TCRAP_Public/011203.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, December 3 2001, Vol. 4, No. 230

                         Headlines

A U S T R A L I A

AMP LIMTED: Increases Mayne Nickless Stake To 41M Shares
ANSETT: Administrators Told To Explain $1.1B Bid To Creditors
AUSTRALIAN MAGNESIUM: Completes QMAG Debt, Book Restructure
AUSTRIM NYLEX: Chairman Says FY00-01 Disappointing
GOODMAN FIELDER: Posts Daily Share Buyback Notice

IPT SYSTEMS: Settles Legal Dispute With Former MITC Vendors
KEYCORP LIMITED: Bruce Thompson Becomes CEO, Managing Director
KINGSTREAM STEEL: Under Voluntary Administration
MACMAHON HOLDINGS: Director Sikirich Resigns
MACMAHON HOLDINGS: Chairman Says Debt Down By $52M to $120M

MACMAHON HOLDINGS: Posts Results of AGM
MTM ENTERTAINMENT: Force To Pay NZ$53M
PASMINCO LIMITED: Head of Smelting Resigns
PMP LIMITED: Merger Discussions Only Preliminary
PMP LIMITED: Indicates Unwillingness to Merge With IPMG

QANTAS: Workers Obey IRC Order, Stops Snap Strike
SKYWEST AIRLINES: Administrator Choosing Preferred Bidder Soon


C H I N A

CHINA DIGICONTENT: Release of Year Ending Report Delayed
LS HIGH-TECH: Delays Release of Year Result Ended June 30


I N D O N E S I A

BAKRIE & BROTHERS: Bakrie Family Plans Shares Buyback
GARUDA INDONESIA: Signs Agreement With CSA

* IBRA To Create Holding Firms For Equity And Property Assets



J A P A N

DAIEI INC: Founder Nakanuchi Gives Up Representation Post
DAIEI INC: Moody's Downgrade Sparks Run On Credit Line
ISUZU MOTOR: To Transfer US Staff To Fuji Heavy
KINSO CORP: Creditors Waive Estimated Y20B Loans
MATSUSHIMA COAL: Shuts Down Ikeshima Plant After 42 Yrs
MATSUSHITA ELECTRIC: Opens Facility For Worker Retraining


K O R E A

ASIANA AIRLINES: Sells Stake In KCAT
HANVIT BANK: Provides W27B Profit Financing
HYNIX SEMICONDUCTOR: Denies Merger Reports With Micron
HYUNDAI GROUP: Chung Leaves For North Korea To Revive Kumgang
HYUNDAI MOTOR: Labor Union Starts Partial Strike
HYUNDAI SECURITIES: Share Issue Delayed Due To Talks With AIG


M A L A Y S I A

ABRAR CORPORATION: Debt Restructuring Exercise Misses Deadline
ABRAR CORPORATION: Restructuring Extension Granted
ASIAN PAC: Posts Quarterly Report Ended Sept 30
NCK CORPORATION: Announces Agenda For Annual General Meeting
PUTRA, STAR: Rgt5.3B In Overdue Loans Converted To Bonds
WEMBLEY INDUSTRIES: Posts Quarterly Report Ended Sept 30


P H I L I P P I N E S

NATIONAL POWER: Power Supply Deal With Mirant, Clark Likely
NATIONAL POWER: May Buy Out Enron Power Pacts
PT&T: Creditors Approve Restructuring Terms Changes
SINGER INDUSTRIES: Shuts Down Philippine Unit Due To Losses


S I N G A P O R E

CAPITALAND LIMITED: Posts Temasek Holdings' Interest Changes
CAPITALAND LIMITED: Unit Ascott Enters JV With Mitsubishi
CREATIVE TECHNOLOGY: Posts Changes in Merrill Lynch' Interests
FHTK HOLDINGS: Ee Huat Siong No Longer Substantial Shareholder
SAMUDERA SHIPPING: Announces Drop In Profits


T H A I L A N D

ELECTRICITY GENERATING: Files For Dissolution Of Mining Unit

     -  -  -  -  -  -  -  -

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


AMP LIMTED: Increases Mayne Nickless Stake To 41M Shares
--------------------------------------------------------
AMP Limited changed its relevant interest in Mayne Nickless
Limited on November 26, 2001 from 27,225,187 ordinary shares
(6.15%) to 41,029,861 ordinary shares (5.08%).


ANSETT: Administrators Told To Explain $1.1B Bid To Creditors
-------------------------------------------------------------
Federal Court Judge Alan Goldberg suggested that Ansett
administrators hold a meeting with the airline's creditors in
December to explain the terms of a $1.1 billion offer for the
company, and another meeting a month after to vote on the bid,
the Age reported Friday.

The Judge's proposal came after administrators Mark Mentha and
Mark Korda from Andersen outlined some complex legal issues
likely to come before the court in the next few weeks.

Lindsay Fox and Solomon Lew proposed a $1.1 billion deal to
rebuild Ansett, amid issues including resolution of the Federal
Government's stand on a $195 million advance to help cover
entitlements for terminated workers.


AUSTRALIAN MAGNESIUM: Completes QMAG Debt, Book Restructure
-----------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) has completed its
refinancing of the Queensland Magnesia (QMAG) debt facility and
associated restructuring of the foreign exchange hedge book.

AMC has arranged a $72 million corporate facility with the ANZ
Banking Group Limited (ANZ), repayable over 5 years with $35
million payable on maturity. Part of the proceeds of this
facility have been used to restructure QMAG's foreign exchange
hedge book together with $20 million drawn from the proceeds of
the recently completed equity raising. Normandy Mining Limited,
AMC's majority shareholder, will continue as guarantor to the
debt facility and foreign exchange hedging position.

The terms of the QMAG debt and foreign exchange hedge book
restructure were both foreshadowed in AMC's prospectus dated
15 October 2001.

For further comment and clarification, please contact:
Simon Jemison
MANAGER PUBLIC AFFAIRS AND COMMUNICATION
Ph: +61 7 3335 8500


AUSTRIM NYLEX: Chairman Says FY00-01 Disappointing
--------------------------------------------------
Austrim Nylex chairman J. Moule, in his address to shareholders,
said "the 2000-2001 financial year was very disappointing for the
company, especially the need to writedown the book valuations of
a number of assets totaling $279 million, resulting in a Net Loss
of $269 million.

>From the start of the year, the group faced a range of challenges
that adversely affected our business. They included the
introduction of the Goods and Services Tax, a weakening
Australian dollar, increasing costs of purchasing polymer and
other imported materials, and a slowing economy, particularly in
civil and residential building and the automotive industry.

Other factors affecting the result for the year included the
costs associated with restructuring of operations. The group's
debt position and the lack of retained profits has meant that the
directors could not pay a final dividend for the year, nor the
October interest payment on the Mandatory Converting Notes.

The factors show earnings before interest and tax fall 58 percent
from $63.2 million to $26 million, on a comparative basis. This
EBIT comparison indicates the operating result excluding one-off
items such as asset sales.

The group's cashflow during the financial year emphasizes the
need to reduce debt and to tightly control capital expenditure
and to divest non-core and underperforming assets.

A range of initiatives were implemented to identify those of our
36 businesses which could deliver profits and growth and those
that should be divested or closed.

In February 2001, a new management team was appointed, led by a
new Managing Director and Chief Executive, Mr Peter Crowley, who
has extensive industrial experience in Australia and overseas. He
quickly implemented a more streamlined business and
accountability structure.

The company is in the process of restructuring its operations,
and sustainable improvement is expected in the long term, subject
to economic conditions and to further costs to be incurred in
rationalization. Accounting standards demand certainty in order
to provide against restructuring costs so in addition to the
charges known at June 30, 2001; further charges are anticipated
against future results."

The Chairman is confident that earnings from continuing
businesses before bank interest, tax, depreciation and
amortization (EBITDA) will reach $100 million in the 2001-2002
financial year, with the prospect of greater improvements in the
future as the benefits of restructuring flow through. After bank
interest and borrowing costs, depreciation and amortization,
result for this year will be marginally below breakeven.


GOODMAN FIELDER: Posts Daily Share Buyback Notice
-------------------------------------------------
Goodman Fielder Limited posted the following daily share buyback
notice:

                             APPENDIX 3E
                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market

2. Date Appendix 3C was given to    Tuesday, 13/11/2001
   to ASX

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                    BEFORE               PREVIOUS
                                   PREVIOUS                DAY
                                     DAY

3. Number of shares bought          73,173              29,000
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid        98,284              39,489
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                               Highest price paid   Highest price
                                                     paid
                               $1.35                $1.37
                               Date:   -

                               Lowest price paid    Lowest price
                                                    paid
                               $1.34                $1.36
                               Date:   -
                                                    Highest price
                                                    allowed under
                                                    rule
                                                    7.33:
                                                    $1.4209

PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      Nil
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     72,897,827
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.


IPT SYSTEMS: Settles Legal Dispute With Former MITC Vendors
-----------------------------------------------------------
IPT Systems, a troubled tech player, will hold its annual meeting
today, after announcing it has settled legal disputes with three
former key players and has secured full ownership of subsidiary
MTIC Corporate, The West Australian reported Friday.

IPT, formerly Nexus Minerals, earlier investigated into the
circumstances surrounding its acquisition of an 80 percent stake
in MTIC. The inquiry went into the "accuracy of representations"
by the vendors of MTIC, Adrian Floate, Andrew Mann and Russell
Miln, which led to the acquisition.

IPT subsequently filed legal actions against Floate, a former IPT
managing director, and MTIC co-founder Mann, where IPT charged
that Floate and Mann made "material misstatements."

IPT told the Australian Stock Exchange that "while Mr Floate and
Mr Mann deny the various allegations made against them . . . the
litigation has been settled." Mr Floate and Mr Mann, as part of
the settlement, will transfer all their total 66.6 million shares
in IPT back to the company, subject to any necessary waivers or
approvals by the exchange. A separate agreement has been forged
with Miln, who retains a seat on the IPT board, IPT said.


KEYCORP LIMITED: Bruce Thompson Becomes CEO, Managing Director
--------------------------------------------------------------
Secure electronic transaction solutions provider, Keycorp
Limited, announced last week that Bruce Thompson has been
selected as CEO and Managing Director of Keycorp. Thompson was
appointed as non-executive director in March 2001, and interim
CEO in August, 2001.

"The Board of Directors of Keycorp are pleased to welcome Bruce
Thompson into the CEO position full-time," said Malcolm Irving,
Chairman. "We have conducted an extensive search to fill the
role, and the result of that search is that Bruce is our first
choice to lead Keycorp. The Board is unanimous in its endorsement
of the job Bruce has done to date, and has every confidence that
he will continue steering the company on this positive path."

Thompson spent 32 years with Hewlett-Packard before retiring as
Managing Director of Hewlett-Packard Australia and New Zealand.
Bruce is also a member of Senator Alston's Australian Information
Economy Advisory Council.


KINGSTREAM STEEL: Under Voluntary Administration
------------------------------------------------
Kingstream Steel Ltd was placed into voluntary administration
Thursday, with Bryan Hughes and Vincent Smith, of Norgard
Clohessy Chartered Accountants as appointed administrators,
Canberra Times reported Wednesday.

According to Chairman Ken Court, appointed administrators were in
the best interest of stakeholders, given the company's failure to
recapitalize in the short term.

Development of Kingstream's proposed $2 billion Mid-West Iron &
Steel project in Western Australia is now fueled by doubts as the
company is now under administration, following the high-profile
Ansett, HIH Insurance, One.Tel and Pasminco Ltd.



MACMAHON HOLDINGS: Director Sikirich Resigns
--------------------------------------------
Steve Sikirich has ceased duties as Director of Macmahon Holdings
Limited effective from close of the Annual General Meeting held
on 26th November 2001.

For further details contact:

Rick Blair
CHIEF FINANCIAL OFFICER
Telephone: (08) 9365 1211
Facsimile: (08) 9365 1186


MACMAHON HOLDINGS: Chairman Says Debt Down By $52M to $120M
-----------------------------------------------------------
Macmahon Holdings Limited Chairman D. Humann, during the
company's 38th annual general meeting, says that as results of
completing the initiatives outlined at last year's AGM and in the
December 2000 results announcement, Macmahon is now well placed
to build on its core contracting skills.

He said shareholders were previously informed shareholders of
what was required to be undertaken and that the company was
focusing on reducing borrowings and the actions that were
required may have resulted in some negative impact on earnings.

Accordingly, the financial results for the year 2000/2001
demonstrates the success achieved in reducing debt during the
year by $52million to $120 million largely through funds from
operations and the sale of surplus assets. Unfortunately a pre-
tax loss of $21.8 million was incurred, largely due to the need
to reduce debt. Any loss is unsatisfactory and Macmahon's focus
is clearly on providing a return to shareholders.

The largest negative impact on pre-tax earnings was the
settlement of claims outstanding against clients at 30 June 2000.
While the settlement of these claims had a negative impact on
earnings of $11 million for the year, the board endorsed
management's view that settling the claims promptly and winning
new work was the appropriate strategy.

In addition to the settling of outstanding claims, the Company
incurred losses in Indonesia in preparing to exit Indonesia this
financial year. Furthermore the company experienced a bad debt of
$3.5 million when Centaur Mining Limited was placed in
receivership.

Macmahon has moved from a position in June 2000 of only having a
short term debt facility to where we it now has a three-year
$100 million financing facility in place with ANZ Banking
Group, which is a very satisfactory position to be in during such
an unsettled time.

Macmahon, accordingly, has been successful in rebuilding its
order book with strong clients and good projects; the largest
project commenced during the year was the Alice Springs to Darwin
Railway project.

Macmahon is a 10% joint venture participant in the $1.1billion
design and construction project as well as being a 6.2% equity
partner in the ownership of the 50 year operating concession.
Macmahon and the other sponsor shareholders provided equity and
contingent equity support in the form of Letters of Credit,
Macmahon's 6.2% equity represents an investment of $19.4 million.

Providing equity to projects is not Macmahon's preferred strategy
however, directors approved the equity participation with the
ongoing funding support of the ANZ Banking group.

The company is on target to produce a satisfactory profit for
shareholders for the next financial year. A considerable progress
in resolution of the remaining unsatisfactory elements for
businesses in South East Asia.

Since June 2001 Macmahon has won $135 million of new work across
all divisions. It has a strong order book for all divisions of
$670 million at the end of October.

While the Australian economy continues to look solid there is
still a great deal of uncertainty in the outlook for growth in
the western world and the potential for further negative impact
on mineral prices and mining projects cannot be overlooked.

The chairman assured shareholders that the company will remain
focused on three core businesses of open cut and underground
mining and selected civil engineering projects in Australasia.

Directors are firmly of the view that Macmahon should be a
dividend paying company but until it has achieved the target
level of debt, it is not recommending payment of dividends.

    CHIEF EXECUTIVE OFFICER N BOWEN'S PRESENTATION

There a two areas I will cover in today's presentation:
* Highlights and financial performance for the 2000/01 year, and
* The 2001/02 year, progress to date and outlook

1.0  THE 2000/01 YEAR

As already detailed in the Chairman's address the financial
performance of the company during the 2000/01 year was
unacceptable from a profit perspective, however significant
progress was achieved in relation to rebuilding Macmahon. I would
like to highlight a number of those achievements.

* Cash flow - The focus by the company on improving performance
resulted in a significant improvement in cash flow. Cash flow
from operations was $27.7 million (up from $0.3 million the
previous year) and was the best result since 1998.

In addition to the cash flow from operations $30 million of cash
was generated from the sale of surplus assets.

* Debt reduction - The main target for the year was to reduce
debt. During the year net debt was reduced by a significant $52.3
million exceeding our target reduction in debt of $40 million. At
year end net debt was $120.1 million which was the lowest level
since 1995.

* New Work - The success of our business is comprised of a
combination of the ability to win new work and then to achieve
profits from the work. During the 2000/01 year a number of
unprofitable contracts were completed. This opened the
opportunity to replace these unprofitable contracts with new
work. To this end the company was very successful during the year
in securing new work and contract extensions totalling $650
million taking the order book at year end to $662 million (up
from $389 million 12 months ago).

Significant contracts awarded during the year included:

* Three year Joint Venture contract (Macmahon 10% share) for the
construction of the Alice Springs to Darwin Railway. This is a
major infrastructure project which will deliver positive results
for Macmahon.

* Ten year regional road maintenance contract in Western
Australia for the Main Roads Department.

* Two new contracts in the expanding coal sector at Blackwater
(Queensland) and Muswellbrook (New South Wales).

* A 50 month plant hire contract at the Carosue Dam gold mine in
Western Australia.

* Two new underground contracts at Leonora(gold) and Emily Ann
(nickel).

The majority of this new work was won in the latter part of the
year and will benefit the 2001/02 year.

* Geographical Focus - As previously stated to shareholders
Macmahon's focus is Australia and New Zealand. To achieve this an
exit from the Asian operations is required. As part of this exit
strategy the Sekampung sand mine in Indonesia was sold during the
year. During 2001/02 it is expected that operations in Indonesia
will be completed and our crushing joint venture in Sarawak sold.
This will leave the company with only the profitable Kepong
quarry in Kuala Lumpur by June next year.

* All major contract claims settled without litigation

* New Banking Facilities - The negotiation of a new three year
multi option facility with ANZ was a major achievement during the
year. With the new facility in place Macmahon is well placed to
achieve continued debt reduction at the same time as achieving
profitable returns for shareholders.

2.0 THE 2001/02 YEAR

By the end of the 2000/01 year Macmahon had completed the
significant re-organization and rebuilding program to position
the company for a profitable future.

The following targets have been established for the business over
the next two years
                                 BY JUNE 2002        BY JUNE 2003

After tax profit as a %            1.5 to 2%              3%
of revenue
Net balance sheet debt             $90 million        $60 million
Lost time injury frequency              4                  2
rate

The company believes these targets are achievable based on our
current order book and expectations of new work. The debt
reduction target of $30 million in 2001/02 allows for the
investment of $10 million in new mobile plant.

The start of the 2001/02 year has been successful with the award
of $135 million of new contracts across our three operating
divisions, open cut, civil and underground.

The new contracts include:

* Area C Iron Ore bulk sample contract for BHP Billiton in WA;
* Underground and open cut contracts for St Barbara Mines at
their Meekatharra gold operations
* Mining contract for Merlin Diamonds at their open cut mine in
the NT;
* Two major civil contracts for Robe River Iron Associates at
their and Cape Lambert port upgrade and West Angeles mine
development projects;
* Underground development contract for WMC at their Leinster
Nickel operation;
* Major civil contract involving land reclamation and wharf
facilities for the WA Government at Jervoise Bay; and
* A second coal contract for Muswellbrook Coal Company in NSW.

These new contracts combined with the contract successes last
year demonstrate the capacity of Macmahon to win quality work
with the major mining companies and government organizations.
The order book at the end October was $670 million.

The first four months of the 2001/02 year have been profitable
with continued debt reduction and we are on target to deliver a
profit of $2 to $2.5 million for the 6 months to December. Full
year turnover is expected to be around $400 million with profit
and debt reduction in line with the previously mentioned targets.
Profitability in the second half will exceed the first half as a
result of contributions from our joint venture contracts and
specifically the Alice Springs to Darwin rail contract.

The outlook for the company is positive based on our existing
order book. New work and further contract extensions are still
critical for our future performance. The remainder of this year
is secure with only $35 million of new work required to achieve
our $400 million turnover target. For the 2002/03 year current
tendering activity is currently positive.

Macmahon targets for future years are:
* Maintain focus on Australasia.
* Three key core businesses, open cut, underground and civil.
* Revenue maintained at $400 million pa with the focus on
improving profitability.
* Ongoing debt reduction with a return to dividend payments when
debt levels reduced sufficiently.

In summary, the company is now on track to deliver profits in the
current year and continue with the aggressive debt reduction
programme.

For further information contact:

Mr Nick Bowen
CHIEF EXECUTIVE OFFICER
Tel (08) 9365 1200

Mr Rick Blair
CHIEF FINANCIAL OFFICER
Tel (08) 9365 1211


MACMAHON HOLDINGS: Posts Results of AGM
---------------------------------------
The following resolutions were passed by Macmahon Holdings
Limited shareholders at its November 26, 2001 Annual General
Meeting:

Adoption of Financial Statements and Reports for the year ended
30 June 2001.

1. Appointment of Mr Richard John Carter as a Director
* 55 proxies for the Resolution
* 3 proxies against the Resolution
* 2 proxies abstain
* 16 proxies may vote at the proxies' discretion

For further details contact:
Rick Blair, Chief Financial Officer      (08) 9365 1211
Facsimile:                               (08) 9365 1186


MTM ENTERTAINMENT: Force To Pay NZ$53M
--------------------------------------
The MTM Entertainment Trust (MME) and Force Corporation Limited
of New Zealand have settled the Force Entertainment Centre
litigation. Force will pay MME NZ$53 million on 31 January
2002. The NZ$53 million remains first secured against the Centre
until paid. As MME understands the position, Force will be
raising the necessary funds by way of a rights issue fully
underwritten by its majority shareholder, Sky City.


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

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

>From January 1, 2002, those persons previously reporting to Mr
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


PMP LIMITED: Merger Discussions Only Preliminary
------------------------------------------------
Since PMP's Annual General Meeting on Monday, there has been
considerable media speculation indicating IPMG has submitted a
formal merger proposal to the company. This is "incorrect," says
PMP.

PMP says advisers to both companies have recently recommenced
discussions following the IPMG public announcement on 4 September
2001. However, those discussions are preliminary only, and
incomplete.

The intention of these discussions is to determine whether a
proposal can be developed that is value adding for PMP
shareholders as well as being acceptable to IPMG.

At the Annual General Meeting, Bob Muscat stated that any
proposal would have to satisfy PMP, amongst others, that it
would:

* not harm the company's debt position;
* improve its operating performance; and
* receive support from the ACCC; PMP has had no discussions with
the ACCC to date relating to any revised terms for a merger with
IPMG.

In light of continuing media speculation indicating IPMG would
sell the company's Clayton heat set facility, it is appropriate
to repeat our statements from 4 September 2001, that such a move
is not consistent with the Company's view of how best to maximise
PMP shareholder value.

PMP remains open to any initiative, if it legitimately can be
judged to be in the best interests of PMP as a whole and its
shareholders. PMP will ensure the market remains fully informed
in the event of further developments with respect to IPMG.



PMP LIMITED: Indicates Unwillingness to Merge With IPMG
-------------------------------------------------------
PMP, which issued a statement to the Australian Stock Exchange
Thursday confirming that preliminary discussions with Independent
Print Media Group (IPMG) were in progress, indicated it would be
unwilling to merge its printing assets if it were forced to sell
its highly valued Melbourne printing plant, the West Australian
reported Friday.

Under the advice of Caliburn Partnership, IPMG made a draft
proposal but still has to present PMP with a formal offer. PMP,
which has appointed Merrill Lynch to advise on the deal, will
likely decide in the next three weeks but has showed apprehension
to the planned merger.

According to PMP Chief Executive Bob Muscat, any arrangement that
would further jeopardize the company's debt position would be
unacceptable. Muscat said he would reject categorically any
merger plan that requires the sale of the Clayton plant, which
would compromise the company's strong reputation as a national
printing group.


QANTAS: Workers Obey IRC Order, Stops Snap Strike
-------------------------------------------------
Qantas maintenance workers, numbering around 100 at the Qantas
Defence Industries plant and some 500 workers at Melbourne
airport, returned to work from a Thursday afternoon snap strike,
obeying an Industrial Relations Commission order to return to
work, ABC News reported Friday.

While maintenance workers at Sydney airport were deciding whether
to join the strike, the strike was called off until tomorrow. The
workers' move is part of the Australian Workers Union and the
Australian Manufacturing Workers Union's campaign of rolling
stoppages in response to Qantas' proposal to freeze wages until
at least next December.


SKYWEST AIRLINES: Administrator Choosing Preferred Bidder Soon
--------------------------------------------------------------
Skywest Airlines administrator Andersen is expected to select a
preferred bidder next week from a short list of six bidders. Only
half are believed to be serious, the West Australian reported
Friday.

Potential buyers of Skywest, which has a fleet of five 46-seat
Fokker 50 twin-engine turbo-props serving South-West regional
centers and charters to mining centers, reportedly include
Futuris Corporation, Perth businessman Kerry Stokes and another
led by ABN-Amro Morgan.


=========
C H I N A
=========


CHINA DIGICONTENT: Release of Year Ending Report Delayed
--------------------------------------------------------
The release of China Digicontent Company Limited's result for the
year ended June 30, 2001 was originally expected by the end of
October 2001. As Joint and Several Provisional Liquidators were
appointed to the Company on May 10, 2001, the release of the
aforesaid results has been delayed. The Joint and Several
Provisional Liquidators are still reviewing the Company's books
and records and are unable to anticipate when the aforesaid
results can be released.  A further announcement will be made
once the timetable is finalized.

Gabriel Chi Kok Tam
Joint and Several Provisional Liquidator
China DigiContent Company Limited
(Provisonal Liquidators Appointed)

By Order of the Board
China DigiContent Company Limited
(Provisional Liquidators Appointed)
Ling Yun Biao
Executive Director


LS HIGH-TECH: Delays Release of Year Result Ended June 30
---------------------------------------------------------
Leading Spirit High-Tech (Holdings) Company Limited's (LS High-
Tech) result for the year ended June 30, 2001 was originally
expected to be released by the end of October 2001. As Joint and
Several Provisional Liquidators were appointed to the Company on
10 May 2001, the release of the aforesaid results has been
delayed. The Joint and Several Provisional Liquidators are still
reviewing the Company's books and records and are unable to
anticipate when the aforesaid results can be released.  A further
announcement will be made once the timetable is finalized.

Gabriel Chi Kok Tam
Joint and Several Provisional Liquidator
Leading Spirit High-Tech (Holdings) Company Limited
(Provisonal Liquidators Appointed)

By Order of the Board
Leading Spirit High-Tech (Holdings) Company Limited
(Provisional Liquidators Appointed)
Ling Yun Biao
Executive Director


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


BAKRIE & BROTHERS: Bakrie Family Plans Shares Buyback
-----------------------------------------------------
The Bakrie family intends to buy back shares in PT Bakrie &
Brothers from creditors who took over their shares under a debt
to equity deal after the company was declared bankrupt, Jakarta
Post reported Friday.  Aburizal Bakrie, who hoped to reclaim a 25
percent stake in Bakrie Brothers within the next five years,
said, "Imagine that we once held 100 percent, of course we'll be
glad if we are able to raise our stake."

After four years of negotiations, Bakrie Brothers' more than 150
creditors agreed to restructure US$1.08 billion in debts under a
debt to equity and asset swap scheme with the group's founding
family. The Bakries now own a mere 2.92 percent, with another
2.08 percent owned by the public. Creditors control 95 percent.
The Indonesian Bank Restructuring Agency (IBRA) is Bakrie's
largest creditor, controlling a 10 percent stake in the holding
company.


GARUDA INDONESIA: Signs Agreement With CSA
------------------------------------------
Garuda Indonesia's commercial director, Bachrul Hakim, and China
Southern Airlines's (CSA) vice president, Li Kun, signed an
agreement Thursday in Denpasar, Bali to market 30 economy class
seats on their respective aircraft serving the Jakarta-Guangzhou
route, Jakarta Post reported Friday.

Garuda's communications service head, Pujobroto, said CSA served
the route on Wednesdays and Saturdays, while Garuda would resume
its flights on Dec. 11. Garuda closed its Jakarta-Guangzhou route
at the end of 1997 due to the economic crisis.

CSA operates B-757s that carry 198 passengers, while Garuda will
operate DC-10s with 247 seats, consisting of 24 business class
and 223 economy class seats.


* IBRA To Create Holding Firms For Equity And Property Assets
-------------------------------------------------------------
In order for it to manage its assets beyond its term of operation
in 2004, the Indonesian Bank Restructuring Agency (IBRA) intends
to create two holding companies to accommodate the properties and
equity it took over from bank debtors, the Jakarta Post reported
Friday.

The first holding company to be created will manage IBRA's
properties. The other will manage those firms in which it owns
equity. The consolidation of assets would enable the state-run
restructuring agency to divest them at an accelerated pace and at
a better price. The plan is yet to be approved by the Fiscal
Sector Policy Committee. IBRA is working on a proposal.


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


DAIEI INC: Founder Nakanuchi Gives Up Representation Post
---------------------------------------------------------
Daiei founder Isao Nakauchi has given up the right to represent
any of the firms in the group, Japan Times reported Thursday,
which cited industry sources. The once king of Japan's retail
business can no longer wield any direct influence within the
Daiei group beyond his capacity as a major shareholder in the
supermarket chain, which he set up in 1957 initially as a drug
retailer.

Turning 80 next year, Nakauchi has been blamed for leading the
Daiei group into its current mess through aggressive business
expansion during the bubble economy. Nakauchi accordingly
relinquished his last company-representation position on October
10 when he stepped down as Supreme Adviser of Orange Page, a
Daiei-affiliated publisher of women's magazines, as well as board
member with the right to represent the company.

Nakauchi's retreat reportedly fits the strategy laid out by
Daiei's current president, Kunio Takagi, asked to turn Daiei
profitable once again and scale down the group's Y2.3 trillion
yen interest-bearing debts.


DAIEI INC: Moody's Downgrade Sparks Run On Credit Line
------------------------------------------------------
Following Moody's Investors Services decision last September to
cut Daiei Incorporated's rating down two notches lower to `Caa1',
the troubled retailing giant tapped four-fifths of its US$4.2
billion bank credit line. Daiei needed money because the ratings
downgrade made it impossible to sell bonds, Bloomberg News
reported on November 29.

President Kunio Takagi expressed his disappointment in the
ratings cut, which puts the company seven steps below investment
grade, saying that he wants the ratings agency to upgrade Daiei's
status as soon as possible.

Investors said that the lower rating closes the commercial paper
market to Daiei, making the backing of banks essential to ensure
the survival of the troubled company, which has more than Y2.3
trillion yen in debt.


ISUZU MOTOR: To Transfer US Staff To Fuji Heavy
-----------------------------------------------
In line with its current efforts to cut some 3,000 workers as
part of self-imposed restructuring efforts, Isuzu Motors
transferred some 180 workers of its joint venture plant with Fuji
Heavy Industries Ltd, to the latter company, which has willingly
accepted the offer, PRNewsAsia reported on Thursday.

The joint venture plant is located in Indiana, in the United
States. The transfer of employees will take place sometime next
year, company sources confirmed.


KINSO CORP: Creditors Waive Estimated Y20B Loans
------------------------------------------------
Kinsho Corp, a financially troubled midsize trading house
affiliated with leading trading house Mitsubishi Corp, said
Thursday the Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking
Corp. and other creditors have agreed to waive some of its loans,
Japan Today Japan News reported Thursday. The debt waiver is
estimated at over Y20 billion, according to industry sources.


MATSUSHIMA COAL: Shuts Down Ikeshima Plant After 42 Yrs
--------------------------------------------------------
No longer able to compete with cheaper coal imports, Matsushima
Coal Mining Co. has shut down its Ikeshima coal mine, one of
Japan's two remaining coal mines, after 42 years of operations,
the Japan Times reported on Friday.

The government's decision stop subsidies for domestically
produced coal after the current fiscal year contributed to the
plant's shut down.

The mine's closure will affect about 650 Matsushima employees and
another 400 workers at related firms. Government ministers
reacted quickly to offer reassurance to miners.


MATSUSHITA ELECTRIC: Opens Facility For Worker Retraining
---------------------------------------------------------
So as to promote the smooth transfer of employees from
overstaffed divisions to expanding ones, Matsushita Electric
Works Ltd intends put up an employee retraining facility this
coming December 1, according to PRNewsAsia on Friday.

The facility, which will train employees for three to six months
before sending them to new divisions, should take in some 100
workers from the company's electronic materials division. The
facility is also set to retrain over 1,000 employees over the
next two years.

Matsushita plans to trim its work force of 16,350 by 1,350
workers over the next two years, mainly through natural
attrition, it said.




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


ASIANA AIRLINES: Sells Stake In KCAT
------------------------------------
Asiana Airlines has decided to sell its 36.7 percent stake in the
Korea City Air Terminal Co. (KCAT) as part of its restructuring
efforts, the Korea Herald reported Friday. Asiana has also asked
the Korea International Trade Association (KITA) to sell its 62.4
percent stake in KCAT, an offer that the latter accepted.

KCAT was founded in 1985 by KITA and Asiana's parent company
Kumho Group. The company provides ticketing, check-in, baggage
consignment and other services for air travelers.

Asiana Airlines, one of South Korea's two national flag carriers,
has been posting heavy losses since the global airline industry
downturn brought about by the unfortunate September 11 terrorist
attacks.


HANVIT BANK: Provides W27B Profit Financing
-------------------------------------------
As part of continued efforts to diversify its loan portfolio and
secure stable profit sources, Hanvit Bank will provide W27
billion worth in project financing to an apartment construction
project, according to the Korea Herald on Friday.

The report also said that the construction project need not put
up any collateral, Hanvit plans to lend the money, based purely
on the borrower's profitability. Hanvit plans to extend more
loans in project financing to companies in charge of construction
projects as part of its continued efforts to diversify its loan
portfolio and secure stable profit sources.

Hanvit operates under the state-run holding company Woori Finance
Holdings Co.


HYNIX SEMICONDUCTOR: Denies Merger Reports With Micron
------------------------------------------------------
Troubled Hynix Semiconductor Inc. denied earlier media reports
that its CEO, Park Chong-sup, met with Micron Technology CEO,
Steven Appleton last week and discussed forming a strategic
alliance or merger, the Asian Wall Street Journal reported on
Thursday.

A local daily reported that Appleton was in Seoul for two days
last week and met with the Hynix Chief Executive for discussions
that allegedly focused on a possible merger, probable asset sales
and sale of stake held by creditors. However, Shin Kook-hwan, the
former Commerce, Industry and Energy Minister, who also currently
heads a creditor-led restructuring team for Hynix, denied the
reports and said that there was no tie-up offer made by Hynix.


HYUNDAI GROUP: Chung Leaves For North Korea To Revive Kumgang
-------------------------------------------------------------
In order to discuss matters to jumpstart Hyundai Asan's failing
tourism venture, Mt Kumgang, Chung Mong-hun, chairman of the
Hyundai Group headed for North Korea on a three-day visit, the
Korea Herald reported on November 30.

Important issues to be discussed relate to stimulating tourism at
the mountain resort, which has currently cut its staff numbers
significantly to cope with a liquidity crisis. Moreover,
discussions will also cover plans to open a land route to Mt.
Kumgang from the south and designate the resort area a special
tourist zone.


HYUNDAI MOTOR: Labor Union Starts Partial Strike
------------------------------------------------
Hyundai Motor Co's labor union has begun the partial strike,
scheduled for two days, starting on November 29 as previously
agreed upon, according to a report by PRNewsAsia on Thursday.
The partial strikes, to occur twice a day require both early
shift workers and late shift workers to lay down their tools for
two hours on the November 29 and 30.

Union officials revealed that over 90 percent of all 38,000
workers have participated in the voting process for the strike
action and more than 77 percent of all those who voted, approved
the strike. Furthermore, union officials threatened to continue
strike actions next week should management fail to meet their
demands.

The dispute between labor and management revolve around
collective bargaining regulations regarding lay-offs and the
discipline of workers breaching company regulations. A Hyundai
Motor official estimates that the eight-hour partial strikes
would lead to a production loss of 3,000 cars.


HYUNDAI SECURITIES: Share Issue Delayed Due To Talks With AIG
-------------------------------------------------------------
Due to a lack of agreement on its newly proposed investment
terms, Hyundai Securities Co. intends to delay the planned
issuance of new preferred shares to American International Group
Inc. (AIG) and W.L. Ross & Co., according to the Asian Wall
Street Journal on Thursday. Hyundai Securities was supposed to
issue on Friday some 57.14 million new preferred shares, equal to
a 33.3 percent stake, at W7,000 each to the U.S. companies.

The planned share purchase by AIG and W.L. Ross is part of a plan
to invest some W1.1 trillion in Hyundai Securities, Hyundai
Investment Trust Securities Co. and its unit Hyundai Investment
Trust Management Co. and eventually acquire controlling stakes in
these companies. Hyundai Securities will likely push through with
the share issue by the end of the year, although no exact date
has been mentioned so far.


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


ABRAR CORPORATION: Debt Restructuring Exercise Misses Deadline
--------------------------------------------------------------
Further to Abrar Corporation Berhad's (ACB) announcement on June
27, 2001, the Special Administrators of ACB, on behalf of the
company, announced that the restructuring exercise of ACB
involving Asia Pacific Land Berhad (APLand) and its wholly owned
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. (Vendors) as envisaged
under the Memorandum of Understanding (MoU) dated June 26, 2001
between ACB, APLand and the Vendors will no longer be proceeded
with as the Definitive Agreements (as defined in the MoU) and
were not executed by the relevant parties within the time period
stipulated in the MoU.


ABRAR CORPORATION: Restructuring Extension Granted
--------------------------------------------------
Abrar Corporation Berhad announced that the Kuala Lumpur Stock
Exchange had, by its letter dated November 23, 2001, approved the
Company's application for an extension two (2) months from
October 23, 2001 to December 22, 2001 to enable the Company to
make its announcement on its plans to regularize its financial
condition.

The Company was earlier required to make the Requisite
Announcement by October 22, 2001. The Company had by its letter
dated October 17, 2001 sought the approval of the Exchange for a
further extension of two (2) months to make the Requisite
Announcement.

In the meantime, the Exchange has required the Company to provide
with detailed progress report on the development or latest status
of the Company's regularization exercise by December 6, 2001 on
any development between the Company's application letter dated
October 17, 2001 to December 5,
2001.


ASIAN PAC: Posts Quarterly Report Ended Sept 30
-----------------------------------------------
Asian Pac Holdings Berhad posted its Quarterly report on
consolidated results for the financial period ended September
30, 2001.

Please see www.bankrupt.com/misc/ASIANPAC120301.doc


NCK CORPORATION: Announces Agenda For Annual General Meeting
------------------------------------------------------------
NCK Corporation Berhad will hold its Sixteenth Annual General
Meeting at the Conference Room, 3rd floor, Wisma NCK 3, Lot 5A,
Section 92A, Batu 31/2, Jalan Sungei Besi, 57100 Kuala Lumpur on
Wednesday, December 26 2001 at 10:00 a.m. to transact the
following businesses:

AGENDA:

ORDINARY BUSINESS

1. To receive and adopt the Audited Accounts of the Company for
the year ended 30 June 2001 and the Reports of the Directors and
Auditors thereon. (Resolution 1)

2. To approve the payment of Directors' fees in respect of the
financial year ended 30 June 2001. (Resolution 2)

3. To re-elect Mr Yap Tat Meng who retires by rotation in
accordance with Article 105 of the Articles of Association of the
Company and being eligible offer himself for re-election.
(Resolution 3)

4. To re-elect Madam Yong Shin Ming who retires in accordance
with Article 88 of the Articles of Association of the Company and
being eligible offer herself for re-election. (Resolution 4)

5. To consider and if thought fit, to pass the following
resolution pursuant to Section 129(6) of the Companies Act, 1965:

That Mr. Ng Choo Kwan who is over the age of seventy (70) years
and retiring in accordance with Section 129(2) of the Companies
Act, 1965 be and is hereby re-elected a Director of the Company
and to hold office until the conclusion of the next Annual
General Meeting. (Resolution 5)

6. To re-appoint Mr. Ong Boon Bah & Co. as the Company's Auditors
and to authorize the Directors to fix their remuneration.
(Resolution 6)


PUTRA, STAR: Rgt5.3B In Overdue Loans Converted To Bonds
--------------------------------------------------------
Light railway companies Projek Usahasama Transit Ringan Automatik
Sdn Bhd (PUTRA) and Sistem Transit Aliran Ringan Sdn Bhd (STAR)'S
Rgt5.3 billion in overdue loans were to be converted into bonds,
PRNewsASia reported Friday, which cited the Business Times.

Louise Paul, chief executive of the Labuan-based Bayerische
Landesbank, one of the participating banks, said, "The exercise's
significance is that the two companies' massive debts are
settled."

Most major local banks, including a number of Labuan-based
offshore financial institutions, will be receiving the
government-backed bonds under the deal. Pension fund Employees
Provident Fund (EPF) is also believed to be involved
in the debt-restructuring exercise.


WEMBLEY INDUSTRIES: Posts Quarterly Report Ended Sept 30
--------------------------------------------------------
Wembley Industries Holdings Berhad posted its Quarterly report on
consolidated results for the financial period ended September
30, 2001.

Please see www.bankrupt.com/misc/WEMBLY120301.doc


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


NATIONAL POWER: Power Supply Deal With Mirant, Clark Likely
-----------------------------------------------------------
The National Power Corporation (Napocor) plans to enter into a
deal with Mirant Philippines Corp. and Clark Development Corp. to
supply electric power to the Clark Special Economic Zone, the
Asian Wall Street Journal reported on Thursday, citing Mirant
sources.

The deal would most likely require Mirant Philippines and Napocor
to jointly provide power to the zone at a rate of P2.50 to P3 per
kilowatt-hour for a period covering 10 to 20 years. Napocor
likewise may provide for half of Clark's power demand of about 20
megawatts and the other half, to be met by excess capacity by
Mirant's coal-fired plant in Pangasinan province.


NATIONAL POWER: May Buy Out Enron Power Pacts
---------------------------------------------
The state-owned National Power Corp. (Napocor) may decide to buy
out the remaining term of its power contracts with the failing
Enron Corp., should it see fit to do so, the Asian Wall Street
Journal reports on Thursday. The buy out would most likely occur
in the event Enron collapses, according to an unnamed Napocor
official.

On Wednesday, Moody's Investors Service downgraded Enron's debt
to junk status, prompting Dynegy Inc. to pull its merger
agreement with Enron. The botched tie-up has brought Enron to the
brink of financial collapse.

Enron currently sells power from the Batangas and Subic Bay
plants to Napocor, which for its part supplies Bunker-C, or heavy
fuel oil, to fire Enron's plants. According to the report,
Napocor could get a good deal on the buy out of Enron's pacts due
to the latter's precarious financial condition.


PT&T: Creditors Approve Restructuring Terms Changes
---------------------------------------------------
Creditors of ailing Philippine Telegraph and Telephone Corp.
(PT&T) have approved certain changes in the restructuring terms
of the company's debts, totaling P9 billion, according to
Inquirer News on November 30, citing PT&T President Jose Luis
Santiago.

Santiago said, "Creditors are willing to take the risk because
they want to see the company survive."

The revised debt terms require that half of the company's total
debt load as of June 30 be converted to equity at P1 par value.
The balance is to be payable in 10 years, including a 5-year
grace period on principal. The interest rates should be based on
the 91-day Treasury bill rate plus a 2-percent spread and the
benchmark London Interbank Offered Rate (Libor) plus a 2-percent
spread.

For the fiscal year 2001, the company posted a net loss of over
P2.1 billion pesos, almost double last year's figures of nearly
P1.2 billion.


SINGER INDUSTRIES: Shuts Down Philippine Unit Due To Losses
-----------------------------------------------------------
Dutch sewing machine maker Singer Industries Philippines Inc. has
shut down its Taytay, Rizal plant citing recurring losses from
its operations and depressed market demands, Inquirer News
reported on Friday. The Philippine Board of Investments has
finally granted the company's application for the cancellation of
its registration  October 30.

Although sales figures for the Dutch company increased 10 percent
to P63.409 million in 2000, from the 1999 figures of P57.534
million, its turnover is just a fraction of the P147.401 million
it earned in 1995 and the P131.302 million in 1997.


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


CAPITALAND LIMITED: Posts Temasek Holdings' Interest Changes
------------------------------------------------------------
CapitaLand Limited declared on November 29, a notice of changes
regarding its substantial shareholder, Temasek Holdings Limited's
deemed interests. The changes on Temasek's interests appear
below:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: November 28, 2001
Date of change of interest: November 21, 2001
Name of registered holder: CDP : Keppel Insurance Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 487,000
Percent of issued share capital: 0.019
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$1.5429
No. of shares held before change:
Percent of issued share capital:
No. of shares held after change:
Percent of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed    Direct
No. of shares held before change: 1,590,234,771     0
Percent of issued share capital:   63.17        0
No. of shares held after change:  1,590,721,771     0
Percent of issued share capital:   63.19           0

Total shares:        1,590,721,771     0


CAPITALAND LIMITED: Unit Ascott Enters JV With Mitsubishi
---------------------------------------------------------
The Board of Directors of CapitaLand Limited subsidiary, The
Ascott Group Limited (Ascott), announced on Friday that Ascott
and Mitsubishi Estate Co., Ltd. (Mitsubishi) have entered into a
Memorandum of Agreement to jointly invest in the development,
acquisition and management of serviced residences in Japan.

Mitsubishi is a corporation incorporated in Japan. It is one of
Japan's largest real estate developers with total assets of more
than Y2.54 trillion (S$37.9 billion). The group's businesses
include property leasing and management, residential development
and sales, architectural design, real estate brokerage, and hotel
and leisure operations. Mitsubishi Estate has overseas operations
in the United States and in the United Kingdom.

With the signing of the Memorandum, Ascott and Mitsubishi will
finalize the definitive agreements for the Joint Venture, which
are subject to the respective board of directors' approval. In
principle, Mitsubishi will have the majority stake in the Joint
Venture (JV).

The JV, when formed, would enable Ascott to make inroad into
Japan's emerging serviced residences market with an established
and strong local partner.

None of the Directors of Ascott has any interest, direct or
indirect in the above matters. As far as the Directors are aware,
no substantial shareholder of Ascott has an interest, direct or
indirect, in the above matters and have not received any
notification of any interest in the above matters from any
substantial shareholders.


CREATIVE TECHNOLOGY: Posts Changes in Merrill Lynch' Interests
--------------------------------------------------------------
Creative Technology Limited announced on November 30, a notice
detailing changes in the deemed interests of substantial
shareholder Merrill Lynch & Company. The notice of changes
appears below:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: November 29, 2001
Date of change of shareholding: November 26, 2001
Name of registered holder: Citibank (Singapore)
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: (35,000)
Percent of issued share capital: (0.049)
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$14.25
No. of shares held before change: 43,500
Percent of issued share capital: 0.06
No. of shares held after change: 8,500
Percent of issued share capital: 0.012

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed      Direct
No. of shares held before change:  4,173,791
Percent of issued share capital:   5.801
No. of shares held after change:   4,138,791
Percent of issued share capital:   5.753

Total shares:

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


FHTK HOLDINGS: Ee Huat Siong No Longer Substantial Shareholder
--------------------------------------------------------------
FHTK Holdings Limited announced on Thursday the cessation of the
substantial shareholding of Ee Huat Siong. A relevant portion of
the announcement appears below:

Notice Of Cessation Of Substantial Shareholding

Name of substantial shareholder: Ee Huat Siong
Date of notice to company: November 27, 2001
Date of change of interest: September 28, 2001
Name of registered holder: 1. Kay Hian Securities Pte Ltd
                           2. Raffles Nominees Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Dilution of shareholding pursuant to
completion of Debt Restructuring Exercise
on 28/9/2001

Shares held in the name of registered holder

No. of shares of the change: 0
Percent of issued share capital: 0
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: 0
No. of shares held before change: 53,762,187
Percent of issued share capital: 8.17
No. of shares held after change: 53,762,187
Percent of issued share capital: 4.37

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed   Direct
No. of shares held before change:     0       53,762,187
Percent of issued share capital:     0      8.17
No. of shares held after change:     0       53,762,187
Percent of issued share capital:     0     4.37

Total shares:        0       53,762,187

Pursuant to a Debt Restructuring Exercise completed on September
28, 2001, a total of 573,088,925 ordinary shares of S$0.05 each
were issued to Creditor Banks in satisfaction of the FHTK
indebtedness. The enlarged share capital subsequent to the
issuance of ordinary shares is 1,230,963,167 ordinary shares.


SAMUDERA SHIPPING: Announces Drop In Profits
--------------------------------------------
The Directors of Samudera Shipping Line Ltd refer to the
commentary on current year prospects in the Group's half year
financial statement and dividend announcement for the six months
ended 30th June 2001 made last August 31, 2001 wherein it was
stated that barring any unforeseen circumstances, the Directors
expect the revenue to remain the same as last year but decline in
profitability.

The turnover of the Group is expected to grow mainly due to
additional tanker ship and additional surcharges charged to
customers. These surcharges are basically costs recovery and
therefore would not help the bottom line.

The weakening of the global economy and worsened by the September
11 incident resulted in less export and import cargo. This
condition is not followed by market space rationalization causing
tougher market competition. To maintain the volume, the Group has
to lower the profit margin.

Barring any unforeseen circumstances, the Directors expect the
Group's net profit after tax for the full year ending December
31, 2001 will drop by an estimated 60 percent against the
restated figure of the corresponding period of the previous year.
This estimate is further subject to the US Dollar to Singapore
Dollar exchange. Should the Singapore Dollar strengthen against
US Dollar this will have an adverse impact on the result.

However, the Group continues its joint service with partners to
rationalize supply of space and intensify cost efficiency plan
such as container and agency costs reduction.


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


ELECTRICITY GENERATING: Files For Dissolution Of Mining Unit
------------------------------------------------------------
Electricity Generating Public Company Ltd (EGCOMP), in a letter
to the President of the Stock Exchange of Thailand made reference
to the resolution of its Extraordinary Shareholders Meeting No.
2/2001 held on November 7, 2001 regarding the the dissolution of
EGCO Mining, of which it owns 70 percent stake.

EGCOMP would like to additionally inform the Stock Exchange of
Thailand that on November 29, 2001, EGCO Mining has already filed
for the dissolution of the company and is in the process of
liquidation.  In addition, the dissolution does not have
any impact on the operating results of EGCOMP.



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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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