TCRAP_Public/011207.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

            Friday, December 7, Vol. 4, No. 239

                         Headlines


A U S T R A L I A

BEACONSFIELD GOLD: ASIC Grants AGM Extension
BLUE RIBBON: ASIC's Examination To Be Held In Federal Court
DIGITAL NOW: Operations Review Close To Completion
HIH INSURANCE: Royal Commission Hearing Started On Dec 3
NONFERRAL RECYCLERS: Receivers, Managers Appointed

PACIFIC DUNLOP: Options Lapsed
PASMINCO LIMITED: International Smelting's Exec GM Retiring
SMART COMMUNICATIONS: AJL Buys Majority Business Assets


C H I N A   &   H O N G  K O N G

CENTURY LEGEND: Exceptional Price Movement Inexplicable
DRAGON KEEN: Winding Up Petition Hearing Set
EVERIN (HONG KONG): Winding Up Sought By Lang LaSalle
JEFF ELECTRONICS: Petition To Wind Up Pending
MANDARIN RESOURCES: Proposes Change Of Company Name

PACIFIC CENTURY: Cuts Job, Freezes Hiring To Save HK$190M
PRECAST PILING: Winding Up Petition Pending
TIANJIN INTERNATIONAL: To Pay Bond Due On Dec 13


I N D O N E S I A

POLYSINDO EKA: Debt Plan Approved

* IBRA Posts Corporate Core Asset Sales IV - Batch III


J A P A N

AOKI CORPORATION: Filing For Court Protection
ASAHI BANK: Aoki Collapse Not To Affect FY Forecasts
DAIEI INCORPORATED: Launching Special Sale On Men's Suits
DAIWA BANK: Trust Banking Unit Planned
MITSUBISHI HEAVY: Cutting Papermaking Machine Parts Production
FUJITSU LIMITED: Confident Foreign Operations Will Recover


K O R E A

DAEHAN FIRE: KDIC Postpones W38B Fund Injection
HYNIX SEMICONDUCTOR: Agrees In Principle To 15%-20% Stake Swap
HYNIX SEMICON: Micron Conducts Due Diligence Ahead Of Tie Up
HYUNDAI MOTOR: Workers Continuing Strikes This Week
SEOUL BANK: Dongbu Group Wants To Acquire Stake In Seoul Bank
SSANGYONG MOTOR: Creditors Approve New Bailout Plan


M A L A Y S I A

ABRAR CORPORATION: SA To Formulate New Workout Proposal
AUTOWAYS HOLDINGS: SBSB Withdraws MoU
CHG INDUSTRIES: Faces Breach of Contract Suit Filed By PASB
HAI MING: Gathers Monthly Financial Status Report Info
IDRIS HYDRAULIC: Seeks Shareholders' Approval At AGM

MYCOM BERHAD: Alliance Submits Amended Scheme
PAN PACIFIC: Court Orders Winding Up Of Units
RAHMAN HYDRAULIC: Awaits KLSE's Reply On Extension Request
REKAPACIFIC BERHAD: Updates Restructuring Proposal Status
SRI HARTAMAS: Unit Enters Sale, Purchase Agreements With SDKSB

SUNWAY HOLDINGS: Planning Sistem Lingkaran Shares Sale
TIMBERMASTER IND.: Financial Regularization Plan In Progress
TIMBERMASTER INDUSTRIES: Moratorium Period Extended   


P H I L I P P I N E S

METRO PACIFIC: Bank Of Commerce Considers Unit Acquisition
SHEMBERG CORPORATION: Focusing Ops On Drug And Meat Market
UNIWIDE HOLDINGS: Finishing Asset-Debt Swap Terms With BPI


S I N G A P O R E

BRIERLEY INVESTMENTS: Changes In Director's Shareholding Posted
L&M GROUP: Enters Placement Agreements


T H A I L A N D

MODERN HOME: Capital Increase Form Report Released
TAI YO INDUSTRIES: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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BEACONSFIELD GOLD: ASIC Grants AGM Extension
--------------------------------------------
Beaconsfield Gold NL announced that, in view of the fact that
the company is in receivership and the impracticality at the
present time to prepare and have audited the annual financial
statements, the Australian Securities and Investments Commission
has granted an extension to 31 May 2002 for the company to hold
its Annual General Meeting.


BLUE RIBBON: ASIC's Examination To Be Held In Federal Court
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Wednesday that it will conduct a public examination
into the Tasmanian-based Blue Ribbon Group of companies, which
is in administration.

"ASIC is aware that there is considerable public concern about
the financial affairs and the processes involved in the
administration of the Blue Ribbon Group of companies", ASIC's
Regional Commissioner Simon Dwyer said.

"ASIC is to hold its examination in the Federal Court, which
will provide an opportunity for an open inquiry into the
collapse of Blue Ribbon.

"ASIC's inquiry is completely separate from the process of
administration by Deloitte Touche Tohmatsu, and it does not
alter the administrators' duties to control the affairs of Blue
Ribbon", he said.

ASIC's inquiry will consider:

   * the circumstances surrounding the failure of the Blue
Ribbon Group of companies;

   * the circumstances that led to the acceptance of the deeds
of company arrangement offered by McKenzie Group Consulting
Property Services Pty Ltd (the McKenzie Group); and

   * the circumstances surrounding the failure by the McKenzie
Group to carry out the terms of the deeds of company
arrangement.

As part of its public examination, ASIC can summons directors
and others able to provide evidence under oath. Documents can
also be produced to the Court.

The examination is to be held at the Court's earliest
opportunity.

The Blue Ribbon Group of companies is made up of the following
companies:

  * Blue Ribbon Holdings Ltd ACN 009 487 674;
  * Blue Ribbon Meat Products (NZ) Pty Ltd AK 104 1886;
  * Blue Ribbon Export Pty Ltd ACN 009 487 692;
  * Blue Ribbon Nominees Pty Ltd ACN 062 219 925;
  * Natural Prime Foods Pty Ltd ACN 080 908 210; and
  * Blue Ribbon Meat Products Pty Ltd ACN 009 487 683.


DIGITAL NOW: Operations Review Close To Completion
--------------------------------------------------
Digital Now, Inc (DNI) announced Wednesday that the review of
the Company's operations following the reconstitution of its
Board was now close to completion. The Board now consists of Mr
Sal Catalano, Mr Ian Pattison and Mr Gary Mueller. As a result
of the appointment of Mr Sal Catalano and Mr Ian Pattison to the
Board following the resignations of Mr Abe Ostrovsky, Mr William
Lane and Dr Soon Teh, an extensive review of the Company's
operations in Vienna Virginia USA, Seattle California USA,
Zurich Switzerland and Como Italy has resulted in a substantial
restructuring of DNI's global operations. Mr Gary Mueller who
was appointed as the interim Chief Executive officer has assumed
direct responsibility for the restructure.

In the USA DNI's operations and administration will be
substantially consolidated in the one location. At this stage,
this is likely to be Vienna Virginia. Any other presence that
may be required in the USA will generally be limited to a focus
on sales, and the servicing of existing customer relationships.
This will generate substantial cost savings both in terms of
general head office and administrative costs as well as
expenditure associated with the ongoing development of
DNI's products and services.

The Company announced that the operations in both Zurich
and Como will assume further responsibilities in respect of
DNI's strategic development of its new generation scanning
equipment. In all other respects, Zurich and Como will remain
largely unaffected by the restructure. As the Zurich and Como
operations are separate companies they have not been impacted by
the Chapter 11 process and have continued to trade.

The Board is pleased with the progress being made worldwide
notwithstanding the parent company's status under Chapter 11 and
intends to ensure that the protection offered by Chapter 11 is
properly exploited for the benefit of creditors and shareholders
alike. Sales, albeit small, are now being recorded again
indicating that the Company's major customers have confidence in
the Company emerging from Chapter 11.

DNI also announced that on 20 November 2001 it executed a
non-exclusive Memorandum of Understanding with PhotoSys for the
recapitalization of the Company, PhotoSys is part of a group,
that includes Cascadance Strategic LLC and Sagemark Capital both
of Houston Texas, that is in the process of acquiring companies
that possess photographic production technologies. DNI will
continue its negotiations with PhotoSys to ensure that any
proposed recapitalization plan produces the most favorable,
outcome for creditors and shareholders. The Memorandum of
Understanding proposes a recapitalization of DNI of USD2,600,000
in exchange for approximately 85 percent of the equity capital
of the Company on a fully diluted basis.

DNI is also reviewing a number of expressions of interest for
the various assets of the Company. In the interests of ensuring
that shareholders are fully informed of the Board's progress in
its restructuring plan, the Company intends to release relevant
financial data prior to the end of the year.


HIH INSURANCE: Royal Commission Hearing Started On Dec 3
--------------------------------------------------------
The public hearing of the HIH Royal Commission, created to
inquire into the circumstances surrounding the failure of the
HIH Insurance Group, began on 3 December at the Commission's
Hearing Room at Level 8, 345 George Street, Sydney.

The scheduled hearing days for December are:

   * Monday 3 December to Friday 7 December
   * Monday 10 December until Friday 14 December
   * Monday 17 December to Tuesday 18 December   

The Commission will then adjourn until Monday 21 January 2002.

The hours of sitting will be from 9.30 am to 11.15 am, 11.30am
to 12.45 pm and from 2.15 pm to 4.30 pm.

The following witnesses are expected to appear during the
December sittings of the Commission:  

   * Mr David Lombe, Inspector appointed by the Australian
Prudential Regulation Authority into the failure of the
HIH
   * Insurance Group of companies.
   * Mr Richard Wilkinson, KPMG actuarial.
   * Mr Tom Riddell, KPMG actuarial.
   * Mr Tony McGrath, appointed Liquidator of the HIH Group of
companies on 15 March 2001.
   * Mr Kim Smith, Ernst and Young, an author of a Report into
HIH.
   * Mr John Gibbons, Ernst and Young, an author of a Report
into HIH.


NONFERRAL RECYCLERS: Receivers, Managers Appointed
--------------------------------------------------
Nonferral Recyclers Limited advised that Australia and New
Zealand Banking Group appointed Mark Mentha and Martin Madden of
Andersen as Receivers and Managers of the following companies on
5 December 2001, pursuant to charges duly registered with the
Australian Securities and Investments Commission:

  * Nonferral Recyclers Ltd    ACN 004 304 536
  * Nonferral pity Ltd          ACN 009 491 838
  * Nonferral (NSW)Pty Ltd     ACN 000 220 879
  * Nonferral (QLD) Pty Ltd    ACN 009 739 539
  * Nonferral (WA) Pty Ltd     ACN 008 691 165
  * Nonferral (SA) Pty Ltd     ACN 007 609 743

The Receivers and Managers request that the securities of
Nonferral Recyclers Limited remain suspended from official
quotation or trading.


PACIFIC DUNLOP: Options Lapsed
------------------------------
Pacific Dunlop Limited advised that during the past month,
options, in respect to 225,000 unissued ordinary shares in the
Company have lapsed, the Executive concerned having ceased to be
employed by the Company. The number of options on issue under
this heading is now 1,785,000. This number will be reflected in
the Company's next monthly lodgment.


PASMINCO LIMITED: International Smelting's Exec GM Retiring
-----------------------------------------------------------
Pasminco Limited (Administrators Appointed) advised that
Executive General Manager - International Smelting, Mr Wim de
Graaff has advised of his intention to retire with effect from 1
February 2002. He is responsible for the operation of Pasminco's
Budel Zink business in the Netherlands and its zinc mining and
smelting assets in Tennessee, USA. He has been responsible for
Budel since 1986.

Mr de Graaff will not be replaced at this time given Pasminco's
uncertain future. In the meantime, Mr Bob Jones, President of
Pasminco's US Operations and Mr Lucien van den Boogaard, General
Manager of Budel Zink in the Netherlands, will report directly
to Pasminco Chief Executive Officer, Greig Gailey.


SMART COMMUNICATIONS: AJL Buys Majority Business Assets
-------------------------------------------------------
AJ Lucas Group Limited (AJL) noted the announcement made by the
Administrators of Smart Communications Group Limited (Smart)
released to the Australian Stock Exchange on 27 November 2001.

As previously notified, AJ Lucas Networks, the Company's
networks services subsidiary, purchased the majority of the
business assets and business undertaking of Smart on 13 November
2001. These assets comprise the majority of the debtors plus the
work in progress, goodwill and undertakings of Smart.
Additionally, 110 of Smart's employees were offered and accepted
employment with AJ Lucas Networks.

The consideration payable for the assets acquired less the
employee entitlements amounted to $978,615. The assets acquired
comprise less than 5 percent of Lucas' total assets as at 30
June 2001. Notwithstanding the events of recent times, Smart is
trading well and Lucas intends that the business will be
developed further during 2002.

Smart provides end to end communication and integrated
information technology solutions to the major Corporate Sectors
operating in the Australian market.


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C H I N A   &   H O N G  K O N G
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CENTURY LEGEND: Exceptional Price Movement Inexplicable
-------------------------------------------------------
Century Legend (Holdings) has noted the recent increase in
Company shares' price stated that we are not aware of any
reasons for such increase.

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


DRAGON KEEN: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Dragon Keen Limited was set for hearing
before the High Court of Hong Kong on December 5, 2001 at 9:30
am. The petition was filed with the court on August 16, 2001 by
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,
Cap. 1167).


EVERIN (HONG KONG): Winding Up Sought By Lang LaSalle
-----------------------------------------------------
Lang LaSalle Management Services Limited is seeking the winding
up of Everin (Hong Kong) Limited. The petition was filed on
September 29, 2001, and will be heard before the High Court of
Hong Kong on January 16, 2001.  Lang LaSalle holds its
registered office at 17th Floor, Dorset House, 979 King's Road,
Quarry Bay, Hong Kong.


JEFF ELECTRONICS: Petition To Wind Up Pending
---------------------------------------------
The petition to wind up Jeff Electronics Company Limited is
scheduled for hearing before the High Court of Hong Kong on
December 12, 2001 at 10:00 am.  The petition was filed with the
court on August 21, 2001 by The Kwangtung Provincial 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, Cap. 1167).


MANDARIN RESOURCES: Proposes Change Of Company Name
---------------------------------------------------
The Board of Directors (the Board) of Mandarin Resources
Corporation Limited (the Company) announced that it proposes to
change both the English and Chinese names of the Company to:
"Massive Resources International Corporation Limited" (the
"Proposed New Name") (the "Proposal"). ]

The Board announced its proposal to change the name of the
Company with a view to reflect the complete change in management
and controlling shareholder of the Company as announced in July
and August 2001. The core business of the Company which will
remain unchanged is investment holding, while the Company's
subsidiaries are, inter alia, responsible for the provision of
electrical engineering and contracting services; the trading of
listed securities; and property development. However, the Board
intends to diversify the Company's business into a range of
potentially profitable areas. The Board is of the view that the
Proposed New Name will more accurately reflect the intended
diversification as aforesaid and thus the image of the Company
as a whole.

Subject to the approval of the Registrar of Companies and the
passing of a special resolution by shareholders of the Company
at an extraordinary general meeting of the Company to be held on
or about 28 February 2002, the Company will adopt the Proposed
New Name. It is expected that the Proposal will become effective
on or about 14 March 2002.

Upon the change of name becoming effective, all existing share
certificates bearing the existing name of the Company will
continue to be evidence of title to the shares and to be valid
for trading and settlement purposes. Once the change of name has
become effective, any new share certificate will be issued in
the new name of the Company.

A circular containing further details of the Proposal and the
notice convening an extraordinary general meeting to approve the
Proposal will be dispatched to shareholders of the Company as
soon as practicable. A further announcement will be made in due
course to update shareholders and the investing public of the
outcome of the Proposal after the extraordinary general meeting.


PACIFIC CENTURY: Cuts Job, Freezes Hiring To Save HK$190M
---------------------------------------------------------
Pacific Century CyberWorks (PCCW) announced widespread cost-
cutting efforts, including 506 job cuts and freezes on wages and
new hiring, South China Morning Post reported Thursday.

PCCW said it would save HK$190 million a year in salary and
benefits as a result of the job cuts, and that it had also
frozen wages and headcount for the next year.

"It is not possible to give assurances that there will be no
further redundancies. It is a direct result of the extremely
difficult economic situation in Hong Kong and globally, and of
intense competition within our industry arising since the
implementation of the current regulatory framework," ," Chairman
Richard Li said.

No business units will be closed as a result of the cuts.

Prior to this, PCCW's only major lay-offs had been 340 positions
in July, mostly in its consumer Internet operations.


PRECAST PILING: Winding Up Petition Pending
------------------------------------------
Precast Piling And Engineering Company Limited is facing a
winding up petition, which is slated to be heard before the High
Court of Hong Kong on January 20, 2002 at 10:30 am.

The petition was filed on November 8, 2001 by Compact
Construction Engineering Company Limited whose registered office
is situated at 906 Sino Center, 582-592 Nathan Road, Kowloon,
Hong Kong.


TIANJIN INTERNATIONAL: To Pay Bond Due On Dec 13
------------------------------------------------
Analysts Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300) of DebtTraders, say that Tianjin International Trust &
Investment Corporation plans to honor its Y12.5 billion bond due
on December 13 after it repaid two Samurai bonds in 1999 and
1998. The price of the TITIC 2.375 percent Bond due '01 was last
quoted at 95.

Tianjin International's 2.375% bonds due on Dec 13, 2001 (TITIC)
are trading below par between 95 and 100. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TITICfor  
real-time bond pricing.


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POLYSINDO EKA: Debt Plan Approved
---------------------------------
Polysindo Eka Perkasa's debt plan to restructure $683 million of
debt has been approved by bondholders, DebtTraders reported
Thursday.

The debt plan includes:

   (1) a forgiveness of interest due between 1998 and 2000,

   (2) a debt-to-equity conversion, and (3) an extension of
maturity over eight years.

The price of the Polysindo 9.375% bond due on 2007 (POLYS1) was
last quoted at 14. For more real-time bond pricing information,
visit http://www.debttraders.com/price.cfm?dt_sec_ticker=POLYS1


* IBRA Posts Corporate Core Asset Sales IV - Batch III
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA)  announced its
intention to sell a further selection of assets through open
auction.

The assets offered are from IBRA's Restructuring Program. They
consist of performing Restructured Loans, Convertible Bonds, and
Equity from the following debtors:

Name of Debtor  Line Of Business  Currency
Outstanding*
ANCOL TERANG METAL PRINTING, PT
Aluminium Cans Plants   Rp18,142,478,319.00

ARRISH RULAN, PT  Textile - Garments  US$3,102,306.79

BAKRIE NIRWANA RESORT, PT
Property (Hotel, Resort,
and Golf Course)   US$35,000,000.00

BATAM JAYA HOTEL, PT
Property (Mandarin Hotel) US$16,600,000.00

JAKARTA INTL HOTEL & DEV, PT
Property (Borobudur Hotel) US$3,070,985.00

DASATECNO UTAMA, PT
Home/Office Equipment  Rp59,150,000,000.00
Trading

DOK & PERKAPALAN KODJA BAHARI, PT
Dock and Shipyard  Rp1,196,851,407,380.00

ELEKTRINDO NUSANTARA, PT
Telecommunication &
Mobile Telephony   US$87,679,691.28

EMPEROR STEEL CORPORATION, PT
Steel Plant   Rp38,000,000,000.00

LITTLE GIANT STEEL CORPORATION, PT
Steel Plant   Rp72,677,000,000.00

SEMARANG PERKASA STEELINDO, PT
Steel Plant   Rp3,050,255,485.00

GRESIK JASATAMA, PT Infrastructures  Rp44,379,744,232.95

GRAHA BUANA CIKARANG, PT
Property (Housing -
Real Estate)   Rp98,983,209,072.00

JABABEKA INTERNATIONAL, BV
Holding Company   US$93,711,483.01

KAWASAN INDUSTRI JABABEKA TBK, PT   US$98,619,886.49
Property (Industrial
Estate, Market & Warehouse)

GARUDA MATARAM MOTOR COMPANY, PT   Rp14,000,000,000.00
Automotive - Assembling
& Car Manufacturing

NATIONAL MOTORS, PT     Rp6,000,000,000
Automotive - Assembling
& Car Manufacturing

INDOPERSADA ADHYATAMA, PT    Rp343,456,774, 591.00
Property (Housing - Real Estate)

PANASIA INTERFI, PT Property (Office Building) US$2,751,166.00

RIAU ANDALAN KERTAS, PT    US$87,390,088.49
Pulp, Paper and Books
Trading

RIAU ANDALAN PULP & PAPER, PT   US$40,457,515.00
Pulp and Paper

RIAU PRIMA ENERGI, PT Power Plant   US$132,994,351.78

SURYA ARTHA NUSANTARA FINANCE, PT
Multi Finance   Rp94,798,079,999.00

*Represents total IBRA's claim in Loan/Bond/CB/Equity based on
the Restructuring Agreement. These figures are subject to
revision due to ongoing principal repayment

The sale will commence in December 2001 with the following major
milestones:

Registration and bidder admission formalities:  No later than
February 1, 2002
Due Diligence commences     January 7, 2002
Bidding date       February 4, 2002
Closing        March 6, 2002

Interested parties that wish to participate are invited to
contact IBRA's Asset Disposal - AMC Division. All of the queries
regarding the sale process should be directed to IBRA's Asset
Disposal-AMC Division:

The Indonesian Bank Restructuring Agency (IBRA)
Asset Disposal AMC-Division
Attn. Ms. Astrid A. Wiranto/Ms. Cynthia M. Tjahyadi
Wisma Bank Danamon, 27th floor
Jl. Jend. Sudirman Kav. 45-46, Jakarta, Indonesia
Telephone:(62-21) 577-2776 Ext 1509/1501; Fax: (62-21)57982422
Email: astrid@bppn.go.id or cynthiam@bppn.go.id


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AOKI CORPORATION: Filing For Court Protection
----------------------------------------------
Aoki Corporation, whose principal activity is construction work
specializing in civil engineering, intends to apply for court
protection under the special corporate rehabilitation law,
PRNewsAsia reported on December 6.

Aoki is also engaged in the Hotel and Shipping business and also
operates golf clubs and other leisure facilities. According to
Wrights Investors Service, Aoki failed to post any dividends
since March 2001.


ASAHI BANK: Aoki Collapse Not To Affect FY Forecasts
----------------------------------------------------
Asahi Bank Ltd does not expect to make revisions in its earnings
forecasts for the fiscal year to March 2002 should construction
giant Aoki Corporation collapse, PRNewsAsia said on December 6,
citing Asahi officials.

Asahi Bank stands as one of the main creditors of the ailing
Aoki. The bank is still trying to confirm the construction
company's status.

In November, Asahi Bank expected a Y520-billion unconsolidated
net loss for this fiscal year and has set aside some Y400
billion in loan loss reserves in an effort to quell its
increasing bad-loan problem.


DAIEI INCORPORATED: Launching Special Sale On Men's Suits
---------------------------------------------------------
In an effort to boost earnings and cut costs, Kyodo News
reported that struggling supermarket chain operator Daiei Inc.
would launch a special sale on men's suits which would last for
five days, each suit will cost some Y8,100.

Barely two weeks ago, company officials announced that Daiei
planned to stop selling home electronics and appliances such as
televisions, refrigerators, and washing machines at more than
150 of its roughly 250 (nearly two-thirds) outlets over the next
three years. In early November, Daiei opened the Hundred Day
Store, which, appropriately will be open for only 100 days.


DAIWA BANK: Trust Banking Unit Planned
--------------------------------------
As part of its plans to subsequently spin off its trust
business, Japan's Daiwa Bank announced plans to put up a wholly
owned trust banking subsidiary this coming December 10, Kyodo
News reported on Thursday, citing industry sources.

Last October, Daiwa Bank posted a group net loss of Y140 billion
in the six months to September 30 due because of a drop in the
value of its share portfolio and an increase in bad loan write-
offs. The losses were mainly due to larger book losses on the
company's securities portfolio.


MITSUBISHI HEAVY: Cutting Papermaking Machine Parts Production
--------------------------------------------------------------  
Mitsubishi Heavy Industries Ltd intends to reduce its domestic
manufacturing of papermaking machine parts, PRNewsAsia reported
on December 4. The heavy industry manufacturer plans to
outsource some 10 percent of mass production of parts for
cardboard-making machines and other parts to Chinese and Italian
paper producers. The production of ordinary papermaking machines
parts will be outsourced to US firm Beloit Corporation's Czech
subsidiary.

Subsequently, Mitsubishi Heavy will concentrate on specializing
on domestic production of key components requiring sophisticated
technology.

Due to aggressive cost-cutting measures, the debt-strapped
Mitsubishi Heavy last month reduced its group net losses to
Y8.26 billion in the first half of fiscal year 2001, compared to
the Y23.47 billion in losses during the same period a year
earlier.


FUJITSU LIMITED: Confident Foreign Operations Will Recover
----------------------------------------------------------
Fujitsu Ltd is on the right path as it attempts to pull its
overseas software and services businesses out of the red and
build a unified global operation, News On Japan reported
yesterday. International operations account for a total of 40
percent of the company's headcount but lower than 30 percent of
its forecast revenues of Y2.17 trillion for the year to March
2002. The software and services group is expected to post a Y10-
billion operating loss abroad compared to an expected net profit
at home to total Y160 billion.

Despite years of restructuring efforts with its foreign firms,
the company's foreign operations still post losses, just like
British hardware maker ICL, which Fujitsu acquired in the
1990's. However, officials are confident that ICL will break
even for the current year and move back into the black by next
year. Fujitsu now plans to cut 900 jobs at ICL, adding to last
year's 1,000-job cut, and re-shaping ICL as a services company.


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K O R E A
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DAEHAN FIRE: KDIC Postpones W38B Fund Injection
-----------------------------------------------
The Korea Deposit Insurance Corp. postponed the granting of some
public funds worth W38.1 billion into the ailing Daehan Fire and
Marine because its operating committee brought on some changes
on the final contract, the Korea Herald said yesterday.

Last month, KDIC sold the insurer to Daehan Cement for a
reported W42 billion and, as a follow up measure, was supposed
to inject W38 billion in public funds in order to fill Daehan
Fire's capital shortage hole.

  
HYNIX SEMICONDUCTOR: Agrees In Principle To 15%-20% Stake Swap
--------------------------------------------------------------
As a part of the planned strategic alliance, Hynix Semiconductor
Inc has agreed in principle to swap 15-20 percent of its own
stake in exchange for an unspecified stake in Micron Technology
Inc, PRNewsAsia reported Wednesday. Contrary to what was earlier
reported, the alliance between the two rivals will take the form
of a share swap rather than a merger. According to an unnamed
bank official, the two companies are planning to end their talks
in about two weeks.


HYNIX SEMICON: Micron Conducts Due Diligence Ahead Of Tie Up
-------------------------------------------------------------
Micron Technology has already started conducting a due diligence
investigation on the assets and finances of Hynix Semiconductor,
ahead of their possible alliance, PRNewsAsia reported on
December 5.

According to a Hynix spokesperson, Micron Chief Financial
Officer Bill Stover is currently leading a team that has already
begun assessing Hynix's assets at the company headquarters.
A special body controlled by Hynix creditors has been set up to
lead negotiations for the tie up.


HYUNDAI MOTOR: Workers Continuing Strikes This Week
----------------------------------------------------
As an extension of an ongoing strike that began last week, about
16,000 Hyundai Motor Co. employees will go on strike this
Thursday and Friday, widening the conflict between management
and labor, according to the Asian Wall Street Journal on
Wednesday.

The workers involved in the new round of protests hail from the
Korean carmaker's repair, service, research and parts
manufacturing operations from three facilities located Asan,
Chonju, and Namyang. Since last week, all unionized employees
from all Hyundai Motor plants have been walking out for two
hours during the day shift and another two hours during the
night shift.

Workers at Hyundai Motor's Ulsan plant won't join in the two
all-day walkouts but will instead extend their hours of partial
strike to four hours on Thursday's day shift and eight hours
during the night. On Friday the Ulsan plant workers plan walk
out only for four hours during the day shift. According to an
Ulsan official, the one-week partial strike caused a production
loss of 19,661 units.

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


SEOUL BANK: Dongbu Group Wants To Acquire Stake In Seoul Bank
-------------------------------------------------------------
The Dongbu Group plans to join a consortium to buy a stake in
the ailing Seoul Bank, which if successful, will become the
first case of its kind wherein an industrial group acquires a
stake in a commercial bank with nationwide operations following
the government's deregulation on bank ownership, according to a
December 6 Korea Herald report. According to a group spokesman,
the current efforts by Dongbu to acquire a stake in Seoul Bank
is part of the group's efforts to turn itself into a "finance-
centered business".

Former Seoul Bank President Shin Bok Young is currently leading
a consortium of local and foreign investors to acquire a
controlling stake in the cash-strapped lender. Mr Shin,
currently the Chairman of Comtec Systems confirmed that Dongbu
Group was indeed joining the consortium.


SSANGYONG MOTOR: Creditors Approve New Bailout Plan
---------------------------------------------------
Creditors of Ssangyong Motor Co have recently approved a bailout
package that includes, among other things, a W950 billion debt-
for-equity swap and new loans totaling US$150 million, the Asian
Wall Street Journal reported on December 5. The plan was
actually approved by Ssangyong's creditors late November, but
the announcement has been put off in order for the company's
labor union to consent to the new plan, which is required under
South Korean laws.

The approved plan is slightly different from the old proposal,
which asked for a W1 trillion debt-for-equity swap and some
US$200 million in loans.

As of end November, Ssangyong has a total debt of about W2.2
trillion. The approved US$150 million of new loans will be used
to pay some of the company's outstanding letters of credit.


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


ABRAR CORPORATION: SA To Formulate New Workout Proposal
-------------------------------------------------------
The Special Administrators (SA) of Abrar Corporation Berhad
(Special Administrators Appointed) (the Company) will be
reassessing the Company's financial position and will formulate
a new workout proposal that takes into consideration the
interest of all stakeholders that will also deal with the
Company's plans to regularize its financial condition, its
inadequate level of operations and the minimum RM 60 million
paid-up capital requirement for companies listed on the Main
Board of the Exchange.

On 23 November 2001, the Exchange approved the Company's
application for a further extension of two (2) months from 23
October 2001 to 22 December 2001 to enable the Company to make
its announcement on the Company's plans to regularize its
financial condition (the Requisite Announcement).

On 27 November 2001, the SA of the Company announced that the
Company's restructuring exercise involving Asia Pacific Land
Berhad (APLand) and certain subsidiaries / sub-subsidiaries of
APLand as envisaged in the Memorandum Of Understanding (MoU)
dated 27 June 2001 will no longer be proceeded with as the
Definitive Agreements (as defined in the MoU) were not executed
by the relevant parties within the time period stipulated in the
MoU.


AUTOWAYS HOLDINGS: SBSB Withdraws MoU
-------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Autoways Holdings Berhad (AHB or the Company), announced that
Selayang Budi Sdn Bhd (SBSB), in its letter dated 30 November
2001, has withdrawn from the Memorandum of Understanding (MoU),
as the MoU has lapsed.

As such, the Company is now in the process of evaluating new
proposals for the restructuring of the Group. Any further
development hereon in relation to the plan to regularize the
financial position of AHB will be announced in due course.

On 13 August 2001 Arab-Malaysian had, on behalf of Board of
Directors of AHB, announced that AHB had entered into a MoU with
SBSB. The MOU sets forth the general understanding reached
between AHB and the shareholders of SBSB in relation to the
proposed acquisition of SBSB by AHB (Proposed Acquisition) as
part of the proposal to restructure and regularize the financial
position of AHB.


CHG INDUSTRIES: Faces Breach of Contract Suit Filed By PASB
-----------------------------------------------------------
The Board of Directors of CHG Industries Berhad (CHG or the
Company) announced that the Company has received a writ of
summons and statement of claims, both dated 3 October 2001 (the
Suit) filed by Premier Advance Sdn Bhd (PASB) on 29 November
2001.

DETAILS OF THE WRIT OF SUMMON

By a sale and purchase agreement dated 16 October 2000 between
the Company and PASB and NLS Sdn Bhd (NLS), the Company agreed
to purchase and PASB agreed to sell 26,000,000 ordinary shares
of RM1.00 each in NLS for a consideration of RM39,000,000
payable in cash amounting to RM2,000,000 and an issue of shares
in the Company valued at RM1.10 per share (Proposed Acquisition
of NLS). Pursuant to the said agreement, the Company has paid to
PASB a sum of RM400,000. The Proposed Acquisition of NLS is part
of a larger restructuring proposal of the Company announced on
17 October 2000, 31 January 2001 and 18 April 2001. The
restructuring proposal was subsequently aborted on 1 November
2001.

By the Suit, PASB alleges a breach of the aforesaid agreement by
the Company and claims in consequence thereof:

   (i) a sum of RM1,600,000 being the remainder of the cash
portion of the purchase consideration;

   (ii) damages in the sum of RM2,317,465.75;

   (iii) alternatively, that the Company pay to NLS the sum of
RM2,317,465.75;

   (iv) interest at a rate of 8 percent from the date of the
filling of the writ of summons until full settlement;

   (v) alternatively, general damages for breach of contract;
and

   (vi) costs.

ACTIONS TAKEN

The Company has instructed its solicitors to enter an appearance
on its behalf in respect of the Suit and the said appearance has
been so entered on 3 December 2001.

EXPECTED FINANCIAL & OPERATIONAL IMPACT

Apart from the contingent liability abovementioned, the Suit is
not expected to have any immediate financial and operational
impact upon the Company. Besides the sums claimed by PASB as
abovementioned, the quantum of any other losses, if any at all,
cannot be ascertained at this juncture as they are subject to
proof by PASB.

DIRECTORS' OPINION

The Board is unable to express an opinion on the possible
outcome of the Suit as the Company is presently seeking legal
advice in respect of the same. Nevertheless, appropriate and
necessary actions have been taken to defend the case.


HAI MING: Gathers Monthly Financial Status Report Info
------------------------------------------------------
Hai Ming Holdings Berhad (Hai Ming or the Company) and its Group
of Companies (Hai Ming Group) is presently compiling the various
information required by Public Merchant Bank Berhad for its
detailed monthly status report submission to regularize its
financial condition. Concurrently, due diligence audits on the
proposed acquisition of Koh Poh Seng Group of Companies are
being carried out. All necessary legal documentation to
implement the debts restructuring exercise are being prepared.

On 31 October 2001, the Board of Directors of Hai Ming was
expected to submit an application to the Securities Commission
in relation to the proposed debts restructuring exercise within
two months from the date of the Requisite Announcement i.e. by
end December 2001.


IDRIS HYDRAULIC: Seeks Shareholders' Approval At AGM
----------------------------------------------------
The Board of Directors of Idris Hydraulic (Malaysia) Berhad
announced that the Company intends to seek the shareholders'
approval at the Extraordinary General Meeting of the Company to
be held on 31 December 2001 on proposals regarding:

   (a) Proposed adoption of a New Articles of Association of the
Company pursuant to Chapter 7 of the Listing Requirements of the
Kuala Lumpur Stock Exchange (KLSE); and

   (b) Proposed Shareholders' Mandate for Recurrent Related
Party Transactions of a Revenue or Trading Nature under
Paragraph 10.09 of the Listing Requirements of the KLSE.

The Circular to Shareholders containing information on the
abovesaid proposals is subject to the approval of the KLSE and
will be sent to the shareholders of the Company in due course.


MYCOM BERHAD: Alliance Submits Amended Scheme
---------------------------------------------
Mycom Berhad (Mycom Berhad or the Company) announced that
Alliance Merchant Bank Berhad (Alliance) (formerly known as
Amanah Merchant Bank Berhad), on behalf of Company has, on 3
December 2001, submitted to the Securities Commission (SC) an
amended Proposed Restructuring Scheme (Amended Scheme). The
Amended Scheme is formulated to reflect:

   (i) Approved revised valuation of certain land as per SC's
letter dated 4 October 2001, which was announced on 1 November
2001. The details on the approved valuation are set out in Table
1 found at http://www.bankrupt.com/misc/Mycom.doc ;

   (ii) Issue price of new shares to be issued for all related-
party acquisitions be fixed at RM1.05 per Mycom share;

   (iii) Purchase consideration for the acquisition of
companies/property asset by Mycom from Olympia Industries Bhd
(OIB) and certain of its subsidiaries be based on their adjusted
net tangible assets (NTA) as at 30 June 2001;

   (iv) Termination of the conditional land acquisition
agreement dated 14 August 2000 and its extension dated 12
December 2000 and 12 June 2001 between Mycom, Sierra Development
Sdn Bhd and Olympia Land Berhad for the proposed acquisition by
Mycom of approximately 2,012.5 acres of land situated at Mukim
of Triang, District of Bera, Pahang Darul Makmur for a purchase
consideration of RM50,300,000 as announced on 1 November 2001;

   (v) The Redeemable Secured Loan Stocks proposed earlier to be
issued to the secured financial institution creditors (FIs) are
now to be replaced by Restructured Term Loans (RTL),
restructured term loan facilities granted by the FIs to Mycom
pursuant to the Restructuring and Standstill Agreement dated 8
May 2000. The salient terms of the RTL are provided in Table 2
found at http://www.bankrupt.com/misc/Mycom.doc; and

   (vi) The completion of the due diligence exercise undertaken
by Arthur Andersen Corporate Advisory Sdn Bhd which now allows
Mycom to determine the final amount of securities to be issued
to the FIs.

EFFECTS OF THE AMENDED SCHEME

The effects of the Amended Scheme on the issued and paid-up
share capital, NTA and substantial shareholding as at 5 October
2001 of Mycom are set out below in Table 3, Table 4 and Table 5,
respectively at http://www.bankrupt.com/misc/Mycom.doc

APPROVALS REQUIRED

The Amended Scheme is subject to, inter-alia, the following
approvals:

   (i) SC;

   (ii) Foreign Investment Committee (FIC) for the Amended
Scheme. The approval of the FIC in respect of the earlier
Proposed Restructuring Scheme as submitted on 30 August 2001 was
obtained on 29 October 2001, as announced on 1 November 2001;

   (iii) Ministry of International Trade and Industry (MITI) for
the Amended Scheme. The approval of the MITI in respect of the
earlier Proposed Restructuring Scheme as submitted on 30 August
2001 was obtained on 20 November 2001, as announced on 21
November 2001;

   (iv) Bank Negara Malaysia;

   (v) KLSE;

   (vi) Shareholders of Mycom and OIB;

   (vii) High Court of Malaya;

   (viii) All the FIs for the revised Proposed Restructuring
Scheme as announced on 1 August 2001 and the Amended Scheme; and

   (ix) Any other relevant authorities/parties.

Meanwhile, Mycom's application to the KLSE on 13 November 2001,
as announced on 13 November 2001, for a further extension of
time for the Company to obtain all the necessary approvals from
the regulatory authorities till 20 January 2002 to comply with
the requirement of paragraph 5.1(c) of PN 4/2001 is still
pending approval by the KLSE.


PAN PACIFIC: Court Orders Winding Up Of Units
---------------------------------------------
Pan Pacific Asia Bhd. (PPAB or the Company) announced that the
Company, had, on 30 November 2001, received a letter from its
solicitors that the High Court in Sibu had granted separate
orders in favor of the Government of Malaysia ordering that its
wholly-owned subsidiaries, Jafuong Plywood Corporation Sdn Bhd
(Jafuong) and Propagate Industry Sdn Bhd (Propagate) be wound
up.

PPAP also informed that full provision for bad and doubtful
debts have been made in the financial period ended 30 June 2001
on the amount due by its wholly-owned subsidiary, Caritimas Sdn
Bhd (Caritimas) to the Company of RM 30,972,759-00 and to its
fellow subsidiaries, namely Wansuria Sdn Bhd and Jafuong Plywood
Corporation Sdn Bhd (In Receivership) of RM 24,268,411-00.


RAHMAN HYDRAULIC: Awaits KLSE's Reply On Extension Request
----------------------------------------------------------
The Special Administrators, on behalf of Rahman Hydraulic Tin
Berhad (Special Administrators Appointed) (RHTB or the Company),
announced that the Company has yet to obtain all approvals
necessary for the implementation of the Proposed Restructuring
Scheme by the extended time of 4 December 2001.

The Company's financial advisors have submitted another
application to the KLSE on 3 December 2001 for a further
extension of time of three (3) months from 5 December 2001 as
the Company does not foresee the approval to be obtained prior
to the expiry of the extended deadline of 4 December 2001. The
Company is presently awaiting a reply from the KLSE on the same
matter.


REKAPACIFIC BERHAD: Updates Restructuring Proposal Status
---------------------------------------------------------
The Board of Directors of RekaPacific Berhad (the Company) made
the following announcement in relation to the status of the
Restructuring Proposal (the Tenth Monthly Status Announcement):

   1. We refer to the Announcement On The De-Listing Of The
Securities Of RekaPacific Berhad From The Official List Of The
Kuala Lumpur Stock Exchange on 13 November 2001 and 21 November
2001 respectively.

   2. We are awaiting the outcome of the appeal on the de-
listing lodged with the Exchange on 12 November 2001.

   3. In the event that the appeal on the de-listing is allowed
by the Exchange, the Company will be able to proceed with the
Restructuring Proposal as announced in the First Announcement on
26 February 2001 in accordance with the requirements of Practice
Note 4/2001.

   4. In the event that the appeal on the de-listing is not
allowed by the Exchange, the Company will be forced to abort the
Restructuring Proposal as the Company's listed status, which
forms the essence of the Restructuring Proposal, will no longer
exist.


SRI HARTAMAS: Unit Enters Sale, Purchase Agreements With SDKSB
--------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that its wholly-owned subsidiary, Puncak Permata Sdn
Bhd (PPSB) (Special Administrators Appointed), had entered into
two Sale and Purchase Agreements (S&P) with Sunway D' Mont Kiara
Sdn Bhd (SDKSB), for the sale of four parcels of freehold land
(F7, F8, F9 & F10) for a total cash consideration of RM62.0
million.

DETAILS OF THE LAND DISPOSAL

The Special Administrators of SHB had carried out an open tender
exercise on 23 May 2001 on the assets of SHB Group, which was
closed on 12 June 2001. Pursuant to the said tender exercise,
PPSB acting through the Special Administrators had on 30
November 2001 entered into two S&P with SDKSB, for the sale of
the following parcels of freehold land:

Land Title    Land Area

H.S. (D) 49044 P.T. No. 48635 (F7)  8.34 acres
H.S. (D) 47943 P.T. No. 48634 (F8)  4.08 acres
H.S. (D) 47942 P.T. No. 48633 (F9)  7.11 acres
H.S. (D) 49045 P.T. No. 48636 (F10) 11.73 acres
31.26 acres

all held under Mukim of Kuala Lumpur, Daerah Wilayah Persekutuan
(PP-Land) for a total cash consideration of RM62.0 million.

A portion of the PP-Land, namely, approximately 3,893.42 square
meters forming part of H.S.(D) 47943 P.T. 48634 and
approximately 1,923.10 square meters forming part of H.S. (D)
49044 P.T. 48635, is subject to a proposal for compulsory
acquisition (the Proposed Acquisition).

PP-Land is being disposed free from all encumbrances with vacant
possession and the PP-Land will be transferred subject to the
Proposed Acquisition in its present physical condition on an "as
is where is" basis.

The purchase consideration will be paid in the following manner:

   (a) Upon the execution of the S&P, SDKSB had paid 10 percent
of the purchase price amounting to RM6.2 million and the sum
shall be released to the Company upon the fulfillment of the
last of the Approvals as mentioned in Para 3 below;

   (b) The balance of the purchase price amounting to RM55.8
million shall be payable to PPSB's solicitors as stakeholders
within 6 months of the date of the two S&Ps provided that all
the conditions precedent have been obtained as set out under
para 3 below and the said sum shall be released to the PPSB
immediately upon the presentation of transfer for registration
at the relevant Land Registry or upon the expiry of 10 days of
delivery of the transfer documents to SDKSB, whichever is the
earlier.

CONDITIONS PRECEDENT

Based on the terms of the S&P, the sale of the PP-Land shall be
subject to these Conditions Precedent:

   (a) Danaharta and the secured creditors of PPSB approving the
workout proposal of PPSB at a meeting of the secured creditors
to be held pursuant to Clause 46(2) of the Danaharta Act
(Danaharta approval);

   (b) The approval of the Foreign Investment Committee (FIC
approval);

   (c) The approval of the shareholders of Sunway City Berhad,
the ultimate holding company of SDKSB, if required.

If the conditions precedent are not fulfilled within three
months from the date of the S&P, the period will be extended for
another one month therefrom subject to any further extension of
time that the Purchaser may request PPSB to consent to, which
consent shall not be unreasonably withheld by PPSB.

BASIS OF ARRIVING AT THE CONSIDERATION

The latest valuation by M/S CH Williams Talhar & Wong Sdn Bhd
dated 10 December 2000 valued the PP-Land at RM87.3 million
based on open market value. The disposal price of RM62 million
represents approximately 71 percent of the open market value.

DESCRIPTION OF THE LAND

PPSB is the registered owner of the PP-Land. It is presently a
vacant land.

The land is presently charged to Arab-Malaysian Merchant Bank
Berhad as Trustee for itself and as agent for Arab-Malaysian
Bank Berhad and Arab-Malaysian Finance Berhad (the chargee) for
a syndicated credit facilities granted to SHB. There are a 2nd
and 3rd legal charge created on the PP-Land in favor of Arab-
Malaysian Bank Berhad for banking facility granted to two
subsidiaries of SHB.

The land was acquired by PPSB on 6 December 1993 and the audited
net book value of the PP-Land as at 30 June 2001 amounted to
RM60.74 million.

Upon completion of the sale, the Property will be transferred
subject to the Proposed Acquisition in its present physical
condition on an "as is where is" basis and free from all
encumbrances with vacant possession.

INFORMATION ON PPSB

PPSB was incorporated in Malaysia under the Companies Act, 1965
on 9 July 1993.

PPSB's present authorized share capital is RM500,000 divided
into 500,000 shares of RM1.00 each of which 250,000 ordinary
shares of RM1.00 each have been issued and fully-paid.

The principal activity of PPSB is property development
(including dealing in land).

Pengurusan Danaharta Nasional Berhad pursuant to Section 24 of
the Pengurusan Danaharta Nasional Berhad Act, 1998, has
appointed special Administrators over PPSB on 18 October 2000.

INFORMATION ON SDKSB

SDKSB was incorporated in Malaysia under the Companies Act, 1965
on 21 September 2001.

SDKSB is a 70 percent owned subsidiary of Emerald Tycoon Sdn
Bhd, which in turn is a wholly owned subsidiary of Sunway City
Berhad.

SDKSB's present authorized share capital is RM100,000 divided
into 100,000 shares of RM1.00 each of which 10 ordinary shares
of RM1.00 each have been issued and fully-paid.

The principal activity of SDKSB is property development.

RATIONALE FOR THE DISPOSAL

The net sale proceed of the disposal will be utilized to
partially settle the syndicated credit facilities granted to
SHB.

FINANCIAL EFFECTS OF THE DISPOSAL

The financial effects of the disposal are as follow:

Share Capital

The proposed disposal will not have any effect on the issued
paid-up share capital of SHB.

Earnings

The proposed disposal will not have any effect on the
consolidated earnings of SHB Group current financial year ending
30 June 2002.

Net Tangible Assets (NTA)

The proposed disposal will not have any effect on the audited
consolidated NTA of SHB Group as at 30 June 2001.

Conditions of The Disposal

The disposal is subject to the following Conditions Precedent:

   (a) Danaharta and the secured creditors of PPSB approving the
workout proposal of PPSB at a meeting of the secured creditors
to be held pursuant to Clause 46(2) of the Danaharta Act;

   (b) The approval of the Foreign Investment Committee;

   (c) The approval of the shareholders of Sunway City Berhad,
the ultimate holding company of SDKSB, if required.

If the conditions precedent are not fulfilled within three
months from the date of the S&P, the period will be extended for
another one month therefrom subject to any further extension of
time that the Purchaser may request PPSB to consent to, which
consent shall not be unreasonably withheld by PPSB.

Special Administrators', Directors' and Substantial
Shareholders' Interest

The Board of Directors of SHB as at 30 November 2001 is as
follows:

   (i) Tan Sri Dato Elyas Bin Omar
   (ii) Abdul Rahman Bin Dato' Mohammed Hashim
   (iii) Gopala Krishnan s/o Sanguni Nair
   (iv) Nirmaljit Singh a/l Surjit Singh

None of the Director held any shares in SHB as at 30 November
2001.

None of the shareholders of SHB as at 30 November 2001 held more
than 5 percent of the paid-up capital of SHB.

SPECIAL ADMINISTRATORS RECOMMENDATION

The Special Administrators of PPSB are of the view that the
disposal is in the best interest of the stakeholders of PPSB and
the terms and conditions thereof are fair and reasonable in the
circumstances.


SUNWAY HOLDINGS: Planning Sistem Lingkaran Shares Sale
------------------------------------------------------
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli(1-212-247-5300), say that Sunway Holding Berhad plans
to sell its shares in Sistem Lingkaran Lebuhraya Kajang next
year to raise RM150 million. The Company, formerly known as
Sungei Way Construction Berhad, also aims to generate another
RM150 million from its order book of RM1.5 billion.

"The builder will repay 50 percent of the put premium (30.17
percent) in December, 5 percent of the remaining balance in
2002, 20 percent in 2003, and 37.5 percent in 2004 and 2005,
respectively," Fan and Berselli said.  

DebtTraders reports that Sunway Holding's 1.250% convertible
bonds due this Dec 11, 2001 (SUNGEI) are trading between 75 and
82. For more real-time bond pricing information, check
http://www.debttraders.com/price.cfm?dt_sec_ticker=SUNGEI


TIMBERMASTER IND.: Financial Regularization Plan In Progress
------------------------------------------------------------
Timbermaster Industries Berhad announce that the Company's plan
to regularize its financial condition is still in progress.

The White Knight had applied to TMIB for an extension of time
until 31 January 2002 to enable them to fulfill the conditions
precedent set out in the Memorandum of Understanding (2nd MoU)
dated 14 August 2001. Given that position, on 29 November 2001,
the Company appealed to the KLSE for consideration of a further
extension of time until 7 February 2002 to make the Requisite
Announcement (RA), as the RA is dependent on the White Knight
fulfilling the conditions precedent set out in the MoU dated 14
August 2001.

At the date of announcement, KLSE's consideration of the further
extension of time to make the RA is still pending.

As part of its group restructuring exercise, the Company had, on
14 and 15 November 2001, advertised for the sale of assets of
Kompleks Perkayuan Timbermaster Smallholders Sdn Bhd (Special
Administrators Appointed) (KPTS), a wholly-owned subsidiary of
TMIB. The Special Administrators (SA) are currently evaluating
the tender proposals received.


TIMBERMASTER INDUSTRIES: Moratorium Period Extended   
----------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed)(TMIB or the Company) informed that the moratorium
period for TMIB and its four subsidiary companies under section
41 of the Pengurusan Danaharta Nasional Berhad Act 1998 (the
Act), which took effect from the date of the appointment of Lim
San Peen and Yap Wai Fun as Special Administrators (the SA) has
been extended a further twelve (12) months for these companies:

Companies  Date of SA   12 months moratorium
appointment       extension expiring on

Timbermaster Industries 14 December 1999  13 December 2002
Berhad     

Timbermaster (Malaysia) 14 December 1999  13 December 2002
Sdn Bhd

Kompleks Perkayuan  14 December 1999  13 December 2002
Timbermaster Smallholders
Sdn Bhd

Timbermaster Timber  14 December 1999  13 December 2002
Complex (Sabah)
Sdn Bhd

Perkayuan T.M   24 January 2000  23 January 2003
(Malaysia) Sdn Bhd    
   
The abovementioned extension is pursuant to section 41 (3) of
the Act.


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


METRO PACIFIC: Bank Of Commerce Considers Unit Acquisition
----------------------------------------------------------
Bank of Commerce is currently mulling over plans to acquire
Metro Pacific banking subsidiary First e-Bank, PRNewsAsia
reported on Thursday, citing unnamed sources. The real estate
giant's banking subsidiary has generated interest from two other
banks, namely, Banco De Oro and Asia United Bank. In a related
story, Bank of Commerce has recently completed its takeover of
the debt-strapped Traders Royal Bank.


SHEMBERG CORPORATION: Focusing Ops On Drug And Meat Market
-----------------------------------------------------------
Noticing that the meat processing and pharmaceutical markets
haven't been severely affected by the global economic downturn,
Shemberg Corporation plans to focus its operations on those  
industries and slowly shift away from the pet food market,
BusinessWorld reported yesterday.

The intended shift in operations is also due in part to the
stiff competition offered by Indonesian seaweed processors in
the pet food industry. The company plans to concentrate on
producing food grade carrageenin (for the meat processing
industry) and toothpaste-grade carrageenin. Another product
currently in the works is commercial grade carrageenin to be
used in the manufacture of vitamin capsules.

Shemberg subsidiary, Shemberg Biotech is still not operating at
full capacity, and is currently under court receivership pending
a decision on its rehabilitation petition.


UNIWIDE HOLDINGS: Finishing Asset-Debt Swap Terms With BPI
----------------------------------------------------------
Uniwide Holdings Inc is in the final stages of discussing the
terms of an asset-for-debt swap agreement with the Bank of the
Philippine Islands following the latter's approval of Uniwide's
amended rehabilitation plan, according to PRNewsAsia on
Wednesday. Uniwide furthermore declared that a majority of its
P11-billion debt will be paid through asset swaps.

Uniwide also said that it had concluded asset-for-debt swap
deals with the United Coconut Planters Bank (UCPB), Metropolitan
Bank and Trust Co (Metrobank) and the International Exchange
Bank. The company intends to present its renewed rehabilitation
plan this Friday to the Securities and Exchange Commission.


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


BRIERLEY INVESTMENTS: Changes In Director's Shareholding Posted
---------------------------------------------------------------
Brierley Investments Limited issued a notice of change affecting
director Gregory James' shareholding. A portion of the notice:

Notice Of Changes In Director's Shareholding

Name of director: Gregory James Terry
Date of notice to company: 05 Dec 2001
Date of change of interest: 05 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: 0.23
No. of shares held before change: 650,000
Percent of issued share capital: 0.048
No. of shares held after change: 700,000
Percent of issued share capital: 0.052

Holdings of Director including direct and deemed interest
Deemed   Direct
No. of shares held before change:      650,000
Percent of issued share capital:       0.048
No. of shares held after change:      700,000
Percent of issued share capital:       0.052

Total shares:         700,000


L&M GROUP: Enters Placement Agreements
--------------------------------------
The Board of Directors of L&M Group Investments Limited (L&M or
the Company) announced that it has entered into five placement
agreements, all dated December 5, 2001 (the Placement
Agreements) with five different placees to place out Twenty Two
Million Two Hundred and Forty Four Thousand Four Hundred and
Thirteen (22,244,413) new ordinary shares of S$0.10 each (New
Shares) in the capital of the Company (the Placements). The
placees are Sin Heng Heavy Machinery Pte Ltd, Allinton
Engineering & Trading Pte Ltd, Kok Tong Transport & Engineering
Works Pte Ltd, Tymely Corporate Services Pte Ltd and PT Rifan
Financindo Sekuritas (the Placees).

Pursuant to the Placement Agreements, the Placements are
conditional upon the approval of the Stock Exchange Securities
Trading Limited (SESTL) for the listing and quotation of the New
Shares on the SESTL. The approval of the shareholders of the
Company for the issue of shares in the Company not exceeding 20
per cent. of the Company's issued share capital for the time
being was obtained at the Annual General Meeting of the Company
held on 30 June 2001. The New Shares represent approximately ten
per cent of the issued share capital of the Company and will,
upon allotment and issue, rank pari passu in all respects with
the Shares then existing.

The Placement Price of Fifteen Point Eighty Eight Cents
(S$0.1588) for each New Share represents a discount of ten per
cent from the weighted average price for trades done on L&M
shares on December 5, 2001 of S$0.1764 per share.

When completed, the Placements will increase the issued and paid
up share capital of the Company from S$22,217,751 comprising
222,177,510 ordinary shares of S$0.10 each to S$24,442,192
comprising 244,421,923 shares of S$0.10 each.

Had the Placement been effected on January 1, 2000 the first day
of the last audited balance sheet, the net tangible assets per
share of the Company and its subsidiaries as at that date would
be a decrease from approximately 26 cents to 24 cents. The loss
per share would be decreased from 15 cents to 14 cents.

The net proceeds from the Placement will amount to approximately
S$3.53 million and will be utilized for working capital purposes
and to repay creditors of the Company.

None of the Directors or substantial shareholders of L&M has any
interest, direct or indirect, in the Placement.


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


MODERN HOME: Capital Increase Form Report Released
--------------------------------------------------
Modern Home Planner Company Limited, Plan Administrator of
Modern Home Development Public Company Limited, further reported
on details of the allotment of capital increase shares with the
total of 209,809,026 ordinary shares:

Class 1: Secured Creditors - Financial Institutions 88,868,010
shares

Class 2: Unsecured Creditors - Financial Institutions 23,422,478
shares

Class 3: Unsecured Creditors - Bondholders of Modern Home
Debenture # 1 60,108,763 shares

Class 4: SWAP Creditor 7,103,362 shares
Class 5: Trade Creditors 29,715,441 shares
Class 6: Customers of M-Home's Development Projects 590,972
shares


TAI YO INDUSTRIES: Business Reorganization Petition Filed
---------------------------------------------------------
The Petition for Business Reorganization of Tai Yo Industries
Company Limited (DEBTOR), engaged in manufacturing several sizes
of fire protection safe, was filed in the Central Bankruptcy
Court:

   Black Case Number 737/2543

   Red Case Number 758/2543

Petitioner: TAI YO INDUSTRIES COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt46,654,776.23

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 14, 2001 at 9.30 am. Convention Room no.
1104, 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 16, 2001

Announcement of Court Order for Accepting the Reorganization
Plan in Government Gazette: August 14, 2001

Contact: Mr. Somkit Tel, 6792525 ext 144


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

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

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