TCRAP_Public/011228.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 28, Vol. 4, No. 253

                          Headlines


A U S T R A L I A

BULONG OPERATIONS: Reaches Standstill Agreement With Holders
CTI COMMUNICATIONS: Enters DOCA To Settle Creditors' Claims
HIH INSURANCE: Royal Commission Hearing Recommences On Jan 22
IOCOM LIMITED: Announces IT Outsourcing Contracts
NORMANDY MINING: AngloGold Ups Unconditional Offer
OMNI GROUP: AGM Scheduled For January 31
ONE.TEL: Court Orders Telstra To Refund Former Customers
SATELLITE GROUP: ASIC Finalized Civil Penalty Proceedings


C H I N A   &   H O N G  K O N G

CALTEC SHIPPING: Winding Up Sought By Shaanxi Province
FIRST PACIFIC: Disposal Of Darya-Varia Completed
HENG LEE: Hearing of Winding Up Petition Set
HENWIN TEXTILE: Winding Up Petition Slated For Hearing
KTP HOLDINGS: Dispatches Composite Offer Document
KWOK KAI: Petition To Wind Up Scheduled
VOGUE-STAR: Winding Up Petition Hearing Set


I N D O N E S I A

BAHANA PEMBINAAN: Creditors To Retrieve 25%
BANK CENTRAL: IBRA Forbids Salim To Repurchase


J A P A N

HIROTA CONFECTIONERY: Gets Y100M Bailout


K O R E A

DAEWOO INTERNATIONAL: Sells Stake In Myanmar Field To KOGAS
DAEWOO MOTOR: Contract Signing This Year Impossible, KDB Says
HYNIX SEMICONDUCTOR: SK Telecom Considers Acquisition


M A L A Y S I A

ARTWRIGHT HOLDINGS: Seeks KLSE's Extension Approval
BRIDGECON HOLDINGS: SA Signs Share Sale Agreement With JMR
DATAPREP HOLDINGS: EGM To Be Held January 18
INTER-HERITAGE: RAM Reaffirms Rating Bonds At C1
KUALA LUMPUR: 13th AGM To Take Place January 23
LANDMARKS BERHAD: Enters Loan Agreement For RM220M Facility
MALAYSIAN RESOURCES: Corporate Proposals' Completion Pending
PROJEK LEBUHRAYA: Debt Ratings On Rating Watch, Positive
SOUTHERN PLASTIC: Enters MOU With OPM


P H I L I P P I N E S

COSMOS BOTTLING: LTCP Rating Withdrawn
NATIONAL POWER: Seeks Higher Enron Power Contracts' Discount


S I N G A P O R E

AURIC PACIFIC: Expects Full-Year Loss
FHTK HOLDINGS: Sells Pandan Loop Asset For S$2.8M
I-ONE.NET INTERNATIONAL: Changes Name To Xpress Holdings
I-ONE.NET INTERNATIONAL: Directors, Audit Committee Quit
VERTEX VENTURE: Appoints Kheng Nam As Unit's Liquidator


T H A I L A N D

KRISDAMAHANAKORN PUBLIC: Reports On Increased Capital
ITALIAN-THAI: Creditors Approve Bt20.402B Debt Workout Scheme
MEDIA OF MEDIAS: Announces Rehabilitation Plan Progress
NEP REALTY: Discloses Unit's Debt Workout Agreement Info
WONGPAITOON GROUP: Posts Share Offering Results
YOONSILA CHAINGMAI: Files Business Reorganization Petition

      -  -  -  -  -  -  -  -

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A U S T R A L I A
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BULONG OPERATIONS: Reaches Standstill Agreement With Holders
------------------------------------------------------------
Preston Resources Limited announced that an agreement has been
reached with more than the required 75% of holders, by value, of
the Bulong Senior Secured notes, to the terms governing the
restructuring of the Bulong debt and to a Standstill Agreement.
The Standstill became effective on 19 December, 2001, and
provides support for the proposed Scheme of Arrangement with
secured creditors. These arrangements provide a positive
environment for the continuation of operations at Bulong and
will, subject to meeting agreed and statutory requirements,
permit the project debt to be restructured, relieving the
operation of the financial burden of making further interest and
principal repayments in relation to a substantial portion of the
Company's debt.

The proposed Scheme of Arrangement will compromise only the
secured creditors (being Bulong's bankers and the holders of
Bulong Senior Secured Notes) and permit the operation to
continue in its present capacity. There will be no adverse
impact on unsecured creditors who will be advantaged by the
improved financial position of the Bulong project following
implementation of the Scheme.

It is anticipated application for the Scheme will be made to the
Supreme Court about the end of January 2002, and that subject to
court approval, the Scheme will become effective about the end
of March 2002.


CTI COMMUNICATIONS: Enters DOCA To Settle Creditors' Claims
-----------------------------------------------------------
CTI Communications Limited entered into a deed of company
arrangement (DOCA), which has settled the claims of all
creditors and provides that the Company will retain all of the
assets of its communications software and hardware development
business. Assets relating to the Company's call center software
and support business have been, or are in the process of being,
sold. Settlement of the DOCA is expected to happen in February
2002.

Moreover, Mr Paul Hardie, Mr Mark Sumich and Mr Jon O'Callaghan
have replaced Mr Michael Darraclough, Mr Peter Fritz and Mr
David Beddall as directors of the Company.

TCR-AP reported on October 10 that the Company appointed John
Sheahan and Ian Lock, of Sheahan Coope Lock, an insolvency
practice, (telephone 02 9253 9975) as Joint and Several
Administrators in a Voluntary Administration with a view to
restructuring the operations of the company.


HIH INSURANCE: Royal Commission Hearing Recommences On Jan 22
-------------------------------------------------------------
The public hearings of HIH Royal Commission have been adjourned.
The hearings will recommence on 22 January for the cross
examination of Mr J.R.Gibbons by representatives of Mr G.Cohen.
Further cross-examination of Mr D. Lombe will begin on 29
January.

As soon as Mr Lombe's examination has been completed the
Commission will begin to inquire into reinsurance arrangements
entered into by companies in the group. The names of witnesses
required to appear in this phase of the inquiry will be posted
on the website as soon as practicable.

Hours of Sitting

The hours of sitting will be from 9.30 am to 11.15 am; 11.30 am
to 12.45 pm; and from 2.00 pm.

Proposed Witnesses

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

22 January

Mr J R Gibbons for cross-examination by representatives of Mr G
Cohen

29 January

Mr D Lombe for further cross examination

Names of witnesses required to appear in the reinsurance
arrangements phase of the inquiry will be posted on the website
as soon as practicable.


IOCOM LIMITED: Announces IT Outsourcing Contracts
-------------------------------------------------
Iocom Limited announced it's IT Services business, Iocom
Solutions Pty Limited, has signed a two-year Productivity
Services Agreement (PSA) technology services outsourcing
contract with YMCA (Australia) in Sydney. The Productivity
Services Agreement (PSA) covers comprehensive
technical services for YMCA's technology infrastructure.

YMCA is one of the largest not-for-profit community service
organizations in Australia, and works to meet the youth and
community needs of over one million people in 320 different
communities.

Iocom further announced that Iocom Solutions has signed a three-
year Productivity Services Agreement (PSA) with Wincrest Homes
Pty Limited.

Wincrest Homes, established in 1986, is one of the top ten
building companies in New South Wales and has a significant
technology infrastructure. Wincrest is a multi-award-winning
builder, having received such prestigious titles such as the
Housing Industry Association 'Top Homes of the Year' award and
the Master Builders Association 'Excellence in Housing' award.

Iocom's PSA (Productivity Services Agreement) provides a
tailored level of service for IT infrastructure, allowing cost
effective and fixed-price management. The PSA incorporates a set
of procedural guidelines along with a niche management model for
managing technology infrastructure with a strategic aim of
developing a client's market advantage. Iocom's provision of IT
infrastructure and services function as a powerful tool to
assist small and medium businesses to maximize their business
potential.

Early this December, TCR-AP posted Chairman Scott Brown's AGM
address to shareholders, stating that "the financial year ended
30 June 2001 was a difficult one for Iocom. The Company recorded
operating losses of $7.3 million and one off abnormal items of
$5.4 Million. The result is completely unacceptable and greatly
disappoints the Board."


NORMANDY MINING: AngloGold Ups Unconditional Offer
----------------------------------------------------
AngloGold revised its unconditional offer for Australia's
Normandy Mining, following discussions regarding possible
patterns of co-operation with North America's Barrick Gold
Corporation. AngloGold has increased its offer for Normandy by
adding a further unconditional cash payment of 10 Australian
cents per Normandy share to its existing offer. The revised
offer makes provision for 2.15 AngloGold shares for every 100
Normandy shares as well as 30 Australian cents per Normandy
share.

AngloGold is sufficiently confident of its capacity to work co-
operatively with Barrick to unlock value in certain of the
Normandy assets that it has decided to increase the cash
component of its bid by 10 cents per share in the full
expectation that this value, and indeed considerably more, will
result from the patterns of global co-operation as outlined
above.

The AngloGold revised off or values Normandy at $1.84 per share
based on AngloGold's closing share price on the New York Stock
Exchange (NYSE) on 26 December 2001. The Newmont offer, by
comparison, values Normandy at $1.87 based on Newmont's closing
share price on the NYSE on the same date.

The closing dale for AngloGold's offer has now been extended
from Thursday, 27 December 2001 to Friday, 11 January 2002.

UNCONDITIONAL IMMEDIATE PAYMENT

AngloGold's revised offer is open, unconditional and capable of
immediate acceptance. The increase in the offer is not subject
to AngloGold shareholders' approval. Payments will be made
within five business days of receipt of acceptance. Normandy
shareholders who have already accepted the AngloGold offer will
be provided with their additional cash payment immediately.

OTHER OFFER TERMS

All other terms of the AngloGold offer and the AngloGold Top-up
Facility remain unchanged.

Furthermore, on 19 December 2001, AngloGold obtained
notification from the European Commission that it had declared
the acquisition of Normandy by AngloGold to be compatible with
the common market and with the EEA agreement. Consequently
AngloGold is now entitled to vote any Normandy shares it
acquires and to exercise control over Normandy once such
position is achieved. This follows approvals from other
regulatory and competition authorities in other jurisdictions.

REVISED OFFER IS SUPERIOR TO NEWMONT'S PROPOSAL

AngloGold believes that its revised offer is superior to
Newmont's offer for the following reasons:

* Value and certainty: AngloGold's revised offer values Normandy
at $1.84 per Normandy share based on AngloGold's closing share
price on the NYSE on 26 December 2001. This compares with
Newmont's offer which valued Normandy at $1.87 per share based
on the closing price of Newmont shares on the same date.
AngloGold's offer provides certainty of value, however, as it is
open, unconditional and capable of immediate acceptance with
payments to be made within five business days of receipt of
acceptances. By waiting to accept Newmont's conditional offer
Normandy shareholders will be exposed to the risk of value
erosion from possible falls in the Newmont share price before
payments are made, which is expected to be in mid February 2002
at the earliest.

* Dividend: AngloGold has the track record of a high dividend
yield. Normandy shareholders who accept AngloGold's revised
offer and are on the register on the record date in early 2002,
will qualify to receive AngloGold's 2001 final dividend. In
contrast, AngloGold believes that acceptance of Newmont's offer
is likely to result in a substantial reduction in dividends for
Normandy shareholders.

* Top-Up Facility: The AngloGold Top-Up Facility also provides
shareholders with the opportunity to realize additional value
worth around 20 cents per share to a shareholder with an average
holding of 3,000 Normandy shares (shareholders should be aware
that brokerage fees and tax liabilities may arise an disposals
of shares).

  * Performance: AngloGold is financially superior to Newmont, as
has been demonstrated by its higher earnings and lower
production costs. AngloGold's share price has also outperformed
Newmont's since the date of the announcement of the original
offer by Newmont. In that period, the AngloGold share price on
the NYSE has appreciated by 6% compared with a depreciation of
13%in the Newmont share price.

* Re-rating potential: AngloGold shares currently trade at
significantly lower multiples than those of North American
companies of similar size. AngloGold believes that there is
significant upside potential from a re-rating of its share
price.

Commenting on the revised offer, AngloGold Chairman and CEO
Bobby Godsell said: "Through our discussions with Barrick to
realize further value enhancing opportunities and our increased
offer, AngloGold is providing Normandy shareholders with a value
package that is not only compelling in current terms, but more
importantly in terms of prospects for all AngloGold shareholders
going forward. As the AngloGold bid is unconditional, Normandy
shareholders will have certainty today by accepting AngloGold's
offer."


OMNI GROUP: AGM Scheduled For January 31
----------------------------------------
Omni Group Limited advised that Annual General Meeting of Omni
Group Limited (Omni) will be held at Level 29 St Martins Tower,
31 Market Street Sydney NSW 2000, on Thursday 31st January, 2002
at 10:00 am.

BUSINESS

GENERAL BUSINESS UPDATE AND CONSIDERATION OF STATUTORY ACCOUNTS

The Chairman will provide the meeting with an update of the
general business of Omni for the financial period ended 30th
June 2001 and a review of the statutory accounts for Omni for
that period.

ELECTION OF DIRECTORS

1/ Graeme Green having been appointed on 17 October 2001 to fill
a casual vacancy, retires in accordance with Article 70 of the
Company's Constitution and being eligible, offers himself for
re-election.

Resolution 1. - To consider and, if thought fit, to pass the
following resolution as an ordinary resolution: "That Graeme
Green be elected as a Director of Omni."

2/ Jim Green having been appointed on 26 October 2001 to fill a
casual vacancy, retires in accordance with Article 70 of the
Company's Constitution and being eligible, offers himself for
re-election.

Resolution 2. - To consider and, if thought fit, to pass the
following resolution as an ordinary resolution: "That Jim Green
be elected as a Director of Omni."

3/ Mal Weston having been appointed on 26 October 2001 to fill a
casual vacancy, retires in accordance with Article 70 of the
Company's Constitution and being eligible, offers himself for
re-election.

Resolution 3. - To consider and, if thought fit, to pass the
following resolution as an ordinary resolution: "That Mal Weston
be elected as a Director of Omni."

4/ John Sharpe having been appointed on 26 October 2001 to fill
a casual vacancy, retires in accordance with Article 70 of the
Company's Constitution and being eligible, offers himself for
re-election.

Resolution 4. - To consider and, if thought fit, to pass the
following resolution as an ordinary resolution: "That John Sharp
be elected as a Director of Omni."

5/ Ross Homard having been appointed on 26 October 2001 to fill
a casual vacancy, retires in accordance with Article 70 of the
Company's Constitution and being eligible, offers himself for
re-election.

Resolution 5. - To consider and, if thought fit, to pass the
following resolution as an ordinary resolution: "That Ross
Homard be elected as a Director of Omni."


ONE.TEL: Court Orders Telstra To Refund Former Customers
--------------------------------------------------------
Around 3,000 former One.Tel mobile phone customers will receive
refunds from Telstra after the Australian Competition and
Consumer Commission obtained orders and injunctions in the
Federal Court, Melbourne.

"Refunds to affected consumers are part of a wider settlement of
our court action against Telstra following the collapse of
One.Tel," ACCC Chairman, Professor Allan Fels, said.

"Telstra has accepted in the Federal Court that it misled and
deceived many consumers when trying to win over previous One.Tel
NextGen mobile phone customers.

"Despite its protestations at the ACCC taking swift court action
in July, Telstra has now conceded that it told ex-One.Tel
customers they would be subject to early termination fees if
they went to a phone company other than Telstra and they had no
choice but to switch to Telstra when this was not true. In fact,
consumers had a choice of taking their business to a number of
mobile phone service providers without penalty.

"Indeed, Telstra had instructed its call center staff to provide
this misleading information when calling ex-One.Tel customers
and also when receiving inquiry calls from these customers, many
of whom received text messages on their mobile phones asking
them to contact Telstra.

"The court made declarations that Telstra had engaged in conduct
that was misleading or deceptive or likely to misled or deceive
in contravention of sections 52 and 53 of the Trade Practices
Act 1974.

"It appears to have been a case of a service provider taking
advantage of the confusion surrounding the demise of a
competitor. Clearly we are concerned if a company has obtained
customers via misinformation, especially vulnerable and confused
customers of the collapsed One.Tel," he said.

Telstra has now agreed to reimburse between $20 and $30 in
mobile phone access charges to around 3,000 former One.Tel Next
Generation customers who signed up with Telstra for mobile phone
services believing that they had no choice but to sign with
Telstra or pay One.Tel early termination fees, and who later
contacted Telstra about being misled.

The initial action was brought against Telstra in early July
2001 following One.Tel being placed into administration. At that
time, the ACCC alleged that Telstra engaged in unlawful,
misleading and deceptive conduct when dealing with former
One.Tel Next Generation mobile phone customers. Specifically,
the ACCC alleged that Telstra call center staff advised
consumers that if they transferred their mobile phone service to
any mobile phone service provider other than Telstra, or did not
transfer to Telstra before a certain date, the One.Tel
administrators might seek early termination fees. Subsequently,
on 6 July 2001 the Federal Court ordered an urgent interim
injunction restraining Telstra from making further misleading
statements.

In agreeing to resolve the proceedings Telstra consented to the
following court orders:

   * declarations by the Court that Telstra engaged in misleading
or deceptive conduct in contravention of sections 52 and 53 of
the Trade Practices Act 1974:

     * by representing from about 22 June to 6 July 2001 to
One.Tel Next Generation customers that if they transferred to a
mobile telephone service provider other than Telstra after 9
June 2001, or did not transfer to Telstra, they would be, would
be likely to be, may be or could be, liable to One.Tel for early
termination fees - whereas in fact they did not have to pay such
fees; and

     * by representing from about 9 June to 6 July 2001 to
One.Tel Next Generation customers that they had no choice but to
switch to Telstra and that Telstra had acquired or taken over
the contracts of One.Tel Next generation customers - whereas in
fact such One.Tel customers did have a choice other than
switching to Telstra and Telstra had not acquired or taken over
the One.Tel contracts. - injunctions, (affirming the urgent
interim injunctions ordered in July 2001), restraining Telstra
from representing that:

      * One.Tel Next Generation customers had no choice but to
switch to Telstra; and

      * Telstra had acquired or taken over the contracts of
One.Tel Next Generation customers.

   * an order requiring Telstra to develop and implement for a
period of two years a compliance program for Part V of the Trade
Practices Act 1974 for all staff of the retail mobile telephone
business of Telstra.

   * an order requiring Telstra to pay on or before 31 January
2002:

     * $20 to One.Tel Next Generation customers who switched to
Telstra as their mobile telephone service provider on or after 9
June 2001 but cancelled their contract with Telstra before 10
August 2001 or otherwise ceased to be a Telstra mobile telephone
customer; and

    * $30 to One.Tel Next Generation customers who switched to
Telstra as their mobile telephone service provider on or after 9
June 2001 and who accepted the offer in Telstra's letter of
24/28 August 2001 and ceased to be a Telstra mobile telephone
customer.

   * an order to pay the ACCC's legal costs.

Further information:

Professor Allan Fels, Chairman, (03) 9290 1812 or pager (02)
6285 6170

Ms Lin Enright, Director, Public Relations, (02) 6243 1108 or
0414 613 520


SATELLITE GROUP: ASIC Finalized Civil Penalty Proceedings
---------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced the completion of
ASIC's civil penalty proceedings against Messrs Gregory Fisher
and Jonathon Broster in relation to their association with the
Satellite Group Limited.

The Supreme Court of New South Wales has made declarations that
Mr Fisher, a former director of the Satellite Group Limited, and
Mr Broster, a former executive manager of the Satellite Group
Limited's property division, both made improper use of their
positions. The contraventions occurred from 30 September 1999 to
30 June 2000.

The Satellite Group went into voluntary administration on 17
November 2000 and into liquidation on 15 June 2001.

Messrs Fisher and Broster consented to the making of
declarations that they and their family trust companies Mojava
Pty Ltd and Sojo (NSW) Pty Ltd breached the Corporations Act by
improperly obtaining Satellite funds for their personal ventures
without the approval and knowledge of the Board of Directors and
shareholders of Satellite Group Limited.

Both men have consented to be banned from being a director of a
private company for five years, and from being a director of a
public company for eight years. Mr Broster also agreed to pay
penalties of $200,000 and costs of $50,000. Mr Broster
previously paid monetary compensation to the Satellite Group
Limited out of funds frozen by ASIC. For this reason ASIC did
not seek additional compensation. Mr Fisher is bankrupt and so
no penalty or compensation has been paid.


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C H I N A   &   H O N G  K O N G
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CALTEC SHIPPING: Winding Up Sought By Shaanxi Province
------------------------------------------------------
Shaanxi Province Textile Products Import and Export Corporation
is seeking the winding up of Caltec Shipping Limited. The
petition was filed on September 24, 2001, and will be heard
before the High Court of Hong Kong on January 16, 2002.

Shaanxi Province holds its registered office at No. 118, Jian
Guo Lou, Xian City, Shaanxi Province, the People's Republic of
China.


FIRST PACIFIC: Disposal Of Darya-Varia Completed
------------------------------------------------
Pacific Company Limited (First Pacific), in reference to the
announcement dated 6 December, 2001 relating to the disposal of
First Pacific's entire 89.5 per cent interest in the issued
share capital of PT Darya-Varia Laboratoria Tbk (Darya-Varia),
announced that completion of the disposal to Far East Drug
(B.V.I.) Co. Ltd. (Far East Drug) took place on 21 December,
2001.

First Pacific has received full payment of the US$35 million
(approximately HK$273 million) cash consideration.  As
previously announced on 6 December, 2001, proceeds from the
disposal will be partially applied towards the repayment of debt
and partially used for general corporate purposes.


HENG LEE: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Heng Lee Construction Company Limited
will be heard/is scheduled for hearing before the High Court of
Hong Kong on January 23, 2002 at 10:30 am.

The petition was filed with the court on October 23, 2001 by
Chen Shun Zhong, Ye Ying Jie, Yang Qi Jie, Yang Yong Long and
Huang Zhi Mei, all of 3rd Floor, 57 Peking Road, Tsimshatsui,
Kowloon, Hong Kong.


HENWIN TEXTILE: Winding Up Petition Slated For Hearing
------------------------------------------------------
The petition to wind up Henwin Textile Limited is scheduled to
be heard before the High Court of Hong Kong on January 2, 2002
at 9:30 am. The petition was filed with the court on August 31,
2001 by Bank of China (Hong Kong) Limited (the successor
corporation to Sin Hua Bank Limited pursuant to Bank of China
(Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong


KTP HOLDINGS: Dispatches Composite Offer Document
-------------------------------------------------
KTP Holdings Limited (KTP) and Wonder Star Securities Limited
(Wonder Star), in reference to the joint announcement made by
Wonder Star and KTP dated 4th December, 2001 and 20th December,
2001 (the Joint Announcements) regarding the Offer, informed
that the composite offer document (Composite Offer Document)
containing, inter alia, a letter setting out the terms and
details of the Offer, the recommendations of the Independent
Board Committee and a letter of advice from the joint
Independent Financial Advisers, has been dispatched to the
Independent Shareholders on 21st December, 2001.

The Offer opened on Friday, 21st December, 2001 and will close
at 9:30 a.m. on Saturday, 12th January, 2002 unless Wonder Star
revises or extends the Offer in accordance with the Takeovers
Code. The latest time and date for the acceptance of the Offer,
unless otherwise revised, will be at 4:00 p.m. on Friday, 11th
January, 2002.


KWOK KAI: Petition To Wind Up Scheduled
---------------------------------------
The petition to wind up Kwok Kai Chiu Company Limited is set for
hearing before the High Court of Hong Kong on January 9, 2002 at
9:30 am. The petition was filed with the court on September 11,
2001 by Bank of China (Hong Kong) Limited (the successor
corporation to Hua Chiao Commercial Bank Limited pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167)
of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


VOGUE-STAR: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Vogue-Star Industrial Company Limited is
scheduled for hearing before the High Court of Hong Kong on
January 30, 2002 at 10:30 am. The petition was filed with the
court on November 5, 2001 by Vogo Industrial Company Limited
whose registered office is presently situated at Room 1201,
12/F., Hong Kon gTrade Center, 161-171 Des Voeux Road Central,
Hong Kong.


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BAHANA PEMBINAAN: Creditors To Retrieve 25%
-------------------------------------------
The Financial Sector Policy Committee said that PT Bahana
Pembinaan Usaha Indonesia's loans may be worth only 25% on a
liquidation basis, DebtTraders' analysts, Daniel Fan (852-2537-
4111) and Blythe Berselli (1-212-247-5300), report.

According to Fan and Berselli, "the recovery rate will go lower
to less than 5% if creditors restructure the bank. The bank's
loan was lastly traded at 30 cents on a dollar. The bank's loan
was recently traded at 30 cents on a dollar"

DebtTraders reports that PT Bahana Pembinaan Usaha Indonesia's
6.884% floating rate notes due on 2099 (BAHANA1) are trading
between 29 and 34. For more real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAHANA1.


BANK CENTRAL: IBRA Forbids Salim To Repurchase
----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) emphasized that
it would stick to existing regulations in executing the
divestment program of the publicly listed Bank Central Asia
(BCA), which involves barring Salim Group from reentering the
bank, Jakarta Post reports, citing the agency's chief I Putu
Gede Ary Suta.

"The requirements are clear. The bidders must not have any
connection with the Salim Group. That's our guideline," Ary said
adding that the regulations set out by the Financial Sector
Policy Committee (FSPC), which groups senior economic ministers,
would be upheld.

IBRA said earlier that any sales of assets under the agency
would be annulled if there were indications that Salim Group was
involved in the transaction.

Salim Group has since been barred from reentering BCA until it
settles the huge debts it owes the government. But, even the
governor of Bank Indonesia (BI) has admitted that it was
difficult to track down Salim's presence in new companies,
especially when it uses a nominee.


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J A P A N
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HIROTA CONFECTIONERY: Gets Y100M Bailout
----------------------------------------
The Development Bank of Japan (DBJ) and nonlife insurance
company Yasuda Fire & Marine Insurance Co. have agreed to
jointly extend Y100 million in loans to bankrupt Kobe-based
Hirota Confectionery Inc in January, with the DBJ and Yasuda
each providing 50 million yen in operational funds.

This is the first time a government-backed investment bank and a
private-sector financial institution have joined forces to bail
out a troubled company, the Daily Yomiuri reports.

A debtor-in-possession (DIP) finance formula which will allow a
failed company to secure new loans for continuing its business
will be used in the Hirota rescue.  Accounts receivable instead
of real estate will be taken as security for the loans,
according to the DBJ. The DIP formula was introduced by the DBJ
in April.

Hirota, founded in 1924, had acquired about Y5.7 billion in
liabilities. It filed an application with the Osaka District
Court in October for protection from creditors under a new
corporate resuscitation law.  The Civil Rehabilitation Law,
which took effect in April 2000, allows executives of an
insolvent company to remain in office and for the company to
continue its business operations in an effort to rehabilitate
itself under court protection according to a court-sanctioned
business reform plan.


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K O R E A
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DAEWOO INTERNATIONAL: Sells Stake In Myanmar Field To KOGAS
-----------------------------------------------------------
Daewoo International said yesterday it has transferred
a 10 percent stake in its wholly-owned underwater gas field
located northwest of Myanmar, to Korea Gas Corp. The company
signed a contract on the state-run corporation's participation
in the gas development project as a joint investor November 30.

Daewoo also said it will soon sign similar contracts with the
Oil and Natural Gas Corporation Ltd.(ONGC) and Gas
Authority of India Ltd(GAIL). It plans to give a 20 percent
stake to ONGC and another 10 percent to GAIL on the condition
that they provide funding for the gas exploration project in
excess of their stakes.

The total cost of the project is estimated at $20 million.
Daewoo said even after the stake sales, it will still have
a 60 percent stake in the project. The company estimates the gas
reserves of its A-1 Block in Myanmar at 10 trillion cubic feet,
which is equivalent to 1.8 billion barrels of crude.

Meanwhile, the company said it is expecting to earn W11
billion in net profit this year alone from an oil field
in Peru in which it won a stake through open bidding in
1996. It added it is also likely to earn from next year four
billion won a year in dividend over the next 20 years on
its investment in an LNG project in Oman, made in 1997
through Korea LNG, the Korean partner in the project.

The company is also looking forward to collecting high dividends
from its investment in a Vietnamese gas field
in a few years.


DAEWOO MOTOR: Contract Signing This Year Impossible, KDB Says
-------------------------------------------------------------
It is "technically impossible" to sign the final contract to
sell troubled automaker Daewoo Motors Co to General Motors Corp
within this year, Korea Development Bank President Chung Kun-
Yong told Channel News Asia.

"We will do our best to sign the deal at the earliest possible
date because the deadline for exclusive negotiations with GM
falls on January 20," he added.

GM and Daewoo Motor creditors signed a US$2 billion agreement,
which includes a GM cash commitment of US$400 million, in
September to take over Daewoo's three plants in South Korea and
two of its factories in Vietnam and Egypt.

Mr Chung told Channel News Asia the signing was being delayed
because of differences in evaluating debts and assets of Daewoo
Motors, as well as the issue of revising the collective
bargaining agreement with the labor union.


HYNIX SEMICONDUCTOR: SK Telecom Considers Acquisition
-----------------------------------------------------
SK Telecom Co., Ltd. is considering whether or not to accept an
acquisition proposal by Korean international call operator Onse
Telecom.

"We are now reviewing the possibility of taking over Once
Telcom, by acquiring a 38% share from Hynix Semiconductor,"
unidentified officials of SK Telecom were quoted by AsiaBizTech
as saying on December 20.


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


ARTWRIGHT HOLDINGS: Seeks KLSE's Extension Approval
---------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad), on behalf of the Board of Directors of Artwright
Holdings Berhad (AHB or the Company), announced that the Company
has sought approval from the Kuala Lumpur Stock Exchange for an
extension of another two (2) months from the date of expiry (21
December 2001) to obtain the approval of all the regulatory
authorities in respect of the Proposals.

"Proposals" encompasses:

    * Proposed Strategic Alliance

    * Revised Proposed Debt Restructuring


BRIDGECON HOLDINGS: SA Signs Share Sale Agreement With JMR
----------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)(BHB
or the Company), announced that the Special Administrators (the
SA) had, on behalf of BHB, entered into a Share Sale Agreement
(the Agreement) with J.M.R. Construction Sdn Bhd (JMR) for the
disposal of the entire issued and paid up capital of Lean Seng
Chan (Quarry) Sdn Bhd (Special Administrators Appointed)(LSCQ),
a wholly owned subsidiary of BHB, to JMR at the consideration
sum of RM1.00 free from all charges, liens, pledges or
encumbrances whatsoever. Under the Agreement, JMR is also
required to pay an additional sum of RM2.0 million (the
Additional Sum) to BHB for the settlement of various liabilities
of LSCQ, other than for the Secured and Hire Purchase
liabilities of LSCQ. A sum of RM0.5 million had been paid to BHB
as deposit.

The Special Administrators of LSCQ are currently undertaking a
proposed corporate and debt restructuring exercise in relation
to LSCQ which entails:

    a) the proposed acquisition; and

    b) the proposed debt settlement.

(collectively referred to as "LSCQ Proposal")

DETAILS OF THE AGREEMENT

1. JMR to pay the balance of the Additional Sum amounting to
RM1.5 million on or before the completion date i.e. upon
fulfillment of all conditions precedent as follows:

    i) approval of LSCQ Proposal by Pengurusan Danaharta Nasional
Berhad (Danaharta) and the secured creditors of LSCQ;

    ii) satisfactory evidence to the SA of LSCQ that JMR has
fulfilled its obligations in the Memorandum of Agreement entered
into between BHB and JMR in securing the discharge of BHB as
corporate guarantors of LSCQ in respect of the banking
facilities granted to LSCQ by the Secured and the Hire Purchase
creditors of LSCQ;

    iii)the satisfactory settlement of all crepitates other than
those mentioned in para (ii) above;

    iv) the transfer by way of assignment or such other manner of
all current assets of LSCQ to JMR; and

    v)all requisite approvals including but not limited to any
approval of the regulatory bodies being obtained for LSCQ
Proposal.

2. If the balance of the Additional Sum is paid to BHB on or
before 31 December 2001, all rights, benefits, interest,
expenses and/or any other outgoings arising from the non current
asset of JMR on or before 1 January 2002 shall accrue to the
account of JMR absolutely provided that such accruals shall not
be payable to JMR until the completion date.

3. The Additional Sum shall be utilized to settle debts due from
LSCQ to its creditors save and except for the debts due to the
Secured and the Hire Purchase creditors.

RATIONALE FOR THE DISPOSAL

The disposal of LSCQ is part of the proposed corporate and debt
restructuring exercise to regularize the financial condition of
BHB pursuant to Practice Note No. 4/2001 of the listing
requirements of Kuala Lumpur Stock Exchange. The Additional Sum
shall be utilized to settle debts due from LSCQ to its creditors
save and except for the debts due to the Secured and the Hire
Purchase creditors.

FINANCIAL EFFECTS

A. EARNINGS

The disposal of LSCQ is not expected to have any material
effects on the earnings of BHB for the year ended 31 December
2001.

B. SHARE CAPITAL

The disposal of LSCQ is not expected to have any effect on the
share capital of BHB.

C. NET TANGIBLE ASSETS (NTA)

The disposal of LSCQ is not expected to have any material effect
on the NTA of BHB.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors and/or substantial shareholders and/or
persons connected with a Director or substantial shareholders of
the Company have any interest, direct or indirect, in the
disposal of LSCQ.

DOCUMENTS FOR INSPECTION

The Agreement is available for inspection during normal office
hours from Monday to Friday (except for public holidays) at the
office of the Special Administrators of the Company at Suite
19A-30-2, Menara UOA, No. 19, Jalan Pinang, 50450 Kuala Lumpur
within 14 days from the date of this announcement.


DATAPREP HOLDINGS: EGM To Be Held January 18
--------------------------------------------
Dataprep Holdings Berhad (Dataprep or Company) advised that an
Extraordinary General Meeting of the Company will be held at
Ballroom 1, Tropicana Golf & Country Resort Berhad, Jalan Kelab
Tropicana, Off Jalan Tropicana Utama, Persiaran Tropicana,
Tropicana Golf & Country Resort, 47410 Petaling Jaya, Selangor
Darul Ehsan on 18 January 2002 at 10.00a.m. for the purpose of
considering, and if thought fit, to pass these resolutions:

SPECIAL RESOLUTION 1
- Proposed Capital Reduction

"THAT contingent upon the passing of Special Resolution 2 and
Ordinary Resolutions 1, 2, 3, 4, 5, 6, 7 and 10 and subject to
the sanction of the High Court of Malaya (the Court) and the
approvals of the relevant authorities (including without
limitation, the Kuala Lumpur Stock Exchange (KLSE), approval be
and is hereby given for the capital of the Company be reduced
from RM31,989,146 divided into 31,989,146 ordinary shares of
RM1.00 each to RM15,994,573 divided into 31,989,146 ordinary
shares of RM0.50 each by canceling paid-up capital which is
unrepresented by available assets to the extent of RM0.50 per
share upon each of the 31,989,146 shares which have been issued
and are fully paid-up, and reducing the nominal amount of all
such shares from RM1.00 to RM0.50.

AND THAT the Directors of the Company be and are hereby
authorized to do all such acts and things and to execute all
necessary documents to give effect to and implement the
aforesaid Special Resolution including the time for lodgment of
the office copy of the Order of the Court with full power to
consent to any conditions, modifications, variations and/or
amendments as may be required by the Court or by any relevant
authorities."

SPECIAL RESOLUTION 2
- Proposed Debt Restructuring

"THAT contingent upon the passing of Special Resolution 1 and
Ordinary Resolutions 1, 2, 3, 4, 5, 6, 7 and 10 and subject to
the approvals of the relevant authorities (including without
limitation, the KLSE) approval be and is hereby given to the
terms of settlement between the Company and its subsidiaries
(Dataprep Group) and Affin Bank Berhad (formerly known as
Perwira Affin Bank Berhad, Arab-Malaysian Bank Berhad, Danaharta
Managers Sdn Bhd, Hong Leong Bank Berhad, HSBC Bank Malaysia
Berhad, Malayan Banking Berhad, Pengurusan Danaharta Nasional
Berhad, Public Bank Berhad, Southern Bank Berhad and United
Overseas Bank (Malaysia) Berhad (collectively the "Creditor
Banks") whereby a total principal amount of RM64,062,520 is
owing by the Dataprep Group pursuant to which the Company
proposes to issue as full settlement of the debt owing to the
Creditor Banks RM30,000,000 nominal amount of 4% 3 year
irredeemable convertible unsecured loan stock in the Company
(ICULS-3) at 100% of the nominal amount of RM1.00 each and
RM34,062,520 nominal amount of 4% 5 year irredeemable
convertible unsecured loan stock in the Company at 100% of the
nominal amount of RM1.00 each (ICULS-5) (collectively referred
to as "ICULS") (Proposed Debt Settlement).

AND THAT the ICULS-3 will be used, firstly, to settle interest
owing as at 31 December 1999 amounting to RM4,212,398 on the
basis of RM1.00 nominal amount of ICULS-3 for every RM1.00 debt
and a total of RM4,212,398 will be waived from the principal
debt and the balance of RM59,850,122 will be converted into
ICULS-3 and ICULS-5 on the basis as detailed below:

    (a) RM25,787,602 will be converted into ICULS-3 on the basis
of RM1.00 nominal amount of ICULS-3 for every RM1.00 debt; and

    (b) The balance RM34,062,520 will be converted into ICULS-5
on the basis of RM1.00 nominal amount of ICULS-5 for every
RM1.00 debt.

AND THAT the ICULS shall be issued together with the right
entitling the holder thereof to convert the ICULS into new
ordinary shares of RM1.00 each in the Company at a conversion
price of RM1.50 per share, subject to such adjustment in
accordance with the trust deeds constituting the ICULS and that
such ICULS shall upon conversion to ordinary shares of RM1.00
each, such ordinary shares (Converted Shares) shall rank pari
passu in all respects with the ordinary shares of RM1.00 each in
the Company after the completion of the Proposed Capital
Reduction and Consolidation except that the holders of these
Converted Shares shall not be entitled to the Proposed Offer for
Sale of Warrants to existing shareholders by VXL Holdings Sdn
Bhd (VXL) and any dividend or other forms of distributions that
may be declared before the allotment of the Converted Shares.

AND THAT the Directors be and are hereby authorized to do all
such acts and things (including, without limiting the generality
of the foregoing, obtaining an extension of time for the
fulfillment of the conditions precedent set out in Clause 3.1 of
the Debt Settlement Agreement dated 5 December 2000 (Debt
Settlement) or otherwise extending the validity of the Debt
Settlement Agreement) and to execute all necessary documents to
give effect to and implement the Proposed Debt Restructuring
with full power to assent to any conditions, modifications,
variations and/or amendments as may be required by the relevant
authorities."

SPECIAL RESOLUTION 3
- Proposed Amendments to Articles of Association

"THAT subject to the approval of the relevant authorities, the
proposed amendments to the Articles of Association of the
Dataprep as set out in the Appendix VI to the Circular to
Shareholders dated 26 December 2001 be and are hereby approved
and adopted."

ORDINARY RESOLUTION 1
- Proposed Consolidation

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 2, 3, 4, 5, 6, 7 and 10 and subject to
the approvals of the relevant authorities (including, without
limitation, the KLSE) approval be and is hereby given for the
Company, after the Proposed Capital Reduction, to consolidate
the issued and paid-up share capital of the Company of
RM15,994,573 on the basis of every two (2) ordinary shares of
RM0.50 each into one (1) ordinary share of RM1.00 each, thereby
consolidating the 31,989,146 ordinary shares of RM0.50 each into
15,994,573 ordinary shares of RM1.00 each credited as having
fully paid-up (hereinafter referred to as the "Consolidated
Shares"), fractions to be disregarded and the Consolidated
Shares which represent fractional interests shall be dealt by
the Directors at their sole absolute discretion but in any event
these shares are to be sold within seven (7) market days from
the listing of and quotation for the Consolidated Shares and the
net proceeds of sale (less reasonable administrative and related
expenses) be remitted to the respective shareholders having
fractional interests consequent to the consolidation.

AND THAT the Directors of the Company be and are hereby
authorized to do all such acts and things and to execute all
necessary documents to give effect to and implement the Proposed
Consolidation with full power to consent to any conditions,
modifications, variations and/or amendments as may be required
by the relevant authorities."

ORDINARY RESOLUTION 2
- Proposed Subscription of Shares with Warrants by VXL

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 1, 3, 4, 5, 6, 7 and 10 and subject to
the approvals of the relevant authorities (including without
limitation, the KLSE) for the listing of and quotation for the
new ordinary shares and warrants to be issued pursuant to the
Company's proposed restructuring, authority be and is hereby
given to the Directors of the Company:

    (a) to issue a total of 40,000,000 new ordinary shares of
RM1.00 each in the capital of the Company ("New Shares") to VXL
at an offer price of RM1.25 per share and that such New Shares
shall rank pari passu in all respect with the existing issued
and paid-up ordinary shares of RM1.00 each in the Company,
except that they will not be entitled to any dividends, rights,
bonuses, the entitlement date of which is prior to the date of
allotment and issue of the said New Shares;

    (b) to issue together with the New Shares, 15,151,515
Warrants at a nominal amount of RM0.20 per Warrant with each
Warrant entitling the holder thereof at any time during the
period of five (5) years following the date of issue of the
Warrants in the Company to subscribe for one (1) new ordinary
share of RM1.00 each in the Company at an exercise price of
RM1.50;

    (c) to issue such additional Warrants as may be required to
be issued pursuant to any adjustments under the provisions of
the deed poll constituting the Warrants;

    (d) to allot and issue the appropriate number of new ordinary
shares of RM1.00 each (Exercised Shares) in the Company,
credited as fully paid-up, to holders of the Warrants who may
have exercised their rights to subscribe for the such new
ordinary shares in accordance with (b) above and such
appropriate number of new ordinary shares of RM1.00 each arising
from the exercise of such additional Warrants as may be required
to be issued pursuant to any adjustment under the terms of the
deed poll constituting the Warrants; and

    (e) to execute the deed poll under which the Warrants will be
constituted upon such terms and conditions (including without
limitation the provisions for adjustments to the exercise price
of the Warrants), including without limitation, the giving of
their assent to any conditions, modification, revaluation,
variation, and/or amendments as may be required or imposed by
the relevant authorities.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give effect to the Proposed Subscription of Shares with Warrants
by VXL with full power to assent to any conditions,
modifications, variations and/or amendments as may be imposed by
the relevant authorities and to do any act or things as they may
deem fit or expedient in connection with the Proposed
Subscription of Shares with Warrants by VXL."

ORDINARY RESOLUTION 3
- Proposed Offer for Sale of Rights to Allotment of Shares to
Bumiputera Parties by VXL

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 1, 2, 4, 5, 6, 7 and 10, and subject to
the approval of the relevant authorities, approval be and is
hereby given for the proposed offer for sale of rights to
allotment of 10,939,560 New Shares by VXL, to Bumiputera Parties
nominated by VXL, i.e Sabit Sdn Bhd, Rumpun Damai Sdn Bhd and
Seberang Jati Sdn Bhd at an offer price of RM1.25 per New Share,
subject to the approval of the SC, and payable in full upon
acceptance.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Offer for Sale of Rights to
Allotment of Shares to Bumiputera Parties by VXL with full power
to assent to or make any modifications, revaluation, variation
and/or amendments as may be required by the relevant authorities
and to take all steps and actions as may be required by the
relevant authorities and as the Directors deem may be necessary
and expedient for the implementation, finalization and
effectuation of the Proposed Offer for Sale of Rights to
Allotment of Shares to Bumiputera Parties by VXL."

ORDINARY RESOLUTION 4
- Proposed Offer For Sale of Rights to Allotment of Warrants by
VXL to Existing Shareholders of the Company

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 1, 2, 3, 5, 6, 7 and 10, and subject to
the approval of the relevant authorities, approval be and is
hereby given for the proposed offer for sale of rights to
allotment of up to 13,093,340 Warrants by VXL on a renounceable
basis, to all eligible shareholders of the Company at a date to
be determined and agreed by the Directors of the Company at an
offer price of RM0.20 per Warrant, on the basis of one right to
allotment of (1) Warrant for every one (1) ordinary share held
after the Proposed Capital Reduction and Consolidation. The
Proposed Offer for Sale of Rights to Allotment of Warrants by
VXL to Existing Shareholders of the Company will not be offered
to VXL, Encik Mirzan bin Mahathir and Bumiputera parties who
have participated in the Proposed Offer for Sale of Rights to
Allotment of Shares to Bumiputera Parties by VXL.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Offer for Sale of Rights to
Allotment of Warrants to Existing Shareholders of the Company by
VXL with full power to assent to or make any modifications,
revaluation, variation and/or amendments as may be required by
the relevant authorities and to take all steps and actions as
may be necessary and expedient for the implementation,
finalization and effectuation of the Proposed Offer for Sale of
Rights to Allotment of Warrants to the Existing Shareholders of
the Company by VXL."

ORDINARY RESOLUTION 5
- Proposed Placement/Offer for Sale of Rights to Allotment of
ICULS by the Creditor Banks

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 1, 2, 3, 4, 6, 7 and 10, and subject to
the approval of the relevant authorities, approval be and is
hereby given for the proposed placement/offer for sale of rights
to allotment of RM90,000 nominal value of ICULS-3 and ICULS-5
each by the Creditor Banks at 100% of the nominal value of
RM1.00 per ICULS, to employees and/or business associates of
Dataprep Group and VXL and its subsidiaries and payable in full
upon acceptance.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Placement/Offer for Sale of
Rights to Allotment of ICULS by Creditor Banks at 100% of the
nominal value of RM1.00 per ICULS, to employees and/or business
associates of Dataprep Group and VXL and its subsidiaries and
payable in full upon acceptance with full power to assent to or
make any modifications, revaluation, variation and/or amendments
as may be required by the relevant authorities and to take all
steps and actions as may be required by the relevant authorities
for the implementation, finalization and effectuation of the
Proposed Placement/Offer for Sale of ICULS by the Creditor
Banks."

ORDINARY RESOLUTION 6
- Proposed Exemption

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 1, 2, 3, 4, 5, 7 and 10, approval be
and is hereby given by the independent shareholders of Dataprep
for an exemption to VXL and parties acting in concert with VXL
from the obligation to undertake a mandatory take-over offer for
the remaining ordinary shares in the Dataprep not held by them
in Dataprep arising from the increase in the shareholding of VXL
in Dataprep upon the conversion/exercise of the ICULS/Warrants
to be procured by/issued to VXL pursuant to the Proposed
Restructuring Scheme.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Exemption with full power to
assent to or make any modifications, revaluation, variation
and/or amendments as may be required by the relevant authorities
and to take all steps and actions as may be necessary and
expedient for the implementation, finalization and effectuation
of the Proposed Exemption."

ORDINARY RESOLUTION 7
- Proposed Employee Share Option Scheme

"THAT, contingent upon the passing of Special Resolutions 1 and
2 and Ordinary Resolutions 1, 2, 3, 4, 5, 6 and 10, and subject
to the approvals of the relevant authorities for the Proposed
Employee Share Option Scheme ("Proposed ESOS"), the Directors be
and are hereby authorized to:

    (a) establish and administer the Proposed ESOS, to be known
as the "Dataprep Holdings Berhad Employee Share Option Scheme",
for the benefit of eligible employees and executive directors of
the Company and its subsidiaries (the Dataprep Group); and

    (b) allot and issue new ordinary shares of the Company from
time to time during the duration of the Proposed ESOS to
eligible employees and executive directors of the Dataprep Group
pursuant to their exercise of options under the Proposed ESOS
provided that the total number of shares to be issued under the
Proposed ESOS shall not exceed ten per cent (10%) of the issued
and paid-up share capital of the Company at any point in time
during the duration of the Proposed ESOS. Such new ordinary
shares shall, upon allotment and issue, rank pari passu in all
respects with the existing issued ordinary shares of the Company
except that they will not be entitled to participate in any
rights, allotment and/or any other distributions that may be
declared before the allotment of such shares.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed ESOS with full power to assent
to or make any modifications, revaluation, variation and/or
amendments as may be required by the relevant authorities and to
take all steps and actions as may be necessary and expedient for
the implementation, finalization and effectuation of the
Proposed ESOS."

ORDINARY RESOLUTION 8
- Proposed Allocation of Options to Encik Mirzan bin Mahathir,
Chief Executive officer

"THAT, contingent upon the passing of Ordinary Resolution 7
above and subject to the approvals of the relevant authorities,
the Company be and is hereby authorized specifically to offer
and grant to Encik Mirzan bin Mahathir, Chief Executive Officer,
options to subscribe for up to a maximum of 500,000 new ordinary
shares in the Company pursuant to the Proposed ESOS, subject
always to any adjustments which may be made in accordance with
the provisions of the Bye-Laws governing and constituting the
Proposed ESOS."

ORDINARY RESOLUTION 9
- Proposed Allocation of Options to Mr Yeoh Kee Pin, Executive
Director

"THAT, contingent upon the passing of Ordinary Resolution 7
above and subject to the approvals of the relevant authorities,
the Company be and is hereby authorized specifically to offer
and grant to Mr Yeoh Kee Pin, Executive Director, options to
subscribe for up to a maximum of 400,000 new ordinary shares in
the Company pursuant to the Proposed ESOS, subject always to any
adjustments which may be made in accordance with the provisions
of the Bye-Laws governing and constituting the Proposed ESOS."

ORDINARY RESOLUTION 10
- Proposed Increase in Authorized Share Capital

"THAT contingent upon the passing of Special Resolutions 1 and 2
and Ordinary Resolutions 1, 2, 3, 4, 5, 6 and 7, the authorized
share capital of the Company be and is hereby increased from
RM100,000,000 divided into 100,000,000 ordinary shares of RM1.00
each to RM500,000,000 divided into 500,000,000 ordinary shares
of RM1.00 each by the creation of an additional 400,000,000
ordinary shares of RM1.00 each and that Clause 5 of the of the
Memorandum of Association and Clause 3 of the Articles of
Association of the Company be amended accordingly."


INTER-HERITAGE: RAM Reaffirms Rating Bonds At C1
------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the long-term
rating of C1 for Inter-Heritage (M) Sdn Bhd's (IHSB) proposed
RM252.78 million 5-year Non-Convertible Redeemable Secured Bonds
(RSB). The proceeds from the RSB were utilized to refinance
IHSB's existing debt and overdue interest of RM218.00 million,
as part of a debt restructuring exercise under the auspices of
the Corporate Debt Restructuring Committee. The debt-
restructuring scheme aimed to resuscitate the Company's
financial profile in the hope that the capital appreciation of
its integrated complex will be at a rate that is sufficient to
repay its debts and provide some returns to its shareholders.

IHSB is a 51:49 joint-venture company formed between Faber Hotel
Holdings Sdn Bhd and Granton International Pte Ltd. IHSB was
formed to undertake the development of an integrated complex
comprising the luxury-class SIKL, together with office and
retail space, along Jalan Sultan Ismail, Kuala Lumpur.

Aware of the intensely competitive hotel industry coupled with
the global economic slowdown and IHSB's financial position, we
believe that IHSB's operational cash flow would be sufficient
for the coupon payments and minor upgrading works during the
tenure of the RSB. The global hotel industry has been
significantly affected by the 11 September terrorist attacks in
the US. These incidents have triggered a spate of room
cancellations in Kuala Lumpur and Sheraton Imperial Kuala Lumpur
("SIKL") has not been spared. The medium-term outlook remains
uncertain as the slowdown in the global economy has been
aggravated in the aftermath of the attacks. In addition, RAM
foresees that, unless the RSB is refinanced, IHSB would have to
dispose of the integrated complex for no less than RM407.13
million to enable its full redemption.


KUALA LUMPUR: 13th AGM To Take Place January 23
-----------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
Appointed)(KLIH or Company) announced that the Thirteenth Annual
General Meeting of the Company will be held at 12th Floor, Wisma
KLIH, 126 Jalan Bukit Bintang, 55100 Kuala Lumpur on Wednesday,
23 January 2002 at 10.00 a.m.

The Notice of the Thirteenth Annual General Meeting dated 26
December 2001 is attached below:

KUALA LUMPUR INDUSTRIES HOLDINGS BERHAD
    (Special Administrators Appointed) (165126-M)
                   (Incorporated in Malaysia)

NOTICE OF THE THIRTEENTH ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the Thirteenth Annual General
Meeting of Kuala Lumpur Industries Holdings Berhad ("Special
Administrators  Appointed") ('the Company") will be held at 12th
Floor, Wisma KLIH, 126 Jalan Bukit Bintang, 55100 Kuala Lumpur
on Wednesday, 23 January 2002 at 10.00 a.m. for the purpose of
transacting the following businesses:

A G E N D A

1. To receive the Audited Financial Statements for the
financial year ended 31 March 2001 together with the Reports of
the Directors and Auditors thereon.
     (Ordinary Resolution 1)

2. To re-elect the following Directors who retire in
accordance with Article 92 of the Articles of Association of the
Company:

i)  Abd. Malek bin Hormat  (Ordinary Resolution 2)
ii) Chong Kee Ling, JP   (Ordinary Resolution 3)

3. To re-appoint Messrs BDO Binder as Auditors of the Company
for the ensuing year and to authorize the Directors to fix their
remuneration.           (Ordinary Resolution 4)

4.         As Special Business:

To consider and if thought fit, to pass the following Special
Resolution with or without modification:

  SPECIAL RESOLUTION
Proposed Amendments to the Articles of Association of the
Company

"THAT the proposed alterations, modifications, deletions and
additions to the Articles of Association of the Company as set
out in Appendix I of the 2001 Annual Report be and are hereby
approved."  (Special Resolution)

5. To transact any other business for which due notice shall
have been given in accordance with the Articles of Association
of the Company.

Notes

1. A member entitled to attend and vote at the Meeting is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member of the Company. The instrument
appointing a proxy shall be in writing under the hand of the
appointer or his attorney duly authorized in writing or if such
appointer is a corporation, under its common seal or the hand of
its attorney.

2. The instrument appointing a proxy, together with the power
of attorney (if any) under which it is signed, or a certified
copy thereof, shall be deposited at the Company's Registered
Office at 11th Floor, Wisma KLIH, 126 Jalan Bukit Bintang, 55100
Kuala Lumpur not less than 48 hours before the time appointed
for holding the Meeting or any adjournment thereof.

3. Explanatory Note on Special Business

Special Resolution on the Proposed Amendments to the Articles of
Association

The proposed Special Resolution is to amend the Articles of
Association of the Company to be in line with the revamped
Listing Requirements of the Kuala Lumpur Stock Exchange.

4. Statement accompanying Notice of Annual General Meeting

A statement accompanying this notice which contains additional
information as required under Paragraph 8.28 (2) of the Listing
Requirements of the Kuala Lumpur Stock Exchange is set out in
page 3 of the 2001 Annual Report.

BY ORDER OF THE BOARD

NEO AH GUAK
Company Secretary
26 December 2001


LANDMARKS BERHAD: Enters Loan Agreement For RM220M Facility
-----------------------------------------------------------
The Board of Landmarks Berhad (Landmarks) announced that Sungei
Wang Plaza Sdn Bhd (SWPSB), a wholly owned subsidiary company of
Landmarks on 24 December 2001, entered into a loan agreement for
a Transferable Term Loan Facility of RM220,000,000 (the
Facility) .

DETAILS OF THE FACILITY

The Facility is for a period of ten (10) years. The principal
amount is repayable in installments commencing from the second
anniversary of the drawdown. Interest is payable on a 6 monthly
basis. The interest rate for half of the Facility amount is
fixed. The interest rate for the other half is a floating rate
based on a margin plus Maybank Base Lending Rate.

The main security for the Facility will be the following:

    (i) a first legal charge under the National Land Code, 1965
over   the parcel of land held under Geran No 11043 Lot No 1197
Seksyen 67 located in the Town and District of Kuala Lumpur, and
includes the building known as 'Sungei Wang Plaza' and all other
buildings and fixtures erected thereon but shall exclude any
common properties and units disclaimed pursuant to the terms
thereto. This comprises approximately 403,000 net lettable sq.
ft. owned by SWPSB representing 52% of the total lettable sq.
ft. at the Plaza plus approximately 1,500 car park bays owned by
SWPSB.

    (ii) an assignment over all cashflows generated under the
land charged after deducting permitted and agreed operational
cashflows.

PURPOSE OF THE FACILITY

RM210 million of the proceeds from the Facility will be utilized
to substantially redeem the RM214 million Redeemable Secured
Bonds A, which matures on 26 November 2002, issued pursuant to
Landmarks Group's debt restructuring exercise announced on 11
June 2001 whilst RM10 million will be set aside to finance
capital expenditure to be incurred in connection with the
conversion of Sungei Wang Plaza's 6th floor car park into
commercial space.

The Directors of Landmarks, having considered all aspects of the
Facility, are of the opinion that the Facility is in the best
interest of the Group as the Facility will enable the
refinancing of part of the existing borrowings of the Group, to
allow the Group to better match its repayment and interest
obligations against its cashflows. The Facility also provides
the necessary funding for SWPSB to undertake the 6th floor
conversion in Sungei Wang Plaza.

FINANCIAL EFFECTS

The Facility will not have any effect on the share capital, the
shareholding structure nor the net tangible assets of the
Landmarks Group. The Facility will also not have any material
effect on the earnings of the Landmarks Group for the financial
year ending 31 December 2001.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors (or past Directors) and substantial
shareholders of Landmarks and persons connected to them have any
interest, direct or indirect, in the Facility.


MALAYSIAN RESOURCES: Corporate Proposals' Completion Pending
------------------------------------------------------------
On behalf of Malaysian Resources Corporation Berhad (MRCB) and
Sistem Televisyen Malaysia Berhad (TV3), Arab-Malaysian Merchant
Bank Berhad (Arab-Malaysian) announced that the necessary
applications and supporting documents to be submitted to the
authorities for the proposed corporate restructuring scheme
(Corporate Proposals) are currently being finalized and pending
completion of the ongoing due diligence exercise.

In view of this, pursuant to the requirements of Practice Note
4/2001 issued by the Kuala Lumpur Stock Exchange (KLSE), TV3
will apply to the KLSE for an extension of 2 months, i.e. until
22 February 2002 to submit its plan to regularize its financial
condition to the relevant authorities for approval.


PROJEK LEBUHRAYA: Debt Ratings On Rating Watch, Positive
--------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has put the ratings of
Projek Lebuhraya Utara-Selatan Berhad's (PLUS) debt issues on
Rating Watch with a positive outlook. The RM15.9 billion nominal
value PLUS Bonds and RM2.2 billion nominal value Redeemable
Convertible Bonds (RCBs) are rated A3(s), while the RM1.0
billion EPF Serial Bonds are rated A2(s).

The Rating Watch is premised on the recently announced debt
restructuring exercise which would result in a significant
reduction of PLUS's debt level, from RM12.9 billion (accreted
value as at March 2002) to RM7.2 billion. The debt restructuring
exercise involves:

    (i) United Engineers (M) Bhd (UEM) raising RM3.0 billion to
redeem the UEM bonds and Renong SPV bonds;

    (ii) a restricted issue of RM2.4 billion new PLUS shares to
investors;

    (iii) conversion of RM1.7 billion RCBs to new PLUS shares;
(iv) the takeover of Projek Usahasama Transit Ringan Automatik
Sdn Bhd's (Putra) project assets by the Government yielding
approximately RM600.0 million in residual value for Renong
Berhad; and

    (v) the issuance of RM5.1 billion new bonds. Upon completion
of the debt restructuring scheme, the major debt on PLUS's books
shall be the RM5.1 billion new bonds, RM1.1 billion Link bonds
(accreted value as at March 2002) and RM960.0 million Government
support loans. The proposed RM5.1 billion new bonds would be
paid over a period of 15 years, thereby relieving PLUS of the
huge debt repayment obligation in 2006 based on the existing
PLUS Bonds and RCBs. In other words, the debt restructuring
exercise reduces PLUS's debt obligations and allows for
repayment over a longer period. With the current low interest
rate environment, PLUS would also be able to refinance at lower
rates. Currently, the RM15.9 billion PLUS Bonds, of which
RM13.72 billion is outstanding, carries an interest rate of 9.4%
per annum.

It was also recently announced that the toll rate for PLUS will
increase by 10% every 3 years, commencing from January 2002.
According to the Supplemental Concession Agreement, PLUS is
entitled to raise the toll rate by 33% in January 2002 and
should the actual toll rate be lower, the Government shall pay
compensation to PLUS. In light of the lower toll rates to be
implemented, there is a new compensation package involving a
combination of interest waiver on the Government support loans
and corporate tax set-off. PLUS would benefit from the new
compensation package in later years as the interest on the
Government support loans is only payable from 2003 onwards based
on the original arrangement, and tax on corporate earnings is
expected to be payable in 7 - 8 years' time. As the debt
restructuring exercise would result in a lesser debt burden for
PLUS, its cash flow profile with the 10% toll rate increase, is
still expected to remain robust.

Upon finalization of the massive debt restructuring exercise,
RAM shall undertake a thorough assessment of the impact on
PLUS's cash flow and reassess the ratings on the company's debt
issues.

RAM's Rating Watch highlights a possible change to an issuer's
debt rating. It focuses on identifiable events like mergers,
acquisitions, regulatory changes, operational developments, etc,
that put a rated debt under special surveillance by RAM. In a
broader sense, it covers any event that may result in changes in
the risk factors relating to the repayment of principal and
interest/profit on a rated debt instrument.

Appearance on RAM's Rating Watch, however, does not inevitably
mean that the existing rating will be changed. It only means
that a rating is under evaluation by RAM's analysts and a final
affirmation will be announced.


SOUTHERN PLASTIC: Enters MOU With OPM
-------------------------------------
Southern Plastic Holdings Berhad (SPHB), on 21 December, 2001,
signed a Memorandum of Understanding (MOU) with Ocean Pearl
Marketing Sdn. Berhad (OPM), the owner of twelve (12) existing
and ongoing supermarket/retail units and a commercial property
known as Plaza Hang Tuah, Melaka. SPHB intends to purchase the
entire issued and paid up capital of OPM together with the
commercial property. The scope, terms and conditions of the sale
will be agreed upon and to be executed between SPHB and OPM in
the final agreement at a subsequent date.

Included in the MOU, among others are:

1. Within 180 days from the date of the MOU to such extended
date as shall be mutually agreed between SPHB and OPM, SPHB
shall appoint an accounting firm to conduct a due diligence on
OPM group of companies.

2. OPM shall provide a profit guarantee acceptable to SPHB of
not less than the projected income provided to SPHB.

3. SPHB shall procure a resolution of the Board of Directors to
appoint one nominee of OPM as a director effective on the date
of the MOU and shall allow representatives of OPM to attend
meetings concerning the restructuring schemes of SPHB with the
relevant financial creditors of SPHB Group.

The Directors of SPHB would further wish to confirm that the
directors and substantial shareholders and persons connected
with the directors and the substantial shareholders do not have
any direct nor indirect interest in the MOU.

TCR-AP reported on September that SPHB submitted its revised
proposal to restructure the financial institution debt
obligation (scheme creditors) of the company and its selected
subsidiaries (revised proposal) to the respective scheme
creditors.


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


COSMOS BOTTLING: LTCP Rating Withdrawn
--------------------------------------
The PRS Aa rating for Cosmos Bottling Corporation's (Cosmos)
outstanding P750 million in long-term commercial papers (LTCPs),
with a maturity date of December 14, 2001, has been withdrawn
for lack of official information about their payment on due
date.

Despite earlier repeated written and verbal requests made by
PhilRatings, to date no confirmation of payment of the LTCPs
upon maturity has been made by Cosmos as is required by
transparency norms.

PhilRatings has likewise received unconfirmed reports that no
payment was made by Cosmos upon the LTCPs' maturity last Friday,
December 14. The company has reportedly sought an extension
until December 21 to settle the principal on the LTCPs. Proceeds
from the sale of Cosmos to San Miguel Corporation are expected
to come in by that date. Again, Cosmos representatives could not
be reached for comment regarding this matter of non-payment.

PhilRatings also announced that it has recalled its recent PRS
Baa rating on RFM Corporation's outstanding LTCPs until a review
is completed on the implications to RFM of these latest
developments in Cosmos, its subsidiary.


NATIONAL POWER: Seeks Higher Enron Power Contracts' Discount
------------------------------------------------------------
The National Power Corp through the Power Sector Assets
and Liabilities Management (PSALM) Corp seeks higher discount
than the 12 percent offered by Enron Corp for the two Philippine
power contracts it is selling, AFX-ASIA reports, quoting Energy
Secretary Vicente Perez.

Enron has a contract to operate a 105-megawatt oil-based plant
in Batangas up to July 2003 and a 108-megawatt power plant in
Subic Bay until March 2009.

"Assuming that Enron is reasonable in their asking price, there
may be an agreement forged before the end of the year," Perez
said. He did not say how much discount PSALM, which plans to
purchase the Enron facilities and sell them when the
privatization of Napocor is underway, has been asking from
Enron.


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


AURIC PACIFIC: Expects Full-Year Loss
-------------------------------------
The Board of Directors of Auric Pacific Group Ltd, in a
disclosure to the Singapore Stock Exchange, referred to the
Company's announcement of the half year results of the Company
and the Group ended 30 June 2001 made on 31 August 2001 wherein
the Directors stated in their commentary on the current
year prospects that, "... the Group expects the business
environment to continue to be difficult in the second half of
the year. However, the food operation is expected to maintain
its performance over the second half of the year."

In anticipation of the Group's announcement of the results for
the financial year ending 31 December 2001, the Directors deem
it appropriate to issue a profit warning now.

Due to the protracted global economic slowdown which has been
exacerbated by the September 11 terrorist attacks in United
States, the Group's overseas investments, particularly those in
the equity markets, have been significantly affected. As at 30
November 2001, the Group had made provisions (unaudited) for:

    1. a diminution in valuation of long-term investments mainly
in Singapore, Hong Kong and United States of $5.9 million; and

    2. an unrealized loss of $14.8 million arising from the
revaluation of quoted investments mainly in Hong Kong, out of a
total treasury management of $191 million.

    3. an unrealized exchange gain of $2.5 million.

The food operation is expected to remain profitable.

Overall, in view of the current global economic slowdown and
uncertainty of recovery in the short term, the Directors expect
the Group to carry a loss for the full financial year ending 31
December 2001.

The Directors will continue to review the Group's investment
strategy on its quoted and long-term investments in the light of
this economic downturn and to rationalize and strengthen the
Group's corporate structure to improve shareholder value.


FHTK HOLDINGS: Sells Pandan Loop Asset For S$2.8M
-------------------------------------------------
FHTK Holdings Ltd. announced that its wholly-owned subsidiary,
FHTK Cold Store Pte Ltd, has entered into a sale and purchase
agreement with Phoon Huat & Co (Private) Limited pursuant to
which FHTKCS has agreed to sell, and PHCPL has agreed to
purchase FHTKCS' property at 231A Pandan Loop Singapore, subject
to approval being obtained from the Jurong Town Corporation for
the assignment of the lease on the Property for a consideration
of S$2,820,000 to be satisfied fully in cash.

The net book value of the Property, based on the latest audited
consolidated accounts of the FHTK Group as at 30 June 2001, was
S$3,728,000. FHTKCS will realize a loss of S$908,000 from the
Disposal. Proceeds from the Disposal will be used for the FHTK
Group's working capital purposes. The Disposal will not have any
material effect on the earnings per share and net tangible
assets per share of the Company.

The Property was used by the Company and its subsidiaries as
cold storage facilities. Subsequent to an internal
reorganization of business operations, the Property with its
accompanying cold room facilities are no longer required by the
FHTK Group, and will be disposed as part of a series of
austerity measures to streamline the operations of the FHTK
Group.

Based on the latest audited consolidated accounts as at 30 June
2001, the Company would have, pursuant to Clause 1007 of the
listing manual of the Singapore Exchange Securities Trading
Limited been required to obtain approval from its shareholders
for the Disposal. However, as the Company had, since the date of
its last audited consolidated accounts, successfully implemented
a capital reduction and debt restructuring exercise on 28
September 2001, resulting in a significant increase in its
consolidated net asset value and a consequent reduction in the
materiality of the Disposal in comparison to the Company's
assets to less than five per cent (5%), the SGX-ST has granted
the Company a waiver fro the requirement to obtain shareholder
approval for the Disposal.


I-ONE.NET INTERNATIONAL: Changes Name To Xpress Holdings
--------------------------------------------------------
The Board of Directors of I-One.Net International Ltd announced
that the Company has changed its name to Xpress Holdings Ltd
with effect from 3 December 2001. The change of name of the
Company was approved by shareholders at the 3rd Annual General
Meeting held on 3 December 2001 as well as by the Registrar of
Companies and Businesses.

This name change reflects the company's refocus on the print
media and captures its continued spirit of providing time-
sensitive printing services to the financial sector. The Xpress
name is also well known in the local and regional financial
community for the past decade and this change strengthens
our commitment to this market.


I-ONE.NET INTERNATIONAL: Directors, Audit Committee Quit
--------------------------------------------------------
I-One.Net International Ltd on December 6, 2001 informed the
Singapore Stock Exchange of the resignations which took effect
from 5 December 2001:

      * Mr Lim Jit Poh as Chairman/Director and Chairman/Member
of the Company and Audit Committee respectively; and

      * Mr Kwek Leng Kee as Director and Member of the Company
and Audit Committee respectively.

The Board has also appointed the following new Directors with
effect from 5 December 2001:

      a. Mr Teo Ho Beng - Executive Director
      b. Ms Cindy Lim Kim Soon Lee - Executive Director
      c. Ms Eleanor Fong Sau Kwan - Executive Director
      d. Mr Roland Teo Ho Kang - Non-Executive Director
      e. Mr Christopher Chong Meng Tak - Non-Executive and
Independent Director
      f. Mr Sam Chong Keen - Non-Executive and Independent
Director

The Board also announced the appointment of Dr Wang Kai Yuen, Mr
Christopher Chong Meng Tak and Mr Sam Chong Keen as Chairman and
members respectively of the Audit Committee of the Company with
effect from 5 December 2001. Dr Wang replaced Mr Lim Jit Poh as
Chairman of the Audit Committee.

Mr Christopher Chong Meng Tak and Mr Sam Chong Keen are
considered independent for the purposes of Clause 902(4)(a) of
the Listing Manual of the Singapore Exchange Securities Trading
Limited.

The Audit Committee of the Company now consists of the following
Directors:

      * Dr Wang Kai Yuen - Chairman (Independent)
      * Mr Christopher Chong Meng Tak - (Independent)
      * Mr Sam Chong Keen - (Independent)


VERTEX VENTURE: Appoints Kheng Nam As Unit's Liquidator
-------------------------------------------------------
The Directors of Vertex Venture Holdings Ltd (the Company)
announced that Vertex Investment Pte Ltd (VIPL), a wholly-owned
subsidiary of the Company, held an extraordinary general meeting
Wednesday, December 27, 2001 and passed, inter alia, a special
resolution that VIPL be wound up voluntarily pursuant to Section
290(1)(b) of the Companies Act, Chapter 50. Mr. Lee Kheng Nam
has been appointed the sole liquidator of VIPL.


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


KRISDAMAHANAKORN PUBLIC: Reports On Increased Capital
-----------------------------------------------------
Krisdamahanakorn Public Company Limited reported on the
resolutions made at a  Board of  Directors Meeting (#4/2001)
held on December 24, 2001 at 17.00am. at 2th Floor
Krisdamahanakorn PLC., auditorium. The details of the
resolutions are:

1. Consider allotment of increased capital in convertible
prefered shares conversion to common  shares to lenders for 2
lender, total prefered shares 1,133,265 shares .

2. Consider allotment of  increased capital in common shares for
other creditors for 2 persons total common shares 147,121
shares.


ITALIAN-THAI: Creditors Approve Bt20.402B Debt Workout Scheme
-------------------------------------------------------------
ITD Planner Company Limited, Planner of Italian-Thai Development
Public Company Limited, informed that at the Company's creditors
meeting on 24th December 2001, 80.45% of the attending creditors
had already approved the reorganization plan. The summary  of
the plan:

Class 5 and 6 Creditors have the right but not the obligation
to participate in the DDRP and VDEC and may not submit a bid
involving the same Claim simultaneously under both the DDRP and
the VDEC.

( 1 )  VOLUNTARY  DISCOUNTED DEBT REDEMPTION PROGRAM (DDRP)

   *  The amount to be used for DDRP shall be not less than THB
         1.9  billion
   *  The bidding prices shall not be higher than 35% of the
        principal

( 2 )  VOLUNTARY  DEBT  EQUITY  CONVERSION  PROGRAM ( VDEC )

   *  If  all shares  are not issued  the  balance  is  cancelled
   *  Tender  on  principal  balances only
   * Principal  conversion in order  of  highest  bidding  prices

Special Purpose Vehicle ( SPV ), Serviceable  Claims  and
Mandatory Debt Equity Conversion

The Claims of Classes 5 and 6 Creditors which have not  been
repurchased under the DDRP or converted into shares under the
VDEC in the aggregate amount of BT4 billion shall be novated to
the SPV.

( 3 )  SPECIAL  PURPOSE  VEHICLE ( SPV )

Debt            :       THB 4.0 billion  of  novated  claims
Asset           :       THB 4.0 billion  transfer  to  SPV
Maturity        :       30 June  2007
Repayment       :       30 June 2003  - THB 75 m,
Schedule     :       30 June 2005  - THB 200 m and
                         30 June 2007  - THB 3,725  m
Interest        :       No

The Claims of Classes 5 and 6  Creditors (other than those
Claims which have been repurchased under the DDRP or converted
into shares under the VDEC, or novated to the SPV), amounting
not more than 2.0 billion  shall be Serviceable claims

( 4 )  SERVICEABLE  CLAIMS  (SC)

   * Debt  - THB 2.0 billion ( maximum )
   * Term  - end  31  December  2007
   * Principal  Amortization  every quarter  by
   * 2004 repay 2.5%  of  sc
   * 2005 repay 3.0% of sc
   * 2006 repay 3.5% of sc
   * 31 March, 30 June and 30 September 2007 repay 3.5% of sc
   * 31 December 2007  repay  53.5%  of  sc
   * Grace  Period  - until  30  March  2004
   * Interest  payment - quarterly  in  arrears
   * Interest  THB  MLR -3%

( 5 )  MANDATORY   DEBT   FOR   EQUITY  CONVERSION

   * Maximum  43  million  shares
   * Conversion  price  -   THB  10  minimum  per share
   * If  all  the  shares  are  not  issued  the  balance are
       cancelled

The remaining claims of classes 5 and 6 Creditors (other than
those claims which have been repurchased under the DDRP or
converted into shares under the VDEC, novated to the SPV or
transfer to serviceable claims) shall be converted in to
ordinary shares of ITD.


MEDIA OF MEDIAS: Announces Rehabilitation Plan Progress
-------------------------------------------------------
Media of Medias Public Company Limited informed that the court
has postponed the consideration for approving the rehabilitation
plan from December 26, 2001 to January 15, 2002  about 10.00
a.m. at the Bankruptcy Court.

ON November 29, TCR-AP reported that the Company announced that
the Constitution Court has made the judgment that Section 90/46
and 90/58 of the Bankruptcy Act are not unconstitutional with
the section in the Constitution Court.


NEP REALTY: Discloses Unit's Debt Workout Agreement Info
--------------------------------------------------------
NEP Realty & Industry Public Co., Ltd. (NEP) disclosed
information on the case of Saraburi Industrial Park Co., Ltd.,
an affiliate of NEP, entering into a Debt Restructuring
Agreement with NFS Asset Management Co., Ltd. and National
Finance Public Co., Ltd., as follows:

Transaction Date: December 24, 2001

PARTIES:

1. Saraburi Industrial Park Co., Ltd. (SIP);
2. NEP Realty & Industry Public Co., Ltd. (NEP);
3. NFS Asset Management Co., Ltd. (NFS); and
4. National Finance Public Co., Ltd. (NF)

Debt restructuring between SIP, NFS and NF

On July 5, 2001, SIP agreed to enter into a debt restructuring
agreement with NFS and NF. Now the parties to the said agreement
agree to enter into a second debt restructuring agreement. Both
agreements are made under the Bank of Thailand's debt
restructuring scheme, with the following material terms and
conditions:

    SIP's indebtedness to NFS under a Credit Facility Agreement

      * Principal outstanding amounting to Bt330,158,070.75

      * Accrued interest calculated until June 30, 2001 amounting
to Bt208,819,484.55 plus accrued interest calculated as from
July 1, 2001 at the rate specified in the relevant Credit
Facility Agreement;

      * Unpaid fees for the issue of Guarantees amounting to
Bt18,536,641.27 Unpaid registration fees in respect of the
rights and legal acts amounting to Bt3,210 Unpaid insurance
premium amounting to Bt276,822.37

    SIP's indebtedness to NF

      * Obligations under the Guarantee for Bt30,000,000 issued
by NF as requested by SIP per application for Issue of Guarantee
No. LN 38007 dated June 21, 1995 and unpaid fees for the issue
of such Guarantee;

      * Unpaid fees for the issue of Guarantees amounting to
Bt3,187,500.01

SIP's indebtedness to NEP

SIP's obligations to NEP under the promissory notes as at
December 6, 2001 amount to Bt535,964,961.09, comprising the
principal sum of Bt516,585,951.50 and the accrued interest
of Bt19,379,009.59.

Details of the debt restructuring between SIP, NFS and NF

SIP agrees that on or before December 28, 2001, it will
transfer, by way of sale, the ownership of certain part of the
collateral, i.e., lands under title deed nos. 450 and 464,
located in the Saraburi Industrial Estate at Tambon Ban
Thad/Song Korn, Amphur Kaeng Koy, Saraburi Province, and
covering an area of 299-2-47 rai, to Thai Plywood Co., Ltd. in
accordance with the agreement to sell such lands made with Thai
Plywood Co., Ltd. on June 28, 1995. The purchase price is Bt
359,541,000.

The last installment of the said purchase price amounting to
Bt107,541,000 will be paid by Thai Plywood Co., Ltd. to SIP,
some of which amount will be applied toward the payment against
taxes, duties, fees and other costs and expenses incurred in
connection with the sale as well as toward the repayment of debt
owing by SIP to other creditors for the purpose of releasing the
mortgage on all collateral. The remaining amount of no less than
Bt93,000,000 will then be repaid to NFS and NF. (If the
remaining amount exceeds Bt93,000,000, it will be applied toward
the repayment to NFS and NF in its entirety.) Out of the said
Bt93,000,000, Bt3,187,500.01 will be paid to NF and the rest
thereof will be paid to NFS on the date of transfer of the
ownership of the lands to Thai Plywood Co., Ltd., upon
presentation of all documents evidencing the purchase price and
other related expenses.

In addition, on or before December 28, 2001, SIP will transfer
to NFS the ownership of the lands and structures, if any,
serving as collateral and covering a total area of 993-2-42 rai
(being the remaining area after the transfer to Industrial
Estate Authority of Thailand and Thai Plywood Co., Ltd.) as the
repayment of debt in respect of the land mortgage under the
relevant Security Agreement. The value of the said collateral to
be transferred by way of the repayment of debt amounts to
Bt336,158,600. SIP also agrees to transfer the ownership of any
other land and structure owned by it to NFS for the repayment of
any debt that remains outstanding.

Details of the debt restructuring between SIP and NEP

SIP's obligations to NEP under the promissory notes as at
December 6, 2001 amount to Bt535,964,961.09, consisting of:

    * the principal sum of Bt516,585,951.50

    * the accrued interest of Bt19,379,009.59

On the date of the execution of the second Debt Restructuring
Agreement, SIP has made to NEP a partial payment of Bt100,000 ,
which amount has duly been received by NEP. SIP agrees that NEP
may apply such amount toward the repayment of principal
outstanding and/or the payment of interest in whatever order of
priority as it thinks appropriate.

Then NEP agrees to give up the remaining debt of
Bt535,864,961.09 to SIP, and the obligations under the
promissory notes between SIP and NEP are deemed terminated.

NEP's giving up of such debt results from the debt restructuring
contemplated between SIP and NF. Since NEP stands guarantor for
the repayment of all debts owing and payable to NF by SIP, if
SIP is able to repay NF under the Debt Restructuring Agreement,
NEP's obligations as guarantor will cease to exist. Besides, the
giving up of debt will benefit NEP in terms of taxation as NEP
can write off its account receivable without the necessity to
resort to litigation against SIP.


WONGPAITOON GROUP: Posts Share Offering Results
-----------------------------------------------
Wongpaitoon Group Public Company Limited posted its share
offering results.

               REPORT THE RESULTS OF A SHARE OFFERING
                       December 20, 2001

1.  Information relating to the share offering

Class of shares offered :       Common share
Number of shares offered:       604,845,880 shares
Offered to              :       Creditors under the Business
   Reorganization Plan for the debt
   to equity conversion
Price per share         :       Baht 3.10

2.  Results of the share sale

         ( / )   Totally sold
         (   )   Partly sold, with - shares remaining.

3.  Details of the sale

         Thai Investors   Foreign Investors     Total
                Juristic   Natural    Juristic    Natural
                Persons    Persons    Persons     Persons

No.of persons    [7]        -        [2]          -       [9]
No. of shares  559,248,380  -        45,597,540   -  604,845,880
subscribed
Percentage of
  total        92.46%      -         7.54%       -      100.00
shares offered for sale

4.  mount of money received from the share sale

As the conversion from debt of bank and finance institution
creditors under the Business Reorganization plan; thus, there
are no proceeds received from this transaction.


YOONSILA CHAINGMAI: Files Business Reorganization Petition
----------------------------------------------------------
The Petition for Business Reorganization of Yoonsila Chaingmai
Company Limited (DEBTOR), engaged in crush stone business and
transportation service, was filed in the Central Bankruptcy
Court:

    Black Case Number 1008/2543

    Red Case Number 116/2544

Petitioner: YOONSILA CHAINGMAI COMPANY LIMITED

Planner: Legal Universal Company Limited

Debts Owed to the Petitioning Creditor: Bt1,397,115,675.11

Date of Court Acceptance of the Petition: December 6, 2000

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

Court Order for Business Reorganization and Appointment of
Planner: February 21, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: March 2, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : March 27,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver: June 27, 2001

Planner postponed the date of submitting the reorganization plan
#1st to July 27, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to August 27, 2001

Appointment date for the Meeting of Creditors to consider the
plan: October 8, 2001 at 13.30 pm. Convention Room 1103, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

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

Contact: Ms. Umaporn Tel, 6792525 ext 142


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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