TCRAP_Public/011219.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

            Wednesday, December 19, Vol. 4, No. 247

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Company Secretary Resignation, New Appointment
ANSETT AIRLINES: International Consortium Back Fox/Lew Group
ENRON AUSTRALIA: Administrators Grant Parties Data Access
GOODMAN FIELDER: Focuses On Improved Returns To Holders
GOODMAN FIELDER: Posts Address Given To Market Investors
HIH INSURANCE: Little Time, Information Hindered Accountants
LEND LEASE: Sells Larry Smith Italy
NORMANDY MINING: AngloGold Extends Offer Period
TENNYSON NETWORKS: Unit Joins Forces With Commsoft Group


C H I N A   &   H O N G  K O N G

CHINA METALLURGIC: Winding Up Petition Pending
CO YANG: Winding Up Petition To Be Heard
EMPEROR CHINA: Eases Losses
G-PROP (HOLDINGS): Enters Placing Agreement With NSL
GARDEN CITY: Winding Up Petition Heard
GUANGDONG KELON: Requests Trading Suspension
PORTSLINK ASIA: Petition To Wind Up Docketed
PRO-MARKET: Winding Up Sought By Hop Lik
SOMERSET & MORGAN: Hearing of Winding Up Petition Set


I N D O N E S I A

BANK CENTRAL: IBRA Extends Bid Deadline To Jan 28


J A P A N

NISSHO IWAI: Moody's Downgrades Ratings To B2, Outlook Negative
TEISEI FIRE: Merger With Yasuda Fire, Nissan Fire Cancelled


K O R E A

DAEWOO SECURITIES: Woori Financial Likely To Take over
HANBO STEEL: Kamco Plans To Terminate Talks With AK Capital
HYUNDAI MOTOR: Unionists To Vote On Deal With Management
HYUNDAI PETROCHEM: Creditors Push Sale After Debt-Equity Swap
HYUNDAI PETROCHEMICAL: Honam Interested To Take Over
HYNIX SEMICONDUCTOR: Micron To Unveil Proposal This Week
SEOUL BANK: KEB Shows Interest, Floats Merger
SUMITOMO MITSUI: Setting Up Y28.3B US Holding Co


M A L A Y S I A

RENONG BERHAD: Doubts Over Asset Sale Plan Weaken Shares
UNITED ENGINEERS: Plans RM2.4B Restricted Issue In PLUS Shares


P H I L I P P I N E S

METRO PACIFIC: Property Development Unit "Not For Sale"
NATIONAL STEEL: Creditor Banks Stick To P1B Cash Deposit, Bond


S I N G A P O R E

CAPITALAND: GK Goh Brokers Sell Parkway Holdings Stake
CAPITALAND LIMITED: Posts Temasek Holdings' Change In Interest
CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest
SEMBCORP LOGISTICS: Posts Changes In Capital Group's Interest


T H A I L A N D

DATAMAT PUBLIC: Posts Share Offering Resolution Report
EMC PUBLIC: Declares 2002 Annual Holidays
ROBINSON DEPARTMENT: Submits 2002 Holiday Lists To SET
SIAM PAPER: Files Business Reorganization Petition
THAI RUNG: Board Resolution Issued Re Change In Par Value

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Company Secretary Resignation, New Appointment
---------------------------------------------------------------
Anaconda Nickel Limited announced the resignation of Mr Malcolm
James as Company Secretary and the appointment of Mr Stephen
Dennis to this position. Mr Dennis will also continue as General
Manager, Commercial for Anaconda.

Early this month, TCR-AP reported that the Company reduced its
workforce after the completion of the Strategic Review. The
Company stated that the action has been necessary following the
decision of the Board to focus primarily on the Murrin Murrin
Operation.


ANSETT AIRLINES: International Consortium Back Fox/Lew Group
------------------------------------------------------------
The Lindsay Fox and Solomon Lew consortium have found
international backers for their bid to acquire Ansett Airlines
assets, AFX reported Tuesday, quoting the Australian Financial
Review report.

The consortium, led by the Chairman of UK budget carrier Ryanair
and Continental Airlines Director David Bonderman, and a former
chief executive of America West Airlines Bill Franke, have
agreed to take 35-49 percent of the Fox/Lew syndicate and play
an active role in the airline's management.

According to Mr Franke, "Having looked first hand at Ansett and
the overall market in Australia, I am convinced Ansett can be
restored to being a great airline, and a great business, of
which its employees and the traveling public can be proud."


ENRON AUSTRALIA: Administrators Grant Parties Data Access
---------------------------------------------------------
The Voluntary Administrators of Enron Australia Finance have
reach the final initial process of data room access for
qualified parties who have shown an interest in the Enron
electricity derivatives contracts, according to a Tuesday
AsiaPulse article. According to the Administrators, nine out of
an initial 18 parties had been granted access to the room,
including one international party.

Parties who did not access the due diligence room had either
withdrawn voluntarily, or had not met the Administrators' pre-
qualifying requirements.

The Administrators have rejected bids received on the basis that
work out or termination of counterparty agreements will produce
a greater return to Enron Australia shareholders.

At this time, of a total of 38 counterparties, six have elected
to issue default notices and terminate, nine have mutually
agreed to a close-out, a negotiated finalization of their Enron
obligations, and negotiations were continuing with remaining
counterparties in respect to the 1200 electricity derivatives
contracts.


GOODMAN FIELDER: Focuses On Improved Returns To Holders
-------------------------------------------------------
Goodman Fielder has a clear strategy and straightforward
earnings model that will improve returns to shareholders, Chief
Executive, Tom Park, has told investors in Sydney. Mr Park said
he is confident that the strategic action plan will
generate consistent profit growth over the next few years.

"The strategic action plan provides a platform to build a
stronger company that will generate increased earnings and
return on funds employed," Mr Park said. "By focusing on our
retail branded businesses in Australasia, we will leverage our
strong brand and market positions with funds generated from
productivity benefits across our businesses. This will allow us
to achieve our previously stated targets for earnings growth and
return on funds employed on a sustainable basis."

Mr Park said there had been substantial progress so far,
including:

* A re-organization of the company on a simplified business
model;

* Appointment of a new management team;

* Several recent marketing initiatives including Mighty Soft,
Uncle Tobys Break free and Uncle Tobys Flakes Plus;

* Improved product pricing;

* The sale of Starch and Germantown: and

* The 1st tranche of a share buy-back.

Mr Park also said Goodman Fielder was aggressively pursuing
other major outstanding elements of the strategic action plan
including the sale of Leiner Davis and the Milling and Mixing
review. "We have recently announced a major review of our
Australian Milling and Mixing businesses and will be seeking a
strategic partner that is willing to enter into an input supply
agreement to provide flour for our baked goods businesses. We
expect the Leiner Davis sale to be concluded in the first half
of 2002 as FTC issues are addressed and are working towards
completion of the Milling and Mixing review in the second half
of 2002."

For further information:

Robert Hadler                      Lina Melero
CORPORATE AFFAIRS DIRECTOR         CORPORATE AFFAIRS MANAGER
02-8874 6095 work                  02-8874 6064 work
0401 700 000 mobile                0401 700 151 mobile


GOODMAN FIELDER: Posts Address Given To Market Investors
--------------------------------------------------------
Goodman Fielder Limited posted Chief Executive and Managing
Director, Tom Park' s address to market investors:

"I would like to thank Larry Gandler and CSFB for hosting
today's lunch. I am delighted to be back in the food industry
and leading Goodman Fielder. I have been Chief Executive now for
only seven weeks. But in that time, I have had a chance to:

- work with my team to develop a clear view of the opportunities
and challenges facing us and our strategies to address them;

- announce seven core principles that will drive our future
plans;

- attend the Annual General Meeting and talk to shareholders;

- and announce the review of our Milling & Mixing business in
Australia.

"I have also visited over ten of our manufacturing and sales
sites in Australia and New Zealand. As this is my first
presentation to major investors, I would like to start by
outlining my initial impressions about the company. I will
revisit the key elements of the strategic action plan and our
seven core operating principles and progress so far. I will then
spend some time outlining to you the basic shape of the earnings
model I believe will work at Goodman Fielder and help us to
achieve our vision."

"My first impressions are that Goodman Fielder has very good
people, brands and assets that provide a platform for improved
performance and returns to shareholders. Much work has been done
to restructure the company and to leverage those assets to
improve performance - there was a lot to clean up, align and
improve from the early 90s. However, there is still far too much
complexity and cost in the business that needs addressing for us
to be able to realize our potential."

"This will not require the big restructuring of previous years
but it will require focus, and hard work across our company to
bring in the processes and disciplines to realize savings
available. I am confident that if we stick to our strategy, our
straightforward earnings model will generate consistent profit
growth and improved shareholder returns."

"It is important to remember that Goodman Fielder is the biggest
food company in Australasia. Size and scale provides a number of
benefits if we properly leverage those assets. Firstly, it means
scale economies in sourcing, logistics, manufacturing and
selling. Secondly it provides an opportunity to take category
leadership positions and build strategic partnerships with our
major customers."

"In the past, Goodman Fielder has not been structured to take
advantage of these assets. I believe that business consolidation
under the strategic action plan will allow us to unlock
productivity benefits and focus more on leveraging these assets.
We also have very strong market positions across our businesses.
The Scan Data shows healthy share positions. This requires focus
and commitment to support it."

"Our strong brand portfolio underpins our healthy category
positions. These existing brands deserve greater investment
behind them to realize their full potential. Our direct
marketing expenditure is relatively low, but more
importantly, these are great products with real benefits to
communicate more broadly. Our relatively low DME is also a
function of our current exposure in non-retail branded
activities. This will alter as we go forward.

"As we increase our brand support, we would also seek to lift
core brand growth rates. Remember, core brand growth is
profitable growth. As I said before, there has been widespread
restructuring in the last few years.

"That restructuring focused on:

-divesting non-core businesses such as European Foods and
Steggles

- improving our core businesses through bolt on acquisitions
such as Bunge Defiance; and

- reducing duplication and excess capacity through site closures
and sales.

"This has seen modest improvements in the EBIT to sales margin &
ROFE.

"However, it has involved significant abnormals ($374 million in
last six years).

"We have also seen costs rise and erode much of the savings
generated by the restructuring.

"As a result earnings have been too volatile and returns to
shareholders inadequate. A more consistent and sustainable
business model is required. The Strategic Action Plan announced
back in March is the last major restructuring and provides a
platform to build a better company. Our future commitment to no
net abnormals stands. By focusing on our core retail branded
businesses in Australasia, we will leverage our strong market
positions and build greater equity and sustainability into our
business. We will continue to simplify the business and work our
core assets harder whether they be brands of physical assets
while requiring greater productivity in the process. This will
improve returns and generate increased cash and earnings to
reinvest in the business and returns to shareholders.

"I'd now like to outline seven core operating principles my
staff and I have developed to drive our business forward. They
form both a model of how we will manage our business and a
guideline for decision-making at all levels of our organization:

"First - as discussed, we will focus our resources on our
existing core retail brands. We will work to grow them over
time, while reducing efforts spent on non-core activities.
Without Ingredients and Milling, our percentage of retail
branded businesses will rise significantly;

"Second - we will continue to simplify and streamline our
business to reduce complexity and allow our people to accomplish
the important things most economically. Reduced SKUs (stock
keeping units), improved system and portfolio management will
all contribute. We will remove the excess complexity to allow
greater focus on productivity and effective brand management;

"Third - we need to free up the funds and time from our existing
business to provide the resources to grow our core brands. This
requires a company-wide effort on productivity as the primary
engine of future growth. Conversion costs, overhead reductions,
material management, yields, formulation savings, strategic
sourcing and reduced wastage are all being targeted for savings;

"Fourth - we will maintain an external focus to ensure our
activities are driving value for our customers and consumers and
thus building equity in our brands and our company over time. In
the past, our DIFOT has not been adequate and that is a top
priority;

"Fifth - we must leverage our existing assets more actively and
effectively, whether they are our physical assets, our people
capabilities, or our existing brands. This will see best
practice shared across the group, capex held down and ROFE
(return on funds employed) improve over time;

"Sixth - we must have a powerful underlying commitment to the
basics of good business; safety for both employees and
consumers, a quality focus in all that we do, a true commitment
to customer service and rigorous attention to all compliance
issues. Over the past three years, our lost time injury
frequency rate has fallen from around 12/200,000 hours worked to
1.5 times today (an 80% improvement); and

"Finally, we must have a total belief in the power of teamwork
to deliver specific results and superior outcomes and we will
invest in our people and their skills to equip them to succeed.

"These seven core operating principles, along with the strategic
action plan, form the focus of our approach to our business
going forward and define the activities we are pursuing.

"There has been substantial progress this year:

- in three months we completely re-organized the company. As I
said before, this consolidation will be very important in
driving improved performance;

- we have put a completely new and younger management team in
place and reduced overheads in the process;

- we have launched some important new umbrella brands;

- we have lifted prices in core products such as bread and
margarine;

- we have completed the sale of Starch and Germantown and used
the proceeds to reduce debt and fund the 1st tranche of an on-
market share buy-back; and

- we are continuing with our program to divest non-core
businesses.

"We are pursuing DGF and the FTC to resolve all outstanding
issues so we can close the Leiner Davis sale early in the New
Year. We have also announced the review of our Australian
milling & mixing businesses to complete the major restructuring
at Goodman Fielder, increase our focus on retail branded
businesses and lift returns. The re-organization has reduced the
number of business units from 10 to six (and eventually to
four). This simplification has significantly reduced duplication
of back office functions and will generate significant cost
savings this year. It will also allow us to reduce expenditure
on corporate support and IT systems. The consolidation will also
improve the relationship we have with our major customers by
increasing our scale and streamlining our logistics and
paperwork costs.

As part of the business consolidation, we have also appointed a
young and aggressive management team. Most of the new management
team are in their early to mid forties.

"Simon McDoweall, head of our daily fresh Baking business in
Australia, is still only 39 but has 20 years experience with
Bunge before joining Goodman Fielder. He launched Helga's
nationally and took it from 5% to 10% share.

"Rob Gordon, formerly head of Meadow Lea Foods, has just turned
40 and has been appointed Managing Director of GF Consumer
Foods. This is a billion dollar retail branded shelf stable
business - the biggest in Australia - with leading brands such
as Uncle Tobys, Meadow Lea and White Wings.

"Ron Vela has also just turned 40 and has been promoted from
head of the successful Bluebird business to Managing Director of
our combined businesses in New Zealand - the biggest shelf
stable business in that country with icon brands such as Quality
Bakers, Ernest Adams and Bluebird.

"These are representative of a new generation of managers at
Goodman Fielder who are determined to improve performance and
shareholder returns.

"As part of our strategy to focus on our existing brands and
drive improved margins out of the business, we launched three
new umbrella brands this year.

- 'Mighty Soft' bread was launched in Australia to bring
together the three regional brands of Buttercup in NSW,
Sunicrust in Victoria and Country Bake in Queensland. This has
already allowed us to standardize packaging but more importantly
will create Australia's largest bread brand with various support
programs. There was a similarly successful program in New
Zealand in the late 90s when the Quality Bakers brand was
relaunched.

- Uncle Tobys 'Break free' has brought together a range of
existing and new products as part of an adult snacking concept
that will target health and convenience concerns of consumers;

- Uncle Tobys 'Flakes Plus' also brings together our existing
range of flake cereal products under one banner.

"We have also relaunched other products, such as Bluebird
Original chips in New Zealand, which generated a 13% increase in
sales volumes over the past year. These examples highlight what
we can do with our existing brands to drive cost savings and
improved sales.

"We have started the final phase of the restructuring program
under the Strategic Action Plan. So there will be a positive mix
impact within our sales number. We have already sold Starch and
Germantown and used the proceeds to reduce debt and fund the 1st
phase of the on market share buy back.

"As discussed, we are pursuing DGF and the FTC to finalize the
sale of Leiner Davis early next year. We are committed to using
the proceeds for further debt reduction and the 2nd tranche of
the current share buy-back. Last week we also announced plans to
identify a strategic partner for our milling and commercial
mixing business in Australia. We expect the process to take
between 6 to 12 months to complete. The proceeds from these
initiatives will enhance our future financial flexibility and
provide a range of options including strategic investments for
growth or possible capital return to shareholders consistent
with our operating principles.

"As a relatively mature industry, we do not expect big top line
growth. As a result, we are targeting modest but sustainable
overall sales growth, stronger growth from our core retail
brands while reflecting some declines as we have lower marketing
on non-core activities.

"Driving our model, we will focus on significant productivity
improvements as the engine of growth from every part of the
business to:

- generate funds for reinvestment in our brands to provide core
brand growth

- to underpin mix improvement

- to provide support for pricing; and

- to provide sustainability in our operating profit growth

"These productivity improvements will come from simplification,
conversion cost savings, formulation, yield and material
management, strategic purchasing and overhead contraction and
programs are progressing on plan with further upsides possible.

"We will also improve our return on funds employed through the
combination of asset sales and improved capex management with a
target in excess of 15 per cent in the next 2 to 3 years. In
combination with the share buy-back this will also sustain
healthy earnings per share growth compounding around 10% in the
next few years. There is much hard work to be done to fully
deliver this model over the next couple of years but we are well
progressed in the restructuring and productivity activities to
underpin it.

"This productivity driven model fuelling our retail brand growth
will achieve our objective of improved operating performance and
share holder return on a consistent and sustainable basis. This
is the first step towards achieving our vision of becoming the
leading food company in Australasia and the Pacific."


HIH INSURANCE: Little Time, Information Hindered Accountants
------------------------------------------------------------
The HIH Royal Commission's hearing on Monday revealed that HIH
Insurance withheld vital information from accountants Ernst &
Young, AsiaPulse reported Tuesday, affecting the accountants
ability to determine whether the failed insurer was still
solvent late last year.

The claim came as the Commission also heard that HIH Director
Justin Gardener insisted to the Board that the insurer was still
solvent just four days before it collapsed on March 15 this
year. Ernst & Young was hired by HIH to review its finances and
solvency in mid-November last year. HIH agreed to give the 36-
member team of accountants unrestricted access to its books.
However, no information was provided on HIH's individual
companies.

The team was told HIH staff was too busy dealing with a new
joint venture with Allianz to provide details. Ernst & Young
auditor, Kim Smith, said, "It clearly restricted the level of
detail that was available to us and therefore had some impact on
the scope of the work that we could achieve. The fact that we
were working within a two-week period also made it very
difficult even if the information had been available."

The Commission also heard that Ernst & Young found "errors" in
minutes of an HIH board meeting, held to discuss the report on
November 28, at which Mr Smith was present for 15 minutes.
Included in the "errors" was the claim that Ernst & Young "had
not seen anything to indicate that HIH was insolvent", a view Mr
Smith denied ever having expressed. The hearing continues before
Justice Neville Owen.



LEND LEASE: Sells Larry Smith Italy
-----------------------------------
Lend Lease Corporation Limited (Lend Lease) announced that it
has sold its Larry Smith property management operation in Italy
(Larry Smith Italy) for a small profit to European Commercial
Properties NV (ECP). The sale will have no effect on the
activities of Larry Smith in Spain, which will continue to
operate within the Lend Lease Group on a pan-European level,
based in Madrid.

The sale forms part of Lend Lease's reorganization of its
operations in Italy. This will involve its Real Estate
Investment Management activities being focused through its joint
venture with Generali. Lend Lease's construction and project
management services business will continue through Bevis Lend
Lease and the recently announced joint venture with Pirelli.

"Asset and property management are core to our activities when
they are supporting assets in which we, or clients, have
invested capital, as with our UK retail asset portfolio. We
remain strongly committed to expansion in the Italian market,
notably through our strategic relationship with Generali", said
Charles Foster Taylor, CEO of Lend Lease Real Estate
Investments, Europe.


NORMANDY MINING: AngloGold Extends Offer Period
-----------------------------------------------
On 13 December 2001 AngloGold Ltd announced that it intended to
appeal the decision of the Australian Takeovers Panel in respect
of its application relating to the provision of special benefits
by Newmont Mining Corporation to Franco-Nevada Mining
Corporation in connection with Newmont's proposed takeover offer
for Normandy Mining Ltd.

Following consultation with Normandy, and in light of this
appeal and the Christmas holiday period, AngloGold has extended
the closing date for its offer from 27 December until 7.00pm
Sydney time, 3.00am New York time, on Friday, 4 January 2002.


TENNYSON NETWORKS: Unit Joins Forces With Commsoft Group
--------------------------------------------------------
Tennyson Technologies Pty Ltd, a subsidiary of Tennyson Networks
Ltd (ASX:TNY) announced a new master distributor agreement in
Australia with software developer CommSoft Group (ASX/NZSE:
CSG).  Under the agreement, Tennyson will distribute CommSoft's
CallMaster software with its own award winning Smart Office
Exchange (SOX) platform. The company will also become a
distributor for NetMaster, CommSoft's innovative Internet
monitoring software.

Paul Addison, Managing Director of CommSoft Australia, says that
this is an important new relationship for both companies.

"Tennyson's solution offering is a good match with CommSoft's
mid-market focus and both companies intend offering a highly
competitive solution set to organizations within this market
segment," says Addison. Tennyson is a world leader in the
design, development, marketing and support of communications
solutions for information-centric businesses.


Leigh Coleman, CEO of Tennyson Networks Ltd, sees the synergy
between the products working perfectly, saying, "CallMaster and
SOX integrate seamlessly to present an invaluable solution for
our customers. The combined package is a great product
offering," says Coleman. "This agreement will strengthen the
position of both companies in the marketplace."

CALLMASTER FEATURES

CallMaster is CommSoft's PABX call management product, designed
to help companies manage telephone call costs.

* CallMaster offers a full range of standard reports and the
option of creating customized reports. Companies know at a
glance how many calls are being made, both inbound and outbound,
including duration, source and destination. Costs of calls are
automatically identified from comparative carrier rates. Calls
can be on-charged to other departments and with extensive
reporting capabilities call costs can be examined. For example,
the Top 20 reports show most often called numbers, most
expensive calls made and longest calls made.

* CallMaster can also make carrier comparisons, which lets
companies see whether they are really receiving competitive call
rates.

* CallMaster benefits companies by reducing call costs,
improving employee productivity and better allocating costs.

NETMASTER FEATURES

NetMaster is CommSoft's web management product, designed to
monitor and categories employee time and frequency spent on
particular sites on the Internet. The latest version introduces
four significant advances:

* "Follow that user" technology means NetMaster tracks usage by
user, not by workstation

* Reports can be run remotely from any web browser

* NetMaster classifies internet use into 15 categories such as
finance, shopping, chat rooms etc

* Monitoring of chat-rooms and gaming sites

SOX FEATURES

Tennyson's Smart Office eXchange is the leading new-generation
business communications platform integrating the functions of a
phone system, fax server, LAN/WAN switching and routing, Unified
Messaging and Computer Telephony Integration. SOX provides more
business communications features with less Telco lines, and
through its unique Virtual Phone PC application, all staff can
easily handle more calls, more professionally. For sales groups,
support desks, and other telephony intensive departments,
Tennyson's PowerSOX software can be installed to turn those
extensions, or indeed, the whole system into a powerful customer
contact center solution at around half the cost of comparable
systems.

* Modular hardware platform integrates communications functions
and saves money on separate devices

* Point-and-Click and drag-and-drop PC interface making the
phone easy and fun to use

* Powerful screen-pop and database dialing capabilities
integrating with most CRM and Contact Management applications

* Affordable unified messaging offering built in fax-routing of
received faxes into email Inbox, along with emails, voicemails
and SMS send/receive from any desktop

* Fully featured remote access for traveling staff via PC, Web,
telephone or WAP

* Powerful Call Distribution with graphical queue monitoring

* Sophisticated Predictive and Power-dialing automation for
dramatic outbound productivity increases

* Easily configured Agent scripting (inbound/outbound)

* Powerful Campaign results data analysis and decision support
modeling tool

Tennyson is based in Australia, with offices in Melbourne and
Sydney, as well as international distributors in the United
Kingdom, New Zealand, Korea, South Africa and Israel. SOX
products have been sold in 22 countries. More information is
available at www.tennyson.com.au

On late September, TCR-AP reported that the company closed its
Perth office, consolidating all head office functions in
Melbourne Commensurate with the move, as another major milestone
in its cost reduction program.


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


CHINA METALLURGIC: Winding Up Petition Pending
----------------------------------------------
China Metallurgic (Hong Kong) Company Limited is facing a
winding up petition, which is slated to be heard before the High
Court of Hong Kong on January 30, 2002 at 11:00 am.

The Bank of Tokyo-Mitsubishi, Ltd. whose principal place of
business in Hong Kong is situated at 1st Floor, Far East Finance
Center, 16 Harcourt Road, Hong Kong, filed the petition on
November 14, 2001.


CO YANG: Winding Up Petition To Be Heard
----------------------------------------
The petition to wind up CO YANG (HONG KONG) COMPANY is scheduled
for hearing before the High Court of Hong Kong on January 23,
2001 at 9:30 am. The petition was filed on October 10, 2001 by
Omaha Investments Limited whose registered office is situated at
22nd Floor, Hutchison House, 10 Harcourt Road, Central, Hong
Kong.


EMPEROR CHINA: Eases Losses
---------------------------
Real estate developer Emperor (China Concept) Investments posted
a net loss of $8.79M, or $0.32 per share, for the six months to
September 30, compared with a net loss of $20.35M for the same
time last year.  The improved result was mainly due to a
reduction of finance costs and appreciated of property values.
Turnover rose 5.67% to $17.51M during the period.  No interim
dividend was declared.


G-PROP (HOLDINGS): Enters Placing Agreement With NSL
----------------------------------------------------
G-Prop (Holdings) Limited entered into a placing agreement with
the Placing Agent, on 14th December 2001 to place, through the
Placing Agent on a best endeavor basis, 53,900,000 new Shares of
HK$0.01 each in the share capital of the Company to independent
investors at a price of HK$0.125 per Placing Share.

The Placing Shares represent approximately 19.99% of the
existing issued share capital of the Company and approximately
16.66% of the Company's issued share capital as enlarged by the
Placing. The net proceeds from the Placing of approximately
HK$6.6 million will be used as set out under the paragraph
headed "Use of proceeds and reasons for the Placing" below.

The Placing is conditional upon:

  (i) the allotment and issue of the Placing Shares being
approved at a Special General Meeting to be convened on or
before 28th January 2002 or such later date as the Company and
NSL may agree; and

  (ii) the Stock Exchange granting listing of and permission to
deal in the Placing Shares on or before 28th January 2002 or
such later date as the Company and NSL may agree.

The Placing Price represents the following:

  (i) a discount of approximately 15.54% to the closing price of
HK$0.148 per Share quoted on the Stock Exchange on 14th December
2001, being the last trading day before the signing of the
Placing Agreement and

  (ii) a discount of approximately 10.07% to the average of the
closing price per Share as quoted on the Stock Exchange of
approximately HK$0.139 for the ten trading days ended 14th
December 2001. The Placing Price was agreed after arm's length
negotiations and was determined having regard to the recent
performance of the closing prices of the Shares.

A circular to Shareholders setting out details of the Placing
and a notice convening a Special General Meeting will be
dispatched to the Shareholders as soon as practicable in
accordance with the Listing Rules.

THE PLACING AGREEMENT DATED 14TH DECEMBER 2001
Issuer
The Company
Placing Agent
Newpont Securities Limited (NSL) is the Placing Agent. NSL and
its ultimate beneficial owners are independent of and not
connected with the Company nor with the directors, chief
executive or substantial Shareholders of the Company, and any of
their subsidiaries or any of their respective associates (as
defined in the Listing Rules). The Placing is to be made on a
best endeavor basis.
Placees
Not less than six placees (which are required to be independent
individual, corporate and/or institutional investors) who will
be independent of and not connected with the Company nor with
the directors, chief executive or substantial Shareholders of
the Company, and any of their subsidiaries or any of their
respective associates (as defined in the Listing Rules).
Currently, there is no substantial Shareholder holding more than
10% of the Shares of the Company. There will not be any new
substantial Shareholders, who shall hold more than 10% of the
Shares of the Company, arising from the Placing.
Placing Price
The Placing Price is HK$0.125 per Placing Share. This price was
agreed after arm's length negotiations. The Directors consider
that the Placing Price and the placing costs to be paid to the
placing agent are fair and reasonable and the Placing is in the
interest of the Company and the Shareholders as a whole.
The Placing Agent will place the Placing Shares on a best
endeavor basis and receive a commission of 1.5% of the aggregate
Placing Price of the Placing Shares which is payable by the
Company.

USE OF PROCEEDS AND REASONS FOR THE PLACING

The Company is an investment holding company. The Group is
principally engaged in property investment and development. The
Company also holds 50% shareholding interest in Legend Power
Ltd., a company together with its subsidiaries engages in the
business of manufacturing, sale and leasing of energy saving
machines internationally. The net proceeds of approximately
HK$6.6 million to be raised will be used for general working
capital purposes of the Company. The Directors consider that the
Placing is an opportunity for the Company to raise additional
capital, which would enhance the capital base of the Company and
increase the shareholders base and marketability of the Shares.


GARDEN CITY: Winding Up Petition Heard
--------------------------------------
The petition to wind up Garden City Company Limited was heard
before the High Court of Hong Kong on December 12, 2001 at 9:30
am. The petition was filed on August 16, 2001 by Tremayne
Investments Limited whose registered office is situated at 22nd
Floor, Hutchison House, 10 Harcourt Road, Central, Hong Kong.


GUANGDONG KELON: Requests Trading Suspension
--------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited (the
"Company", and together with its subsidiaries, the "Group") has
been conducting an internal audit in respect of the inter-
company financial arrangements between the Company and its
single largest shareholder, Guangdong Kelon (Rongsheng) Group
Company Limited (GKG).

During the internal audit, it was recently discovered that
certain past inter-company financial arrangements between the
Group and GKG or its subsidiaries and certain connected
transactions between the two groups have not been fully or
previously disclosed.

The Company is currently in discussion with GKG to resolve the
matters. The Company considers the previously undisclosed or not
fully disclosed inter-company financial arrangements and
connected transactions and their latest developments as price
sensitive information in relation to the Company's shares.

Accordingly, the Company has requested for suspension of the
trading of its shares on the Stock Exchange of Hong Kong Limited
and the Shenzhen Stock Exchange. The Company will make a further
announcement on the details as soon as possible.

The Company's internal audit and its discussions with GKG on the
above matters have not affected the daily operations of the
Company.


PORTSLINK ASIA: Petition To Wind Up Docketed
--------------------------------------------
The petition to wind up Portslink Asia Limited is scheduled to
be heard before the High Court of Hong Kong on January 23, 2001
at 9:30 am. The petition was filed on October 8, 2001 by Turbo
Top Limited whose registered office is situated at 22nd Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong.


PRO-MARKET: Winding Up Sought By Hop Lik
----------------------------------------
Hop Lik Plastic Products Factory Limited is seeking the winding
up of Pro-Market Global (Hong Kong) Limited. The petition was
filed on October 9, 2001, and will be heard before the High
Court of Hong Kong on January 23, 2002.

Hop Lik holds its registered office at Room 2703, Bonham Trade
Center, 50-54 Bonham Strand East, Sheung Wan, Hong Kong.


SOMERSET & MORGAN: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Somerset & Morgan International Limited
is set for hearing before the High Court of Hong Kong on January
10, 2001 at 10:30 am. The petition was filed on November 20,
2001 by Kwong sau Cheung Eddy of Flat E, 29th Floor, Ning Yeung
Terrace, 78B Bonham Road, Hong Kong.


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


BANK CENTRAL: IBRA Extends Bid Deadline To Jan 28
-------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) decided to extend
its deadline to all candidates of PT Bank Central Asia (BCA)
strategic investor to deliver their final bid up to 28 January
2002. The extra period of time is given due to request from most
candidates of strategic investor, as well as input from the
Financial Advisor for BCA Divestment, such as PT Danareksa
Sekuritas (Persero), Merrill Lynch Pte. Ltd, and Deloitte and
Touche (DTT).

These candidates requested extra period of time due to several
things. First, though up to this time due diligence process is
going on smoothly, candidates, which most represents consortium
still need additional time to finish their cooperation between
the consortium members. Secondly, having completed the due
diligence process, they require time to draw up everything
referring to delivery of final bid, inclusive is omitting
approval from each management of consortium member, also
preparing funding resources.

Aside from that, the extra period of time is given because they
need to prepare some documentations in order to fulfill fit &
proper process requirement, which is held by Bank Indonesia
(BI).

The execution process of fit & proper towards strategic investor
candidates of BCA shares an important part in the effort of
completion of BCA divestment process in an optimal fashion
relating to transparency, integrity, justice, and consistency in
its execution.


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


NISSHO IWAI: Moody's Downgrades Ratings To B2, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Nissho Iwai
Corporation's (NIC) senior unsecured debt rating to B2 from B1.
The long-term debt ratings assigned to notes issued by NIC's
subsidiaries were also downgraded to B2 from B1. The rating
outlook is negative reflecting the reduced level of certainty as
to the future behavior of Japanese banks.

The rating action reflects Moody's increased concern over NIC's
narrowing ability to manage the negative impact from a
deteriorating external environment and maintain its current
operating franchise. Also, Moody's is concerned about increasing
uncertainty about Japanese banks' ability to continue
traditional underwriting practice for highly leveraged firms
with weak profitability over the intermediate period, given the
current unfavorable domestic economic environment.

The rating agency says that due to large restructuring-related
losses in the past, NIC's economic capitalization has been
weakened, and there is less cushion to absorb likely additional
losses from the current stressful environment.

These ratings were downgraded:

Nissho Iwai Corporation: the senior unsecured debt rating to B2
from B1.

Nissho Iwai America Corporation: the senior unsecured debt
rating to B2 from B1

Nissho Iwai Europe PLC: the senior unsecured debt rating to B2
from B1.

Nissho Iwai HK (Cayman) Limited: the senior unsecured debt
rating to B2 from B1.

Nissho Iwai International Finance (Cayman) Limited.: the senior
unsecured debt rating to B2 from B1.

Trading titan Nissho Iwai operates in several industries,
including machinery, metals, commodities, construction, and
energy. Like other sogo shosha facing tough economic times in
Japan, Nissho Iwai is restructuring to be more efficient and
profitable.


TEISEI FIRE: Merger With Yasuda Fire, Nissan Fire Cancelled
-----------------------------------------------------------
Yasuda Fire & Marine Insurance Co, Nissan Fire & Marine
Insurance Co and Taisei Fire & Marine Insurance Co, which had
been preparing to merge on April 1 to form Sompo Japan Insurance
Inc, said Monday they have formally canceled their previous
agreement to merge following Taisei Fire's collapse last month.
The companies will, however, meet to come up with a revised
merger agreement, and will continue to merge by July 1, 2002,
PRNewsAsia reported Monday.


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


DAEWOO SECURITIES: Woori Financial Likely To Take over
------------------------------------------------------
Woori Financial Group, emerging as the leading candidate to
acquire Korea Development Bank's stake in the securities firm,
is likely to take over Daewoo Securities Co, PRNewsAsia reported
Monday, which cited Maeil Business Newspaper TV.


HANBO STEEL: Kamco Plans To Terminate Talks With AK Capital
-----------------------------------------------------------
Korea Asset Management Co. (Kamco), which has been managing
Hanbo Steel Co. since the steelmaker's bankruptcy in January
1997, plans to terminate the talks with AK Capital to sell Hanbo
if the American company fails to meet Kanco's conditions. It
will hold another auction in an attempt to sell the bankrupt
steelmaker, Wall Street Journal reported Monday, which
quoted an official at Kamco's public relations department.

The official said, "AK Capital has to accept the conditions by
midnight (Tuesday), otherwise we'll terminate talks with the
U.S. concern."


HYUNDAI MOTOR: Unionists To Vote On Deal With Management
--------------------------------------------------------
Hyundai Motor's labor and management agreed late Monday on
several pending issues, but the deal will not be binding until
after the union members will endorse, which will due Wednesday.
Half of the unionists should approve of the agreement, otherwise
the whole deal will be sent back to the drawing board, Digital
Chosun reported Monday.

Under the agreement, the company will raise the monthly basic
wage for next year by W96,750 and will award workers a bonus
payment of 300 percent in addition to a separate cash payment of
W1.6 million. The management offered to pay a bonus of 300
percent on top of W700,000 in merit payments against the union's
demand for an increase of W125,033 in basic wages and a bonus of
568 percent next year. The management also reportedly approved
of the union' s demand to re-hire laid-off workers and spare
layoffs in the future.

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYUNMTR) trades between 101.500 and 103.500. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNMTR


HYUNDAI PETROCHEM: Creditors Push Sale After Debt-Equity Swap
-------------------------------------------------------------
Hyundai Petrochemical's creditors said Monday they will push for
the sale of the company following the completion of a W230
billion ($176 million) debt-for-equity swap yesterday, with
Korea Development Bank to convert W60 billion of Hyundai
Petrochemical's debts into equity, while Hanvit Bank and
Kookmin Bank will extend debt-for-equity swaps of W34.1 billion
and W20.1 billion, respectively, Korea Herald reported Tuesday.

According to a creditor bank official, with the conclusion of
the debt-equity conversion, the creditors will wholly own the
troubled company, and once the debt-for-equity swap is
completed, the creditors will double their efforts to sell
Hyundai Petrochemical to a prospective buyer.


HYUNDAI PETROCHEMICAL: Honam Interested To Take Over
----------------------------------------------------
Honam Petrochemical is interested to take over Hyundai
Petrochemical, but negotiations have yet to start pending the
former's specific takeover terms, Korea Herald reported Tuesday.

A creditor bank official said, "We know that Honam Petrochemical
is interested in taking over the embattled company but we have
not talked about details." The ailing petrochemical company's
sale is expected to be completed by June next year, with foreign
companies interested to acquire and with the company president
actively working for the sale, he added.


HYNIX SEMICONDUCTOR: Micron To Unveil Proposal This Week
--------------------------------------------------------
Micron Technology, which conducted a due diligence on Hynix
Semiconductor last week, is expected to unveil a detailed
proposal before the end of this week for a strategic alliance
with ailing Hynix, Digital Chosun reported Monday.

High-ranking officials of Hynix's creditor committee reportedly
said Monday that what Micron wants is not a nominal strategic
alliance deal, but a merger with the Korean firm. The officials,
however, emphasized that Micron' s merger proposal is expected
to contain tough terms and that Hynix creditors will take the
proposal only as the starting point for further negotiations.


SEOUL BANK: KEB Shows Interest, Floats Merger
---------------------------------------------
Korea Exchange Bank (KEB) showed interest in Seoul Bank. It is
closely monitoring the sale talks, and it indicated on an
alliance and merger with another bank next year, Korea herald
reported Tuesday.

KEB director Park Jin-kon said, "We are monitoring the progress
of the talks for the sale of Seoul Bank. KEB will actively push
for an alliance or merger with another bank in the first half of
next year when the bank becomes clean and sound."

According to another KEB official, becoming "a super-healthy
leading bank" would be the top priority for its management in
2002, and should the talks on the sale of Seoul Bank fall apart
early next year, KEB may push for a merger with it.


SUMITOMO MITSUI: Setting Up Y28.3B US Holding Co
------------------------------------------------
Sumitomo Mitsui Marine and Fire Insurance will set up a US
holding company in January to strengthen insurance operations
there. The holding company, which will control nine units,
including two insurers, will have a capital of Y28.3 billion,
PRNewsAsia reported Monday.


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


RENONG BERHAD: Doubts Over Asset Sale Plan Weaken Shares
--------------------------------------------------------
Last week's shares in Renong Berhad went low by 6.1% to 85 sen,
a record low for the month, according to a Business Times
report, after investors believed that the plans for paying off
parent company United Engineers Berhad (UEM)'s debt of US$8
billion is vague and unlikely to succeed.

UEM planned to dispose of several assets, including holdings in
banking group Commerce Asset-Holding Bhd, phone company Time
Engineering Bhd and hotel operator Faber Group Bhd to refinance
its debt.

The company's announcement that it would write off former vice-
chairman Halim Saad's US$632 million debt still undermined
investor confidence in Prime Minister Mahathir Mohamad's
commitment to raise the country's level of corporate
accountability.


UNITED ENGINEERS: Plans RM2.4B Restricted Issue In PLUS Shares
--------------------------------------------------------------
United Engineers Malaysia Bhd (UEM) plans to make a restricted
issue of new shares in Projek Lebuhraya Utara Selatan (PLUS)
worth RM2.4 billion prior to its planned listing in mid-2002,
the Star reported Friday citing UEM Managing Director Abdul
Wahid Omar.  According to Mr. Wahid, upon listing, UEM will hold
51 percent in PLUS while the public will hold 25 percent. The
Mr. Wahid is optimistic the company will be able to meet the
deadline set for the listing.

UEM also expects proceeds of RM600 million from the sale of
Renong unit Projek Usahasama Transit Ringan (Putra) and RM400
million from internal funds. The funds will be used to reduce
PLUS' debts worth RM11.5 billion, comprising 8.7 billion of
bonds, 2.4 billion in commercial loans and serial bonds and 400
million of accrued interest, Wahid concluded.


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


METRO PACIFIC: Property Development Unit "Not For Sale"
-------------------------------------------------------
Metro Pacific Corp's unit Landco Pacific Corp President Alfred
Xerez Burgos said Metro Pacific has no intentions to sell its
high-end property development unit, PRNewsAsia reported Tuesday,
which cited BusinessWorld.

Mr Burgos said, "We're not selling it but we have received
offers. The company is not for sale. Landco is committed to
staying with Metro Pacific and will eventually become its core
business."

DebtTraders reports that Metro Pacific's 2.500% convertible bond
due in 2003 (METPAC) trades between 124.000 and 125.500. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC


NATIONAL STEEL: Creditor Banks Stick To P1B Cash Deposit, Bond
--------------------------------------------------------------
National Steel Corp's (NSC) creditor banks wanted to stay with
the P1 billion cash deposit and guarantee bond requirement to
ensure that the proponent that will reopen the steel company
will have enough cash to sustain its operations, ABS-CBN
reported Monday. The P1 billion consists of a P500 million cash
deposit held in escrow with a reputable bank or financing
institution and a P500 million rehabilitation and operating
performance security.

According to Trade Secretary Manuel Roxas II, the creditor banks
want to stick to the P1-billion cash deposit and guarantee bond
needed to rehabilitate the steel facilities of NSC at the same
time bankroll its start-up. He stressed that "It is an
important element. That is part of the terms of reference that
everybody agreed to," but clarified that some members of the
evaluation committee are advocating for greater flexibility.

Presently under review by the evaluation committee, which has
decided to tap the services of a foreign technical adviser, are
proposals from Austrian firm Voest Alpine, Filipino-owned Cathay
Pacific Steel Corp. and Allengoal Steel Fabrication and Trading,
which were submitted last October.


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


CAPITALAND: GK Goh Brokers Sell Parkway Holdings Stake
------------------------------------------------------
GK Goh Holdings Director Goh Yew Lin said GK Goh brokered the
sale of CapitaLand's 16.70 percent stake in Parkway Holdings to
an unidentified buyer. He did not indicate, however, whether the
shares, sold for S$0.99 each, were sold to a single or multiple
buyers. Goh expects Parkway or the buyer to make the appropriate
disclosures as required by regulations soon, PRNewsAsia reported
Tuesday.


CAPITALAND LIMITED: Posts Temasek Holdings' Change In Interest
--------------------------------------------------------------
Capitaland Limited posted a notice of changes in substantial
shareholder Temasek Holdings' deemed interests.

Name of substantial shareholder: Temasek Holdings (Private)
Limited
Date of notice to company: 14 Dec 2001
Date of change of interest: 07 Dec 2001
Name of registered holder: CDP : DBS Vickers Securities
Singapore Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 500
% of issued share capital: 0.00002
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.48
No. of shares held before change: -
% of issued share capital: -
No. of shares held after change: -
% of issued share capital: -

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed         Direct
No. of shares held before change: 1,590,721,771  0
% of issued share capital:        63.19          0
No. of shares held after change:  1,590,721,271  0
% of issued share capital:        63.19          0
Total shares:                     1,590,721,271  0


CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest
----------------------------------------------------------
Creative Technology Limited posted a notice of changes in
substantial shareholder Merrill Lynch & Co., Inc's deemed
interests.

Date of notice to company: 14 Nov 2001
Date of change of shareholding: 12 Nov 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Open market sale & purchase

Shares held in the name of registered holder
No. of shares of the change: 0
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: SGD 14.36 and SGD 14.74
No. of shares held before change: 43,500
% of issued share capital: 0.06
No. of shares held after change: 43,500
% of issued share capital: 0.06
Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed        Direct
No. of shares held before change: 3,782,333
% of issued share capital:        5.257
No. of shares held after change:  3,782,333
% of issued share capital:        5.257

Date of notice to company: 14 Nov 2001
Date of change of shareholding: 07 Nov 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 10,000
% of issued share capital: 0.014
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: SGD 14.88 and SGD 14.96
No. of shares held before change: 33,500
% of issued share capital: 0.047
No. of shares held after change: 43,500
% of issued share capital: 0.06
Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed     Direct
No. of shares held before change: 3,772,333
% of issued share capital:        5.243
No. of shares held after change:  3,782,333
% of issued share capital:        5.257


SEMBCORP LOGISTICS: Posts Changes In Capital Group's Interest
-------------------------------------------------------------
Sembcorp Logistics Limited posted a notice of changes in the
seemed substantial shareholding of Capital Group.

Name of substantial shareholder: The Capital Group Companies,
Inc.
Date of notice to company: 14 Dec 2001
Date of change of deemed interest: 13 Dec 2001
Name of registered holder: DBS Nominees Pte. Ltd.
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 135,000
% of issued share capital: 0.02
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.6979
No. of shares held before change: 55,684,400
% of issued share capital: 6.54
No. of shares held after change: 55,549,400
% of issued share capital: 6.53

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed       Direct
No. of shares held before change: 88,045,200
% of issued share capital:        10.34
No. of shares held after change:  87,910,200
% of issued share capital:        10.33
Total shares:                     87,910,200


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


DATAMAT PUBLIC: Posts Share Offering Resolution Report
------------------------------------------------------
Datamat Public Company Limited reported the results of its Share
Offering on December 14.

1. Information relating to the share offering
     -  Class of shares offered     :       Common Shares
     -  Number of shares offered    :       574,550,059
     -  Offered to      :       Definite persons
     Price Per Shares
     -  Cyber Venture Company Limited  : Baht  1
     -  Asian Capital Advisers Company Limited  :  "    1
     -  12 Lenders (Detail attached)            :  "    3
     -  Subscription and payment period :  4-17 December 2001

2. Results of the share sale
        (/)   totally sold
        ( )   partly sold, with shares remaining
                  The company will deal with the remaining
shares as follows:

3. Detail of the sale

               Thai investors               Foreign investors
      Juristic        Natural    Juristic      Natural     Total
      Persons         persons    Persons       persons

  -  Number of persons                       14
  -  Number of shares subscribed
     offered for sale

4. Amount of money received from the share sale
        Total amount    : Bt857,250,177 million
        Less  expenses  :
        1     : Bt - million
        2   : Bt - million
Net amount received     : Bt857,250,177 million


EMC PUBLIC: Declares 2002 Annual Holidays
-----------------------------------------
EMC Public Company Limited announced the company's holiday for
the year 2002. The company's holiday list has one deviation from
the Stock Exchange of Thailand's holiday, which is 12th February
2002, the Chinese New Year's Day.

            The Company's 2002 Holidays
              EMC Group of Companies

Tuesday        1     January  New Year's Day
Tuesday       12     February Chinese New Year's Day
Tuesday       26     February Makha Bucha Day
Monday         8     April    Substitution For Chakri Day
Monday        15     April    Songkran Festival Day
Wednesday      1     May      National Labor Day
Monday         6     May      Substitution For Coronation Day
Monday        27     May      Substitution For Visakha Bucha Day
Thursday      25     July     Buddhist Lent Day
Monday        12     August   H.M.The Queen's Birthday
Wednesday     23     October  Chulalongkorn Memorial Day
Thursday       5     December H.M. The King's Birthday
Tuesday       10     December Constitution Day
Tuesday       31     December New Year's Eve


ROBINSON DEPARTMENT: Submits 2002 Holiday Lists To SET
------------------------------------------------------
Robinson Department Store Public Company Limited submitted its
list of the company's holidays for year 2002 to the Stock
Exchange of Thailand (SET).

Public Holidays For 2002

1. Tuesday           1  January    New Year's Day
2. Tuesday          26  February   Makha Bucha Day
3. Saturday          6  April      Chakri Memorial Day
4. Saturday         13  April      Songkran Day
5. Sunday           14  April      Songkran Day (Family Day)
6. Wednesday         1  May        National Labor Day
7. Sunday            5  May        Coronation Day
8. Sunday           26  May        Wisakha Bucha Day
9. Thursday         25  July       Buddhist Lent Day
10. Sunday          12  August     H.M. The Queen's Birthday
11. Wednesday       23  October    Chulalongkorn Day
12. Thursday         5  December   H.M. The King's Birthday
13. Tuesday         31  December   New Year's Eve

In case that holiday falls on a weekend, the holiday will be
postponed to the next working day.

On October 10, TCR-AP posted the Company's Plan Administrator
implementation progress report, which includes initial repayment
and issuance of notes to creditors.

DebtTraders reports that Robinson Dept Store's  4.250%
convertible bonds due in 2004 (ROBY2) are trading between 13 and
16.000. For more real-time bond pricing information, check
http://www.debttraders.com/price.cfm?dt_sec_ticker=ROBY2


SIAM PAPER: Files Business Reorganization Petition
--------------------------------------------------
The Petition for Business Reorganization of Siam Paper Company
Limited (DEBTOR), engaged in manufacturing and distributing the
product made from any kinds of paper, was filed in the Central
Bankruptcy Court:

   Black Case Number 869/2543

   Red Case Number 893/2543

Petitioner: SIAM PAPER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt7,622,261,109.91

Planner: S.P.C. Planner Company Limited

Date of Court Acceptance of the Petition: October 20, 2000

Date of Examining the Petition: November 20, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: November 27, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: December 1 , 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: December 28,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: March 28, 2001

Planner postponed the Date of Submitting the Reorganization Plan
#1: April 28, 2001

Planner postponed the Date of Submitting the Reorganization Plan
#2: May 28, 2001

Appointment date for the Meeting of Creditors to consider the
plan: June 28, 2001 at 9.30 am. Convention Room 1105, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

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

The Court issued the order accepting the reorganization plan:
August 16, 2001 and Appointed S.P.C. Planner Company Limited to
be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
August 27, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: September 18, 2001

Contact: Miss Bang-Orn Tel, 6792525 ext 113


THAI RUNG: Board Resolution Issued Re Change In Par Value
---------------------------------------------------------
At Board Meeting No. 17/2001 of Thai Rung Union Car Public
Company Limited held on 14th December 2001 from 2.00 p.m. to
4.00 p.m., it was resolved to change the par value of the
Company's shares.

1. The Board agreed to a proposed change in the par value of the
Company's shares from Bt10.00 to Bt1.00 per share, in order to
improve share liquidity and resolved to submit the proposal as
an item on the Agenda at Extraordinary Meeting of Shareholders
No.1/2002 for consideration and ratification.

2. The Board approved a proposed amendment to Article 4 of the
Company's Statutes to reflect the change in the par value of the
company's shares, as:

Registered Share Capital            Bt400,000,000
Divided into                        400,000,000 shares
Value per share                     Bt1.00
Divided into:
Ordinary Shares                400,000,000
Preferred Shares                  none

and resolved to submit the proposal as an item on the Agenda at
Extraordinary Meeting of Shareholders No. 1/2002 for
consideration and ratification.

3. The Board resolved to call an Extraordinary General Meeting
of Shareholders, No. 1/2002, on 24th January 2002 at 10.00 a.m.
at the Company's Head Office at 28/6 Moo 1, Soi Phetchkasem 81,
Phetchkasem Road, Khwaeng Nongkhangphloo, Khed Nong Khaem,
Bangkok 10160, with the agenda for:

   1. Approval of minutes of Ordinary Meeting of Shareholders
No. 1/2001 held on 17th April 2001

   2. Ratification of change in par value of Company's shares
from Bt.10.00 to Bt.1.00 per share.

   3. Ratification of amendment to Article 4 of Company's
Statutes.

   4. Any Other Business

4. It was resolved to close the Company's share transfer
register for purposes of establishing voting rights at
Extraordinary Meeting of Shareholders No. 1/2002 from 12 noon on
7th January 2002 until the such time as the meeting adjourned.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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