TCRAP_Public/020109.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, January 9, 2002, Vol. 5, No. 6

                         Headlines


A U S T R A L I A

AUTO ENTERPRISES: Fund Investigation Continues
BO LONG: Joint Receiver, Manager Appointed To Investment Scheme
GOODMAN FIELDER: Posts Notice Of Share Cancellation
HARRIS SCARFE: Default On Interest Payment Unavoidable
IXLA LIMITED: Divests Assets To Increase Cash Balances

NORMANDY MINING: AngloGold`s Chess Depository Interests Issuance
NORMANDY MINING: AngloGold's Offer To Close Friday
PACIFIC DUNLOP: Confirms Progress Of Strategic Review
SMARTWORLD CORPORATION: ASIC Grants AGM Date Time Extension


C H I N A   &   H O N G  K O N G

BOUTIQUE BAZAAR: Winding Up Sought By Tung Well
FOURSEAS.COM: Price, Turnover Movements Unexplainable
HANG FUNG: Winding Up Petition Slated For Hearing
KENT COURT: Winding Up Petition Heard
KONG SHING: Petition To Wind Up Scheduled

MANDARIN RESOURCES: Notes Share Price, Trading Volume Increase
POLYSON TRADING: Hearing of Winding Up Petition Set
WAH TAK: Reaches Debt Restructuring Plan With Creditors


I N D O N E S I A

BAHANA PEMBINAAN: Will Miss Debt Payment, Restructure Danareksa
BANK CENTRAL: Govt Guarantees Shares Won't Go To Salim Group
TEXMACO GROUP: Assets Transfer Will Conclude Late January


J A P A N

ISUZU MOTORS:  Merges Bus-Making Business With Hino
MYCAL CORPORATION: Launches 80% Discount Sales
SNOW BRAND: Closes Iwate Milk Plant


K O R E A

DAEWOO MOTOR: Applies For Permission To Dismiss 393 Employees
DAEWOO MOTOR: GM Aims For Profitable Daewoo In 2-3 Years
DAEWOO MOTOR: Differences Still Exist Re Inflated Assets
DAEWOO SECURITIES: Expects US$14.3M Proceeds From Restructuring
HYNIX SEMICONDUCTOR: Micron Delegation Discusses Deal In Seoul

KUKJE HWAJAE: Kunwha Acquires Loss-Making Insurer


M A L A Y S I A

ADVANCE SYNERGY: MITI Approves Hotline's Proposed Subscription
HAI MING: Submits Proposed Exercise To Relevant Authorities
NCK CORPORATION: Posts EGM Notice
PERBADANAN KEMAJUAN: Debt Restructuring Under CDRC Purview
REKAPACIFIC BERHAD: Resolutions Passed At 28th AGM

TECHNOLOGY RESOURCES: Issues Rights, Restricted Shares Prices
UH DOVE: Subsidiary Cuts HWGB Shares
UNIPHOENIX CORP.: Gets KLSE's Nod On Proposed Scheme Extension
RNC CORPORATION: Voluntarily Winds Up Unit
SAP HOLDINGS: Unit Faces Legal Suit Over Breach Of Contract


P H I L I P P I N E S

COSMOS BOTTLING: SMC, Coca-Cola Conduct Tender Offer For Shares
RAMCAR GROUP: Court Grants Debt Relief
UNITRUST DEVELOPMENT: SEC Slaps Bank Owner With P57M Fine


S I N G A P O R E

CERAMIC TECH.: Parent To Make S$32M Provisions Due To Exposure
KOH BROTHERS: Finalizes Investment Agreement By Subsidiary
OAKWELL ENGINEERING: Completes Debt Restructuring Plan


T H A I L A N D

COUNTRY THAILAND: Declares 2002 Special Holidays
GENERAL ENGINEERING: Reports Debt Restructuring Results
SANDCHEMICAL INDUSTRY: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUTO ENTERPRISES: Fund Investigation Continues
----------------------------------------------
The Directors of Auto Enterprises Limited, a suspended company
whose shares are not currently quoted, notified the ASX that:

In the course of a recent investigation by two of the directors
of the Company, namely Mr J B Gibson and Mr Don Wilson, Messrs
Gibson and Wilson became aware of two situations, namely:

Approximately $190,000 of the Company's funds appear to have
been transferred out of the Company's Term Deposit account in
two separate transactions and into the bank account of another
(third party) company. Since the above investigation commenced,
the sum of $100,000 has been repaid to the Company leaving a
balance not "repaid" of $90,000. The Company is considering, in
conjunction with its legal advisers, the course of action to be
taken in relation to the "recovery" of the sum of $90,000. In
addition the Company's Term Deposit account was purportedly and
wrongfully set-off against a debt due by a third party to the
Bank.

Auto Enterprise's investigations are still continuing and have
not yet been completed but it is hoped that they will be
completed by approximately 14 January 2002 and will issue more
company information to the ASX.

The Company's auditors and solicitors have been notified as to
the above and the Company in relation to the above transactions
is presently considering action.


BO LONG: Joint Receiver, Manager Appointed To Investment Scheme
---------------------------------------------------------------
The Supreme Court of Queensland has made orders appointing Maree
Ann Henry and Grant Dene Sparks of Sims Lockwood, Brisbane, as
joint Receiver and Manager to the property of:

   * Bo Long International Development Company Pty Ltd;
   * Bo Long Support Group Australia Limited;
   * Bo Long International Electronic Police System Company Pty
     Ltd (now known as Bo Long International Charity Pty Ltd);
     and
   * Henry Shui Sing Ho, David Wing Hin Ho and Yee Sin Lau.

The Supreme Court granted the orders following an application
made by the Australian Securities and Investments Commission
(ASIC) on 3 January 2002 after complaints from investors.

ASIC found that approximately $6.7 million of investor funds was
paid to the Bo Long companies between August 1997 and January
2001, allegedly to assist mainland China with various
infrastructure projects such as the supply of gas meters and
electronic police monitoring devices.

There was no managed investment scheme registered in Australia
by any of the Bo Long companies referred to above.

The orders restrain the respondents from operating any managed
investment scheme that must be registered under the law,
carrying on a securities or investment advice business or
disposing or dealing with certain funds, assets and real
property.

Henry Shui Sing Ho, David Wing Hin Ho and Yee Sin Lau were
ordered to surrender their passports.

The court also granted an order in respect of Gur Pty Ltd and
Mark Andrew Sweeney, prohibiting those entities from dealing
with funds and property received from the scheme.

ASIC's investigation is continuing.


GOODMAN FIELDER: Posts Notice Of Share Cancellation
---------------------------------------------------
Goodman Fielder Limited posted this notice:

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
FORM 284
NOTIFICATION OF SHARE CANCELLATION

Company Name Goodman Fielder Limited
      ACN    000 003 958

SHARES CANCELED UNDER WHICH PROVISION

Tick the appropriate box

  S.254J         Redeemable Preference Shares
                 Redeemed out of Profits
                 Redeemed out of fresh issue of shares

  S.256A-S.256F  Capital Reduction

X ss.257H(3)     Shares a company has bought back

  S.258D         Forfeited Shares

  ss.1024E(7)    Shares returned to a Company

  Other

DETAILS OF SHARES CANCELED

NUMBER OF SHARES          CLASS OF SHARES
CONSIDERATION
                                              PAID (TOTAL)

20,182,636          Ordinary fully paid          $26,911,249

Period of Cancellation from 27/11/2001 TO 21/12/2001


HARRIS SCARFE: Default On Interest Payment Unavoidable
------------------------------------------------------
B J Carter, Joint Receiver & Manager of Harris Scarfe Holdings
Limited and Associated Companies (Receivers & Managers
Appointed) (Administrators Appointed) (Harris Scarfe) confirmed
that the interest payment due on 31 January 2002 on the
Unsecured Convertible notes issued by Harris Scarfe will not be
met due to Harris Scarfe's insolvency.


IXLA LIMITED: Divests Assets To Increase Cash Balances
------------------------------------------------------
In accordance with the strategy presented to shareholders at the
last Annual General Meeting, IXLA Limited has sold 90 percent of
the shares in its wholly owned subsidiary, IXLA Japan KK (IXJ),
to a group of Japanese investors. In a separate agreement, IXLA
has agreed to sell, subject to shareholders' approval and
completion of due diligence, the intellectual property and
commercialization rights to its web publishing and asset
management software to a US-based company.

IXLA will receive a net amount of approximately A$1.35 million
for the sale of the IXJ shares, the sale of the intellectual
property and commercialization rights and the elimination of a
contingent liability associated with certain retirement benefits
in Japan.

"The plan for realization of assets was presented to
shareholders at the last Annual General Meeting," said Dr Soon
Teh, IXLA Chairman. "We continue to look for opportunities for
our remaining assets."

IXLA's remaining assets are Japanese-based companies,
PhotoHighway Japan KK and Powerband Inc. IXLA also owns 21
million shares in ASX-listed (currently suspended) Digital Now,
Inc.

The company's cash at the end of the financial year totalled
$2.6 million compared to $10.4 million in the previous year and
$4 million at the end of the first-half. The Company is seeking
to increase its cash balances through the sale of certain
assets. In the meantime, to stabilize the Group's cash flow,
management will implement a re-structure that will result in a
further reduction in the number of employees and expenses. The
immediate objective is to eliminate negative cash flows and to
re-focus the objectives of the company for stockholders and
employees.


NORMANDY MINING: AngloGold`s Chess Depository Interests Issuance
----------------------------------------------------------------
On December 20, 2001, AngloGold Limited announced the issue of
48,967 CDIs to shareholders who had accepted AngloGold's offer
for their Normandy Mining Limited shares.

Since this announcement and through 4 January 2002 a further
142,476 CDIs have been issued to acceptors of AngloGold's offer
for their Normandy Mining Limited shares.

On 7 January 2002, AngloGold Limited issued 23,700 CDIs to
shareholders who had accepted AngloGold's offer for their
Normandy Mining Limited shares.


NORMANDY MINING: AngloGold's Offer To Close Friday
--------------------------------------------------
Based on the closing share prices on the New York Stock Exchange
on Monday 7 January, AngloGold's and Newmont's offers for
Normandy Mining Limited were just 5 cents (or 2.8%) apart.

Mr Bobby Godsell, Chairman and CEO of AngloGold said Tuesday:

"The gap between AngloGold's and Newmont's offers for Normandy
of around five cents is immaterial and no basis for making a
long term investment decision."

"Newmont is unable to pay investors for 5-8 weeks at the
earliest. Newmont's share price has fallen by 15 percent since
they announced their offer for Normandy and investors should ask
themselves if they are prepared to take the risk that Newmont's
share price will not fall further over the next 6 to 8 weeks. In
contrast AngloGold's share price has risen by 10 percent, our
offer is unconditional and we are able to pay investors
immediately."

"Normandy shareholders must make a choice between what type of
company they want to invest in. AngloGold's character is that of
a value investment. We do not aim to be the world's largest gold
producer but rather the most profitable.

"In the last three years we generated cash from operations of
US$1.7 billion, earned profits of US$918 million and paid
dividends of US$845 million. In contrast, Newmont reported net
losses of US$388 million and paid dividends of US$59 million
over the last three years.

"AngloGold trades at significantly lower multiples than North
American gold companies and I honestly believe there is more
upside potential from accepting the AngloGold offer for Normandy
than from accepting the Newmont offer.

"We are committed to generating value for AngloGold shareholders
and therefore we will not overpay for acquisitions. This is an
important character of our company and one that will benefit
shareholders in the future."

IMPORTANT MATTERS FOR CONSIDERATION

AngloGold considers that there are a number of important matters
which investors should consider in making this important
decision.

* The timing difference between the two offers has so far been
understated. Newmont's will not be able to pay accepting
Normandy shareholders for 6 to 8 weeks at the earliest.
Newmont's share price is highly volatile and there is a risk
that its share price may fall in the next 6 to 8 weeks.

* There is a risk of an extended delay to Newmont's offer
arising from US Securities and Exchange Commission (SEC)
requirements, which will further delay receipt of payment from
Newmont. The SEC has not yet declared Newmont's bid document
effective. The US regulators will also have to clear a proxy
statement regarding Newmont's complex restructuring, which will
accompany the acquisitions of Normandy and Franco-Nevada.
Following SEC approval Newmont is required to give 30 days
notice for its shareholders meeting to approve the acquisition
of Normandy.

* Newmont's offer for Normandy is not conditional upon the
acquisition of Franco Nevada and Newmont acknowledges in its
Bidders Statement that it may be unable to complete the
acquisition of Franco Nevada. If Newmont cannot complete the
acquisition of Franco Nevada it will be left with high levels of
debt, which will significantly increase Newmont's risk profile.

* AngloGold pays healthy dividends and is offering Normandy
shareholders the opportunity to acquire up to $7,500 of
additional AngloGold shares at a 7.5 percent discount to market.
By accepting the AngloGold offer and holding AngloGold shares,
Normandy shareholders can qualify for AngloGold's final
dividend. Newmont pay minimal dividends and is not offering a
similar top up facility.

CLOSING DATE

AngloGold's offer is scheduled to close on Friday 11 January
2002. AngloGold has made no decision at this stage regarding an
extension of the offer, and would only determine whether to
extend its offer immediately prior to the scheduled closing
date. A decision on whether or not to extend the offer would
depend upon circumstances prevailing at the time. Normandy
shareholders should not assume that AngloGold will extend the
offer.


PACIFIC DUNLOP: Confirms Progress Of Strategic Review
-----------------------------------------------------
Pacific Dunlop Limited has commenced the review of its major
business, Ansell Healthcare, with the assistance of Bain
International.

Following the successful restructuring of the Group, which
involved the divestment of Pacific Automotive and Pacific Brands
in 2001 and a restructuring of South Pacific Tyres, its Joint
Venture with The Goodyear Tire and Rubber Company, along with a
change in the Company's senior management and its Board of
Directors, it was decided that it would be prudent to undertake
a review of the Company's remaining operations.

The Company's new Chairman, Dr Ed Tweddell is leading the
comprehensive review of Ansell Healthcare, an objective of which
is to ensure that the new Directors have a good understanding of
this business in developing strategies for the future.

The review is expected to be completed by early April. A
decision regarding the structure of senior management of Pacific
Dunlop, including the position of Chief Executive Officer, will
be made once this review has been completed.

Pacific Dunlop has also retained UBS Warburg to advise on a
number of matters, including the possibility of a takeover bid
and the Company's response. The Board considers this to be part
of good corporate strategic policy. Pacific Dunlop is now in a
strong position, both financially and strategically and feels
that its share price has been undervalued for some time. Any
party has not approached the Company regarding a possible
takeover bid to this point in time.

Should there be any further substantial developments in the
Company's status or important appointments made, Pacific Dunlop
will advise the market accordingly.

Pacific Dunlop plans to report to the market its Interim Results
on 14 February.


SMARTWORLD CORPORATION: ASIC Grants AGM Date Time Extension
-----------------------------------------------------------
L Nilant, Joint Deed Administrator for Smartworld Corporation
Limited ACN 009 162 949 (Subject to a Deed of Company
Arrangement) (SWC or the Company), advised that the Australian
Securities & Investments Commission has, pursuant to sub-section
250P(2) of the Corporations Act 2001, granted an extension of
the time to hold the Company's 2001 Annual General Meeting to 29
February 2002.

The need for that extension has arisen as a result of SWC being
placed in Voluntary Administration on 12 September 2001, and
subsequently executing a Deed of Company Arrangement with its
creditors on 14 December 2001. As advised to ASX on 4 January
2002, the Deed provides that a general meeting of the members of
the Company is to be convened to consider resolutions for a
recapitalization of SWC and related matters.

Accordingly, application was made for extension of the date by
which the Annual General Meeting was required to be held to
allow consideration of those resolutions by members.


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C H I N A   &   H O N G  K O N G
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BOUTIQUE BAZAAR: Winding Up Sought By Tung Well
-----------------------------------------------
Tung Well Investment Limited is seeking the winding up of
Boutique Bazaar Limited. The petition was filed on September 7,
2001, and was heard before the High Court of Hong Kong on
January 2, 2002 at 10:00 am. Tung Well holds its registered
office at 22nd Floor, Hutchison House, 10 Harcourt Road,
Central, Hong Kong.


FOURSEAS.COM: Price, Turnover Movements Unexplainable
-----------------------------------------------------
Fourseas.com Limited has noted the recent increase in the price
and increase in trading volume of its shares on 5 January 2002
and stated that the Company is not aware of any reasons for
such movement.

Except that the management is still in a preliminary stage of
negotiations of a possible co-operation of a tourist spot
related project (Project) in the People's Republic of China
(PRC), as mentioned in the announcement dated 16th October 2001,
there are no other negotiations or arrangements relating to
intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the board
of directors of the Company (Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


HANG FUNG: Winding Up Petition Slated For Hearing
-------------------------------------------------
The petition to wind up Hang Fung Plastic Manufactory Limited
was scheduled for hearing before the High Court of Hong Kong on
January 2, 2002 at 10:00 am.

The petition was filed with the court on September 4, 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.


KENT COURT: Winding Up Petition Heard
-------------------------------------
The petition to wind up Kent Court Limited was heard before the
High Court of Hong Kong on January 2, 2002 at 10:00 am. The
petition was filed with the court on September 4, 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.


KONG SHING: Petition To Wind Up Scheduled
-----------------------------------------
The petition to wind up Kong Shing Enterprises 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 4, 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.


MANDARIN RESOURCES: Notes Share Price, Trading Volume Increase
--------------------------------------------------------------
The Board of Directors (Board) of Mandarin Resources Corporation
Limited (Company) has noted the recent increases in the price
and the trading volume of the shares of the Company and stated
that, save for the information as disclosed below and in the
several announcements of the Company dated 11th and 24th
December, 2001 and 2nd January, 2002, 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. With
reference to the announcement of the Company dated 2nd January,
2002, the Board would like to inform shareholders of the Company
that it intends to enter into a written agreement with an
independent third party in the PRC on 8th January, 2002 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 an appointment. Save for the above 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 whatsoever have yet
been reached. The consideration for such projects and/or
investments, should they materialize, may be satisfied by means
of the 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.

The Board also informed shareholders of the Company that the
Company is considering raising additional funds by means of the
issue of new shares of the Company for the establishment of an
investment company, which, if approved by the relevant
authority, will be listed on the Stock Exchange, for the
purposes of acquiring for such an investment company suitable
projects and/or businesses once such are identified. The
proposal in respect of establishing the above referred to
investment company is still at a preliminary stage and the Board
will consider all relevant factors and aspects, including the
financial position of the Company, before making a final
decision on the matter. The Company, if necessary will make
further announcement(s).

Shareholders of the Company and potential investors are advised
to exercise caution when dealing in the shares of the Company.

The Board 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 matters discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which are or may be of a price sensitive nature.


POLYSON TRADING: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Polyson Trading Limited will be heard
before the High Court of Hong Kong on January 9, 2002 at 9:30
am. The petition was filed with the court on September 4, 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.


WAH TAK: Reaches Debt Restructuring Plan With Creditors
-------------------------------------------------------
Wah Tak Fung Holdings Limited, principally engaged in property
investment and development, property leasing and building
management and agency services, has been operating in a
difficult business environment owing to the unfavorable economic
climate since the Asian financial turmoil and keen competition
within the property market. Due to the continued decline in the
demand and price of commercial properties in Hong Kong, the
Group has been suffering losses, which were largely attributable
to losses arising from the disposal of properties and finance
costs. As disclosed in the interim report of the Company for the
six months ended 30 September 2001, the Company recorded a
consolidated loss attributable to its shareholders of about
HK$40 million and consolidated net liabilities of about HK$197
million.

For reasons mentioned above, the Group is currently experiencing
liquidity difficulties. Events of default have occurred under
certain bank loans and credit facility agreements entered into
by the Group. As a result, the relevant bank borrowings have
become repayable on demand and the Group is dependent upon the
continued support of its bankers. Following the Company's
continued efforts to negotiate with the Group's bankers for a
compromise of its indebtedness and rescheduling of its
borrowings, certain bankers of the Group have agreed to
restructure the Group's indebtedness upon the terms and
conditions of the proposed debt restructuring exercises. If
successfully implemented, these exercises will result in a
reduction of the level of the Group's indebtedness and enable
the bank loans of the Group to be more adequately secured by its
property portfolio on the basis of the current market value of
these properties. It is expected that, upon completion of these
exercises, the consolidated net asset value of the Group would
be in the region of HK$300 million as compared with its current
consolidated net liabilities of about HK$96 million.

The Board considered the terms of the proposed transactions
described above to be fair and reasonable and in the best
interest of the Group. Following the completion of the various
transactions described herein, the Group will continue to hold
property investments and will consider other investment
opportunities. The Group is not currently in active negotiation
with respect to further potential investments.

In addition, the acquisition of Fine Straight under the S&P
Agreement and the novation and restructuring arrangements
contemplated under the Deed of Novation would enable the Group
to acquire an interest in Fine Straight's property, the current
market value of which is in the region of HK$79 million. Upon
completion of the S&P Agreement, Fine Straight would be free of
all debts and liabilities and all security held by Wing Lung
Bank over its property would be released. The acquisition of an
interest in Fine Straight's property would strengthen the
property portfolio of the Group and provide the Group with
additional assets and rental income. The Board considers the
terms of the S&P Agreement to be fair and reasonable and in the
best interest of the Group.

The Directors also considered that the Placing and Top-up
Subscription provide a good opportunity to raise capital for the
Company and will enable the Company to broaden its shareholders'
base and strengthen the financial position of the Company. The
Directors consider that the terms of the Placing and the Top-up
Subscription to be fair and reasonable and for the best
interests of the Company and its shareholders.


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BAHANA PEMBINAAN: Will Miss Debt Payment, Restructure Danareksa
---------------------------------------------------------------
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), said that that Danareksa is unable to
repay a $174 million loan due next week, following PT Bahana
Pembinaan Usaha Indonesia's failure in servicing its debt of
$800 million. Danareksa may request creditors for a
rescheduling. Danareksa had restructured its debt once after the
Asian crisis in 1997."

Both Danareksa and Bahana are state-owned brokerages.
DebtTraders reported Bahana's 6.884% Floating Rate Note due on
2099 (BAHANA1) trades between 30 and 33.5. For more real-time
bond pricing information , go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAHANA1


BANK CENTRAL: Govt Guarantees Shares Won't Go To Salim Group
------------------------------------------------------------
The government will not sell shares in PT Bank Central
Asia (BCA) to the bank's former owner, the Salim Group, which
was reported to try to claim its assets back, IndoExchange
reports, quoting State Enterprises Minister Laksamana Sukardi.

Sukardi said that 51 percent government stake in the bank will
only be sold to "bonafide institutional investors and had
international reputation in banking sector."

Sukardi added that the government would not sell BCA to brokers
with shady ratings and had no experiences in banking sector, and
also if the brokers had no ability to increase capital in the
future.

"What is clear is that the government will not sell BCA shares
to the former owner," he said, referring to speculation that the
government might be prepared to reach a deal with Salim.


TEXMACO GROUP: Assets Transfer Will Conclude Late January
---------------------------------------------------------
Texmaco Group will finalize the transfer of its assets to a
newly established holding company by the end of this month as
part of its Rp16.552 trillion debt restructuring agreement with
the Indonesian Bank Restructuring Agency (IBRA), AFX-Asia
reported Monday, citing Chairman Marimutu Siniwasan.

"Texmaco is in the process of transferring its assets, which
includes the group's engineering division worth US$800 million
and its steel division worth US$300 million, to the new company.
Hopefully, this process will be finalized by the end of this
month," Siniwasan said.

According to Siniwasan, under its debt restructuring deal
reached on Sept 29, 2000, IBRA will get 70 percent stake in the
new company, with the founding shareholders holding the
remaining 30 percent.


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J A P A N
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ISUZU MOTORS:  Merges Bus-Making Business With Hino
---------------------------------------------------
Isuzu Motors Ltd and Hino Motors Ltd has agreed to consolidate 2
bus production units and integrate their operations into a new
firm to be set up by the two truck makers, AFX News reported on
Monday. The companies will set up a merger preparation firm this
year, which will also be integrated into the new venture
company. The venture company will be established in October
2003, but details of the venture, including capitalization, are
still under discussion.

The two bus production units are Hino Shatai Kogyo and Isuzu Bus
Seizou. The venture will acquire Hino Shatai's Komatsu plant and
Isuzu's Utsunomita plant, with no plant closures immediately
being considered. Shares of Isuzu fell below the symbolic Y100
level in November over worries whether it would be able to
execute the turnaround plan following a third straight year of
financial losses.


MYCAL CORPORATION: Launches 80% Discount Sales
----------------------------------------------
Failed supermarket chain operator Mycal Corp. will sell some Y10
billion worth of stock at discounts of up to 80 percent at a
total of 104 shops of its Saty retail outlets and Vivre apparel
stores across the nation, Kyodo News reported on Monday.

The nationwide clearance sale at 104 stores will take place on
January 9 to 14, unless all products are sold, the company said.
Clothes will be discounted 80 percent, and home electrical
appliances will be sold at half price. Prices of other household
appliances and sundries will be cut by 80 percent.

On December 31, Mycal received approval from the Tokyo District
Court to launch rehabilitation proceedings under the Corporate
Rehabilitation Law.


SNOW BRAND: Closes Iwate Milk Plant
-----------------------------------
Snow Brand Milk Products Co. said it will shut down a milk plant
in Hanamaki, Iwate Prefecture, by the end of March as part of a
restructuring plan, according to Kyodo News' Monday edition. The
dairy product manufacturer said the plant would be closed
because sales of its products are down and its facilities are
obsolete. The plant employs 40 people.

Last year the firm posted a group operating loss of Y15.51
billion on sales of Y621 billion for the first half ended
September 30, as compared to the year ago group operating loss
of Y24.38 billion.


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


DAEWOO MOTOR: Applies For Permission To Dismiss 393 Employees
-------------------------------------------------------------
A Daewoo Motor spokesman said the company has applied to the
Inchon District Labor Office for the legal right to slash 393
sales employees, AFX News reported on January 7. The plan is to
accelerate its corporate restructuring as part of the firm's
effort to reshape the loss-making direct marketing division.


DAEWOO MOTOR: GM Aims For Profitable Daewoo In 2-3 Years
--------------------------------------------------------
General Motors said once it completed its expected takeover of
parts of Daewoo Motor, it expects the troubled Korean automaker
will turn profitable in two to three years, partly through a
sharp rise in market share in its home market, Reuters in its
January 7 edition said.

Nick Reilly, the head of GM's acquisition team for Daewoo, said
GM would also leverage its size to slash Daewoo's costs,
particularly by combining purchasing operations, cutting debt
levels and merging the automaker's marketing and distribution
programs across different countries.


DAEWOO MOTOR: Differences Still Exist Re Inflated Assets
--------------------------------------------------------
Korea Development Bank President Chung Kun-Yong said accountants
of both Daewoo Motor and General Motors Corp. have yet to iron
out their differences concerning the suspected inflated assets
at Daewoo Motor's overseas unit, AFX News reported Monday.

The Korea Economic Daily reported earlier that GM's due
diligence had found W2 trillion worth of inflated assets at the
overseas units, including W1.5 trillion in taxes either already
imposed or to be imposed, and a W500 billion fall in asset
values discovered during a debt settlement process. Daewoo Motor
spokesman Hwang Nam-chul said the report is untrue.


DAEWOO SECURITIES: Expects US$14.3M Proceeds From Restructuring
--------------------------------------------------------------
Daewoo Securities Co Ltd is expecting proceeds of US$14.3
million due to the restructuring of some of its overseas
operations, AFX-Asia reports. The firm said about US$5.3 million
of the total amount comes from the recently closed Tokyo
branch's capital base, which Daewoo expects to collect.

The rest will come from the sale of three overseas units, namely
Daewoo Bank in Romania, Daewoo Bank in Hungary, and UzDaewoo
Bank,  by March, which the firm is undertaking in line with its
plan to concentrate on its core competence.


HYNIX SEMICONDUCTOR: Micron Delegation Discusses Deal In Seoul
--------------------------------------------------------------
Chief Executive Officer Steve Appleton of Micron Technology Inc.
is presently on a visit in Seoul to talk about a possible deal
with Hynix Semiconductor Inc., AFX news and Yonhap News reported
Monday. Hynix and its corporate restructuring body were not
immediately available to verify the report.

Debttraders reports that Hyundai Semiconductor's 8.625% bond due
in 2007 (HYUNS2) trades between 54.000 and 58.000. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS2


KUKJE HWAJAE: Kunwha Acquires Loss-Making Insurer
-------------------------------------------------
The Public Fund Oversight Committee has approved Kunwha
Pharmaceutical to acquire 30 percent state in the loss-making
insurer Kukje Hwajae, on condition that Kunwha infuse fresh
capital of W15.7 billion into the company, Korea Times said
Monday. Kunwha is expected to sign a deal in January.

The pharmaceutical company is required to invest W15.7 billion
in Kukje for its recapitalization and increase its paid-in
capital to W30 million by the end of 2002. Kunwha also have to
enhance Kukje's payment reserve ratio to 100 percent by March 31
to improve its financial status.

Kunwha specializes in the production of antibiotics. It has W6.9
billion in paid-in capital. It plans to form a consortium to
raise funds needed to purchase the insurance firm.


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


ADVANCE SYNERGY: MITI Approves Hotline's Proposed Subscription
--------------------------------------------------------------
Hotline Furniture Berhad (HFB) announced that the Ministry of
International Trade and Industry (MITI) had in its letter dated
31 December 2001 stated that MITI has no objection for HFB to
undertake the Proposed Subscription by HFB of 24,000,000 new
ordinary shares of Rm1.00 each in Advance Synergy Furniture Sdn
Bhd. (Special Administrators Appointed) (ASF) for a total
subscription price of Rm36,000,000 (Proposed ASF Subscription).
The approval from the MITI is subject to:

   (a) the approval of the Securities Commission (SC); and

   (b) an equity condition wherein 70 percent of the equity
interest of ASF is acquired and held by Malaysian citizen of
which at least 30 percent is held by Bumiputera shareholders.

The approval from the SC for the Proposed ASF Subscription is
still pending.


HAI MING: Submits Proposed Exercise To Relevant Authorities
-----------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors
of Hai Ming Holdings Berhad (HMHB or the Company), announced
that the Company has submitted the applications on the Proposed
Restructuring Exercise to the relevant authorities on the
Company's plan to regularize its financial condition.

The Proposed Restructuring Exercise encompasses these proposals:

(i) Proposed settlement of debts owing to secured and unsecured
bank lenders amounting to RM53,588,638 (Proposed Debt
Settlement); and

(ii) Proposed acquisition of the entire equity interest in Koh
Poh Seng Plywood Co. (M) Sdn Bhd for a purchase consideration of
RM99,800,000 to be satisfied by the issuance of 99,800,000 new
ordinary shares of RM1.00 each in HMHB (HMHB Shares) (Initial
Proposed Acquisition of KPSSB).

It is a salient term of the Sale and Purchase Agreement dated
October 30, 2001 entered into between HMHB and the vendors of
KPSSB that KPSSB will undertake a proposed internal
rationalization exercise which will result in KPSSB having full
ownership in Yap Swee Thiam & Sons Industries Sdn Bhd (YSTSB)
and Akateak Sdn Bhd (ASB) prior to the completion of the Initial
Proposed Acquisition of KPSSB. KPSSB presently has equity
interests of 65 percent and 50 percent respectively in YSTSB and
ASB; and

(iii) Proposed waiver to the vendors of KPSSB from the
obligation to extend a mandatory take-over offer for the
remaining HMHB Shares not already owned by them in HMHB upon
completion of the Proposed Acquisition of KPSSB.


NCK CORPORATION: Posts EGM Notice
---------------------------------
NCK Corporation Berhad (Special Administrators Appointed) posted
this notice:

NOTICE OF EXTRAORDINARY GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT an Extraordinary General Meeting of
the Company will be held at the Conference Room, 3rd Floor,
Wisma NCK 3, Lot 45A, Section 92A, Batu 3, Jalan Sungei Besi,
57100 Kuala Lumpur on Wednesday, 30 January 2002 at 10.00 a.m.
to transact the following businesses:

Special Resolution

PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF THE
COMPANY

"THAT the additions, deletions and modifications to the Articles
of Association of the Company as set out in Appendix 1 of the
Circular to Shareholders dated 8 January 2002 be and are hereby
approved."

Ordinary Resolution

1) PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY
TRANSACTIONS

"THAT approval be and is hereby given to the Company and its
subsidiary companies to enter into recurrent related party
transactions of a revenue or trading nature as set out in item
3.3 of the Circular to Shareholders dated 8 January 2002 with
the related parties mentioned therein which are necessary for
the NCK Group's day-to-day operations subject further to the
following:

   a) the transactions are in the ordinary course of business
and are on normal commercial terms which are not more favorable
to the related parties than those available to the public and
are not to the detriment of the minority shareholders; and

   b) disclosure is made in this circular of the breakdown of
the aggregate value of transactions conducted pursuant to the
proposed shareholders' mandate during the financial year.

AND THAT, such approval shall continue to be in force until;

   a) the conclusion of the first Annual General Meeting (AGM)
of the Company following the forthcoming EGM at which such
proposed shareholders' mandate was passed, at which time it will
lapse, unless by resolution passed at an AGM whereby the
authority is renewed;

   b) the expiration of the period within the next AGM of the
Company subsequent to the date it is required to be held
pursuant to Section 143(1) of the Companies Act, 1965 (the Act)
(but shall not extend to such extension as may be allowed
pursuant to Section 143(2) of the Act); or

   c) revoked or varied by resolution passed by the shareholders
in a general meeting,

whichever is earlier;

AND THAT, for the avoidance of doubt, all such transactions
entered into by the Company and its subsidiary companies prior
to the date of this resolution as set out in item 3.1 of the
Circular, be and are hereby ratified AND THAT the directors of
the Company be authorized to complete and do such acts and
things as they may consider expedient or necessary to give
effect to the shareholders' mandate."

2) PROPOSED INCREMENT OF DIRECTOR'S FEE FOR THE INDEPENDENT NON-
EXECUTIVE DIRECTOR, MR YAP TAT MENG

"THAT the proposed increment of director's fee from RM10,000.00
to RM18,000.00 per annum for the Independent Non-Executive
Director, Mr Yap Tat Meng be and is hereby approved."

3) PROPOSED INCREMENT OF DIRECTOR'S FEE FOR THE INDEPENDENT NON-
EXECUTIVE DIRECTOR, MADAM YONG SHIN MING

"THAT the proposed increment of director's fee from RM10,000.00
to RM18,000.00 per annum for the Independent Non-Executive
Director, Madam Yong Shin Ming be and is hereby approved."

By Order of the Board

YEOH CHONG KEAT (MIA 2736)
VOO YIN LING (MAICSA 7016194)
Secretaries

NOTES ON THE APPOINTMENT OF PROXY

(i) A member of the Company entitled to attend and vote at the
Meeting is entitled to appoint a proxy or proxies to attend and
vote in his stead. A proxy may but need not be a member of the
Company. If the Proxy is not a member of the Company, then the
proxy shall be an advocate or an approved company auditor or a
person approved by the Registrar of Companies.

(ii) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing, or if the appointer is a corporation, either under seal
or under the hand of an officer or attorney duly authorized.

(iii) A member shall be entitled to appoint more than one proxy
(subject always to a maximum of two (2) proxies at each meeting)
to attend and vote at the same meeting. A member who appoints
two (2) proxies shall specify the proportion of his
shareholdings to be represented by each proxy.

(iv) The instrument appointing a proxy and the power of attorney
(if any) under which it is signed or a notarially certified copy
thereof must be deposited at the Registered Office of the
Company at 4th Floor, Wisma NCK 3, Lot 45A, Section 92A, Batu
3, Jalan Sungei Besi, 57100 Kuala Lumpur or the Company's Share
Registrar office at Level 13, Uptown 1, No. 1, Jalan SS21/58,
Damansara Uptown, 47400 Petaling Jaya, Selangor Darul Ehsan not
less than forty-eight (48) hours before the time for holding
this meeting or at any adjournment thereof.


PERBADANAN KEMAJUAN: Debt Restructuring Under CDRC Purview
----------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) has accepted
the application by Perbadanan Kemajuan Negeri Pahang (PKNP) to
be admitted for debt restructuring under the purview of CDRC.
PKNP is the state economic development corporation of the state
of Pahang.

A Creditors' Steering Committee will be formed to coordinate,
formulate and manage the implementation of an acceptable
restructuring scheme for PKNP and an interim standstill
agreement is likely to be signed by the creditor banks of PKNP
soon.


REKAPACIFIC BERHAD: Resolutions Passed At 28th AGM
-------------------------------------------------
Rekapacific Berhad informed that all resolutions no: 1,2,4,5,6
and 8 (of which no: 8 was passed as special business) were
passed and carried at the Twenty Eighth Annual General Meeting
duly convened and held on 7 January 2002.

The Company announced resolution no. 3 was not tabled as Mr Ling
Hee Leong did not wish to seek for re-election and resolution
no. 7 was not tabled as the retiring Auditors did not wish to be
reappointed.

The Summary of resolutions passed as Special Business were as
follows:

Resolution No. 8 - As Special Resolution

Resolved that the new Articles of Association of the Company as
set out in Appendix A attached together with the Annual Report
Year 2001 of the Company be and are hereby approved for adoption
as the Company's new Articles of Association of the Company to
replace the existing Articles of Association of the Company.


TECHNOLOGY RESOURCES: Issues Rights, Restricted Shares Prices
-------------------------------------------------------------
Malaysian International Merchant International Bankers Berhad
(Malaysian International), on behalf of the Board of Directors
of Technology Resources Industries Berhad (TRI or Company),
relating to the Proposals, announced the fixing of issue prices
for the new ordinary shares of RM1.00 each (shares) in TRI to be
issued pursuant to the proposed rights issue of up to
840,907,661 new TRI shares (Rights Shares) and proposed
restricted issue of up to 724,138,000 new TRI shares (Restricted
Shares), as follows:

   (a) Issue price for the Rights Shares

The issue price for the Rights Shares has been fixed at RM1.00
per Rights Share. This represents a discount of 93 sen or
approximately 48.19 percent from the theoretical ex-rights price
of RM1.93 per share (Theoretical Ex-rights Price), computed
based on the weighted average market price of TRI shares, as
traded on the KLSE for the past five (5) market days from 27
December 2001 to 3 January 2002 (both dates inclusive), of
RM2.86 per share.

In line with the relevant provisions of the Policies and
Guidelines on Issue/Offer of Securities of the Securities
Commission (SC Guidelines), as the said issue price represents a
discount of more than 30 percent (from the Theoretical Ex-rights
Price), the Company shall procure its promoters and directors to
give their requisite undertakings to the SC that they shall not
dispose of their respective shares held in TRI from the "ex-
date" of the Rights Shares until ten (10) market days after
their listing on the KLSE.

   (b) Issue price for the Restricted Shares

The issue price for the Restricted Shares (which shall not be
entitled to the Rights Shares) has been fixed at RM1.75 per
Restricted Share. This represents a discount of 18 sen or
approximately 9.33 percent from the Theoretical Ex-rights Price.
In line with the relevant provision of the SC Guidelines, the
placees (to be determined later) who subscribe for the
Restricted Shares at the said issue price of RM1.75 per
Restricted Share shall be required to give an undertaking to the
Securities Commission (SC) that they shall not dispose of the
Restricted Shares subscribed for by them for a period of up to
six (6) months after the listing of the Restricted Shares on the
KLSE.

In the event the placees are unable to give such an undertaking
to the SC, the issue price for the Restricted Shares to such
placees will be RM1.93 per Restricted Share, which represents
the Theoretical Ex-rights Price (without any discount imputed
thereon).

Shareholders' attention is drawn to the Proposals and the
conditionality relationship thereof as set out in the Circular.

The "Proposals" refers to:

  * Proposed Restricted Issue;
  * Proposed Rights Issue;
  * Proposed Early Redemption Option;
  * Proposed Debt Refinancing; and
  * Proposed Internal Restructuring


UH DOVE: Subsidiary Cuts HWGB Shares
------------------------------------
The Board of UH Dove Holdings Berhad (the Company or UHD)
announced that on 7 January 2002, the Company's wholly owned-
subsidiary, namely U.H. Industries Sdn. Bhd. has disposed part
of its investment in Ho Wah Genting Berhad (HWGB) comprising
11,000 shares representing 0.006875 percent of the issued and
paid-up capital of HWGB through the open market in the KLSE.

Details of Consideration [Paragraph 10.07(a)(i)]

The 11,000 shares were disposed at a selling price of RM1.24 per
share through the open market in the KLSE.

Particulars of the Transaction [Paragraph 10.07(a)(ii)]

The particulars of the investment in HWGB are as follows:

Number of Shares held   Percentage
of RM1.00 each
Before Disposal   51,600    0.03225
After Disposal   40,600    0.025375

Statement that the Directors, Major Shareholders and/or person
connected with them has no interest, direct or indirect, in the
transaction [Paragraph 10.07(a)(iii)]

Based on the statutory records of the Company and to the best of
our knowledge and belief, none of the Directors and Major
Shareholders and/or person connected with them has interest,
direct or indirect, in the aforesaid disposal.

Rationale for the Disposal

The disposal was made to raise additional working capital for
UHD Group.


UNIPHOENIX CORP.: Gets KLSE's Nod On Proposed Scheme Extension
--------------------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad (UCB or Company), Southern Investment Bank Berhad
announced that the Company has on 3 January 2002 received
approval from the KLSE for the extension of time until 31
December 2001 to submit the proposed restructuring scheme to the
relevant authorities for approvals. The submission of the
proposed restructuring scheme for approvals were duly made on 31
December 2001.


RNC CORPORATION: Voluntarily Winds Up Unit
------------------------------------------
The Special Administrators of RNC Corporation Berhad, pursuant
to the members' and creditors' resolutions passed on 3rd January
2002, announced that Modern Innovations Sdn Bhd (MISB), a 95.1
percent owned subsidiary company of RNC is to be would-up by way
of a creditors' voluntary winding-up.

Mr Tan Kim Leong, JP has been appointed as Liquidator for the
above-mentioned subsidiary company.

The liquidation of MISB will not have any material financial or
operational impact on RNC, as MISB had ceased its operation
since financial year ended 31st March 1999.


SAP HOLDINGS: Unit Faces Legal Suit Over Breach Of Contract
-----------------------------------------------------------
SAP Holdings Berhad announced that Perangsang International Sdn
Bhd (PISB), a wholly owned subsidiary of SAP, was served with a
summon on 24/12/2001 by Autoways Constructions Sdn Bhd (the
Plaintiff) under Shah Alam High Court Civil Suit No. MT5-22-781-
2001. The Plaintiff is claiming for the sum of RM60,000,000
being the purported amount due to the Plaintiff consisting of
RM15,000,000 being the purported amount incurred by the
Plaintiff to complete the UNITEN Phase 1 project, and
RM45,000,000 being the purported amount of loss of future
profits for UNITEN Phase 2 project allegedly entitled to be
awarded to the Plaintiff under a Memorandum of Understanding
dated 25/01/1996.

Subject to the confirmation of certain facts touching the issues
at hand, the solicitors are of the opinion that part of the
Plaintiff's action against PISB may amount to duplicity of
proceedings and PISB may be able to raise the defense of res
judicata based on the following premise:

   i. The current action is substantially based on the same
facts and issues as that previously filed by the Plaintiff
against PISB in SHAH ALAM HIGH COURT CIVIL SUIT NO. MT1-22-392-
1999.

In MT1-22-392-1999, PISB filed an action against the Plaintiff
for the sum of RM1,900,000 being excess payment and back charge
claim of guaranteed profit in respect of UNITEN Phase 1 project.

The Plaintiff counter claimed for the sum of RM8,700,000 for the
purported unlawful retention of monies and unauthorized direct
payments and applied for Summary Judgment. PISB had successfully
contested the Summary Judgment. The Plaintiff had appealed
against the decision of which PISB had successfully contested.
Presently, the case is pending the fixing of hearing date
through case management process.

   ii. The current action is also significantly covered in SHAH
ALAM HIGH COURT CIVIL SUIT NO. 22-1041-1998. In Civil Suit No.
22-1041-1998, the Plaintiff claimed for the sum of RM13,000,000
being the purported damages for a breach of contract by PISB
arising out of a Settlement Agreement.

The Plaintiff filed an application for Summary Judgment. PISB
successfully contested the Summary Judgment application. The
Plaintiff appealed against that dismissal. The hearing of the
appeal is yet to be fixed.

Currently, the solicitors have advised that the Memorandum of
Understanding (MOU) dated 25/01/1996 purportedly being the basis
of the Plaintiff's claim for the sum of RM45,000,000 is not
enforceable against PISB because there was no consideration
moving from either party to the other.

The MOU lacks the essential element of consideration to enable
it to have the full effect of a valid and enforceable agreement.


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


COSMOS BOTTLING: SMC, Coca-Cola Conduct Tender Offer For Shares
--------------------------------------------------------------
San Miguel Corp and Coca-Cola Co have announced they will
conduct a tender offer to minority shareholders of Cosmos
Bottling Corp. as they acquired 83.2 percent of the firm, AFX
News said Sunday. San Miguel will pay P6.045 per common share
and P12.09 per preferred share. The tender offer period is from
January 31 to February 28.

San Miguel and Coca-Cola now own 1.927 billion common shares and
1,000 preferred shares of Cosmos out of a total of 2.31 billion
shares and 2.446 million preferred shares, after acquiring them
from RFM Corp.


RAMCAR GROUP: Court Grants Debt Relief
--------------------------------------
The Quezon City Regional Trial Court has issued an order
stopping all claims against the Ramcar group with debts of P7
billion, the Philippines Star reported Monday.

The proposed financial restructuring scheme calls for the
immediate settlement of P6.205 billion in unsecured loans and
the restructuring of secured loans totaling P1.571 billion. The
restructuring plan also calls for the completion of the P1.365-
billion modernization and expansion program of the Group. Of the
P6.205-billion debt settlement, 95 percent or P5.9 billion will
be via assets to be contributed by Ramcar shareholders.

Ramcar has outstanding debts with 19 creditor banks including
the Bank of the Philippine Islands (BPI), the Land Bank of the
Philippines, the Rizal Commercial Banking Corp. (RCBC), Citibank
Phils., the United Coconut Planters Bank (UCPB), Equitable PCI
Bank, and the Union Bank of the Philippines. Ramcar reportedly
has a P1-billion loan with the LBP and roughly P500 million with
UCPB and RCBC.


UNITRUST DEVELOPMENT: SEC Slaps Bank Owner With P57M Fine
---------------------------------------------------------
Corporate regulators imposed on Monday a P57.18 million fine on
the owner of the defunct Unitrust Development Bank, for selling
investment contracts allegedly without authority, Business World
reported yesterday.

SEC also made permanent its cease-and-desist order on G. Cosmos
to stop selling investment contracts without proper
authorization, in violation of the Securities Regulation Code.

G. Cosmos became majority owner of Unitrust Development Bank
last year. The bank was ordered closed last week after suffering
heavy withdrawals. The firm's administrative penalty represents
a fine of P10 thousand multiplied against its 5,718 alleged
violations of the Securities Regulation Code as of July 2001.

The Central Bank of the Philippines Governor Rafael B.
Buenaventura said regulators will investigate on the
circumstances of the bank's collapse, including its possible
relation to complaints filed against majority owner G. Cosmos
with SEC.


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


CERAMIC TECH.: Parent To Make S$32M Provisions Due To Exposure
--------------------------------------------------------------
Presscrete Holdings Ltd said it will have to make provisions of
S$32 million for its exposure to unit Ceramic Technologies,
which has been placed under judicial management, AFX News
reported on January 2. These provisions will cover the firm's
entire investment of S$5.60 million, S$12.60 million in advances
and some S$13.80 million worth of guarantees issued to Ceramic
Technologies.

If Ceramic Technologies will be liquidated the sale of the
unit's asset could worth approximately S$14 million, Presscrete
official said. Accordingly, the company estimates that it will
recover approximately S$6.5 million of the advances," it said.

"On the basis that all amounts payable to the company shall be
used towards settling the company's contingent liabilities under
the Ceramic Technologies guarantees, the company's contingent
liabilities in this regard will be reduced to approximately
S$7.3 million," AFX News noted.


KOH BROTHERS: Finalizes Investment Agreement By Subsidiary
----------------------------------------------------------
The Directors of Koh Brothers Group Limited (the Company) refers
to the announcement made on 19 October 2001 relating to the
proposed investment by its subsidiary G&W Group (Holdings)
Limited (G&W).

Further details on the terms of the proposed investment by G&W
in Oakwell Engineering Limited (OEL) are set out in G&W's
announcement made on 7 January 2002 after final agreement on the
proposed investment and the debt restructuring plan of Oakwell
has been reached between G&W, Oakwell and Oakwell's secured
creditors.

The Company will make further announcement in due course.


OAKWELL ENGINEERING: Completes Debt Restructuring Plan
------------------------------------------------------
The Board of Directors of Oakwell Engineering Limited (the
Company) announced that pursuant to the Scheme of Arrangement
(the Scheme) between the Company and its secured creditors, the
terms and conditions of the requisite documentation pertaining
to the Debt Restructuring Plan have been finalized and agreed
amongst the secured creditors, G&W (Group) Holdings Ltd (the
Investor) and the Company.

The Debt Restructuring Plan is:

(i) the current outstanding debt of approximately S$ 37 million
owing to the secured creditors shall be restructured into an
Investor's Restructured Loan of S$ 3 million, a Secured
Creditors' Restructured Loan of S$ 3 million and a Conversion
Debt for the balance amount outstanding;

(ii) the Investor together with a group of investors,
(collectively the "Investor Group"), shall invest S$ 9 million
for the purpose of the debt restructuring exercise and in
consideration of the S$ 9 million investment by the Investor
Group, the secured creditors shall assign the Investor's
Restructured Loan and the Conversion Debt to the Investor Group;

(iii) the Company shall, upon obtaining the necessary approvals,
discharge the Conversion Debt by the issue and allotment of new
ordinary shares of par value S$ 0.05 each to the Investor Group
at an issue price of S$0.06 each;

(iv) both the Investor's Restructured Loan and the Secured
Creditors' Restructured Loan shall be interest bearing and
repayable by the Company over a period of 4 years by 36 monthly
instalments (the first instalment being payable after one year).
These loans shall also be secured by a continuing debenture over
the assets and undertakings of the Company and be convertible,
at the option of the Investor and the Secured Creditors
respectively, into new ordinary shares of par value S$0.05 each
of the Company at an issue price of S$ 0.06 each; and

(v) the Company shall grant to the Investor a 2 year call option
to subscribe up to an additional 100 million new ordinary shares
of par value S$ 0.05 each of the Company at an issue price S$
0.06 per share for a consideration of S$ 6 million, which will
provide the Company with additional capital injection to enable
the Company to pursue new projects with an enlarged capital
base.

In connection with the Debt Restructuring Plan, the Company
shall undertake a capital reduction to reduce the par value of
its ordinary share from S$0.15 to S$0.05 so as to comply with
the terms of the Investment Agreement between the Company and
the Investor.

As previously announced on 19 October 2001, the Debt
Restructuring Plan is subject to, inter alia, the following
conditions precedent being met:

(a) approval being obtained from the Singapore Exchange
Securities Trading Limited for the new ordinary shares to be
issued to the Investor Group in conjunction with this Debt
Restructuring Plan, on terms and conditions acceptable to the
Investor;

(b) the Investor Group not being obliged to make a takeover
offer to the remaining shareholders of the Company in accordance
with the provisions of the Companies Act (Cap. 50) of Singapore
and the Singapore Code on Take-over and Mergers, for issued
shares in the capital of the Company not already owned by the
Investor Group;

(c) the approvals of the Debt Restructuring Plan and the
transactions contemplated therein by the shareholders of the
Company;

(d) the approvals of the Debt Restructuring Plan and the
transactions contemplated therein by the shareholders of the
Investor (if required); and

(e) the approval of the Court pursuant to Section 73 of the
Companies Act of the capital reduction exercise to be carried
out by the Company.

The Debt Restructuring Plan will serve to recapitulate the
Company's balance sheet, restructure its borrowings to a
sustainable level and allow the Company to engage in new
profitable projects with the Investor's participation.

The Company and the Investor, with the assistance of its Scheme
Managers, Mr Tam Chee Chong, Mr Andrew Grimmett and Ms Lim Siew
Soo of Arthur Andersen Associates (S) Pte Ltd , are currently
seeking the necessary approvals to the Debt Restructuring Plan.
Progress on the Scheme will be announced in due course.

In view of the above development, the Company will be seeking
the lifting of trading suspension of its shares from the
Singapore Stock Exchange as soon as possible.


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


COUNTRY THAILAND: Declares 2002 Special Holidays
------------------------------------------------
Country (Thailand) Public Company Limited announced the 2002
company's holidays, three days of which are not similar to SET's
holidays:

Tuesday     12    February 2002  Chinese New year
Wednesday   13    February 2002  Chinese New year
Thursday    14    February 2002      Chinese New year

TCR-AP reported April last year that the Company has entered
into the rehabilitation process under the procedures of the
Central Bankruptcy Court and on August 22, 2000 the Court
appointed the company to be the Plan Preparer for the
Rehabilitation Plan.


GENERAL ENGINEERING: Reports Debt Restructuring Results
-------------------------------------------------------
General Engineering Public Company Limited on December 26, 2001
has signed a debt restructuring agreement with DBS Thai Danu
Bank Public Company Limited of which the principal amount is
Bt183.03 million by partial asset transfer and debt repayment
with in five years period. The restructuring amount represents
30.88 percent of total debts of the company approximately
Bt16.27 million profit from accept land value and revaluation
increment in land will decrease Bt51.70 million. The result of
debt restructuring would be recognized in the fourth quarter of
this year.

This assets have been used for collateral since 1988. The
company can buy back within 5 years and we can lease this asset,
lease agreement will be in process. This restructuring have no
effect to our business.


SANDCHEMICAL INDUSTRY: Business Reorganization Petition Filed
-------------------------------------------------------------
Chemical products for paper, plastic, pvc, fiberglass, color and
glue industries producer and distributor Sandchemical Industry
Company Limited (DEBTOR) filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number 1057/2543

   Red Case Number 14/2544

Petitioner: SANDCHEMICAL INDUSTRY COMPANY LIMITED

Planner: Mr. Paramiat Kajonvittaya

Debts Owed to the Petitioning Creditor: Bt2,343,183,224.56

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 29, 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 28, 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 114


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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