TCRAP_Public/011206.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, December 6, Vol. 4, No. 238

                         Headlines


A U S T R A L I A

ANALYTICA LIMITED: Posts Board Resignations, Appointments
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
IOCOM LIMITED: Releases Chairman`s AGM Address To Shareholders
ROEHAMPTON RESOURCES: Ex-Director Charged With Insider Trading
TAX INVEST: Former Canberra Investment Adviser Pleads Guilty
TERRAPLANET LIMITED: Director Baker Changes Interests
WATER WHEEL: Discloses Administrator's Letter
WATER WHEEL: Posts Chartered Accountants' Independent Review


C H I N A   &   H O N G  K O N G

HOLIDAY RESORTS: Winding Up Sought By King Success
LONGWARD LIMITED: Faces Winding Up Petition
MANDARIN RESOURCES: Appoints Mr Fung Pui Cheung As Director
MID-ORIENT: Winding Up Petition To Be Heard
NAM FONG: Explains Investment Properties Valuation Difference
UDL HOLDINGS: Court Hands Down Final Appeal Judgment
WELTOP LIMITED: Winding Up Petition Pending


I N D O N E S I A

DUTA ANGGADA: Pefindo Withdraws `idCCC' Credit Rating
HOLDIKO PERKASA: Indomobil Sale Raises Rp625B Further Proceeds


J A P A N

BRIDGESTONE: To Inject US$1.3B in US Unit
BRIDGESTONE CORPORATION: FY Revenues At $7.4B, Net Loss, $1.6B
MYCAL CORPORATION: Shelves Winter Bonus Pay For Workers
TAIHEIYO COAL: January Closure Scheduled


K O R E A

DAEWOO MOTOR: Parts Makers To Cut Supplies If Left Unpaid
HANBO STEEL: AK Capital Chosen As Top Hanbo Takeover Pick
HYNIX SEMICONDUCTOR: Seeks To Put Off Debt Repayment To LG
HYUNDAI ENGINEERING: Executives Offer To Resign
HYUNDAI SECURITIES: Call, Put Options Agreed Upon In AIG Deal
KOREA TELECOM: Moody's Changes Baa2 Outlook To Positive
SEOUL BANK: Shin To Head New Consortium For Takeover Bid


M A L A Y S I A

ARTWRIGHT HOLDINGS: Proposed Alliance Approval Pending
ARUS MURNI: Reviews Financial Regularization Proposals
ASSOCIATED KAOLIN: Proposed Debt Scheme Approvals Pending
CHASE PERDANA: Updates Defaulted Payment Status
KILANG PAPAN: Enters SPA With Vendors
MALAYSIAN GENERAL: Awaits Approval-In-Principle From Creditors
MAN YAU: Updates Proposed Rescue/Restructuring Scheme Status
MBF CAPITAL: Units Issue Explanatory Statement To Creditors
PARIT PERAK: MoU Period Extended Until December 31
RENONG BERHAD: Clarifies Media Releases
RNC CORP: Issues Proposed Restructuring Scheme Update
TAJO BHD: In Negotiations With Potential White Knight


P H I L I P P I N E S

METRO PACIFIC: Ayala Rejects Counter Offer On Bonifacio Sale
NATIONAL POWER: Banks Eye Bond Issue
RFM CORPORATION: May Sell Poultry Unit


S I N G A P O R E

BRIERLEY INVESTMENTS: Director's Holding Changes Issued
FHTK HOLDINGS: Posts Shareholder's Interest Changes
L&M GROUP: Enters Restructuring Agreements


T H A I L A N D

ITALIAN-THAI: Reports On Reorganization Progress
MODERN HOME: Discloses Capital Increase Report Form  
NEP REALTY: Subsidiary Decreases Registered Capital
TAI YO TECH: Files Business Reorganization Petition
THAI DURABLE: Notifies 2002 Annual Holiday


     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Posts Board Resignations, Appointments
---------------------------------------------------------
Analytica Limited advised of the appointment of Stephen Jones
and Wolf Hanisch to the Board of Analytica Ltd effective 3
December 2001.

Analytica Limited also announced the resignations of Trevor
Moyle and Walter Mc Nally as Company directors, effective
December 5, 2001.


GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
Goodman Fielder Limited posted this notice:

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

Name of Entity
Goodman Fielder Limited

ABN
44 000 003 958

We (the entity) give ASX the following information.


INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market

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

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

                                   BEFORE               PREVIOUS
                                   PREVIOUS                DAY
                                   DAY

3. Number of shares bought         557,230           2,059,116
   back or if buy-back is      
   an equal access scheme,     
   in relation to which       
   acceptances have been   
   received
                 
                                      $                    $
4. Total consideration paid       765,206           2,817,077
   or payable for the shares  

5. If buy-back is an on-market
   buy-back                   
                        Highest price paid   Highest price paid
                               $1.38                $1.37             
                               Date:   -
                               
                        Lowest price paid    Lowest price paid
                               $1.34                $1.36             
                               Date:   -
                                              Highest price
                                              allowed under rule
                                                    7.33:
                                                    $1.4461           

PARTICIPATION BY DIRECTORS

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

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     70,383,654
   an intention to buy back a                                         
   maximum number of shares - the                                     
   remaining number of shares to                                      
   be bought back                                                     

COMPLIANCE STATEMENT

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

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


IOCOM LIMITED: Releases Chairman`s AGM Address To Shareholders
--------------------------------------------------------------
Iocom Limited posted Chairman Scott Brown's Annual General
Meeting Address to shareholders:

CHAIRMAN'S ADDRESS

"Clearly the financial year ended 30 June 2001 was a difficult
one for Iocom. The Company recorded operating losses of $7.3
Million and one off abnormal items of $5.4 Million. The result
is completely unacceptable and greatly disappoints the board.

"The Company's losses in the 2001, had their genesis in the
previous financial year. The 2000 financial year had seen the
greatest boom in the IT industry's history. Iocom had made a
record profit of $978,000 pretax, the millennium bug, internet
and e-commerce fueled the boom. Optimism knew no bounds.

"I can now say with the grand benefit of hindsight it was in
this environment that the Company expanded far too fast and
uncontrolled, into many different areas which it did not
necessarily have experience in.

"MUA was meant to be a strong profit contributor instead it
became a disaster with lots of red ink. Fullcrm, our software
venture was launched during the year with plenty of promises,
ended unfortunately with tears. These two businesses which have
now been discontinued (thankfully) contributed the majority of
the Company's losses.

"Internet Business Solutions, which is now trading under
Fortress Networks Pty Limited also failed to meet expectations
and has contributed to the Company's losses. Worse still was the
once profitable Iocom Solutions ( our core business) lost two
large contracts with Amcor and Manpower and the first half of
the year with the result that Iocom Solutions was recording
losses. The combined losses had serious weaken the financial
position of the Company. Urgent action was required to stem the
losses. Regrettable the board could not agree on the course of
action required and on 5 January 2001 I resigned as a director
of this Company.

"It would have been easy for me to look the other way and not
get back involved, but I felt that shareholders required a
rescue operation to be mounted on their behalf. On 13 March
2001, I agree to come back as Non-Executive Chairman and assist
in the restructuring of the Company.

"The Company has been through a difficult time since and took
the following action including:

* Closing MUA including terminating all staff;

* Closing the Fullcrm and UBSP software venture;

* Reducing the staff numbers from approximately 90 to 45.

* Introducing a joint venture funding party into the CTI
division which is now called Unified Communications Systems
Limited (We now own 20% and have no requirement to provide
funding to the JV).

* Significantly refining Iocom Solutions Operations Procedures.

"I am pleased to report that the restructuring is starting to
have a positive effect. While it is still early days, Iocom
Solutions is showing signs of an improving trend. In the current
half year to December we are expecting to post a loss, be it a
significantly reduced one compared to last year. However if the
improving trend continues we would expect Iocom Solutions to
post a profit in the second half of the financial year.

"I believe the worst is now behind us. The past nine months has
been a very difficult and stressfully time for all of us at the
Company. It is a tribute to our staff and directors for their
perseverance.

"I now want to turn my attention briefly to the future and the
deal with Optima. I believe that the deal with Optima is an
excellent one for the Company and all shareholders. The main
advantages include:

1. A good business with strong profit history;

2. Excellent motivated management lead by Cornel Ung and his
team (We will hear from Cornel later after the meeting.)

3. The No 1 PC vendor in Australia;

4. Tremendous synergies with Iocom;

5. It will give the Company the scale it has always desired.

6. It brings considerable cash resources, The Cash balance was
in excess of $7 million as at 30 June 2001.

"I would like thank my follow directors - Phillip Walter and
Robert Biancardi for their efforts during the year.

"Finally, I would like to thank you our loyal shareholders for
your support during this difficult year. I look forward to next
year, where I hope to report on the Company's successful
recovery."


ROEHAMPTON RESOURCES: Ex-Director Charged With Insider Trading
--------------------------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced that Perth Company
Director, Michael John MacDermott has been charged with eight
counts of insider trading in the shares of Roehampton Resources
NL.

Mr. MacDermott appeared in the Perth Court of Petty Sessions on
November 30 and has been bailed to reappear in the Court on 21
December 2001.  The matter is being prosecuted by the
Commonwealth Director of Public Prosecutions. He was charged
following an ASIC investigation into the circumstances
surrounding the trading of shares in the listed company
Roehampton Resources. ASIC alleges that Mr. MacDermott's private
companies sold Roehampton Resources shares held in the names of
those companies between 6 May and 10 May 1996, the week
preceding the appointment of a Voluntary Administrator to
Roehampton Resources on 13 May 1996.

Mr. MacDermott became a director of Roehampton Resources on 17
January 1996 and was its managing director from that time until
the appointment of the Voluntary Administrator, at which time
Roehampton Resources was suspended from listing on the
Australian Stock Exchange. He was also a director of the
Roehampton Resources wholly owned subsidiary Roehampton
Developments Pty Ltd. ASIC will not comment further on this
matter at this time.


TAX INVEST: Former Canberra Investment Adviser Pleads Guilty
------------------------------------------------------------
Marshall John Cobb has appeared in the Canberra Magistrates
Court and pleaded guilty to 13 charges of being knowingly
concerned in making available prescribed interests in breach of
the fundraising provisions of the Corporations Act.  As a
director of Tax Invest Australia Pty Limited (In Liquidation),
Mr. Cobb offered his clients investments in schemes associated
with the failed Queensland based Wattle Group investment scheme.
The 13 charges relate to investments totaling $197,000 by six
people in Canberra and surrounding districts.

In November 1999 ASIC banned Mr. Cobb from being a
representative of either a dealer in securities or an investment
adviser for a period of one year, as a result of his action. The
matter was prosecuted by the Commonwealth Director of Public
Prosecutions. The court adjourned the matter for sentencing to
19 March 2002.


TERRAPLANET LIMITED: Director Baker Changes Interests
-----------------------------------------------------
Terraplanet Limited posted this notice:

NOTICE OF DIRECTOR'S INTERESTS
         Section 205G of the Corporations Law

UPDATING NOTICE

   Name of Director       David Linton Baker

   Name of Company        Terraplanet Limited

   Date of Last
   Notification to ASX    May 2001

   Date Director's
   Interest Changed       30/11/2001

"I have a relevant interest in the following securities of the
company or related bodies corporate:

2,500,000 shares; 227,467 options

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate: - "


WATER WHEEL: Discloses Administrator's Letter
---------------------------------------------
Water Wheel Holdings Limited disclosed the letter of Deed
Administrator N Brooke of PricewaterhouseCoopers:

WATER WHEEL HOLDINGS LIMITED
(Subject to a Deed of Company Arrangement) (Water Wheel)

"I refer to the above company and to our correspondence of 20
November 2001 in relation to the lodgment on that day of the
Water Wheel 3 June 2001 half-year accounts which were unaudited.

"I now attach the Appendix 4B for the half-year accounts which
have been reviewed by the external auditors, Hall Puddy & Wales,
and include the auditors' Independent Review Report to the
members of Water Wheel dated 30 November 2001."

APPENDIX 4B (Rule 4.13(b))
            HALF YEARLY REPORT

Name of entity
Water Wheel Holdings Limited(Subject to a Deed of Company
Arrangement)

ACN, ARBN, ABN or ARSN  Half    Preliminary       Half Year
ended
                        yearly     final         ('current
period')
                        (tick)    (tick)
004 450 033               X                       03/06/2001

FOR ANNOUNCEMENT TO THE MARKET                       AUD000
Extracts from this report for announcement to the market (see
note 1).

Revenues from ordinary activities
(item 1.1)                         down      99.5% to        58

Profit (loss) from ordinary activities
after tax (before amortization
of goodwill) attributable to members
(item 1.20)                        up/down    N/A% to     (241)

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.23)                        up/down    N/A% to     (241)
  
Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d))                      gain/loss of               -

Net profit (loss) for the period             
attributable to members
(item 1.11)                        up/down    N/A% to     (241)

DIVIDENDS (DISTRIBUTIONS)       AMOUNT PER SECURITY  FRANKED
AMOUNT
                                   (cents)        PER SECURITY
                                                       (cents)

Final dividend (Preliminary final report
only - item 15.4)
Interim dividend (Half yearly report
only - item 15.6)                         -             -

Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7)                        -             -

Record date for determining entitlements to the
dividend, (in the case of a trust, distribution)
(see item 15.2)                                    -

Brief explanation of omission of directional and percentage
changes to profit in accordance with Note 1 and short details of
any bonus or cash issue or other item(s) of importance not
previously released to the market:  -

CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                           CURRENT     PREVIOUS
                                          PERIOD   CORRESPONDING
                                                       PERIOD
                                          AUD000       AUD000

1.1  Revenues from ordinary activities           58       10,472

1.2  Expenses from ordinary activities
     (see items 1.24 + 12.5 + 12.6)           (299)     (13,727)

1.3  Borrowing costs                              -        (115)

1.4  Share of net profit (loss) of
     associates and joint venture
     entities (see item 16.7)                     -            -

1.5  Profit (loss) from ordinary
     activities before tax                    (241)      (3,370)

1.6  Income tax on ordinary
     activities (see note 4)                      -            -

1.7  Profit (loss) from ordinary
     activities after tax                     (241)      (3,370)
1.8  Profit (loss) from extraordinary
     items after tax (see item 2.5)               -            -

1.9  Net profit (loss)                        (241)      (3,370)

1.10 Net profit (loss) attributable to
     outside equity interests                     -            -  
                           
1.11 Net profit (loss) for the period
     attributable to members                  (241)      (3,370)

CONSOLIDATED RETAINED PROFITS

1.12 Retained profits (accumulated losses)
     at the beginning of the financial
     period                                (17,650)      (9,296)

1.13 Net profit (loss) attributable to
     members (item 1.11)                      (241)      (3,370)

1.14 Net transfers (to) and from reserves         -            -

1.15 Net effect of changes in accounting
     policies                                     -            -

1.16 Dividends and other equity distributions
     paid or payable                              -            -

1.17 Retained profits (accumulated losses)
     at end of financial period            (17,891)     (12,666)

PROFIT RESTATED TO EXCLUDE AMORTISATION OF GOODWILL                    

1.18 Profit (loss) from ordinary activities
     after tax before outside equity
     interests (items 1.7) and amortization
     of goodwill                              (241)      (3,370)

1.19 Less (plus) outside equity interests         -            -

1.20 Profit (loss) from ordinary activities
     after tax (before amortization of
     goodwill) attributable to members        (241)      (3,370)

PROFIT (LOSS) FROM ORDINARY ACTIVITIES ATTRIBUTABLE TO MEMBERS

1.21 Profit (loss) from ordinary activities
     after tax (item 1.7)                     (241)      (3,370)

1.22 Less (plus) outside equity interests         -            -

1.23 Profit (loss) from ordinary activities
     after tax, attributable to members       (241)      (3,370)

REVENUE AND EXPENSES FROM ORDINARY ACTIVITIES

AASB 1004 requires disclosure of specific categories of revenue
and AASB 1018 requires disclosure of expenses from ordinary
activities according to either their nature of function.  
Entities must report details of revenue and expenses from
ordinary activities using the layout employed in their accounts.  
See also items 12.1 to 12.6
                                           Current      Previous
                                          Period   Corresponding
                                                        Period
                                           AUD000       AUD000

1.24 Details of revenue and expenses

     Sales Revenue                                -       10,339
     Cost of Materials                            -      (8,138)
     Other Revenue from Ordinary Activities      58          133
     Distribution Expenses                        -        (464)
     Labour Costs                                 -      (2,512)
     Fixed Costs                                  -      (1,138)
     Other Variable Costs                         -        (844)
     Borrowing Costs                              -        (115)
     Administrators Fees and Other Costs      (299)        (631)
                                                                   
     Profit(Loss) from ordinary activities                         
     after tax, attributable to members       (241)      (3,370)

INTANGIBLE AND EXTRAORDINARY ITEMS

                                Consolidated  -  current period

                          Before   Related   Related     Amount
                            tax      tax     outside     (after
                                              equity       tax)
                                         interests  attributable
                                                      to members

                          AUD000    AUD000    AUD000      AUD000

2.1 Amortization of
    goodwill                   -         -         -          -

2.2 Amortization of
    other intangibles          -         -         -          -

2.3 Total amortization
    of intangibles             -         -         -          -

2.4 Extraordinary items        -         -         -          -
              (details)

2.5 Total extraordinary
    items                      -         -         -          -   


COMPARISON OF HALF YEAR PROFITS             Current     Previous
(Preliminary final report only)               year        year
                                             AUD000       AUD000
3.1  Consolidated profit (loss) from
     ordinary activities after tax
     attributable to members reported
     for the 1st half year (item 1.23
     in the half yearly report)                 N/A          N/A
    
3.2  Consolidated profit (loss)
     from ordinary activities after tax
     attributable to members for the 2nd
     half year                                  N/A          N/A

CONSOLIDATED BALANCE SHEET

                             At end of  As in last    As in last
                              current     annual     half yearly
                              period      report      report
                              AUD000       AUD000       AUD000
      CURRENT ASSETS                                                 
4.1   Cash                       2,834          312        1,111
4.2   Receivables                  161          205        3,713
4.3   Investments                    -        3,000            -
4.4   Inventories                    -            -        1,562
4.5   Other (provide details
      if material)                   -            -           53

4.6   Total current assets       2,995        3,517        6,439

      NON-CURRENT ASSETS
4.7   Receivables                    -            -            -
4.8   Investments (equity
      accounted)                     -            -            -
4.9   Other investments              -            -            -
4.10  Inventories                    -            -            -
4.11  Exploration and evaluation
      expenditure capitalized
      (see para.71 of AASB 1022)     -            -            -
4.12  Development properties
      (mining entities)              -            -            -
4.13  Other property, plant and   
      equipment (net)                -            -       12,436
4.14  Intangibles (net)              -            -          213

4.15  Other (provide details if
      material)                      -            -            -

4.16  Total non-current assets       -            -       12,649

4.17  Total assets               2,995        3,517       19,088

      CURRENT LIABILITIES
4.18  Payables                      98          379       11,689
4.19  Interest bearing
      liabilities                    -            -        5,329
4.20  Provisions                     -            -          667
4.21  Other (amounts owing
      under a Deed of Company
      Arrangement)               9,263        9,263            -

4.22  Total current liabilities  9,361        9,642       17,685

      NON-CURRENT LIABILITIES
4.23  Payables                       -            -            -
4.24  Interest bearing
      liabilities                    -            -            -
4.25  Provisions                     -            -            -
4.26  Other (provide details if
      material)                      -            -            -

4.27 Total non-current
4.28       liabilities              -            -            -

4.28  TOTAL LIABILITIES          9,361        9,642       17,685

4.29  NET ASSETS               (6,366)      (6,125)        1,403

      EQUITY
4.30  Capital/contributed equity  10,778     10,778       10,736
4.31  Reserves                     747          747        3,333
4.32  Retained profits            
      (accumulated losses)    (17,891)     (17,650)     (12,666)
4.33  Equity attributable to
      members of the parent
      entity                   (6,366)      (6,125)        1,403
4.34  Outside equity interests in
      controlled entities            -            -            -

4.35  Total equity             (6,366)      (6,125)        1,403

4.36  Preference capital included
      as part of 4.33                -            -          750

EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if
amounts are material. Include all expenditure incurred
regardless of whether  written off directly against profit.
                                            Current     Previous
                                           period  corresponding
                                                          period
                                            AUD000       AUD000

5.1  Opening balance                              -            -

5.2  Expenditure incurred                            
     during current period                        -            -

5.3  Expenditure written off
     during current period                        -            -

5.4  Acquisitions, disposals,
     revaluation increments, etc.                 -            -

5.5  Expenditure transferred to
     Development Properties                       -            -
    
5.6  Closing balance as shown in
     the consolidated balance sheet
     (item 4.11)                                  -            -

DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if
amounts are material)
                                           Current     Previous
                                           period  corresponding
                                                         period
                                            AUD000       AUD000

6.1  Opening balance                             -            -

6.2  Expenditure incurred
     during current period                       -            -

6.3  Expenditure transferred from
     exploration and evaluation                  -            -

6.4  Expenditure written off
     during current period                       -            -

6.5  Acquisitions, disposals,
     revaluation increments, etc.                -            -

6.6  Expenditure transferred to
     mine properties                             -            -
    
6.7  Closing balance as shown in
     the consolidated balance sheet
     (item 4.12)                                 -            -

CONSOLIDATED STATEMENT OF CASH FLOWS
                                           Current     Previous
                                           period  corresponding
                                                       period
                                           AUD000       AUD000
CASH FLOWS RELATED TO OPERATING ACTIVITIES

7.1   Receipts from customers                   119      11,076

7.2   Payments to suppliers and
      employees                               (655)      (9,525)

7.3   Dividends received from
      associates                                  -           -

7.4   Other dividends received                    -           -

7.5   Interest and other items
      of similar nature received                 54           -

7.6   Interest and other costs of
      finance paid                                -       (115)

7.7   Income taxes paid                           -           -

7.8   Other (provide details if material)         -           -
                                               
7.9   Net operating cash flows                (482)       1,436

CASH FLOWS RELATED TO INVESTING ACTIVITIES

7.10  Payment for purchases of property,
      plant and equipment                         -           -

7.11  Proceeds from sale of property, plant
      and equipment                               4           -

7.12  Payment for purchases of equity
      investments                                 -           -

7.13  Proceeds from sale of equity
      investments                             3,000           -

7.14  Loans to other entities                     -           -

7.15  Loans repaid by other entities              -           -

7.16  Other (provide details if material)         -           -

7.17  Net investing cash flows                3,004           -

CASH FLOWS RELATED TO FINANCING ACTIVITIES

7.18  Proceeds from issues of securities
      (shares, options, etc.)                     -           -

7.19  Proceeds from borrowings                    -           -

7.20  Repayment of borrowings                     -       (331)

7.21  Dividends paid                              -           -

7.22  Other (provide details if material)         -           -

7.23  Net Financing Cash Flows                    -       (331)

7.24  NET INCREASE (DECREASE) IN CASH HELD    2,522       1,105

7.25  Cash at beginning of period               312           6
      (see Reconciliation of cash)

7.26  Exchange rate adjustments to item
      7.25                                        -           -

7.27  Cash at end of period             
      (see Reconciliation of cash)            2,834       1,111
                
NON-CASH FINANCING AND INVESTING ACTIVITIES
Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows are as follows. If an amount is
quantified, show comparative amount.

N/A

RECONCILIATION OF CASH

Reconciliation of cash at the end of        Current     Previous
the period (as shown in the consolidated  period   corresponding
statement of cash flows) to the related                  period
items in the accounts is as follows.         AUD000     AUD000

8.1  Cash on hand and at bank                 2,834      1,111

8.2  Deposits at call                             -          -

8.3  Bank overdraft                               -          -

8.4  Other (provide details)                      -          -

8.5  Total cash at end of
     period (item 7.27)                       2,834      1,111

RATIOS                                      Current     Previous
                                          period   corresponding
                                                         period
     PROFIT BEFORE TAX / REVENUE
9.1  Consolidated profit (loss) from
     ordinary activities before tax
     (item 1.5) as a percentage of
     revenue (item 1.1)                    (415.52)     (32.32)

     PROFIT AFTER TAX / EQUITY INTERESTS
9.2  Consolidated net profit (loss) from
     ordinary activities after tax
     attributable to members (item 1.9)
     as a percentage of equity (similarly
     attributable) at the end of the
     period (item 4.33)                     (3.78)       (240.2)

EARNINGS PER SECURITY (EPS)                Current     Previous
                                          period   corresponding
                                                         period
10.1 Calculation of the following
     in accordance with AASB 1027:
     Earnings per Share

    (a)  Basic EPS                         (3.52) c    (49.20) c

    (b)  Diluted EPS (if materially        (3.52) c    (49.20) c
         different from (a))

    (c)  Weighted average number of
         ordinary shares outstanding
         during the period used in
         the calculation of the
         Basic EPS                      6,852,223    6,852,223

NTA BACKING                                Current     Previous
(see note 7)                            period   corresponding
                                                    period
11.1 Net tangible asset backing
     per ordinary security                ($0.929)      $0.072

CONTINGENT LIABILITIES

On the 30th June 2000 Water Wheel Holdings Limited and
subsidiaries (the economic entity) entered into a Deed of
Company Arrangement.

Pursuant to this Deed, the Deed Administrator has to the date of
this report received Proof of Debt claims from creditors
$2,386,656 (3rd December 2000: $2,880,730) in excess of the
liabilities recorded in the accounts.

As at the date of this report, the Deed Administrator has not
accepted these claims.

As at the date of this report, the Deed Administrator has not
finalized receipt and acceptance of Proof of Debts.

DEED ADMINISTRATOR'S DECLARATION

The Deed Administrator declares that:

a) the attached financial statements and notes thereto comply
with accounting standards.

b) the attached financial statements and notes thereto give a
true and fair view of the financial position and performance of
the consolidated entity;

c) In the Deed Administrator's opinion, the attached financial
statements and notes thereto are in accordance with the
Corporations Law; and

d) On the 30th June 2000 the Company entered into a Deed of
Company Arrangement with all creditors. In the Deed
Administrator's opinion, subject to the Deed of Company
Arrangement, there are reasonable grounds to believe that the
Company will be able to pay all debts as and when they become
due and payable.

DEED ADMINISTRATOR'S REPORT

The Deed Administrator of Water Wheel Holdings Limited (Subject
to a Deed of Company Arrangement) submit herewith the financial
accounts for the half-year ended 3rd June 2001. In order to
comply with the provisions of the Corporations Law the Deed,
Administrator's report is as follows:

The names and particulars of Directors of the Company during or
since the end of the half-year:

  William Maxwell Harrison
  Bernard Henry Plymin
  John Dorman Elliott

The above named Directors held office during and since the end
of the financial half-year.

REVIEW OF OPERATIONS

For the period 4th December 2000 to the 3rd June 2001, the
economic entity did not trade.


WATER WHEEL: Posts Chartered Accountants' Independent Review
------------------------------------------------------------
Hall Puddy & Wales, Chartered Accountants, posted its
independent review report to the members of Water Wheel Holdings
Ltd:

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF WATER WHEEL HOLDINGS
LTD (Subject to a Deed of Company Arrangement)

SCOPE

"We have reviewed the financial report of Water Wheel Holdings
Limited (Subject to a Deed of Company Arrangement) in the
form of Appendix 4B of the Australian Stock Exchange (ASX)
Listing Rules including the deed administrator's declaration,
for the half-year ended 3 June 2001, but excluding the following
sections:

a) material factors affecting the revenues and the expenses of
the consolidated entity for the current period;

b) compliance statement.

"The financial report includes the consolidated financial
statements of the consolidated entity comprising the company and
the entities it controlled at the end of the half-year or from
time to time during the half-year. The disclosing entity's deed
administrator is responsible for the financial report. We have
performed an independent review of the financial report in order
to state whether, on the basis of the procedures described,
anything has come to our attention that would indicate that the
financial report is not presented fairly in accordance with
Accounting Standard AASB 1029 "Half-Year Accounts and
Consolidated Accounts" issued in Australia and other mandatory
professional reporting requirements, statutory requirements and
ASX Listing Rules as they relate to Half Yearly report, so as to
present a view which is consistent with our understanding of
the consolidated entity's financial position, and performance as
represented by the results of its operations and its cash flows
and in order for the disclosing entity to meet its obligations
to lodge the financial report with the Australian Securities and
Investments Commission and the ASX.

"Our review has been conducted in accordance with Australian
Auditing Standards applicable to review engagements. A review is
limited primarily to inquiries of company personnel and
analytical procedure applied to the financial data. These
procedures do not provide all the evidence that would be
required in an audit, thus the level of assurance provided is
less than given in an audit. We have not performed an audit and,
accordingly, we do not express an audit opinion.

STATEMENT

"Based on our review, which is not an audit, we have not become
aware of any matter that makes us believe that the half-year
financial report of Water Wheel Holdings Limited (Subject to a
Deed of Company Arrangement) is not in accordance with:

   a) the Corporations Law, including:

     i. giving a true and fair view of the consolidated entity's   
financial position as at 3 June 2001 and of its performance for
the half-year ended on that date; and

     ii. complying with Accounting Standard AASB 1029 "Half-Year
Accounts and Consolidated Accounts" and the Corporations
Regulations; and

   b) other mandatory professional reporting requirements and
ASX Listing Rules as they relate to Appendix 4B.

EMPHASIS OF MATTER

"Without qualification to the statement above attention is drawn
to the following matter.

"A Deed of Company Arrangement was entered into by the economic
entity on 30 June 2000. As a consequence of this decision asset
were realized in order to extinguish liabilities subject to
proof of Debt and acceptance by the Administrator. The attached
Contingent Liabilities note to the financial statements
indicates possible additional liabilities not recorded in the
financial report. The note refers to the situation as at the
date of this report and may be amended as a result of subsequent
acceptance or otherwise by the Administrator of each Proof of
Debt submitted by creditors with a consequent effect on future
distributions."


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


HOLIDAY RESORTS: Winding Up Sought By King Success
--------------------------------------------------
King Success Engineering Limited is seeking the winding up of
Holiday Resorts (Management) Company Limited . The petition was
filed on August 16, 2001, and was heard before the High Court of
Hong Kong on December 5, 2001. King Success holds its registered
office at Room 2310, 23rd Floor, Fortune Commercial Building,
362 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.


LONGWARD LIMITED: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Longward Limited is set for hearing
before the High Court of Hong Kong on January 9, 2002 at 9:30
am. The petition was filed with the court on September 11, 2001
by Sin Hua Bank (whose undertakings have been succeeded by Bank
of China (Hong Kong) Limited whose registered office is situated
at Bank of China Tower, 1 Garden Road, Central, Hong Kong by
virtue of the Bank of China (Hong Kong) Limited (Merger)
Ordinance, Chapter 1167).


MANDARIN RESOURCES: Appoints Mr Fung Pui Cheung As Director
-----------------------------------------------------------
The Board of Directors (the Board) of Mandarin Resources
Corporation Limited (the Company) announced that Mr. Ip Yun Kit,
an executive director of the Company, resigned as an executive
director of the Company with effect from 30 November, 2001.

The Board also announced that Mr. Ng Kai Shing, a non-executive
director of the Company, and Mr. Koh Tat Lee, an independent
non-executive director of the Company, have respectively retired
pursuant to the Company's Articles of Association with effect
from 30 November, 2001.

The Board thanked the outgoing directors for their contributions
to the Company.

The Board also announced that, at a board meeting held on 3
December 2001, Mr. Eugene Fung Pui Cheung was appointed an
independent non-executive director of the Company pursuant to
the Company's Articles of Association with effect from 3
December 2001. Mr. Fung, aged 53, holds a Master of Arts degree
and is a member of the Hong Kong Society of Accountants, the
Association of Chartered Certified Accountants and the Certified
General Accountants' Association of Canada. He has over 25 years
of professional accounting experience. He is practicing as a
director of Charles Chan, Ip & Fung CPA Ltd..


MID-ORIENT: Winding Up Petition To Be Heard
-------------------------------------------
The petition to wind up Mid-Orient Holdings Limited is scheduled
for hearing before the High Court of Hong Kong on December 19,
2001 at 10:00 am. The petition was filed with the court on
August 28, 2001 by Hua Chiao 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.


NAM FONG: Explains Investment Properties Valuation Difference
-------------------------------------------------------------s
Nam Fong International Holdings Limited, in reference to its
announcement dated September 13, 2001 regarding a profit warning
arising from the revaluation of the Group's investment
properties, informed that the revaluation had been performed by
a valuer in the PRC (the PRC Valuer) and the results of which
had already been accounted for in the Group's Unaudited Interim
Results as announced on September 27, 2001. It was brought to
the Company's attention in late October, 2001 that the China
Securities Regulatory Commission had penalized the PRC Valuer.

In view of the above, the Company confirmed that the management
is not aware of this prior to the engagement of the PRC Valuer
to perform the revaluation for the Group's investment properties
as at June 30, 2001 and even until the completion of the said
valuation. In late October, 2001, with a view to ensure the
value of the Group's investment properties to be fairly stated,
the Company has therefore, for prudence sake, engaged an
independent valuer in Hong Kong to perform a revised valuation
on a major investment property of the Company, Liwan Plaza (the
Property) as at June 30, 2001.

The Group has only two investment properties, of which the value
of the Property accounted for approximately 98% of the total
value as disclosed in the audited financial statements for the
year ended December 31, 2000. This subsequent revaluation of the
Property has resulted in a difference of a deficit of
approximately HK$79 million as compared with the previous
valuation results which might lead to a reduction of the Group's
net losses and net assets value reported in the Group's
Unaudited Interim Results.

The Company is of the opinion that the difference does not
materially affect the financial position of the Company. The
Company is prepared to engage a recognized independent
professional valuer to perform an updated valuation of the
Group's investment properties as at December 31, 2001 and that
the forthcoming audited financial statements for the year ended
December 31, 2001 of the Group will take into account the
updated valuation as at the balance sheet date.


UDL HOLDINGS: Court Hands Down Final Appeal Judgment
----------------------------------------------------
The Board of Directors of UDL Holdings Limited (the Company), In
reference to the announcement dated 10th May 2000 made by the
Company regarding the Court of Final Appeal hearing scheduled on
12th and 13th of November 2001 of the appeals lodged by ex-
employees of the Subsidiaries against the sanction of the
Schemes (the Sanction) and dismissal of five of the seven
winding-up petitions of the Subsidiaries (the Petition
Dismissal), announced that on 3rd December 2001, the Court of
Final Appeal handed down its judgment dismissing all the appeals
against the Sanction with costs awarded in favor of the
Subsidiaries. The Court of Final Appeal also dismissed the
appeals against the Petition Dismissal.


WELTOP LIMITED: Winding Up Petition Pending
-------------------------------------------
Weltop Limited is facing a winding up petition, which is slated
to be heard before the High Court of Hong Kong on December 19,
2001. The petition was filed on August 28, 2001 by Hua Chiao
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.


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


DUTA ANGGADA: Pefindo Withdraws `idCCC' Credit Rating
-----------------------------------------------------
Pefindo has withdrawn its "idCCC" corporate credit and bond
ratings of PT Duta Anggada Realty Tbk. (DART or the Company).
The affected issue is Bond II Year 1995 amounting to Rp100
billion due in 2006. Following a successful debt restructuring
in mid-2001, the Company has no intention of utilizing the
rating in the foreseeable future.

The Company is a diversified investment property engaging in
residential, retail, and office market. DART is also the
property investment arm of the Gunung Sewu Group (GSG), which
involves in the property, agribusiness, manufacturing, finance,
retail and information technology ventures. The Company went
public on May 8, 1990 and was the first property company listed
on the Jakarta Stock Exchange.

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 rating process.


HOLDIKO PERKASA: Indomobil Sale Raises Rp625B Further Proceeds
--------------------------------------------------------------
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 Wednesday that Holdiko's 72.63% equity
shareholding in PT Indomobil Sukses Internasional Tbk.
(Indomobil), and all the convertible bonds issued by Indomobil
to IBRA (IDR 312,902,186,671,-), and Holdiko (IDR
337,382,000,000,-) were sold to a Trimegah led consortium for a
total gross proceeds of IDR 625 billion.

Holdiko's entire 72.63% equity shareholding in Indomobil, was
sold for IDR 452 billion, or IDR 624.5 per share, reflecting a
4% premium over the closing price of IDR 600 on 4 December 2001.
Meanwhile the entire convertible bonds issued by Indomobil to
Holdiko (IDR 337,382,000,000,-) and IBRA (IDR 312,902,186,671,-
), were sold for IDR 90 billion and IDR 83 billion respectively.

"The realization of this transaction is a result of good
coordination between IBRA's Asset Management Investment (AMI)
and Asset Management Credit (AMC) in selling both equity and
bonds," Dasa Sutantio, Deputy Chairman Ad Interim - AMI, IBRA.
"We need to bear in mind that part of IBRA's efforts in trying
to help rehabilitate the financial market is by bringing public
investment back into the private sector. Now that Indomobil's
shares are back in the stock market, we hope that this will also
support the revival of the automotive industry," he added.

Indomobil is the holding company of a fully integrated group of
companies that is engaged in automotive and automotive-related
businesses.

Indomobil has direct and indirect investments in 69 subsidiaries
who act as sole agents for automotive principals, assembler of
automotive components, distributor and retailer of automotive
products, and provide auto financing and after sales services.
Automotive products distributed by its subsidiaries consist of
well-known brands such as Suzuki, Nissan, Mazda, Hino, Volvo,
Audi, Volkswagen, and SsangYong. Indomobil's shares are listed
and traded on the Jakarta Stock Exchange and Surabaya Stock
Exchange with a total 996,502,680 shares. Prior to this sale
Indomobil's shareholding structure consists of PT Holdiko
Perkasa (72.63%), PT Tritunggal Intipermata (20.47%) and the
balance of 6.9% is held by various shareholders including public
shareholders whose individual ownership is less than 5%.

"We are pleased to have won this asset sale transaction, as we
believe that Indomobil, with its strong brand equity and
distribution network, is well positioned for significant growth
upon the recovery of the economy," said Tandip Singh,
international counsel to the Trimegah led consortium.

The Trimegah led consortium consists of a group of local
investment companies whose investment activities focus in
Indonesia. One of the member companies is PT Cipta Sarana Duta
Perkasa, which is based in Jakarta.

"Notwithstanding the tight schedule for this transaction, we
were pleased that there was a high level of investor interest
for the deal," commented Scott Coffey, Director of Holdiko.
""This now takes Holdiko over IDR 11 trillion in gross proceeds
for the year, and we still have one more major transaction to
announce this week," he added.

The sale process of IBRA/Holdiko's ownership in Indomobil began
on 20 November 2001. IBRA/Holdiko received 21 strong expressions
of interest, of which 16 potential investors returned
Confidentiality Agreements, and subsequently 3 potential
investors submitted their final bids. Acting as financial
advisor for this sale is PT Deloitte & Touche FAS.


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


BRIDGESTONE: To Inject US$1.3B in US Unit
-----------------------------------------
In an effort to boost its finances following heavy losses due to
the mass recall of tires linked to hundreds of deaths and
injuries in the U.S., Japan's Bridgestone Corp. will inject
US$1.3 billion into its U.S. subsidiary, Bridgestone/Firestone
Inc., according to the Asian Wall Street Journal.

Bridgestone's US unit is currently expected to suffer a special
loss of US$1.61 billion this year as it tries to settle hundreds
of lawsuits related to certain allegedly defective tire
products, and as it writes down the value of its U.S. tire
business.

To reduce Firestone's debt, which currently stands at US$2.7
billion, Bridgestone will make the US$1.3 billion capital
injection January to help the company reduce its debt to US$1.4
billion.


BRIDGESTONE CORPORATION: FY Revenues At $7.4B, Net Loss, $1.6B
--------------------------------------------------------------
Bridgestone Corporation's U.S. unit, Bridgestone/Firestone
Americas Holding expects to post full-year sales of US$7.4
billion, slightly below the US$7.5 billion amount set for the
same period of last year, with a bottom-line net loss of US$1.66
billion, PRNewsAsia reported on December 4. The Bridgestone
subsidiary said that the decline in revenues was the result of a
weakening US economy, which translated into a reduced demand for
passenger and light truck vehicles. The net loss of US$1.66
billion for the year includes charges of US$1.61 billion.


MYCAL CORPORATION: Shelves Winter Bonus Pay For Workers
-------------------------------------------------------
Management of the failed supermarket chain operator, Mycal Corp.
decided not to pay a winter bonus to its more than 7,200
employees for this year, scrapping its original plan to give out
a small bonus by year-end, according to Tuesday Kyodo News
report.

Mycal Corporation's former rival, Aeon Company, recently agreed
to sponsor the failed retailer's court-led rehabilitation
program following a previous attempt to reach a compromise
failed.  Mycal has been actively seeking a sponsor for its
rehabilitation program since filing for court protection against
creditors last September.


TAIHEIYO COAL: January Closure Scheduled
----------------------------------------
Japan's only company to conduct underground mining, Taiheiyo
Coal Mine, decided to shut down its mines at the end of January,
and will notify its labor union about the closure on Friday,
Asia Pulse reported yesterday.

Following the mine shutdown the company will be liquidated and
over 1,000 workers will be fired. The company then plans to
start negotiations for pension payouts and other severance terms
with the labor union.


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


DAEWOO MOTOR: Parts Makers To Cut Supplies If Left Unpaid
---------------------------------------------------------  
Unless Daewoo Motor Corp. settles its W1.5 trillion in
outstanding debts to them, parts suppliers for the ailing
company are planning to cut their supplies to Daewoo next week,
the Korea Herald Wednesday.

Representatives of the suppliers in a joint statement demanded
that, "A commitment to pay back Daewoo's outstanding debt to
its suppliers, worth W1.5 trillion, should be included in the
takeover contract scheduled to be signed with General Motors."

They went further to say that, "Unless such demands are met,
the components makers will suspend their supplies for one week
from Dec. 11."


HANBO STEEL: AK Capital Chosen As Top Hanbo Takeover Pick
---------------------------------------------------------
The Korea Asset Management Corporation (KAMCO) has chosen AK
Capital over CHB Steel as the top candidate to takeover the
ailing Hanbo Steel, the Korea Herald reported on December 5.

Although AK Capital wasn't able to meet all the evaluation
criteria set by creditors and did not present sufficient
evidence of its funding capabilities, it was still selected over
CHB Steel because its proposal was materially better than that
of its rival.

Thus, KAMCO attached added conditions in return for its
selection of AK Capital as the takeover candidate.

Under the new conditions, AK Capital will only be allowed to
readjust its acquisition price within the range of five percent
above or below its bid price. Furthermore, should AK Capital
refuse to sign a final contract in the absence of grave errors
on the part of the seller, it will be forced to give up the
US$10 million contract guarantee money.

Should the selection gain approval from Hanbo's creditors, KAMCO
will announce the successful bidder by December 8, following the
approval from the court under which Hanbo is under protection.


HYNIX SEMICONDUCTOR: Seeks To Put Off Debt Repayment To LG
----------------------------------------------------------  
Hynix Semiconductor seeks to extend the maturity of its debt to
the LG Group due to its acquisition of LG Semiconductor sometime
in 1999, according to yesterday's Korea Herald report.

The LG Group was then forced to let go of its chip unit to Hynix
for W2.56 trillion, under the government's so called "big-deal"
policy. Hynix still has some W400 billion in debts left to pay
as a result of the takeover, and some W288.5 billion of those
are set to mature on Jan. 31 next year and the remainder is due
at the end of June next year. Hynix management wants to ask the
LG Group to put off the debt because it is very important for
Hynix to secure liquidity. However, an LG official said that LG
has no intention of accepting the Hynix request.


HYUNDAI ENGINEERING: Executives Offer To Resign
-----------------------------------------------
A total of 157 executives of Hyundai Engineering & Construction
Co Ltd have handed over their resignations to company President
HY Shim as part of the troubled company's restructuring efforts,
according to PRNewsAsia reported on Wednesday. Company
management however is expected to accept only about 20 percent
of the resignations tendered.

A W2.9 trillion bailout plan for Hyundai Engineering &
Construction has recently been reaffirmed by its creditors. They
also agreed to extend maturities of the ailing construction
company's existing debt.

According to DebtTraders, Hyundai Engineering & Construction's
0.125 percent convertible bonds due in 2004 (HYUNENC), are
trading between 65.0 and 75.0. For more real-time bond pricing
information, go to  
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNENC


HYUNDAI SECURITIES: Call, Put Options Agreed Upon In AIG Deal
-------------------------------------------------------------
Talks between Hyundai Securities and the American International
Group (AIG)-led consortium suddenly improved when the Korean
brokerage allowed the consortium to exercise call options on the
condition that it also be given put options in return, the Korea
Herald reported Wednesday.

As part of the new deal, Hyundai Securities raised the price for
which the AIG-led consortium can repurchase its Hyundai
Investment Trust & Securities (HITS) share, and at the same
time, the consortium gave Hyundai Securities a put option to
sell its HITS shares to AIG in case HITS fails to normalize
business operations.

As a result, instead of preferred stocks, AIG will be acquiring
Hyundai Securities common shares for W7,000 per share, a
decision which effectively takes care of the problems borne out
of AIG's demands concerning the brokerage's preferred stocks.

Hyundai Securities is seen to successfully hand over its
controlling stake to AIG-led consortium by month's end, as soon
as the two parties reach a consensus on the exact exercise price
of their respective call and put options.


KOREA TELECOM: Moody's Changes Baa2 Outlook To Positive
-------------------------------------------------------
Moody's Investors Service has changed the outlook of the Baa2
foreign-currency denominated long-term debt ratings of Korea
Telecom (KT) to positive from stable. This reflects the changed
outlook, to positive from stable, for the Republic of Korea's
foreign-currency country ceiling of Baa2. KT's ratings are
constrained by the sovereign ceiling.

KT's ratings reflect its dominant position in the Korean
telecommunication market and the fact that it is well positioned
to benefit from growth in broadband business, and wireless
through KT Freetel. The ratings also incorporate KT's sound
financial profile.

On October, TCR -AP reported that the Company issued W160
billion worth of three-year corporate bonds in the domestic
market to repay commercial paper maturing by year-end and to be
used as working capital.


SEOUL BANK: Shin To Head New Consortium For Takeover Bid
-------------------------------------------------------
Former Seoul Bank head Shin Bok-young has been chosen to lead
negotiations for a consortium of foreign banks and domestic non-
financial companies established for the takeover of Seoul Bank,
according to the Korea Herald yesterday, citing a Seoul Bank
official.

Seoul Bank previously submitted a management improvement plan to
the Financial Supervisory Commission on November 30 that called
for the sale of Seoul Bank to a consortium of foreign investors
and domestic companies.


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


ARTWRIGHT HOLDINGS: Proposed Alliance Approval Pending
------------------------------------------------------
The Board of Directors of Artwright Holdings Berhad (AHB),
further to the announcement dated 1 November 2001 in relation to
the Proposed Strategic Alliance and Revised Proposed Debt
Restructuring, announced that said proposals are still pending
approval of the authorities, save for the:

     (i) approval-in-principle of the Bank Negara Malaysia vide
a letter dated 5 October 2001 in relation to AHB's application
to obtain a credit facility from a non-resident for USD4.375
million (equivalent to RM16.625 million) from Steelcase Inc.,
for the proposed subscription;

     (ii) the approval of the Foreign Investment Committee vide
a letter dated 31 October 2001 for the Proposed Subscriptions,
Proposed Debt to Equity Conversion and Proposed ICULS Issue; and

     (iii) the approval of the Ministry of International Trade
and Industry vide a letter dated 1 November 2001 for the
Proposed Disposals and the Proposed Debt to Equity Conversion.

     (iv) the approval of the Securities Commission ("SC") vide
a letter dated 27 November 2001 for the proposed exemption from
complying with the requirements as set out under paragraphs
21.01 and 21.02 of the SC's policies and Guidelines on Issue/
Offer of securities for the Proposed ICULS.


ARUS MURNI: Reviews Financial Regularization Proposals
------------------------------------------------------
Arus Murni Corporation Berhad informed that the Company is still
in the progress of reviewing various business proposals to
regularize its financial positions.

These are the events, which have taken place during the month of
November, 2001:

   i) On 1 November, 2001, the Exchange rejected the Company's
application in relation to waiver from releasing the 2nd
Quarterly Report and 3rd Quarterly Report;

   ii) On 5 November, 2001, the Company had entered into a
Settlement & Compromise Agreement with the vendors of Saujana
Holdings Sdn Bhd and Mother Earth Resources & Timber Sdn Bhd.

The Company also informed the Exchange that the legal action
against Arus Murni Sdn Bhd in respect of the recovery of the
shortfall in the guaranteed profit of Kewangan Bersatu Berhad
(KBB) has been fixed for mention on 11 February, 2002;

   iii) On 12 November, 2001, the Company had written to the
Exchange for an extension of time for submission of quarterly
results for the period ended 30 September, 2001; and

   iv) On 26 November, 2001, the Company had written to the
Exchange for an extension of time up to 30 June, 2002 to comply
with Chapter 7 of the Listing Requirements in relation to the
Company's Articles of Association.

The Exchange via their letter dated 26 November, 2001 approved
the Company's application on the extension of time to five
market days from the date the accounts of KBB for the period
ended 30 June, 2001 are obtained from Bank Negara Malaysia to
release the 3rd Quarter Reports for the period ended 30
September, 2001.


ASSOCIATED KAOLIN: Proposed Debt Scheme Approvals Pending
---------------------------------------------------------
Associated Kaolin Industries Berhad (AKI), pursuant to Practice
Note No. 4/2001 in relation to paragraph 8.14 of the Revamped
Listing Requirements, announced that AKI's Proposals relating to
its Proposed Corporate and Debt Restructuring Scheme are still
pending regulatory approval from the:

   (i) Foreign Investment Committee;

   (ii) Ministry of International Trade and Industry; and

   (iii) Securities Commission.


CHASE PERDANA: Updates Defaulted Payment Status
-----------------------------------------------
Chase Perdana Berhad provided an update on the status of its
default in the repayment of both the principal and interest of
all credit facilities granted by financial institutions found at
http://www.bankrupt.com/misc/Chase_Perdana1205.xls

The Company also announced that a meeting with the Credit
Steering Committee pursuant to the Proposed Debt Restructuring
Scheme was scheduled on 4 December 2001 to discuss the Scheme. A
meeting with all Financial Institution lenders will be held
thereafter to finalize the Scheme. The Company's goal is to
finalize the Scheme by 23 December 2001, the extended time frame
granted by the Kuala Lumpur Stock Exchange.


KILANG PAPAN: Enters SPA With Vendors
-------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Kilang Papan Seribu Daya Berhad (KPSD or the Company)
(Special Administrators Appointed), announced to the Kuala
Lumpur Stock Exchange (KLSE) that KPSD, on 29 November 2001,
entered into agreements pursuant to the plan to regularize its
financial condition as announced on 15 January 2001.

The agreements are:

   a) A Supplementary Sale and Purchase Agreement (SPA) with Mr
Ling Tung Leh and Encik Genol bin Lopidi (collectively known as
the Vendors) to revise certain terms of the original SPA dated
29 May 1997 for the proposed acquisition of the entire share
capital of Resofocus Corporation Sdn Bhd inter-alia as follows:

     (i) to revise the purchase consideration from RM200 million
to RM120 million; and

     (ii) the settlement of the remaining balance of the
purchase consideration of RM40 million (KPSD has prior to 14
December 1999 paid to the Vendors a total sum of RM80 million)
via the issue of 24 million new ordinary shares of RM1.00 each
in West Coast Forests Industries Berhad (WCF), a new company
formed as the holding company for the re-structured KPSD group,
and RM16 million nominal value of the redeemable convertible
unsecured loan stocks.
and

   b) A transfer of listing status agreement with WCF.

In addition, Arab-Malaysian on behalf of the Company, has on 30
November 2001 made an application to the KLSE to seek further
extension of time up to 15 December 2001 for the submission of
the application on the proposed debt and equity restructuring
scheme to the relevant authorities.

Save as mentioned above, there is no material change to the
Company's plan to regularize its financial condition from the
plan announced on 15 January 2001.


MALAYSIAN GENERAL: Awaits Approval-In-Principle From Creditors
--------------------------------------------------------------
Malaysian General Investment Corporation Berhad (MGIC or
Company) announced that the Company has yet to receive the
approval-in-principle from all the key creditors of MGIC and Two
(2) Of Its Subsidiaries, MGIC Construction Sdn Bhd And Magic
Hill Resort Sdn Bhd (collectively to be known as "MGIC
Companies").

In addition, the vendors of Trans MSB Sdn Bhd are still in the
midst of addressing the legal issues raised based on the
findings of the legal due diligence exercise. As such, the
Company is still unable to proceed with the submission of the
application on the Proposed Restructuring Scheme involving a
Debt Restructuring with the Creditors of MGIC Companies
(Proposed Restructuring Scheme) to the authorities. In any
event, the KLSE's decision on the Company's application on the
Proposed Extension is still pending.

On 9 November 2001, Arab-Malaysian Merchant Bank Berhad (Arab-
Malaysian), on behalf of the Company, announced that MGIC has
obtained an extension of time of one (1) month from the Kuala
Lumpur Stock Exchange (KLSE) from 20 October 2001 until 19
November 2001 to submit its revised regularization plan to the
authorities. Subsequently, on 19 November 2001, Arab-Malaysian,
on behalf of the Company, announced that MGIC has submitted an
application for a further extension of time of one (1) month
from 19 November 2001 until 19 December 2001 for the Company to
submit its revised regularization plan to the regulatory
authorities (Proposed Extension).


MAN YAU: Updates Proposed Rescue/Restructuring Scheme Status
------------------------------------------------------------   
Man Yau Holdings Berhad (MYHB or the Company), pursuant to
paragraph 8.14 of the listing requirements of the Kuala Lumpur
Stock Exchange (KLSE) in relation to the status of the Proposed
Rescue cum Restructuring Scheme, announced:

1. The interest servicing obligation amounting to RM8,417,898.14
(as at September 2001) by Nostalgic Properties Sdn Bhd (NPSB) to
Arab Malaysian Bank Berhad (AMBB) in respect of its RM70.0
million Term Loan facilities to NPSB is in default. NPSB is
negotiating with AMBB for a further deferment of its interest
servicing obligation.

2. At the Extraordinary General Meeting held on 8 November 2001,
the Shareholders of MYHB had unanimously approved all the
ordinary resolutions set out in the Notice of the Extraordinary
General Meeting dated 15 October 2001.

The following statutory schemes as per the Notice of Meeting of
Members and Creditors summoned pursuant to an order of the High
Court of Malaya dated 15 October 2001 were  approved at the
respective court convened meeting of members of MYHB and
meetings of creditors of MYHB, Man Yau Plastic Factory
(Malaysia) Sdn Bhd ("MYPF") and Wang Corporation Sdn Bhd (WC):

   (a) Scheme of Arrangement between MYHB and its members.
   (b) Scheme A - Preferential Creditors of MYHB
   (c) Scheme B - Unsecured Creditors of MYHB
   (d) Scheme C - Preferential Creditors of MYPF
   (e) Scheme D - Unsecured Creditors of MYPF
   (f) Scheme E - Preferential Creditors of WC
   (g) Scheme F - Unsecured Creditors of WC

3. The Company, on 19 November 2001, submitted a petition to the
Kuala Lumpur High Court for sanction of the respective schemes
of arrangement mentioned in item (2) above.
The hearing of the petition for the court sanction has been set
for 6 December 2001.

4. The application made by the Company and its subsidiary, WC
for an extension of the Restraining Order under Section 176 (10)
of the Companies Act, 1965 was granted by the Kuala Lumpur High
Court on 8 November 2001.

The Restraining Order had been extended for another period of 3
months effective 16 October 2001 to 16 January 2002, to
facilitate the implementation of the restructuring
exercise.


MBF CAPITAL: Units Issue Explanatory Statement To Creditors
-----------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of MBf
Capital Berhad (MBf Capital Or Company), announced:

   (1) The two (2) subsidiaries of MBf Capital, namely MBf
Leasing Sdn Bhd and MBf Factors Sdn Bhd, had on 29 November 2001
issued the Explanatory Statement to their creditors and the
Court Convened Meetings (CCM) of their creditors will be held on
14 January 2002; and

   (2) The Company, on 29 November 2001 issued the Explanatory
Statement to its creditors and the Court Convened Meetings (CCM)
of its creditors will be held on 15 January 2002.


PARIT PERAK: MoU Period Extended Until December 31
--------------------------------------------------
The Board of Directors of Parit Perak Holdings Berhad (PPHB)    
announced that the Memorandum of Understanding (MoU) entered
into between the Company, Dato' Nadzmi Bin Mohd Salleh, Chan Poh
Kim and Richard Kuah Ah Eng had agreed to extend the MOU to 31
December 2001. The details of the Proposed Restructuring Scheme
are still being finalized and accordingly, will be announced
upon its finalization and execution of the formal agreement.

The Company was given an extension of three (3) months to 22
January 2002, to announce the Requisite Announcement.


RENONG BERHAD: Clarifies Media Releases
---------------------------------------
Renong Berhad, responded in reference to this information
appearing in The Sun, Sun Biz, page B1 on Friday, 30 November
2001:

"The government will complete a plan to takeover two rail
companies and convert RM5.32 billion of their overdue loans into
bonds today....."

"Under the plan, the government will acquire 80% of Kuala
Lumpur's light rail system, leaving Renong Bhd.. and other
shareholders with the rest."

Renong Berhad clarified that the Company, in the audited
financial statements for the year ended 30 June 2001, advised
that the Government intends to resolve the debts of Projek
Usahasama Transit Ringan Automatik Sdn Bhd (PUTRA), a wholly-
owned subsidiary of Renong Berhad, within the terms of the
Concession Agreement and that this may involve the liquidation
of PUTRA. This matter was also stated in Note 8 (d) to the first
quarter results announced to the KLSE on 26 November 2001.

The Company has since been informed that Syarikat Prasarana
Negara Berhad (SPNB) acquired the rights of the lenders of PUTRA
with respect to the loans granted by these lenders to PUTRA
amounting to approximately RM2.99 billion by SPNB issuing
government-guaranteed bonds to the lenders of PUTRA. With the
acquisition of PUTRA's debts, SPNB is now effectively the
creditor of PUTRA and this will enable SPNB to effect the
takeover of PUTRA's assets relating to the light rail transit
via the initiation of the liquidation process of PUTRA.

As provided for in the audited financial statements for the year
ended 30 June 2001, Renong expects the `takeover' process to be
completed by 30 June 2002.

Contrary to the article in The Sun, the Government did not take
over PUTRA. Renong has not been informed on whether the current
plan will involve the Government acquiring 80% of Kuala Lumpur's
light rail system, leaving Renong and other shareholders with
the rest.


RNC CORP: Issues Proposed Restructuring Scheme Update
-----------------------------------------------------
RNC Corporation revealed the status of the Proposed Corporate
and Debt Restructuring Scheme (PRS) as:

     (a) The PRS is still pending the approval of Kuala Lumpur
Stock Exchange (KLSE) for the listing and quotation for the
ordinary shares, Redeemable Convertible Secured Loan Stocks
(RCSLS) and Redeemable Convertible Unsecured Loan Stocks (RCULS)
on the Main Board Of KLSE pursuant to the PRS; and

   (b) The Special Administrators and Affin Merchant Bank Berhad
are in the midst of preparing an Information Circular detailing
the approved PRS, which will be sent out to shareholders in due
course after the receipt of clearance from the KLSE on the
content of the circular.

KLSE has approved the application for an extension of time until
30th June 2002:

   (a) to amend the Articles of Association of RNC to be in line
with the Revamped Listing Requirements; and

   (b) to obtain shareholders' general mandate for recurrent
related party transactions of a revenue or trading nature.


TAJO BHD: In Negotiations With Potential White Knight
-----------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Tajo Berhad (Tajo or the Company) (the Board),
advised that the Company is still in the process of negotiating
with a potential "white knight". PMBB is also awaiting feedback
from its potential "white knight" with regards to certain legal
issues. There has been no change on the status of the Company's
plan to regularize its financial condition since the last
announcement made by PMBB on 1 November 2001.

Background:

On 23 February 2001, the Board that Tajo is considered as an
"affected listed issuer" under Practice Note No. 4/2001.

In compliance with Section 4.1(b) of Practice Note 4/2001, with
regards to the monthly disclosure obligation of an affected
listed issuer (Monthly Announcement), PMBB announced, on behalf
of the Board of Tajo, on the status of Tajo's plan to regularize
its financial condition since the First Announcement as required
under Section 4.1(a) of Practice Note 4/2001.

On 11 May 2001, 1 June 2001, 1 August 2001 and 3 September 2001
respectively, the Company had made various Monthly Announcements
in relation to its plan to regularize its financial condition.

Subsequently, on 4 October 2001, the Company had announced that
two Deeds of Revocation had been entered into on even date with
regards to the Sale and Purchase Agreement and Profit Guarantee
Agreement entered into between Tajo and Kris Angsana Sdn Bhd
dated 20 December 2000.

In view of the Deeds of Revocation, the proposed scheme of
arrangement announced by Tajo on 20 December 2000 and 19 January
2001 respectively, will not be implemented. PMBB, on behalf of
Tajo, on 10 October 2001, announced that the Company commenced
negotiations with a new potential "white knight" integral to the
debt restructuring of Tajo as well as the plan to regularize its
financial condition pursuant to Practice Note 4/2001.


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


METRO PACIFIC: Ayala Rejects Counter Offer On Bonifacio Sale
------------------------------------------------------------
Ayala Land Inc. rejected a "counter proposal" submitted by
Metro Pacific Corporation which sought a higher offer to
purchase the latter's controlling stake in its Fort Bonifacio
Global City Project, PRNewsAsia reported on December 5. Ayala
Land subsequently confirmed it had not made a new offer to Metro
Pacific since its submission of the initial bid last November.

Ayala, in a statement said, "However, we advised Metro Pacific
that since the range of values (it) had proposed for the
acquisition of its investment in Bonifacio Land Corp exceeded
the range of values Ayala Land had determined such investment to
be worth and was prepared to pay, Ayala Land was unable to
consider Metro Pacific's counter-proposal." Ayala Land still
wants to continue discussions with Metro Pacific on the premise
however that, "such discussions will be conducted within the
context and range of values specified in Ayala Land's offer.


NATIONAL POWER: Banks Eye Bond Issue
------------------------------------
Three foreign investment banks are reportedly interested in
underwriting the US$500-million US bond issue that will be
conducted by the Power Sector Assets and Liabilities Management
(PSALM) early next year, ABS-CBN News reported yesterday.

The 10-year, government guaranteed bonds, will be turned over to
the National Power Corporation. The proceeds of the offering
will be used to finance the US$1 billion capital requirement of
the troubled power firm. The bond offering will be added to the
expected earnings from Napocor's privatization.

The state controlled firm needs at least US$1 billion to settle
all its maturing obligations and to finance its operating
expenses for the whole year.


RFM CORPORATION: May Sell Poultry Unit
--------------------------------------
RFM Corporation is considering selling its poultry unit, Swift
Foods Inc., possibly to a dominant company like San Miguel
Corporation, according to Inquirer News on Wednesday. RFM is
also seeking strategic partners for its flour milling and
property businesses.

Although no serious discussions regarding the future purchase of
Swift Foods are being held, RFM president Jose Concepcion III
confirmed that San Miguel might be interested considering that
the two companies have a "good relationship" following the
RFM's sale of Cosmos Bottling to San Miguel.

Concepcion also confirmed that RFM's current restructuring
program hasn't ended with the sale of Cosmos. He said, "The
year 2002 is not the right time to expand. We will still be
disposing of other businesses which we think should not be a
part of our portfolio."


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


BRIERLEY INVESTMENTS: Director's Holding Changes Issued
-------------------------------------------------------
Brierley Investments Limited issued a notice of change in
Director James Terry's shareholding. The notice:

Notice Of Changes In Director's Shareholding

Name of director: Gregory James Terry
Date of notice to company: 04 Dec 2001
Date of change of shareholding: 04 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: 50,000
Percent of issued share capital: 0.004
Amount of consideration per share
excluding brokerage, GST,
stamp duties, clearing fee: 0.225
No. of shares held before change: 600,000
Percent of issued share capital: 0.044
No. of shares held after change: 650,000
Percent of issued share capital: 0.048

Holdings of Director including direct and deemed interest
Deemed   Direct
No. of shares held before change:      600,000
Percent of issued share capital:       0.044
No. of shares held after change:      650,000
Percent of issued share capital:       0.048

Total shares:         650,000


FHTK HOLDINGS: Posts Shareholder's Interest Changes
---------------------------------------------------
FHTK Holdings Limited posted a notice detailing the change in
the interests of substantial shareholder Oversea-Chinese Banking
Corporation Limited. The changes:

Notice Of Changes In Substantial Shareholder's Interests

Name of substantial shareholder: Oversea-Chinese Banking
Corporation Limited
Date of notice to company: 03 Dec 2001
Date of change of interest: 30 Nov 2001
Name of registered holder: 1. Oversea-Chinese Bank Nominees
Private Limited
2. Keppel Bank Nominees Private
Limited
Circumstance giving rise to the change: Others
Please specify details: Change in registered holder

Shares held in the name of registered holder

No. of shares of the change: 1,654,966
Percent of issued share capital: 0.13
Amount of consideration per share
excluding brokerage, GST,
stamp duties,clearing fee: see footnote
No. of shares held before change: 197,578,959
Percent of issued share capital: 16.05
No. of shares held after change: 197,578,959
Percent of issued share capital: 16.05

Holdings of Substantial Shareholder including direct and deemed
interest
Deemed    Direct
No. of shares held before change: 48,581,292      148,997,667
Percent of issued share capital:   3.95     12.1
No. of shares held after change:  48,581,292      148,997,667
Percent of issued share capital:   3.95     12.1

Total shares:        48,581,292        148,997,667

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
147,514,423 (11.98 percent) and registered holder Oversea-
Chinese Bank Nominees Private Limited is 1,483,244 (0.12
percent) and deemed interest under registered holder UOB Kay
Hian Private Limited is 47,771,604 (3.88 percent) and under
registered holder Keppel Bank Nominees Private Limited is
809,688 (0.07 percent). Total interest after change is 16.05
percent.


L&M GROUP: Enters Restructuring Agreements
-------------------------------------------
L&M Group Investments Limited (L&M) announced that the Company
has entered into two conditional agreements (Restructuring
Agreements) with Bintai Kinden Corporation Berhad (Bintai), Mr.
William Soeryadjaya and Mr. Edward Soeryadjaya (both the
Soeryadjaya Family) and Orchard Pacific Limited (the Enterprise)
on the restructuring of the Company's bank loan of approximately
S$83.5 million as of November 30, 2001 (the Loan) with Overseas
Union Bank Limited (the Bank) and the investment by Bintai in
the Company.

Rationale for the Restructuring Agreement

As the principal activities of the Company involve the provision
of civil and specialist geotechnical and structural engineering
works, project management, property development and investment,
the fabrication and engineering services for the oil and gas
industry, the Board of Directors consider that there is synergy
and strategic value in the investments by Bintai in L&M pursuant
to the Restructuring Agreements. The repayment of the Loan by
Bintai and the Soeryadjaya Family coupled with the put and call
option given by the Soeryadjaya Family to the Bank may result in
L&M discharging the Loan in its entirety thus improving
substantially the cash flow and financial position of the
Company.

Terms of the Restructuring Agreements

Under the Restructuring Agreements, the following are
contemplated (subject to the agreement of the Bank):

(1) Part of the Loan amounting approximately to a sum of S$53.5
million will be purchased by Bintai and the Soeryadjaya Family
by the payment in cash of an aggregate sum of S$25 million.
Bintai will contribute S$15 million and the Soeryadjaya Family
will contribute S$10 million towards this cash payment of S$25
million in exchange for approximately S$28.46 million and
S$25.04 million of the S$53.5 million loan respectively.

(2) The Soeryadjaya Family would then in turn sell S$6.07
million of its S$25.04 million loan to the Enterprise for a
nominal consideration of S$1.00. This is in consideration of
Enterprise bringing the Soeryadjaya Family and Bintai together
for this transaction.

(3) The remaining Loan of S$30 million will be restructured
through the issuance by the Company of a 5-year secured
convertible bond having a principal amount of S$30 million (the
Convertible Bonds). The Convertible Bonds will carry annual
interests payable in arrears at rates to be determined and are
convertible (at the discretion of the holder) into new shares in
the Company at any time after the date of its issue and during
its life at a conversion price of S$0.112 for each new share in
the Company.

(4) The Bank will also be granted a put option in respect of the
Convertible Bonds ("the Put Option") by the Soeryadjaya Family,
and the Soeryadjaya Family will in turn be granted a call option
in respect of the Convertible Bonds ("the Call Option") by the
Bank. Under the Put Option, the Bank will have the right to
require the Soeryadjaya Family to purchase up to S$28 million of
the S$30 million in principal amount of the Convertible Bonds
(the S$28 million Convertible Bonds) and pursuant to the Call
Option, the Soeryadjaya Family will have the right to purchase
from the Bank the S$28 million Convertible Bonds, according to a
prescribed schedule, for a cash consideration of S$2.00 (plus
interest) for each S$1.00 in principal amount of the Convertible
Bonds.

(5) Bintai, the Soeryadjaya Family and the Enterprise will
extinguish the S$53.5 million loan assigned to them in
consideration for the issuance at par of new ordinary shares of
S$0.10 each in the capital of L&M and warrants carrying the
right to subscribe for new L&M shares. A total of 282 million
new shares in L&M will be issued in the proportion of 150
million new L&M shares to Bintai, 100 million new L&M shares to
the Soeryadjaya Family and 32 million to the Enterprise.

A total of 300 million warrants (the Warrants) which carry a
right to subscribe for 300 million new L&M shares at the
exercise price of S$0.10 per new L&M share will be issued by the
Company. Of these 300 million Warrants, 200 million of the
Warrants will be issued to Bintai and 100 million of the
Warrants will be issued to the Soeryadjaya Family. The Warrants
are exercisable over a 5-year period but only in the event that
the weighted average price of the L&M shares trading on the SGX-
ST over the 10 market days preceding the date of the exercise of
the Warrants is S$0.20 or higher.

(6) In addition, Bintai will subscribe for a further 50 million
new L&M shares at par for cash. This cash will be used for the
working capital purposes of the Company.

(7) The transactions also contemplate the issuance of up to 115
million new L&M shares pursuant to a placement for cash or to
unsecured creditors to settle the outstanding debts of the
Company owing to such creditors. This issuance of 115 million
new L&M shares and the other shares to Bintai and the
Soeryadjaya Family does not take into account the issuance of
approximately 200 million new L&M shares which will be issued by
the Company in the event that both the acquisition of pipeline
projects as announced by the Company on 30 July 2001 and 22
November 2001 are completed (the Pipeline Projects).

(8) The Bank will be requested to grant (i) a first right of
refusal in respect of the Convertible Bonds issued to and held
by it, in favor of the Soeryadjaya Family, and (ii) a second
right of refusal in favor of Bintai, in the event that it
proposes to sell, dispose of or convert (for onward sale) any of
the Convertible Bonds held by it.

(9). (a) The Soeryadjaya Family undertakes to Bintai that prior
to the 2nd anniversary of the date of issue of the Convertible
Bonds, it will not exercise the conversion rights of the bonds
held by it (pursuant to the exercise of the Put Option or the
Call Option, as the case may be) to the extent that such
conversion would result in Bintai's shareholdings in L&M falls
below 20% of L&M's share capital from time to time. By holding
at least 20% of L&M's issued share capital, Bintai would be able
to equity account the results of L&M in its accounts for at
least the first 2 years after its acquisition of the 200 million
L&M shares.

(b) The Soeryadjaya Family further undertakes to grant a first
right of refusal in favor of Bintai in respect of the L&M
shares, the Convertible Bonds and Warrants held by it in the
event it proposes to sell or dispose of any such L&M shares,
Convertible Bonds or Warrants.

Conditions Precedents

The Restructuring Agreements are conditional, inter alia, upon
the following:

(1) The agreement of the Bank to the terms of the debt
restructuring;

(2) The approval in-principle of the Singapore Exchange Trading
Limited (SGX-ST) for the listing and quotation of up to 1014.858
million new L&M shares on the SGX-ST pursuant to and
contemplated by the terms of the Restructuring Agreements and
the relevant rulings being obtained from the Securities Industry
Council for a waiver of the obligation of Bintai and parties
acting in concert with it to make a mandatory take-over offer
for L&M arising from the acquisition of L&M shares under the
Restructuring Agreements, on such terms as shall be acceptable
to Bintai;

(3) Bintai having undertaken, completed and been satisfied with
its due diligence investigations in respect of the L&M Group;

(4) The approval of the shareholders of L&M at an extraordinary
general meeting(s) to be convened to approve, inter alia,;-

(i) the approval in-principle of the SGX-ST for the listing and
quotation of up to 1014.858 million new L&M shares on the SGX-ST
to be issued pursuant to the Restructuring Agreements (including
new L&M shares to be issued pursuant to the exercise of the
Warrants, the conversion of the Convertible Bonds, and any
placement of L&M shares for cash or to the unsecured creditors
of the L&M Group to settle the debts owing to such creditors but
not including the issuance of approximately 200 million new L&M
shares for the Pipeline Projects);

(ii) the issue of the Warrants; and

(iii) a general mandate on terms and conditions reasonably
acceptable to Bintai for the L&M Group to enter into joint
ventures and other transactions with Bintai and its
subsidiaries;

(5) Bintai having entered into joint venture agreements or
transactions relating to certain identified projects with L&M or
members of the L&M Group on terms and conditions acceptable to
Bintai;

(6) Bintai being satisfied that the shares in L&M will remain
listed for quotation on the SGX-ST and trading of the L&M shares
on the SGX-ST not being suspended at any time after the
execution of the relevant restructuring agreements for more than
5 days for whatever reasons;

(7) Banking facilities of S$10 million for working capital
purposes being extended to L&M by the Bank;

(8) Bintai having undertaken, completed and been satisfied with
the due diligence investigations in respect of the Pipeline
Projects. The Restructuring Agreements are not however
conditional upon the completion of the acquisition of the
Pipeline Projects; and

(9) All consents and approvals which Bintai may deem necessary
to be obtained for and in connection with the Restructuring
Agreements having been obtained, including consents and
approvals from the relevant authorities (including the
Securities Commission, the Kuala Lumpur Stock Exchange and Bank
Negara, Malaysia), the shareholders of Bintai in general
meeting, and any other third party (including the Bank), and
such consents remaining in full force and effect and not being
revoked.

Financial Impact

The financial impact of the Restructuring Agreements upon the
completion of the Restructuring Agreements (assuming that
Warrants are exercised, the Convertible Bonds are converted, and
the proposed placement of shares in L&M is completed, but not
including the Pipeline Projects) would result in the net
tangible asset of L&M increasing from S$59.4 million to S$196.3
million and the net tangible asset per share being reduced from
S$0.26 to S$0.16 per share.

The Restructuring Agreements would also result in the loss per
share being reduced from S$0.15 to S$0.02 per share, had the
Restructuring Agreements been completed on 1 January 2000, the
first day of the last audited accounts. Upon completion, the
gearing ratio of the Company (being the ratio of the total
borrowings to shareholders' funds) will be decreased from 165
percent to 0.

Impact on Share capital

The number of issued and paid-up shares in the Company upon
completion of the Restructuring Agreements (assuming that
Warrants are exercised, the Convertible Bonds are converted, and
the proposed placement of shares in L&M is completed, but not
including the Pipeline Projects) would be increased from the
current 222.18 million to 1,237.03 million shares. The
shareholding of the Soeryadjaya Family and parties acting in
concert would be increased from approximately 15 percent of the
share capital of the Company to approximately 36 percent of the
enlarged share capital of the Company.

If this were to occur, the Soeryadjaya Family would be making a
mandatory general takeover of the Company at the highest price
paid by the Soeryadjaya Family for L&M shares in the last 12
months. Bintai would become a substantial shareholder of the
Company with a shareholding of 32.33 percent of the enlarged
share capital of the Company.


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


ITALIAN-THAI: Reports On Reorganization Progress
------------------------------------------------
ITD Planner Co., Ltd. Planner of Italian-Thai Development Public
Company Limited (the Company) announced that it has completed
the business reorganization plan of the Company and on Nov 30,
2001, submitted it to the receiver.

The Receiver scheduled the creditors meeting regarding
consideration of the Company's business reorganization plan for
December 24, 2001 at 9.30 a.m. at Plennary Hall 1, Queen
Sirikit's National Convention Center, 60 New Rajadapisek Road,
Bangkok.


MODERN HOME: Discloses Capital Increase Report Form  
---------------------------------------------------
Modern Home Development Public Company Limited (the Company)
reported the order of the Central Bankruptcy Court given on
October 17, 2001 in relation to the capital increase, the share
allotment and the amendment to the Memorandum of Association of
the Company:

1. Capital increase:

The Central Bankruptcy Court has issued an order approving the
Rehabilitation Plan of the  Company on September 27, 2001.  
According to the Rehabilitation Plan, certain debts have
to be converted into common equity of not exceeding of
Bt5,000,000,000.

On October 17, 2001, The Central Bankruptcy Court has issued an
order approving the Company to increase the registered capital
for another Bt4,999,379,900 for the conversion of debt into
common equity. The registered capital of the Company shall be
increased from Bt620,100 to Bt5,000,000,000, by issuing
499,937,990 new ordinary shares with a par value of Bt10 each.

2. Allotment of new shares:

   2.1  The Central Bankruptcy Court has also issued an order
approving the allotment of new ordinary shares in 1, i.e.
209,809,026 shares with a par value of Bt10 each,        
totaling Bt2,098,090,260 to financial institution creditors
according to the Rehabilitation Plan in form of the conversion
of debt into common equity.

3. Approval of the capital increase/share allotment by relevant
governmental agency and conditions thereto (if any) On October
17, 2001 the Central Bankruptcy Court has issued an  order
approving the capital increase and the share allotment.

4. Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase.

In order for the Company to effectively implement the
Rehabilitation Plan, the Company has to increase the registered
capital for conversion of debts into equity as specified in the  
Rehabilitation Plan.

5. Benefits, which the Company will receive from the capital
increase/share allotment:

   Reduction the burden of debt of the Company by conversion of
debt into equity.

6. Benefits, which the shareholders will receive from the
capital increase/share allotment:

   6.1  Dividend policy   -       
   6.2  Subscribers of new share issued for this capital
increase will be entitled to receive dividends from the
Company's business starting from  -
   6.3  Others  -               

7. Other details necessary for shareholders to approve the
capital increase/share allotment:  -
        
8. Schedule of action where the board of directors of the
Company passes a resolution approving the capital increase or
allotment of new shares:


NEP REALTY: Subsidiary Decreases Registered Capital
---------------------------------------------------
NEP Realty and Industry Public Company Limited announced that
the Board of Directors of NEP Property Company Limited (the
Company), a subsidiary, approved a decrease in the registered
capital of the Company from Bt680 million to Bt175 million, a
massive cut of Bt505 million, so as to remove retained Company
deficit. At present NEP Property Company Limited has no
financial creditor.


TAI YO TECH: Files Business Reorganization Petition
---------------------------------------------------
Tai Yo Tech Company Limited's (DEBTOR), engaged in manufacturing
and selling official decorating, Petition for Business
Reorganization was filed in the Central Bankruptcy Court:

   Black Case Number 736/2543

   Red Case Number 759/2543

Petitioner: TAI YO TECH COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt60,563,439.59

Planner: Mr. Krieng Saribhut

Date of Court Acceptance of the Petition: September 18, 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 25, 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 10, 2001 at 9.30 am. Convention Room no.
1103, 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: July 2, 2001
and appointed Mr. Krieng Saribhut to be the Plan Administrator

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

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: August 9, 2001

Contact: Mr. Somkit Tel, 6792525 ext 144


THAI DURABLE: Notifies 2002 Annual Holiday
------------------------------------------
Thai Durable Textile Public Company Limited informed that it
has set 2002 annual holidays totaling 14 days.

January       Tuesday      1  New year's Day
February      Monday      11  Chinese New year's Day
  Tuesday     26  Makha Bucha Day
April         Monday       8  Substitution Chakri Memorial Day
              Monday      15  Songkran Festival Day
              Tuesday     16  Substitution Songkran Festival Day
May           Wednesday    1  National Labor Day
              Monday      27  Substitution Wisakha Bucha Day
July          Thursday    25  Buddhist Lent Day
August        Monday      12  H.M. The Queen's Birthday
October       Wednesday   23  Chulalongkorn Day
December      Thursday     5  H.M. The King's Birthday
              Tuesday     10  Constitution Day
              Monday      30  End of Year
              Tuesday     31  End of Year

TCR-AP reported last week that the Company incurred a loss
before extraordinary item of Bt91.77 million for the third
quarter of 2001, compared with a loss of Bt50.19 million for the
same period of last year.  


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

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

Asia Pulp & Paper     FRN     due 2001     9 - 12         0
Asia Pulp & Paper     11.75%  due 2005    26 - 29         0
APP China             14.0%   due 2010  12.5 - 15.5      -0.5
Asia Global Crossing  13.375% due 2006    32 - 35        +1
Bayan Telecom         13.5%   due 2006    17 - 20         0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 5.5        0
Hyundai Semiconductor 8.625%  due 2007    52 - 55        +4
Indah Kiat            11.875% due 2002    27 - 30         0
Indah Kiat            10.0%   due 2007    19 - 22        +1
Paiton Energy         9.34%   due 2014    53 - 56         0
Tjiwi Kimia           10.0%   due 2004  16.5 - 19.5      +0.5
Zhuahi Highway        11.5%   due 2008    16 - 19        +2

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


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

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

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

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

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

                 *** End of Transmission ***