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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, January 17, 2002, Vol. 5, No. 12

                         Headlines

A U S T R A L I A

ANSETT GROUP: January 29 Second Creditors' Meeting Scheduled
AUSTRALIAN MAGNESIUM: Gives Securities Options To Holders
BRISBANE BRONCOS: Panel Advises Takeover Bid Not To Proceed
CENTRAL NORSEMAN: Approval Granted By WA Supreme Court
GOODMAN FIELDER: Remains Committed To Gelatin Sale

NORMANDY MINING: Takeover Recommendation Update
WAIVCOM GROUP: Issues Case Profile  


C H I N A   &   H O N G  K O N G

AQUALITY ENGINEERING: Winding Up Petition Hearing Set
CITIFORM LIMITED: Winding Up Petition Pending
D&O FOOTNOTES: Faces Winding Up Petition
GUANGNAN (HOLDINGS): Announces Chairman, Director Appointments
KING'S MATE: Winding Up Sought By Nan Fung

MANDARIN RESOURCES: Proposes Company Name Change
SILK PORT: Petition To Wind Up


I N D O N E S I A

CITRA MARGA: Seeks Three-Month Debt Payment Standstill
PERMADANI KHATULISTIWA: Pays US$3.46M Interest To IBRA
SINAR ABADI: IBRA Implements Debt Restructuring Agreement
TJIWI KIMIA: Bondholders OK Bond Maturity Extension To 2006


J A P A N

DAIEI INC: Creditors Offering Y400B Bailout Package
DAIEI INC: Hawks Ownership Continuance Likely
FUJI CAR: Nomura Acquires 69.6% Stake
JUTAKO SOGO: Misawa Homes Will Invest Y100M For Rehabilitation
SUN MEAT: Seeks Court Protection From Creditors

SXL CORPORATION: Moody's Lowers Rating To B2; Outlook Negative


K O R E A

HYNIX SEMICONDUCTOR: Micron Alliance Reaching US$2-2.5B Range
HYNIX SEMICONDUCTOR: Micron Debt Write-Off Rumor Untrue
HYNIX SEMICONDUCTOR: Refuses To Reveal DRAM Contract Prices
KUKJE HWAJAE: January 16 Trading Suspension Scheduled


M A L A Y S I A

CSM CORPORATION: Enters Proposed Disposal Agreement With TOPS
GADANG ENGINEERING: Debt Settlement Agreement Reached
INSTANGREEN CORPORATION: Updates Restructuring Exercise Status
MENANG CORPORATION: Resolutions Passed At EGM
MYCOM BERHAD: Obtains Bank Negara's Revised Scheme Approval

PICA (M) CORPORATION: Faces Material Litigation From AMBB
QUALITY CONCRETE: Posts Securities Disposal, Acquisition Details
SISTEM TELEVISYEN: Managing Director Resigns From Board
SPORTMA CORPORATION: Discloses Dec 2001 Defaulted Payments
TECHNO ASIA: SA Submits Statutory Declaration To KLSE

TONGKAH HOLDINGS: Serves Writ Of Summons Over Defaulted Payment


P H I L I P P I N E S

BENPRES HOLDINGS: Unit Seeks US$100M Loan Extension
NATIONAL POWER: PSALM To Sell Bonds To Refinance Operations
NATIONAL STEEL: Workers Push For Plant Reopening

S I N G A P O R E

CAPITALAND LTD: Considers Refinancing Bonds Worth S$800M
FHTK HOLDINGS: Oversea-Chinese Banking Changes Interest
L.C. DEVELOPMENT: Issues Profit Warning
L & M GROUP: Unit Aborts Indonesian Gas Pipeline Projects
WELLSTECH INTERNATIONAL: Parent Aids HK$45M Loan Restructuring


T H A I L A N D

SINO-THAI ENGINEERING: Posts BOD Meeting No.1/2002 Resolutions    
THAMMATANI COMPANY: Files Petition For Business Reorganization

* FRA Conducts Suspended Finance Companies' Auction
* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


ANSETT GROUP: January 29 Second Creditors' Meeting Scheduled
------------------------------------------------------------
Ansett Group advised that the Second Creditors' Meeting is to be
held at Vodafone Arena, Melbourne Park, Batman Avenue, Melbourne
Tuesday, 29 January 2002, commencing at 3.00pm sharp. Check
http://www.bankrupt.com/misc/TCRAP_Ansett0116.docfor meeting  
details.


AUSTRALIAN MAGNESIUM: Gives Securities Options To Holders
----------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) has allotted
53,165,134 options to 4377 shareholders who elected to take up
their entitlement to the recently closed rights issue.

Details of the non-renounceable rights issue of one option for
every two ordinary shares were foreshadowed in October 2001 and
outlined in the prospectus dated 14 November 2001. The offer
closed on 14 January 2002.

The listed options are exercisable at any time until 31 July
2005 at an exercise price of $1.25 per option.

If all the options are exercised AMC would expect to receive
gross proceeds of $66,456,418 and such funds would be used for
working capital purposes.

AMC has three listed securities and the number of securities
currently on issue is;

* Distribution Entitled Securities (ASX code ANMCA) 660,258,713
* Ordinary Shares (ASX code ANM)                  172,175,074
* Options (ASX code ANMO)                           53,165,134

Trading in the options on a deferred settlement basis ended
Wednesday, 16 January 2002, with the commencement of normal
trading to take place from Thursday 17 January 2002.


BRISBANE BRONCOS: Panel Advises Takeover Bid Not To Proceed
-----------------------------------------------------------
The Panel announced the reasons for its decision in relation to
the application concerning Magic Millions League's proposed
takeover offer for the Brisbane Broncos, not to proceed
(Brisbane Broncos No.1) and the cross-application concerning a
condition of BB Sports takeover offer for the Brisbane Broncos
(Brisbane Broncos No.2). The Panel's decision was made on 3
January 2002.

Magic Millions has applied for a review of the Panel's decision
in each of Brisbane Broncos No.1 and No.2. The review Panel is
currently considering that application.

Brisbane Broncos No.1

The Panel decided that Magic Millions is obliged to dispatch
offers to Brisbane Broncos shareholders in accordance with its
announcement of 29 November 2001. The Panel considered that
unacceptable circumstances are likely to exist, and that it will
be prepared to make a declaration to that effect, if Magic
Millions fails to dispatch its offers by 29 January 2002 (in
accordance with the timetable set out in the Act). However, the
Panel decided that it would not be practical to order Magic
Millions to take the steps needed to make its offer.

Brisbane Broncos No.2

The Panel's reason also concern their decision that the parts of
BB Sports' bid condition relating to ASIC and the Panel
performing their proper functions under the law were
unacceptable and had the potential to fetter the performance of
each regulator's functions. Accordingly, the Panel decided that
BB Sports should dispatch its offers in accordance with its
announcement of 14 December but omitting these parts of the
condition or waiving the condition.

The Panel also found that it would be unacceptable for BB Sports
to rely on its condition being triggered by Magic Millions'
abandonment of its bid. The decision in Brisbane Broncos No.1
meant that none of these events permits Magic Millions to
withdraw. If anything had happened which permitted Magic
Millions to withdraw, it was the making of BB Sports' bid, an
event on which BB Sports was not entitled to rely, as it was
entirely within BB Sports' control.

The sitting Panel in this matter is Ms Jennifer Seabrook
(sitting President), Mr Denis Byrne (sitting Deputy President)
and Mr Peter Young.

Corporate Information reports that at the end of 2000, Brisbane
Broncos Limited had negative working capital, as current
liabilities were A$6.19 million while total current assets were
only A$4.44 million. This company has paid no dividends during
the last 12 months.


CENTRAL NORSEMAN: Approval Granted By WA Supreme Court
------------------------------------------------------
Central Norseman Gold Corporation Limited has been granted on
Tuesday an approval by the Supreme Court of Western Australia to
implement a Scheme of Arrangement that will result in the merger
of the company with Croesus Mining NL.

It is proposed that the Court Order made at the Court hearing on
Tuesday will be lodged with the Australian Securities and
Investments Commission today, 17 January 2002.

According to Corporate Information, at the end of 2000, Central
Norseman Gold Corporation Limited had negative working capital,
as current liabilities were A$43.58 million while total current
assets were only A$42.73 million.


GOODMAN FIELDER: Remains Committed To Gelatin Sale
--------------------------------------------------
Goodman Fielder Limited and DGF Stoess AG remained committed to
pursuing the sale of the Leiner Davis business following the US
Federal Trade Commission's challenge to DGF Stoess' proposed
acquisition.

Goodman Fielder Chief Executive, Tom Park said the company was
disappointed but not necessarily surprised by the concerns of
the Federal Trade Commission regarding the proposed sale.

"The sale was always subject to anti-trust clearance and we
remain committed to continuing to explore the available options
following the Commission's decision.

"Goodman Fielder and DGF Stoess AG are encouraged by the ongoing
strong underlying performance of the Leiner Davis Gelatin
business and are committed to completing a transaction
representing substantial value to both parties," said Mr Park.

For further information:

Robert Hadler                        Lina Melero
CORPORATE AFFAIRS DIRECTOR           CORPORATE AFFAIRS MANAGER
61-2-8874 6095 work                  61-2-8874 6064 work
0401 700 000 mobile                  0401 700 151 mobile


NORMANDY MINING: Takeover Recommendation Update
-----------------------------------------------
Normandy Mining Limited (Normandy) noted the one-week offer
extension by AngloGold Limited (AngloGold) on 11 January 2002.
AngloGold's offer is now scheduled to close on 18 January 2002.
Normandy also notes that as at the close of trading on 11
January 2002, AngloGold had acceptances for its offer by
Normandy shareholders of just under 6.4 percent of Normandy
shares.

NEWMONT APPROVALS

Normandy notes that Newmont Mining Corporation (Newmont) has now
obtained approvals from both the United States Securities and
Exchange Commission (SEC) and the Foreign Investment Review
Board (FIRB). This means that many of the conditions to
Newmont's offer have been satisfied.

COMPARISON OF IMPLIED OFFER VALUES

Based on the closing price of Newmont shares on the New York
Stock Exchange on 14 January 2002, Newmont's offer of 3.85
Newmont shares per 100 Normandy shares plus $0.50 cash per share
had an implied value of $1.98 per Normandy share. AngloGold's
offer of 2.15 AngloGold shares per 100 Normandy shares plus
$0.30 cash per share had an implied value of $1.95 per Normandy
share (based on the closing price of AngloGold ADSs on the New
York Stock Exchange on the same date).

NORMANDY'S TARGET'S STATEMENT

The Board of Normandy intends to lodge its formal response
document (Target's Statement) in relation to Newmont's offer
within a week with the Australian Securities & Investments
Commission.

NORMANDY DIRECTORS' RECOMMENDATION

Given that AngloGold's offer is scheduled to close on Friday,
Normandy Directors wish to provide shareholders with an update
on the Board's position in relation to the offers by Newmont and
AngloGold. The Directors of Normandy (excluding Dr Pierre
Lassonde), subject to their fiduciary duties, continue to
recommend acceptance of Newmont's offer and therefore continue
to recommend that AngloGold's offer be rejected. The one-week
extension of AngloGold's offer has not affected the Normandy
Board's opinion in relation to the Newmont offer.

Reasons for the Directors' opinion include:

1. The implied value of the consideration offered under the
Newmont offer has exceeded the implied value of the
consideration offered under the AngloGold offer at all times
over the past 12 months.

2. The implied value of the Newmont offer currently exceeds the
implied value of the AngloGold offer.

3. The Newmont offer has a cash component of $0.50 per Normandy
share 67 percent more than the cash of AngloGold's offer.

4. Newmont has a very high degree of liquidity in its shares.

In determining when to accept Newmont's offer for Normandy
shares Normandy shareholders should consider the conditions
remaining to be satisfied for Newmont's offer. In that
connection Normandy shareholders should consider whether to wait
until that offer has become less conditional and/or approval for
Newmont's acquisition of Franco-Nevada Mining Corporation
Limited have been obtained.

Normandy will continue to update shareholders on any important
developments as and when they occur.

Enquiries concerning this report:

Peter Bird, EXECUTIVE GENERAL MANAGER - INVESTOR RELATIONS
E-mail: investor@normandy.com.au
Telephone: +61 8 8303 1705
Facsimile: +61 8 8303 1994


WAIVCOM GROUP: Issues Case Profile  
----------------------------------
Waivcom Group issued this case profile:

Territory  :  Australia  
Company Name  :  Waivcom Group  
Lead Partner  :  Nick Brooke  
Case Manager  :  Leonie Barnard  
Date of Appointment :  16 March 2001  
Normal Contact  :  Leonie Barnard  
Contact Phone No :  (03) 8603 3997  

PwC Office  

Location  :  Melbourne  
PO Box   :  GPO Box 1331L  
Street Address  :  215 Spring Street  
City   :  MELBOURNE  
State   :  VIC  
Postcode  :  3000  
DX   :  DX 77 Melbourne  
Phone   :  (03) 8603 1000  
Fax   :  (03) 8603 6044  
Appointor  :  by directors resolutions  
Registered Office of company:  Level 3, 165 Fitzroy Street
     St Kilda 3182  
Company No / CAN :  006 031 161  
Type of Appointment :  Deed Administrator  
Lead Partner - Full Name    :  Nicholas Brooke  
Second Partner - Full Name  :  David Laurence McEvoy  

Case Information (Last Updated 08/01/2002 08:32:54 AM)  

First Creditors' Meeting  

Date   :  Friday 23 March 2001  
Time   :  11:00 AM  
Address   :  Level 4, 215 Spring Street
      Melbourne 3000  
Proxy return date :  23 March 2001  
Return time  :  11:00 AM  

Second Creditors' Meeting (or adjournment)  

Date   :  28 May 2001, 4 June 2001
      for Waivcom Worldwide Limited  
Time   :  10:30 AM  
Address   :  215 Spring Street Melbourne  
Proxy return date :  28 May 2001, 4 June 2001  
Return time  :  10:00 AM  

Other Key Information  

Report as to Affairs received from directors:  

Reports as to Affairs (RATAs) in respect of each Waivcom company
were received in draft form on 16 May 2001, but have not been
received in final format signed by the Directors.

The details from the draft RATAs were summarized in our report
dated 18 May 2001. The final signed RATAs will be published on
our web site if/when they are to hand.

Dates of trading by insolvency practitioner:  

Following settlement on 23 July 2001, the businesses of Waiviata
Pty Ltd, Money Saver Free Coupons Pty Ltd, Money Saver E-Coupons
Pty Ltd, Niche Media Pty Ltd, H H & M Media Pty Ltd, and
Magazine Production Pty Ltd ceased trading under the control of
the Deed Administrators.

The Administrators remain liable for for any goods and services
supplied to the Group under purchase orders signed by the
Administrators or their staff from the date of their appointment
(Friday 16 March 2001) up to and including 23 July 2001.

All queries regarding the administrations and current status of
the Group's businesses should be directed to Leonie Barnard of
PricewaterhouseCoopers on 61 3 8603 3997.

Business sold/ceased trading :  23 July 2001

The terms of each of the Deeds or varied Deeds of Company
Arrangement executed for the Group companies commenced on 23
July 2001. On this date control of the businesses and assets of
Waiviata Pty Ltd, Money Saver Free Coupons Pty Ltd, Money Saver
E-Coupons Pty Ltd, Niche Media Pty Ltd, H H & M Media Pty Ltd,
and Magazine Production Pty Ltd transferred from the Deed
Administrators to Nick Dower and his nominees/representatives.  

Job closure   :  Not currently applicable  

Background Information  

Voluntary Administration

Nicholas Brooke and David McEvoy were appointed joint and
several Voluntary Administrators of Waivcom Worldwide Limited
and six wholly owned subsidiaries (the Group) on Friday 16 March
2001. Our appointments followed a directors' meeting earlier
that day during which the directors resolved unanimously that
the Group was or was likely to become insolvent at some future
time and that Administrators should be appointed.

Waivcom Worldwide Limited is listed on the ASX but its
securities are currently suspended from trading and have been
since 16 March 2001.

The Group companies over which we have been appointed are:

  * Waivcom Worldwide Limited (ACN 006 031 161)
  * Waiviata Pty Ltd (ACN 005 577 873)
  * Moneysaver Free Coupons Pty Ltd (ACN 068 353 739)
  * Moneysaver E Coupons Pty Ltd (ACN 087 779 566)
  * H H & M Media Pty Ltd (ACN 091 724 588)
  * Niche Media Pty Ltd (ACN 064 613 529)
  * Magazine Production Pty Ltd (ACN 092 349 061)

The companies operate as follows:

  * Waivcom is the holding company of the Group but does not
trade in its own right
  * Waiviata produces and distributes annually the "Welcome To"
series of prestige books, which focus on tourism markets
  * Moneysaver Free Coupons publishes and distributes Money
Saver coupon booklets, which are issued every two months
  * Moneysaver E Coupons is dormant
  * H H & M Media produces the Franchising and Facilities
Management (FM) magazines and annual wall planners
  * Niche Media produces a number of magazine titles including
Desktop, Macworld, National Accountant, AR
(Architectural Review), Inside, Platform, Marketing,
Photo Master, Tecprint, i0 and Cinema Papers
  * Magazine Production employees all staff

Waivcom has a 50 percent interest in Hotel Link Management Pty
Ltd but this was placed into liquidation on 8 March 2001 by
order of the Victorian Supreme Court.  

Current status of assignment and actions required by creditors  

A. Deeds of Company Arrangement

The terms of each of the Deeds or varied Deeds of Company
Arrangement executed for the above companies commenced on 23
July 2001. On this date control of the businesses and assets of
Waiviata Pty Ltd, Money Saver Free Coupons Pty Ltd, Money Saver
E-Coupons Pty Ltd, Niche Media Pty Ltd, H H & M Media Pty Ltd,
and Magazine Production Pty Ltd transferred from the Deed
Administrators to Nick Dower and his nominees/representatives.
Following settlement on 23 July 2001, the Deed terms have been
satisfied for the following companies so they are no longer
Subject to Deeds of Company Arrangement:
  
  * Waiviata Pty Ltd
  * Money Saver Free Coupons Pty Ltd
  * Money Saver E-Coupons Pty Ltd
  * Niche Media Pty Ltd
  * H H & M Media Pty Ltd

Magazine Production Pty Ltd remains Subject to Deed of Company
Arrangement but under the control of Nick Dower.

The position of Waivcom Worldwide Limited was not affected by
the settlement on 23 July 2001. This company remains Subject to
Deed of Company Arrangement and continues to be under the
control of the Deed Administrators.

B. Formal Proofs of Debt/Dividend payments

We called for creditors to submit formal Proofs of Debt by 22
June 2001 but the process of assessing all claims is not yet
complete as proofs continue to be received to date, and not all
claims are easily reconciled to the relevant company's records.

1. First Dividend - Waiviata Pty Ltd, Money Saver Free Coupons
Pty Ltd, Money Saver E-Coupons Pty Ltd, Niche Media Pty Ltd, and
H H & M Media Pty Ltd

The formal dividend declaration date for the first dividend for
these companies of 22 cents in the dollar was declared on 12
September 2001 and has been paid on admitted claims.

2. Second Dividend - Waiviata Pty Ltd, Money Saver Free Coupons
Pty Ltd, Money Saver E-Coupons Pty Ltd, Niche Media Pty Ltd, and
H H & M Media Pty Ltd

The formal dividend declaration date for the second dividend was
declared on 31 October 2001 and a dividend of 29c on admitted
claims was paid on 23 November 2001.

3. Final Dividend - Waiviata Pty Ltd, Money Saver Free Coupons
Pty Ltd, Money Saver E-Coupons Pty Ltd, Niche Media Pty Ltd, and
H H & M Media Pty Ltd

Timing for the remaining dividend payments (up to a maximum of
81 cents in the dollar) is yet to be determined but a third
dividend will be declared on 31 December 2001, with distribution
of this dividend likely to occur by mid-January 2002.

The timeframe for payment of final dividends will be dependent
on how long it takes to resolve all outstanding proof of debt
claims, in addition to recovering GST paid on amounts deducted
from the dividend funds to date that will also be available to
creditors.

4. Dividends - Waivcom/Magazine

Dividends for the creditors of these companies is contingent on
the collection of pre-23 July 2001 debtors by Nick Dower above a
specified threshold. The collection of these debts is subject to
weekly monitoring by the Administrators and Committee of
Inspection and we are hopeful that a positive result for
creditors will be apparent before the end of this calendar year,
although the amount of the dividend is not likely to be
substantial.

C. Waivcom - sale of listed shell

We accepted an offer from Verona Capital Pty Ltd (Verona) to
purchase the listed (but suspended) company shell on 25 June
2001. The details of this offer are outlined in correspondence
dated 27 June 2001 that has been published on our web site.

The Heads Of Agreement in relation to this sale was executed on
3 August 2001 and the deposit of $100k was received on 6 August
2001.

A meeting of creditors approved variations to the Deed to
facilitate the terms of the sale on 17 September 2001, and the
Amending Deed has now been executed.

A number of preconditions listed in the Heads Of Agreement are
due to be completed by 6 February 2002, following extensions
agreed between Verona and the Deed Administrators from 3
November 2001.

Next milestone and estimated timetable  

A. Dividends to creditors (of Waiviata, Moneysaver Free Coupons,
Moneysaver E Coupons, H H & M Media, and Niche Media)
31 December 2001 - declaration of third dividend

18 January 2001 - estimated distribution of third dividend
(after allowing for holiday period)

Likely outcome for creditors and timetable  

Creditors can obtain details of the likely returns under the
Deeds from the following documents that have previously been
sent to creditors and published on our web site:
Report to creditors dated 18 May 2001
Report to creditors (to vary Deeds) dated 19 June 2001
(www.pwcrecovery.com)


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


AQUALITY ENGINEERING: Winding Up Petition Hearing Set
-----------------------------------------------------
The petition to wind up Aquality Engineering Company Limited was
heard before the High Court of Hong Kong on January 9, 2001 at
9:30 am.

The petition was filed with the court on September 10, 2001 by
Standard Chartered Bank being a corporation duly incorporated in
the United Kingdom and with a place of business registered in
Hong Kong at Standard Chartered Bank Building, 4-4A Des Voeux
Road Central, Hong Kong.


CITIFORM LIMITED: Winding Up Petition Pending
---------------------------------------------
The petition to wind up Citiform Limited is set for hearing
before the High Court of Hong Kong on January 23, 2002 at 10:00
am. The petition was filed with the court on October 19, 2001 by
The Hongkong and Shanghai Banking Corporation Limited whose
registered office is situated at No. 1 Queen's Road Central,
Hong Kong.


D&O FOOTNOTES: Faces Winding Up Petition
----------------------------------------
The petition to wind up D&O Footnotes Limited is scheduled to be
heard before the High Court of Hong Kong on January 30, 2002 at
11:30 am. The petition was filed with the court on November 20,
2001 by Nan Fung Finance Limited whose registered office is
situated at 9th Floor, Central Building, 3 Pedder Street,
Central, Hong Kong.


GUANGNAN (HOLDINGS): Announces Chairman, Director Appointments
--------------------------------------------------------------
The Board of Directors (Board) of Guangnan (Holdings) Limited
(the Company) revealed that Mr. Ye Xuquan has resigned as a
Director and the Chairman of the Company effective 14th January,
2002.

During the period when Mr. Ye acted as the Company's Director
and Chairman, the Company and its subsidiaries (the Group)
benefited greatly from Mr. Ye's visionary guidance. Mr. Ye has
made outstanding contribution in developing the Group's
corporate strategy. Especially after the restructuring, Mr. Ye
has made strategic planning on the consolidation of the Group's
business and its future development. The Board of each of the
companies in the Group would like to express their sincere
appreciation to Mr. Ye for his invaluable contribution.

In addition, the Board announced the appointment of Mr. Liang
Jiang as an Executive Director and the Chairman of the Company
with effect from 14th January, 2002. Mr Liang has extensive
experience in corporate management and development.

Mr. Liang Jiang graduated from South China Normal University and
obtained a Master's degree in Business Management from Asia
International Open University (Macau). He worked in the
municipal government of Foshan and Zhan Jiang in Guangdong
Province. He acted as the administrative head of Gao Ming
County, secretary of Gao Ming County Party Committee and
secretary of Gao Ming Municipal Party Committee of Guangdong
Province. During the period from October 1997 to March 2000, he
acted as the chairman of Guangdong Real Estate (Holdings)
Limited. He is currently a director of GDH Limited, the chairman
of Guangdong Assets Management Limited (GAM) and Guangdong
Alliance Limited (GAL). Upon the appointment as an Executive
Director and the Chairman of the Company, Mr. Liang will resign
from the positions of chairman of GAM and GAL.

The Board of the Company believes that under the leadership of
our new Chairman, the development of the Group will continue to
progress steadily.


KING'S MATE: Winding Up Sought By Nan Fung
------------------------------------------
Nan Fung Finance Limited is seeking the winding up of King's
Mate Development Limited. The petition was filed on November 20,
2001, and will be heard before the High Court of Hong Kong on
January 30, 2002 at 11:30 am. Nan Fung holds its registered
office at 9th Floor, Central Building, 3 Pedder Street, Central,
Hong Kong.


MANDARIN RESOURCES: Proposes Company Name Change
------------------------------------------------
The Board of Directors of Mandarin Resources Corporation Limited
(the Company) announced that the special resolution regarding
the change of name of the Company to "Massive Resources
International Corporation Limited" was duly passed at the
Extraordinary General Meeting held on 14th January, 2002.

The Company name change to "Massive Resources International
Corporation Limited" is subject to approval by the Registrar of
Companies in Hong Kong. The change will be effective from the
date on which the Certificate of Incorporation on Change of Name
is issued by the Registrar of Companies in Hong Kong.

Further announcement will be made by the Company on the
effective date of the change of the Company's name in due
course.


SILK PORT: Petition To Wind Up
------------------------------
The petition to wind up Silk Port Development Limited is
scheduled for hearing before the High Court of Hong Kong on
January 23, 2002 at 9:30 am. The petition was filed with the
court on October 11, 2001 by Guangzhou Finance Company Limited
whose registered office is situated at 17A Yue Xiu Building,
160-174 Lockhart Road, Wanchai, Hong Kong.


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


CITRA MARGA: Seeks Three-Month Debt Payment Standstill
------------------------------------------------------
PT Citra Marga Nusaphala Persada will propose to its creditors a
three-month debt payment standstill as an preliminary action to
its debt restructuring, AFX-Asia reports, referring to President
Daddy Hariadi in his statement to the Jakarta Stock Exchange.

"A standstill arrangement is needed as a portion of the debts
will mature in February while the company is still in
restructuring talks with creditors. If the standstill proposal
is approved and the debts mature while the restructuring talks
are not final yet, then the company will not default on its
debts," Hariadi said, without giving specific dates as to when
the company wants the standstill proposal to take effect.

He added that the company proposed two options to its creditors
under the restructuring talks: to buy back its debt at a
discount or, agree to a rescheduling timeframe for payment of
the debt.

Hariadi didn't disclose figures on the company's total debts but
stressed that the company is determined to repay debts maturing
this year worth US$65.8 million.


PERMADANI KHATULISTIWA: Pays US$3.46M Interest To IBRA
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) received in mid-
January accrued interest payment of US$3.46 million from PT
Permadani Khatulistiwa Nusantara (PKN). The payment complies
with the Debt Restructuring Agreement signed by PKN and IBRA in
late 2001 for the principal of US$161.5 million to be settled in
three schemes. PT PKN, under the obligor Kodel Group, is the
managing owner of Hotel Regent.

IBRA completed debt restructuring of PT Permadani Khatulistiwa
Nusantara in mid-December. The settlement was officiated by the
signing of Credit Agreement (PK) between IBRA and the
shareholder of PKN, a debtor under the group Kodel.


SINAR ABADI: IBRA Implements Debt Restructuring Agreement
---------------------------------------------------------
The Indonesian Bank Restructuring agency (IBRA) has settled the
debt restructuring of PT Sinar Abadi Cemerlang (SAC) at the
amount of Rp25.26 billion and US$4.59 million. The settlement
was marked by signing the Debt Restructuring Agreement between
IBRA and the company shareholders in mid-January 2002. The
Agreement stipulates that IBRA and PT SAC agree to implement two
different settlements for the Rupiah-denominated debt and US
dollar denominated obligations as follows:

1. Rupiah-denominated Debt

PT SAC's debt in Rupiah currency is Rp25.26 billion consisting
of the principal Rp22.28 billion and accrued interest Rp2.98
billion. The debt represents debt transfer from PT Jala Ladang
Kurnia, which was transferred from Bank Bumi Daya (BBD). The
Bank has been merged into Bank Mandiri. In the Debt
Restructuring agreement PT SAC has settled its obligations to
IBRA in two schemes. The first is cash settlement of Rp6.39
billion. The fund was effectively posted into IBRA account on 1
October 2001 and 14 November 2001. The second is asset transfer
in form of land and building appraised at Rp18.87 billion.

2. Debt in foreign currency

PT SAC's debt in foreign currency is US$4.59 million consisting
of the principal US$3.50 million and accrued interest US$1.09
million. The whole debt was transferred to PT Aria Infotek
(formerly PT Artimas Kencana Murni-PT AKM) and has been
restructured. Formerly, the debt was used by PT AKM for
financing the project equity of Operational Cooperation with PT
Ariawest International. The debt was transferred from ex-Bank
Pelita. PT SAC is a company operational in fishery industry,
particularly sea shrimp catch for export markets. This debtor is
under obligor Wiliam Soerjadjaja.


TJIWI KIMIA: Bondholders OK Bond Maturity Extension To 2006
-----------------------------------------------------------
PT Pabrik Kerta Tjiwi Kimia bondholders have approved extending
the maturity of Rp200 billion bonds issued in 1996 until 2006,
the Asian Wall Street reports, citing Head of Corporate
Communications, Yan Partawijaya.

The Asia Pulp and Paper unit has to pay interest of Rp8.9
billion every three months as stipulated under the restructuring
scheme approved by the bondholders, Partawijaya said.

"The restructuring is effective starting from Nov 8, 2001," he
stated, adding that the company will start to make principal
payments in 2004.

DebtTraders reports that Tjiwi Kimia's 13.250% bonds due on 2001
are trading between 17 and 19. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TKIM2.


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


DAIEI INC: Creditors Offering Y400B Bailout Package
---------------------------------------------------
UFJ Holdings Inc, Sumitomo Mitsui Banking Corp and Fuji Bank Ltd
has entered the final stage of talks over a bailout package
worth Y400 billion for Daiei Inc, Nihon Keizai Shimbun and AFX
reported on Tuesday.

The banks will swap combined debt of Y300 billion into
preference shares in Daiei to aid the firm bolster its
shareholders' equity. The three banks will also retire all the
Y120 billion preference shares, which they purchased in 2001,
enabling Daiei to use the proceeds to finance additional
restructuring plans.

Daiei aims to cut interesting-bearing debt worth Y1.8 trillion
to Y1 trillion by end of February 2005.


DAIEI INC: Hawks Ownership Continuance Likely
---------------------------------------------
The financially struggling supermarket operator, Daiei Inc. is
likely to keep the Hawks pro-baseball team, under a revised
restructuring plan being finalized with its three main creditor
banks, Kyodo News reported on Wednesday.

TCR-AP reported Tuesday that Daiei is hanging onto 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.

According to Wrights Investors' Service, at the end of 2001, the
Company had negative working capital, as current liabilities
were $22.20 billion while total current assets were only $9.73
billion. This company has paid no dividends during the last 12
months. The Daiei Incorporated last paid a dividend during
calendar year 1999, when it paid dividends of US$0.12 per share.


FUJI CAR: Nomura Acquires 69.6% Stake
-------------------------------------
Nomura Principal Finance Corp has agreed to acquire 69.6 percent
of insolvent Fuji Car Manufacturing Co with an eye to
rehabilitating and selling its stake at a profit after boosting
business performance, Kyodo News reported on January 16.

Fuji filed for court protection from creditors February last
year and expects to float 1 million new shares worth a total of
Y500 million to refill its depleted capital base.


JUTAKO SOGO: Misawa Homes Will Invest Y100M For Rehabilitation
--------------------------------------------------------------
Misawa Homes Co, a builder of wooden prefabricated homes, will
invest Y100 million in Shokusan Jutaku Sogo Co to support the
rehabilitation plan of the collapsed builder of custom-made
houses, Kyodo News reported Wednesday.

Misawa Homes President, Chiyoji Misawa said the company would
benefit from businesses related to houses built by Sokusan
Jutaku, such as renovation and nursing-care services.


SUN MEAT: Seeks Court Protection From Creditors
-----------------------------------------------
Beef processing firm, Sun Meat has filed for court protection
from creditors with debts of Y12.4 billion due to a heavy blow
to its earnings, Kyodo News said Wednesday.

The Nagoya District Court ordered the company's assets protected
under the fast-track civil rehabilitation law for reviving
insolvent firms.


SXL CORPORATION: Moody's Lowers Rating To B2; Outlook Negative
--------------------------------------------------------------  
Moody's Investors Service has downgraded SXL Corporation's (SXL)
senior unsecured long-term debt ratings to B2 from Ba3. The
rating outlook is negative.

"The company's sales and earnings will remain under pressure
over the medium term from the stagnant demand for housing and
intensified competition. The B2 ratings incorporate a reasonable
level of financial support from financial institutions," says
Moody's.  

SXL's operating performance in the current fiscal year ending
March 2002 has significantly worsened due to weak housing
prices. In order to restore earnings, SXL works on restructuring
measures such as a reduction of fixed costs. However, Moody's is
concerned that SXL's earnings will remain under downward
pressure, and that SXL will remain highly leveraged compared
with its competitors, despite the company's efforts.

The debt securities downgraded are as follows:

Series 6 Y20 billion 3.2 percent domestic straight bonds, due
June 2002; to B2 from Ba3

Series 7 Y10 billion 2.4 percent domestic straight bonds, due
August 2002; to B2 from Ba3

Series 8 Y5 billion 3.0 percent domestic straight bonds, due
September 2004; to B2 from Ba3

Series 6 Y15 billion 2.7 percent domestic convertible bonds, due
March 2002; to B2 from Ba3

Y50 billion Japanese shelf registration; to (P)B2 from (P)Ba3

SXL Corporation, one of Japan's second-tier prefabricated
housing suppliers, is located in Osaka, Japan.


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


HYNIX SEMICONDUCTOR: Micron Alliance Reaching US$2-2.5B Range
-------------------------------------------------------------
Hynix Semiconductor and Micron Technology are expected to strike
a partnership deal at US$2 billion to US$2.5 billion, according
to Korea Herald reports.

Credit Suisse First Boston said that the gap in price between
both companies is the biggest obstacle to the deal, adding that
Micron's demand for a write-down of Hynix' debt and the
allocation of Micron's shares to creditors are also delaying the
talks. CSFB said that if both sides decide to seal the agreement
at US$2-2.5 billion, a debt write-off will become inevitable
eventually negatively affecting the stock market.


HYNIX SEMICONDUCTOR: Micron Debt Write-Off Rumor Untrue
-------------------------------------------------------
Korea Exchange Bank, Hynix Semiconductor's key creditor,
announced that Micron Technology Inc has not asked local
creditors to write-off debt owed by Hynix, AFX News said on
Tuesday.

KEB Vice President, Lee Youn-soo said they have not received any
formal demand from Micron Technology for a debt write-off. He
also stressed that an additional debt write-off is impossible,
as creditors have already forgiven a considerable amount of debt
in their recent bailout program.


HYNIX SEMICONDUCTOR: Refuses To Reveal DRAM Contract Prices
-----------------------------------------------------------
Hynix Semiconductor Inc has declined to comment on speculation
that it is considering increasing its DRAM contract prices by
30-40 percent for January, AFX News reported on January 14.
A company spokesman said that the Hynix would not reveal any
information on DRAM contract prices for the sake of their
clients.

DebtTraders reports that Hyundai Semiconductor's 8.625% bond due
in 2007 (HYUNS2) trades between 58.000 and 63.000. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS2


KUKJE HWAJAE: January 16 Trading Suspension Scheduled
-----------------------------------------------------
The Korea Stock Exchange announced that the trading in the
shares of the loss-making insurer Kukje Hwajae Insurance Co will
be suspended on January 16 for an unspecified period in the wake
of the firm's entire capital write-down, AFX News reported
Tuesday.

Kukje Hwajae told the stock exchange that it was ordered by the
Financial Supervisory Commission to write off its entire
shareholder equity. Kunwha Pharmaceutical Co Ltd has recently
decided to acquire Kukje following its capital write-off.


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


CSM CORPORATION: Enters Proposed Disposal Agreement With TOPS
-------------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Bhd (CSM
or the Company) (Board), Arab-Malaysian Merchant Bank Berhad
(Arab-Malaysian), announced that the Company, on 14 January
2002, entered into a conditional sale and purchase agreement
(Agreement) with TOPS Retail (Malaysia) Sdn Bhd (Purchaser) for
the proposed disposal of a piece of leasehold land measuring
239,877 square feet held under leasehold title no. PN 3948, Lot
No. 32, Section 36 situated in the Town of Petaling Jaya,
District of Kuala Lumpur (Property) for a cash consideration of
RM33,500,000.

DETAILS OF THE PROPOSED DISPOSAL

Description Of The Property

The Property is a plot of leasehold land with 64 years of its
lease tenure remaining, which will expire on 7 September 2066.
The Property consists of an industrial leasehold land of 239,877
square feet and a 1 1/2-storey factory-cum-office building built
thereon with a total built-up area measuring 131,470 square
feet. The Property had belonged to CSM ever since its
development to house the CSM group of companies' (CSM Group)
trading and manufacturing businesses 27 years ago.

As of 31 December 2001, approximately 32 percent of the total
lettable area is tenanted by several third party business
associates of the CSM Group and other business entities, who had
earlier acquired the CSM Group's trading and manufacturing
businesses (acquirers of the CSM Group's trading and
manufacturing businesses). The average rental income earned from
these business associates is approximately Ringgit Malaysia
Forty Thousand (RM40,000) per month. However, the acquirers of
the CSM Group's trading and manufacturing businesses are
temporarily occupying part of the Property free of rental
pursuant to the sale of assets agreements dated 21 May 2001 and
5 October 2001.

These tenants will be moving out of the factory premise prior to
the demolition of the building to facilitate the handing-over of
vacant possession to the Purchaser.

The Property is currently encumbered to Alliance Bank Berhad
(the Chargee) for a revolving term loan facility extended to the
Company.

Basis for Arriving at the Sale Consideration

The sale consideration for the Proposed Disposal was arrived at
on a willing buyer - willing seller basis after taking into
account the Directors' opinion on the current market value of
the Property, subject to a valuation to be undertaken on the
Property by an independent valuer to be appointed. The sale
consideration of RM33,500,000 represents a premium of
RM19,545,000 or 2.40 times over the audited net book value (NBV)
of the Property of RM13,955,000 as of 31 December 2000.

Original Cost of Investment

CSM's original cost of investment in the Property, incurred on 5
December 1974 being the original date of investment, amounts to
RM7,993,000.

Liabilities to be Assumed

The Purchaser will not assume any of CSM's liabilities pursuant
to the Proposed Disposal.

SALIENT TERMS OF THE AGREEMENT

The salient terms of the Agreement are as follows:

a) The Purchaser has paid to the Company an initial deposit of
RM335,000 representing 1 percent of the sale consideration and
shall pay the Company the balance deposit of RM3,015,000 upon
execution of the Agreement.

b) The balance of RM30,150,000 is to be paid in the following
manner:

   (i) Ringgit Malaysia Twenty Six Million and Eight Hundred
Thousand (RM26,800,000), being 80 percent of the sale
consideration, is to be paid within twenty one (21) days from
the Unconditional Date;

   (ii) Ringgit Malaysia Three Million Three Hundred and Fifty
Thousand (RM3,350,000), being the remaining 10 percent of the
sale consideration, is to be paid within fourteen (14) days from
the date of acceptance of vacant possession of the Property by
the Purchaser.

c) The sale and purchase of the Property shall be conditional
upon the fulfillment of the following conditions precedent
(hereinafter called "the Conditions Precedent") within three
(3) months from the date of the Agreement (hereinafter called
"the Cut-Off Date" with an extension for a further period of
three
(3) months (hereinafter called "the Extended Cut-Off Date")
being granted by the Company to the Purchaser and/or such other
extended period as may be mutually agreed by the parties
thereto:

   (i) the Purchaser obtaining the approval from the Foreign
Investment Committee of the Economic Planning Unit of the Prime
Minister's Department (FIC) for their purchase of the Property;

   (ii) both the Company and Purchaser obtaining their
respective shareholders' and Board of Directors' approval, where
applicable; and
   
   (iii) any other relevant authority's approval.
PROVIDED ALWAYS that the last date of fulfillment of the
Conditions Precedent shall be the unconditional date.

d) The Company shall, after having demolished the existing
building erected on the Property, save and except for the TNB
sub-station at the Company's own cost and expense, deliver
vacant possession of the Property free of encumbrances to the
Purchaser within thirty (30) days from the date of presentation
of the Memorandum of Transfer at the relevant land
office/registry for the transfer of the Property from the
Company to the Purchaser.

UTILISATION OF PROCEEDS RAISED FROM THE PROPOSED DISPOSAL

The proceeds will be utilized to settle the redemption sum to
the Chargee, working capital for the Company and defray
estimated expenses relating to the Proposed Disposal.

BRIEF INFORMATION ON THE PURCHASER

The Purchaser was incorporated in Malaysia under the Companies
Act, 1965 as a private limited company on 12 December 1985 under
the name RA-PPB (TOPS) Retail Sdn Bhd. It assumed its present
name on 28 March 2001.

As at 14 January 2002, its authorized share capital is
RM500,000,000 comprising 500,000,000 ordinary shares of RM1.00
each, of which 366,000,000 ordinary shares of RM1.00 each are
fully issued and paid-up.

The Purchaser is primarily involved in the retail, supermarket
and bakery businesses.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal will enable CSM to partially reduce its
borrowings and realize the capital appreciation over the
Property. The repayment of the borrowings will also result in
interest savings of approximately RM2,400,000 per annum for the
Company.

EFFECTS OF THE PROPOSED DISPOSAL

Share Capital

The Proposed Disposal will not have any effect on the share
capital of CSM as the Proposed Disposal is a cash transaction.

Earnings

The Proposed Disposal is not expected to have any effect on the
earnings of the CSM group for the financial year ended 31
December 2001 as it is only expected to be completed by the
second quarter of 2002.

However, based on the Property's audited NBV of RM13,955,000 as
at 31 December 2000, the Proposed Disposal is expected to result
in a net gain on disposal of RM17,570,000 after having deducted
the estimated real property gains tax and incidental expenses of
the Proposed Disposal.

Net Tangible Assets (NTA)

Based on the audited consolidated financial statements of CSM as
at 31 December 2000, the proforma effects of the Proposed
Disposal on the CSM Group's NTA are set out in the table below:

Audited as at After Proposed
Disposal
    31/12/2000  
Share capital   82,250    82,250
Share premium   62,697    62,697
Revaluation reserves  73,278    63,891
Retained earnings  (248,739)    (221,782) *
Shareholders funds/ NTA (30,514)    (12,944)
NTA per share (RM0.37)  (RM0.16)
Borrowings    163,034    138,843
Gearing (times)   N/A     N/A

* Includes realization of revaluation reserves.

Gearing

Based on the audited consolidated financial statements of CSM as
at 31 December 2000, the proforma effects of the Proposed
Disposal on the gearing of the CSM Group are set out in Table 1.

Substantial Shareholdings

The Proposed Disposal will not have any effect on the
substantial shareholdings of CSM as the Proposed Disposal is a
cash transaction.

CONDITIONS OF THE PROPOSED DISPOSAL

The Proposed Disposal is subject to approvals being obtained
from the following parties:

   a) the FIC;
   b) the Board and shareholders of CSM and the Purchaser; and
   c) any other relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, substantial shareholders of CSM or
persons connected with them has any interest, direct or
indirect, in the Proposed Disposal.

DIRECTORS' RECOMMENDATION

The Board, after careful deliberation on the Proposed Disposal,
is of the opinion that the Proposed Disposal is in the best
interest of the Company.

DEPARTURE FROM SC'S POLICIES AND GUIDELINES ON THE ISSUE/OFFER
OF SECURITIES (SC GUIDELINES)

The Proposed Disposal does not depart from the SC Guidelines.

ADVISER

Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian) has been
appointed as Adviser to CSM with respect to the Proposed
Disposal.

APPLICATION TO THE AUTHORITIES

The application to the authorities will be made within three (3)
months from the date of this announcement.

Barring unforeseen circumstances, the Proposed Disposal is
expected to be completed by June 2002.

DOCUMENTS FOR INSPECTION

A copy of the Agreement is available for inspection at the
Registered Office of the Company at 10th Floor, Menara CSM,
Jalan Semangat, 46100 Petaling Jaya, Selangor Darul Ehsan from
Mondays to Fridays (except Public Holidays) during normal
business hours from the date of this announcement until the date
of the extraordinary general meeting (EGM) of CSM.

Presently, the Company is in the midst of preparing the Circular
to shareholders for the Proposed Disposal. An EGM for the
Proposed Disposal will be convened in due course and the
Circular will be dispatched to the shareholders accordingly.

  
GADANG ENGINEERING: Debt Settlement Agreement Reached
-----------------------------------------------------
Gadang Holdings Berhad (Gadang or the Company)'s wholly-owned
subsidiary, Gadang Engineering (M) Sdn Bhd (GESB), had on 14
January 2002 entered into another Conditional Settlement
Agreement with Heavy Industries Valley Sdn Bhd (Heavy
Industries) to accept payment, in lieu of cash, and by way of
contra account in the form of additional five (5) plots of land
located in Mukim of Rawang, District of Gombak, State of
Selangor (Additional Plots) for a total consideration of
RM5,710,280.00 (the Purchase Price) as part settlement for the
various construction projects undertaken by GESB and its
subsidiary, Kartamo Corporation Sdn Bhd (Kartamo) for Heavy
Industries and Rawang Land Development Sdn Bhd (Rawang Land)
(the Proposed Debt Settlement).

DETAILS OF THE PROPOSED DEBT SETTLEMENT

Background information

GESB and Kartamo are contractors for various construction
projects undertaken by GESB and Kartamo for Heavy Industries and
Rawang Land. Pursuant thereto and as at 10 December 2001, the
sum of RM6,458,717.43 (the remaining Debt) after the earlier
contra with Heavy Industries dated 2 August 2001 is still due
and owing by Heavy Industries to GESB/Kartamo being outstanding
progress payments due in respect of the construction projects
undertaken by GESB and Kartamo for Heavy Industries and Rawang
Land.

Heavy Industries proposed to settle part of the remaining Debt
by selling to GESB all those pieces of lands measuring 285,514
square feet in total area at the price of Ringgit Malaysia
Twenty (RM20.00) per square foot.

Details of the Additional Plots

The details of the Additional Plots measuring 285,514 square
feet in total area are as follows:

Plot No.   Area (square feet)  Price (RM)

178    68,380    1,367,600
179    51,164    1,023,280
180    50,719    1,014,380
181    54,569    1,091,380
182    60,682    1,213,640
-------    ---------
285,514    5,710,280
=======    =========

No valuation on the Additional Plots was carried out by an
independent professional valuer. The Purchase Price at Ringgit
Malaysia Twenty (RM20.00) per square foot was arrived at on a
willing-buyer-willing-seller basis based on the prevailing price
range offered by Heavy Industries to other parties involving the
land in that area.

Rawang Land is the registered proprietor of the Additional Plots
and Heavy Industries is the beneficial owner vide a written
agreement dated 2 May 1996 made between Rawang Land and Heavy
Industries.

Rawang Land has executed a Power of Attorney dated 15 April 1999
duly registered with the High Court of Malaya at Kuala Lumpur
bearing Registration No. 19165/99 empowering Heavy Industries,
inter alia, to sell, transfer and charge the Additional Plots
upon the powers therein granted to Heavy Industries.

Salient features of the Settlement Agreement

The Additional Plots were acquired from Heavy Industries free
from encumbrances on a "set-off" basis by way of five (5)
separate Sale and Purchase Agreements entered into between GESB,
Rawang Land and Heavy Industries subject to Heavy Industries
paying the full redemption sum for the Additional Plots to the
Bank within two (2) years from the date of the Settlement
Agreement.

Upon execution of the Sale and Purchase Agreements, the Purchase
Price shall be deemed fully settled by GESB to Heavy Industries
by way of set-off against part of the remaining Debt. Likewise,
upon the execution of the Sale and Purchase Agreements, part of
the remaining Debt, which is equivalent to the Purchase Price,
shall also be deemed fully settled by Heavy Industries and
Rawang Land to GESB and Kartamo subject to Heavy Industries
paying the full redemption sum for the Additional Plots to the
Bank.

RATIONALE FOR THE PROPOSED DEBT SETTLEMENT

The Proposed Debt Settlement will enable GESB to resolve
substantial portion of the outstanding amount due from Heavy
Industries. Furthermore, the Additional Plots acquired may
either be disposed of or be added to the Group's land bank for
future development.

APPROVAL REQUIRED

The Proposed Debt Settlement is subject to the approval of the
shareholders of Gadang at an extraordinary general meeting to be
convened at a later date.

EFFECTS OF THE PROPOSED DEBT SETTLEMENT

The Proposed Debt Settlement will not have any effect on the
issued and paid-up share capital, earnings per share and net
tangible assets of the Company for the financial year ending 31
May 2002.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, substantial shareholders and/or persons
connected to the Directors or substantial shareholders of Gadang
has any interest, direct or indirect, in the Proposed Debt
Settlement.

DIRECTORS' RECOMMENDATION

The Directors of Gadang, having considered all aspects of the
Proposed Debt Settlement, are of the opinion that the Proposed
Debt Settlement is in the best interest of the Company.


INSTANGREEN CORPORATION: Updates Restructuring Exercise Status
--------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Instangreen Corporation Berhad (Special Administrators
Appointed) (ICB or the Company), further announced the status of
the Company's plan to regularize its financial position.

The Kuala Lumpur Stock Exchange (KLSE) vide its letters dated 11
January 2002 has approved-in-principal:

A) Admission to the Official List and listing of and quotation
for the entire issued and paid-up share capital of LBS Bina
Group Berhad (LBGB) comprising 280,633,557 ordinary shares of
RM1.00 each (LBGB Shares) in place of ICB;

B) Admission to the Official List and listing of and quotation
for the following Irredeemable Convertible Unsecured Loan Stocks
(ICULS) in LBGB:

   i) RM38,154,000 nominal value of 2001/2006 5-year 4 percent
ICULS A;

   ii) up to RM1,527,000 nominal value of 2002/2007 5-year 4
percent ICULS B;

   iii) up to RM1,587,000 nominal value of 2003/2008 5-year 4
percent ICULS C; and

   iv) up to RM1,651,000 nominal value of 2004/2009 5-year 4
percent ICULS D;

on the Main Board of the KLSE, on a "Ready" basis pursuant to
the Rules of the KLSE.

C) Additional listing and quotation for the following:

   i) up to 42,919,000 LBGB Shares upon conversion of the 5-year
4 percent ICULS;

   ii) up to 27,820,000 LBGB Shares upon conversion of
RM27,820,000 nominal value of Redeemable Convertible Bonds (RCB)
A; and

   iii) up to 1,332,000 LBGB Shares upon conversion of
RM1,332,000 nominal value of RCB B.

The abovementioned approval-in-principal from the KLSE is
subject to the Company and LBGB furnishing the KLSE with the
requisite documentations/information prior to the listing date.


MENANG CORPORATION: Resolutions Passed At EGM
---------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Menang
Corporation (M) Berhad (Menang or Company), announced that all
the nine (9) resolutions as set out in the Notice of
Extraordinary General Meeting (EGM) contained in the Circular to
Shareholders dated 24 December 2001 have been duly passed at an
EGM convened Tuesday morning.

Profile

The Company (Menang) was involved in the manufacture and sale of
jute bags, twine, ropes, tarpaulin and canvas from 1969 to 1975.
It disposed of this business in 1978 and subsequently, in July
1982, embarked on property development activities.

In August 1998, the Company and its two subsidiaries were
granted a Restraining Order by the High Court pursuant to
Section 176 (10) of the Companies Act, 1965 against certain
classes of creditors. The Restraining Order has since expired on
11 October 2000 after three extensions.

In October 1999, Menang had unveiled its proposed restructuring
scheme which involves a scheme of arrangement with creditors,
capital reconstruction exercise, issue of warrants and loan
stocks, and acquisition of freehold development land for the
construction of integrated `Seremban 3' township.

Menang obtained approval from the SC on its corporate proposals
in August 2000, except for the proposed exemption for the
Company's major shareholders and related parties (concerted
parties) from extending a mandatory general offer (MGO).
Subsequently, scheme creditors' approval was received on 30
August 2000. The proposed MGO exemption will only be considered
upon receipt of the shareholders' approval.

Shareholders approved the restructuring scheme in February 2001,
and in March 2001, the concerted parties received the SC's
approval for exemption from extending a MGO. As of May 2001, the
Company is in the midst of implementing the proposals following
the High Court's sanction in April 2001


MYCOM BERHAD: Obtains Bank Negara's Revised Scheme Approval
-----------------------------------------------------------
The Board of Directors of Mycom Berhad (Mycom or the Company)
announced that approval in principle had been obtained from Bank
Negara Malaysia in respect of the revised proposed restructuring
scheme (Scheme).

On 13 November 2001, Alliance Merchant Bank Berhad (formerly
known as Amanah Merchant Bank Berhad ) on Mycom's behalf,
submitted the application in respect of the revised proposed
restructuring scheme (Scheme) to the regulatory authorities
including Bank Negara Malaysia on 3 October 2001.


PICA (M) CORPORATION: Faces Material Litigation From AMBB
---------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad made the
following announcement for public release:

1. That the Company had been served a writ of summons by Affin
Merchant Bank Berhad (AMBB) on 14 January 2002 claiming for the
sum of RM5,185,380.84 and RM7,278,846.79 allegedly arising from
credit facilities granted by the said financial institution;

2. The alleged sum represents 10.3 percent of the net tangible
assets of the Company of RM121,000,000.00 as at the date of the
latest audited accounts i.e. 31/12/2000; and

3. The Company is in the process of appointing a firm of
solicitors to defend the said legal proceedings.


QUALITY CONCRETE: Posts Securities Disposal, Acquisition Details
----------------------------------------------------------------
Quality Concrete Holdings Berhad has entered into the following
disposals and acquisitions of its quoted securities, on various
dates as listed below, and for diverse considerations. The
aggregate value of the transactions exceeded 5 percent of the
Company's NTA.

1. Go to http://www.bankrupt.com/misc/TCRAP_Quality0116.xls
for particulars of quoted shares acquired or disposed of.

2. Aggregate value of consideration - RM5,488,686.00
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

3. Effect of transaction on Company

NTA per share as at 31 January 2001 RM1.9408
NTA per share after transaction RM1.8561
Loss per share RM0.0846

The Company has on 14 January 2002 and 15 January, 2002 disposed
off 35,000 and 10,000 ordinary shares of RM1.00 each in EOX
Group Berhad respectively.

The Board will continue to monitor market conditions on the KLSE
and will make appropriate disclosures from time to time in
compliance with the KLSE Listing Requirements.


SISTEM TELEVISYEN: Managing Director Resigns From Board
-------------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) posted this change in
boardroom notice:

Date of change  : 15/01/2002  
Type of change  : Resignation Boardroom
Designation  : Managing Director
Directorate  : Executive
Name    : Hisham bin Dato' Abd. Rahman
Age    : 52
Nationality  : Malaysian
Qualifications  : Bachelor of Economics, University Malaya
Working experience and occupation    : Director
Directorship of public companies (if any) : nil
Family relationship with any director and/or major shareholder
of the listed issuer     : nil
Details of any interest in the securities of the listed issuer
or its subsidiaries     : nil

TV3 announced that the necessary applications and supporting
documents to be submitted to the authorities for the Proposed
Corporate Restructuring Scheme (Corporate Proposals), were being
finalized and pending completion of the ongoing due diligence
exercise, TCR-AP reported on December 27.

Profile

The Company's core business is commercial television
broadcasting with operations located at Sri Pentas, Bandar
Utama. In addition to television broadcasting, the Company is
also involved in other activities that complement and enhance
its core business such as post and pre-production services,
sports and event management, and training and education in film,
broadcasting and related activities.

As at 1 March 2001, the Group is still undergoing a
restructuring exercise under the auspices of the Corporate Debt
Restructuring Committee of BNM. The Scheme comprises a proposed
debt restructuring of the Group, proposed structural re-
organisation and the revival of the financial and operational
viability of both the Group and the Company.


SPORTMA CORPORATION: Discloses Dec 2001 Defaulted Payments
----------------------------------------------------------
Sportma Corporation Berhad (Special Administrators Appointed)
(Sportma or the Company) provided an estimate of its default in
payment as at 31 December 2001, as found in
http://www.bankrupt.com/misc/TCRAP_Sportma0116.xls

The total default by Sportma on principal sum plus interest as
at 31 December 2001 amounted to RM211,248,167-30. The default
payment is in respect of revolving credit facilities, trade
financing and overdraft utilized by Sportma.

Chemitech Industries Sdn Bhd, a wholly owned subsidiary of
Sportma had as at 31 December 2001, defaulted on RM611,525-77,
made up of a principal sum of RM470,000-00 plus RM141,525-77 in
interest, in respect of its term loan.

There is no further new development on the default of payment of
the Company, since the previous announcement with regard to this
Practice Note.


TECHNO ASIA: SA Submits Statutory Declaration To KLSE
-----------------------------------------------------
Techno Asia Holdings Berhad, being an affected listed issuer,  
announced that in compliance with the obligation imposed under
the Practice Note No. 4/2001 (PN 4/2001), the monthly report for
the month of December 2001 accompanied by the statutory
declaration duly executed by the Special Administrators (SA) had
been submitted to the Kuala Lumpur Stock Exchange (KLSE) on 15th
January, 2002.

Profile

On 2 February 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.

The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.

On 6 August 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.

On 2 February 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd. On 30.4.2001, SAs were also
appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.

The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.
Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.


TONGKAH HOLDINGS: Serves Writ Of Summons Over Defaulted Payment
---------------------------------------------------------------
Tongkah Holdings Berhad (THB or the Company) on 14 January 2002
was served with a Writ of Summons dated 14 December 2001,
together with the Statement of Claim dated 14 December 2001, as
the second Defendant named therein.

The action is brought about by RHB Bank Berhad (the Bank)
against Tongkah Electronics Sdn Bhd, a former subsidiary of THB
(TESB), for default in the repayment of banking facilities
amounting to RM26,736,680.24 and against THB for the amount of
RM14,280,000 pursuant to the Corporate Guarantees provided to
the Bank in consideration of the Bank granting the banking
facilities to TESB.

No hearing date has been fixed, but the Company is required to
enter appearance within eight days of service of the Writ. The
suit has been referred to the Company's solicitors with
instructions to enter appearance on behalf of the Company.


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


BENPRES HOLDINGS: Unit Seeks US$100M Loan Extension
---------------------------------------------------
Maynilad Water Services Inc (MWSI), unit of Benpres Holdings
Corp, seeks for an extension of its US$100 million bridge loan,
due to mature on February 28, AFX News reported on January 15.

MWSI is finalizing a US$350 million term loan, part of which
will be used to repay the bridge loan. Benpres announced that
the remainder of the term loan would be used to finance
Maynilad's projects.


NATIONAL POWER: PSALM To Sell Bonds To Refinance Operations
-----------------------------------------------------------
Power Sectors and Liabilities Management Corporation (PSALM)
plans to begin marketing its delayed $400 million of bonds to
refinance the operations of National Power Corporation,
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reports. The state owned power
company's generating and transmission assets would be privatized
this year.

National Power Corporation's 7.875% bond due in 2006 (NATPW2)
trades between 88.879 and 90.827. For more real-time bond
pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATPW2


NATIONAL STEEL: Workers Push For Plant Reopening
------------------------------------------------
Displaced workers of the National Steel Corp. (NSC) pushes for
the reopening of the mothballed steel plant following the new
decision of creditor-banks to foreclosed NSC's assets, the
Philippine Daily Inquirer reports.

"The foreclosure ordered by government is a sure-fire formula
to try down the assets of the NSC for at least one-year from
actual foreclosure because of the one year redemption period,"
Simplicio H. Villarta, National Steel Labor Union president
said. He added that the foreclosure would in no way lead to the
immediate reopening of the plant.

Villarta also questioned the legality or at least the propriety
of the government as the owner of NSC in ordering the
foreclosure of NSC assets by the creditors. The National
Government, through the National Development Co., still owns
12.5 percent of NSC. He stressed that that NSC workers should
also be considered as creditors of NSC because they have claims
against the company worth P750 million.


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


CAPITALAND LTD: Considers Refinancing Bonds Worth S$800M
--------------------------------------------------------
CapitaLand Ltd is considering to refinance S$800 million worth
of high-interest bonds to take advantage of the current low-
interest rate environment, the Business Times and AFX News
reported on Tuesday. The 10-year bonds carry an annual interest
rate of 6.0 percent.

Days ago, TCR-AP reported that divestment of two commercial
properties known as Junction 8 Shopping Center and Funan to
CCL's nominee, Bermuda Trust (Singapore) Limited, has been
completed. The proceeds received from the sale of the properties
will beheld in trust for the retirement of notes outstanding
under the Junction 8 Limited and SH Malls Limited MTN Programs
totaling S$233 million, and the remainder will be used to repay
bank borrowings.


FHTK HOLDINGS: Oversea-Chinese Banking Changes Interest
-------------------------------------------------------
FHTK Holdings posted a notice of changes in substantial
shareholder Oversea-Chinease Banking Corporation Ltd's deemed
interests as:

Date of notice to company: 09 Jan 2002
Date of change of interest: 07 Jan 2002
Name of registered holder: Oversea-Chinese Bank Nominees Private
Limited
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: 200,000
% of issued share capital: 0.01
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.11613
No. of shares held before change: 1,650,366
% of issued share capital: 0.13
No. of shares held after change: 1,450,366
% of issued share capital: 0.12

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed       Direct
No. of shares held before change: 48,581,292   147,914,667
% of issued share capital:        3.95         12.01
No. of shares held after change:  48,581,292   147,714,667
% of issued share capital:        3.95         12

Total shares:                     48,581,292   147,714,667

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
146,264,301 (11.88%) and registered holder Oversea-Chinese Bank
Nominees Private Limited is 1,450,366 (0.12%) and deemed
interest under registered holder UOB Kay Hian Private Limited is
47,366,760 (3.85%) and under registered holder Keppel Bank
Nominees Private Limited is 1,214,532 (0.10%). Total interest
after change is 15.95%.


L.C. DEVELOPMENT: Issues Profit Warning
---------------------------------------
The Board of Directors of L.C. Development Ltd, pursuant to its
commentary on current year prospects in the Group's full year
results for the financial year ending June 30, 2001 made on
September 17, 2001 wherein it was stated that in view of the
weak property market and the apparent declining economic climate
locally and internationally, announced that the Group would not
be able to maintain the current level of profitability for the
year ending June 30, 2002. It was also stated that any possible
impact of the September 11, 2001 terrorist attack in America in
the Group's performance had, however, not been taken into
consideration.

The continued weakening of the global and local economy,
worsened by the September 11 incident has adversely affected the
performance of the Group's hotels and serviced residences and
the property portfolio.

Hence, based on present economic conditions, and assuming that
foreign currencies versus Singapore dollars remain at about the
present level, the Board expects to incur a net loss in its half
year ended December 31, 2001 and for the full year ending June
30, 2002. The half-year results are to be released in March
2002.


L & M GROUP: Unit Aborts Indonesian Gas Pipeline Projects
---------------------------------------------------------
L&M Group Investments Ltd (L&M) announced on January 15 that its
wholly owned subsidiary L&M Petromas Pte Ltd (the Company) has
on January 15, 2002 terminated the Share Purchase Agreement
dated August 21, 2001 (the Share Purchase Agreement) and the
Heads of Agreement dated November 22, 2001 (the Heads of
Agreement), both entered into with PT Moeladi and PT. Petroimpex
Nuansa Corporindo (the Vendors) on the two gas pipeline projects
in Indonesia.

The Share Purchase Agreement involved the Company acquiring 60%
of all the shares in PT Petroinsana Mitra Mandiri (PMM) for
US$923,000.00 and the Heads of Agreement involved the Company
acquiring 60 percent of all the shares in PT. Moeditha Lanthika
Indonesia for the sum of US$15.171 million, each of which was
payable in full by way of an issuance of new shares in L&M.
The termination of the Share Purchase Agreement and the Heads of
Agreement by the Company is a result of the Vendors' failure to
fulfill the conditions precedent and the terms and conditions of
the Share Purchase Agreement within the stipulated deadline.

The two transactions involving the above gas pipeline projects
are not conditions precedent to the debt and equity
restructuring exercise currently being undertaken by the Company
with Bintai Kinden Corporation Berhad as announced by the
Company on December 4, 2001.


WELLSTECH INTERNATIONAL: Parent Aids HK$45M Loan Restructuring
--------------------------------------------------------------
Singapore Hong Kong Properties Investment Ltd (SPHI) revealed
that the company is in talks with the Hong Kong Chinese Bank Ltd
to restructure a HK$45 million loan owed by its unit Wellstech
International Ltd, AFX News said on Tuesday. The agreement on
the loan restructuring is expected in the near term.

After restructuring is finalized, the bank will release
Wellstech's former owner, China Bio-Medical Group Ltd, from the
guarantee given on the loan. The bank had previously refused to
release China Bio-Medical from the guarantee after it sold
Wellstech to Singapore Hong Kong Properties.

SHPI recorded a net loss of HK$346.49 million for the year ended
December 1999. For the six-month period ended June 30, 2000 the
company posted a net loss of HK$79.7 million, three times its
loss of HK$25.4 million for the same period a year earlier.


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


SINO-THAI ENGINEERING: Posts BOD Meeting No.1/2002 Resolutions    
--------------------------------------------------------------
The Board of Directors of Sino-Thai Engineering & Construction
Public Company Limited reported the resolutions adopted at the
Board of Directors (BOD) Meeting No. 1/2002 held on January 11,
2002:

1.  Approval of the issuance of warrants on ordinary shares.

The details are as follows:

Category of Warrant :   the warrants on ordinary shares of
Sino-Thai Engineering & Construction Plc.
Type       :   transferable warrant certificate
specified name of shareholders.
Allotment method        :   to the Company's existing
shareholders.       

The allotment of ordinary share purchase warrants shall be made
upon prior approval from the relevant organizations.

Number of Warrants issued:      17,000,000 Units
Sale Price/Warrant       :      Bt0 (Zero Baht)
Maturity Period          :      5 years from the date of
  issuing of warrant
Exercising Ratio         :      The ordinary shareholder
  and/or the  preferred shareholder is eligible to one
unit  of warrant for the five existing shares of     
which he holds.
Exercising Price  :       Bt10 (Ten Baht)
Exercising Period       :       The exercising of the rights of
warrants shall commerce after period of one year
calculated from the date of issuing of  warrants up
to the date of its maturity of  five years. The
exercising of the right of  warrants shall made on
every the 30th day of March, June, September,
December of each year. In the last time, the
exercising of the right of warrants  shall exercise
on the date of its maturity of five years.  If the    
said exercise date to falls under the SET's holiday.        

The exercising of the rights of warrants shall be made in the
following business day.

Number of shares reserved for:   17,000,000 shares exercising
the rights of warrants
        
Secondary market   :  The Company shall file an
application for listing the warrants that are issued
for registration to the Stock Exchange of Thailand.

The affection of shareholder  :  Number of share reserved for
exercising the rights of warrants is 16.67 percent of the paid
up registered capital after capital increase and the exercising
of the right of warrants in this time.

2.  Approval of the increase of capital and allotment of new
shares.

The details are as follows:

Registered Capital      :       From Bt850 Million   
                          To Bt1,020 Million
Number of new common shares        
issued            :       17,000,000 Shares
- Par value per share  :       Bt10
- Total capital increase:      Bt170 Million
        
Allotment of new share for exercising

  Number of shares   :        17,000,000 Shares
  Ratio              :        1 unit of warrant entitles  to buy
                              1  ordinary share

3.  Approval of the amendment of Clause 4 of the Company's
Memorandum of Association as follows:

Clause 4.       
The Registered Capital  :       Bt1,020,000,000   
Divided into            :       102,000,000  Shares
Par Value per share     :       Bt10  
Ordinary Share         :    95,000,000 Shares
Preferred Share         :    7,000,000 Shares

4.  Approval of adding new Article 56 to the Company's Articles
of Association as follows:
        
Article 56.     In the case that the Company or a subsidiary
company agrees to enter into a connected transaction or the
transaction in relation to acquisition or the disposal of assets
of the Company or of the subsidiary company, as described
in the Stock Exchange of Thailand Regulations governing
connected transactions of listed companies as the case may be,
then the Company shall comply with the criteria and procedures
prescribed in each aforementioned regulations.

5.  Convening the Extraordinary Meeting of Shareholders No.
1/2002 and to close the Company Share Register Book as follows:

The Extraordinary Meeting of shareholders No. 1/2002 will be
convened at 10.00 hours, on February 14, 2002 at the Company's
conference room, 27th Floor, Sino-Thai Tower. No. 32/57
Sukhumvit road (Soi Asoke), Kwaeng Klongtoey-Nua, Khet Wattana,
Bangkok.

The matters to be transacted at the meeting are as follows:

1.  The issuance of warrants on ordinary shares in order to sell
to the existing shareholders;
2.  The increase of capital of the Company and the allotment of
increased shares;
3.  The amendment of Clause 4 of the Company's Memorandum of
Association;
4.  The amendment of the Company's Articles of Association; and
5.  Other business (if any).

To determine which shareholders are eligible to attend the
shareholders meeting the Company will close the Share Register
Book on January 25, 2002 at 12.00 hours until the meeting is
adjourned.  

Subsequently the Company will again close the Share Register
Book on February 22, 2002 at 12.00 hours to determine which
shareholders are eligible to receive the said warrants.


THAMMATANI COMPANY: Files Petition For Business Reorganization
--------------------------------------------------------------
Real estate developer Thammatani Company Limited (DEBTOR) filed
its Petition for Business Reorganization in the Central
Bankruptcy Court:

   Black Case Number 1107/2543

   Red Case Number 32/2544

Petitioner: THAMMATANI COMPANY LIMITED

Planner: Mr. Piyawatchara Chaiseri

Debts Owed to the Petitioning Creditor: Bt1,619,596,711.62

Date of Court Acceptance of the Petition: December 28, 2000

Date of Examining the Petition: January 22, 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 31, 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 29, 2001 at 13.30 am. 11th Floor, Bangkok Insurance
Building, South Sathorn Road

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 18, 2001 and Appointed Mr. Piyawatchara Chaiseri 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 30, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: November 13, 2001

Contact: Mr. Apiruk Tel, 6792525 ext 113


* FRA Conducts Suspended Finance Companies' Auction
---------------------------------------------------
The Assets Disposition Coordination Unit (ADCU) of Financial
Sector Restructuring Authority (FRA) will conduct the auction of
non-listed securities of the 56 suspended finance companies. The
details are found at
http://www.bankrupt.com/misc/TCRAP_FRA0116.doc

Qualification of Bidders and Buyers: Can either be individuals
or juristic persons except the following persons;

  a. Members of the Board, Sub-Committee members, staff, and
others working for the FRA;

  b. The Section 30 Board members of the suspended finance
companies;

  c. Special Managers, Advisors appointed by the FRA;

  d. Other persons as stipulated by the Section 30 Chairperson  

Conditions of Sales of securities

Bidders, interested in any securities, must bid for the whole
lot of securities of that company.

It is the sole responsibility of the bidders to ensure that they
can be the lawful transferee and legally own the bidding
securities.
Bidders must verify the accuracy of company's data, regulation,
and conditions of shareholder agreement on their own.

FRA and the financial institution, which hold the securities,
make no representation or warranty as to the accuracy or
completeness of the information.

The auction will be arranged every Wednesday and securities that
are not bid for, or have no winning bid, will be brought for
bidding again the next Wednesday.

The highest price for each securities will be the winning price
and the winning bid must be equal or higher than the minimum
price, which established by the member of Sub-Committee for Sale
of Securities and Investment and approved by FRA's Board. FRA
has right to change the number of share and the minimum price
without prior notice.

TimeTable

1) Submission Date Every Wednesday beginning from May 10, 2000
onwards (Except weekend) Between 9.00-12.00AM.(Local time).The
bidders must pay the deposit, Baht 10,000, for each of the
companies of their interest by cashier check, payable to "The
Financial Sector Restructuring Authority" and note down their
name, address and telephone number at the back. Non-winning
bidders can pick up the cashier check from FRA between 10.00 AM
-16.00 PM on the next working day.

2) Results of the bidding FRA will announce the bidding result
within the same day of the submission date.

3) Contract Signing Winners of the auction must sign the sales
and purchases securities contract within 5 days after FRA
announce the results of the auction. The payment must be made in
full amount and Baht 10,000 of deposit can be received from ADCU
Department in the same day.

4) Deliver of share certificates Financial Institutes, which
hold the securities, will deliver share certificates to the
winner after the payment had been made completely.

Interest parties are invited to receive the fundamental
information of each companies which include the certification
document, list of shareholders, financial statement for three
consecutive years (1996-1998), at Baht 500 per set and should
inform FRA one day in advance beginning from May 8, 2000
onwards.

For more information, please contract Khun Nirada Urarangkul at
the Assets Disposition Coordination Unit, 15th floor, Sindhorn
Tower 3 Building. Tel 263-3345, 650-9650 Ext. 642 Fax no. 263-
2601.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------   ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001    8.5 - 10.5      0
Asia Pulp & Paper     11.75%  due 2005    26 - 28         0
APP China             14.0%   due 2010    13 - 16         0
Asia Global Crossing  13.375% due 2006    36 - 39        +3
Bayan Telecom         13.5%   due 2006    16 - 19         0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 5.5        0
Hyundai Semiconductor 8.625%  due 2007    58 - 61        +4
Indah Kiat            11.875% due 2002  28.5 - 31.5      +1
Indah Kiat            10.0%   due 2007  22.5 - 24.5      +2
Paiton Energy         9.34%   due 2014    53 - 56         0
Tjiwi Kimia           10.0%   due 2004    17 - 20        +2
Zhuahi Highway        11.5%   due 2008    23 - 28         0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided  by DebtTraders in New York. DebtTraders is
a specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson
at 1-212-247-5300. To view our research and find out about
private client accounts, contact Peter Fitzpatrick at
1-212-247-3800. Real-time pricing available at
http://www.debttraders.com/


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***