TCRAP_Public/020115.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

            Tuesday, January 15, 2002, Vol. 5, No. 10

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Appeals Victorian Supreme Court Decision
CHROME GLOBAL: Deed Of Company Arrangement Wholly Effectuated
CTI COMMUNICATIONS: Changes Share Registry Address
NORMANDY MINING: AngloGold Extends Offer Period
NORMANDY MINING: AngloGold Offer Now Potentially Superior

NORMANDY MINING: Newmont Challenges AngloGold's Offer Validity
TRITON CORPORATION: AGM To Be Held On February 11
TRITON CORPORATION: Discloses Chairman's Letter To Shareholders


C H I N A   &   H O N G  K O N G

CAPITAL HERO: Petition To Wind Up Scheduled
CIL HOLDINGS: Requests Suspension Of Trading
HEAVENGRADE COMPANY: Winding Up Petition Heard
KEN-OCEAN: Winding Up Sought By Chan Ching
KEYWAY ENGINEERING: Faces Winding Up Petition

MAN ON ENGINEERING: Winding Up Petition To Be Heard
PEARL ORIENTAL: Further Postpones Circular Distribution
POWER PLUS: Hearing of Winding Up Petition Heard
SEG GROUP: Debt Recovery Reliant On Asset Restructuring
YAGINUMA CO: Hearing of Winding Up Petition Set


I N D O N E S I A

CITRA MARGA: Pefindo Downgrades Bonds II/1997 Rating To `idBB-'
TJIWI KIMIA: Holding Off US$20M Bondholders' Payment

J A P A N

DAIEI INC: Aims To Cut Y750B debts By February 2005
DAIEI INC: Slashes Stake In Two Subsidiaries
EITAI: Begins Insolvency Proceedings
NISSAN FIRE: Ryutaro Sato Steps Down As President
SHOKUSAN JUTAKU: Seeks Court Protection

TAISEI FIRE: British Court Orders Protection Of Assets


K O R E A

DAEWOO MOTOR: GM Schedules Board Meeting On February 4
HYNIX SEMICONDUCTOR: Hynix, Micron Wraps Up Alliance Deal
HYUNDAI ENGINEERING: Repays W191.7B Matured Bonds
HYUNDAI INVESTMENT: Govt Offers AIG New Debt Partial Guarantee
KUKJE FIRE: KDIC Sells Troubled Non-life Insurance Firm

SEOULBANK: Hana Rules Out Bank Takeover


M A L A Y S I A

BUSINESS FOCUS: Discharged From CDRC's Purview
CYGAL BERHAD: Seeks One-Month Extension On Proposals Submission
GADEK (MALAYSIA): Updates Debt Restructuring Status
MBF HOLDINGS: Registrar Of Companies Strikes Off Units
MYCOM BERHAD: Proposed Workout Scheme Approval Pending

OLYMPIA INDUSTRIES: Amended Scheme Still Pending
OLYMPIA INDUSTRIES: Unit Faces Winding-Up Petition
SRIWANI HOLDINGS: Debt Restructuring Under CDRC's Purview
TIME DOTCOM: Courts Orders Unit's Capital Reduction
TIME ENGINEERING: Clarifies The Star Article


P H I L I P P I N E S

NATIONAL STEEL: Govt Seeks Debt Writedowns, Equity Swaps
REYNOLDS: LBP Provides Support On Financial Restructuring Plan
UNITRUST DEVELOPMENT: BSP Looks Into Legality Of Bank Ownership


S I N G A P O R E

HONG LEONG: Appoints Ian Macdonald As President
IPCO INTERNATIONAL: Hi-Way Investments Changes Interest
L & M GROUP: Posts Change Of Deemed Interest Notice
LKN-PRIMEFIELD: Posts Notice Of Director's Shareholding Changes
PINETREE RESORTS: Appoints Andersen As Special Accountant


T H A I L A N D

EGCO MINING: Clarifies Warrant Issuance Rumor
LANLUANG CONSTRUCTION: Business Reorganization Petition Filed
SINO-THAI ENGINEERING: SET Lifts Suspension
TPI POLENE: Creditors Still In Talks With Cemex, Holcim

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Appeals Victorian Supreme Court Decision
---------------------------------------------------------
On Friday 11 January 2002, Anaconda Nickel Limited filed a
Notice of Appeal in the Victorian Court of Appeal against the
decision of Justice Warren of the Victorian Supreme Court
upholding a claim by Mr Joseph Gutnick and his private company,
Edensor Nominees Pty Ltd against Anaconda. The Notice of Appeal
was also served on Gutnick and Edensor's lawyers.

Anaconda is appealing Justice Warren's judgment given on 18
December 2001 and the orders made on 19 December 2001. The
grounds of the Appeal include that the trial judge made findings
"contrary to the evidence" and that the "trial judge erred in
law and in fact in failing to give any or sufficient weight to
evidence" adduced at trial and which supported Anaconda's case.
Anaconda also claims that the "trial judge misused or did not
use her advantage in seeing and hearing the witnesses and paid
no or inadequate regard" to the circumstances established during
the trial.

Anaconda has been advised by its legal advisors that the appeal
is likely to be heard by the Court of Appeal towards the middle
of calendar year 2002.

    
CHROME GLOBAL: Deed Of Company Arrangement Wholly Effectuated
-------------------------------------------------------------
Chrome Global Limited (Subject to Deed of Company Arrangement)'s
Deed Administrator Brian McMaster of Ernst & Young, Central
Park, 152 St Georges Terrace, Perth, Western Australia 6000,
informed that the Deed of Company Arrangement entered on 11
December 2001 (the "Deed"), has been wholly effectuated.


CTI COMMUNICATIONS: Changes Share Registry Address
--------------------------------------------------
CTI Communications Limited (the Company) will cease using
Registries Limited and intends to appoint Security Transfer
Registrars Pty Ltd (STR) as its share registry as of 17 January
2002. The Company is currently arranging for the relevant data
and documentation to be delivered to STR.

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


NORMANDY MINING: AngloGold Extends Offer Period
-----------------------------------------------
AngloGold has given notice that it has extended the period in
which Normandy Mining Limited shareholders can accept its offer
from 19:00 Sydney time on 11 January 2002 to 19:00 Sydney time
on 18 January 2002 in order to give shareholders the fullest
opportunity to consider the offer in the light of market
information and recent share price movements.

At the close of the New York market on Thursday, 10 January, the
offers were just 2 cents (or 1%) apart. At close of business in
Australia Friday, 11 January, AngloGold had received acceptances
in respect of 146.3 million Normandy shares, or 6.5 percent of
Normandy's issued capital.

Commenting on this decision, AngloGold's Chairman and CEO, Bobby
Godsell, said, "The volume of acceptances received in the last
two days, with 1.7 percent on Thursday and 4 percent on Friday
indicates growing support for our offer. The two bids have only
recently come together, presenting Normandy shareholders with a
difficult decision. It's our judgment that they need a little
more time to consider the competing value propositions and
process their acceptances. I am keen, however, to bring this
matter to a conclusion as soon as possible.

"The continuing strength of AngloGold's share price which has
risen by 16 percent since we announced our offer for Normandy on
5 September gives me great confidence in the upside potential to
be had from accepting the AngloGold offer."

The AngloGold offer is open now, promises payment (shares and
cash) within five working days, is unconditional, will entitle
those who accept the offer and hold their shares to AngloGold's
2001 final dividend, and also gives Normandy shareholders the
opportunity to acquire an additional A$7,500 worth of AngloGold
stock at a 7.5 percent discount to market.

Newmont's offer is conditional and the earliest date the
conditions can be met is 13 February 2002 (the date of its
shareholder meeting to approve the issue of Newmont shares under
its offer), exposing shareholders to the risk of a drop in the
Newmont share price. The Newmont stock has fallen by 11 percent
since AngloGold announced its bid for Normandy on 5 September
2001.


NORMANDY MINING: AngloGold Offer Now Potentially Superior
---------------------------------------------------------
Normany Mining Limited informed that at the close of the New
York market on Friday 11 January, the AngloGold and Newmont
offers were just 1 cent apart, with the implied value of the
AngloGold offer currently being $1.94 per Normandy share
compared to an implied value of Newmont's offer of $1.95.

AngloGold Chairman and CEO, Bobby Godsell said Monday:

"The market value of AngloGold's and Newmont's offers is now
virtually identical. It is my view that our offer is now
potentially superior for retail investors, particularly if they
take up the AngloGold top up facility."

The top up facility enables a Normandy shareholder to acquire up
to $7,500 of additional AngloGold shares at a 7.5 percent
discount to AngloGold's 30-day average share price.* In fact
given the recent rise in the AngloGold share price the allotment
price is currently at around a 15 percent discount to
AngloGold's prevailing market price. The highly attractive
nature of the top up facility is probably not well understood by
retail investors.

In addition to the benefits of the top up facility shareholders
who accept our offer and retain their AngloGold shares will be
entitled to AngloGold's 2001 final dividend, which will be
declared at the end of January. Shares acquired through the top
up facility will also qualify for the dividend.

Mr Godsell also said, "To date in excess of 2,200 shareholders
have accepted AngloGold's offer and I look forward to welcoming
many more Normandy shareholders as new shareholders in
AngloGold."

Based on the 7.5 percent discount the top up facility is worth
potentially an additional 20 cents per share for an average
retail investor with a holding of 3,000 Normandy shares.

At present the inherent discount in the top up facility is
currently substantially higher due to the strong increase in
AngloGold's share price. This is because the discounted
allotment price under the facility is calculated against the 30
day weighted average price of AngloGold shares.

For example, the allotment price of AngloGold shares issued
under the Top Up facility on Friday 11 January was A$64.47,
compared with a closing price on the NYSE that day equivalent to
A$76.13. This represents a discount to the current market price
of over 15 percent. Based on the current market price, the value
inherent in this discount to a Normandy shareholder taking up
the full $7,500 subscription is over A$1,350. For a Normandy
shareholder holding 3,000 shares, this translates to an
additional A$0.45 per share.

Clearly, the AngloGold offer combined with the value of the Top
Up Facility is superior for such a shareholder in Normandy.

It should also be noted that the Top Up facility is available to
shareholders who purchase Normandy shares during the offer
period and accept AngloGold's offer.

AngloGold's offer is unconditional and payment will be made
promptly. In fact, AngloGold has shortened the payment period
from 5 business days to 3 business days of acceptance. In
contrast, Newmont's offer remains subject to numerous conditions
and payment cannot be made until after Newmont's shareholders
meeting on 13 February at the earliest.

AngloGold has also modified the handling fees payable to
brokers. For acceptances received from Monday until the close of
its offer AngloGold will pay a handing fee of 0.75 percent on
the first 55,000 Normandy shares and 0.5 percent on any
additional shares.**

AngloGold's offer is scheduled to close at 7pm Sydney time on
Friday 18 January 2002.

* The inherent discount in the top up facility will fluctuate
with market prices and shareholders should consult with their
financial adviser or stockbroker in determining whether or not
to take up the top up facility. Shareholders should note that
brokerage fees and tax liabilities may arise on the disposal of
shares.

** The handling fee is payable to any participating organization
of the ASX whose stamp appears an the acceptance form or who, in
respect of a CHESS holding, provides evidence satisfactory to
AngloGold that it is the Controlling Participant who has
initiated the acceptance. Brokers are precluded from receipt of
any handling fee in respect of shares in which they or their
associates have relevant interests (within the meaning of those
terms under the Australian Corporations Act).


NORMANDY MINING: Newmont Challenges AngloGold's Offer Validity
--------------------------------------------------------------
The Takeovers Panel advised that it has received Monday an
application by Newmont in relation to the current bid by
AngloGold for Normandy. The application relates to AngloGold's
notice of extension of its bid for Normandy. The notice was sent
to Normandy shareholders last Friday. The application is for
interim and final orders and for a declaration of unacceptable
circumstances under section 657A of the Corporations Act.

In the notice, AngloGold stated:

"Although we have not declared the offer final, we have said
that this offer is full and fair and that we have no basis upon
which we could justify a further increase in the offer."

Newmont contends that AngloGold's CEO, Mr Bobby Godsell, has
made statements to the media in the last two weeks to the effect
that the AngloGold bid is final, and will not be increased. It
asserts that in light of Mr Godsell's statements, the notice is
misleading and that AngloGold should advise the market that it
has, through Mr Godsell's statements, declared its bid to be
final.

Newmont contends that two other statements in the AngloGold
notice are inaccurate.

There are elements of the application, which the parties may be
able to resolve between themselves. If this is possible, the
Panel has encouraged the parties to do so quickly.

The sitting Panel in this matter is made up of  Mr David Gonski
(sitting President), Ms Meredith Hellicar (sitting Deputy
President) and Ms Ilana Atlas.


TRITON CORPORATION: AGM To Be Held On February 11
-------------------------------------------------
Triton Corporation Limited announced that the Annual General
Meeting of shareholders of Triton Corporation Limited (subject
to deed of company arrangement) (Triton or Company) will be held
at Ferrier Hodgson, Level 25, 140 William Street, Melbourne,
Victoria, 3000 at 10 am (Eastern Standard Time) on 11 February
2002.

AGENDA

The Explanatory Statement that accompanies and forms part of
this Notice describes the matters to be considered as ordinary
business and special business.

ORDINARY BUSINESS

ANNUAL ACCOUNTS

To receive, consider and adopt the financial report of the
Company for the year ended 30 June 2001 and the reports by the
Directors and Independent Auditor.

RESOLUTION 1 - RE-ELECTION OF MR VIVIAN CALDWELL AS A DIRECTOR

To consider and if thought fit to pass with or without
amendments, the following as an ordinary resolution:

"That in accordance with Rule 12.4 of the Company's
Constitution, Mr Vivian Caldwell, being a director of the
Company who was appointed during the year by the Directors,
being eligible and offering himself for re-election, be
appointed as a director of the Company."

RESOLUTION 2 - RE-ELECTION OF MR RICHARD HAREN AS A DIRECTOR

To consider and if thought fit to pass with or without
amendments, the following as an ordinary resolution:

"That in accordance with Rule 12.4 of the Company's
Constitution, Mr Richard Haren, being a director of the Company
who was appointed during the year by the Directors, being
eligible and offering himself for re-election, be appointed as a
director of the Company."

RESOLUTION 3 - RE-ELECTION OF MR GARRY YOST AS A DIRECTOR

To consider and if thought fit to pass with or without
amendments, the following as an ordinary resolution:

"That in accordance with Rule 12.2 of the Company's
Constitution, Mr Gary Yost who retires by rotation and being
eligible and offering himself for re-election, be re-elected as
a director of the Company."

SPECIAL BUSINESS

RESOLUTION 4 - CONSOLIDATION OF CAPITAL

To consider and if thought fit to pass with or without
amendments, the following as an ordinary resolution:

"That, in accordance with Section 254H of the Corporations Act
and the Company's Constitution and for all other purposes, the
issued capital of the Company be consolidated on the basis that
every seven and one half (7.5) fully paid ordinary shares in the
capital of the Company be consolidated into one (1) fully paid
ordinary share in the capital of the Company and the options
granted by the Company likewise be consolidated on the following
basis:

(a) every seven and one half (7.5) options to acquire Shares,
exercisable at 20 cents each on or before 30 June 2004 be
consolidated and divided into one (1) option exercisable at
$1.50 on or before 30  June 2004;

(b) every seven and one half (7.5) options to acquire Shares,
exercisable at 25 cents each on or before 30 July 2005 be
consolidated and divided into one (1) option exercisable at
$1.87 on or before 30 July 2005;

(c) every seven and one half (7.5) options to acquire Shares,
exercisable at 10 cents each on or before 31 March 2003 be
consolidated and divided into one (1) option exercisable at
$0.75 on or before 31 March 2003; and

(d) if the options referred to in (c) above are exercised,
pursuant to a previously approved option issue, for every two
options so exercised, one new option will be issued consolidated
on a seven and one half (7.5) basis exercisable at $1.05 on or
before 31 March 2004;

and where this consolidation results in a fraction of a Share or
option being held by a member of the Company, the directors of
the Company be authorized to round that fraction up to the
nearest whole share."

Short explanation: Under the Corporations Act, a company may
convert all or any of its shares into a smaller amount by
resolution passed at a general meeting. In that circumstance,
the Company is required to consolidate its options in accordance
with the ASX Listing Rules.

RESOLUTION 5 - ALLOTMENT AND ISSUE OF SHARES

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That:

(a) for the purposes of Listing Rule 7.1 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
approval is given for the Company to allot and issue up to
10,000,000 fully paid ordinary shares in the capital of the
Company at an issue price of not less than $0.0001 per share (on
a post consolidation basis); and

(b) from the allotment and issue of the shares set out in
paragraph (a) and for the purposes of Listing Rule 10.11 of the
Listing Rules of Australian Stock Exchange Limited, Section 208
of the Corporations Act and for all other purposes, approval is
given for the Company to issue to the proposed directors of the
Company or their nominees that number of fully paid ordinary
shares in the amounts and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: Approval is sought under Listing Rule 7.1 to
allow the Company to issue these securities. Further, the
proposed directors intend to subscribe for or procure the
subscription of part of these shares to support the capital
raising. Approval for this purpose is sought under Listing Rule
10.11 and the related party provisions of the Corporations Act.
Please refer to the Explanatory Statement for details.

RESOLUTION 6 - ALLOTMENT AND ISSUE OF SHARES

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That:

(a) for the purposes of Listing Rule 7.1 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
approval is given for the Company to allot and issue up to
85,000,000 fully paid ordinary shares in the capital of the
Company at an issue price of not less than $0.005 per share (on
a post consolidation basis); and

(b) from the allotment and issue of the shares set out in
paragraph (a) and for the purposes of Listing Rule 10.11 of the
Listing Rules of Australian Stock Exchange Limited, Section 208
of the Corporations Act and for all other purposes, approval is
given for the Company to issue to the proposed directors of the
Company or their nominees that number of fully paid ordinary
shares in the amounts and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: Approval is sought under Listing Rule 7.1 to
allow the Company to issue these securities. Further, the
proposed directors intend to subscribe for or procure the
subscription of part of these shares to support the capital
raising. Approval for this purpose is sought under Listing Rule
10.11 and the related party provisions of the Corporations Act.
Please refer to the Explanatory Statement for details.

RESOLUTION 7 - ALLOTMENT AND ISSUE OF SHARE FOR WORKING CAPITAL

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That:

(a) for the purposes of Listing Rule 7.1 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
approval is given for the Company to allot and issue up to
100,000,000 fully  paid ordinary shares in the capital of the
Company at an issue price  of not less than $0.01 per share (on
a post consolidation basis); and

(b) from the allotment and issue of the shares set out in
paragraph (a) and for the purposes of Listing Rule 10.11 of the
Listing Rules of Australian Stock Exchange Limited, Section 208
of the Corporations Act and for all other purposes, approval is
given for the Company to issue to the proposed directors of the
Company or their nominees that number of fully paid ordinary
shares in the amounts and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: Approval is sought under Listing Rule 7.1 to
allow the Company to issue these securities. Further, the
proposed directors intend to subscribe for or procure the
subscription of part of these shares to support the capital
raising. Approval for this purpose is sought under Listing Rule
10.11 and the related party provisions of the Corporations Act.
Please refer to the Explanatory Statement for details.

RESOLUTION 8 - DISPOSAL OF NON MINING RELATED ASSETS

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That, for the purposes of Listing Rule 11.2 of the Listing
Rules of Australian Stock Exchange Limited and for all other
purposes, approval is given for the Company to dispose of the
non-mining related assets owned by it in accordance with the
terms of the restated deed of company arrangement and as set out
in the Explanatory Statement accompanying this Notice."

Short Explanation: The Listing Rules require the Company to seek
shareholder approval where it proposes to dispose of its main
undertaking. The Company will retain its mining exploration
assets. Please refer to the Explanatory Statement for details.

RESOLUTION 9 - ELECTION OF MR HUGH WARNER

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That Mr Hugh Warner being eligible and having consented to act,
be elected as a director of the Company, effective from the date
of termination of the appointment of the deed administrator of
the Company."



TRITON CORPORATION: Discloses Chairman's Letter To Shareholders
---------------------------------------------------------------
Triton Corporation Limited (Triton or the Company) disclosed the
letter of V Caldwell, Chairman of Triton, to the shareholders:

       LETTER TO SHAREHOLDERS

On 20 August 2001, the directors of Triton Corporation Limited
(Triton or the Company) appointed John Lindholm and George
Georges of Ferrier Hodgson as joint administrators pursuant to
Section 436A of the Corporations Act.

The appointment was made following the Company's securities
being suspended from trading on the official list of Australian
Stock Exchange Limited on Wednesday, 1 August 2001.

At a meeting held on 14 September 2001, the joint administrators
proposed to the creditors of the Company that a deed of company
arrangement be entered into. On or about 21 September 2001, the
Company entered into a deed of company arrangement with John
Lindholm and George Georges of Ferrier Hodgson. The principal
terms of the Deed of Company Arrangement are that the directors
of the Company will procure $350,000 from an investor or
investors within 6 months pursuant to a capital restructuring to
be approved by shareholders.

In addition, the directors were authorized to engage Cullen
Capital Pty Ltd to prepare an information memorandum and
identify recapitalization proposals. The Company was authorized
to pay Cullen Capital its reasonable disbursements and the Deed
Administrator was authorized to realize all property of the
Company.

On or about 26 November 2001, an investment group entered into
an agreement with the Company and the Deed Administrators to
recapitulate the Company (the "Recapitalization Agreement"). On
19 December 2001, creditors approved the Recapitalization
Agreement and the Deed Administrators were authorized to enter
into a Restated Deed of Company Arrangement, varied to reflect
the terms of the Recapitalization Agreement. A summary of the
Recapitalization Agreement and the material terms Restated Deed
of Company Arrangement, are set out in this Memorandum. Details
of the investment group are set out in the Memorandum.

The Recapitalization Agreement requires that an amount of
$400,000 and all assets of the Company (excluding the mineral
exploration assets) be made available for satisfaction of the
claims of creditors and to meet the costs of Cullen Capital and
the Deed Administrators and $25,000 be made available to meet
the additional costs of the Deed Administrators.

The proposal from the investment group requires the
restructuring and recapitalization of the Company as follows:

a) there be a consolidation of the capital of the Company on a
7.5 for 1 basis;

b) the investment group shall use its best endeavors to
subscribe for or procure the subscription of 10,000,000 fully
paid ordinary shares at an issue price of $0.0001 per Share in
the capital of the Company (on a post consolidation basis). The
shares will be placed at the discretion of the investment group;

(c) the investment group shall use its best endeavors to
subscribe for or procure the subscription of 85,000,000 fully
paid ordinary shares at an issue price of $0.005 per Share in
the capital of the Company (on a post consolidation basis). The
shares will be placed at the discretion of the investment group;

(d) the investment group shall use its best endeavors to
subscribe for or procure the subscription of 100,000,000 fully
paid ordinary shares at an issue price of $0.01 per Share in the
capital of the Company (or a post consolidation basis). The
shares will be placed at the discretion of the investment group;

(e) approval be given for the disposal of the non mining related
assets by the Company in accordance with the terms of the
Restated Deed of Company Arrangement, those non mining assets to
used for the benefit of creditors to satisfy claims in
accordance with the deed;

(f) new directors representing the investment group be
appointed, effective from the date of termination of the
appointment of the joint Deed Administrators;

(g) the Company adopt a new constitution consistent with recent
amendments to the Corporations Act and the ASX Listing Rules;
and

(h) the name of the Company be changed from "Triton Corporation
Limited" to "Avon Resources Ltd".

The resolutions proposed in the attached Notice enable the
Company to satisfy the terms of the Restated Deed of Company
Arrangement.

If the resolutions are passed and the proposed restructuring and
recapitalization completed, the Company will seek the
reinstatement of the quotation of its securities on ASX. The
investment group has advised the joint Deed Administrators that
they intend the Company to continue with its existing mineral
exploration activities.

The joint Deed Administrators are not responsible for the
contents of the Notice, the Explanatory Statement or the
Memorandum generally, nor the report by Mr John Van Dieren of
Stanton Partners Corporate Pty Ltd attached to and forming part
of the Memorandum. These parties do not accept any
responsibility for any disclosure in or failure to include any
disclosure in those documents.

It is the opinion of the joint Deed Administrators that the
Recapitalization Agreement and Restated Deed of Company
Arrangement are in the best interests of creditors and therefore
the recapitalization proposals contained in the notice of
meeting should be accepted by shareholders by voting in favor of
the resolutions.

This notice of Annual General Meeting also comprises the
ordinary business of adopting the financial report of the
Company for the period ending 30 June 2001, the re-election of
Directors and the special business of the recapitalization
proposal.


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


CAPITAL HERO: Petition To Wind Up Scheduled
-------------------------------------------
The petition to wind up Capital Hero Investment Limited was set
for hearing before the High Court of Hong Kong on January 9,
2002 at 11:00 am. The petition was filed with the court on
September 17, 2001 by The Commissioner of Inland Revenue of Hong
Kong of Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong.  


CIL HOLDINGS: Requests Suspension Of Trading
--------------------------------------------
CIL Holdings Limited (the Company) requested trading in its
shares to be suspended with effect from 10:00 a.m. Monday
(14/January/2002) pending the release of an announcement of the
Company in relation to the result of a winding up petition.


HEAVENGRADE COMPANY: Winding Up Petition Heard
----------------------------------------------
The petition to wind up Heavengrade Company Limited was heard
before the High Court of Hong Kong on January 9, 2002 at 11:30
am.  The petition was filed with the court on September 17, 2001
by The Commissioner of Inland Revenue of Hong Kong of Revenue
Tower, 5 Gloucester Road, Wanchai, Hong Kong.  


KEN-OCEAN: Winding Up Sought By Chan Ching
------------------------------------------
Chan Ching Cheung is seeking the winding up of Ken-Ocean
Investment Limited. The petition was filed on November 1, 2001,
and will be heard before the High Court of Hong Kong on January
30, 2002 at 10:00 am. Chan Ching holds its registered office 2nd
Floor, 34 Nam Kok Road, Kowloon City, Hong Kong.  


KEYWAY ENGINEERING: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Keyway Engineering Company Limited was
scheduled for hearing before the High Court of Hong Kong on
January 9, 2002. The petition was filed with the court on
September 14, 2001 by Chan Chi Wing of Room 1426, Tai Wo House,
Wo Che Estate, Shatin, New Territories, Hong Kong.  


MAN ON ENGINEERING: Winding Up Petition To Be Heard
---------------------------------------------------
The petition to wind up Man On Engineering And Quarry Limited is
scheduled for hearing before the High Court of Hong Kong on
January 30, 2002 at 10:30 am. The petition was filed with the
court on November 8, 2001 by Wong Yau Chun, Sunny of G/F., 111
Mei Ho House, Shek Kip Mei Estate, Kowloon, Hong Kong.  


PEARL ORIENTAL: Further Postpones Circular Distribution
-------------------------------------------------------
Pearl Oriental Holdings Limited advised that due to the fact
that more time is required by the Board to finalize the
information on certain matters relating to the Asset Disposal
Agreement to be incorporated into the Circular, the deadline for
the dispatch of the Circular in relation to the Proposed Share
Sale and Proposed Connected Transaction has been further
extended from 14 January 2002 to 18 January 2002.

A further announcement on the dispatch of Circular will be made
in due course.


POWER PLUS: Hearing of Winding Up Petition Heard
------------------------------------------------
The petition to wind up Power Plus Development Limited
was heard before the High Court of Hong Kong on January 9, 2002
at 10:30 am. The petition was filed with the court on September
18, 2001 by The Secretary for Justice of 2/F., High Block,
Queensway Government Offices, 66 Queensway, Hong Kong.  


SEG GROUP: Debt Recovery Reliant On Asset Restructuring
-------------------------------------------------------
SEG Group's capability to repay outstanding debts to subsidiary
Shenzhen SEG Samsung Glass Co Ltd will depend on whether the
parent can successfully conclude its planned asset
restructuring, AFX Asia reported quoting SEG Samsung Glass.  

SEG Group and its subsidiaries owed at the end of 2002 a total
of 726 million yuan, which includes 594 million yuan owed by SEG
Samsung Industrial Co Ltd.

An effective method for the recovery of these debts will be for
SEG Samsung Industrial to transfer ownership of some of its
good-quality assets to SEG Samsung Glass since SEG Samsung
Industrial only earns annual profits of about 30 million yuan.

SEG Samsung Glass is currently in talks with SEG Samsung
Industrial over the recovery of these debts, and also seeks
support from state asset management bodies on this issue.


YAGINUMA CO: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Yaginuma Co. (Hong Kong) Limited is
scheduled to be heard before the High Court of Hong Kong on
January 15, 2002 at 9:30 am. The petition was filed with the
court on July 5, 2001 by the above-named company whose
registered office is situated at Unit 28, 6th Floor, Ocean
Center, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.


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


CITRA MARGA: Pefindo Downgrades Bonds II/1997 Rating To `idBB-'
---------------------------------------------------------------
Pefindo downgraded its rating on PT Citra Marga Nusaphala
Persada Tbk. (CMNP)'s Rp275 billion Bonds II/1997 to "idBB-"
from "idBB". The downgrade mainly reflects the unsolved problem
on the company's maturing financial obligation of about USD79.4
million in February 2002. The rating has also incorporated the
escalating pressures for the government of Indonesia (GOI) to
revise revenue sharing agreements between CMNP and PT Jasa
Marga, the state-owned toll road operator. CMNP is the
concession holder of Cawang-Tj. Priok (Prof. Sedyatmo) and Tj.
Priok-Jbt. Tiga (Harbor Road) sections of Jakarta Intra Urban
Tollway (JIUT). The company listed its shares at the Jakarta
Stock Exchange (JSX) in 1994. As of 30 September 2001, the
public controls about 37.9 percent ownership of the company.

Major factors to affect the rating are:

  * Unsolved debt repayment problem. CMNP's floating rate notes
(FRN) of US$39.4 million (after being restructured in 1999) and
Eurobond of USD40 million will come due on 20 February 2002. The
FRN issued in 1995 and Eurobond issued in 1997 were used to
finance Harbor Road and the pending Surabaya Eastern Ringroad
Tollway (SERT) project, respectively. At the maturing date,
CMNP's funds available for repayment would be limited to as much
as USD52 million including US$27.2 million negotiable
certificate of deposit in the frozen bank PT Unibank, which is
still under process of settlement. Another potential source of
funds would be its equity stake in MMS, a toll-road company in
the Philippines.

  * Refinancing program uncertainty. Pefindo expects CMNP to
repay the FRN and refinance or reschedule part of its Eurobond.
Given the current macro-economic condition, however, such a
refinancing or rescheduling process would not be so easy for the
company.

  * Escalating pressure to revise the revenue sharing
agreements. The pressure for GOI to revise CMNP-Jasa Marga's
revenue sharing agreements of 75:25 on JIUT has escalated
recently. The practice of corruption, collusion and nepotism has
remained as a major issue, supported by the needs of additional
funds of Jasa Marga.

The rating is supported by the following factors:

  * Continuous operational improvements. Despite those factors
above, CMNP's operational indicators continued to improve until
3Q-01. Toll traffics and revenues recorded strong growths of
about 15% y-y in 2000. This year, both toll traffics and
revenues are expected to grow by around 7-8 percent y-y.

  * Relatively stable financial profiles. The company's
profitability measures have been relatively stable including
OPBDIT of 64.5 percent, OPBIT of 50.6 percent and ROPC of 8.9
percent in 3Q-01. However, these have been mitigated by the
unfavorable capital structure, which has resulted in high
financial cost burdens for the company. Thus, the company's cash
flow protection including FFO/Debt and (FFO+Interest)/Interest
ratios have remained weak.

OUTLOOK

A negative outlook is attached to the rating. The company will
still be under pressures to refinance or reschedule the maturing
debts in the next two months.


TJIWI KIMIA: Holding Off US$20M Bondholders' Payment
----------------------------------------------------
PT Pabrik Kertas Tjiwi Kimia, a subsidiary of Sinar Mas Group,
will delay debt payment of Rp200bn (US$20 million) to its
bondholders, IndoExchange reports, citing Joyce Budisusanto, an
executive of the Sinar Mas Group.

"Tjiwi could not fulfill the demand of the bondholders after the
debt stand still statement by the holding company PT Asia Pulp &
Paper (APP)," Budisusant said.

Budisusant alleged that if one of the APP's units repay its
debt, the creditors of other subsidiaries will demand an equal
treatment.

"The Sinar Mas Group, therefore, decided to go half-way, paying
only the debt interest, and settlement of the debt principal
will be postponed," Budisusant added.

DebtTraders reports that Tjiwi Kimia's 13.250% bonds due on 2001
(TKIM2) are trading between 16.5 and 18.000. For more real-time
bond pricing information, visit
http://www.debttraders.com/price.cfm?dt_sec_ticker=TKIM2


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


DAIEI INC: Aims To Cut Y750B debts By February 2005
---------------------------------------------------
Daiei Inc aims to slash its group interest-bearing debts by Y750
billion by February 2005, Kyodo News said Sunday. The company is
in talks with its main creditor banks, Sanwa Bank, Fuji Bank,
Tokai Bank and Sumitomo Mitsui Banking Corp on the debt-
reduction scheme and is expected to reach a conclusion on the
plan within the next week.

The struggling supermarket chain operator also intends to sell
part of its stake in Daiei OMC Inc, the Friday edition of Kyodo
News said. Company sources stressed that the plan would help the
company push ahead on its ambitious debt reduction scheme.


DAIEI INC: Slashes Stake In Two Subsidiaries
--------------------------------------------
Ailing supermarket operator Daiei Inc. aims to keep ownership of
professional baseball's Fukuoka Daiei Hawks, but cuts its stake
in two affiliates that own and operate the team's Fukuoka
stadium and the adjacent hotel, Asahi Shimbun reported on
Saturday. Daiei wants to sell some of its shares in Fukuoka Dome
Inc. and Fukuoka Daiei Real Estate Inc. to lower its stake in
the two companies to less than 50 percent.

The company is hanging on to its stake in the Hawks against the
wishes of its four main creditors: Sanwa Bank Ltd., Tokai Bank
Ltd., Fuji Bank Ltd. and Sumitomo Mitsui Banking Corp. The plan
would help the retailer shed some of Y140 billion in obligations
that Daiei and its affiliates have incurred from Hawks-related
businesses. Sources said that if the shares in Fukuoka Dome Inc.
and Fukuoka Daiei Real Estate can be sold, the firm would be
able keep some of those companies' losses off its books and make
an early debt repayment of Y2.3 trillion.

Details of the transactions will be incorporated into Daiei's
new three-year restructuring plan, which is still to be worked
out with the company's main banks.


EITAI: Begins Insolvency Proceedings
------------------------------------
Eitai credit union was declared insolvent by the Financial
Services Agency on Saturday, legally forcing the company to
start insolvency proceedings under the Deposit Insurance Law,
Kyodo News reported on January 13.

Objecting to the FSA decision, Eitai is considering
countermeasures, including filing a request for reconsideration
based on the Administrative Procedures Law.


NISSAN FIRE: Ryutaro Sato Steps Down As President
-------------------------------------------------
Nissan Fire & Marine Insurance Co. said its president Ryutaro
Sato will step down on January 31 to take responsibility for
huge losses from its reinsurance contracts due to damages in the
September 11 terrorist attacks in the United States, according
to Kyodo News on Saturday. The firm's Vice President, Yukiyoshi
Doi will succeed Sato who will become adviser, the company's
Board decided at a meeting, the report said.


SHOKUSAN JUTAKU: Seeks Court Protection
---------------------------------------
Shokusan Jutaku Sogo Co. has filed for court protection from
creditors on Sunday with unconsolidated obligations of Y13.5
billion, Kyodo News reports. The leading builder of custom-made
houses firm applied for the Civil Corporate Revival Law with the
Tokyo District Court after holding an extraordinary Board of
Directors meeting. The Court accepted the application.


TAISEI FIRE:  British Court Orders Protection Of Assets
-------------------------------------------------------
Taisei Fire & Marine Insurance Co. said a British court has
ordered the provisional protection of its British assets from
creditors in connection with its November 22 failure caused by
huge payouts linked with the September 11 attacks on the United
states, Kyodo News said on Sunday. The order bars the non-life
insurer's creditors from individually filing lawsuits against
it.


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


DAEWOO MOTOR: GM Schedules Board Meeting On February 4
------------------------------------------------------
A top GM executive said that General Motors is scheduled to hold
a special board meeting on February 4 or 5 to finalize the
automaker's acquisition of Daewoo Motor, Yonhap News Agency said
Friday.

"A special board meeting is scheduled on February and Daewoo
Motor will be on the agenda," the executive said. Top GM
managers said earlier this week that a binding deal on the
takeover of Daewoo Motor would be signed in four to six weeks.


HYNIX SEMICONDUCTOR: Hynix, Micron Wraps Up Alliance Deal
---------------------------------------------------------
Hynix Semiconductor and Micron Technology of the United States
have wrapped up on Friday their third series of talks for a
strategic alliance agreement, which includes equity swapping,
Digital Chosun reported on January 11. The firms are expected to
sign a legally binding preliminary agreement that will set forth
the details of the deal before February.

An article in the Wall Street Journal predicted that the signing
of the Micron-Hynix agreement would be easier said than done, as
the two companies are poles apart in their positions concerning
the value of Hynix's assets. The journal reported that Hynix
creditors have been asking for about US$4 to US$5 billion for
the assets, but Micron has refused to pay that price.


HYUNDAI ENGINEERING: Repays W191.7B Matured Bonds
-------------------------------------------------
Hyundai Engineering and Construction's (HEC) creditor Korea
Exchange Bank said that HEC repaid convertible bonds (CBs) worth
W191.7 billion that reached maturity on December 31, Korea
Herald said in its January 11 edition. HEC extended the maturity
of the bonds at the end of 2001 because it could not identify
all of the bondholders, who were all individuals and non-
financial corporations. The bonds held by financial institutions
were either converted into equity or the maturity was extended.

KEB said 80 percent of the funds that HEC will use to repay the
bonds come from the proceeds from its sale of bonds to Korea
Development Bank under the prompt bond underwriting plan and 20
percent from the company's coffers.

DebtTraders reports that Hyundai Engineering & Construction's
0.125% bond due in 2004 (HYUNEC) trades between 65.000 and
75.000. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNENC


HYUNDAI INVESTMENT: Govt Offers AIG New Debt Partial Guarantee
--------------------------------------------------------------
The government intends to offer an American International Group
(AIG)-led consortium considering purchasing Hyundai Investment
Trust & Securities a guarantee, in respect to up to 45 percent
of any new debts that may be uncovered at the local company if
the acquisition goes through, JoongAng Ilbo Daily and AFX News
said on Sunday.

The AIG-led consortium is demanding the government provide a
guarantee in respect of 100 percent of any new debts found at
the company after the acquisition. The consortium had asked the
government to make a final ruling by January 14 on proposals it
has tabled regarding the planned acquisition of three Hyundai
financial units.


KUKJE FIRE: KDIC Sells Troubled Non-life Insurance Firm
------------------------------------------------------
Korea Deposit Insurance Corp. (KDIC) has signed a formal
contract with Kunwha Pharmaceutical Co. to sell Kukje Fire &
Marine Insurance Co. for W15.7 billion, the Korea Herald
reported in its January 14 edition. KDIC will inject W63.9
billion won public funds into the troubled non-life insurance
company as its obligations go beyond its assets by W79.6
billion.

The state deposit guarantee agency will write down the capital
of Kukje completely, make a capital investment of W50 million,
and then transfer the firm to Kunwha. Under the deal, the
pharmaceutical company will be required to raise the insurance
company's capital to up to W30 billion by the end of 2002, KDIC
said.


SEOULBANK: Hana Rules Out Bank Takeover
---------------------------------------
Hana Bank President, Kim Seung-yu said that the company is not
interested in the takeover of Seoul Bank and has not thought
about such a plan, Korea Herald reported Friday. Kim said that
Hana has not discussed a merger with a specific bank or reached
an agreement to that effect.

Barely a week ago, TCR-AP reported that the government revealed
three candidates wishing to buy the struggling Seoulbank,
including HPI, a Zurich-based multinational investment group, a
Korean consortium led by Dongbu business group, and Dongwon
group.


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


BUSINESS FOCUS: Discharged From CDRC's Purview
----------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced that
it has discharged Business Focus Sdn Bhd (BFSB) from the purview
of CDRC.

BFSB and its lenders entered into a Debt Restructuring Agreement
(DRA) on 31 January 2000. However, certain terms and conditions
of the DRA had not been met and as a result, the DRA has not
been implemented to date. BFSB and its creditors have not been
able to reach a mutual agreement on this matter.

In this regard, CDRC, at the request of the creditors, has
discharged BFSB from its purview. As such, any further
negotiations between BFSB and its creditors will take place
outside the auspices of CDRC.

  
CYGAL BERHAD: Seeks One-Month Extension On Proposals Submission
---------------------------------------------------------------
On behalf of Cygal Berhad (Cygal or the Company), Commerce
International Merchant Bankers Berhad announced that an
application to the Kuala Lumpur Stock Exchange (KLSE) has been
made on 11 January 2002 for an further extension of one month
from 21 January 2002 to 21 February 2002 to submit applications
to the relevant authorities on the Proposals.

The "Proposals" include:

* Proposed Share Exchange;

* Proposed Debt Restructuring Comprising:

   (i)   Proposed Financial Institutions Scheme;

   (ii)  Proposed Non Financial Institutions Scheme; and

   (iii) Proposed Part Settlement of Amount Owing to a Offshore
       Financial Institution;

* Proposed Rights Issue;

* Proposed Acquisition Of Property Development Companies;

* Proposed Employees' Share Option Scheme; and

* Proposed Transfer of Listing Status From Cygal to a New  
  Investment Holding Company


GADEK (MALAYSIA): Updates Debt Restructuring Status
---------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced the
successful restructuring of the debts of Gadek (Malaysia) Bhd
(Gadek) with the signing of a Debt Restructuring Agreement (DRA)
between Gadek and its lenders. The debt-restructuring scheme
will be submitted shortly by Gadek and its appointed merchant
bank to the relevant authorities for approval.

The proposed debt-restructuring scheme involves implementation
of:

   * Cash payment of RM240 million.

   * Issuance of RM486 million 5-year, 7% Redeemable Secured
Loan Stocks.

   * Issuance of RM208 million 5-year, 7% Redeemable
Exchangeable Secured Loan Stocks (RESLS). The RESLS are
exchangeable into new DRB-HICOM Bhd shares.

Issuance of RM178 million 5-year, 7% Redeemable Exchangeable
Unsecured Loan Stocks (REULS). The REULS are exchangeable into
new DRB-HICOM Bhd shares.

Gadek was accepted under the purview of CDRC in April 1999 with
total debts of RM1,166 million then. The total amount of debt
addressed under the DRA is RM1,112 million among 14 creditors.
The proposed debt restructuring exercise is anticipated to
alleviate Gadek's financial predicament and restore the company
to its original viability.

  
MBF HOLDINGS: Registrar Of Companies Strikes Off Units
------------------------------------------------------
MBf Holdings Berhad informed that the following wholly owned
subsidiaries have been struck off from the register by the
Registrar of Companies pursuant to the powers conferred by the
Companies Act, 1965 and accordingly dissolved:

1. MBf Real Growth Sdn Bhd
2. MBf Resources Sdn Bhd

These companies were dormant for several years.


MYCOM BERHAD: Proposed Workout Scheme Approval Pending
------------------------------------------------------
The Board of Directors of Mycom Berhad (Mycom or Company)
(Board) on 13 December 2001 announced that the Kuala Lumpur
Stock Exchange (KLSE) had, by its letter dated 13 December 2001,
approved the extension of time from 21 November 2001 to 20
January 2002 for the Company to obtain all the necessary
approvals from the regulatory authorities.

The Company had submitted the application in respect of the
amended proposed restructuring scheme (Amended Scheme) to the
Securities Commission (SC) on 3 December 2001, Foreign
Investment Committee (FIC) and Ministry of International Trade
and Industry (MITI) on 8 December 2001 and Bank Negara Malaysia
(BNM) on 3 October 2001, to regularise its financial condition.
The approvals from the SC, FIC, MITI and BNM are still pending.

In view of the above, Alliance Merchant Bank Berhad (formerly
known as Amanah Merchant Bank Berhad), on behalf of the Board,
announced that the Company has on even date sought an extension
of time from the KLSE to obtain all the necessary approval from
the regulatory authorities for another four (4) months up to 20
May 2002.

The Company will make further announcements as and when new
developments in relation to the Amended Scheme arise.


OLYMPIA INDUSTRIES: Amended Scheme Still Pending
------------------------------------------------
Alliance Merchant Bank Berhad (formerly known as Amanah Merchant
Bank Berhad), on behalf of the Board of Olympia Industries
Berhad (OIB or Company) (Board), announced that the Company has
sought an extension of time from the Kuala Lumpur Stock Exchange
(KLSE) to obtain all the necessary approval in respect of the
amended proposed restructuring scheme (Amended Scheme) from the
regulatory authorities for another four (4) months up to 20 May
2002.

On 12 December 2001, the Board announced that the KLSE had,
according to its letter dated 12 December 2001, approved the
extension of time from 21 November 2001 to 20 January 2002 for
the Company to obtain all the necessary approvals from the
regulatory authorities.

The Company had submitted the application in respect to the
amended proposed restructuring scheme (Amended Scheme) to the
Securities Commission (SC) on 3 December 2001, Foreign
Investment Committee (FIC) on 8 December 2001 and Bank Negara
Malaysia (BNM) on 2 October 2001, to regularize its financial
condition.

On 21 November 2001, the Board announced that the Ministry of
International Trade and Industry (MITI) had, vide its letter
dated 20 November 2001, no objections to the proposed
restructuring scheme which was submitted to them earlier on 30
August 2001. A letter informing the MITI of the Amended Scheme
was sent on 8 December 2001. The approvals from the SC, FIC and
BNM in respect of the Amended Scheme are still pending.

The Company will make further announcements as and when new
development in relation to the Amended Scheme arises.


OLYMPIA INDUSTRIES: Unit Faces Winding-Up Petition
--------------------------------------------------
The Board of Olympia Industries Berhad (the Company) announced
that Mascon Sdn Bhd (Mascon), a 71 percent owned subsidiary of
the Company has on 10 January 2002, received notification from
United Overseas Bank (Malaysia) Bhd (UOB) that an unsealed copy
of the winding-up petition against Mascon under Section 218 of
the Companies Act, 1965 has been presented and filed with the
High Court of Malaya at Kuala Lumpur. A letter enclosing the
said unsealed winding-up petition was sent and received by
Mascon's banker, UOB on 8 January 2002.

The petition was filed by Ample Construction and Plumbing (M)
Sdn Bhd's solicitors, Messrs Paul Ong & Associates for an
indebted sum due of RM62,474 being the balance outstanding for
work done pursuant to a sub-contract dated 27 August 1998.

Since Mascon was not in receipt or officially served with the  
petition, it is now seeking legal advice on this matter and will
take legal action to contest on the disputed claim.

The Company will make further announcements on any new
development on the matter.


SRIWANI HOLDINGS: Debt Restructuring Under CDRC's Purview
---------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced that
it has accepted the application by Sriwani Holdings Berhad (SHB)
to be admitted for debt restructuring under the purview of CDRC.

SHB fulfills the main criteria for acceptance stipulated in the
revised CDRC guidelines announced on 9 August 2001, namely:

   * Total debts payable to banks and to be restructured being
more than RM100 million.

   * Minimum of five creditor banks.

   * Viable, ongoing business.

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


TIME DOTCOM: Courts Orders Unit's Capital Reduction
--------------------------------------------------
TIME dotCom Berhad (TimeCom) informed that TIMECel Sdn Bhd, a
wholly owned subsidiary of TimeCom, had on 20 December 2001
lodged a copy of the sealed Order of Court for reduction of
capital with the Registrar of Companies (ROC). Upon the issuance
of the Certificate of the ROC on lodgement of the sealed Order,
the capital of TIMECel Sdn Bhd will be reduced from 1,848.405
million ordinary shares of RM1.00 each to 1,293.884 million
ordinary shares of RM1.00 each as confirmed by the Order.


TIME ENGINEERING: Clarifies The Star Article
--------------------------------------------
Time Engineering Berhad, in reference to the Kuala Lumpur Stock
Exchange's letter dated 10 January 2002 in respect to the news
article entitled, "Time approaches bondholders with discount
proposal", appearing in The Star, Business section, page 3 on
Thursday 10 January 2002, informed that the Company has not made
any new proposal to the Bondholders as indicated in the article
since the revised restructuring proposal was presented to the
Bondholders on 4 December 2001 involving repayment of 100
percent obligation over three (3) years with interest.

As previously announced, the Company continues to seek a non-
legal negotiated solution to the repayment of the Bonds through
discussions with the Bondholders.


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


NATIONAL STEEL: Govt Seeks Debt Writedowns, Equity Swaps
--------------------------------------------------------
The government will ask Pengurusan Danaharta Nasional Bhd to
write down or swap for equity its US$800 million exposure in
debt-ridden National Steel Corp (NSC), AFX News said Sunday,
citing Trade Secretary Manuel Roxas II. He said representatives
of the government would discuss the proposal next week to seek a
permanent solution to National Steel's debt problems.

TCR-AP reported last month that NSC' evaluation committee has
decided to get outside help in carrying out its tasks to
rehabilitate, re-open and maintain NSC's plant in Iligan City.


REYNOLDS: LBP Provides Support On Financial Restructuring Plan
--------------------------------------------------------------
Reynolds Philippines Corp. announced that Land Bank of the
Philippines has given its support for the company's financial
restructuring scheme, paving the way for the debt restructuring
deal to be signed with creditors by the end of January, AFX News
reported on January 14. Reynolds and its financial advisor
PentaCapital Finance Corp. are optimistic that they can secure
approval of the remaining 67 percent of bank creditors. Land
Bank is Reynolds' biggest shareholder and creditor.

The debt restructuring plan calls for the repayment of secured
loans in seven years and the conversion of the unsecured
exposure into equity in the firm. The deal will allow Reynolds
to raise around P400 million in fresh funds to fund importation
of raw materials and other working capital needs.


UNITRUST DEVELOPMENT: BSP Looks Into Legality Of Bank Ownership
---------------------------------------------------------------
Bangko Sentral Governor Rafael Buenaventura took immediate steps
on Friday to find out whether the change of ownership of
Unitrust Development Bank was legal, ABS CBN News reported
Sunday. He said the BSP took actions from October 2, 2001 upon
being advised of the transfer of ownership of Unitrust to a new
set of stockholders that include Japanese nationals. The BSP
wanted to make sure that the funds in the company were safe and
that the sale of the bank and the entry of new officers and
directors were done in accordance with law and regulations.

Buenaventura stressed that that as early as October 5, the BSP
formally asked for the background of the new officers and
directors to determine their competence and integrity. The
Japanese designated officers were also told that they have to
comply with the Anti-Dummy Law and get clearance from the
Department of Justice. He said the process in both instances was
never completed due to the composition of the Unitrust board of
directors kept changing with incumbents being ease out for
various reasons.

BSP issued no approvals to anyone in the new set of stockholders
before now. Buenaventura said the BSP does not have the legal
authority to nullify a consummated transfer of ownership.


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


HONG LEONG: Appoints Ian Macdonald As President
-----------------------------------------------
Hong Leong Singapore Finance Limited announced on January 11 the
appointment of Ian MacDonald as President.

Date of appointment: February 1, 2002
Name: Ian Macdonald
Age: 46
Country of principal residence: Australia

Whether appointment is executive, and if so, the area of
responsibility: Executive
Responsible for management and performance of the Company

Working experience and occupation(s) during the past 10 years:
1996 - 2001

Australian Guarantee Corporation Ltd
- National Manager, Business Finance

1994 - 1996
Australian Guarantee Corporation Ltd
- Group Product Manager, Equipment Finance

1992 - 1994
Barclays Bank Australia
- Deputy Head of Credit, Business Bank

1988 - 1992
Barclays Australia Finance
- State Manager, New South Wales

Other directorships

Past: None

Present:
AGC Staff Superannuation Fund
Votraint No 893 Pty Ltd
Shareholding in the listed issuer and its subsidiaries: Nil

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None

Conflict of interest: None

Declaration by a Director, Executive Officer or Controlling
Shareholder as Required
( Per Appendix 15)

1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you ?
No

1(b)  Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No

1(c) Were you in the last 10 years a director or an executive
director of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer ?
No

2. Are there any unsatisfied judgments outstanding against you ?
No

3. Have you been convicted of any offence, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding ?
No

4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations ?
No

5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding ?
No

6. Have you been convicted in Singapore or elsewhere of any
offense in connection with the formation or management of any
corporation?
No

7. Have you ever been disqualified from acting as a director of
any company, or from taking part in any way directly or
indirectly in the management of any company?
No

8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity ?
No

9. Have you , to your knowledge, in Singapore or elsewhere, been
concerned with the management or conduct of affairs of any
company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the company partnership
occurring or arising during the period when you were so
concerned with the company or partnership?
No


IPCO INTERNATIONAL: Hi-Way Investments Changes Interest
-------------------------------------------------------
Ipco International Limited posted a notice of changes in
substantial shareholder Hi-Way Investments Ltd's deemed
interests as:

Date of notice to company: 11 Jan 2002
Date of change of interest: 10 Jan 2002
Name of registered holder: GK Goh Stockbrokers Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Disposal by way of married deals carried
out on the SGX-ST

Shares held in the name of registered holder
No. of shares of the change: 55,000,000
% of issued share capital: 7.46
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.11
No. of shares held before change: 165,000,000
% of issued share capital: 22.38
No. of shares held after change: 110,000,000
% of issued share capital: 14.92

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed        Direct
No. of shares held before change:   165,000,000
% of issued share capital:          22.38
No. of shares held after change:    110,000,000  
% of issued share capital:          14.92  

Total shares:                       110,000,000  

No. of Warrants = NIL
No. of Options = NIL
No. of Rights = NIL
No. of Indirect Interest = 110,000,000

% of shares are arrived at basing on paid up capital of
737,341,612 shares of S$0.20 each as of January 10, 2002.


L & M GROUP: Posts Change Of Deemed Interest Notice
---------------------------------------------------
L&M Group Investments Ltd issued a notice of changes in the
deemed interests of one of its directors, namely Marcel Tjia Han
Liong. The changes are detailed in the notice appearing below:

Name of director: Marcel Tjia Han Liong
Date of notice to company: 02 Jan 2002
Date of change of deemed interest: 28 Dec 2001
Name of registered holder: Proxel Holdings 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: 355,000
% of issued share capital: 0.145
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 0.14
No. of shares held before change: 0
% of issued share capital: 0
No. of shares held after change: 355,000
% of issued share capital: 0.145

Holdings of Director including direct and deemed interest
                                     Deemed     Direct
No. of shares held before change:     0         100,000
% of issued share capital:            0         0.041
No. of shares held after change:      355,000   100,000
% of issued share capital:            0.145     0.041

Total shares:                        355,000    100,000


LKN-PRIMEFIELD: Posts Notice Of Director's Shareholding Changes
---------------------------------------------------------------
LKN-Primefield Limited issued a notice of changes detailing a
change in the shareholdings of one of its Directors of the
Company's subsidiary, namely Chua Thiam Guan.

The changes are detailed in the notice appearing below:

Notice Of Dealings in LKN-PRIMEFIELD shares by a director of the
Company's subsidiary

Name of director of the Company's subsidiary: Chua Thiam Guan
Date of notice to company: 10 Jan 2002
Date of change of shareholding: 10 Jan 2002
Name of registered holder: Chua Thiam Guan
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: 1,500,000
% of issued share capital: 0.74
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.075
No. of shares held before change: 4,610,036
% of issued share capital: 2.28
No. of shares held after change: 3,110,036
% of issued share capital: 1.54

Holdings of Director of a subsidiary including direct and deemed
interest
                                      Deemed        Direct
No. of shares held before change:                   4,610,036
% of issued share capital:                          2.28
No. of shares held after change:                    3,110,036
% of issued share capital:                          1.54

Total shares:                                       3,110,036


PINETREE RESORTS: Appoints Andersen As Special Accountant
---------------------------------------------------------
The management of Pinetree Resorts, which owns the Pinetree Town
and Country Club, decided on Saturday that Andersen, headed by
Tam Chee Chong, be appointed special accountant to review the
firm's operations and business, Business Times reported on
January 14. Pinetree owes OCBC Bank some $38 million after
pledging the club for a loan, had given Pinetree until Saturday
to agree to the appointment of a special accountant or face
receivership.

The special accountant will also be involved in the sale of the
company, either of the club or the property, at a fair value and
will look for the best solution to deal with the problems at
hand. The freehold Stevens Road property that Pinetree Club sits
on was last valued at $102 million. OCBC had asked Pinetree to
agree to appointing a special accountant in October 2001 but
Pinetree did not comply and in mid-December moved to put itself
under judicial management to protect itself from creditors.

The High Court on Friday dismissed Pinetree's petition for
judicial management and said OCBC, as a secured creditor, has
the right to appoint a receiver and manager.


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


EGCO MINING: Clarifies Warrant Issuance Rumor
---------------------------------------------
Electricity Generating Public Company Limited (EGCOMP),
according to the letter from the SET requesting the Company to
clarify about the rumor on the issuance of company's warrant for
the existing shareholder which the Company will issue warrant,
announced that the boards of directors have not made any
decisions regarding this matter, however the issuance of warrant
will be considered in the board of directors meeting
on January 11, 2002 and details are not finalized.

Last month, TCR-AP reported that EGCO Mining Co, Ltd, a 70
percent owned by EGCOMP, filed for its dissolution was in the
process of liquidation.


LANLUANG CONSTRUCTION: Business Reorganization Petition Filed
-------------------------------------------------------------
The Petition for Business Reorganization of Lanluang
Construction Company Limited, engaged in construction service,
was filed in the Central Bankruptcy Court:

   Black Case Number 1080/2543

   Red Case Number 31/2544

Petitioner: LANLUANG CONSTRUCTION COMPANY LIMITED

Planner: Kavin & Kurt Company Limited

Debts Owed to the Petitioning Creditor: Bt1,019,178,893.93

Date of Court Acceptance of the Petition: December 25, 2000

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

Court Order for Business Reorganization and Appointment of
Planner: January 22, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 30, 2001

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

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

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

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

Appointment date for the Meeting of Creditors to consider the
plan: August 30, 2001 at 9.30 am.

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

Court had issued the order accepting the reorganization plan:
October 9, 2001 and Appointed Mr. Pornchai Pinvisain to be as a
Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
October 17, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: November 1, 2001

Contact: Miss Amornrut Tel, 6792525 ext 132


SINO-THAI ENGINEERING: SET Lifts Suspension
-------------------------------------------
Sino-Thai Engineering and Construction Public Company Limited
clarified  (STECON) that the Boards of Directors have not made
any decisions regarding issuance of company's warrant for the
existing shareholder. However, the warrant issuance will be
considered in the Board of Directors meeting on January 11, 2002
and details are not finalized.

In relation to this, trading in STECON stock was suspended
because STECON was unable to render clarification on
the unconfirmed news before the afternoon trading session
on 10 January 2002. Now, the company publicly discloses the
clarification through the SET therefore, effective from
the morning trading session on 14 January 2002 onwards,
the SET shall lift "SP" sign from the company stock.


TPI POLENE: Creditors Still In Talks With Cemex, Holcim
--------------------------------------------------------
The steering committee of TPI Polene Plc's creditors has not yet
reached an agreement with the two potential strategic investors,
Cemex SA de C.V. (CX) or Holcim AG (Z.HOL), the Asian Wall
Street Journal reports, quoting Bangkok Bank Plc President
Chartsiri Sophonpanich.

"We are considering whose offer is better and are still open for
more offers from the two sides," he said.

The steering committee is considering offers from both groups of
investors and it will take some time for the committee to make a
decision, he added. Bangkok Bank is a member of the steering
committee.

  
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 ***