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        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, January 4, 2002, Vol. 5, No. 3

                          Headlines


A U S T R A L I A

ANSETT AUSTRALIA: Consortium Fills CEO, CFO Posts
JAMES HARDIE: Additional Securities, Agreement Notice Issued
NORMANDY MINING: Requests Trading Halt
PACIFIC DUNLOP: PDPAM Unquoted Securities Lapsed
RIVERMAX ENTERPRISES: Ferrier Hodgson Appointed As Receiver

STP GROUP: Issues Case Profile
TELEMEDIA NETWORKS: Deed Of Company Arrangement Executed
UECOMM LIMITED: Posts Initial Director`s Interest Notice
WORLD EXCHANGE: Liquidator Gives Partial Payout To Tele2000


C H I N A   &   H O N G  K O N G

ALISON GROUP: Winding Up Petition Set For Hearing
FORTUNE WORLD: Winding Up Petition To Be Heard
FULLOAD SHIPPING: Faces Winding Up Petition
KIN DON: Exceptional Price, Turnover Movements
KUNMING MACHINE: Workout Agreements Resolutions Passed At EGM

MANDARIN RESOURCES: Sees No Reason For Trading Volume Increase
NETEASE.COM: Resumes Trading On Nasdaq
TIMES.COM: Winding Up Petition Hearing Set
YAU KEE: Winding Up Petition Slated For Hearing


I N D O N E S I A

ASTRA INTERNATIONAL: November Domestic Vehicle Sales Drop


J A P A N

ITUCHO CORPORATION: Hides Y400M Taxable Income

* Bankruptcy Claims Nine Shinkin Banks, 37 Credit Unions In `02


K O R E A

DAEWOO MOTOR: IMF Proposes An Asset Sale Rush
HYNIX SEMICONDUCTOR: IMF Urges Banks To Expedite Sale Of Assets
HYNIX SEMICONDUCTOR: Kim Expects Micron Bid After This Week
SHINHAN BANK: Taps Domestic Banks For Possible Merger


M A L A Y S I A

ARTWRIGHT HOLDINGS: Proposed Strategic Alliance Approval Pending
CYGAL BERHAD: Divests Assets In Unit
ESPRIT GROUP: Proposed Restructuring Scheme Underway
EPE POWER: Further Defaults On Interest Payment
GEAHIN ENGINEERING: KLSE Grants Scheme Extension Till Jan 25

GULA PERAK: SC Grants Proposed Debt Restructuring Extension
MBF CAPITAL: Proposed SOA Voting At CCM On Jan 14
MBF HOLDINGS: Seeks Proposed SOA Approval From SC, BNM
OMEGA HOLDINGS: Restructuring Agreement With BGI Terminated
PANCARAN IKRAB: Proposed Scheme Revision Approvals Pending

PANGLOBAL BERHAD: AGM To Be Held On January 30
SCK GROUP: Updates Financial Regularization Status
SRI HARTAMAS: Unit Sells Land Parcels For RM30,109,715.50


P H I L I P P I N E S

GUOCO GROUP: Seeking Partner For Manila Property Development
NATIONAL BANK: Government Expects January MOA With Tan


S I N G A P O R E

AMTEK ENGINEERING: Director Foo Shu Huan Changes Interest
CERAMIC TECHNOLOGIES: High Court OKs Appointed Judicial Managers
CERAMIC TECHNOLOGIES: Presscrete Attributes $30M Loss To Unit
HONG LEONG: Affiliate Investment Holdings Changes Interest
HONG LEONG: Director Sim Miah Kian Changes Deemed Interest

HONG LEONG: Kwek Holdings Changes Deemed Interest
NATSTEEL LIMITED: TAKES 71% Share In Siam Industrial Wire


T H A I L A N D

EASTERN WIRE: SET Grants Listed Securities
L.P.N. DEVELOPMENT: Reveals Debt Restructuring Progress
SAND-POLYCHEMICAL: Business Reorganization Petition Filed

      -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: Consortium Fills CEO, CFO Posts
-------------------------------------------------
The Lew/Fox consortium, consisting of Melbourne businessmen
Solomon Lew and Lindsay Fox, in cooperation with U.S. airline
investors David Bonderman and William Franke, intending to close
their purchase of assets from Ansett Australia next month, has
filled the two top executive positions for the venture, the
Asian Wall Street Journal reports.

James Hogan will begin work this week as chief executive of the
new Ansett and Adam Moroney will start Jan. 15 as chief
financial officer, the group said.

Mr. Hogan, 45 years old, started his aviation career as an
Ansett airport staff employee out of school 27 years ago, and
stayed four years at the airline before moving on to executive
positions with Hertz Corp. and Forte Hotels Ltd.


JAMES HARDIE: Additional Securities, Agreement Notice Issued
------------------------------------------------------------
James Hardie Industries N.V. posted a:

                      NEW ISSUE ANNOUNCEMENT
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
James Hardie Industries NV

ACN or ARBN
097 829 895

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Shares/CUFS
    or to be issued

2. Number of securities issued         86,230 shares/CUFS
    or to be issued (if known)
    or maximum number which
    may be issued

3. Principal terms of the securities   86,230 shares/CUFS issued
    (eg, if options, exercise price     on exercise of options
    and expiry date; if partly paid
    securities, the amount
    outstanding and due dates for
    payment; if convertible securities,
    the conversion price and dates
    for conversion)

4. Do the securities rank equally      Yes, rank equally with
    in all respects from the date       issued shares/CUFS
    of allotment with an existing
    class of quoted securities

    If the additional securities
    do not rank equally, please
    state:
    * the date from which they do
    * the extent to which they
      participate for the next
      dividend, (in the case of
      a trust, distribution) or
      interest payment
    * the extent to which they do
      not rank equally, other than
      in relation to the next
      dividend, distribution or
      interest payment

5. Issue price or consideration        Allotment of share/CUFS
                                        on exercise of 46,056
          options at AUD 3.685 each
                and 40,174 options at AUD
    3.7235 each

6. Purpose of the issue (if            Exercise of options
    issued as consideration for
    the acquisition of assets,
    clearly identify those
    assets)

7. Dates of entering securities        27/12/2001
    into uncertified holdings
    or dispatch of certificates

                                       NUMBER  CLASS
8. Number and class of all       451,035,034  Shares/CUFS
    securities quoted on
    ASX (including the
    securities in clause
    2 if applicable)

                                       NUMBER  CLASS
9. Number and class of all        11,377,374  Options
    securities not quoted
    on ASX (including the
    securities in clause 2
    if applicable)

10.Dividend policy (in the case        Rank for dividends
    of a trust, distribution            equally with
    policy) on the increased            issued shares/CUFS
    capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

     (a) x  Securities described in Part 1

     (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

     Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35.    The names of the 20 largest holders of the additional
        securities, and the number and percentage of
        additional securities held by those holders

36.    A distribution schedule of the additional securities
          setting out the number of holders in the categories
          1 - 1,000
          1,001 - 5,000
          5,001 - 10,000
          10,001 - 100,000
          100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)
     Entities that have Ticked Box 34 (b)
     Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

        Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
       given to ASX electronically at the same time.

Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive schemes
that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant to ASX that the issue of the securities to be
quoted complies with the law and is not for an illegal purpose,
and that there is no reason why those securities should not be
granted quotation. We warrant to ASX that an offer of the
securities for  sale within 12 months after their issue will not
require disclosure under section 707(3) of the Corporations Law.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


NORMANDY MINING: Requests Trading Halt
--------------------------------------
Normandy Mining Limited has been in discussions in connection
with one of the takeover bids for its shares and anticipates
that an announcement concerning this bid will be made by the
relevant bidder on Thursday. As the company considers it likely
that this announcement, when and if it is made, will affect the
price of Normandy's shares, the company requests that a trading
halt be placed on its securities in accordance with Listing Rule
17.1.

The company requested that the trading halt remain in place
until the anticipated announcement is made or until the opening
of trade on Friday, 4 January 2002. The company is not aware of
any reason why the trading halt should not be granted.


PACIFIC DUNLOP: PDPAM Unquoted Securities Lapsed
------------------------------------------------
Pacific Dunlop Limited advised that during the past month,
options in respect of 750,000 unissued ordinary shares in the
Company under unquoted securities - PDPAM have lapsed, the
Executives concerned having ceased to be employed by the
Company.

The number of options on issue under unquoted securities - PDPAM
is now 1,035,000. This number will be reflected in our next
monthly lodgment with the Australian Stock Exchange.


RIVERMAX ENTERPRISES: Ferrier Hodgson Appointed As Receiver
-----------------------------------------------------------
Further to Tuart's previous announcements concerning the Deed of
Indemnity and the commercial uncertainty in respect of the Deed
of Indemnity a wholly owned subsidiary of Tuart Resources Ltd,
Rivermax Enterprises Pty Ltd (ABN 64083025852) the grantor of a
debenture in favor of Saxby Bridge Agencies is alleged by Saxby
Bridge Agencies Pty Ltd to be in default of the debenture.

The sole Director of Rivermax has been served with documents
stating the appointment of Mr Andrew Love of Messrs Ferrier
Hodgson as a receiver of Rivermax. Tuart has not yet been
served. Tuart is not liable itself for the debts of Rivermax.
The specific debenture in question was the subject of the Deed
of Indemnity and was a debt in respect of which Tuart sought
indemnification.

Rivermax's principal asset (apart from its rights under the Deed
of Indemnity to indemnification in respect of this debt) is its
shareholding in Southern Wine Corporation Ltd. In this regard
Tuart points out:

    (a) Rivermax's shareholding in Southern Wine is the subject
of a prior mortgage;

    (b) Tuart's financial advances to Southern Wine rank ahead of
the receiver's rights as a receiver of a shareholder in Southern
Wine.

Tuart intends to meet with the Receiver and confirm whether he
has in fact been appointed and discuss the receiver's intentions
and plans as soon as practicable in the New Year.


STP GROUP: Issues Case Profile
------------------------------
Territory :  Australia
Company Name:  STP Group
Lead Partner:  Greg Hall
Case Manager:  Greg Hall
Date of Appointment:  3 November 2000
Normal Contact  :  Janna Suominen
Contact Phone No  :  (02) 8266 7697

PwC Office

Location :  Sydney
PO Box :  GPO Box 2650
Street Address:  Darling Park Tower 2 201 Sussex Street
City  :  SYDNEY
State  :  NSW
Postcode :  1171
DX  :  DX 77 Sydney
Phone  :  (02) 8266 0000
Fax  :  (02) 8266 9999
Appointor :  National Australia Bank Limited
Registered Office of company:  Parker Street, CARRINGTON NSW
  2294
Company No / CAN   :  Various
Type of Appointment :  Receiver and Manager
Lead Partner - Full Name:  Gregory Winfield Hall
Second Partner - Full Name:  David Laurence McEvoy

Case Information (Last Updated 19/10/2001 05:13:06 PM)
First Creditors' Meeting

Date:  No meeting of creditors is held in a receivership. If a
Liquidator is appointed, a creditors meeting may be scheduled.

Other Key Information

Report as to Affairs received from directors:
The Report as to Affairs is due within 14 days of the
appointment unless an extension has been granted (s 429(2)(b)).

Dates of trading by insolvency practitioner:
To be determined.

Business sold/ceased trading:
To be determined.

Job closure:
To be determined.

Background Information

Greg Hall and David McEvoy of PricewaterhouseCoopers were
appointed as Receivers and Managers of the following companies
on 3 November 2000 (the STP Group):

    * STP Group Pty Limited;
    * STP Manufacturing Pty Limited;
    * Dome Engineering Pty Limited;
    * Steel Tank and Pipe Consolidated Pty Limited;
    * Steel Tank and Pipe Construction Pty Limited;
    * Denaman Pty Limited;
    * STP Finance Pty Limited.

The STP Groups has operations in Sydney, Newcastle, Melbourne,
Perth, Brisbane and Adelaide.

The Receivers currently intend to continue to trade the majority
of the business operations and to offer these businesses for
sale as a going concern. Information is being prepared for
potential purchasers and will be posted in the Businesses for
Sale area of pwcrecovery.com as soon as it is available.
Potential purchasers will be able to register on-line to receive
the information.

Current status of assignment and actions required by creditors

All suppliers will receive correspondence from the Receivers
relating to procedures for ongoing trading. A Receiver and
Manager does not have the power to deal with the claims of
unsecured creditors - however, all creditors who do have a claim
are invited to lodge details of their claim with the Receivers
who will pass the details to a Liquidator, if one is appointed.
Forms to lodge an informal proof of debt are available within
the Case Information area.

Next milestone and estimated timetable

The Receivers will post further updates after their initial
evaluation of the status of the companies is complete.

Likely outcome for creditors and timetable

At this stage, it is too early to determine the likely outcome
for the various classes of creditors. (www.pwcrecovery.com)


TELEMEDIA NETWORKS: Deed Of Company Arrangement Executed
--------------------------------------------------------
Richard Albarran and Geoffrey McDonald were appointed
Administrators of Telemedia Networks International Limited (the
company), pursuant to a resolution of the Board of Directors on
10th August 2001. At a meeting of creditors held on 5th October
2001, creditors resolved that the company execute a Deed of
Company Arrangement.

The company executed the Deed of Company Arrangement on 26th
November 2001 and Richard Albarran and Geoffrey McDonald
executed it on 7th November 2001. As such, Richard Albarran and
Geoffrey McDonald were appointed Deed Administrators on 7th
November 2001.

A summary of the contents of the Deed of Company Arrangement is:

    * The company will pay a deed contribution of $400,000.
    * Of the amount to be paid, $250,000 will be paid directly to
the secured creditor Westpac Banking Corporation. The remainder
will be applied to entitlements of creditors and costs of the
administrators.

Subsequent to compliance with the terms of the Deed of Company
Arrangement, it is intended that the company will commence
trading again on the ASX some time in the future, prior to which
time shareholders will be notified.


UECOMM LIMITED: Posts Initial Director`s Interest Notice
--------------------------------------------------------
Uecomm Limited issued an initial Director's interest notice:

INITIAL DIRECTOR'S INTEREST NOTICE

Name of entity:        Uecomm Limited
ABN:                   56 079 083 195

Name of director:      Robert Kent Green
Date of appointment:   26/07/2000

PART 1 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS THE REGISTERED HOLDER

Number and class of securities:

100,000 United Energy Limited Stapled Securities
2,650,853 UtiliCorp United Inc Securities (US Listed)

PART 2 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS NOT THE REGISTERED HOLDER

NAME OF HOLDER AND NATURE             NUMBER AND CLASS OF
OF INTEREST:                          SECURITIES:

Nil                                   Nil

PART 3 - DIRECTOR'S INTERESTS IN CONTRACTS:

DETAIL OF CONTRACT:   Corporate Services Agreement

NATURE OF INTEREST:   Mr Green is a director of United Energy
Limited, which is entitled to fees for providing such services
on the terms set out in the Corporate Services Agreement.

NAME OF REGISTERED
HOLDER (IF ISSUED
SECURITIES):          Nil

NO AND CLASS OF
SECURITIES TO WHICH
INTEREST RELATES:     Nil


DETAIL OF CONTRACT:   Loan Facility Agreement

NATURE OF INTEREST:   Mr Green is a director of United Energy
Limited, which has provided a loan facility to Uecomm Limited.

NAME OF REGISTERED
HOLDER (IF ISSUED
SECURITIES):          Nil

NO AND CLASS OF
SECURITIES TO WHICH
INTEREST RELATES:     Nil


WORLD EXCHANGE: Liquidator Gives Partial Payout To Tele2000
------------------------------------------------------------
Earlier this year the Board of Tele2000 advised the market that
it had lodged a substantial claim against John Star, the Joint
Liquidator of World Exchange Pty Limited (WorldxChange), for
damages it had suffered as a consequence of the demise of
WorldxChange, the repudiation of its contract and the sale of
its tolling clients to NewTel.

Tele2000 is pleased to inform the market that after considerable
negotiation, the Liquidator has agreed in writing to accept
proof of debt from Tele2000 to the extent of $2.25 million and
has already made a distribution of $450,000 to Tele2000, which
was received prior to 3lst December 2001.

Based on information provided by the Joint Liquidators,
depending on settlement of claims with the US parent of
WorldxChange, an amount of up to 70 cents in the dollar will be
distributed to creditors. For Tele2000, this represents a cash
amount of up to $1.575 million and is a significant boost to its
2002 earnings, as the whole amount would be considered a tax
free windfall profit and equates to approximately 2.1 cents per
share. The balance of the funds are expected to be received in
two further installments during 2002.

The recent share placements of approximately $470,000 and the
receipt of the $450,000 from the liquidator have considerably
boosted the available funds in Tele2000, which will enable it to
settle the previously announced acquisition of the operations of
Xigo Pty Limited, after the completion of due diligence, without
necessarily proceeding with the previously foreshadowed rights
issue.


================================
C H I N A   &   H O N G  K O N G
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ALISON GROUP: Winding Up Petition Set For Hearing
-------------------------------------------------
The petition to wind up Alison Group 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
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 Kong.


FORTUNE WORLD: Winding Up Petition To Be Heard
----------------------------------------------
The petition to wind up Fortune World Technology Limited will be
heard before the High Court of Hong Kong on January 30, 20025 at
10:30 am. The petition was filed with the court on November 5,
2001 by Woo Peter of Flat 6, 28th Floor, Block C, New Kwai Fong
Gardens, Kwai Chung, New Territories, Hong Kong.


FULLOAD SHIPPING: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Fulload Shipping Company Limited is
scheduled to be heard before the High Court of Hong Kong on
January 23, 2002 at 10:00 am. The petition was filed with the
court on October 22, 2001 by Cheng Ying Yin of Flat 1206, Block
B, Fortress Metro Tower, 238 King's Road, North Point, Hong
Kong.


KIN DON: Exceptional Price, Turnover Movements
----------------------------------------------
Kin Don Holdings Limited has noted the recent increases in the
price and the trading volume of the shares of the Company and
stated that the Company is not aware of any reasons for such
increases.

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


KUNMING MACHINE: Workout Agreements Resolutions Passed At EGM
-------------------------------------------------------------
The board of directors of Kunming Machine Tool Company Limited
announced that an Extraordinary General Meeting (EGM) of the
Company was held at No. 5 Conference Hall at 23 Ciba Road,
Kunming, Yunnan Province, the People's Republic of China (the
PRC) on 31 December 2001 at 9:00 a.m. at which the resolutions
in relation to the Asset Restructuring Agreements, the
Settlement Agreement and the Ongoing Connected Transactions
required to be approved and passed by the shareholders of the
Company have been duly passed and approved by the shareholders
of the Company at the EGM by way of ordinary resolutions.
Expressions defined or to which a meaning is assigned in the
announcement of the Company dated 14 November 2001 shall, unless
re-defined in this announcement, bear the same meaning when used
herein.

Each of Jiaotong Group and the Yunnan Government has abstained
from voting on the resolutions proposed at the EGM.

The Company was advised by Jia Yuan Law Office, its legal
advisers on the PRC laws, that the convening and procedures for
the holding of the EGM were lawful. The constitution and the
proceedings of the EGM were lawful and valid. The procedures for
voting at the EGM complied with the relevant laws and
regulations and the Articles of Association of the Company.


MANDARIN RESOURCES: Sees No Reason For Trading Volume Increase
--------------------------------------------------------------
The Board of Directors (the Board) of Mandarin Resources
Corporation Limited (the Company) has noted the recent increases
in the trading volume and price of the shares of the Company and
stated that it is not aware of any reasons for such increases.

As stated in the Company's announcement of 11th December, 2001,
the Board is in the course of identifying suitable projects
and/or investments that would be reasonably expected to generate
profits and/or have potential for capital appreciation. As at
the date of this announcement, the Company has reached a
preliminary stage of negotiation with an independent third party
in the PRC in respect of the appointment of the Company and/or
its wholly-owned subsidiary as the sole and exclusive agent of
the said PRC third party in respect of the distribution of
certain cultural, media, film, entertainment and/or related
products in Hong Kong and all other territories outside the PRC.

The Board confirmed that no significant capital commitment is
anticipated to be contributed by the Company with respect to
such a proposed appointment. The Company is aiming to conclude a
contract with the said PRC party as soon as possible. However,
shareholders of the Company should note that such a proposed
appointment may or may not be materialized. Save for the above
proposed appointment , the Company is also studying the
viability of other projects and/or investments, which have
recently been identified.

However, the negotiations with respect to these projects and/or
investments are at a preliminary stage and no agreements have
been reached. The consideration for such projects and/or
investments may be satisfied by means of issue of new shares of
the Company and/or by other means, including the granting of new
and/or additional banking facilities.

Shareholders of the Company should note that the acquisitions
referred to above may or may not proceed. Such acquisitions,
should they materialize, will be made in strict compliance with
the Listing Rules. Further announcement(s) will be made as and
when appropriate.


NETEASE.COM: Resumes Trading On Nasdaq
--------------------------------------
NetEase.com, Inc. (Nasdaq:NTES), a leading Internet technology
provider in China, announced Wednesday that it has successfully
appealed The Nasdaq Stock Market's decision to delist the
company's American Depositary Shares from The Nasdaq National
Market. Trading in the company's shares will resume on January
2, 2002.

Mr. Ted Sun, NetEase's acting Chief Executive Officer, hailed
the decision of the Nasdaq appeal panel stating, "We are
extremely pleased that trading will resume in NetEase's shares
and believe that the continued vitality and focus of the company
and its employees will carry it to further high points in the
new year. This decision by the Nasdaq appeal panel signifies to
us an affirmation that the company has taken appropriate steps
to ensure that the company's operations are both open and
efficient and that the circumstances which led to the company's
revenue recognition issues will not recur."

Mr. Sun added, "The operating metrics of the NetEase Web sites,
including the number of daily page views and registered users,
continue to grow strongly, and we look forward to further
enhancing their popularity among China's Internet users."

The continued listing of NetEase's American Depositary Shares
will still be dependent on its ongoing compliance with the
applicable Nasdaq listing rules, as well as the additional
criteria imposed by the Nasdaq appeal panel that the company
will be automatically delisted without opportunity for appeal if
it fails to file its annual report on Form 20-F for the fiscal
year ended December 31, 2001 with the U.S. Securities and
Exchange Commission and Nasdaq on or before its due date of July
1, 2002.


TIMES.COM: Winding Up Petition Hearing Set
------------------------------------------
The petition to wind up Times.Com Consultants Limited will be
heard before the High Court of Hong Kong on January 30, 2002 at
11:30 am. The petition was filed with the court on November 23,
2001 by Leung Wing Sze of Room 3518, Fu Wen House, Fu Cheong
Estate, Shamshuipo, Kowloon, Hong Kong.


YAU KEE: Winding Up Petition Slated For Hearing
-----------------------------------------------
The petition to wind up Yau Kee Restaurant Company Limited is
scheduled for hearing before the High Court of Hong Kong on
January 2, 2002 at 9:30 am. The petition was filed with the
court on September 3, 2001 by Lau Sau Ling of Room 505, Magnolia
House, Ma Tau Wai Estate, Tokwawan, Kowloon, Hong Kong.


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


ASTRA INTERNATIONAL: November Domestic Vehicle Sales Drop
---------------------------------------------------------
The domestic vehicle sales of PT Astra International, 30% stake
owned by Singaporean Cycle & Carriage Ltd, fell to 13,157 units
in November from 13,420 units in October, the Asian Wall Street
Journal reported Wednesday.

Vehicle exports slid to 2,741 units in November from 3,727 units
in October. For the first 11 months of 2001, vehicles sold in
both the local and foreign markets totaled 167,245 units, down
from 171,335 units from a year ago. The company didn't provide
any reason for the drop.

DebtTraders reports that Astra Overseas Finance's 5.719%
floating rate notes due on 2005 (ASTRA2) are trading between
63.5 and 65.5. For more real-time bond pricing info, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASTRA2


=========
J A P A N
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ITUCHO CORPORATION: Hides Y400M Taxable Income
----------------------------------------------
The National Tax Agency's Osaka Taxation Bureau slapped Itochu
Corp with penalties and back taxes for failure to properly
declare some Y400 million in taxable income over a nuclear power
plant construction project in China's Zhejiang province, Kyodo
News reported Tuesday.

TCR-AP reported May last year that Itochu Corporation expected
an extraordinary loss of Y22 million for the year until March
2002 owing to the company's planned liquidation of its
construction machinery unit in China.


* Bankruptcy Claims Nine Shinkin Banks, 37 Credit Unions In `02
---------------------------------------------------------------
Nine Shinkin banks and 37 credit unions went bankrupt last year.
The latest, which filed for bankruptcy Friday with the Financial
Services Agency (FSA), were two Shinkin banks and two credit
unions, after failing to rehabilitate their ailing operations on
their own, Japan Today reported December 29. The FSA reportedly
will appoint administrators for Nagashima Shinkin Bank in Mie
Prefecture, Saeki Shinkin Bank in Oita Prefecture, Ueda Shoko
Credit Union in Nagano Prefecture, and Ryochiku Credit Union in
Fukuoka Prefecture.


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


DAEWOO MOTOR: IMF Proposes An Asset Sale Rush
---------------------------------------------
International Monetary Fund (IMF) has recommended that Korea's
creditor banks expedite their planned sale of the assets of
several large-sized non-viable firms, including Daewoo Motor,
Digital Chosun reported on December 31.

It also called for the consolidation of Korea's three disparate
laws concerning bankrupt firms, such as those for liquidation,
bankruptcy and court-mediated procedures, to put such laws on a
par with international standards.

IMF also stressed that the government advance its proposed
schedule for privatizing state-owned banks so that the banks'
governance structure could be overhauled.


HYNIX SEMICONDUCTOR: IMF Urges Banks To Expedite Sale Of Assets
---------------------------------------------------------------
The International Monetary Fund (IMF) has recommended that
Korea's creditor banks expedite their planned sale of the assets
of several large-sized non-viable firms, including Hynix
Semiconductor.

It also called for the consolidation of Korea's three disparate
laws concerning bankrupt firms, such as those for liquidation,
bankruptcy and court-mediated procedures, to put such laws on a
par with international standards, Digital Chosun reported on
December 31. IMF also stressed that the government advance its
proposed schedule for privatizing state-owned banks so that the
banks' governance structure could be overhauled.


HYNIX SEMICONDUCTOR: Kim Expects Micron Bid After This Week
-----------------------------------------------------------
Korea Exchange Bank President Kim Kyung-lim said Wednesday he
expects Micron Technology to present a formal bid for Hynix
Semiconductor Inc. after this week, and once the formal bid is
submitted, a special restructuring committee for Hynix will
review it and strike a deal with the U.S. chipmaker, Korea
Herald reported Thursday.

Kim said, "Micron Technology is likely to offer a bid for the
takeover of Hynix Semiconductor at least after this week. We
have yet to wait and see whether there is any progress on the
talks because we have not received an official proposal. The
task force has not yet reached a consensus on the overall terms
of the sale because no formal bid has been offered."


SHINHAN BANK: Taps Domestic Banks For Possible Merger
-----------------------------------------------------
Shinhan Bank has tapped one or two domestic banks for a possible
merger, WSJ reported Wednesday, quoting a Shinhan spokesman, who
declined to comment on the identities of the banks that Shinhan
has contacted.

According to a Yonhap News Agency report, a merger seems
inevitable as Shinhan Bank wants to expand its assets to KRW180
trillion by end-2006, from a current KRW63 trillion, but any
tie-up isn't likely to materialize until 2004.

Shinhan Bank is the flagship unit of Shinhan Financial Group,
which was established in September 2001 to run the bank and
other financial businesses.

DebtTraders reports that Shinhan Bank's 7.250% bond due in 2002
(SHINBK) trades above par at 100.736 and 100.812. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SHINBK


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


ARTWRIGHT HOLDINGS: Proposed Strategic Alliance Approval Pending
----------------------------------------------------------------
The Board of Directors of Artwright Holdings Berhad (AHB),
further to the announcements dated 3 December 2001, 24 December
2001 and 26 December 2001 in relation to the Proposed Strategic
Alliance and Revised Proposed Debt Restructuring (as defined
therein), announced that the aforesaid proposals are still
pending approval of the authorities, save for the:

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

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

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

    (iv) approval of the Bank Negara Malaysia vide a letter dated
21 December 2001 to fix the interest rate for the Loan at 6.375%
per annum.


CYGAL BERHAD: Divests Assets In Unit
------------------------------------
Cygal Berhad (Cygal or the Company) announced that the Company
has divested its investment in D'rax Consolidated Sdn Bhd (DCSB)
(formerly known as Cygal Machinery Sdn Bhd) to Drax Holdings Sdn
Bhd (hereinafter referred to as "Divestment").

INFORMATION ON DCSB

DCSB was incorporated in Malaysia on 12 June 1996 under the
Companies Act 1965 as a private limited company. Its authorized
capital is RM10,000,000 divided into 10,000,000 ordinary shares
of RM1.00 each, of which 7,021,250 have been issued and are
fully paid up. The principal activities of DCSB are machinery
rental and investment holding and it has investment in two
companies, namely D'rax Corporation Sdn Bhd (Dcorp) and D'rax
Interior Design Sdn Bhd (DISB (DCSB, Dcorp and DISB are
collectively referred to as "DCSB group of companies")

Dcorp was incorporated in Malaysia on 3 October 1991 under the
Companies Act 1965 as private limited company. The present
authorized capital is RM5,000,000 divided into 5,000,000
ordinary shares of RM1.00 each of which 2,400,000 has been
issued and are fully paid up. Dcorp is principally involved in
the provision of interior design works.

DISB was incorporated in Malaysia on 28 August 1996 under the
Companies Act 1965 as private limited company. The present
authorized capital is RM5,000,000 divided into 5,000,000
ordinary shares of RM1.00 each and the paid-up capital is
RM500,000 divided into 500,000 ordinary shares of RM1.00 each.
DISB is principally involved in the provision of interior design
works

DETAILS OF THE DIVESTMENT

The investment in the DCSB group of companies was acquired with
the original intention of diversifying into several
constructions related activities, so as to widen the earning
base of the Cygal group. With the turn of the regional and world
economic direction, and Cygal's debt restructuring exercise
currently being finalized and pending implementation, the
Company is not in the position to contribute positively towards
the growth of the DCSB group.

In consideration for the mutual agreement to settle and vary the
obligations of the parties concerned, Cygal shall transfer its
investment of approximately 48.78% equity interest in DCSB to
DHSB. In consideration thereof, DHSB shall warrant and undertake
or procure that the undertaking of interior design and
renovation works for Cygal of up to a contract sum of
RM2,130,000 (Ringgit Malaysia Two Million One Hundred and thirty
thousand only) based on contract price and terms and conditions
agreed or to be negotiated between Cygal and DHSB.

The contract works of RM2,130,000 in consideration for the
Divestment was arrived at after considering the cost of
investment by Cygal of RM100,000 and amount owing by DCSB group
to Cygal of approximately RM2,000,000.

RATIONAL FOR THE DIVESTMENT

The Company having taken into consideration the prevailing
adverse operating environment, tight credit supply and the
negative conditions faced by the construction industry, views it
not viable to embark into this interior design works and its
related activity. Instead the Company intends to focus in its
core activities of construction and contracting together with
its property development activities in which the Company has in
depth experience and established network. Further the Company is
not in the position to provide additional working capital
support required by the DCSB group. The Company has thus decided
to divest its investment in DCSB. The disposal consideration was
arrived at after taking into account the net tangible asset of
DCSB. This disposal is not subject to any approvals other than
that of the Board of Directors, which has been obtained.

FINANCIAL EFFECTS

The abovementioned disposal will not have any material effect on
the earnings and net tangible assets of the Group for the year
ending 31 December, 2001 and have no effect on the share capital
of the Company.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors and substantial shareholders of the
Company have any interest direct or indirect in the Divestment

Profile:

In November 1999, Cygal and three of its subsidiaries, undertook
a debt restructuring with its non-financial institution (Non-FI)
creditors via a scheme of arrangement under Section 176(10) of
the Companies Act, 1965. The scheme was subsequently approved in
December 1999.

On 28 June 2001 and 28 August 2001, the Company announced that
it has obtained approval-in-principle from financial institution
(FI) creditors to implement a composite restructuring scheme,
including the above proposed Non-FI scheme, to restore the
Company's financial position so as to enable it to concentrate
on its core activities. The proposed restructuring scheme
encompasses exchange of Cygal shares with shares in a new
investment holding company, Active Accord Sdn Bhd via a members'
scheme of arrangement pursuant to Section 176 of the Companies
Act, 1965; proposed settlement of indebtedness of Cygal and two
of its subsidiaries, Cygal Concretepump Sdn Bhd and CTA Realty
Sdn Bhd; rights issue; acquisition of property development
companies; delisting of Cygal and listing of Newco.

The Company has received approvals in principle for the
settlement scheme with the FI creditors under the purview of the
Corporate Debt Restructuring Committee. The settlement has been
executed in August 2001. Submissions to the relevant authorities
for approvals of the proposed restructuring scheme are expected
to be made by October 2001.


ESPRIT GROUP: Proposed Restructuring Scheme Underway
----------------------------------------------------
Esprit Group Berhad (the Company), further to the Requisite
Announcement made pursuant to Practice Note No. 4/2001 on 25
October 2001 regarding its detailed planning to regularize its
financial condition and level of operations, revealed that:

    * The Company is still in the process of finalizing its
financial and all other relevant information to be updated in
the explanatory statement that is to be issued to the creditors
of the proposed Restructuring Scheme (Scheme).

    * Upon approval of the Scheme by the Scheme creditors,
submission of the proposed Scheme will then be made to the
relevant authorities. Esprit Group Berhad has on 24 December
2001 made an application to the Kuala Lumpur Stock Exchange to
seek approval for the submission to be deferred to May 2002.


EPE POWER: Further Defaults On Interest Payment
-----------------------------------------------
EPE Power Corporation Berhad (the Company), Subsequent to the
announcement dated 30 November 2001, has further defaulted on
the payment of monthly interest of RM1,400,075.83 due to several
banks (Lenders) under its revolving credit (RC) facilities. The
total principal outstanding on the RC facilities as at 31
December 2001 is RM94.6million.

With the assistance of Commerce International Merchant Bankers
(CIMB) as the financial advisor, a concept paper has been
presented to the Lenders and negotiation is currently taking
place.


GEAHIN ENGINEERING: KLSE Grants Scheme Extension Till Jan 25
------------------------------------------------------------
Geahin Engineering Berhad received from the Kuala Lumpur Stock
Exchange an extension of time till 25th January 2002 to
finalize a detailed scheme to be worked out and submitted by a
Merchant Banker to be appointed by the White Knight.

The Company is currently negotiating with financial institution
to work out the final scheme and thereafter onward submission to
the Exchange.


GULA PERAK: SC Grants Proposed Debt Restructuring Extension
-----------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Gula Perak Berhad
(GPB or the Company), announced that the Securities Commission
(SC), according to its letter dated 28 December 2001 approved
the extension of time to complete the abovementioned Proposed
Debt Restructuring for six months to 25 July 2002. The Proposed
Debt Restructuring was earlier approved by the SC on 26 July
2001.

Proposed Debt Restructuring consists of:

    (i) the Bank Guarantee Facility of Rm154.5 million pursuant
to Rm150 million Nominal Value of 3% 1995/2000 Guaranteed
Redeemable Bonds (1995/2000 Bonds);

    (ii) Rm25 million Revolving Credit(RC) facility; and

    (iii) Rm21 million Syndicated Term Loan (TL) for KSB
requirements & Rest Sdn Bhd, a subsidiary of GPB.


MBF CAPITAL: Proposed SOA Voting At CCM On Jan 14
-------------------------------------------------
MBf Capital Berhad (MBf Capital), pursuant to PN4/2001 in
relation to the status of an affected listed issuer of its plan
to regularize its financial condition, announced:

    (i) Alliance Merchant Bank Berhad (Alliance), on behalf of
MBf Leasing Sdn Bhd (MBf-L) and MBf Factors Sdn Bhd (MBf-F), the
wholly-owned subsidiaries of MBf Capital, had dispatched the
Explanatory Statement on 29 November 2001 to their creditors in
relation to the proposed Scheme of Arrangement (SOA), which will
be tabled for voting at the Court Convened Meetings (CCM) of
MBf-L and MBf-F scheduled on 14 January 2002; and

    (ii) Alliance, on behalf of MBf Capital, dispatched the
Explanatory Statement on 29 November 2001 to its creditors in
relation to the proposed scheme of compromise, which will be
tabled for voting at the CCM of MBf Capital scheduled on 15
January 2002.


MBF HOLDINGS: Seeks Proposed SOA Approval From SC, BNM
------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of MBf Holdings Berhad (MBf-H or
Company), announced that pursuant to Paragraph 5.1(c) of
PN4/2001, the two (2) month period for MBf-H to obtain all
necessary approvals for the implementation of the Proposed
Schemes of Arrangement (Proposed SOA) expired on 26 December
2001.

On 20 December 2001, Alliance, on behalf of MBf-H, had submitted
an application to the Kuala Lumpur Stock Exchange to seek an
extension of a further two (2) month from 26 December 2001 to 26
February 2002, to obtain the approvals from the Securities
Commission (SC) and Bank Negara Malaysia (BNM).

Alliance is currently meeting with SC and BNM on the Proposed
SOA.

Save for the above, there is no further development on the
status of MBf-H's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange, subsequent to the Company's announcement dated 3
December 2001.


OMEGA HOLDINGS: Restructuring Agreement With BGI Terminated
-----------------------------------------------------------
The Board of Directors of Omega Holdings Berhad announced that
the Restructuring Agreement signed on 8 March 2000 between the
Company and the shareholders of Broadland Garment Industries
Sdn. Bhd. (BGI) was terminated on 14 October 2001.

The Company thereafter signed a Memorandum of Understanding
(MOU) on 6 December 2001 between Selayang Budi Sdn. Bhd. (SBSB),
and the shareholders of SGGI Industries Sdn. Bhd., SGG Furniture
Marketing Sdn. Bhd., Global Chairs System Marketing Sdn. Bhd.,
American Home Furnishings Sdn. Bhd. and MP Metal Furnishing &
Design Sdn. Bhd. (collectively known as "the companies").

The MOU concerns the proposed sale by the shareholders of the
companies to SBSB of the entire paid up share capital of the
companies and a proposed scheme of arrangement and corporate
reconstruction of OHB (Proposed Scheme).

OHB, SBSB and the shareholders of the companies would proceed to
finalize negotiations with a view to having a definitive sales
and purchase agreement in respect of the proposed scheme.

The Directors are currently in discussions with the parties to
finalize the proposed scheme and hope to make an announcement
soon when the Sales and Purchase Agreement is signed in due
course.


PANCARAN IKRAB: Proposed Scheme Revision Approvals Pending
----------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Pancaran Ikrab Bhd (PIB or Company),
announced that the Company is in the midst of finalizing the
legal documentation for execution by PIB and the parties
involved in the proposed revision to the original restructuring
scheme (Proposed Revision to the Original Restructuring). The
Company has earlier on obtained the approvals for the Proposed
Revision to the Original Restructuring Scheme from the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry.

The Proposed Revision to the Original Restructuring Scheme is
currently pending the approvals of:

    (1) the shareholders of PIB at an extraordinary general
meeting to be held; and

    (2) the KLSE for the listing of and quotation for the new
Promenade Consolidated Berhad shares to be issued pursuant to
the restructuring scheme.

Save for the above, there is no further development on the
status of PIB's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange, subsequent to the Company's announcement dated 3
December 2001.


PANGLOBAL BERHAD: AGM To Be Held On January 30
----------------------------------------------
The Board of Directors of Panglobal Berhad (the Company)
announced that the 36th Annual General Meeting of PanGlobal
Berhad (AGM) will be held at Level 34, Menara PanGlobal, 8,
Lorong P. Ramlee, 50250 Kuala Lumpur on Wednesday, 30 January
2002 at 3:00 p.m. or immediately after the Extraordinary General
Meeting of the Company scheduled to be held on the same day at
2:00 p.m., whichever is later, for the purposes as per the
Notice of AGM found at
http://www.bankrupt.com/misc/PanGlobal_AGM0103.doc

The Company is also awaiting approval from the Securities
Commission (SC) of its proposed composite scheme of debt
arrangement (the Scheme). The Company has obtained approval from
the Foreign Investment Committee and conditional approval from
Bank Negara Malaysia for the Scheme. An additional submission on
the Scheme will be made under the guidelines on the Offering of
Private Debt Securities as per SC's request.


SCK GROUP: Updates Financial Regularization Status
--------------------------------------------------
SCK Group Berhad, further to previous announcements in relation
to its plan to regularize the Company's financial condition,
released the status of the Company's plan to regularize the
company's financial condition for the month ended 31 December
2001 as:

1. MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION

The Company while pending the finalization of due diligence on
several issues, through its Adviser, Aseambankers Malaysia
Berhad will be submitting the following documents to the
relevant authorities namely Securities Commission and Kuala
Lumpur Stock Exchange for their respective approvals.

    (i) the Abridged Prospectus for the Rights Issue with Free
Warrants; and

    (ii) the relevant Listing Applications.

2. FURTHER ANNOUNCEMENTS

Further announcements on the progress of the implementation of
SCK plan would be made monthly or as and when required.


SRI HARTAMAS: Unit Sells Land Parcels For RM30,109,715.50
---------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that its wholly owned subsidiary, Mawar Tiara Sdn Bhd
(MTSB) (Special Administrators Appointed), on 28 December 2001,
entered into a Sale and Purchase Agreement (S&P) with Kiara
Terraces Sdn Bhd (KTSB), for the sale of four parcels of
freehold land (K7, K9, K10 & K11) for a total cash consideration
of RM30,109,715.50.

DETAILS OF THE LANDS DISPOSAL

The Special Administrators of SHB had carried out an open tender
exercise on 23 May 2001 on the assets of SHB Group, which was
closed on 12 June 2001. Pursuant to the said tender exercise,
MTSB acting through Special Administrators had on 28 December
2001, entered into a S&P with KTSB, for the sale of the
following parcels of freehold land:

    Land Description  Area        Sq Meter  Consideration RM

a. Geran 43728 for Lot No. 55334 (K7)  32,730  11,449,945.00
b. Geran 43726 for Lot No. 55328 (K9)  22,390   7,953,198.00
c. Geran 43725 for Lot No. 55326 (K10) 14,341   5,016,927.50
d. Geran 43724 for Lot No. 55327 (K11) 16,264   5,689,645.00

    Total            30,109,715.50

all in Mukim Batu, Kuala Lumpur (hereinafter individually
referred to as K7, K9, K10 & K11 and together referred to as
"MT-Land") for a total consideration of RM30,109,715.50.
MT-Land is being disposed free from all encumbrances caveats
and/or liens with vacant possession and the MT-Land will be
transferred in its present state and condition on an "as is
where is" basis (subject to fair wear and tear) to KTSB.
The purchase consideration will be paid in this manner:

    (a) Prior to the execution of the S&P, KTSB had paid to the
Company the earnest money amounting to RM500,000;

    (b) Upon the execution of the S&P, KTSB had paid the balance
deposit amounting to RM2,510,971.55 to MTSB's Solicitors as
stakeholders and to be released to the Company upon the expiry
of seven days from the Unconditional Date as mentioned in Para 3
below;

    (c) The balance of the purchase price amounting to
RM27,098,743.95 shall be payable to MTSB's solicitors as
stakeholders within 14 days from the Unconditional Date. The
release of the balance of the purchase price of RM27,098,743.95
by the stakeholders to the Company is:

     (i) RM25,839,269.31 will be released to the Company upon
presentation of transfer for registration at the relevant Land
Registry or upon the expiry of 10 business days of delivery of
the transfer documents to KTSB's solicitors , whichever is the
earlier or if KTSB is obtaining a loan, within 14 days from the
presentation of the transfer documents for registration.

     (ii) RM1,259,474.64 will be held by the Company's solicitors
as retention sum for the purpose of refund to City Home
Purchasers as mentioned in Para 7 below.

CONDITIONS PRECEDENT

Based on the terms of the S&P, the sale of the MT-Land is
subject to the following Conditions Precedent being obtained and
achieved not later than 4 months from the date of the Agreement:

    (i) Danaharta and the secured creditors of MTSB approving the
workout proposal at a meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act (the
Danaharta Approval).

    (ii) Approval of the Foreign Investment Committee (FIC),

    (iii) The Company or the secured creditors confirming in
writing that the original issue documents of title to the Land
are respectively in their possession and delivering such written
confirmation to the Purchaser's Solicitors.

The S&P shall be unconditional only on the fulfillment of all
the conditions precedent. (the Unconditional Date).

The workout proposal of MTSB has been approved by Danaharta on
14 December 2001 and subsequently by the secured creditors at a
meeting convened on 28 December 2001.

BASIS OF ARRIVING AT THE CONSIDERATION

The latest valuation by M/S CH Williams Talhar & Wong Sdn Bhd
dated 12 June 2001 values the MT-Land at RM39,200,000 based on
open market value. The disposal price of RM 30,109,715.50
represents approximately 77% of the open market value.

DESCRIPTION OF THE MT-LAND

K7 Land

MTSB is the registered owner of K7. K7 was acquired by MTSB on 6
December 1993 and the SHB Group audited net book value of K7 as
at 30 June 2001 amounted to RM11.45 million. The details of the
acquisition of K7 by MTSB are mentioned under Para 6 herein.

Through a Promissory Note entered on 22 June 1998 between SHB
and MBf Holdings Berhad in respect of debts owing by SHB and its
subsidiaries to MBf Holdings Berhad, MBf Holdings Berhad had
pledged K7 (collateral for the Promissory Note issued by SHB) to
M&A Securities Sdn Bhd for a share margin facility granted to
MBf Holdings Berhad.

K9 & K10 Land

MTSB is the registered owner of K9 & K10. K9 & K10 were acquired
by MTSB on 6 December 1993 and the SHB Group audited net book
value of K9 & K10 as at 30 June 2001 amounted to RM7.95 million
and RM5.02 million respectively. The details of the acquisition
of K9 and K10 by MTSB are mentioned under Para 6 herein.

K9 & K10 are presently charged to Malayan Banking Berhad (on
account of PhileoAllied Bank (Malaysia) Berhad) for the credit
facilities granted to SHB.

MTSB had submitted the planning application on 5 January 2000 to
Dewan Bandaraya Kuala Lumpur (DBKL) for the construction of
medium cost apartment of 375 units and 268 units over the K9 and
K10 land respectively. Since the date of appointment of the SA
over MTSB on 18 October 2000, no further work has been carried
out by MTSB.

K11 Land

MTSB is the registered owner of K11. K11 was acquired by MTSB on
6 December 1993 and the SHB Group audited net book value of K11
as at 30 June 2001 amounted to RM5.69 million. The details of
the acquisition of K11 by MTSB are mentioned under Para 6
herein.

Presently, Aseambankers Malaysia Berhad holds a lien-holder's
caveat over K11 for the credit facilities granted to Sri
Hartamas Marketing Sdn Bhd, a wholly-owned subsidiary of Sri
Hartamas Construction Sdn Bhd, which in turn is a wholly-owned
subsidiary of SHB.

DETAILS OF THE LANDS ACQUIRED BY MTSB ON 6 DECEMBER 1993

MTSB had entered into an Original Agreement dated 6 December
1993 with the Official Receiver acting as a liquidator of Sri
Hartamas Development Sdn Bhd (in Liquidation) (SHD) to acquire
several parcels of land held under title Lots No 48629 - 48631
Mukim of Kuala Lumpur, Federal Territory and Lot No. 448, 4753,
450, 449 and part of Lot No. 1801 Mukim of Batu, District of
Kuala Lumpur Federal Territory, measuring 317.72 acres, for a
total cash consideration of RM99.0 million. SHD is not related
to SHB.

The MT-Land forms part of Lot 1801 before this lot was
subdivided. SHD had entered into Sale and Purchase Agreements
with the following numbers of purchasers ("City Homes
Purchasers") to sell certain medium cost apartments known as
City Homes Apartments Project on the Parcel K9, K10 and K11
lands prior to the disposal to MTSB.

     MT-Land   No. of City Homes Purchasers
K9    122
K10     11
K11     95
Total    228

No development project was launched by SHD on Parcel K7 land.

The MT-Land was acquired free from all encumbrances with vacant
possession save and except the rights and interests of the City
Home Purchasers. SHD proposed to build the City Homes Project
but the Project did not commence. Further information on the
City Homes Project is set out in Para 7 herein.

The High Court of Malaya in Kuala Lumpur vide Companies
(Winding-Up) Petition No. D4-28-89 had ordered for the winding
up of SHD on 18 July 1991 under Section 218(1)(e) and 218(2)(a)
of the Companies Act, 1965 and the Official Receiver had been
appointed as the Liquidator of SHD.

The salient terms of the Original Agreement are:

    (a) MTSB acknowledges the right and interest of the City Home
Purchasers arising from the 228 Sale and Purchase Agreements
entered into between SHD and the City Home Purchasers on the MT-
Land.

    (b) MTSB undertakes to settle the claims and/or interest of
the City Home Purchasers in a manner mutually agreeable between
each of the City Home Purchasers and MTSB or failing such
agreements, MTSB shall at its option either to:

      (i) Pay in full all monies paid by the City Home Purchasers
to SHD under the respective Sale and Purchase Agreements; or

     (ii) Complete the apartments in accordance with the
specifications set out in the respective Sale and Purchase
Agreements entered into between the City Home Purchasers and SHD
at the original price set out therein.

   (c) MTSB undertakes to indemnify SHD against any claims,
demand, losses and or damages that SHD may suffer as a result of
any claims or demands whatsoever made by the City Home
Purchasers against SHD arising directly or indirectly from the
sale of the MT-Land by SHD to MTSB.

INFORMATION ON THE CITY HOMES PROJECT

The City Homes Project on the MT-Land comprises 5-storey walk-up
apartment blocks. Development Approval was first obtained from
DBKL on 22 June 1987 by SHD. The original expected date of
completion was 36 months from the date of the Sale and Purchase
Agreements.

The amounts collected from K9 and K10 City Homes Purchasers
represent the initial deposit of 10% of the respective units
Sale and Purchase Agreements prices.

Meanwhile the amounts collected from K11 City Homes Purchasers
represent the initial deposit of 10% of the respective units
Sale and Purchase Agreements prices and second 10% billings for
the site preparation work done by SHD.

The sale was launched in 1987 but the construction works did not
commence since it was launched by SHD other than the site
preparation work for K11 only.

The balance of RM524,200, RM48,051 and RM687,224 for K9, K10 and
K11 respectively will be refunded in full from the balance of
purchase price retained by the Company's solicitors as retention
sum as mentioned in Para 2(c) above.

INFORMATION ON MTSB

MTSB was incorporated in Malaysia under the Companies Act, 1965
on 26 August 1993.

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

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

Special Administrators have been appointed to MTSB on 18 October
2000 by Pengurusan Danaharta Nasional Berhad pursuant to Section
24 of the Pengurusan Danaharta Nasional Berhad Act, 1998.

INFORMATION ON KTSB

KTSB was incorporated in Malaysia under the Companies Act, 1965
on 8 Dec 2001.

KTSB's present authorised share capital is 100,000 divided into
100,000 shares of RM1.00 each of which 2 ordinary shares of
RM1.00 each have been issued and fully-paid up.

The principal activity of KTSB is investment holding.

RATIONALE FOR THE DISPOSALS

The net sales proceed of the disposals will be utilized to
partially settle the secured creditors of MTSB in accordance
with the workout proposal of MTSB approved by Danaharta and the
secured creditors of MTSB on 28 December 2001.

FINANCIAL EFFECTS OF THE DISPOSAL

The financial effects of the disposal are:

Share Capital

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

Earnings

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

Net Tangible Assets (NTA)

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

Conditions of The Disposal

The disposal is subject to the following Conditions Precedent
being obtained and achieved not later than 4 months from the
date of this Agreement:

    (i) Danaharta and the secured creditors of MTSB approving the
workout proposal at a meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act (the
Danaharta Approval).

    (ii) Approval of the FIC,

    (iii) The Company or the secured creditors confirming in
writing that the original issue documents of title to the Land
are respectively in its possession and delivering such written
confirmation to the Purchaser's Solicitors.

The S&P shall be unconditional only on the fulfillment of all
the conditions precedent. (the Unconditional Date).

The workout proposal of MTSB has been approved by Danaharta on
14 December 2001 and subsequently by the secured creditors at a
meeting convened on 28 December 2001.

Special Administrators', Directors' and Substantial
Shareholders' Interest

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

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

None of the Directors held any share in SHB as at 30 November
2001.

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

SPECIAL ADMINISTRATORS RECOMMENDATION

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


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


GUOCO GROUP: Seeking Partner For Manila Property Development
------------------------------------------------------------
Guoco, which has been incurring losses due to the prevailing
glut in the local economy, is looking for a partner to co-
develop Tutuban land Holdings firm Guoco Holdings (Philippines),
Inc. (GPHI), and is currently in talks with several parties for
the development of the remaining 1.5 hectares of land in its
Manila property, where Tutuban mall currently sits,
BusinessWorld reported Thursday.

GPHI Executive Vice-President Yuen Po Seng said the company is
finalizing discussions, mostly with local groups, for a possible
co-development of the property into a mixed-use project that
will complement the existing eight-hectare Tutuban Center in
Divisoria.


NATIONAL BANK: Government Expects January MOA With Tan
------------------------------------------------------
Finance Secretary Jose Isidro Camacho said the government
expects to sign a memorandum of agreement (MOA) with Philippine
National Bank owner Lucio Tan by January 20, which will allow it
to take control of the bank and oversee its rehabilitation, AFX-
Asia reported.

Tan signed a term sheet with the government late last year
outlining the details of the government re-entry into the bank,
which will be one by converting part of PNB's PhP25 billion debt
to the central bank and the Philippine Deposit Insurance Corp
into equity.

While the government is waiting for the legal opinion from the
Department of Justice on whether the PDIC can own shares in PNB,
"We're shooting for or before January 20 (for the MoA with
Tan), and we'd like to be able to finalize everything," Camacho
said.


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


AMTEK ENGINEERING: Director Foo Shu Huan Changes Interest
---------------------------------------------------------
Amtek Engineering Limited posted a notice of changes in director
Foo Shu Huan Lawrence's shareholding:

Date of notice to company: 02 Jan 2002
Date of change of shareholding: 28 Dec 2001
Name of registered holder: Foo Shu Huan Lawrence
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 11,000
% of issued share capital: 0.006
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.575
No. of shares held before change: 950,000
% of issued share capital: 0.522
No. of shares held after change: 961,000
% of issued share capital: 0.528

Holdings of Director including direct and deemed interest
                                    Deemed Direct
No. of shares held before change:  950,000
% of issued share capital:         0.522
No. of shares held after change:   961,000
% of issued share capital:         0.528
Total shares:                      961,000

No. of Warrants : 170,000
No. of Options : 1010,000
No. of Rights
No. of Indirect Interest


CERAMIC TECHNOLOGIES: High Court OKs Appointed Judicial Managers
----------------------------------------------------------------
Further to the announcement on December 31, 2001, Presscrete
Holdings Limited (the company) announced that the High Court has
approved the appointment of Messrs Wee Aik Guan and Chaly Mah
Chee Kheong of Deloitte and Touche, Certified Public Accountants
as the interim judicial managers of the company's 56.3% troubled
subsidiary Ceramic Technologies Pte Ltd (CT).

In addition, the company provided the following information on
the company and its subsidiaries (the "Group") on the impact of
CT on the Group.

1. Provisions in connection with CT

At the company level, the company will need to make the
following provisions in its accounts in connection with CT:

(a) the company's investment in CT's share capital: S$5.6
million
(b) advances made to CT (the Advances): S$12.6 million
(c) contingent liabilities in respect of CT guarantees: S$13.8
million

The total S$32.0 million provisions will reduce the company's
net assets and working capital by S$32 million and S$26.4
million respectively.

At the Group level, the provisions set out do not have an impact
on the Group's accounts as the liabilities in paragraphs 1(b)
and (c) above have been incorporated in CT's accounts.

2. Financial Effect On Group's Net Assets and Working Capital

At CT level, provisions will have to be made to write down its
assets to their estimated net realizable values. These
provisions together with the operational loss of CT for the
financial year ended November 30, 2001 will result in a loss
attributable to the Group of approximately S$30 million. This
will reduce the net assets and working capital of the Group by
the same amount. This amount will have the effect of reducing
the net asset backing per share of the Group by 25.24 cents
(computed on the basis of the company's existing share capital
of 118,980,280 ordinary shares) and also have the effect of
reducing the earnings per share of the Group by 32.65 cents
(computed on the weighted average share capital of 91,986,740
shares).

3. Proceeds from Sale of CT Assets

The company estimates that a sale of CT's assets will yield
approximately S$14 million based on the company's estimate of
realizable values assuming a liquidation of CT. The proceeds
will be applied to repay firstly, the secured creditors and
thereafter, the unsecured creditors in accordance with the
realizable proportions. Accordingly, the company estimates that
it will recover approximately S$6.5 million of the Advances.
On the basis that all amounts payable to the company shall be
used towards settling the its contingent liabilities under the
CT guarantees. The company's contingent liabilities in this
regard will be reduced to approximately S$7.3 million.

4. Going Concern

To-date, the Group' bankers (excluding CT) have not demanded
repayment of the Group's existing loans at short notice. On this
basis, the Group (excluding CT) has sufficient working capital
for its current needs. On the assumption that the Group
(excluding CT) is able to secure the continued support of its
bankers, the Company's contingent liabilities under the CT
guarantees can be successfully restructured and that the Company
is able to increase its capital base, the Directors of the
company is of the opinion that the Group (excluding CT) can
continue as a going concern.

5. Disclosure of Information

On the basis of the information provided above and in the
announcement of December 31, 2001, the directors of the company
are of the view that sufficient information has been
disseminated to the market to allow for the orderly trading in
the company's shares.


CERAMIC TECHNOLOGIES: Presscrete Attributes $30M Loss To Unit
-------------------------------------------------------------
Presscrete Holdings says its loss attributable to the operations
of troubled subsidiary Ceramic Technologies (CT) in the year to
November 30, 2001 will be $30 million. It said its net asset
backing per share will be reduced by 25.24 cents and earnings
per share by 32.65 cents after provisions, Business Times
reported Thursday.

Presscrete said that CT, in which it has a 56.3 percent stake,
will be placed under interim judicial management, following an
application made on December 31. The group said it can continue
as a going concern if it can restructure its debt and increase
its capital base with support from bankers.

Presscrete said in the statement that as of now there has been
no request that its loans, excluding those of CT, be repaid at
short notice. CT provides waste soil treatment services, which
includes recycling into building products like bricks. It has
incurred debts of $32.2 million and is disputing another $5.2
million.

Presscrete, in a previous statement to SGX, said that in view of
the severe slowdown in the local economy, it is not possible for
the group to continue to finance the investment and operational
needs of CT, although it is still optimistic about CT's long-
term business prospects.

Capital investment in CT totalled $35 million, with Presscrete
advancing an additional $12.8 million. But CT is understood to
have achieved capacity utilization of only 20 per cent because
of `technical issues'. Yield from the sale of CT's business and
assets, assuming liquidation, is expected to come to some $14
million.


HONG LEONG: Affiliate Investment Holdings Changes Interest
----------------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of changes
in substantial shareholder Hong Leong Investment Holdings Pte.
Ltd.'s deemed interests:

Date of notice to company: 31 Dec 2001
Date of change of deemed interest: 28 Dec 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
for account of Welkin Investments Pte Ltd
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 167,000
% of issued share capital: 0.039
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.6619
No. of shares held before change: 2,355,000
% of issued share capital: 0.547
No. of shares held after change: 2,522,000
% of issued share capital: 0.586

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed      Direct
No. of shares held before change: 107,652,582 99,608,176
% of issued share capital:        25.016      23.146
No. of shares held after change:  107,819,582 99,608,176
% of issued share capital:        25.054      23.146
Total shares:                     107,819,582 99,608,176

Note: % of issued share capital is based on the company's issued
share capital of 430,340,464 shares of $1.00 each as at December
28, 2001.


HONG LEONG: Director Sim Miah Kian Changes Deemed Interest
----------------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of changes
in Director Sim Miah Kian's deemed shareholding:

Date of notice to company: 31 Dec 2001
Date of change of deemed interest: 31 Dec 2001
Name of registered holder: Lee Siew Seng (spouse)
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 20,000
% of issued share capital: 0.005
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.68
No. of shares held before change: 674,045
% of issued share capital: 0.157
No. of shares held after change: 654,045
% of issued share capital: 0.152

Holdings of Director including direct and deemed interest
                                   Deemed  Direct
No. of shares held before change: 674,045 1,431,974
% of issued share capital:        0.157   0.333
No. of shares held after change:  654,045 1,431,974
% of issued share capital:        0.152   0.333
Total shares:                     654,045 1,431,974

Note: % of issued share capital is based on the company's issued
share capital of 430,340,464 shares of $1.00 each as at December
31, 2001.

Date of notice to company: 31 Dec 2001
Date of change of deemed interest: 28 Dec 2001
Name of registered holder: Lee Siew Seng (spouse)
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 30,000
% of issued share capital: 0.007
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.66
No. of shares held before change: 704,045
% of issued share capital: 0.164
No. of shares held after change: 674,045
% of issued share capital: 0.157

Holdings of Director including direct and deemed interest
                                   Deemed  Direct
No. of shares held before change: 704,045 1,431,974
% of issued share capital:        0.164   0.333
No. of shares held after change:  674,045 1,431,974
% of issued share capital:        0.157   0.333
Total shares:                     674,045 1,431,974

Note: % of issued share capital is based on the company's issued
share capital of 430,340,464 shares of $1.00 each as at December
28, 2001.


HONG LEONG: Kwek Holdings Changes Deemed Interest
-------------------------------------------------
Hong Leong Singapore Finance Limited posted a notice of change
in substantial shareholder Kwek Holdings Pte Ltd's deemed
interests:

Date of notice to company: 31 Dec 2001
Date of change of deemed interest: 28 Dec 2001
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
for account of Welkin Investments Pte Ltd
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 167,000
% of issued share capital: 0.039
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.6619
No. of shares held before change: 2,355,000
% of issued share capital: 0.547
No. of shares held after change: 2,522,000
% of issued share capital: 0.586

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed      Direct
No. of shares held before change: 207,260,758 0
% of issued share capital:        48.162      0
No. of shares held after change:  207,427,758 0
% of issued share capital:        48.2        0
Total shares:                     207,427,758 0

Note: % of issued share capital is based on the company's issued
share capital of 430,340,464 shares of $1.00 each as at December
28, 2001.


NATSTEEL LIMITED: TAKES 71% Share In Siam Industrial Wire
---------------------------------------------------------
NatSteel Ltd announced Wednesday it is taking a 71% stake in
Siam Industrial Wire Company Limited (SIW) of Thailand. The
group's Singapore steel operations made a S$10.5 million
investment, which will make NatSteel the leading pre-stressed
concrete (PC) wire group in the region. The group implemented in
July last year a restructuring exercise to reduce costs and
improve operational efficiencies.

NatSteel's partner in SIW is Cementhai Steel Company Limited, a
wholly-owned subsidiary of The Siam Cement Group. The Siam
Cement Group is one of Thailand's largest industrial
conglomerate, with revenues in excess of S$5 billion. It has 6
main businesses: cement, petrochemicals, paper and packaging,
building products, ceramics and distribution.

"This is a unique opportunity for us to establish a strategic
presence in Thailand," said Mr Ang Kong Hua, President,
NatSteel Ltd. "Adding SIW to our steel group will also enhance
our regional downstream presence. It will extend our Asian steel
network and entrench our position as a leading steel solutions
provider in the region."

The acquisition of SIW will lift NatSteel's total annual PC wire
and PC strand production capacity to nearly 300,000 metric tons
(MT). SIW's 120,000 MT capacity, combined with NatSteel's
existing facilities in China and Malaysia, will establish the
Group as one of the largest supplier of PC steel products in the
region.

In China, NatSteel's 65%-owned subsidiary, Wuxi Jinyang Metal
Products, is amongst the country's top three PC wire and PC
strand manufacturers. With an annual production capacity of
75,000 MT, it has about 20% of market share in China.

In Malaysia, Southern PC is the country's largest PC
manufacturer with an annual production capacity of 80,000 MT.
Southern PC is a wholly-owned subsidiary of listed Southern
Steel Berhad, in which NatSteel has a 27% stake.

SIW manufactures, sells and distributes wire mesh, pre-stressed
concrete wires and strands. It is the dominant PC wire and PC
strand manufacturer in Thailand with about 40% share of the
market. It also boasts strong export capabilities, with
marketing experience and strong networks in 15 countries
worldwide, including the US, Japan, Middle East and Australia.

SIW is located in Rayong Industrial Park, south of Bangkok. Its
PC steel products are used extensively for the pre-stressing of
concrete structures in infrastructural projects such as bridges,
highways and railways, as well as in buildings which require
pre-stressed, long span concrete elements. PC steel products are
manufactured from high carbon wire rod. The production processes
entail sophisticated drawing, stranding and controlled cooling
know-how in order to meet stringent quality requirements from
customers. SIW is ISO 9002, ISO Guide 25, ISO 14001 and NATA
(National Australian Testing Authority)-certified.

About NatSteel

(SGX: NatSteel, Bloomberg: NATS SP Equity and Reuters: NATS.SI)

NatSteel is a regional manufacturing group headquartered in
Singapore. The Group has three businesses : Steel, Industrial
(comprising Construction Products, Chemicals and Engineering)
and Electronics.

In the Steel business, the group has a regional network of mini-
mills in Singapore, Malaysia, China, the Philippines and
Vietnam, and an investment in a Brazilian integrated mill.
Singapore serves as the hub providing R&D, engineering,
logistics, sourcing and other support services.

In its Industrial business, the group is one of the key players
in the cement, concrete, pre-cast concrete, premix mortar and
related building products in Singapore. Other activities in this
division include specialty and environmental chemicals,
engineering products and services.

Listed NatSteel Broadway is the key company in the Electronics
business.

More information is available at : www.natsteel.com.sg


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


EASTERN WIRE: SET Grants Listed Securities
------------------------------------------
Eastern Wire Public Company Limited (EWC) informed that starting
from January 3, 2002, the Stock Exchange of Thailand (SET)
allowed the Company's securities to be listed on the SET after
finishing capital increase procedures.

However, EWC is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still suspend
trading all securities of EWC until the causes of delisting are
eliminated. Anyway, the company could request the SET to allow
continued trading under the REHABCO category after it completed
the conditions specified by the SET.

Name                 : EWC
Issued and Paid up Capital
      Old             : Bt179,367,440
      New             : Bt279,367,440
Allocate to          : Existing shareholders 10,000,000 shares *
Ratio                : -
Price per share      : Bt0.001
Payment Date         : -

* In accordance with EWC's Business Reorganization Plan approved
by the Central Bankruptcy Court on June 21,2001, Plan
Administrator was assigned to:

    1. Increase capital Bt2,000,000,000 by newly issued
200,000,000 shares for existing shareholders at Bt0.001 per
share - 58,302,037 shares, ratio (existing:new) 1:11,
subscription and payment period November 5-9,2001 - 141,697,963
shares, ratio (existing:new) 1:7, subscription and payment
period November 28-30,2001

    2. Decrease capital (which increased) Bt1,900,000,000 by
decreasing amount of 190,000,000 shares for 100 shares remaining
to 5 shares thus the net increased capital remains amount
10,000,000 shares.


L.P.N. DEVELOPMENT: Reveals Debt Restructuring Progress
--------------------------------------------------------
L.P.N. Public Development Public Co., Ltd. explained the
progress of the debt restructuring with Chanthaburi Asset
Management Co., Ltd. According to Agreement 6 no. 29 of the debt
restructuring, regarding the 3rd quarter financial statement
2001, in which the company had the total balance of principal
plus interest repayment of approximately Bt445.59 million, the
Company proceeded with the debt restructuring with Chanthaburi
Asset Management Co., Ltd. by:

1. Transferring 18 units of the office condominium no. 1168/92-
1168/109 of floor 31-36 Lumpini Tower Building, which is
situated at Tumbom Sathorn, Amphur Sathorn (Bangrak) Bangkok,
for the total value of Bt326.42 million.

2. Making repayment in cash of Bt5.00 million on the day of
units transfer on 19 December 2001.

3. Being responsible for arranging and collecting the units'
rental fees and service fees that had been transferred to
Chanthaburi Asset Management Co., Ltd. for 36 months whereby
during the first 6 months the Company is responsible for making
a net payment of Bt0.75 million per month. For the following 30
months the payment to Chanthaburi will be Bt1 million per month.


SAND-POLYCHEMICAL: Business Reorganization Petition Filed
---------------------------------------------------------
Sand-Polychemical Company Limited's DEBTOR), engaged in
producing and distributing chemical products for color, glue,
latex industries, Petition for Business Reorganization was filed
in the Central Bankruptcy Court:

    Black Case Number 1055/2543

    Red Case Number 11/2544

Petitioner : SAND - POLYCHEMICAL COMPANY LIMITED

Planner: Mr. Paramiat Kajonvittaya

Debts Owed to the Petitioning Creditor: Bt3,121,015.30

Date of Court Acceptance of the Petition: December 19, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: January 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 26, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: February 20,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver: May 20, 2001

Planner postponed the date of submitting the reorganization plan
#1st to June 20, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to July 20, 2001

Appointment date for the Meeting of Creditors to consider the
plan: August 29, 2001 at 9.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had a resolution not accepting the
reorganization plan pursuant to Section 90/48

Court had issued an Order Cancelled the Petition for Business
Reorganization on October 18, 2001

Announcement of Court Order Cancelled the Petition for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: October 29, 2001

Announcement of Court Order Cancelled the Petition for Business
Reorganization in Government Gazette: November 13, 2001

Contact: Mrs. Piyanant Tel, 6792525 ext 113


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

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

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                  *** End of Transmission ***