the case has cancelled the
former appointment date and set up a date for reviewing the
rehabilitation plan of the Company on December 26,2001 at 10.00
a.m. at the Bankruptcy Court.


RAIMON LAND: Announces 2002 Annual Holidays
-------------------------------------------
Raimon Land PLC has set annual holidays for the year 2002
totaling 14 days:

1.  Tuesday    1  January  New Year's Day
2.  Tuesday   26  February Makha Bucha Day
3.  Monday     8  April    Substitution of Chakri Day
4.  Monday    15  April    Songkran Festival Day
5.  Tuesday   16  April    Substitution of Songkran Festival Day
6.  Wednesday  1  May      National Labor Day
7.  Monday     6  May      Substitution of Coronation Day
8.  Monday    27  May      Substitution of Wisakha Bucha Day
9.  Thursday  25  July     Buddhist Lent Day
10. Monday    12  August   H.M. The Queen's Birthday
11. Wednesday 23  October  Chulalongkorn Day
12. Thursday   5  December H.M. The King's Birthday
13. Tuesday   10  December Constitution Day
14. Tuesday   31  December New Year's Eve


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer               Coupon   Maturity   Bid - Ask Weekly change
------               ------   --------   --------- -------------

Asia Pulp & Paper     FRN     due 2001     9 - 12         0
Asia Pulp & Paper     11.75%  due 2005    26 - 29         0
APP China             14.0%   due 2010    13 - 16         0
Asia Global Crossing  13.375% due 2006    31 - 34        +1
Bayan Telecom         13.5%   due 2006    17 - 20         0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 5.5       -1.5
Hyundai Semiconductor 8.625%  due 2007    48 - 51        -1
Indah Kiat            11.875% due 2002    27 - 30         0
Indah Kiat            10.0%   due 2007    18 - 21         0
Paiton Energy         9.34%   due 2014    53 - 56         0
Tjiwi Kimia           10.0%   due 2004    16 - 19         0
Zhuahi Highway        11.5%   due 2008    14 - 17        +2

Bond pricing, appearing in each Thursday's edition of the TCR-
AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson
at 1-212-247-5300. To view our research and find out about
private client accounts, contact Peter Fitzpatrick at
1-212-247-3800. Real-time pricing available at
http://www.debttraders.com


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Jerros Dolino, Editors.

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

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

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

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