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/raid1/www/Hosts/bankrupt/TCRAP_Public/000203.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 Thursday, February 3, 2000, Vol. 3, No. 24 Headlines * C H I N A & H O N G K O N G * KEL HOLDINGS LTD: Creditors meeting postponed UDL HOLDINGS LTD: Creditors meeting postponed * I N D O N E S I A * PT ASTRA INT'L: IBRA plans open tender for Astra stake PT ASTRA INT'L: Bhakti May Bid for Astra Stake * J A P A N * DAIEI HOLDING CORP.: To post 19.3B Yen loss on share sale MITSUBISHI MOTORS: Stock in transition NICHIEI CO.: Punished for loan harassment NIPPON CREDIT BANK: Softbank-led group heads race to buy NISSAN DIESEL MOTORS: Eyes cost-cutting in procurement * K O R E A * DAEWOO GROUP: Investors to redeem 95% of bonds DAEWOO MOTOR CO.: Invitations to bid to be mailed out DAEWOO MOTOR: Restructuring chief sets out bidding terms KORAM BANK: Pushing to issue DRs worth W500 bil. KOREA HEAVY INDUS.: Faces major loss in Daewoo debacle SAMSUNG MOTORS: Renault official to visit Korea for talks * P H I L I P P I N E S * BW RESOURCES CORP.: Ho given clean bill BW RESOURCES CORP.: Ho's pullout won't stir the PSE EXPRESS TELECOM.CO.: Millicom denies BayanTel claims UNIWIDE HOLDINGS INC.: Signs asset-swap pact to pay debts VICTORIAS MILLING CO.: Only 2 firms prequalify for auction WATERFRONT HOTELS: MCIAA to sue W'front hotels * S I N G A P O R E * CLOB INT'L: CLOB plan could be close LEWIS & PEAT: Rubber dealer goes under * T H A I L A N D * iTV PUBLIC CO LTD: Thaksin plans takeover SIAM INFOTAINMENT CO.: Cabinet allows increasing ITV Stake THAI PETROCHEMICAL INDUS.: To raise $1.2B for restructuring THAI PETROCHEMICAL INDUS.: Expects debts gone after deal ============================== C H I N A & H O N G K O N G ============================== KEL HOLDINGS LTD: Creditors meeting postponed UDL HOLDINGS LTD: Creditors meeting postponed --------------------------------------------- Further to the joint announcement dated 14 December 1999, the respective boards of directors of UDL Holdings Limited (incorporated in Bermuda with limited liability, "UDL") and KEL Holdings Limited (incorporated in Bermuda with limited liability, "KEL"), a 75% subsidiary of UDL, wish to announce that at the court hearing held on 1 February 2000 in respect of the originating summons to convene a creditors' meeting regarding a proposed creditors' scheme of arrangement with the High Court of the Hong Kong Special Administrative Region (the "Scheme") by UDL Kenworth Engineering Limited ("Kenworth"), a wholly-owned subsidiary of KEL, the Judge has adjourned the proceedings to a further hearing to be held on 22 February 2000. It should be noted that terms of the Scheme have not yet been finalised and the Scheme may or may not proceed. The boards of UDL and KEL further confirm that no material change have occurred since the last announcement dated 14 December 1999. Save as disclosed herein, the boards of UDL and KEL are not aware of any other matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. Meanwhile shareholders of UDL and KEL should exercise caution when dealing in the shares of UDL and KEL. Further announcement will be made when there is any material development regarding the above matter. (Stock Exchange Of Hong Kong 02-Feb-2000) ================= I N D O N E S I A ================= PT ASTRA INT'L: IBRA plans open tender for Astra stake ------------------------------------------------------ The Indonesian Bank Restructuring Agency (IBRA) confirmed on Tuesday it did not extend its controversial agreement with Newbridge/Gilbert investor consortium but will invite bids for its 40 percent stake in PT Astra International instead. IBRA spokesman Franklin Richard told reporters that the U.S. investor group led by Newbridge Capital and Gilbert Global Equity Partners is no longer the preferred bidder and other investors soon would have a chance to acquire the stake through open bidding. "No, we did not extend our exclusivity agreement with Newbridge/Gilbert that ended on Monday; but they are free to take part in the open tender," Franklin said. He declined to discuss reasons behind the move, but informed sources said the main factor seemed to be Newbridge/Gilbert's failure to deposit a 30 percent up front payment to an escrow account to support its commitment. Franklin said technical details for the open tender would be announced shortly after the return of IBRA chief Cacuk Sudarijanto, now in Europe as a member of President Abdurrahman Wahid's entourage. Meanwhile, French and Philippine groups have reportedly notified IBRA of their interest in participating in an open tender for the Astra shares. France-based Lazard Freres & Co., along with its financial adviser, Credit Lyonnais, leads one of the two new groups. The other interested party is Philippine businessman John Gokongwei of JG Summit Holdings Inc. and his financial adviser, Goldman Sachs of the U.S. Separately Astra president Rini Soewandi was quoted on Tuesday as saying that financier George Soros and PT Bhakti Investama had also approached IBRA with a bid to buy the stake. Soros' Quantum Fund has a minority stake in Bhakti. However, Newbridge/Gilbert has not been officially notified of the termination of the agreement, according to a local adviser to the investor group. "But if true, the move would be detrimental to foreign investor interests in IBRA assets," the adviser said, adding that Newbridge/Gilbert had thus far spent over US$800,000 for negotiations and preparations for due diligence, which was put on hold. The investor group claimed the due diligence was obstructed by Astra management and the securities watchdog (Bapepam). IBRA, under pressure to sell its Astra shares before the end of March, in order to meet its target of Rp 17 trillion (US$2.2 billion) for the state budget, chose Newbridge/Gilbert last month as the preferred bidder with a floor price of Rp 3,750 per share. However, most analysts and the Astra management have attacked the selection of Newbridge/Gilbert for its lack of transparency, saying that an open competitive bid would be the best way to get the highest value for the Astra shares. Negotiations with Astra's management have turned increasingly acrimonious as it refused to answer hundreds of detailed questions from Newbridge/Gilbert, saying the information requested was proprietary and sensitive and could be used by competitors. Astra management has denied it obstructed the process of due diligence, saying that it asked only for a confidentiality agreement to protect the interests of the company, other shareholders and Astra directors themselves for any legal consequences arising from divulging proprietary information. Frustrated with the process, IBRA proposed that Astra's extraordinary shareholders meeting next week replace the current Astra management to facilitate the due diligence. IBRA said on Tuesday that the expiration of the agreement with Newbridge/Gilbert would not affect Astra's extraordinary shareholders meeting next Tuesday where the agency would ask for the replacement of the Astra management to facilitate the sale of its stake in Astra, Indonesia's largest automobile company. (The Jakarta Post 02-Feb-2000) PT ASTRA INT'L: Bhakti May Bid for Astra Stake ---------------------------------------------- PT Bhakti Investama, an Indonesian venture-capital fund partnered with George Soros's Quantum Fund of the U.S., said it's seeking to make a bid for the Indonesian government's 40% stake in PT Astra International, the country's largest auto maker. Bhati's president director, Hary Tanoesoedibjo, wouldn't say, however, if Bhakti was planning to come in alone or as part of a larger group. "We might be an independent with our friends and partners from offshore," said Mr. Tanoesoedibjo. The Indonesian Bank Restructuring Agency chose a U.S. investor group led by Gilbert Global Equity Partners and Newbridge Capital Ltd. as its preferred bidder to purchase the government's stake in Astra. A conflict between the U.S. consortium and Astra's management, however, has impaired the American investors from completing a due diligence study. Officials at IBRA said the agency hadn't yet decided on whether to extend an exclusivity contract with Gilbert Global and Newbridge, which was sdue to expire Monday. Already two other groups have approached IBRA to express interest in entering into an open tender for the Astra shares, say officials close to the negotiations. A unit of France-based Lazard Freres & Co., along with its financial adviser, Credit Lyonnais, leads of one of the two new groups. The other interested party is Philippine businessman John Gokongwei of JG Summit Holdings Inc. and his financial adviser, Goldman Sachs of the U.S. Bhakti Investama is a publicly traded company that is 15% owned by the Quantum Fund. The partners have taken stakes in two Indonesian companies - PT Bank Century Intervest Corp. and cigarette maker PT Bentoel - over the past two years. Mr. Tanoesoedibjo said the couldn't comment on speculation that Bhakti Investama would team up with the Gokongwei-Goldman Sachs group to bid for Astra. "This is confidential," Mr. Tanoesoedibjo said. (The Asian Wall Street Journal 01-Feb-2000) ========= J A P A N ========= DAIEI HOLDING CORP.: To post 19.3B Yen loss on share sale --------------------------------------------------------- Daiei Holding Corp., a holding company of the Daiei Inc. (8263) group, will post about 19.3 billion yen in losses on sales of 17.6 million Daiei shares in the year ending February, company sources said Tuesday. The 17.6 million shares, or 2.43% of Daiei's total outstanding shares, were sold for about 8 billion yen on the stock market in late January. A real estate company under the umbrella of Daiei Holding bought all of the shares, pushing its stake in Daiei up to 3.95%. This includes the 2.89 million shares it bought when Daiei liquidated its Hawaii-based subsidiary that had operated the Ala Moana shopping mall. Although Daiei Holding was the largest shareholder of Daiei with a 6.54% stake, the sale brought the company's interest down to 4.07%. As a result, the Fukuoka Dome, home of the Fukuoka Daiei Hawks professional baseball team, is now the biggest Daiei shareholder with a 6% stake. Daiei Holding hopes to improve its finances by realizing latent losses on its Daiei shares, ahead of the introduction in fiscal 2000 of a market-price accounting method, the sources said. (Nikkei 01-Feb-2000) MITSUBISHI MOTORS: Stock in transition -------------------------------------- The share price of Mitsubishi Motors Corp. (7211) bottomed out at 305 yen on Jan. 12, and then rallied to 450 yen on Jan. 24, before once again sinking below 400 yen. Domestic institutional and overseas investors bought the issue on reports of progress in tie-up negotiations with a foreign automaker, and selling was triggered when a top Mitsubishi executive denied the news. The deterioration in Mitsubishi's earnings is also promoting sales of the issue. Sales for the month of January are estimated to have slid 10.6% on the year, for a 17th straight month of year-on-year declines. Mitsubishi racked up a consolidated pretax loss of 27.2 billion yen for the fiscal half ended September. The automaker anticipates a recovery, mainly in trucks, for the second half, and is eyeing a fiscal 1999 loss of 5 billion yen. But there are concerns that the red ink may balloon. Mitsubishi on Dec. 24 unveiled a midterm management plan, but "the contents are lacking in persuasiveness," contends Nomura Securities Co. analyst Seiji Sugiura. The plan calls for a consolidated pretax profit of 20 billion yen for fiscal 2000 and a profit of 150 billion yen for fiscal 2003. Analysts say that for its share price to stage a wholehearted recovery, Mitsubishi needs to complete a restructuring plan by wielding an ax. To give the company the flexibility needed to make progress in restructuring, Mitsubishi "must clean up and trim the board, which has nearly 40 directors," asserts Morgan Stanley Dean Witter Japan Ltd. analyst Noriaki Hirakata. (Nikkei 02-Feb-2000) NICHIEI CO.: Punished for loan harassment ----------------------------------------- Nichiei Co. (8577), a nonbank lender specializing in high- interest loans to small businesses, has been punished for harassing its borrowers with nasty manners, but the woes of the cash-strapped clients of Nichiei and other so-called "shoko" lenders remain unalleviated. The banking regulators has ordered Nichiei to suspend part of its operations at its head and branch offices on Thursday. Nichiei President Kazuo Matsuda denied in a Diet testimony any organized illegal practices. But the Tokyo District Court took the company to task for its strong-arm approach to debt collection in a ruling that convicted a former Nichiei employee. The administrative punishment was a clear warning to the entire money lending industry. It showed money lenders behaving like loan sharks, even with deadbeat borrowers, could be forced to pay dearly for their wrongdoings. Moneylenders engaged in shady debt collection practices should take a cue from the authorities' action to mend their ways. Regulations on shoko commercial loan suppliers have been tightened in response to the public outcry against their intimidating ways of extracting payment from their borrowers. The legal maximum interest rate has been lowered to 29.2 percent from 40.004 percent. Punishment for illegal debt collection practices have been enhanced. Concerning the risky revolving loan guarantee, or continued guarantee for a series of loans a borrower receives from a specific lender, the lenders are now required to notify the guarantor every time a new loan is extended to the borrower. Following media reports on horror stories about insolvent borrowers and public criticism they provoked, these lenders have also started redressing their own wrong practices. The industry organization of nonbank lenders has established self-imposed restrictions on debt collection practices and a guideline for revolving guarantee. While the shoko loan lenders are getting disciplined, the fortune of their small business borrowers are not improving significantly. These firms' hardship in raising funds is at the root of the problem. Big banks have never been willing to lend to small businesses. And credit associations and cooperatives, the traditional main lenders for these firms, can't supply sufficient credit because of massive bad debts on their books. The shoko loans have simply filled the gap. Securing stable flow of funds to small businesses demands a mixture of steps, including the creation of a junk bond market and pressure on banks to extend more loans to them. Without such effort, cracking down on the shoko lenders would make things no better for tiny outfits. (Nikkei 31- Jan-2000) NIPPON CREDIT BANK: Softbank-led group heads race to buy -------------------------------------------------------- A consortium of domestic companies led by Softbank Corp. (9984), Tokio Marine & Fire insurance Co. (8751) and Orix Corp. (8591), has apparently taken the lead in the race to acquire the nationalized Nippon Credit Bank, sources close to the Financial Reconstruction Commission said Tuesday. Of four candidates to take over NCB, two -- the French bank Paribas and the U.S. investment bank Lehman Brothers Inc. - - have effectively withdrawn, leaving only the Softbank- Tokio Marine-Orix alliance and U.S. investment fund Cerberus Group still in the running. At this point, the Softbank-led consortium and the Cerberus Group are not far apart in the purchase prices they have bid, but the FRC is said to favor the proposal by the Softbank group. The FRC plans to unofficially designate the winning bidder in mid-February, clearing the way for the acquisition to take place as early as April. The FRC is focusing on two key issues in selecting a buyer to take over NCB: how to keep the public cost of the cleanup to the lowest level possible and the viability of post-takeover business plans. The Cerberus Group's bid was initially tens of billions of yen larger than the Softbank group's, but Softbank and its partners later revised their offer upperward, putting the two almost on an even footing. The business plans are likely to determine the outcome, analysts say. Under the blueprint outlined by the Softbank group, Softbank would hold just over a 40% equity stake in NCB, with the Orix group taking a combined 20% share and Tokio Marine a 15% stake. Regional Japanese banks and foreign-affiliated financial institutions would be invited to contribute smaller equity investments. The new bank would move aggressively into the venture capital arena, extending loans to and making investments in start-up companies that traditional banks avoid. The bank would also harness information technology to strengthen its retail operations. The Cerberus Group, in contrast, aims to earn a profit by retaking NCB public after putting the bank back on a solid footing. Cerberus emphasizes that it is not a vulture fund out to turn a quick profit after investing in the bank for less than a year, but as demonstrated by the sale of Long- Term Credit Bank of Japan to the U.S. investment fund Ripplewood Holdings LLC, some political opposition is likely. Aiming to soften any opposition by teaming up with Japanese partners, Cerberus has sounded out Ito-Yokado Co. (8264) and others about joining the bid, but so far nothing has been arranged. (Nikkei 02-Feb-2000) NISSAN DIESEL MOTORS: Eyes cost-cutting in procurement ------------------------------------------------------ Faced with the ongoing slump in the truck market, Nissan Diesel Motor Co. (7210) aims to trim its purchasing costs by 20% by fiscal 2002. The firm, which has booked operating losses for two years in a row, explained its plans at a meeting attended by 600 of its suppliers. It has also formed a 50-member task force to deal exclusively with cost reductions. Nissan Diesel is trying to improve the health of its balance sheet with support from main shareholders Nissan Motor Co. (7201) and Renault SA, as well as from Industrial Bank of Japan (8302) and other banks. It is also pursuing the cost-cutting efforts of its own accord. Purchasing costs totaled 165 billion yen in fiscal 1998, or 76% of total sales, but the company aims to lower the ratio to 65% in the long term. The task force will discuss ways to achieve this goal but admits it will be difficult to adopt a procurement system similar to that of Nissan Motor. (Nikkei 01-Feb-2000) ========= K O R E A ========= DAEWOO GROUP: Investors to redeem 95% of bonds ---------------------------------------------- Having implemented a liquidity support package totaling 55.8 trillion won for investment trust companies (ITCs), the financial authority said yesterday retail investors will be allowed to redeem Daewoo Group bonds at 95 percent of their values starting today. ITCs were supposed to start applying the 95 percent redemption rate, up from the present 80 percent, on Feb. 8. The Financial Supervisory Commission said the date will be advanced to tomorrow for retail investors to avoid the expected crowding at ITC counters on Feb. 8 and after. For corporate investors, however, 95 percent redemption will start Feb. 8 as announced. Economic ministers are to announce the completion of preparations for Daewoo bond redemption and the change in the redemption schedule at a policy coordination meeting today. The commission said ITCs have stacked up a total of 25 trillion won in cash. They will be provided with outside support amounting to 10.9 trillion won. On top of that, the Bank of Korea and commercial banks have set aside 19.9 trillion won as a second line of defense. The government has already injected two trillion won in Korea Investment Trust Corp. and Daehan Investment Trust Corp. It will also have the Bond Market Stabilization Fund purchase 2.7 trillion won worth of collateralized bond obligations (CBOs) from the two ITCs and Hyundai Investment Trust Corp. between Feb. 2 and 7. Korea Asset Management Corp. will purchase today unsecured Daewoo bonds amounting to 18.6 trillion won in face value for 6.2 trillion won. ITCs have concluded repurchase agreements (RPs) totaling 5.7 trillion won with commercial banks. The Bank of Korea is also ready to purchase 14.2 trillion won worth of bonds issued by the state and other public corporations in case the ITCs run short of cash. "We have implemented water-proof preparations for Daewoo bond redemptions to make sure that no crisis occurs on Feb. 8," a commission official said. What remains worrisome is the flow of the redeemed money. People are shunning long-term deposits and operating their money on a short-term basis because of the uncertainties in the financial market. Lack of available long-term funds spells trouble for companies. (Korea Herald 01-Feb-2000) DAEWOO MOTOR CO.: Invitations to bid to be mailed out ----------------------------------------------------- Korea Development Bank plans to send letters of invitation - possibly as soon as this week - to bidders wishing to take over ailing Daewoo Motor Co., a bank official said. The official said General Motors Corp., Ford Motor Co., Daimler Chrysler AG and Fiat ApA have expressed interest in taking over Daewoo Motor. Among domestic entities, Hyundai Motor CO. and the Korea Federation of Small Business have showed interest. The bank, which plans to sign a final contract to sell Daewoo Motor by the end of June, hasn't disclosed the targeted sale price. (The Asian Wall Street Journal 31-Jan-2000) DAEWOO MOTOR: Restructuring chief sets out bidding terms -------------------------------------------------------- The effect on the nation's auto industry and employment situation will be key factors in singling out the successful bidder for Daewoo Motor, a top restructuring officer said yesterday. Oh Ho-keun, chairman of the Corporate Restructuring Coordination Committee (CRCC), said the government and creditors will put the long-term impact on the domestic auto industry, commitment to job security and debt assumption before the takeover price. "The buyer of Daewoo Motor will be selected in consideration of the benefits to Daewoo Motor, as well as to the entire national economy," said Oh in a meeting with reporters. In line with other top regulators, including Minister of Finance and Economy Lee Hun-jai, Oh seems to be leaning toward foreign acquisition of the Daewoo carmaker, saying that now is the time to open Korea's auto industry to foreign competition. "Of course domestic and foreign bidders will be granted equal opportunities in the bidding procedures. But some economists' claims that foreign control of Daewoo Motor will destroy local car and car-parts manufacturing industries are illogical," he said. Aiming to complete Daewoo's sale by the end of the first half, Oh also said that jeep-SUV specialist Ssangyong Motor, a Daewoo Group company, will be sold in a package deal with Daewoo Motor. (Korea Herald 01-Feb-2000) KORAM BANK: Pushing to issue DRs worth W500 bil. ------------------------------------------------ KorAm Bank will push ahead with its plan to issue depositary receipts (DRs) worth 500 billion won ($444 million) overseas, even if Germany's Deutsche Bank refuses to buy them, unlike in an earlier agreement, a KorAm executive said yesterday. "We have not received any official notice from the German Bank that it will pull out of the deal to buy KorAm's DRs," said the executive on condition of anonymity. "Even if Deutsche Bank drops its bid, KorAm will push for the overseas issuance of DRs as planned." His remark came a day after the German Bank reportedly announced its withdrawal from the investment syndicate for acquiring a stake in KorAm. The executive said that KorAm is contacting other foreign financial institutions concerning the overseas issuance of its DRs. However, he refused to say which foreign financial firms are interested in acquiring a stake in the bank. On Jan. 8 of this year, KorAm announced that the German bank agreed to take over a controlling 36 percent stake by buying its DRs worth 500 billion won at 9,000 won per share. A DR is a certificate of ownership. One day later, however, Deutsche Bank denied KorAm's announcement, saying that it has not struck any written agreement with the Korean bank regarding the investment deal. Currently, the Bank of America (BOA), the Samsung Group and the Daewoo Group each hold a 16.8 percent interest in the joint-venture bank. The issuance of 500 billion won worth of DRs will lower their stake to 10.7 percent each. (Korea Herald 02-Feb-2000) KOREA HEAVY INDUS.: Faces major loss in Daewoo debacle ------------------------------------------------------ Hanjung (Korea Heavy Industries & Construction) currently cannot withdraw W80 billion worth of the W200 billion worth of CP (commercial papers) it had bought from Daewoo last year it was reported Monday. The Ministry of Commerce, Industry & Energy (MOCIE) announced that Hanjung had bought W200 billion worth of CPs from Daewoo under instructions from Hanjung's president Yun Yung-shik, who had worked for 30 years at Daewoo, but has not been able to withdraw W80 billion. A spokesperson from MOCIE stated that Daewoo was already in a financial difficulty when Hanjung bought the CPs and although it had immediately instructed Daewoo to withdraw all of Daewoo's bonds, total withdrawal was not accomplished. Regarding this matter Hanjung's spokesperson said that Daewoo Heavy Industries (DHI) was one of its clients and that it had bought Daewoo's CPs in an effort to assist DHI. (Digital Chosun 31-Jan-2000) SAMSUNG MOTORS: Renault official to visit Korea for talks --------------------------------------------------------- A top-level Renault executive is scheduled to visit Seoul in the middle of this month for talks on the purchase of Samsung Motors. The trip is expected to speed up negotiations as Renault's on-site inspection will be completed around Feb. 20, sources said yesterday. "Renault's high-level manager, second only to Chairman Louis Schweitzer, will visit Korea in the middle or later this month," said a Samsung Group official. Industry sources are expecting the Renault official to suggest more concrete terms of purchase including price. The price is the most difficult matter to resolve as Renault has reportedly offered 400 billion won ($355 million), whereas Samsung and creditors are asking for more than 1 trillion won, said the sources. They predicted the sale of Samsung will be concluded by the end of March. (The Korea Herald 02-Feb-2000) ===================== P H I L I P P I N E S ===================== BW RESOURCES CORP.: Ho given clean bill --------------------------------------- Macau gambling tycoon Stanley Ho is "clean." The clearance yesterday came from no less than President Estrada, who dismissed as baseless allegations that Ho was involved in criminal activities. The President issued the clearance a day after Ho canceled a trip to Manila for the inauguration of his floating Jumbo Palace restaurant amid criticisms of his activities. "These are based on rumors. Show me the documents that this Mr. Stanley Ho is really a criminal or has a criminal record . . . We have no evidence," the President said in a press conference. After the press conference, Deputy Director General Panfilo Lacson, chief of the Philippine National Police, told reporters that the PNP could not find anything against Ho. "There's nothing" based on the feedback that the PNP had received from its foreign counterparts, the Interpol and the different embassies, Lacson said. Ho said Sunday he canceled his trip to attend the blessing of his Jumbo Palace because of "bitter and cynical" allegations against him, which he said were "groundless." The House of Representatives has initiated a move to investigate his alleged links to crime gangs in Hong Kong, prompting him last week to announce that he may pull out of the country altogether. A congressman has also linked him to an illegal campaign contribution to Democratic Party candidates, including President Bill Clinton. As if these were not enough, gaming firm BW Resources is being investigated for stock manipulation and insider trading by its executives, including Dante Tan, a donor to Mr. Estrada's 1998 presidential campaign. Ho, credited for transforming Macau into Asia's gambling center, took over as chair of BW Resources in October last year after reportedly buying a 10-percent stake. The Macau gambling tycoon is reportedly forming a holding company to implement the expansion plans of BW Resources. Ho on Sunday said that he was looking forward to having his "good name cleared" and that he was taking legal advice regarding the press coverage of him. In the press conference, the President said Ho's experience may scare off foreign investors. "We have invited all foreign investors to come here. And before accusing any investor, you must have documents instead of scaring away foreign investors," Mr. Estrada said. The President reiterated that Ho's floating restaurant would not be turned into a casino. "As I've said, I allowed that only for the purpose of a floating restaurant, to attract tourists," he said. The Catholic Church has warned that the Jumbo Palace could become a front for casino operations. In Davao City, Robinson Montalba, chair of the Promotion of Church People's Response-Southern Mindanao, said Ho's decision to cancel his trip to Manila was a "blessing for the country." Montalba said Ho's investments in gambling enterprises like BW Resources were "counter-productive businesses" as these would produce only vices. While the rich Chinese wined and dined inside the floating restaurant Sunday night, ordinary folk, mostly Filipinos, stood out in the cold to catch a glimpse of the newest attraction in Manila Bay. (Philippine Daily Inquirer 01-Feb-2000) BW RESOURCES CORP.: Ho's pullout won't stir the PSE --------------------------------------------------- Hongkong-based business tycoon Stanley Ho's plans to pull out his floating restaurant in Manila de Bay would not create any movement in the Philippine Stock Exchange. Economist Amparo Pamela Fabe said Ho's planned pullout would not disturb the stock exchange in the country in any way unless he had poured in millions of dollars into the manufacturing business. The stock exchange is only expected to rally when Ho would put in a significant amount of money in several industries, Fabe said. The ongoing give-and-take between President Estrada and SEC chief Perfecto Yasay has somehow made Ho entertain second thoughts about pouring in money into the country coupled with moves by Congress to invite him for questioning to clear up allegations linking him to a HongKong drug syndicate. "If I am unwelcome and if President Estrada says `Stanley Ho, I will not encourage you to invest here anymore,' then I will go," Ho said earlier. He added that " I have never been attacked like this. It is rediculous. How could you think of me having made so much money and then go into drugs. Ridiculous," Ho said. Ho's initial investments in the country are his 10-percent stake (equivalent to $30 million) in the gambling firm BW Resources Corp. and his $600 million Jumbo Palace floating restaurant docked behind the Folk Arts Theater in Manila. BOth investments have become controversial. BW Resources is being investigated after its share soared to P107 in October from only P2 in January 1999 on news that Ho had accepted BW owner Dante Tan's offer to be its chair. Tan was a donor to Estrada's campaign kitty in 1998. (The Freeman 01-Feb-2000) EXPRESS TELECOM.CO.: Millicom denies BayanTel claims ---------------------------------------------------- Millicom International Corp. denied yesterday allegations of Bayan Telecommunications Inc. (BayanTel) that it is preventing the latter from taking part in the management of Express Telecommunications Co. At the same time, David Harris, Express Telecom chairman, reaffirmed Millicom's commitment to the company despite its lackluster performance in the last several years. Harris stressed that contrary to allegations of BayanTel, all key decisions related to the development of Express Telecom's business continue to be taken jointly with the full involvement of the shareholders. In fact, he said that there are working teams from BayanTel and Express Telecom, with the support of Millicom in Singapore, which are looking at specific opportunities to enhance and strengthen the business. Likewise, he said that the shareholders have discussed and endorsed the Express Telecom system plans for 2000 and beyond. "In the past 12-18 months, there is a very strong working relationship (between BayanTel and Millicom). There was not a decision made by the board without the knowledge of the shareholders. That is to show that there is participation of all parties in the decision-making and operations of the company," Harris said. Earlier, BayanTel president Rodolfo Salazar complained of Millicom's refusal to allow the Lopez-owned firm to help in managing Express Telecom despite having poured in about P6 billion in the cellular phone company. BayanTel even publicly announced its desire to give up its 46.6-percent stake in Express Telecom or buy out the shares of Millicom totalling 40 percent. The remaining shares are being held by Mayon Holdings of GMA network and several individuals. However, BayanTel is placed at a no-win situation since nobody is interested in Express Telecom which is currently working for the restructuring of its P2-billion debt while Millicom is unlikely to leave the firm. "We are committed to the Philippines and to providing low cost, value-added telecommunications services to all our customers. Our intention is to continue investing in and developing our business, particularly in the area of prepaid services," Harris stressed. Although Harris admitted that Millicom is not happy with the overall financial performance of Express Telecom, he said that they continue to see the potential in the market based on what the present management has achieved so far as well as on the trends happening in the industry. "Millicom is very resilient. If we leave every market where we encounter difficulties then we will not be successful. We believe in the fundamentals of this market and we see a positive development in where we are," he said. (The Philippine Star 02-Feb-2000) UNIWIDE HOLDINGS INC.: Signs asset-swap pact to pay debts --------------------------------------------------------- While in the thick of discussions with a strategic foreign investor, Uniwide Holdings Inc. has been continuing efforts to trim down its debts through asset swap agreements with creditors. UW yesterday informed the Philippine Stock Exchange that it has entered into a memorandum of agreement on Jan. 28 with the East Asia Corp. to settle loan obligations amounting to P60.4 million. "The said move was made to facilitate the implementation of UW's proposed rehabilitation plan which includes a dacion en pago proposal submitted earlier to the Securities and Exchange Commission," UW said in the disclosure. "The MOA will take effect upon the approval by the SEC of the said arrangement with East Asia," UW said. This developed as sources said the Uniwide group would finish the negotiations with a French group as a strategic foreign investor for its warehouse operations before the end of February. At the same time, sources said UW was likewise negotiating with DBS Land, which is affiliated with the Development Bank of Singapore, for the sale of its Metromall in Alabang for around P1.5 billion. The Uniwide group earlier sought relief with the SEC for its P10 billion worth of debts to various creditor-banks. Now placed under SEC receivership, a rehabilitation plan was mapped out seeking P1.5 billion in fresh equity infusion to make the company viable again. Under the rehabilitation plan, the Uniwide group was supposed to dispose the maximum amount of non-core assets to reduce debts. Earlier, the group's affiliate company, First Paragon Corp., likewise sold its 24-hour convenience store chain to I-Mart International Corp., thereby reducing the franchise fee revenue of the Uniwide group. The group likewise recently gave up its 112.865-square meter property for its Dreamworld theme park in Naic, Cavite, as part of a dacion en pago or asset swap deal with United Coconut Planters Bank, one of its biggest creditors. The deal also covered two other Uniwide properties, one located in Kalookan City and the other in Baclaran. (Philippine Daily Inquirer 02- Feb-2000) VICTORIAS MILLING CO.: Only 2 firms prequalify for auction ---------------------------------------------------------- Only two of the interested companies may eventually slug it out for majority ownership of ailing sugar firm Victorias Milling Co. (VMC), BusinessWorld learned yesterday. An industry source yesterday said only Cargill Philippines, Inc. and RCBC Capital Corp. have qualified for the scheduled auction for 53.35% of VMC. Cargill Philippines, a local subsidiary of multinational agribusiness firm Cargill USA, is involved in coconut oil production, seed production and research as well as commodity trading in the country. RCBC Capital, meanwhile, is the investment arm of RCBC (Rizal Commercial Banking Corp.). The Yuchengco family, which owns RCBC, is also involved in agribusiness, construction, manufacturing and trading. The source, who requested anonymity, said the VMC management committee (mancom) has already informed the two firms that they have met all required prequalification requirements. "Only the two out of five (interested bidders) submitted documentary requirements for the pre-bidding process," the source said. "The mancom has already officially notified the two that they have prequalified for the bidding," the source added. The mancom, which is made of up VMC's creditor banks and selected company officials, is tasked to oversee the rehabilitation of VMC which is saddled with a five-billion- peso (US$123.2 million at PhP40.568:US$1) debt. The deadline for the prequalification of interested bidders lapsed last Monday. Apart from Cargill and RCBC Capital, three other companies formally signified their intent to participate in the planned share auction. However, these companies -- Binalbagan-Isabela Sugar Company (Biscom) owned by sugar magnate and singer Jose Mari Chan, JG Summit Holdings, Inc. of business tycoon John Gokongwei, Jr., and Alliance Global Group, Inc. (AGGI) which is 35% owned by George Yang -- reportedly did not submit pre-qualification documents to the mancom. The source said Cargill and RCBC may start their respective due diligence audits on VMC today or tomorrow as scheduled under VMC's rehabilitation plan approved by the Securities and Exchange Commission (SEC). "It (due diligence audit) is supposed to start either on the third or the fourth (this month)... A secretariat at VMC's office in Bacolod is now ready to help (interested bidders) with data on production capacity as well as financial records," the source said. VMC, which is now ISO-certified, is considered the country's largest sugar mill capable of processing as much as 12,000 metric tons of sugarcane daily. If both Cargill and RCBC finally decide not to submit bids for VMC, the source noted, the mancom will devise an alternative rehabilitation plan which will now apply new SEC rules on "corporate recovery." In preparation for the sale of majority control of VMC, the mancom recently created a three-member bidding committee to oversee the actual implementation of the firm's bidding guidelines. In a letter to the SEC yesterday, the VMC mancom said it formally created last January 25, a bidding committee composed of VMC chairman Manuel B. Ma�alac, Gerardo B. Anonas and Gavino C. Jacinto. The newly created bidding committee will act as a sub- committee of the VMC mancom and will have the authority to oversee the actual implementation of the bidding guidelines. VMC's creditor banks are scheduled to auction off 567 million new shares to interested bidders on March 20 at a minimum price tag of PhP567 million ($14 million). (Business World 02-Feb-2000) WATERFRONT HOTELS: MCIAA to sue W'front hotels ---------------------------------------------- The Mactan Cebu International Airport Authority is preparing to sue the Waterfront Hotel, in Mactan and Lahug, for unsettled debts that run to an estimated P11 million. The amount represents unpaid land rentals as well as other obligations of the two Waterfront hotels which are presently occupying MCIAA-owned lots. As a consequence of uncollected payments from its big locators, at least three infrastructure projects of MCIAA have suffered delays. MCIAA board officials claimed the hotel management appears to be deliberately evading payment. The Waterfront is renting 48,481 square meters of government property in Lahug and 32,862 square meters of lot in Mactan at P1.5 million and P1.8 million respectively every quarter. MCIAA finance committee chairperson Cristeta Truya said at least three demand letters have already been served to Waterfront. The last notice of collection was sent last January 27 which gave Waterfront five days to settle its debts. The Freeman tried to reach Waterfront officials for comment but was told that the hotel's vice president for finance as well as the general manager were not available for interview. The two Waterfront officials were reportedly in a meeting as of presstime late afternoon yesterday. The two hotels were previously owned by Malaysian hotelier Chua Ma Yu before he sold it to businessman Sherwin Gatchalian, son of "plastic king" William Gatchalian, in February last year. Truya, however, said the new management failed to settle the hotels' debts last December as promised. Truya said Waterfront had asked for an extension last year reportedly because the new owner "inherited messy financial records." Aside from lot rentals and quarterly remittance of two percent of its gross income to MCIAA, Waterfront also failed to pay over P2 million in Expanded Value Added Tax. The two percent covers MCIAA's share in the hotels' revenues in occupancy, food and beverages, shows, concerts, conventions and rentals of concessionaires. According to Truya, the board had exerted maximum tolerance in collecting the amount but to no avail. Records from the finance department of the MCIAA show that Waterfront Mactan owes MCIAA P1.848 million in lot rental, covering the last quarter, and an estimated P4 million in other obligations for the whole of 1999. It has also a standing P2.2 million unpaid EVAT dating back to December 1996 until December 1999. The hotel in Lahug, which began operating in January 1998, failed to pay up its fourth quarter P1.599 million rental. Neither was it able to pay MCIAA's estimated P1.34 million share from the hotel's gross income also for the last quarter. Truya said the board had to make estimates of its two percent share since Waterfront did not submit its income statement for 1999. (The Freeman 01-Feb-2000) ================= S I N G A P O R E ================= CLOB INT'L: CLOB plan could be close ------------------------------------ The protracted battle between Malaysia and Singapore over a disputed block of Malaysian shares appeared to move closer to a resolution late Monday. According to the Kuala Lumpur Stock Exchange, the Singapore Exchange Ltd. "recognized" a proposal by a private Malaysian group "as part of a comprehensive and expenditious solution" to the impasse after the two sides met Monday. The shares, which once traded over the counter on Singapore's Central Limit Order Book system, were frozen by Malaysia when it imposed capital controls in September 1988. However, a senior KLSE official said the Singapore Exchange's position is by no means a sign that a quick solution is at hand. "We are proceeding cautiously," the official said in a brief telephone interview, adding that the SGX, as the Singapore Exchange is known, was still free to recognize other private-sector proposals. As of late Monday, the SGX hadn't issued its own statement recognizing the plan, which was put forward by Effective Capital Sdn. Bhd. The group calls for the phased repatriation of the shares, valued at an estimated US$4 billion at current prices, to investors over a period of 18months. About 172,000investors - mainly Singaporeans - own the frozen securities. Several private Malaysian companies and individuals have made proposals for acquiring or managing the repatriation of the shares. But none has been formally endorsed by CLOB shareholders or the SGX. The SGX has long maintained that the KLSE should abide by an understanding both exchanges reached in September 1998. Under that pact, the KLSE agreed to facilitate the transfer of shares to the individual investors, without any private-sector involvement. But Monday's statement seemed to indicate a softening of that stance. Not only did the SGX agree to recognize the Effective Capital plan, but the KLSE also said its Singapore counterpart has consented to distributing documents about Effective next week. The KLSE has said Effective Capital's plan is the only proposal that complied with the rules of the Malaysian exchange, and in its statement Monday reiterated that "Effective Capital's proposal can therefore be implemented if accepted by the CLOB investors." Effective Capital was the first private concern to propose solutions for the CLOB impasse, including a steeply discounted cash offer for the shares, a close-end fund share offer; and a plan for the phaesd repatriation of the CLOB stock to the Malaysian market. (Effective Capital originally suggested a three-to-five year period for repatriating the shares, but has since slashed the period to 18 months. CLOB investors have overwhelmingly objected to selling their stock at discounts to current prices, preferring instead a plan that will allow the shares to be migrated to the KLSE in stages before being allowed to resume trading. The Malaysian exchange said in its statement Monday that shares of CLOB investors who don't wish to accept Effective Capital's proposal will be transferred to the "Minister of Finance" after June 30. Singapore, which has said it will consider bringing the CLOB dispute to the World Trade Organization, is strongly against any move to confiscate the shares. Malaysia maintains that Singapore has no grounds to take the dispute to the WTO. (The Asian Wall Street Journal 01-Feb-2000) LEWIS & PEAT: Rubber dealer goes under -------------------------------------- Natural rubber dealers Lewis & Peat Singapore and Lewis & Peat London, parts of the Bakrie Group, have decided to declare themselves bankrupt after failing to reach an agreement with their creditors, led by Rabobank, to rollover their due debt of US$60 million. PT Bakrie Sumatera Plantations (BSP), which owns the two companies, said on Tuesday that the management of Lewis & Peat had also failed to find a strategic partner to save them from bankruptcy. As a consequence of the bankruptcy decision, BSP said, all assets of Lewis & Peat (London and Singapore) would be up for sale, including their open positions in the commodity bourses which would result in losses from the unrealized gains of $6 million. Earlier, Lewis & Peat Connecticut, also a unit of BSP, filed "Chapter 11" bankruptcy in the United States. The three Lewis & Peat companies form the Lewis & Peat Group. BSP said the bankruptcy of the Lewis & Peat Group would automatically write off all of its capital in the rubber dealer group. In addition, BSP would have to book a provision of Rp 60 billion ($8.2 million) for the carrying value of its investment in Lewis & Peat Singapore and London. BSP would also have to book another provision of Rp 50 billion to cover the current obligations of Lewis & Peat Connecticut. Those provisions will be reported in the company's 1999 profit and loss statement. "However, those losses will not affect the company's cash flow because the company has a lot of capital to cover the losses," BSP said. BSP added that the bankruptcy of the Lewis & Peat Group would even benefit the company because it would be able to sell its rubber directly to its customers. The Lewis & Peat Group sold around 25 percent of BSP's rubber last year. However, BSP's consolidated sales would be affected by Lewis & Peat's bankruptcy decision. Nevertheless, in the longer term, the disappearance of the Lewis & Peat Group from BSP's revenue consolidation would improve the company's profitability. It noted that Lewis & Peat's profit margin was only between 2 to 3 percent, compared with BSP's profit margin of between 50 percent and 60 percent. The Lewis & Peat group has been profitable for the last three to four years, but ran aground late last year after an audit revealed the use of short-term credit funds to finance long-term projects. The Lewis & Peat group is independently financed by a syndicate group of banks. As such, it will not be affected by the debt-for-equity swap that the Indonesian Bank Restructuring Agency (IBRA) helped to negotiate for the ailing Bakrie group. (The Jakarta Post 02-Feb-2000) =============== T H A I L A N D =============== iTV PUBLIC CO LTD: Thaksin plans takeover ----------------------------------------- Telecom tycoon Thaksin Shinawatra is pressing ahead with his plan to take over iTV Public Co Ltd, even though its two major shareholders, Crown Property Bureau and Siam Commercial Bank, prefer to keep ownership of the TV channel in the hands of the general public, said financial sources. A source close to the Siam Commercial Bank confirmed rumours, which have been circulating over the past few days, that Thaksin, who also aspires to be Thailand's prime minister, wants to acquire a controlling stake in iTV. "It's true that he is very interested in iTV, but the likelihood is that the Crown Property Bureau and Siam Commercial Bank will not sell it off to any particular party," she said. She said the two shareholders would like to keep iTV as a truly independent television channel owned by the general public. "What they want is for the company to do an initial public offering and distribute its stocks to the public as widely as possible so that iTV really belongs to the public," she added. Thaksin, who amassed his wealth in the telecom industry, is running to become Thailand's next prime minister as the leader of the Thai Rak Thai Party. He is also integrating his telecom and Internet businesses and plans to list his flagship Shin Corp Plc on the US Nasdaq market. His interest in iTV is not surprising given the trend towards convergence between the telecom business and the media and entertainment industry. Financial sources say that iTV will need to raise capital by another Bt800 million because its cashflow is about Bt600 million short. But to raise new capital and to attract new investors, it will need to change its rigid articles of association, which bar any group or party from holding more than 10 per cent of the company. The articles bring iTV, which has changed its legal status from a limited to a public company, into conflict with the public company act. Yesterday, the Cabinet approved iTV's proposal to amend its articles of association, paving the way for new investors to buy into the company. The Cabinet had to vet iTV's proposal because iTV is the TV concessionaire of the government. The company also won approval from the Cabinet to delay, by a further 673 days, payment of its Bt300 million in concession fees to the government. The payment should have been made July 3, 1998, but a revenue shortfall and debt obligations prevented iTV from making the payment. The Cabinet also decided yesterday to allow iTV to amend its concession contract with the government, particularly the fee structure which was based on pre-crisis forecasts of revenue potential. (The Nation 02-Feb-2000) SIAM INFOTAINMENT CO.: Cabinet allows increasing ITV Stake ---------------------------------------------------------- The Cabinet yesterday passed a resolution to allow Siam Infotainment Company, the operator of ITV, Thailand's only UHF TV station, to increase its stake in ITV in order to pay outstanding and current concession fees totalling 800 million baht. Akkrapol Sorasuchart, spokesperson of the Prime Minister's Office, disclosed that the permission for Siam Infotainment to sell shares to additional interested buyers is aimed at giving a chance for the television station to continue its business, while paying concession fees to the government. Siam Infotainment earlier gave told the government not being allowed to transfer or sell its shares to individual and institutional investors had hampered its chance to be listed in the stock market and to seek additional funds for development and expansion. Siam Infotainment failed to pay the first concession fee, but managed to pay for the second fee amounting to 400 million baht. The first concession fee of 400 million baht and the third fee of another 400 million baht are subject for payment by July this year. Siam Infotainment claimed that it could not pay the first amount of concession fee because it had been affected by the economic crisis and the weak baht. Former bidders for the ITV station which included media organization such as Thai Rath Newspaper and Grammy Entertainment, claimed that it was unfair that ITV under Siam Infotainment had proposed a relatively high return to the government to make sure it would win the concession and managed to renegotiate a fee reduction after it had won the concession. By the middle of last year, Siam Infotainment was saddled with debts of around three billion baht, mainly to is major shareholder, Siam Commercial Bank (SCB). Under the Cabinet resolution yesterday, Siam Infotainment is required to strictly follow the regulations of the Stock Exchange of Thailand (SET) on the point that it must have at least 10 legal entities as shareholders, and each with no more than 10 percent of the paid up registered capital. Not more than 25 percent equity is allowed for foreign holding. The company has offered two alternatives for equity expansion , one through the initial public offering) (IPO)and another by private placement (PP). The Nation Group was reported to have shown interest in expanding its stake in ITV network by buying shares from Siam Commercial Bank (SCB). It was also reported that a giant media organization in Singapore is interested in buying a large portion of the Siam Infotainment stake. (Business Day 02- Feb-2000) THAI PETROCHEMICAL INDUS.: To raise $1.2B for restructuring ----------------------------------------------------------- Shareholders of Thai Petrochemical Industries and TPI Polene have approved plans to raise new capital and restructure outstanding debt. Prachai Leoparaitana, TPI's chief executive, said the company could now raise up to US$1.2 billion in new capital to help repay creditors. TPI, with debt of $3.4 billion, is the country's largest non-performing debtor. Restructuring talks have dragged on for more than two years. The plan calls for creditors to accept 840 million shares in TPI as payment for $360 million in debt. This would give local and foreign banks a 30% holding in TPI, which has capital of 20 billion baht. Creditors will be asked to accept a haircut on their outstanding loans of $400-600 million. Mr Prachai said the extent to which creditors were willing to accept a loss would affect the amount of new capital required. A haircut of $400 million would see the company raise $1.2 billion in new capital, while a cut of $600 million would reduce new capital needs to $1 billion. Creditors have indicated they want to take only a $400 million cut, although a formal decision is expected this week. TPI's financial advisers Jardine Fleming Thanakom and Merrill Lynch Phatra have said creditors could benefit from the larger write-down as fewer new shares would have to be issued, reducing the dilution in value on their own holdings after the debt-to-equity swap. Issuing two billion new shares would reduce creditors' holdings to 15%. Mr Prachai said the final target was for TPI to reduce its debt to $1.5 billion. The company's debt- to-equity ratio after restructuring would fall from 2.6 times at the end of 1999 to 0.36 at the end of this year, putting the industrial conglomerate into "investment grade", he said. TPI Polene shareholders approved the issue of new shares to raise $180 to $270 million in new capital. Funds would be used to buy back existing debt from creditors at a discount of up to 40%. Under the plan, TPI Polene's long-term debt would fall to 32.5 billion baht by the end of the year from 44.3 billion now, and to 14.2 billion by 2004. Some $90 million in new capital would be reserved for funding of the company's fourth cement production line. Shares of TPI Polene closed at 17 baht on the SET yesterday, unchanged, while shares of TPI also closed at 17, down 0.50 baht. (Bangkok Post 01-Feb-2000) THAI PETROCHEMICAL INDUS.: Expects debts gone after deal -------------------------------------------------------- Heavily leveraged Thai Petrochemical Industries (TPI) has forecast it will clear its billions of US dollar debt within three years following a rescheduling agreement with creditors. The firm said in a statement to the Stock Exchange of Thailand yesterday that it expected to clear all debts within the period, assuming it could raise US$1 billion in new equity. TPI agreed a long-awaited deal with creditors last month on restructuring its $3.2 billion debt under court supervision. Shareholders on Monday voted to approve the plan at an extraordinary general meeting. The TPI story has been closely watched by foreign investors as it has big implications for efforts to cut the high level of bad debts at Thai banks. (South China Morning Post 02-Feb-2000) 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. Darryl Henning, Managing Editor, Feliz Ordona and Cristina Pernites, Editors. Copyright 2000. 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 301/951-6400. *** End of Transmission ***