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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

            Wednesday, December 5, Vol. 4, No. 237

                         Headlines



A U S T R A L I A

ANALYTICA LIMITED: Shareholders, Creditors Approve Restructuring
AUSTAR UNITED: Restructuring Likely To Save $90M Annually
DIAMOND PRESS: Disposes Of Terraplanet Stake
ENRON AUSTRALIA: ASIC Bans Market Trading Participation
JOYCE CORPORATION: Posts Final Director`s Interest Notice

NORDAK ENTERPRISES: CALDB Reprimands Brisbane Liquidator
NORMANDY MT: Changes Name, ASX Code
UNITED GLOBALCOM: S&P Lowers Ratings, CreditWatch On Negative


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Secures China Cable Landing
CHAMPION YACHT: Petition To Wind Up Scheduled
GREAT JUBILATE: Hearing Of Winding Up Petition Set
MANDARIN RESOURCES: Cites No Reason For Share Price Increase
NAM FONG: Posts Management Changes

SINGMAY INDUSTRIAL: Winding Up Petition Hearing Set
WAH LEE: Releases Financial Statement Summary
WELLING KING: Winding Up Petition Pending


I N D O N E S I A

HOLDIKO PERKASA: Sells Berdikari, Yakult For Rp285.3B
PUDJIADI PRESTIGE: Pefindo Withdraws `idD' Bond Rating


J A P A N

HIKARI TSUSHIN: Noble Buying 51% HK Unit Stake
ISHIKAWAJIMA-HARIMA: Steel Plants Face Possible Closure
KINKI NIPPON: Y1.6B FY Pretax Loss Expected
NISSAN MOTOR: MOODY'S UPS RATINGS TO Baa3, Stable Outlook


K O R E A

ASIANA AIRLINES: Offers W250B ABS In 20 Tranches
HANVIT BANK: Merger Task Force Activated
HYNIX SEMICONDUCTOR: Micron Merger Talks Underway
HYNIX SEMICON: Creditors Want Micron To Take 20% Stake
HYUNDAI MOTOR: Union Intensifies Strikes

HYUNDAI MOTOR: May Miss 2001 Export Targets Due To Strikes
HYUNDAI SECURITIES: Government Considers Sale Back Up Plan
KOREA ELECTRIC: Lack Of Interest Ruins Unit's Second Auction
KOREA LIFE: Several Companies Keen On Acquiring Unit


M A L A Y S I A

ACTACORP HOLDINGS: Revised Scheme Terms Under Lender Scrutiny
ASIAN PAC: No Development In Debt Workout Exercise Status
BRIDGECON HOLDINGS: Provides Defaulted Payment Status Update
KEMAYAN CORPORATION: In The Midst of Asset Injection Negotiation
MAY PLASTICS: No Significant Change In Proposals' Status

MBF HOLDINGS: Proposed SOA Regulatory Approvals Pending
OMEGA HOLDINGS: Restructuring Agreement Terminated
PANCARAN IKRAB: Revised Scheme Obtains Regulatory Approvals
PANGLOBAL BERHAD: Awaits SC's Proposed Scheme Approval
RAHMAN HYDRAULIC: SC's Proposed Workout Scheme Approval Pending

SPORTMA CORPORATION: Adds, Amends Proposed Debt Workout Scheme
TECHNO ASIA: Accepts Plaintiff's Voluntary Offer


P H I L I P P I N E S

ALL ASIA: Two More Firms Interested To Acquire AsiaLife
NATIONAL BANK: Government Finalizing Put Option Details
NATIONAL POWER: Privatization Delayed Until Second Quarter 2002
NATIONAL POWER: PSALM Groups Assets To Facilitate Sale
UNIWIDE: SEC Approval Of Rehab Plan Likely


S I N G A P O R E

BRIERLEY INVESTMENTS: Declares Change In Director's Holding
BRIERLEY INVESTMENTS: Posts Changes In Temasek's Interest
IPCO INTERNATIONAL: Post Changes In Springsun's Shareholding


T H A I L A N D

BANGKOK CRYSTAL: Petition For Business Reorganization Filed
DATAMAT PUBLIC: Posts Shares Subscription, Payment Schedule
DATAMAT PUBLIC: Registers Paid Up Capital Reduction
MODERN HOME: Increases Paid In Registered Capital
SAMART CORPORATION: Posts Approved BOD's Resolutions

SAMART: Reports Shares Offering Results

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Shareholders, Creditors Approve Restructuring
----------------------------------------------------------------
Analytica Limited advises that at the General Meeting held
Monday, shareholders approved all resolutions to restructure the
company.

The following resolutions were approved:

1. FINANCIAL REPORT, DIRECTORS' AND AUDIT REPORTS
   Ordinary Resolution

2. CONSOLIDATION OF CAPITAL
   Special Resolution

3. PURCHASE OF DIAGNOSTICS BUSINESS
   Special Resolution

4. NEW SHARE ISSUE (NON RELATED PARTY)
   Ordinary Resolution

5. NEW OPTIONS ISSUE (RELATED PARTY)
   Special Resolution

6. ELECTION OF DIRECTOR
   Ordinary Resolution

The Company also advised that valid proxies were received as
follows:
                                               FOR     AGAINST

1. FINANCIAL REPORT, DIRECTORS'   47,640,038   182,000
   & AUDIT REPORTS
2. CONSOLIDATION OF CAPITAL               47,630,038   192,000
3. PURCHASE OF DIAGNOSTICS BUSINESS       47,630,038   192,000
4. NEW SHARE ISSUE (NON RELATED PARTY)    47,630,038   192,000
5. NEW OPTIONS ISSUE (RELATED PARTY)      47,604,538   217,500
6. ELECTION OF DIRECTOR                   47,630,038   192,000

A Meeting of Creditors of the Company was held Tuesday to
consider a resolution associated with the restructure of
Analytica Ltd.

The resolution was passed.

The Company advises that this is the last significant element of
the Deed of Company Arrangement to be completed prior to the
injection of new funds from Psiron Ltd. It is expected that all
aspects of the Dead Of Company Arrangement will be completed
shortly.

For further information contact;

Damian Lismore
GENERAL MANAGER
(03) 9526 8560


AUSTAR UNITED: Restructuring Likely To Save $90M Annually
---------------------------------------------------------
Austar United Communications Limited (Austar) announced Tuesday
a major restructuring of its business in order to focus on
profitable growth, reduce costs and capital expenditure
and improve productivity.

Following a management review of all activities, the Board of
Austar has decided to outsource a number of existing functions,
cease to operate its own internet network, streamline sales and
customer service processes and reduce general corporate
overheads. This will further reduce fixed costs and accelerate
moves to a variable cost base for the business.

Savings from these measures are anticipated to be approximately
$90 million on an annualized basis, of which about one third
will be related to capital expenditure reductions and the
balance to operational savings.

As a result of these changes in excess of 400 staff will be made
redundant from or soon after 31 December, 2001. Staff affected
will be advised Tuesday. They will receive all statutory
benefits owing and will be entitled to redundancy payments in
accordance with the company's policies. Outplacement services
will assist retrenched staff in seeking new employment.

The company's primary focus over the next couple of years will
be on its core business of pay TV, supported and strengthened by
interactive television. It will, however, maintain its mobile
and narrowband internet product offerings.

The steps to be taken to increase efficiency and cash flows
include:

* outsourcing field sales, installation and technical support
  services;
* closing the Austarnet internet network and acquiring wholesale
  capacity from another supplier;
* centralizing customer service functions at the Gold Coast call
  center and re engineering processes at the call center;
* closing twenty three regional offices;
* closing MMDS head ends where they are not required for pay TV
  transmission outside the satellite foot print;
* reducing head count at Austarmetro;
* incorporating the Austar Business Data Services division into
  the pay TV commercial sales group; and
* reducing corporate overheads.

Austar has previously announced the selection of Access
Television Services Limited as its alliance contract partner for
the provision of installation and technical support services.

The Board has selected Tuesday COMindico as preferred tenderer
for the provision of internet network capacity. If contract
negotiations are successfully concluded, local call access to
Austarnet will almost double throughout regional Australia.

In addition, Austar is in the final stages of negotiations with
a possible supplier of sales agency services to handle direct
sales throughout its regional markets.

As a result of this restructuring as well as the strategic and
operational initiatives announced earlier this year, Austar can
confirm that it does not need to raise additional funding to
support its current business plan to positive free cash flow,
said Mike Fries, Executive Chairman of Austar.

The Company anticipates that it will make a significant charge
against earnings in its fourth quarter result to reflect the
effect of the restructure. The precise amount of that charge
will not be known until the restructure has been implemented and
the impact on the carrying values of certain assets has been
quantified.

As indicated at Austars third quarter result announcement, the
company will provide a full briefing to the market within the
next couple of weeks on the bank facility restructuring and the
implications of the initiatives announced Tuesday.

ABOUT UNITEDGLOBALCOM

United is the largest international broadband communications
provider of video, voice, and data services with operations in
26 countries. At September 30, 2001, United's networks reached,
in aggregate, 18.8 million homes and served over 10.6 million
video customers. In addition, the company's telephony business
had approximately 671,500 telephony subscribers, its high speed
Internet access business had 672,900 subscribers, and its
programming business had approximately 48 million subscribers.

United's significant operating subsidiaries include United Pan-
Europe Communications N.V. (UPC) (53 percent owned), the largest
pan-European broadband communications company; Austar United
Communications (81 percent owned) a leading satellite, cable
television and telecommunications provider in Australia and New
Zealand; and VTR GlobalCom (100 percent owned), the largest
broadband communications provider in Chile.

For further information:
Bruce Meagher
HEAD OF CORPORATE AFFAIRS
02 9295 0182 / 0412 254 690


DIAMOND PRESS: Disposes Of Terraplanet Stake
--------------------------------------------
On Friday November 30, Ferrier Hodgson, as Liquidators of the
Diamond Press group of companies, and with the consent of the
Commonwealth Bank, disposed of the majority of their shares and
options held in Terraplanet Limited (Terraplanet).

A parcel of 20,237,500 shares was placed with a variety of
interested parties. Current directors of the Terraplanet (Sandra
Yates, Fred Brenchley, David Baker and Warren Eades)
participated in the placement. Terraplanet understands that the
balance of the Ferrier Hodgson shares are at present being sold,
or are expected to be sold, on market in the near future.

The placement was completed by APG Financial Services Limited at
an average price of 1.5 cents per ordinary share. A further
l,841,348 options over ordinary shares (which are exercisable at
$1.00 on or before 30 November 2004) were also placed with
participants on a pro rata basis.

"All other outstanding matters with regard to Diamond Press (in
liquidation) were completed some months ago, but it is a relief
to have the majority of the stock overhang finally sorted out,"
said Managing Director Lesa-Belle Furhagen. "It will greatly
assist us in the rebuilding of Terraplanet."


ENRON AUSTRALIA: ASIC Bans Market Trading Participation
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
removed Enron Australia Finance Pty Ltd (Enron Australia) from
the register of facility providers in the national wholesale
electricity futures market.

ASIC was not satisfied that the company had adequate financial
resources to continue to trade within the market.

ASIC's decision followed the downgrading of the corporate credit
rating of Enron Australia's US parent company, Enron Corp. Enron
Australia's last financial report showed that it is economically
dependent on the credit facilities provided or guaranteed by its
US parent.

Enron Australia had previously indicated to ASIC that it had
ceased to enter into new contracts on the market.

ASIC's decision ensures that Enron Australia may not enter or
trade new derivative contracts with other participants on the
register in the Australian wholesale electricity futures market.

The national wholesale electricity futures market brings
together generators and retailers of electricity.  It enables
these parties to trade derivative contracts in electricity. The
market operates under the Corporations (Exempt Futures Market -
National Wholesale Electricity) Declaration 1999.


JOYCE CORPORATION: Posts Final Director`s Interest Notice
---------------------------------------------------------
Joyce Corporation Limited posted this notice:

FINAL DIRECTORS'S INTEREST NOTICE

   Name of entity         Joyce Corporation Ltd

   ABN                     80 009 116 269

"We (the entity) give ASX the following information under
listing 3.19A.1 and agent for the director for the purposes of
section 205G of the Corporations Act."

   Name of Director       G F Latta

   Date of last notice    October 1997

   Date that director
   ceased to be a
   director               29/11/2001

Part 1 - Director's relevant interests in securities of which
the  directors is the registered holder

NUMBER & CLASS OF SECURITIES
Not applicable

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

NAME OF HOLDER & NATURE OF         NUMBER & CLASS OF SECURITIES
INTEREST

Latta Nominees Pty Ltd               199,826 ordinary shares
(Family a/c)

Latta Nominees Pty Ltd                60,369 ordinary shares
(SuperFund)
Director

Part 3 - Director's interest in contracts

Detail of contract              N/A

Nature of interest              N/A

Name of registered holder
(if issued securities)          N/A

No and class of securities
to which interest relates       N/A

TCR-AP reported on mid-September that the Company entered into a
Deed of Company Arrangement. Under the terms of the Deed, the
Company is required to obtain by 31 October 2001 finance which,
in the opinion of the Administrators and Trustees of the Deed,
is satisfactory for the purposes of the Deed. Subject to the
provision of finance, the Deed provides that creditors are to
receive 100 cents in the dollar - 50 cents following the receipt
of finance and a final payment of 50 cents on 31 March 2002.


NORDAK ENTERPRISES: CALDB Reprimands Brisbane Liquidator
--------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Companies Auditors and
Liquidators Disciplinary Board (CALDB) has reprimanded Mr David
Cassidy, of Grant Thornton Brisbane, for his conduct in the
voluntary administration of Nordak Enterprises Pty Ltd, a
Queensland trucking company.

In making its orders, the CALDB found that Cassidy had failed to
carry out or perform adequately or properly the duties of a
liquidator or those duties or functions required by Australian
law.

ASIC alleged that Cassidy had not adequately monitored the Deed
of Company Arrangement and had not taken timely steps to
terminate the Deed.

The CALDB has ordered that Cassidy be subject to peer reviews of
his next five Deed administrations. Reports on these five Deed
administrations from another liquidator are to be submitted to
ASIC.  Cassidy did not oppose the action by ASIC and consented
to the orders being made against him.

"ASIC regards any breach of a liquidator's responsibilities as
very serious. The public must be able to rely on liquidators to
meet their responsibilities as required by the law and their
profession", Jan Redfern, ASIC's Deputy Executive Director of
Enforcement, said.


NORMANDY MT: Changes Name, ASX Code
-----------------------------------
Normandy Mt Leyshon Limited (the Company), further to its
announcement dated 22 November 2001 advising that its name has
changed from Normandy Mt Leyshon Limited to Leyshon Resources
Limited, advised that effective from Wednesday 5 December
2001, the Company's securities will be traded on the Australian
Stock Exchange under its new name of Leyshon Resources Limited
and the new ASX code of LRL.


UNITED GLOBALCOM: S&P Lowers Ratings, CreditWatch On Negative
-------------------------------------------------------------
Standard & Poor's lowered its ratings on United GlobalCom Inc.
(UCOMA), United Pan-Europe Communications N.V. (UPC), UPC Polska
Inc., AUSTAR Entertainment Pty Ltd., and related subsidiaries
(see list below). The ratings remain on CreditWatch, but the
implications have been revised to negative from developing.

The downgrade reflects Standard & Poor's view, based on the
progress towards the closing of the second part of the
transaction between UCOMA and Liberty Media Corp., as well as
public comments by Liberty Media, that a restructuring of UPC's
highly leveraged balance sheet may be the most effective
solution to resolving the company's capital structure problem.
UCOMA and UPC face significant funding requirements and will not
be able to grow into their current debt burdens without
additional equity support.

While UPC's assets remain an important part of Liberty Media's
European cable strategy, Liberty Media may seek ways to restore
the financial health of UPC and UCOMA, including a possible
restructuring, before committing additional monies. Standard &
Poor's will continue to monitor the progress of the Liberty
Media and UCOMA negotiations, and evaluate the implications of
any proposed transactions.

RATINGS LOWERED, CREDITWATCH IMPLICATIONS REVISEDTO NEGATIVE
FROM DEVELOPING

United Globalcom Inc.                TO       FROM
  Corporate credit rating            CCC      B-
  Senior secured debt                CC       CCC
United Pan-Europe Communications N.V.
  Corporate credit rating            CCC      B-
  Senior unsecured debt              CC       CCC
UPC Distribution Holding B.V.
  Corporate credit rating            CCC      B-
  Senior secured bank loan           CCC      B-
AUSTAR Entertainment Pty Ltd.
  Corporate credit rating            CCC      B-
  Senior secured bank loan           CCC      B-
UPC Polska Inc.
  Corporate credit rating            CCC      B-
  Senior unsecured debt              CC       CCC
Poland Communications Inc.
  Corporate credit rating            CCC      B-
  Senior unsecured debt              CC       CCC


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


ASIA GLOBAL: Secures China Cable Landing
----------------------------------------
Asia Global Crossing reached a deal to connect its east Asian
undersea wholesale telecommunications cable with China Unicom
Group's network in the coastal city of Qingdao, South China
Morning Posts reported Tuesday. Terms were not disclosed, nor
was the timing of a definitive agreement or the date for the
actual cable landing.

Asia Global Crossing and its ailing Bermuda-based parent Global
Crossing recently abandoned a merger deal.

According to DebtTraders, Asia Global Crossing's 13.375 percent
bonds due on 2010 (AGX) are trading between 30.5 and 33.5. Check
http://www.debttraders.com/price.cfm?dt_sec_ticker=AGXfor real-
time bond pricing.


CHAMPION YACHT: Petition To Wind Up Scheduled
---------------------------------------------
The petition to wind up Champion Yacht Limited is set for
hearing before the High Court of Hong Kong on December 12, 2001
at 9:30 am. The petition was filed with the court on August 18,
2001 by The China and South Sea Bank Limited (whose undertakings
have been succeeded by Bank of China (Hong Kong) Limited by
virtue of the Bank of China (Hong Kong) Limited (Merger)
Ordinance, Cap. 1167 whose registered office is situated at Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


GREAT JUBILATE: Hearing Of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Great Jubilate Limited will be heard
before the High Court of Hong Kong on December 12, 2001 at 9:30
am. The petition was filed with the court on August 18, 2001 by
The China and South Sea Bank Limited (whose undertakings have
been succeeded by Bank of China (Hong Kong) Limited by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167 whose registered office is situated at Bank of China Tower,
1 Garden Road, Central, Hong Kong.


MANDARIN RESOURCES: Cites No Reason For Share Price Increase
------------------------------------------------------------
The Board of Directors of Mandarin Resources Corporation Limited
(the Company) (the Board) has noted the recent increases in the
price and trading volume of the shares of the Company and stated
that it is not aware of any reasons for such increases.

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


NAM FONG: Posts Management Changes
----------------------------------
The Board of Directors of Nam Fong International Holdings
Limited (the "Company" together with its subsidiaries
collectively known as the "Group") announced changes in the
Company management:

Resignation of Executive Directors and Chairman of the Company
and the Board

Mr Zhai Zhiming, Mr Liang Kaiming, Mr Wu Michael, Mr Liang Luan,
Mr Chen Jiyao, Mr Zeng Haipeng and Mr Zhuang Zhuning resigned
from their Executive Directorships of the Company on November
28, 2001. Mr Zhai Zhiming also resigned from his Chairmanship of
the Company and the Board on the same date.

Appointment of Executive Directors and Chairman of the Company
and the Board

Mr Fung Kam Kwong, Mr Lai Tat Tung, Mr Kuo Chung-Ping, Ms Zhang
Pin and Mr Koh Pie Siong have been appointed as Executive
Directors of the Company with effect from November 28, 2001. Mr
Fung Kam Kwong has also been appointed as Chairman of the
Company and the Board on the same date.

Appointment and Resignation of the Company Secretary

Mr Ngan Sai Chung has been appointed as Company Secretary of the
Company, following the resignation of Mr Tsang Chung Sing,
Edward from his company secretarial duties, with effect from
November 28, 2001.


SINGMAY INDUSTRIAL: Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Singmay Industrial Limited is scheduled
for hearing before the High Court of Hong Kong on December 12,
2001 at 9:30 am. The petition was filed with the court on August
18, 2001 by The National Commercial Bank Limited (whose
undertakings have been succeeded by Bank of China (Hong Kong)
Limited by virtue of the Bank of China (Hong Kong) Limited
(Merger) Ordinance, Cap. 1167 whose registered office is
situated at Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


WAH LEE: Releases Financial Statement Summary
---------------------------------------------
The joint and several provisional liquidators (the "Provisional
Liquidators") of Wah Lee Resources Holdings Limited (the
"Company") announced that the audited consolidated results of
the Company and its subsidiaries (the "Group") for the financial
year ended 30 June 2001 together with comparative figures for
the previous year are:

  Year end date: 30/6/2001
  Currency: HK Dollar
(Unaudited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/7/2000    from 1/7/1999
                                  to 30/6/2001     to 30/6/2000
                                  ('000)           ('000)
  Turnover                       : 3,755            132,516
  Profit/(Loss) from Operations  : (68,914)         (47,741)
  Finance cost                   : (1,413)          (18,767)
  Share of Profit/(Loss) of Associates     : -                -
  Share of Profit/(Loss) of
    Jointly Controlled Entities            : -                -
  Profit/(Loss) after Tax & MI   : (60,529)         (66,508)
  % Change over Last Period      : N/A
  EPS/(LPS)-Basic                : (1.70 cents)     (8.26 cents)
           -Diluted                        : -                -
  Extraordinary (ETD) Gain/(Loss)          : -                -
  Profit/(Loss) after ETD Items  : (60,529)         (66,508)
  Final Dividend per Share       : Nil              Nil
  (Specify if with other options)          : -                -

  B/C Dates for Final Dividend             : -
  Payable Date                             : -
  B/C Dates for (-) General Meeting        : -
  Other Distribution for Current Period    : -
  B/C Dates for Other Distribution         : -

Remarks:

1. Basis of Presentation

The Provisional Liquidators have prepared the financial
statements on a going concern basis.

2. Basis of calculation for Basic Loss Per Share

The calculation of the basic loss per share is based on the
following data:

                          2001            2000
                          HK$'000         HK$'000
  Net loss for the year
    for the purposes of
    basic loss per share  60,529          66,508
                          ======          ======

                          '000            '000
  Weighted average number
    of ordinary shares for
    the purposes of basic
    loss per share        3,569,305       804,531
                          =========       ========

No diluted loss per share is disclosed as, in the absence of
complete books and records in respect of the potential ordinary
shares, the Provisional Liquidators were unable to calculate the
effect of dilutive potential ordinary shares.

For the year ended 30 June 2000, the weighted average number of
ordinary shares for the purposes of basic loss per share has
been adjusted for share consolidation on 27 October 2000.


WELLING KING: Winding Up Petition Pending
------------------------------------------
WELLING KING LIMITED is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
December 12, 2001.

The petition was filed on August 21, 2001 by The Kwangtung
Provincial Bank Limited (whose undertakings have been succeeded
by Bank of China (Hong Kong) Limited by virtue of the Bank of
China (Hong Kong) Limited (Merger) Ordinance, Cap. 1167 whose
registered office is situated at Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


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


HOLDIKO PERKASA: Sells Berdikari, Yakult For Rp285.3B
-----------------------------------------------------
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 the result to be received from two more
asset sales; the sale of Holdiko's ownership in PT Berdikari
Sari Utama Flour Mills (Berdikari) and PT Yakult Indonesia
Persada (YIP), further adding Rp285.3 billion to Holdiko's
target from its year 2001 asset sales. These asset sales are
Holdiko's 16th and 17th transactions of the year.

"IBRA/Holdiko is committed to conduct each asset sale according
to best practices and maintaining principles of fairness and
transparency. It is also in our interest to seek ways to
increase the attractiveness of our assets," said Dasa Sutantio,
Deputy Chairman Ad Interim - AMI, IBRA. "In light of this, we
took the opportunity to coordinate with The Board of Investment
& State-Owned Enterprises (BPM-PBUMN) in selling our combined
ownership. We are also glad to learn from the Yakult
transaction, as well as several of our previous asset sales that
many industries in our economy are still performing very well
and remain attractive to foreign investors," he added.

PT Berdikari Sari Utama Flour Mills The sale of Berdikari is a
joint-sale between IBRA/Holdiko and The Board of Investment &
State-Owned Enterprises (BPM-PBUMN), where a combined
shareholding of 92.55 percent, consisting of Holdiko's 85.17
percent and BPM-PBUMN's 7.41 percent interests, was sold to ATS
Consortium. Total gross proceeds to be received by IBRA/Holdiko
amounts to approximately Rp225.3 billion, which consists of a
US$5.7 million for equity and Rp165.9 billion for convertible
loans.

ATS Consortium is a US based international group of regional
millers and commodity specialists.

"We are pleased to be making this investment in the future of
eastern Indonesia and the Indonesian flour milling industry.
Berdikari Flour Mills is one of the driving forces for future
growth in the region. We look forward to a long and beneficial
association with our Indonesian counterparts in the public and
private sectors as well as to the country's continuing economic
growth," states consortium leader Allan Harari.

The sale of Berdikari was done through a two-tier open tender
process, which was launched in early September. PT Ernst & Young
Consulting acted as financial advisor to Holdiko for this
transaction.

Berdikari is a wheat milling company located in Makassar (South
Sulawesi) with a current production capacity of 840,000 MT/year,
or about 15 percent of national capacity. In sales volumes
terms, Berdikari is Indonesia's second largest flour milling
company and dominates the flour market in the Eastern Part of
Indonesia.

Berdikari divides its product lines into food flour (Kompas,
Gunung, Gembok and Gatotkaca brands), industrial & other flour
(Matahari brand) and by-products (bran, pollard and pellet).

PT Yakult Indonesia PersadaHoldiko's indirect 51 percent
ownership in YIP was sold to Holdiko's joint-venture partner and
existing shareholder in YIP, Yakult Honsha Co. Ltd. of Japan,
for gross proceeds of Rp60 billion. The sale process commenced
in August and was initiated with an offer to Yakult Honsha Co.
Ltd. in honor of the pre-emptive rights it holds as joint
venture partner in YIP. Within the period of time given, Yakult
Honsha Co. Ltd. accepted IBRA/Holdiko's offer for its
shareholding and agreed to conclude all matters regarding the
transaction by the first week of December. PT Ernst & Young
Consulting also acted as financial advisor to Holdiko for this
transaction.

"We are pleased to have been able to increase our investment in
the Indonesian market. After years of presence, Yakult has
become a household name in Indonesia. However, in our view, the
Indonesian health drinks market currently remains largely
untapped and still provides extensive opportunities for
investments. We are therefore confident that we will be able to
serve a larger portion of the Indonesian health drinks consumer
in the future," states Mr. S. Hori, President of Yakult Honsha
Co. Ltd. (Jepang).
Yakult is the market leader in fermented milk drinks in
Indonesia. Partnering with Yakult Honsha Co. Ltd., YIP is the
second largest health drink producer in Indonesia. YIP currently
sells its products mainly for the domestic market especially in
the western part of Indonesia. YIP's plant in Cicurug, West
Java, uses the most advanced technology in health drink
processing and produces 160,000,000 bottles per year, with a
production capacity is 533,000,000 bottles per year.
"Last week we announced the result of three asset sales," states
Scott Coffey, Director of Holdiko. "Within these two weeks we
also hope to be able to announce the results of our remaining
transactions for the year," he added. To date, Holdiko has
disposed of over 66 percent of its initial portfolio, having
sold its ownership in 71 out of 108 companies transferred under
the MSAA and raising to date Rp10.7 trillion in gross proceeds
for 2001.


PUDJIADI PRESTIGE: Pefindo Withdraws `idD' Bond Rating
------------------------------------------------------
Pefindo has withdrawn the corporate credit and bond ratings of
PT Pudjiadi Prestige Tbk. (PUDP or the Company). The affected
issue is Bond I Year 1997 amounting to Rp150 billion due in
2002. PEFINDO has previously assigned an "idD" corporate and
bond ratings to the Company based on its failure to repay the
eighth coupon payment due on February 14th, 1999. PUDP is a
property investment company specializing in apartment complex
and shopping centers.

Based on the outcomes of the Company's Bondholders Meeting
(RUPO) on September 8th, 1999, the coupon payment has been
restructured and the Company has been current on it coupon
payment ever since. However, PEFINDO is unable to review the
rating due to insufficient data and information provided by the
Company's management despite the fact that it has restructured
its bond obligation.

During the withdrawn status period, PEFINDO will not review any
information that can affect the Company and its bond rating.
PEFINDO will, however, update the rating whenever sufficient
data and information are provided for the ting process.


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


HIKARI TSUSHIN: Noble Buying 51% HK Unit Stake
----------------------------------------------
Hikari Tsushin Inc. of Japan plans to sell its 51 percent stake
in its Hong Kong-based Hikari Tsushin International Ltd. to
Noble Islands International Ltd. of Hong Kong, an investment
company for Y1.7 billion, the Asian Wall Street Journal reported
on December 3.

The disposal of Hikari Tsushin International's shares is
expected to reduce the group's overall losses and is sale is
part of current restructuring efforts aimed at focusing company
resources on its main business of subscription agency for
telecom carriers, while slowly distancing itself from the
investment business.

Instead of Y8 billion initially projected in May, the Japanese
shipbuilder expects to post a group net profit of only Y1
billion in the business year ending March 31.

Hikari Tsushin's Hong Kong unit contributed as much as Y2
billion in losses to its parent company's total earnings in the
last fiscal year ended August. The Hikari Tsushin Group posted a
group net loss of Y56.4 billion during the same period.


ISHIKAWAJIMA-HARIMA: Steel Plants Face Possible Closure
-------------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. is currently mulling
over plans to shut down two structural steel plants in order to
boost its efforts to streamline its production lines, according
to the Asian Wall Street Journal on Monday.

The streamlining is part of the ongoing restructuring plans of
the heavy machinery company, which aims to reduce, from seven to
two, the number of plants that make structural steel plants for
bridges and ships. The company plans to shut down next year its
facility located in Kagoshima Prefecture, which currently
employs around 140 employees, and may be by 2003 its Tokyo
plant, which employs around 290 employees.

The structural steel market has been contracting because of
decreased public works spending and plunging construction
investment in the private sector.


KINKI NIPPON: Y1.6B FY Pretax Loss Expected
-------------------------------------------
Kinki Nippon Tourist Co., Japan's second-largest travel agency,
which specializes in inbound travel, currently expects to post a
consolidated pretax loss of Y1.6 billion for the fiscal 2001
ending December 31, plunging into the red due to a decline in
overseas travel in the wake of the September 11 terrorist
attacks, Kyodo News reported yesterday.

According to Wright's Investors Service, the travel agency,
which was established in 1955, posted no dividends and negative
earnings for the last quarter.


NISSAN MOTOR:  MOODY'S UPS RATINGS TO Baa3, Stable Outlook
----------------------------------------------------------
Moody's Investors Service has upgraded the debt ratings of
Nissan Motor Co., Ltd. (Nissan) and its supported subsidiaries
to Baa3 from Ba1, and Nissan Capital of America, Inc. and Nissan
International Finance (Netherlands) B.V. to P-3 from Not Prime.
The rating actions conclude a review of Nissan's ratings, which
began on July 11, 2001. The rating outlook is stable.

The rating agency's action reflects Nissan's successful cost and
debt reductions under its restructuring plan, the Nissan Revival
Plan (NRP). The reductions have had the desired positive impact
on the company's financial performance, and Moody's expects that
Nissan will continue to demonstrate strong performance and debt
reduction.

Moody's says that in the first phase of the NRP, Nissan has cut
procurement costs, sold assets and closed plants. By September
2001 Nissan had already (or almost) achieved its financial goals
under the three-year NRP ending March 2003.

Nissan Motor Co., Ltd., headquartered in Tokyo, Japan, is a
leading global automobile manufacturer.


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


ASIANA AIRLINES: Offers W250B ABS In 20 Tranches
------------------------------------------------
One of South Korea's national flag carriers, Asiana Airlines
Co., offered some W250 billion worth of Korea won-denominated
asset-backed securities (ABS), having maturities of between six
months and five years, to be issued in 20 tranches, the Asian
Wall Street Journal reported December 3.

The tranches carry coupon rates of between 4.94 percent and 9.50
percent, depending on the maturity and credit rating of each,
and are being backed by future receivables from travel agencies
and income from its cargo business. The proceeds of the issuance
shall be used to refinance commercial papers maturing the end of
the year, and also to fund operations. The offering will be lead
managed by the Korea Development Bank (KDB).


HANVIT BANK: Merger Task Force Activated
----------------------------------------
To facilitate the transfer of Peace Bank's banking business to
Hanvit Bank, Woori Finance Holdings Co. has launched a task
force specifically for the purpose, the Korea Herald reported on
Tuesday.

An unnamed Woori official said, "The task force will take
charge of merging the banking operation of Peace Bank into
Hanvit Bank within this month." The task force, which will be
composed of two officials each from both banks and the state-run
holding company, will be headed by the Vice Chairman of Woori. A
merger secretariat was activated as well. The task force and its
secretariat are set to transfer Peace Bank's W5 trillion in
assets to Hanvit. Moreover, it will also hand over around W300
billion in bad assets to the Korea Asset Management Corp
(KAMCO).

A credit card company will likely be set up using the remaining
assets worth around W1.2 trillion. The task force will then hold
talks with Peace Bank's labor union regarding a possible
voluntary retirement program.


HYNIX SEMICONDUCTOR: Micron Merger Talks Underway
-------------------------------------------------
In a press conference last December 3, Hynix Semiconductor and
Micron Technology said that the decision on the scale and nature
of their strategic link up should be made after a month, the
Korea Times reported yesterday, citing Hynix CEO Park Chong-sup.
Park confirmed that unofficial discussions have been going on
for months and actual talks for a strategic alliance actually
begun last week.

"We are naturally considering a number of other restructuring
measures, including the disposal of our assets, but creditors
have been very positive to our initiatives for working with
Micron," Park said.

Micron currently stands as the second largest DRAM producer in
the world, with a market share of 20.9 percent. Hynix on the
other hand comes in at third, with a market share of 18.9
percent. Samsung, is currently the largest at 22.7 percent.


HYNIX SEMICON: Creditors Want Micron To Take 20% Stake
------------------------------------------------------
Hynix Semiconductor Inc's creditors want Micron Technology to
acquire a 20-percent controlling stake in the ailing chipmaker,
to be secured through a share swap, according to PRNewsAsia on
December 3, citing a creditor bank official.

A creditor bank official, who declined to be named, said that
there is little chance that the strategic link up would develop
into a merger. According to him, creditors instead want Micron
to secure the controlling stake valued at W1.5 trillion.


HYUNDAI MOTOR: Union Intensifies Strikes
----------------------------------------
With a compromise agreement still not reached, Hyundai Motor
union officials decided that their partial walkouts, which began
on November 29, be increased from four hours a day to 13 hours a
day starting this Thursday, according to the Korea Herald on
December 4.

In a statement posted in the company's internet homepage, union
leader Lee Hun-koo said, "Starting December 6, day-shift union
workers at the Ulsan plant will walk out for four hours from 1
p.m., while night-shift workers who work from 9 p.m. to 6 a.m.
will go on a general strike." He went on to say, "At the Asan
and Jeonju plants, which produce passenger cars and commercial
vehicles, all unionized workers will stage a general strike from
Thursday."

In order to meet increasing demand before the labor dispute,
Hyundai operated its plants for 20 hours a day on two shifts,
including Sundays and holidays. According to a company
spokesman, Hyundai lost some W49.8 billion in sales due to the
partial strike held last November 29 and 30, or a loss of 4,132
vehicles.

The union demands that they deserve more or less 30 percent of
the company's estimated annual net profit of W1.2 trillion to
W1.5 trillion, which more than doubled from last year.


HYUNDAI MOTOR: May Miss 2001 Export Targets Due To Strikes
----------------------------------------------------------
Blaming its labor union's continued strikes over collective
bargaining regulations, Hyundai Motor announced that it is
unlikely to reach its target to export some 900,000 automobiles
for this year, as reported by PRNewsAsia on Monday.

Domestic auto sales are also expected to fall below 60,000 for
the first time in 10 months, due to the union's recent decision
to continue its strikes by the end of the week.  If the strikes
continue until the end of next week, auto production will be
reduced by about 27,000 units.

DebtTraders reports that Hyundai Motor's 7.330% bonds due in
2005 (HMTR2) are being traded in the high 90's. For more real-
time bond pricing information, go to:
http://www.debttraders.com/price.cfm?dt_sec_ticker=HMTR2


HYUNDAI SECURITIES: Government Considers Sale Back Up Plan
----------------------------------------------------------
The South Korean government is mulling over contingency plans
should the intended sale of Hyundai Securities and its two other
fund management units to the American International Group-led
(AIG) consortium not push through, PRNewsAsia reported on
December 2.

The AIG-led consortium, which recently renewed its due diligence
investigation of Hyundai Securities following a one-month lapse,
plans to end the investigation by December 25.

Last August, the consortium signed a memorandum of understanding
(MoU) with the Korean government to make joint investments in
Hyundai Investment Trust & Securities, Hyundai Investment Trust
& Management and Hyundai Securities. Disagreements over the
prices of preferred shares and the September 11 tragedy delayed
the execution of the MoU.


KOREA ELECTRIC: Lack Of Interest Ruins Unit's Second Auction
------------------------------------------------------------
The second round auction held by Korea Electric Power Corp.
(Kepco) to sell its unit Korea Plant Service & Engineering
failed because no bids were submitted, the Asian Wall Street
Journal reported on December 3.

Prior to the auction, Kepco received four expressions of
interests for the acquisition, but the final bids were not
submitted, which prompted a Kepco official to say, "It would be
difficult to meet the government's schedule to close the bid by
year-end."

Kepco originally intended to sell a 51 percent stake in KPS as
well as management rights to either a company or consortium. If
everything went as planned, the successful bidder would have
been named by the end of this year and the sale would have been
finalized by January or February.

A previous auction to sell KPS also ended in failure, but it was
due to the lack of satisfactory price offers. Kepco is currently
mulling over different options, including a possible third round
of auctions.


KOREA LIFE: Several Companies Keen On Acquiring Unit
----------------------------------------------------
South Korean and foreign investors have submitted preliminary
proposals for the purchase of a controlling stake in Shindongah
Fire & Marine Insurance Co., a unit of Korea Life Insurance Co.,
the Asian Wall Street Journal reported December 3.

Hanwha Group of South Korea, a consortium of Taiwan's Fubon
Group, South Korea's Citigroup Inc. and South Korea's Oriental
Fire & Marine Insurance Co. have expressed their interests for
the Korea Life unit. Other companies that also submitted
proposals were, Allianz AG (AZ) of Germany, American
International Group Inc (AIG) and U.K.'s Royal & Sun Alliance
Insurance Group.

Korea Life, also currently being put up for sale by the Korea
Deposit Insurance Corp. (KDIC), owns about 6 percent of
Shindongah. The state-run KDIC, which is trying to sell the two
insurers in separate auctions, intends to sell 100 percent of
Korea Life and all of the 66 percent Shindongah stake held by
Korea Life.

Korea Life was on the brink of collapse in 1999 because of a
loan scandal, which led to a huge withdrawal of deposits that
forced the KDIC to take over its operations in order to avoid
closure.


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


ACTACORP HOLDINGS: Revised Scheme Terms Under Lender Scrutiny
-------------------------------------------------------------
Actacorp Holdings Berhad (AHB or the Company) announced that on
12 November 2001, the Company has submitted the revised terms
and conditions proposed by the White Knight to Corporate Debt
Restructuring Scheme. Actacorp Holdings Berhad lenders are
currently evaluating the revised terms and conditions.


ASIAN PAC: No Development In Debt Workout Exercise Status
---------------------------------------------------------
Asian Pac Holdings Berhad (Asian Pac or the Company) informed
that the Group does not have any status report on any plan
following the completion of the Debt Restructuring and Capital
Raising Exercises in October 2001.

Asian Pac will, however, continue to make the necessary
announcements in relation to the disposal of the stockbroking
business and license by our subsidiary, Kin Khoon & Co. Sdn Bhd
and the merger of the insurance subsidiary, Tenaga Insurance Bhd
with Talasco Insurance Berhad, as and when there is further
development.


BRIDGECON HOLDINGS: Provides Defaulted Payment Status Update
------------------------------------------------------------
Bridgecon Holdings Berhad, in compliance with Practice Note No
1/2001, provided an update on the details of the banking
facilities which are currently in default as per list found at
http://www.bankrupt.com/misc/Bridgecon_List.xls

As of 31 October 2001, total bank borrowings and default
interest is about RM215.4 million, which made up of principal
sum of RM165.1 million and interest portion of approximately
RM50.3 million. There is no other significant development with
regards to Practice Note No 1/2001.


KEMAYAN CORPORATION: In The Midst of Asset Injection Negotiation
----------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad announced on behalf of the
Board of Directors of Kemayan Corporation Bhd (KCB or the
Company), that KCB is still in discussion with parties with
assets for possible injection, and accordingly, in the midst of
formulating a restructuring plan to regularize its financial
condition.

The details of the proposed restructuring scheme are still being
finalized and accordingly, will be announced upon its
finalization and the execution of the formal agreement.

The Company applied to the Kuala Lumpur Stock Exchange (KLSE) on
17 October 2001 for an extension of three (3) months, i.e. until
22 January 2002 for the Company to release its Requisite
Announcement. The KLSE, by its letter dated 23 November 2001,
approved the application.


MAY PLASTICS: No Significant Change In Proposals' Status
--------------------------------------------------------
The Board of Directors of May Plastics Industries Berhad (MPI),
pursuant to a requirement of the Practice Note 4/2001 to make
monthly announcement to the KLSE on the status of the Proposed
Rescue Cum Restructuring Scheme Comprising Composite Schemes of
Arrangement Pursuant to Section 176 of the Companies Act 1965
and various related Proposals (Proposals), announced that the
status has not changed as announced on 2 November 2001.

The Company has to-date obtained the following approvals from
the following authorities/parties to implement the Proposals:

   * Securities Commission on 23 June 2000, 7 November 2000, 27
July 2001 and 14 September 2001;

   * Ministry of International Trade and Industry on 19 November
1999 and 7 June 2000;

   * Foreign Investment Committee on 22 October 1999 and 30 May
2000;

   * Shareholders, warrantholders and scheme creditors of MPI on
22 December 2000;

   * The High Court of Malaya pursuant to Section 176 of the
Companies Act, 1965 on 26 February 2001.

   * The KLSE's approval-in-principle on 4 May 2001 for
admission of KSU Holdings Berhad (KSUH) to the Official List of
the Second Board of KLSE and the initial listing and quotation
of the KSUH's shares and KSUH warrants on the Second Board of
KLSE; and the additional listing of and quotation for new shares
in KSUH to be issued pursuant to the exercise of the KSUH
Warrants.

The Company is in advanced stage of the implementation of the
Proposals and will make appropriate announcements from time to
time.


MBF HOLDINGS: Proposed SOA Regulatory Approvals Pending
-------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Mbf Holdings Berhad (Mbf-H or
Company), announced that the proposed schemes of arrangement
(Proposed SOA) is currently pending the approvals from the
following regulatory authorities:

    (1) the Securities Commission ("SC"); and

    (2) Bank Negara Malaysia.

Alliance is currently liaising with the SC and Bank Negara
Malaysia on the Proposed SOA.

Alliance, on behalf of MBf-H, had on 23 November 2001 announced
that the Kuala Lumpur Stock Exchange has, vide its letter dated
23 November 2001, granted an extension of a two (2) month period
from 27 October 2001 to 26 December 2001 for MBf-H to obtain all
the necessary approvals from the regulatory authorities for the
Proposed SOA.

Save for the above, there is no further development on the
status of MBf-H's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange, subsequent to the Company's announcement dated 1
November 2001.


OMEGA HOLDINGS: Restructuring Agreement Terminated
--------------------------------------------------
The Board of Directors of Omega Holdings Berhad announced that
the Restructuring Agreement signed on 8 March 2000 between the
Company and the shareholders of Broadland Garment Industries
Sdn. Bhd. was terminated on 14 October 2001.

The Directors are currently discussing with certain parties to
restructure the Company so as to regularize the Company's
financial condition and an announcement will be made as soon as
possible.


PANCARAN IKRAB: Revised Scheme Obtains Regulatory Approvals
-----------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Pancaran Ikrab Bhd (PIB or Company),
announced that the Company has, via a series of announcements
released to the Kuala Lumpur Stock Exchange (KLSE) in November
2001, announced that it has obtained the approvals for the
Proposed Revision to the Original Restructuring Scheme (Revised
Scheme) from the Securities Commission, the Foreign Investment
Committee and the Ministry of International Trade and Industry.

The Proposed Revision to the Original Restructuring Scheme is
currently pending the approvals of the following:

   (1) the shareholders of PIB at an extraordinary general
meeting to be held; and

   (2) the KLSE for the listing of and quotation for the new
Promenade Consolidated Berhad shares to be issued pursuant to
the restructuring scheme.

Save for the above, there is no further development on the
status of PIB's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange, subsequent to the Company's announcement dated 1
October 2001.


PANGLOBAL BERHAD: Awaits SC's Proposed Scheme Approval
------------------------------------------------------
PanGlobal Berhad (the Company) is awaiting approval from the
Securities Commission (SC) of its proposed composite scheme of
debt arrangement (the Scheme). The Company has obtained approval
from the Foreign Investment Committee and conditional approval
from Bank Negara Malaysia for the Scheme. An additional
submission on the Scheme will be made under the guidelines on
the Offering of Private Debt Securities as per SC's request.


RAHMAN HYDRAULIC: SC's Proposed Workout Scheme Approval Pending
---------------------------------------------------------------
On behalf of Rahman Hydraulic Tin Berhad (Special Administrators
Appointed) (RHTB or the Company), the Special Administrators
announced the status of the Company's plan to regularize its
financial condition since its previous Monthly Announcement made
on 1 November 2001.

As to date, the Company has yet to receive approval from the
Securities Commission on the Proposed Restructuring Scheme,
pending the resolution of certain issues highlighted by the
Securities Commission. The Company is in discussion with the
White Knight Companies to resolve the issues as soon as
possible.

The Company announced on 2 November 2001 that it had obtained
approval from the KLSE vide their letter dated 1 November 2001
for an extension of time of two (2) months from 5 October 2001
to 4 December 2001 for the Company to obtain all necessary
approvals from the regulatory authorities for implementation of
the Proposed Restructuring Scheme.


SPORTMA CORPORATION: Adds, Amends Proposed Debt Workout Scheme
--------------------------------------------------------------
On behalf of the Special Administrators (SA) of Sportma
Corporation Berhad (Special Administrators Appointed) (Sportma
or Company), Affin Merchant Bank Berhad (formerly known as
Perwira Affin Merchant Bank Berhad) (Affin Merchant), announced
that the proposed amendments to the Approved Proposals have been
approved by the Secured Creditor of Sportma at the Secured
Creditor's Meeting held on 28 November 2001 pursuant to Section
46 of the Pengurusan Danaharta Nasional Berhad Act, 1998, as
amended (Danaharta Act).

Following the approval of the Secured Creditor, Sportma/Harn Len
had, on 28 November 2001, entered into various sale and purchase
Agreements (Sale and Purchase Agreements) with the respective
vendors of the Acquiree Companies and Acquiree Assets to
document afresh the sale and purchase of the Acquiree Companies
and the Acquiree Assets in accordance to the terms and
conditions as approved by the SC albeit with the proposed
amendments thereto.

Background:

Sportma had on 21 March 2000 and 9 May 2000 announced that the
Proposed Corporate and Debt Restructuring Scheme of Sportma
(Proposals), which is to be implemented via Harn Len Corporation
Berhad (Harn Len), have been approved by the Securities
Commission (SC) vide its letters dated 30 August 2000 and 6
November 2000 respectively (Approved Proposals). The Approved
Proposals are as follows:

   (i) Proposed cancellation of the entire share premium reserve
amounting to RM1,050,000 (Proposed Cancellation of Share Premium
Account);

   (ii) Proposed exchange of ordinary shares of RM1.00 each in
Sportma (Sportma Shares) for ordinary shares of RM1.00 each in
Harn Len (Harn Len Shares) and Transfer of Sportma's listing
status on the Second Board of the Kuala Lumpur Stock Exchange to
Harn Len (Proposed Share Swap and Transfer of Listing);

   (iii) Proposed rights issue of 30,000,000 new ordinary shares
of RM1.00 each in Harn Len (Rights Shares) at an issue price of
RM1.30 per share on the basis of twelve (12) new Harn Len Share
for every one (1) existing Harn Len Share held after the
Proposed Share Swap and Transfer of Listing Status but before
the Proposed Acquisitions (Proposed Rights Issue);

  (iv) Proposed acquisition by Harn Len of the entire equity
interest of Uniglobal Sdn Bhd (Uniglobal), Pelita Pertama Sdn
Bhd (Pelita Pertama), Suen Tai (Sabah) Sdn Bhd (Suen Tai) and
Desamawar Runding Sdn Bhd (Desamawar) (Acquiree Companies) from
LNH Enterprise Sdn Bhd (LNH Enterprise) and acquisition of fixed
assets held by Lian Hup Manufacturing Company Sdn Berhad (Lian
Hup), Syarikat Senang Oil Palm Estate Sendirian Berhad (SSOP)
and Perdana Properties Berhad (PPB) (Acquiree Assets) which on a
collective basis consist of 7 oil palm plantations with a total
acreage of 19,153.90 acres, a palm oil mill and a 25-storey
commercial building for a total purchase consideration of
RM232.00 million, to be satisfied by the issue of 207,000,000
new Harn Len Shares at par and RM25 million in cash (Proposed
Acquisitions);

   (v) Proposed disposal of the fixed assets of Sportma to
Amalgamated Composite Technologies Sdn Bhd (In Liquidation)
(ACT) (formerly known as Gala Connection Sdn Bhd) for a total
cash consideration of RM18 million (Proposed Disposal of Sportma
Assets);

   (vi) Proposed payment of RM26.17 million by LNH Enterprise,
Lian Hup, SSOP and PPB (Vendors), made up of RM8 million in cash
and RM18.17 million new Harn Len Shares from the Proposed
Acquisitions, to Affin Bank Berhad (formerly known as BSN
Commercial Bank (Malaysia) Berhad) (Secured Creditor), to
release the debenture held over the remaining assets of Sportma
(Proposed Lifting Of Debenture);

   (vii) Proposed settlement by the Vendors of RM38.33 million,
made up of RM17 million cash and 21.33 million new Harn Len
Shares to the hire purchase creditors and unsecured creditors of
Sportma as at 31 December 1999 (Proposed Vendors' Settlement);

   (viii) Proposed disposal of the entire issued and paid-up
share capital of Sportma Integrated Industries Sdn Bhd (SIISB)
for a total cash consideration of RM2 via an agreement between
ACT and Sportma dated 3 December 1999 (Proposed Disposal of
SIISB)

   (ix) Proposed disposal of the fixed assets of Silksprint
Industries Sdn Bhd (Silksprint) to ACT for a consideration of
approximately RM337,000 in the form of the amount of
Silksprint's liabilities to be assumed by ACT (Proposed Disposal
of Silksprint);

   (x) Proposed advance of RM6.5 million to Sportma for partial
settlement of debt by way of issuance of 6.5 million new Harn
Len Shares at par to its unsecured lenders, hire purchase
creditors, unsecured trade and non-trade creditors, corporate
guarantee creditors and contingent creditors of Sportma as at 31
December 1999(Unsecured Creditors) (Proposed Advance);

   (xi) Proposed exemption to the Vendors from the obligation to
extend an unconditional mandatory general offer for the
remaining ordinary shares in Harn Len not already owned by them
upon the completion of the Proposed Corporate and Debt
Restructuring Scheme (Proposed Exemption);

   (xii) Proposed liquidation of Sportma and its subsidiary
companies upon the completion of the Proposed Corporate and Debt
Restructuring Scheme (Proposed Liquidation); and

   (xiii) Proposed listing of and quotation for the entire
issued and paid-up share capital of Harn Len on the Second Board
of the Kuala Lumpur Stock Exchange (Proposed Listing).

Nevertheless, subsequent to the SC's approval on 6 November
2000, due to the prevailing weak market condition, the proposed
rights issue as proposed in the Approved Proposals could not be
carried out as Harn Len was unable to secure underwriting
arrangements for the entire Proposed Rights Issue. Also, the
proposed acquisition of one of the Acquiree Assets could not be
completed, as the new Harn Len Shares to be placed out as
consideration to the existing lender of the Acquiree Asset to
uplift the encumbrances on the asset could not be carried out
for the same reason of the weak market condition.

As a result, the original proposed settlement to the creditors
of Sportma and the lender of one of the Acquiree Asset has to be
renegotiated and further modifications to the Approved Proposals
are required in order to facilitate the successful
implementation of the Proposals. In addition, the Memorandum of
Understanding (MoU) executed on 6 December 1999 between Sportma
and Low Nam Hui & Sons Sdn Bhd and LNH Enterprise Sdn Bhd
(collectively, "the Investors") as well as the various sale and
purchase agreements executed on 15 March 2000 between
Sportma/Harn Len and the respective vendors of the Acquiree
Companies and Acquiree Assets have lapsed due to the inability
to complete the sale and purchase agreements.

Subsequently, on 31 October 2001, Affin Merchant, on behalf of
the SA of Sportma, announced that Sportma had on 26 October 2001
entered into a new MoU with the Investors to record all parties'
understanding and commitment to carry out the Proposals with the
proposed amendments thereon.

1.1 Proposed Amendments

On behalf of the SA, Affin Merchant, announced the following
proposed additions and amendments to the Approved Proposals:

   (i) Proposed transfer of part of the liabilities of Sportma
amounting to RM17,787,251 to Harn Len by way of a novation of
debt, as part of the consideration pursuant to the Proposed
Share Swap and the Transfer of Listing of Sportma to Harn Len
(Proposed Novation of Debt);

   (ii) Proposed amendment to Proposed Rights Issue involving
the following:

     (a) issue of up to 30,000,000 free detachable Warrants "B"
2002/2007 (Warrants "B") on the basis of one (1) free Warrant
"B" for every one (1) Rights Share subscribed;

     (b) a guaranteed subscription level of 7,307,692 Rights
Shares with 7,307,692 free Warrants "B" which will raise RM9.50
million cash for working capital purposes, and costs and
expenses of the Proposals which will be underwritten by a panel
of underwriters; and

     (c) the remaining 22,692,308 Rights Shares will not be
underwritten. In the event the Proposed Rights Issue is
partially subscribed, any cash raised from the Proposed Rights
Issue will be allocated for the following:

      * working capital requirements, and the costs and expenses
of the Proposals;

      * partial settlement of the proposed novated debt; and

      * cash consideration for the Proposed Acquisitions;

proportionately, in accordance to the ratio of 19:9:50
respectively.

Any shortfall arising from the Proposed Rights Issue to meet the
intended utilization of proceeds will cause the followings
events to occur:

      * the adjustment to the number of Rights Shares to be
subscribed by the underwriters in order to meet the guaranteed
subscription level as described in the above Section 1.1 (ii)
(b) and (c);

      * proposed debt equity conversion of up to RM4.50 million
nominal amount of debt owing by Harn Len to the creditors of
Sportma as at the cut off date of 31 December 1999 pursuant to
the Proposed Novation of Debt, into up to 3,461,538 new Harn Len
Shares at a conversion price of RM1.30 per share with up to
3,461,538 free Warrants "B", in lieu of the cash payment
(Proposed Debt Equity Conversion); and

      * proposed settlement of up to RM25.00 million to the
Vendors pursuant to the Proposed Acquisitions, via the issue of
up to 19,230,770 new Harn Len Shares at an issue price of RM1.30
each with up to 19,230,770 free Warrants "B", in lieu of the
cash payment (Proposed Share Settlement).

(items (ii)(a), (ii)(b) and (ii)(c) above are collectively to be
known as the "Proposed Amendment to the Proposed Rights Issue");

   (iii) Proposed amendment to the settlement of the purchase
consideration of RM232.00 million for the Proposed Acquisitions
by way of:

     (a) the issuance of 162,689,905 new Harn Len Shares at par;

     (b) the issuance of approximately RM44,310,095 nominal
value of 1.5 percent five (5)-year 2002/2007 Redeemable
Convertible Secured Loan Stocks (RCSLS) in Harn Len at 100
percent nominal value together with up to 44,310,095 free
detachable Warrants "A" 2002/2007 (Warrants "A"); and

    (c) RM25.00 million by up to RM25.00 million in cash to be
raised from the Proposed Rights Issue and/or up to 19,230,770
new Harn Len Shares at an issue price of RM1.30 each with up to
19,230,770 Warrants "B" pursuant to the Proposed Share
Settlement.

(as opposed to the original intended cash consideration of
RM25.00 million and 207,000,000 new Harn Len Shares at an issue
price of RM1.00 per share, as approved by the SC on 30 August
2000 and 6 November 2000).

(Proposed Amendment to the Proposed Acquisitions);

   (iv) Proposed amendment to the Proposed Vendors' Settlement
to the unsecured creditors of Sportma (Unsecured Creditors) of
RM57,712,749 from the consideration to be received by the
Vendors pursuant to the Proposed Acquisitions, which consist of
the following:

     (a) RM25.00 million by up to RM25.00 million cash to be
raised from the Proposed Rights Issue and/or issuance of up to
19,230,770 new Harn Len Shares at an issue price of RM1.30 each
with up to 19,230,770 Warrants "B" pursuant to the Proposed
Share Settlement; and

     (b) 32,712,749 new Harn Len Shares to be issued at par from
the Proposed Acquisitions.

(as opposed to the original intended settlement sum of RM38.33
million to be satisfied by RM17.00 million cash and 21,330,000
new Harn Len Shares at an issue price of RM1.00 per share which
the Vendors will receive from the Proposed Acquisitions, as
approved by the SC on 30 August 2000 and 6 November 2000);

(Proposed Amendment to the Proposed Vendors' Settlement);

     (v) Proposed issue of 13,287,251 new Harn Len Shares at par
to the creditors of Sportma as partial settlement of debt of
RM13,287,251 after the Proposed Novation of Debt.

(as opposed to the original intended settlement sum of RM6.50
million to be satisfied by the issuance of 6,500,000 new Harn
Len Shares at par pursuant to the Proposed Advance, as approved
by the SC on 30 August 2000.)

(hereinafter to be known as "the Proposed New Shares Issue"
instead of the "Proposed Advance");

     (vi) Proposed amendment to the Proposed Disposal of Sportma
Assets by way of set off of the entire assets of Sportma to
Affin Bank, the Secured Creditor, based on the valuation
determined at RM7, 973,322.

(as opposed to the original intended disposal of the fixed
assets to ACT for a total cash consideration of RM18.00 million,
as approved by the SC on 30 August 2000.)

(Proposed Amendment to the Proposed Disposal of Sportma Assets);
and

   (vii) Proposed liquidation of Silksprint.

(as opposed to the proposed disposal of Silksprint to ACT for a
consideration of approximately RM337,000 in the form of the
amount of Silksprint's liabilities to be assumed by ACT pursuant
to the Proposed Disposal of Silksprint, as approved by the SC on
30 August 2000.)

(hereinafter to be known as "Proposed Liquidation of Silksprint"
instead of the "Proposed Disposal of Silksprint").

(The abovementioned Proposed Novation of Debt, Proposed
Amendment to the Proposed Rights Issue, Proposed Debt Equity
Conversion, Proposed Share Settlement, Proposed Amendment to the
Proposed Acquisitions, Proposed Amendment to the Proposed
Vendors' Settlement, Proposed New Shares Issue, Proposed
Amendment to the Proposed Disposal of Sportma Assets and
Proposed Liquidation of Silksprint shall hereinafter be
collectively to be referred to as the "Proposed Amendments")

The Proposed Amendments have been approved by the Secured
Creditor of Sportma pursuant to Section 46 of the Danaharta Act,
at a meeting convened on 28 November 2001.

2. DETAILS OF THE PROPOSED NOVATION OF DEBT

It is proposed that part of the liabilities of Sportma amounting
to RM17,787,251 be transferred to Harn Len, by way of a novation
of debt, as part consideration for the proposed transfer of the
listing status of Sportma to Harn Len. The debt novated to Harn
Len will be settled in full by Harn Len as follows:

   (i) RM13,287,251 pursuant to the Proposed New Shares Issue,
the details of which are set out in Section 5.2 below; and

   (ii) RM4,500,000 from the proceeds arising from the Proposed
Rights Issue and/or up to 3,461,538 new Harn Len Shares at a
conversion price of RM1.30 each with 3,461,538 Warrants "B"
pursuant to the Proposed Debt Equity Conversion, outlined in
Section 3.3.2 below.

3. DETAILS OF THE PROPOSED AMENDMENT TO THE PROPOSED RIGHTS
ISSUE

3.1 Original Submission of the Proposed Rights Issue

Based on the terms of the Approved Proposals, the Proposed
Rights Issue would involve a renounceable issue of 30.0 million
Rights Shares at an issue price of RM1.30 per Rights Share on
the basis of twelve (12) Rights Shares for every one (1)
existing Harn Len Share held after the Proposed Share Swap and
the Transfer of Listing.

3.2 Proposed Amendment to the Utilization of Proceeds from
Proposed Rights Issue

Under the proposed amendment to the utilization of proceeds, the
proceeds of RM39.00 million to be raised from the Proposed
Rights Issue will be utilized for the following:

   (i) RM25 million for the partial settlement of the Proposed
Acquisitions;

   (ii) RM4.5 million for the partial settlement to the
creditors of Sportma pursuant to the Proposed Novation of Debt;
and

   (iii) RM9.5 million for working capital purposes and
defrayment of costs and expenses of the Proposals, as set in the
Table I found at http://www.bankrupt.com/misc/Sportma.html

3.3 Proposed Amendment to the Proposed Rights Issue

Based on the prevailing weak equity market conditions and taking
into consideration the level of funding required by the Harn
Len, it is proposed that the Proposed Rights Issue incorporate
the following features:

     3.3.1 Free detachable Warrants "B"

It is proposed that up to 30.0 million free detachable Warrants
"B" be attached to the Proposed Rights Issue of up to 30.0
million Rights Shares on the basis of one (1) Warrant "B" for
every one (1) Rights Share subscribed by the existing
shareholders of Harn Len after the Proposed Share Swap and
Transfer of Listing but before the Proposed Acquisitions.

The salient terms and conditions of the Warrants "B" are
detailed in Table II at
http://www.bankrupt.com/misc/Sportma.html

     3.3.2 Guaranteed Subscription Level and Underwriting
Arrangements

It is proposed that a guaranteed subscription level of 7,307,692
Rights Shares with a guaranteed cash proceeds of RM9.5 million
be underwritten by a panel of underwriters for the purpose of
meeting the working capital, costs and expenses of the Proposals
requirements of RM9.5 million. The underwriting arrangement is
expected to be made after the SC's approval in compliance with
the New Guidelines on Underwriting issued by the SC on the 3rd
September 2001 (Underwriting Arrangement). It is expected that
the Underwriting Arrangements may be secured with a back to back
arrangement between the underwriters and certain Vendors.
Accordingly, the remaining 22,692,308 Rights Shares will not be
underwritten.

       (i) In the event the Proposed Rights Issue is fully
subscribed by the eligible shareholders, as set out in Section
3.2 above, the proceeds from the Proposed Rights Issue shall be
utilized as follows:

         (a) RM9.50 million will be utilized for working
capital, and costs and expenses of the Proposals;

         (b) RM4.50 million as partial settlement to the
creditors of Sportma, whose debt has been novated to Harn Len
via the Proposed Novation of Debt (Proposed Rights Issue
Settlement); and

         (c) RM25.00 million as cash consideration to the
Vendors pursuant to the Proposed Acquisitions, which the Vendors
will allocate to the creditors of Sportma as partial settlement
pursuant to the Proposed Vendors' Settlement.

The Proposed Rights Issue will then close with 30 million Rights
Shares subscribed.

     (ii) In the event the Proposed Rights Issue is at zero
subscription level, the underwriter(s) will subscribe for the
guaranteed subscription level of 7,307,692 Rights Shares at an
issue price of RM1.30 per share to ensure the resultant cash
proceeds of RM9.50 million utilized for the working capital
requirements, and the costs and expenses of the Proposals.
The Proposed Rights Issue will then close with 7,307,692 Rights
Shares being subscribed.

The remaining unsubscribed 22,692,308 Rights Shares that are not
underwritten will not be issued. Instead the following will take
place:

   (a) Proposed Debt Equity Conversion

The proposed debt equity conversion of RM4.50 million nominal
value of debt owing by Harn Len to the creditors of Sportma
pursuant to the Proposed Novation of Debt via the allotment and
issuance of 3,461,538 new Harn Len Shares at a conversion price
of RM1.30 per share directly to the creditors of Sportma
together with 3,461,538 free detachable Warrants "B" on the
basis of one (1) Warrant "B" for every one (1) new Harn Len
Share to be issued, as partial settlement of debt of RM4.5
million (Proposed Debt Equity Conversion); and

   (b) Proposed Share Settlement

The proposed settlement of outstanding amount owing to the
Vendors of RM25.0 million pursuant to the Proposed Acquisitions,
in lieu of the cash payment, via the issuance of 19,230,770 new
Harn Len Shares at an issue price of RM1.30 per share together
with 19,230,770 free detachable Warrants "B" on the basis of one
(1) Warrant "B" for every one (1) new Harn Len Share to be
issued (Proposed Share Settlement).

As originally proposed, the Vendors will allocate the RM25.0
million cash consideration that they receive from the Proposed
Acquisitions to the creditors of Sportma. Accordingly pursuant
to the Proposed Share Settlement, which occurs in the event of
undersubscription of the Proposed Rights Issue, Harn Len will
allot and issue 19,230,770 new Harn Len Shares at an issue price
of RM1.30 per share together with 19,230,770 Warrants "B" on the
basis of one (1) Warrant "B" for every one (1) new Harn Len
Share to be issued, directly to the creditors of Sportma as
partial settlement of debt of RM25.0 million.

   (iii) In the event the Proposed Rights Issue is partially
subscribed for whatever amount, any cash proceeds arising from
the Proposed Rights Issue will be allocated to (i) Harn Len for
working capital, and cost and expenses of the Proposals; (ii)
the creditors of Sportma as partial settlement of debt pursuant
to the Proposed Novation of Debt; and (iii) cash consideration
for the Proposed Acquisitions, proportionately, in accordance to
the ratio of 19:9:50. Hence, the number of Rights Shares to be
subscribed by the underwriters in order to meet the guaranteed
subscription level pursuant to the Underwriting Arrangements,
and the number of new Harn Len Shares at conversion and/or issue
price of RM1.30 per share to be allotted directly to the
creditors of Sportma pursuant to the Proposed Debt Equity
Conversion and Proposed Share Settlement, will be adjusted
accordingly based on the following formula:

Underwriting of the Guaranteed Subscription Level

U (2) = 7,307,692 - [( 19/78 ) X (1) X]

Proposed Debt Equity Conversion

Y (3) = 3,461,538 - [( 9/78 ) X (1) X]

Proposed Share Settlement

Z (4) = 19,230,770 - [( 50/78 ) X (1) X]

Notes:

(1) X represents the number of Rights Shares subscribed by the
entitled shareholders of Harn Len pursuant to the Proposed
Rights Issue;

(2) U represents Underwriting Arrangement to meet the guaranteed
level of subscription;

(3) Y represents the number of shares to be issued to the
creditors of Sportma pursuant to the Proposed Debt Equity
Conversion; and

(4) Z represents the number of shares to be issued to the
creditors of Sportma pursuant to the Proposed Share Settlement.

3.3.3 Proposed Put Option

Pursuant to the Proposed Amendment to the Proposed Rights Issue,
it is proposed that the creditors of Sportma who are allotted
and issued the ordinary shares of Harn Len at RM1.30 each
arising from the Proposed Rights Issue and/or Proposed Debt
Equity Conversion and Proposed Share Settlement, in the event of
an under subscription of the Proposed Rights Issue (the Entitled
Creditors), be given a put option to sell the Harn Len Shares to
Low Nam Hui & Sons Sdn Bhd, the holding company of Lian Hup,
SSOP and PPB at the exercise price of RM1.30 per share (Put
Option).

4. DETAILS OF THE PROPOSED ACQUISITIONS

Based on the terms of the Approved Proposals, Harn Len proposes
to acquire the entire equity interest of Uniglobal, Pelita
Pertama, Suen Tai and Desamawar from LNH Enterprise and the
fixed assets held by Lian Hup, SSOP and PPB which on a
collective basis consist of 7 oil palm plantations with a total
acreage of 19,153.90 acres, a palm oil mill and a 25-storey
commercial building for a purchase consideration of RM232.00
million to be satisfied by the following manner:

   (i) RM25.00 million in cash to be raised from the Proposed
Rights Issue; and

   (ii) Issuance of 207,000,000 new Harn Len Shares at par;
Under the terms of the various Sale and Purchase Agreements
executed on 28 November 2001 between Sportma/Harn Len and the
respective vendors of the Acquiree Companies and Acquiree
Assets, there is no change in the purchase consideration of the
Acquiree Companies and Acquiree Assets.

The proposed acquisition for each of the Acquiree Companies and
Acquiree Assets are inter-conditional upon each other.

4.2 Proposed Amendment to the Proposed Acquisitions

Under the terms of the Sale and Purchase Agreements dated 28
November 2001, the mode of settlement of the purchase
consideration for the Proposed Acquisitions is now proposed to
be revised and be satisfied as follows:

   (a) the issuance of 162,689,905 new Harn Len Shares at par;

   (b) the issuance of approximately RM44,310,095 nominal value
of 1.5 percent five (5)-year 2002/2007 RCSLS in Harn Len at 100
percent nominal value together with up to 44,310,095 free
detachable Warrants "A"; and

   (c) RM25.00 million by up to RM25.00 million in cash
consideration from the Proposed Rights Issue and/or up to
19,230,770 new Harn Len Shares at an issue price of RM1.30 each
with up to 19,230,770 free Warrants "B" pursuant to the Proposed
Share Settlement.

The amendments to the terms of the Proposed Acquisitions were
brought about by the revisions to the proposed acquisition of
the 25-storey office/hotel belonging to PPB held under Geran
27393, Lot No. 1782, known as Johor Tower (Proposed Acquisition
of Johor Tower) in which the SC had earlier approved the
purchase consideration of RM67,000,000 to be satisfied by a cash
consideration of RM7,219,828 and the issuance of 59,780,172 new
Harn Len Shares at par.

The settlement of the purchase consideration for the Proposed
Acquisition of Johor Tower is proposed to be amended and be
satisfied in the following manner:

   (i) RM7,219,828 by up to RM7,219,828 in cash from the
Proposed Rights Issue and/or up to 5,553,713 new Harn Len Shares
at an issue price of RM1.30 each with up to 5,553,713 Warrants
"B" from the Proposed Share Settlement;

   (ii) the issuance of 15,470,077 new Harn Len Shares at par;
and

   (iii) the issuance of approximately RM44,310,095 nominal
value of 1.5 percent five (5)-year RCSLS at 100 percent of the
nominal value in Harn Len together with up to 44,310,095 free
detachable Warrants "A" on the basis of one (1) free detachable
Warrant "A" for every RM1.00 nominal value of RCSLS.

The RM44,310,095 nominal value of RCSLS at 100 percent of the
nominal value will be issued by Harn Len to PPB, the vendor of
Johor Tower and will subsequently be assigned to the secured
lender of PPB, namely Danaharta Managers Sdn Bhd (DMSB) for the
release of the encumbrances on the Johor Tower to be injected
into Harn Len pursuant to the Proposed Acquisitions. The
44,310,095 Warrants "A" will be detached from the RCSLS
immediately upon issue and will be allotted to PPB.

Salient Terms of the RCSLS

The RCSLS will carry a coupon rate of 1.5 percent per annum
payable annually in arrears and a compounding redemptive rate of
1.5 percent per annum payable upon redemption. The RCSLS will be
convertible into one (1) new Harn Len Share at a conversion
price of RM1.00 each by way of tendering RM1.00 nominal value of
RCSLS.

In addition, a 5.0 percent yield per annum amounting to a total
of RM6,787,251 will be payable upfront by PPB to DMSB, in the
form of 6,787,251 Harn Len Shares from the consideration that
PPB will receive from the Proposed Acquisition of Johor Tower.
The tenure of the RCSLS will be five (5) years from the date of
issue. The RCSLS, if not converted, must be redeemed at the end
of each of the next four (4) years commencing on the last day of
the second (2nd) anniversary from the date of issue of the
RCSLS, in the proportion of 20 percent, 20 percent, 30 percent
and 30 percent respectively, at 100 percent of the nominal value
of the RCSLS Issue, compounded at a rate of 1.5 percent per
annum payable upon redemption. The RCSLS will be secured against
the Johor Tower.

The RCSLS to be issued are not transferable and will be held by
DMSB throughout the tenure of the of the RCSLS subject to the
trust deed governing the RCSLS.

The salient terms and conditions of the RCSLS are set out in
Table III found at http://www.bankrupt.com/misc/Sportma.html

Salient Terms of the Warrants "A"

The proposed Warrants "A" will be detached from the RCSLS
immediately upon issue and will be allotted to PPB.

The Warrants "A" will entitle the registered holder during the
exercise period to subscribe for one (1) new Harn Len Share at
the Exercise Price which is proposed to be fixed at RM 1.00 per
share, subject to the approval of the SC.

The salient terms and conditions of the Warrants "A" are set out
in Table IV at http://www.bankrupt.com/misc/Sportma.html

5. DETAILS OF THE PROPOSED AMENDMENT TO THE PROPOSED VENDORS'
SETTLEMENT AND PROPOSED NEW SHARES ISSUE INSTEAD OF THE PROPOSED
ADVANCE

5.1 Amendments to Proposed Vendors' Settlement

As a result of the proposed amendment to the Proposed
Acquisition of Johor Tower and the non-materialization of the
Proposed Disposal of Sportma Assets to ACT (explained in Section
6 below), it is proposed that the original Proposed Vendor's
Settlement to the Unsecured Creditors, will be revised, from the
original RM38.33 million comprising RM17 million in cash and
RM21.33 million in the form of 21,330,000 Harn Len Shares at
par, to a total of RM57,712,749 comprising:

(i) RM25 million by way of up to RM25 million in cash
consideration from the Proposed Rights Issue and/or up to
19,230,770 new Harn Len Shares at an issue price of RM1.30 each
with up to 19,230,770 free Warrants "B" from the Proposed Share
Settlement; and

(ii) RM32,712,749 in new Harn Len Shares at an issue price of
RM1.00 each, to be received by the Vendors pursuant to the
Proposed Acquisitions.

5.2 Proposed New Shares Issue instead of Proposed Advance

In view of the above reduction of 6,787,251 new Harn Len Shares
to be distributed by the Vendors to the Unsecured Creditors of
Sportma as a result of the proposed amendment to the Proposed
Acquisition of Johor Tower, the shortfall will be compensated by
an equivalent new issue of shares by Harn Len to the Unsecured
Creditors.

Hence, the original proposed new issue of 6.5 million shares at
par by Harn Len to the Unsecured Creditors of Sportma as partial
settlement of debt of the same amount pursuant the Proposed
Advance will be increased by 6,787,251 new Harn Len Shares to
13,287,251 new Harn Len Shares at an issue price of RM1.00 each
(hereinafter to be known as "the Proposed New Shares Issue").

6. DETAILS OF THE PROPOSED AMENDMENT TO THE PROPOSED DISPOSAL OF
SPORTMA ASSETS

6.1 The Original Proposed Disposal of Sportma Assets to ACT

The Approved Proposals include the Proposed Disposal of the
fixed assets of Sportma, comprising land and building, plant,
and machinery to ACT for a cash consideration of RM18 million
via a Sale and Purchase of Assets Agreement dated 15 March 2000.
In addition, the stocks of Sportma are to be disposed to ACT for
RM2,624,540 via a Sale of Stock Agreement dated 3 December 1999.
Besides, Sportma had also entered into a Lease Agreement with
ACT on 3 December 1999 to lease to ACT the entire land and
building, equipment, plant and machinery of Sportma, including
hire purchase equipment.

6.2 Proposed Amendment to the Proposed Disposal of Sportma
Assets

Notwithstanding the above, ACT has been unable to procure
funding for the said sale of assets and stocks following the
execution of the aforesaid agreements.

In addition, ACT has also failed to pay the lease rental due to
Sportma. As a result, the SA had on 6 July 2001, served a
winding-up petition on ACT to recover the amount of lease rental
outstanding up to 31 May 2001, and also with the purpose to
reclaim the fixed assets on lease to ACT. On 11 October 2001,
judgment was entered by the Kuala Lumpur High Court for the
winding up of ACT.

In view of the above, and as the debenture of Affin Bank covers
the fixed and movable assets of Sportma ("Sportma Assets"), it
is proposed that Affin Bank be allowed to take possession of the
Sportma Assets under its debenture agreement. The realization of
the Sportma Assets, which has been determined at RM7,973,322,
based on the mutual agreement between the SA and the Secured
Creditor using the valuation as assessed by the various
professional valuers will be treated as partial settlement of
the Affin Bank's debt. The said valuation of RM7,973,322 shall
form the quantum of part settlement of the Affin Bank's debt for
the same amount irrespective whether there is any deficiency or
surplus arising from the actual realization of the Sportma
Assets. Accordingly, the entire realization of the Sportma
Assets shall be accrued to Affin Bank.

The total outstanding debt of Affin Bank, consequent to the set-
off via the realization of Sportma Assets which has been
determined at RM7,973,322, will then be entitled to rank for
distribution as unsecured liabilities in accordance to the
Proposals.

7 DETAILS OF THE PROPOSED AMENDMENT TO THE PROPOSED DISPOSAL OF
SILKSPRINT

Based on the Approved Proposals, the Proposed Disposal of
Silksprint to ACT which will entail the purchase of all the
fixed assets of Silksprint by ACT, by way of assuming all the
liabilities of Silksprint, which amounted to approximately
RM337,000 as at 31 December 1999, except for an amount of
RM12,961,283 owing to Sportma. Thereafter, Silksprint will be
liquidated.

As the proposed disposal of Silksprint's assets to ACT could not
materialize, it is now proposed that Silksprint be liquidated
and the creditors of Silksprint will be settled from the
realization of assets of the company in accordance to the
Companies Act and Companies Winding Rules 1972.

8. RATIONALE FOR THE PROPOSED AMENDMENTS

Following the SC's approval dated 6 November 2000, due to the
prevailing weak market condition, further modifications and
amendments to the Approved Proposals, inter-alia, the Proposed
Novation of Debt, the Proposed Amendment to the Proposed Rights
Issue, the Proposed Debt Equity Conversion, the Proposed Share
Settlement, the Proposed Amendment to the Proposed Acquisitions
and the Proposed Amendment to the Proposed Vendors' Settlement
to the creditors of Sportma and the lenders of the Acquiree
Assets, are required in order to facilitate the successful
implementation of the Proposals.

8.1 Rationale for the Proposed Amendment to the Proposed Rights
Issue

Due to the weak equity market condition, the Proposed Rights
Issue as proposed in the Approved Proposals could not be carried
out as Harn Len was not able to secure any underwriting
arrangement. Hence, the amendments to the terms of the Proposed
Rights Issue are proposed with the following objectives:

(i) The proposed issue of Warrants "B" to be attached to the
Proposed Rights Issue is to enhance the attractiveness of the
Proposed Rights Issue and encourage greater equity participation
in Harn Len by the existing shareholders of Sportma. In
addition, this will also provide shareholders of Sportma an
opportunity to participate in the future growth of Harn Len from
the exercise of the Warrants "B";

(ii) The Warrants "B" will also serve as a sweetener for the
creditors of Sportma who will accept the new Harn Len Shares
pursuant to the Proposed Debt Equity Conversion and Proposed
Share Settlement as set out in Section 3.3.2 above, in lieu of
cash settlement as originally proposed;

(iii) The Proposed Share Settlement and the Proposed Debt Equity
Conversion which will result in the issue of the new Harn Len
Shares to the creditors of Sportma as partial settlement of
debt, in lieu of cash payment, provide a contingent plan for the
successful implementation of the proposed debt restructuring of
Sportma in the event that the Proposed Rights Issue is
undersubscribed; and

(iv) The exercise of the Warrants "B" in the future will raise
additional working capital for the proposed Harn Len Group;

8.2 Rationale for the Proposed Amendment to the Proposed
Acquisitions

Similarly, due to the prevailing weak market condition, the
upliftment of the encumbrances on the Johor Tower to be acquired
from PPB could not materialize as the proposed placement of Harn
Len Shares to be received by PPB for the purpose of redeeming
the encumbrances could not be carried out.
This, accordingly, necessitated the Proposed RCSLS Issue with
Warrants "A" in order to ensure the successful implementation of
the Proposed Acquisition of Johor Tower. The rationale for the
Proposed RCSLS Issue with Warrants 'A' are as follows:
(a) The Proposed Acquisition of Johor Tower will contribute
rental income to the proforma Harn Len Group and hence provide
an avenue for Harn Len to diversify its earnings base from the
core business in the oil palm plantation;

(b) the cost of borrowings will be fixed throughout the tenure
of the RCSLS and the interest cost for the RCSLS is lower than a
pure debt financing or bank borrowings.

(c) to enable Harn Len to manage its cashflow more efficiently
as the coupon is payable annually in arrears as compared to the
monthly servicing for bank financing;

(d) to reduce the immediate effect of dilution in earnings of
Harn Len that will otherwise arise from an equity issue;
(e) the convertible feature of the RCSLS provides an option for
the RCSLS holders to convert the RCSLS into Harn Len Shares and
hence the opportunity to realize higher return from potential
capital gains in the Harn Shares. This may in turn help to
alleviate outflow of cash by Harn Len for the redemption of the
RCSLS; and

(f) the proposed Warrants "A" upon exercise will provide
additional cashflow for the redemption of the RCSLS.

8.3 Rationale for the Proposed New Shares Issue

Pursuant to the Proposed Amendment to the Proposed Acquisition
of Johor Tower which will result in the reduction in the number
of new Harn Len Shares to be distributed to the creditors of
Sportma, the Proposed Amendment to the Proposed New Shares Issue
to the creditors of Sportma is necessary in order to ensure that
the creditors of Sportma are not in a worse-off position
following the Proposed Amendments.

9. APPROVALS REQUIRED

The Proposed Amendments are subject to the approvals of the
following:

(i) SC

For the Proposed Amendments to the Approved Proposals applied
herein; and

The listing of and quotation for the 208,477,159 new Harn Len
Shares, the 44,310,095 Warrants "A", and the 30,000,000 Warrants
"B" in Harn Len as well as the 118,620,190 new Harn Len Share to
be issued upon full conversion of the RM44,310,095 nominal value
of RCSLS at 100 percent nominal value in Harn Len, and full
exercise of the 44,310,095 Warrants "A" and 30,000,000 Warrants
"B" in Harn Len, on the KLSE Second Board.

(ii) Kuala Lumpur Stock Exchange

ú The proposed transfer of the listing status of Sportma to Harn
Len whereby Sportma will be delisted from the Second Board of
the KLSE and Harn Len will be admitted in place of Sportma on
the Second Board of the KLSE; and

ú The listing of and quotation for the 208,477,159 new Harn Len
Shares, the 44,310,095 Warrants "A", and the 30,000,000 Warrants
"B" in Harn Len as well as the 118,620,190 new Harn Len Share to
be issued upon full conversion of the RM44,310,095 nominal value
of RCSLS at 100 percent nominal value in Harn Len, and full
exercise of the 44,310,095 Warrants "A" and 30,000,000 Warrants
"B" in Harn Len, on the KLSE Second Board.

Foreign Investment Committee ("FIC") vide its letter dated 9 May
2000, had approved the Approved Proposals. The approvals from
FIC are conditional upon Harn Len increasing its Bumiputera
equity to 30 percent before 31 December 2001.

Ministry of International Trade and Industry ("MITI") vide its
letter dated 13 July 2000, had approved the Approved Proposals.
The approvals from MITI are conditional upon Harn Len increasing
its Bumiputera equity to 30 percent before 31 December 2001.

As the Proposed Amendments and the Approved Proposals have been
approved under the Danaharta Act, pursuant to Section 47(3) of
the Danaharta Act, notice to or approval or consent of the
shareholders of Sportma is not required and any such notice,
approval or consent, if required, shall be deemed to have been
duly given or obtained, as the case may be.

The Proposed Amendments are inter-conditional upon each other
and are conditional to the Approved Proposals.


10. EFFECTS OF THE PROPOSALS TOGETHER WITH THE PROPOSED
AMENDMENTS

10.1 Share Capital

The proforma effects of the Approved Proposals together with the
Proposed Amendments on the issued and paid-up share capital of
Harn Len, assuming full subscription of the Rights Shares by the
entitled shareholders of Harn Len, full conversion of the RCSLS
and full exercise of Warrants"A" and Warrants"B" are set out in
Table V found at http://www.bankrupt.com/misc/Sportma.html

10.2 Earnings

The Approved Proposals together with the Proposed Amendments are
expected to be completed in April 2002 and are therefore not
expected to have any material effect on the earnings of Sportma
for the current financial year ending 31 December 2001. However,
the Proposed Amendments are expected to contribute positively to
the earnings of Harn Len in the future.

10.3 Net Tangible Assets ("NTA")

Based on the proforma audited accounts of the proposed Harn Len
Group as at 31 December 2000, the proforma effects of the
Approved Proposals together with Proposed Amendments on the NTA
of the Proposed Harn Len Group are illustrated in Table VI at
http://www.bankrupt.com/misc/Sportma.html

10.4 Shareholding Structure

The effect of the Approved Proposals together with Proposed
Amendments on the shareholding structure of Harn Len is set out
in Table VII found at http://www.bankrupt.com/misc/Sportma.html

11. INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

For the purpose of implementing the Proposals, Mr Vincent Chew
Chong Eu (the Special Administrator of Sportma) has been
appointed as a director and is a shareholder of Harn Len.

Save as disclosed above, the SA of Sportma confirms that to the
best of his knowledge, none of the Directors, substantial
shareholders of Sportma/Harn Len and/or persons connected to
them have any interests, direct and/or indirect, in the
Proposals.

12. STATEMENT FROM SA

After careful deliberations, the SA are of the opinion that the
Proposed Amendments are in the best interest of the Company and
for the benefit of all stakeholders.

13. APPLICATION TO THE SC

Barring any unforeseen circumstances, the Company in respect to
the Proposed Amendments will make an application to the SC
within one (1) month from the date hereof.

TECHNO ASIA: Accepts Plaintiff's Voluntary Offer
------------------------------------------------
Techno Asia Holdings Berhad, further to the hearing for
determination of costs in respect of KLHC Suit No.: D4-22-2222-
2000 scheduled on the 28th day of November, 2001, informed that
the Company, being a nominal Defendant to the suit, has accepted
the Plaintiff's offer for RM3,000 as costs on an ex-gratia
basis.

Lim Tian Huat and Chew Cheng Leong of Messrs. Arthur Andersen &
Co. were appointed Special Administrators of the Company by
Pengurusan Danaharta Nasional Berhad on 2nd day of February,
2001 pursuant to Section 24 of the Pengurusan Danaharta Nasional
Berhad (Amendment) Act, 2000. The Board of Directors' powers
remain suspended pursuant to the appointment of the Special
Administrators.


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


ALL ASIA: Two More Firms Interested To Acquire AsiaLife
-------------------------------------------------------
Local insurers Philippine Axa Life Insurance Corp. and ATR
Professional Assurance Corp offered to take over All AsiaLife
Insurance Corp., a subsidiary of debt-swamped All AsiaCapital
and Trust Corp BusinessWorld reported on Tuesday. Only ATR
Professional, however, intends to purchase All AsiaLife, with
Philippine Axa and Yuchengco's Great Pacific Life Assurance
Corporation (Grepalife)Grepalife, which has already submitted
their offer, only interested in acquiring the insurer's
portfolio.

All AsiaCapital was plagued by liquidity problems at the height
of the Asian financial crisis and suffered heavy pretermination
of its investments during the period. Its unit has also been
adversely affected by its problems.

All AsiaCapital's assets are reportedly difficult to convert to
cash because they are tied up in real estate and long-term
commercial papers.


NATIONAL BANK: Government Finalizing Put Option Details
-------------------------------------------------------
The details of a "put option" on a deal to force Lucio C. Tan
to buy out the state's entire stake in the troubled Philippine
National Bank (PNB) are currently being ironed out by the
Department of Finance, according to BusinessWorld on Tuesday.

Finance Secretary Jose Isidro Camacho said, "We are entering
discussions on the formula, trying to figure out what amount and
what period will be covered by the put option." Camacho added,
"From the feedback we have received (from Mr. Tan's group), we
are hopeful we can finish the formula for the put option soon."

The put option is intended to protect the government's interest
in PNB when it sells its stake after the rehabilitation of PNB.

In order to rehabilitate PNB, the government first plans to
acquire more shares in the bank to give the state management
control. The state currently holds 16 percent of PNB but plans
to purchase more shares from Tan to give it a 45 percent
stakeholding during the joint sale.


NATIONAL POWER: Privatization Delayed Until Second Quarter 2002
---------------------------------------------------------------
The government has decided to delay, without citing any reason,
the sale of the transmission assets of the ailing National Power
Corporation until the second quarter of 2002, according to
BusinessWorld on December 4.

Energy Secretary Vincent Perez said, "Our initial timeline was
first quarter or second quarter of 2002 and now it's second
quarter of 2002."  "We consider that we are still on target,"
he added.

The impending privatization is still awaiting congressional
approval, which is expected this week or next week. Prices for
the assets are expected to be down partly due to the September
11 attacks.  According to analysts, Napocor will auction about
70 percent of assets valued between US$5.2 billion and US$6
billion.


NATIONAL POWER: PSALM Groups Assets To Facilitate Sale
------------------------------------------------------
The Power Sector Assets and Liabilities Management (PSALM) Corp.
has created four "preliminary groupings" or generating
companies (gencos) for the smoother sale of National Power
Corporation's power generation assets, the Manila Times reported
on Tuesday.

The Gencos would house all the generating plants of Napocor,
which in turn, would be sold to prospective investors in the
second half of 2002.

The groupings of Napocor's four gencos are:

- Luzon Calaca-Calaca coal plant (600-megawatt) in Batangas;
Pinamucan (105-MW); and Malaya Thermal in Rizal (650-MW). The
aggregate capacity for this group is 1,355-MW.

- Luzon Masinloc-Masinloc coal in Zambales (600-MW)

- Luzon Angat-Angat hydro (245-MW); Pantabangan (100-MW);
Masiway (12-MW); Binga (100-MW); and Ambuklao (75-MW). Total
capacity is 532-MW.

- Luzon Magat-Magat (360-MW); Benguet (22-MW). Total capacity is
382-MW.


UNIWIDE: SEC Approval Of Rehab Plan Likely
------------------------------------------
The cash-strapped Uniwide Group of Companies might yet get a
favorable ruling by the Securities and Exchange Commission on
the implementation of its updated rehabilitation plan, which
recently gained approval from a majority of its creditors,
BusinessWorld reported yesterday.

According to SEC Commissioner Juanita E. Cueto, the hearing
panel is set to meet with Uniwide receiver, Monico Jacob this
Friday to talk about the details of the updated rehabilitation
plan.

Cueto added, "They (Uniwide) are doing all right...the panel is
set to decide on the rehabilitation plan that has been approved
by most of the company's creditors."

The new rehabilitation plan, unlike the old one which is
anchored on the entry of the Casino Group, focuses on the
"dacion en pago" (payment in kind) to the Group's secured
creditors and the settlement of unsecured debts through the cash
flow of Uniwide's retail operations.  Some P1.64 billion of
company's secured debt has been settled through the "dacion en
pago" of non-operating assets.


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


BRIERLEY INVESTMENTS: Declares Change In Director's Holding
-----------------------------------------------------------
Brierley Investments Limited issued a notice of change regarding
the shareholding of Director Gregory James Terry. A portion of
the notice detailing the change:

Notice Of Changes In Director's Shareholding

Name of director: Gregory James Terry
Date of notice to company: 03 Dec 2001
Date of change of shareholding: 03 Dec 2001
Name of registered holder: Gregory James Terry
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder

No. of shares of the change: 100,000
Percent of issued share capital: 0.007
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: 0.22425
No. of shares held before change: 500,000
Percent of issued share capital: 0.037
No. of shares held after change: 600,000
Percent of issued share capital: 0.044

Holdings of Director including direct and deemed interest
Deemed   Direct
No. of shares held before change:      500,000
Percent of issued share capital:       0.037
No. of shares held after change:      600,000
Percent of issued share capital:       0.044

Total shares:         600,000


BRIERLEY INVESTMENTS: Posts Changes In Temasek's Interest
---------------------------------------------------------
Brierley Investments Limited declared a notice of changes
regarding the deemed interests of substantial shareholder,
Holdings Limited. The changes:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: 03 Dec 2001
Date of change of deemed interest: 29 Nov 2001
Name of registered holder: CDP : Universe Holdings 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: (600,000)
Percent of issued share capital: 0.04
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: 0.2621
No. of shares held before change: 104,524,848
Percent of issued share capital: 7.64
No. of shares held after change: 103,924,848
Percent of issued share capital: 7.6

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed   Direct
No. of shares held before change: 104,524,848
Percent of issued share capital:   7.64
No. of shares held after change:  103,924,848
Percent of issued share capital:   7.6

Total shares:        103,924,848


IPCO INTERNATIONAL: Post Changes In Springsun's Shareholding
------------------------------------------------------------
Ipco International Limited posted a notice of changes detailing
the changes in Springsun Highways Limited's deemed substantial
shareholding. The notice containing the changes:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Springsun Highways Limited
Date of notice to company: 03 Dec 2001
Date of change of interest: 30 Nov 2001
Name of registered holder: Kim Eng Securities (Private) Limited
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 20,800,000
Percent of issued share capital: 2.82
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: S$0.065
No. of shares held before change: 376,034,000
Percent of issued share capital: 51
No. of shares held after change: 355,234,000
Percent of issued share capital: 48.18
Holdings of Substantial Shareholder including direct and deemed
interest
Deemed       Direct
No. of shares held before change: 376,034,000
Percent of issued share capital:    51
No. of shares held after change:  355,234,000
Percent of issued share capital:   48.18

Total shares:        355,234,000

No. of Warrants = NIL
No. of Options = NIL
No. of Rights = NIL
No. of Indirect Interest = 355,234,000
Percent of shares are arrived at based on paid up capital of
737,341,612 shares of S$0.20 each as at November 30, 2001


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


BANGKOK CRYSTAL: Petition For Business Reorganization Filed
-----------------------------------------------------------
The Petition for Business Reorganization of Bangkok Crystal
Company Limited (DEBTOR), engaged in manufacturing and selling
crystal, was filed in the Central Bankruptcy Court:

     Black Case Number 720/2543

     Red Case Number 760/2543

Petitioner: COMMERCIAL BANK PUBLIC COMPANY LIMITED: MR. JIRAWUT
BOONSIRI #1st, BANGKOK CRYSTAL COMPANY LIMITED #2nd BY MR.
THOOGCHAI NIMWACHIRASOONTHORN AND MR. WITHOON
TECHATUSANASOONTHORN

Debts Owed to the Petitioning Creditor: Bt1,126,876,612.05

Planner: Mr. Tuongchai Nimwashirasunthorn, Mr. Saternt
Muntawonwong, Mr. Dusit Tanametee, Mr. Wiwat Supathum

Date of Court Acceptance of the Petition: September 15, 2000

Date of Examining the Petition: October 16, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: October 16, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: November 14,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: February 14 , 2001

Planner postponed the date to submit the reorganization plan #
1st: March 14, 2001

Planner postponed the date to submit the reorganization plan #
2nd: April 14, 2001

Appointment Date of the Meeting of Creditors for the Plan
Consideration: May 15, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

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

Court Order for Accepting the reorganization plan: June 4, 2001
and appointed Mr. Tuongchai Nimwashirasunthorn, Mr. Dusit
Tanametee and Mr. Somporn Temudomsomboon to be the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: June 13, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: July 27, 2001

Contact: Mr Thanawat Tel, 6792525 ext 123


DATAMAT PUBLIC: Posts Shares Subscription, Payment Schedule
-----------------------------------------------------------
Datamat Public Company Limited informed that the resolutions of
the Board of Directors' Meeting held on 30th of November 2001
are:

1. To schedule for subscription of new shares and demand
payment for the shares under resolutions of the Extra-ordinary
Meeting No.1/2544 as below:

1.1   Allotment to definite persons:

Price/share(Baht)   Quantity

Cyber Venture Co., Ltd.   400,000,000      1
Asian Capital Adviser Co., Ltd.   33,200,000      1
12  financial institutes.   141,350,059      3

574,550,059

The subscriptions and the payments for the shares are to be made
around 4 - 17  December 2001.

1.2 The subscriptions and the payments for the  shareholders in
proportion of 1 existing share held  is eligible for 8 new
shares  are to be made around  2-8 December 2001.

2. The closing date of  the Company shareholder's  registration
for the subscription of the new shares excluding the subscriber
under 1.1 on the 17th of December 2001 at 12.00 hours.


DATAMAT PUBLIC: Registers Paid Up Capital Reduction
---------------------------------------------------
Datamat Public Company Limited announced that since the
reduction was completely registered with the Ministry of
Commerce on 30th of November 2001, the registered capital is
Bt67,046,520.

According to the resolution of the Extra Ordinary General
meeting of shareholders #1/2544 held on 24th September 2001, the
paid up capital reduction used the List of shareholder on 20th
November 2001, 12.00 A.M.


MODERN HOME: Increases Paid In Registered Capital
-------------------------------------------------
Modern Home Planner Company Limited, Plan Administrator for
Modern Home Development Public Company Limited (the Company), in
accordance with the implementation of the Rehabilitation Plan,
reported on the Company's completions of the paid-in Capital
Reduction, which has been registered at the Ministry of Commerce
on November 22, 2001. The total paid-in ordinary shares reduced
from 62,010,000 shares for the amount of 62,010 shares.

The Company also would like to report on the increase of the
paid-in registered capital by issuing another paid-in
209,809,026 new ordinary shares at the par value of Bt10 each.
This would bring the total registered from 62,010 ordinary
shares to 209,871,036 ordinary shares at the par value of Bt10
each.


SAMART CORPORATION: Posts Approved BOD's Resolutions
----------------------------------------------------
Samart Corporation Public Company Limited reported certain
resolutions adopted at the Board of Directors' meeting No.
7/2001 held on November 29, 2001 to SET:

1. Approved the additional transfer of 33,936 shares of One To
One Contacts Co., Ltd. to the Company's creditors from the
previous transfer of 566,064 shares by the resolution of the
Board of Directors' meeting No. 6/2001. Totaling to 600,000
shares of OTO to be transferred to the creditors as part of the
Debt Restructuring of the Company of which been approved be the
shareholders in the Extraordinary General Meeting No. 2/2001 on
October 8, 2001.

2. Approved the acquisition of shares in subsidiaries and
affiliates from the minority shareholders at par value of each
company for pledging with the Company's creditors together with
the existing shares as part of its Debt Restructuring Documents
as follows:

Company                      Number of Shares      Par Value

Samart Comtech Co., Ltd.                  7                 100
Samart E-Trading  Co., Ltd.               7                  10
Samart Engineering Co., Ltd.             60                 100
Samart Research & Development Co., Ltd. 140                   5
Samart Info Media Co., Ltd.               7                 100
Samart Infonet Co., Ltd.                  7                 100
Samart Adsat Co., Ltd.                  100                   5
Samart Cable System Co., Ltd.             7                  10
Samart International Co., Ltd.          140                   5
Samart Paging Co., Ltd.                  90                  10
Samart Internet Co., Ltd.                 7                  10
Samart Online Co., Ltd.                   6                  10
Samart E-BIZ Co., Ltd.                    6                  10
E-Generation Co., Ltd.                  600                  10
SmartPost Co., Ltd.                       7                  10


SAMART: Reports Shares Offering Results
---------------------------------------
Samart Corporation Public Company Limited reported on the Result
of Shares Offering to Stock Exchange of Thailand on November 30,
2001.

1. Information related to the shares offering
Class of shares offered         :       Ordinary shares
Number of shares offered        :       438,365 shares
Offered to                      :       Private placement
    for 8 persons
1  Design 103 Co., Ltd.             246
2  Schlumberger Overseas, S.A.      21
3  Ratanajitra Co., Ltd.    1,028
4  Treasury Service Co., Ltd.    2,142
5  Mr. Preeda  Attavinijtrakran           34,129
6  Vichaiyuth Co., Ltd.       261
7  Master Venture Co., Ltd.        400,536
8  Thai Dhanu  DBS Co., Ltd.                   2

      Price per share Baht 15.08
      Subscription and Payment Period November 29, 2001

2. Result of  shares sale
     /   Totally sold
         Partly Sold, with shares  remaining

Action taken by SAMART in case of remaining shares as follow:

3. Details of shares sale

Thai Investors      Foreign Investor    Total
            Juristic Natural    Juristic Natural
Number of persons
7       1          -         -          8
Number of shares subscribed
404,236  34,129     -         -     438,365
Percentage of total shares
92.21     7.79      -         -         100
offered for sale

4. Amount of money received from the shares sale
   Total amount: Bt6,610,544.20 Million
    Less :    Expenses  -   Million
   Net amount received Bt6,610,544.20 Million


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
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                 *** End of Transmission ***