TCRAP_Public/011221.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 21, Vol. 4, No. 249

                         Headlines




A U S T R A L I A

ANSETT: Unions Reach Agreement With Fox-Lew Consortium
BARRON ENTERTAINMENT: Creditors Approve Restructuring Plan
HARRIS SCARFE: Former Officer Facing 32 Dishonesty Charges
JOYCE CORPORATION: Emerges From Receivership After $14M Loss
NORMANDY MINING: Anglogold Shareholders OKs Increased Offer


C H I N A

ANWELL BUILDING: Hearing Of Winding Up Petition Set
KARWOOD INDUSTRIES: Hearing Of Winding Up Petition Set
KEN-OCEAN INVESTMENT: Winding Up Petition Hearing Scheduled
SPORTSNETGLOBAL HOLDINGS: Winding Up Petition Hearing Pending
WIN ORIENT: Hearing Of Winding Up Petition Set


J A P A N

ENRON JAPAN: Tokyo District Court Declares Co. Bankrupt
ENRON JAPAN: Four Affiliates Incur Nearly Y5.79 Billion Debts
HITACHI LIMITED: Implements Work-Sharing Scheme
KINSHO: Mitsubishi Tokyo Financial Group Waiving Y18.24B Loans
KOTOBUKIYA: Files For Bankruptcy
MARUBENI CORP: Denies Financial Problems
MITSUI: Increasing Stake In Food Unit Sanyu Koami To 87.04%
TOSHIBA CORPORATION: Implements Work-Sharing Scheme
TOSHIBA CORPORATION: Terminating DRAMs Business Next Year


K O R E A

HANA BANK: Forming Life Insurance Co With Allianz
HYUNDAI MERCHANT: Creditors May Refinance Via W500B ABS Issue
HYUNDAI MERCHANT: Sells Car Carriers Worth W1.2T
KOREA LIFE: Hanwa Group Offers W900 Billion
LG ELECTRONICS: Raises Stake In LG-EDS Systems To 35%
SEOULBANK: Dongwon Interested In Take Over

* South Korea's November Insolvency Ratio Fell To 1.13%


M A L A Y S I A

AVENUE ASSETS: Shareholders Approve All EGM Resolutions
TONGKAH HOLDINGS: Shareholders OK Disposal Of 29.25M Shares


S I N G A P O R E

CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest
HONG LEONG: Expects To Return To Profitability With Acquisitions


T H A I L A N D

DATAMAT PUBLIC: SET Allows Securities Listing Starting Dec 21
WONGPAITOON GROUP: Posts Reviewed Quarterly Financial Statements


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


ANSETT: Unions Reach Agreement With Fox-Lew Consortium
------------------------------------------------------
Ansett's unions and the Fox-Lew consortium reached a start-up
agreement over working conditions once the consortium takes
control of Ansett in February next year. The agreement contains
pay rates that will be broadly comparable to previous Ansett and
Qantas levels and a commitment to guarantee employee
entitlements, said ACTU, ABC News reported Thursday.

While up to 4,000 Ansett workers are expected to keep their jobs,
Ansett Administrators announced Wednesday all staff made
redundant should receive their payments by the end of the week.


BARRON ENTERTAINMENT: Creditors Approve Restructuring Plan
----------------------------------------------------------
Creditors of Barron Entertainment approved of a restructuring
that would re-list and operate Barron as a film, television,
theater, and music group. The deal, which includes a $1.5 million
injection by a company controlled by Melbourne-based film and
entertainment financier Sam Mancuso, needs the approval of
shareholders and the Australian Stock Exchange, West Australian
reported Thursday. Under the plan, creditors would receive
between 2> and 12> in the dollar and shareholders would be asked
to consolidate their stakes on a one-for-five basis,
administrator Vincent Smith, of Norgard Clohessy, said.

The $1 million of the cash injection would be used to pay off
creditors and the remaining $500,000 would be used as working
capital. The deal should, however, an approval by the
shareholders.

Creditors of the Subiaco-based Barron group of five companies
unanimously voted favoring the restructuring instead of
liquidating the company and pursuing the directors for alleged
insolvent trading, Mr Smith said.

"The liquidation involved the possibility of significant
litigation, court actions, and this is a more certain outcome in
a shorter period of time," which entail a great deal of
uncertainty, he said.


HARRIS SCARFE: Former Officer Facing 32 Dishonesty Charges
----------------------------------------------------------
Alan Hodgson, the former chief financial officer of retailer
Harris Scarfe from Beaumont in Adelaide's eastern suburbs, will
face dishonesty charges following inquiries by the Australian
Securities and Investment Commission (ASIC). The charges will
include 18 counts of acting dishonestly as an officer of Harris
Scarfe, six counts of acting dishonestly as an employee of the
company and eight counts of giving false information to the
Australian Stock Exchange. The matter has been brought by the
Commonwealth Director of Public Prosecutions following ASIC's
investigation of the company, ABS News reported Thursday.

Harris Scarfe went into receivership in April with debts of about
$160 million, with a management buyout by executives not
connected with the original company finalized last month, closing
12 stores around Australia and the retention of 23 others in
South Australia, Victoria and Tasmania.


JOYCE CORPORATION: Emerges From Receivership After $14M Loss
------------------------------------------------------------
Joyce Corporation, which emerged from receivership last week,
said Wednesday it made a $14.3 million bottom line loss in the
year to June 30, a period marred by the company falling into the
control of receivers and administrators, West Australian reported
Thursday.

Joyce said it made a post-tax operating loss of $2.9 million for
the financial year, which raised to a further $11.4 million by a
series of provisions, write-downs and one-off items. The non-
recurring items included a profit on the disposal of its health
care manufacturing division, a loss on the sale of the Joyce
Rural businesses and the write-off of intangible assets.

In may 4, Bankers ANZ and Challenge appointed receivers into
Joyce after the company succumbed to a blow-out in its gearing,
rising input prices for its foam division and delays in the start
of the cropping season for its Joyce Rural agricultural chemicals
division. The company, however, struck a deed of arrangement with
unsecured creditors in August and paid out the banks last week
after arranging new financing with Challenger International and
GE Capital. Joyce now has about 38 percent of the Australian
market as a specialist foam producer.


NORMANDY MINING: Anglogold Shareholders OKs Increased Offer
-----------------------------------------------------------
At a general meeting of AngloGold shareholders held in
Johannesburg on December 19, 2001, there was a 99.7% vote in
favor of the company's increased offer for Normandy Mining.

Announced on November 29, the new offer adds a cash payment of 20
Australian cents per Normandy share to the original offer of 2.15
AngloGold shares for every 100 Normandy shares.

The offer closes on Friday, 4 January 2002.

www.anglogold.com

Queries:

In South Africa
Shelagh Blackman
+2711 637 6379 (tel)
+2711 637 6399 (fax)
+27 83 308 2471 (mobile)
skblackman@anglogold.com

In Europe
Tomasz Nadrowski
+41 22 718 3312 (tel)
+41 22 718 3335 (fax)
+41 79 345 9774 (mobile)
Alex Buck
+44 20 7664 8712 (tel)
+44 20 7664 8711 (fax)
+44 7932 2740  452 (mobile)
abuck@anglogold.com

In the USA
Charles Carter
800 417 9255 toll free
+1 212 750 7999 (tel)
+1 212 750 5626 (fax)
ccarter@anglogold.com

In Australia
Andrea Maxey
+61 8 9425 4604 (tel)
+61 8 9625 4650 (fax)
61 438 001 393 (mobile)
amaxey@anglogold.com.au


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


ANWELL BUILDING: Hearing Of Winding Up Petition Set
---------------------------------------------------
The High Court of Hong Kong's petition for the winding up of
Amwell Building Construction Company Limited on October 5, 2001,
filed by Chang Pit Hung of Flat A, 6th Floor, 44 Leighton Road,
Causeway Bay, Hong Kong, will be heard before the court at 10:00
am on January 16, 2002.



KARWOOD INDUSTRIES: Hearing Of Winding Up Petition Set
------------------------------------------------------
The High Court of Hong Kong's petition for the winding up of
Karwood Industries Limited on September 7, 2001, filed by The
Daiwa Bank, Limited whose registered office is at 2-1 Bingamachi,
2-Chome, Chuo-ku, Osaka City, Osaka, Japan, will be heard before
the court at 9:30 am on January 9, 2002.



KEN-OCEAN INVESTMENT: Winding Up Petition Hearing Scheduled
-----------------------------------------------------------
The High Court of Hong Kong's petition for the winding up of Ken-
Ocean Investment Limited on November 1, 2001, filed by Chan Ching
Cheung of 2nd Floor, 34 Nam Kok Road, Kowloon City, Hong Kong,
will be heard before the Court at 10:00 am on January 30, 2002.


SPORTSNETGLOBAL HOLDINGS: Winding Up Petition Hearing Pending
-------------------------------------------------------------
The High Court of Hong Kong's petition for the winding up of
SportsGlobal Holdings Limited on November 5, 2001, filed by Ho
Lai Lai of 9th Floor, Flat G, Pak Lee Mansion, 6-8 King's Road,
Hong Kong, will be heard before the court at 10:30 am on January
30, 2002.



WIN ORIENT: Hearing Of Winding Up Petition Set
----------------------------------------------
The High Court of Hong Kong's petition for the winding up of Win
Oriend Limited on the August 31, 2001, filed by Industrial and
Commercial Bank of China (Asia) Limited (formerly known as Union
Bank of Hong Kong Limited), a bank incorporated in Hong Kong and
whose registered office is situate at ICBC Tower, 122-126 Queen's
Road, Central, Hong Kong, will be heard before the court at 9:30
am on January 2, 2002.



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


ENRON JAPAN: Tokyo District Court Declares Co. Bankrupt
-------------------------------------------------------
Enron Japan Corp., Enron Japan Marketing Corp., Enron Japan
Funding Corp. and E Power Corp., which have liabilities totaling
Y5.791 trillion, according to Teikoku Databank Ltd., were
declared bankrupt by the Tokyo District Court. The declaration
was made on December 12, two days after the four companies filed
papers with the court, Japan Times reported Thursday.

The Enron group's projects in Japan included a liquefied natural
gas thermal electricity plant in Rokkasho, Aomori Prefecture; a
coal-powered thermal power plant in Matsuyama, Ehime Prefecture;
and coal-powered generation plants in Ube, Yamaguchi Prefecture,
and Omuta, Fukuoka Prefecture.


ENRON JAPAN: Four Affiliates Incur Nearly Y5.79 Billion Debts
-------------------------------------------------------------
Enron Japan Corp, Enron Japan Marketing Corp, Enron Japan Funding
Corp and E Power Corp., the four Japanese affiliates of American
energy giant Enron Corporation have combined debts of about Y5.79
billion, Japan Today reported Wednesday, which quoted private
research firm Teikoku Databank.

Enron, which had been considering the building of large-scale
power plants in Japan, taking advantage of industry deregulation
now taking place, however, has not made a decision regarding the
future of its operations in Japan.


HITACHI LIMITED: Implements Work-Sharing Scheme
-----------------------------------------------
Hitachi Limited has introduced work-sharing programs among its
workers to prevent layoffs. The company went ahead with the work-
sharing scheme without waiting for results of talks now being
held by the government, the Japan Federation of Employers'
Associations and labor unions relating to the issue, Japan Today
reported Thursday.


KINSHO: Mitsubishi Tokyo Financial Group Waiving Y18.24B Loans
--------------------------------------------------------------
Mitsubishi Tokyo Financial Group Inc said Wednesday that it had
agreed to waive troubled Japanese trading company Kinsho Corp's
Y18.24 billion in loans. Bank of Tokyo-Mitsubishi agreed to
forgive Y12.37 billion in debt, while Mitsubishi Trust and
Banking will waive Y5.87 billion. Kinsho, in a separate
statement, said that Mitsubishi Corp has agreed to forgive Y6.46
billion in debt.


KOTOBUKIYA: Files For Bankruptcy
--------------------------------
Debt-ridden Kotobukiya Co, the largest supermarket operator in
the Kyushu region in southwestern Japan, filed for protection
from creditors Wednesday with the Kumamoto District Court under
fast-track legislation for corporate rehabilitation, Japan Today
reported Wednesday.

Kotobukiya, which reportedly gave up trying to turn itself around
after tie-up talks with another leading Kyushu supermarket chain
SunLive Co broke down, had liabilities estimated at over Y200
billion, Japan Times reported Thursday. The company incurred
group net losses of Y8.14 billion in the six months to August 31.

The failure of the major Kyushu firm will affect not only its
8,800 employees but the management of its client companies in the
region will also be impacted by the developments. Established in
1947, Kotobukiya runs 130 supermarkets in Kyushu and Yamaguchi
Prefecture in the Chugoku region.


MARUBENI CORP: Denies Financial Problems
----------------------------------------
Trading house Marubeni Corp said it faces absolutely no financial
problems, while citing sufficient liquidity and the continued
confidence of financial institutions, Japan Today reported
Wednesday.

Marubeni said, "We have sufficient liquidity on hand under a
commitment line and other means" and that "financial
institutions, such as Fuji Bank and the Bank of Tokyo-Mitsubishi,
continue doing business with us as usual."


MITSUI: Increasing Stake In Food Unit Sanyu Koami To 87.04%
-----------------------------------------------------------
Mitusi and Co Ltd will increase its stake in food wholesale unit
Sanyu Koami to 87.04 percent from 49.98 percent, via third party
allocation for Y6.5 billion. This is a move to strengthen
operations of Sanyu Koami, its main food unit, PRNewsAsia
reported Wednesday.


TOSHIBA CORPORATION: Implements Work-Sharing Scheme
---------------------------------------------------
Toshiba Corporation has introduced work-sharing programs among
its workers to prevent layoffs. The company went ahead with the
work-sharing scheme without waiting for results of talks now
being held among the government, the Japan Federation of
Employers' Associations and labor unions on the issue, Japan
Today reported Thursday.


TOSHIBA CORPORATION: Terminating DRAMs Business Next Year
---------------------------------------------------------
Toshiba Corporation will terminate its business in dynamic random
access memory chips next year, as part of the company's
reorganization, by selling all assets including DRAM production
equipment at Dominion Semiconductor LLC, a wholly owned
subsidiary in the United States, to Micron Technology Inc. in
January, Japan Times reported Wednesday.

The move is aimed at securing profitability in its semiconductor
business in fiscal 2002. The company also plans to gradually
phase out DRAM production at its Yokkaichi plant in Mie
Prefecture, with the withdrawal from DRAMs expected to result in
a special loss of about Y40 billion in the year ending next
March. Toshiba's semiconductor operations head Takeshi Nakagawa
said the withdrawal "means that Micron's business strategy fits
ours. This . . . allowed us to quickly close a deal, even though
we had never worked with one another before."

Yokkaichi Toshiba Electronics Corp is handling Toshiba's plan to
outsource DRAM assembly to third parties, including overseas
assemblers. The future of DRAM assembly at the Yokkaichi plant,
which might be liquidated, will be reconsidered in June.

Toshiba's memory operations, including business management,
engineering and production control, will be centralized at the
Yokkaichi plant by June to improve decision-making speed and
operating efficiency. Toshiba will also shift production of NAND-
type flash memory at FlashVision LLC, a U.S. joint venture
between Toshiba and SanDisk Corp., to Yokkaichi.

Toshiba plans to focus on application-specific and high value-
added memory products through the reorganization and maintain
development of core DRAM technology.


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


HANA BANK: Forming Life Insurance Co With Allianz
-------------------------------------------------
Hana Bank will establish a life insurance company in partnership
with Allianz during the first half of next year. Hana will buy a
50 percent stake in French Life Insurance from Allianz. Hana and
Allianz will then set up a joint non-life insurance company by
June next year, with Hana owning 15 percent and Allianz holding
the remainder, Korea Herald reported Thursday, which quoted Hana
Bank President Kim Seung-yu. The Financial Supervisory Service
has already granted preliminary permission for Hana to establish
the non-life insurance company.


HYUNDAI MERCHANT: Creditors May Refinance Via W500B ABS Issue
-------------------------------------------------------------
Hyundai Merchant Marine's creditor banks will likely discuss a
plan to partially refinance the company's debt via W500 billion
in an asset-backed securities issue, Korea Herald reported
Thursday. Korea Development Bank, a leading creditor, also plans
to roll over W100 billion of bridge loans it extended to Hyundai
Merchant Marine.


HYUNDAI MERCHANT: Sells Car Carriers Worth W1.2T
------------------------------------------------
In an attempt to ease cash-flow problems and as part of a self-
rescue program, Hyundai Merchant Marine Co decided to sell 80 car
carriers worth about W1.2 trillion to Hyundai Motor Co,
PRNewsAsia reported Thursday, which quoted the Korea Economic
Daily.


KOREA LIFE: Hanwa Group Offers W900 Billion
-------------------------------------------
Hanwha Group offered to buy Korea Life Insurance Co for W900
billion, well above Metlife Insurance' W400 billion bid,
PRNewsAsia reported Thursday, which quoted internet news provider
MoneyToday.


LG ELECTRONICS: Raises Stake In LG-EDS Systems To 35%
-----------------------------------------------------
LG business group announced Wednesday that its two subsidiaries
LGCI and LG Electronics bought the 50 percent stake held by EDS
of the United States in LG-EDS Systems, a 50:50 joint venture
between the group and the US firm. LGCI and LG Electronics each
acquired a 25 percent stake in the joint venture, equivalent to
437,691 shares at the per-share price of W220,000, raising the
stakes held by the two subsidiaries in the firm to 10 percent and
35 percent respectively, Digital Chosun reported Wednesday.

DebtTraders reports that LG Electronics' 8.240% floating rate
note due 2002 (LGE3) trades between 99.800 and 99.200. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=LGE3


SEOULBANK: Dongwon Interested In Take Over
------------------------------------------
Dongwon Group is interested to buy Seoul Bank, while Chohung Bank
and a group of investors led by businessman Shin Bok Young have
also expressed interest in taking over Seoul Bank, which the
government has been trying to sell since 1998, Korea Herald
reported Thursday.

Dongwon has businesses in food production, construction and the
brokerage industry, while also involved in the financial industry
through Dongwon Securities Co. and four other affiliates.


* South Korea's November Insolvency Ratio Fell To 1.13%
-------------------------------------------------------
South Korea's key corporate insolvency ratio fell to 0.13 percent
in November from 0.13 percent in October on fewer large-scale
defaults on promissory notes and bonds, with the 409 total firms
that failed last month and 414 in October, PRNewsAsia reported
Thursday. The total amount of defaults, reportedly, fell to W1.17
trillion from W1.94 trillion, with calls for repayments of notes
rising to W897 trillion from W862 trillion.

Newly established companies in November numbered 3,233 companies,
higher compared with 2,917 startups in October.


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


AVENUE ASSETS: Shareholders Approve All EGM Resolutions
-------------------------------------------------------
Commerce International Merchant Bankers Berhad announced on
behalf of the board of directors of Avenue Assets Berhad (AAB)
that the shareholders of AAB, during the Extraordinary General
Meeting (EGM) of the company on December 19, 2001, approved and
passed all resolutions as set out in the Notice of EGM dated 27
November 2001.

These proposals were passed by the shareholders:

1) The proposed acquisition of the entire equity interest in
Kestrel Securities Sdn. Bhd. by Allied Avenue Assets Securities
Sdn. Bhd. (formerly known as MGI Securities Sdn. Bhd.) (AAA), a
wholly-owned subsidiary of AAB;

2) The proposed acquisition of the entire equity interest in soon
Theam Securities Sdn. Bhd. by AAA;

3) The proposed business merger between Kin Khoon & Co. Sdn. Bhd.
and AAA;

4) The proposed renounceable rights issue of 313,387,909 new
ordinary shares of RM1.00 each (rights shares) at an issue price
of RM1.00 per rights share with 174,104,394 detachable warrants
(warrants 2001/2006) for free on the basis of nine (9) rights
shares and five (5) free warrants 2001/2006 for every five (5)
ordinary shares of rm1.00 each held on a date to be determined
and announced later;

5) The proposed employees' share option scheme for eligible
directors and employees of AAB and its subsidiaries;

6) The proposed acquisitions of the entire equity interest in
Phileo Asset Management Sdn. Bhd., Phileo Allied Options and
Financial Futures Sdn. Bhd. and PhileoAllied Unit Trust
Management Bhd. by Pentaville Investments Limited, a wholly-owned
subsidiary of AAB;

7) The proposed debt equity swap involving the tax liabilities
and tax penalties of certain subsidiaries of AAB and Panbuilt
Sdn. Bhd. amounting to RM165,000,000 and the issuance of
RM165,000,000 of RM1.00 nominal value 5-year zero coupon
irredeemable convertible unsecured loan stocks in AAB at 100% of
its nominal value to Aroma Teraju Sdn. Bhd.;

8) The proposed disposal of 1,115 car park bays (or such other
number as may be determined) located in a building known as Megan
Phileo promenade together with the equipment, machinery and
facilities currently installed therein for the purpose of
operating a carpark by Gain Synergy Sdn. Bhd., a wholly-owned
subsidiary of AAB, to Promenade Corporate Parking Sdn. Bhd.;

9) The proposed disposal of 1,577 car park bays (or such other
number as may be determined) located in a building known as Megan
Phileo avenue together with the equipment, machinery and
facilities currently installed therein for the purpose of
operating a carpark by Phileo Avenue Sdn. Bhd., a wholly-owned
subsidiary of AAB, to Avenue Corporate Parking Sdn. Bhd.;

10) The proposed disposal of 2,665 car park bays (or such other
number as may be determined) located in a building known as Pusat
Dagangan Phileo Damansara I together with the equipment,
machinery and facilities currently installed therein for the
purpose of operating a carpark by Phileo Damansara Sdn. Bhd., a
wholly-owned subsidiary of AAB, to PD I Corporate Parking Sdn.
Bhd.;

11) The proposed disposal of 1,286 car park bays (or such other
number as may be determined) located in a building known as Pusat
Dagangan Phileo Damansara II together with the equipment,
machinery and facilities currently installed therein for the
purpose of operating a carpark by Affinity Land Sdn. Bhd., a
wholly-owned subsidiary of AAB, to PD II Corporate Parking Sdn.
Bhd.; and

12) The proposed amendments to the Articles of Association of
AAB.


TONGKAH HOLDINGS: Shareholders OK Disposal Of 29.25M Shares
-----------------------------------------------------------
Tongkah Holdings Berhad announced that at the Extraordinary
General Meeting of the company held on December 19, this
resolution was passed by the Shareholders present:

Proposed disposal of 29,250,000 ordinary shares of RM1.00 each,
representing 75% equity interest in Kestrel Securities Sdn Bhd
(KSSB) to Allied Avenue Assets Securities Sdn Bhd (formerly known
as Mgi Securities Sdn Bhd), a wholly-owned subsidiary of Avenue
Assets Berhad (AAB) for a sale consideration which equals 200% of
the audited consolidated net tangible assets of Tongkah Holdings
Berhad's (THB) equity interest in KSSB to be determined by the
completion audit, and to be satisfied by the issuance of such
number of new ordinary shares of RM1.00 each in AAB at an issue
price of RM1.00 per share which will equal the sale consideration
(proposed disposal)

"That subject to the approval of all relevant authorities and
subject further to the approval-in-principle of the Kuala Lumpur
Stock Exchange for the listing and quotation of such number of
new ordinary shares of RM1.00 each in the capital of Avenue
Assets Berhad (AAB) to be issued as the sale consideration
hereunder, APPROVAL BE AND IS HEREBY GIVEN for the execution,
delivery and performance by the Company of the conditional Share
Sale Agreement dated 30 June 2000 and supplementary share sale
agreement dated 19 July 2001 entered into between the Company,
Mohd Alkaf Mohd Kahar, Abdul Rahman Dato' Mohd Hashim and Affendi
Zahari, and Allied Avenue Assets Securities Sdn Bhd (formerly
known as MGI Securities Sdn Bhd) (AAA) and AAB, pursuant to which
the company agrees to sell and AAA agrees to purchase from the
company, 29,250,000 ordinary shares of RM1.00 each representing
75% of the total issued and paid-up capital of KSSB (Proposed
Disposal) for a sale consideration which equals 200% of the
audited consolidated Net Tangible Asset (NTA) of THB's equity
interest in KSSB to be determined by a Completion Audit, which
sale consideration shall be satisfied by the issuance in favor of
the company of such number of new ordinary shares of RM1.00 each
in the capital of AAB (AAB New Shares) at an issue price of
RM1.00 per share on the completion date, which will equal the
Sale Consideration and upon the other terms and subject to the
conditions contained in the Share Sale Agreement and
supplementary share sale agreement, and such AAB New Shares to be
issued shall, upon allotment and issue, rank pari passu in all
respects with the existing issued and paid-up ordinary shares of
RM1.00 each in AAB except that the AAB New Shares so issued will
not be entitled to any dividends, rights, allotments and/or other
distributions, the Entitlement Date (namely the date as at the
close of business on which shareholders must be registered in the
Record of Depositors in order to be entitled to any dividends,
rights, allotments and/or other distributions) for which is prior
to the date of allotment of the AAB New Shares AND IT IS FURTHER
RESOLVED THAT the Board of the Company be and is hereby empowered
to and authorized to do all acts, deeds and things and to
execute, sign and deliver on behalf of the Company all such
documents and instruments as may be necessary to give effect to
and complete the Proposed Disposal as the Board may in their
absolute discretion deem fit or expedient with full power to
assent to any modification and/or amendments as may be required
by the relevant authorities."


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


CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest
----------------------------------------------------------
Creative Technology posted a notice of changes in substantial
shareholder Merrill Lynch's deemed interests as:

Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: 18 Dec 2001
Date of change of shareholding: 14 Dec 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Refer to table created below

Shares held in the name of registered holder
No. of shares of the change:
% of issued share capital:
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee:
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: 3,782,333
% of issued share capital:        5.257
No. of shares held after change:  3,782,333
% of issued share capital:        5.257
Total shares:

Shares held in the name of Citibank (Singapore)
Circumstances giving rise           Open market sale and purchase
to the change

No. of shares of the change:       6,300 shares purchased and
                                     sold
% of issued share capital:         0.009%
Amount of consideration per
share excluding brokerage, GST,
stamp duties, clearing fee:        S$ 14.34
No. of shares held before change:  43,500
% of issued share capital:         0.060%
No. of shares held after changed:  43,500
% of issued share capital:         0.060%


HONG LEONG: Expects To Return To Profitability With Acquisitions
----------------------------------------------------------------
Hong Leong Asia said it should return to profitability after
acquiring stakes in home appliances, diesel engine and plastic
container manufacturing businesses in China from parent Hong
Leong group, including stakes appliances maker Xinfei, diesel
engine maker China Yuchai International and plastic container
maker Rheem, PRNewsAsia reported Wednesday. The diverse nature of
the acquisitions should help the company through amid the
protracted local contruction industry downturn, it added.

Hong Leong Asia CEO Wrix Gasteen said, "The acquisitions will
enable Hong Leong Asia to return to profitability."

Hong Leong Asia acquired stakes valued at S$140 million in the
China businesses from investment holding company Hong Leong Corp
of the Hong Leong group, which is the controlling shareholder of
City Developments, Millennium & Copthorne and the recently
restructured Hong Leong Singapore Finance.

The acquisitions will be satisfied by the payment of S$62.44
million cash and the issue of 130 million new Hong Leong Asia
shares at S$0.35 to Hong Leong group. The balance will be paid
via the transfer of two properties in Singapore and Hong Kong,
and some City Development shares held by Hong Leong Asia.
Following the deal, Hong Leong group will increase its stake in
Hong Leong Asia to 73 percent from 55.30 percent currently. The
deal will be submitted for approval by Hong Leong Asia
shareholders at an EGM today.

Hong Leong Asia's net loss before extraordinaries increased to
S$10.291 million in 2000 from S$2.415 million in 1999. For the
six months to June 2001, Hong Leong Asia posted a net loss of
S$2.398 million, lower than the net loss of S$3.056 million a
year earlier.


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


DATAMAT PUBLIC: SET Allows Securities Listing Starting Dec 21
-------------------------------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities of
Datamat Public Company Limited (DTM) to be listed on the SET
starting December 21, 2001, after the finishing capital increase
procedures.  However, the trading of DTM's securities remains
suspended under the REHABCO sector.

The trading of DTM will be resumed in REHABCO sector on
December 27, 2001 after DTM has completed its debt restructuring
agreement by more than 50% worth of total debts and the
rehabilitation plan was approved by its shareholders.

NAME                                  :     DTM
Issued and Paid up Capital
     Old                              :     67,046,520 Baht
     New                              :     5,812,547,110 Baht
Allocate to                           :     - Cyber Venture \
                                               400,000,000 shares
                                               at 1 Baht
                                            - Asian Capital
Advisers Company
Limited
                                              33,200,000 shares
                                              at 1 Baht
- 12 Lenders
  141,350,059 shares
  at 3 Baht
Exercise Date                        :     4-17 December 2001


WONGPAITOON GROUP: Posts Reviewed Quarterly Financial Statements
----------------------------------------------------------------
Wongpaitoon Group Public Company Limited reports its reviewed
quarterly financial statements as:

                                  Ending  March 31
                                  (In thousands)

                                   Quarter 1

                       Year      2001        2000

Net profit (loss)             (129,821)   (513,073)
EPS (Baht)                       (4.64)     (18.32)

Comment:   1. Please see details in financial statements,
              Auditor's report and remarks from SET Information
              Management System




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