TCRAP_Public/000309.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, March 9, 2000, Vol. 3, No. 48

                                 Headlines


* A U S T R A L I A *

FH FAULDING & CO. LTD.: Seeks right medicine to stop plunge
GOODMAN FIELDER LTD.: Falls to new lows as investors desert
PARBURY LTD: Atkins Carlyle Group entitled to 80% of stock
SEVEN NETWORK: Revenue growth hides all sins
TELSTRA: Telstra shares tumble


* C H I N A  &  H O N G  K O N G *

CHUN TAI HOLDINGS LTD: Reports financial status to HKSE
FABRIC CIRCLE LTD: Facing winding up petition


* I N D O N E S I A *

PT BAKRIE FINANCE: Bankruptcy verdict due March 15
PT BANK BALI: IBRA to appeal court orders
PT BANK DUTA: Faces delisting from JSX
PT BANK RAMA: Faces delisting from JSX
PT BDNI CAPITAL: Faces delisting from JSX
PT DHARMALA SAKTI SEJAHTERA: Faces delisting from JSX
PT FISKARAGUNG PERKASA: Faces delisting from JSX
PT HM SAMPOERNA: Repays $120M in debts
PT INTI INDORAYON UTAMA: Faces delisting from JSX
PT JAKARTA KYOI STEEL WORKS: Faces delisting from JSX
PT LIPPO PACIFIC: Faces delisting from JSX
PT MANDIRI INTIFINANCE: Faces delisting from JSX


* J A P A N *

NIPPON CREDIT BANK: No deal yet for Lehman, gets closer
NISSAN MOTOR CO.: Seen to rebuff workers on wage hike
SEGA ENTERPRISES LTD.: Low share rice may affect rehab
SNOW BRAND MILK PRODUCTS: To cover group pension shortfalls
SUMITOMO METAL INDUSTRIES: Raises expected net loss
SUMITOMO REALTY & DEVEL.: To book extraordinary losses
TOKYO SAN AI KK: Parent San-Ai Oil to dissolve it


* K O R E A *

SAMSUNG MOTOR: Creditors to reject Renault offer
SAMSUNG MOTOR: Renault, creditors vye in pricing dispute


* M A L A Y S I A *

HOTTICK INVESTMENTS LTD: Asked to give rehabilitation plan
RENONG: Share price falling


* P H I L I P P I N E S *

BW RESOURCES CORP.: Peso,stocks fall on mass resignations
UNIWIDE GROUP: Receiver expects go signal by month-end
UNIWIDE GROUP: Uniwide contractor supports rehab plan


* S I N G A P O R E *

CLOB INT'L: Fees to be held by custodian bank


* T H A I L A N D *

AIG FINANCE (THAILAND): Posts annual loss again
BANKKOK RANCH: Posts wider annual loss
BANGKOK RUBBER: Posts annual loss
CROWN SEAL: Posts annual loss
DATAMAT: Posts annual loss
EASTERN PRINTING: Posts narrower annual loss
EASTERN STAR REAL ESTATE: Posts narrower annual loss
EASTERN WIRE: SET issues `notice pending' status
FIVE STARS PROPERTY: Posts wider annual loss
HANTEX: Posts annual loss again
HEMARAJ LAND AND DEVELOPMENT: Posts wider annual loss
JUTHA MARITIME: Posts wider annual loss
KARAT SANITARYWARE: Posts annual loss
L.P.N. DEVELOPMENT: Posts narrower annual loss
MANAGER MEDIA GROUP: Posts narrower annual loss
METRO SYSTEMS CORP.: Posts narrower annual loss
M.K. REAL ESTATE DEVELOPMENT: Posts annual loss again
NAKORNTHAI STRIP MILL: Posts huge annual loss
ONPA INT'L: Posts wider annual loss
PAE(THAILAND): Posts narrower annual loss
PRECIOUS SHIPPING: Posts annual loss
PREECHA GROUP: Posts annual loss again
PREMIER ENTERPRISE: Posts greater annual loss
QUALITY HOUSE: Posts narrower annual loss
SAFARI WORLD: Posts wider annual loss
SAHAVIRIYA OA: Posts narrower annual loss
SANSIRI: Posts narrower annual loss
SEA HORSE: Posts narrower annual loss
SG ASIA CREDIT: Posts wider annual loss
SIAM INDUSTRIAL CREDIT: Posts narrower annual loss
SIAM SPORT SYNDICATE: Posts narrower annual loss
SIAM UNITED SERVICES: Posts narrower annual loss
SINO-THAI RESOURCES DEVELOPMENT: Posts narrower annual loss
SOUTHERN CONCRETE PILE: Posts narrower annual loss
SRITHAI FOOD AND BEVERAGE: Posts wider annual loss
SROVARA REAL ESTATE GROUP: Posts wider annual loss
STP & I: Posts wider annual loss
SUPALAI: Posts wider annual loss
THAI-ASAHI GLASS: Posts wider annual loss
THAI ENGINE MANUFACTURING: Posts wider annual loss
THAI-GERMAN CERAMIC INDUSTRY: Posts narrower annual loss
THAI MODERN PLASTIC INDUSTRY: Posts wider annual loss
THAI NAM PLASTIC: Posts narrower annual loss
THAI PETRO.INDUSTRY: No plans to sell core assets
TONGKAH HARBOUR: Posts annual loss again
uCHAOPHYA MARBLE-GRANITE: Posts narrower annual loss
UNION MOSAIC INDUSTRY: Posts wider annual loss


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

FH FAULDING & CO. LTD.: Seeks right medicine to stop plunge
-----------------------------------------------------------
Pharmaceutical and health care group FH Faulding & Co Ltd
will pursue product acquisitions and international
alliances in a bid to counteract an earnings plunge in its
volatile US generic drug business.

The managing director, Mr Ed Tweddell, said the group would
increase its efforts in proprietary brand products, which
have a greater certainty of earnings and margins less
vulnerable to competitive pressures. This would also ensure
it was not left behind in the consolidation sweeping
through the global industry.

"If we can find either an alliance partner, a merger
partner or an acquisition, we will aggressively address
that. It is our number one priority," Mr Tweddell said.

But analysts yesterday expressed concern about the
company's strategy, particularly in the United States.
"The presentation to analysts was confusing. This gives me
great concern regarding their ability to efficiently manage
shareholder funds," one analyst said.

South Australian-based Faulding earlier released an 8 per
cent rise in interim earnings to $36.4 million and dampened
down expectations of a full year result in line with
consensus estimates of $82.5 million.  Forecasts prior to
the result had varied between $60.8 million and $86.8
million.

"I would expect to see analysts contract that to a more
acceptable range," Mr Tweddell said.

The chief financial officer, Mr Ian Kirkwood, said he was
comfortable with earnings per share forecasts of 48.8 and
prior estimates of 10 per cent net profit growth on the
1999 result of $62.2 million.  Strong contributions from
its lower-margin healthcare and hospital pharmaceutical
divisions were notable, with the former buoyed by
substantial growth in its health supplements business.

Public funding of its hospital division through factor (f)
and the new Pharmaceutical Industry Investment Program fell
significantly but, excluding these items, underlying growth
was over 80 per cent.  Investors did not take kindly to the
result, sending Faulding down 41.7 to a 14-month low of
$7.49.

Earnings for the financial year and beyond will be heavily
dependent upon the success of Faulding's generic version of
the hypertension drug Cardizem, which was recently launched
in the US under the name Diltiazem.  The slippage in
interim earnings was largely a function of the maturing of
Faulding's generics portfolio. Developing and launching new
product is critical to maintaining profitability.  Mr
Tweddell said Faulding would launch another generic drug in
the US next month. (The Australian Financial Review  08-
March-2000)

GOODMAN FIELDER LTD.: Falls to new lows as investors desert
-----------------------------------------------------------
Shares in food group Goodman Fielder sank to new lows
yesterday as investors continued to desert the "old
economy" company.

Despite a solid first-half profit result, stockbrokers said
the company had been one of the hardest hit by the
migration of money into "new economy" technology stocks.
The shares slumped more than five per cent or six cents to
close at $1.08 on a volume of 8.15 million shares after
hitting a low of $1.07 - levels not seen for at least a
decade.

Ausbil Partners director of equities Mr Paul Xiradis said
the "unrelenting" fall was more associated with a market
trend than anything company specific.

"I'm not sure you can read too much into it other than the
ongoing selloff of some of these unwanted stocks... the
sell-off of old world is just unrelenting," he said. "I
haven't seen anything in particular that would take it
down, it doesn't seem to be anything company specific."

Mr Xiradis pointed to wine producer Southcorp and hardware
and towage company Howard Smith as examples of other
companies which had suffered from the same market trends.
Goodman Fielder - the maker of Burger Rings, Uncle Tobys
products and Meadow Lea margarine - has seen its shares
fall from nearly $1.70 this time last year and from a
record high of $2.60 in March 1998.

Howard Smith dropped 35 cents or more than four per cent
yesterday to $4.50 while Southcorp lost 11 cents to $4.39.
Howard Smith is at its lowest level since August 1996 and
Southcorp at its lowest since September 1998.

"There's a number of these types of stock which are down
sharply... they're just not on investors' radar," Mr
Xiradis said.

A Sydney broker said Goodman Fielder was one of the best
examples of the shift in market sentiment.

"This is a company with good fundamentals, strong profit
growth. There is nothing wrong with it except people see
their money performing better elsewhere," the broker said.

Goodman Fielder last week posted a 26.8 per cent rise in
first-half net profit to $48.8 million and said it was on
track to deliver 25 per cent growth in full-year earnings.
On last week's Business Sunday program the chief executive,
Mr David Hearn, said the market would eventually recognise
the value of the group.

"It's quite clear that... the whole food sector worldwide
is not a sector in favor at the moment," Mr Hearn said.
(The Age  08-March-2000)

PARBURY LTD: Atkins Carlyle Group entitled to 80% of stock
----------------------------------------------------------
G Nathan, Chairman of Atkins Carlyle Group, sent the
following letter to Parbury Ltd. shareholders:

Under the terms of its offer, Atkins Carlyle is now
entitled to nearly 80% of the shares in Parbury Limited
(Parbury). All major institutional shareholders have now
accepted the offer.

If you have already accepted the offer, or sold your shares
on market, please disregard this letter.  Due to the
significant increase in our shareholding in Parbury, we
have agreed to extend our offer until 5pm (Sydney time) on
Monday 20 March 2000. This extension is designed to allow
small shareholders time to accept the offer. A formal
notice of variation of the offer is enclosed for your
information.

In making your decision you should consider the comments
made by the Parbury Directors to shareholders in their
letter dated 2 March 2000. Parbury Directors noted that the
absence of the takeover offer and the likelihood of reduced
liquidity on the stock exchange could lead to a decline in
Parburys share price from the current levels, if Atkins
Carlyle cannot proceed to compulsory acquisition of
Parbury.

They also recommended that shareholders who wish to realise
value and cash in the short term and do not want an
illiquid investment in a company controlled by Atkins
Carlyle, accept Atkins Carlyle's offer.  Importantly, the
Managing Director of Parbury, Mr Gary Greenbank, has
indicated that he intends to sell his shares on market or
to accept the Atkins Carlyle offer.

To accept, you should complete the Acceptance Form sent to
you previously, or the replacement form attached and
forward it to the registrar, Computershare Registry
Services, by no later than 20 March 2000. Alternatively, if
you have a Chess holding, you may instruct your broker to
accept on your behalf.

If you have other queries about how to accept the offer, or
have misplaced your acceptance form, please contact the
registrar, Computershare Registry Services on (08) 9323
2000.  If you have any questions about the offer, please
call Ron Malek or Matthew Stubbs at Caliburn Partnership on
(02) 9229 1410.  (Sydney Morning Herald  07-March-2000)

SEVEN NETWORK: Revenue growth hides all sins
--------------------------------------------
The Seven Network has made a couple of considerable, yet
superficial changes in the past year. The question now is
whether its much-touted cost-cutting program has itself
been anything more than skin-deep.

There is a big difference between cutting fixed costs and
merely stopping a continuous rise in costs. While there is
no doubt Seven has made inroads on costs its 145 fewer
staff attest to that there remains significant doubt as to
whether its cost base has been meaningfully reduced.

"Revenue growth hides all sins," one analyst said
yesterday. "What they've actually done is, instead of going
into the business to reduce costs, they went into the
budget and cut planned expenditure. It doesn't
fundamentally restructure the operation, does it?"

Investors will not know whether Seven's executive chairman,
Kerry Stokes, has achieved his much-touted $30 million
reduction in ongoing annual expenses until the buoyant
advertising market turns sour. Seven is not detailing its
cost reductions, but maintains the increased costs in the
final six months of 1999 are easily explainable.

Encouragingly, the company has instituted another cost
reduction target and Stokes says it remains "in the process
of driving that further". However, most real efficiency
gains will come only when the company has instituted its
operational overhaul a revolution to come when digital
broadcasting begins and server-based technology kicks in.

Seven is still a high-cost company. It is, however, making
the right noises, and fund managers appear albeit
grudgingly to be coming around to Stokes' vision for the
company. This is despite suspicions that such a vision's
major element is a juicy takeover, helped by large
valuations on subsidiaries such as mobile arm B Digital and
internet division i7.

However, with Seven set to benefit from the Sydney Olympics
and looking good on a range of other fronts, fund managers
are even beginning to acknowledge that the company is a
very different beast to what it was six months ago.

"[Last year's criticisms] were pretty clearly enunciated at
the time," Stokes said yesterday. "At least I've certainly
answered some of the critics and some of their criticisms."
(The Australian Financial Review  08-March-2000)

TELSTRA: Telstra shares tumble
------------------------------
Shares in Telstra Corp Ltd fell nearly six per cent in the
wake of its half year results, released today.

At 1.08pm (AEDT), Telstra was down 48 cents at $8.23, after
dipping to $8.15, while its T2 installment receipts were 47
cents lower at $5.23, after falling to $5.16.

Telstra, which is 50.1 per cent owned by the Federal
Government, today reported a net profit of $2.093 billion
for the first half of 1999/2000.  One analyst said it
appeared Telstra had not provided as much details on its
strategy for the future as the market would have liked.
He said that was the reason investors were marking it down.
(Herald Sun  08-March-2000)


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

CHUN TAI HOLDINGS LTD: Reports financial status to HKSE
-------------------------------------------------------
Chun Tai Holdings Limited (Incorporated in Bermuda with
limited liability), through Zhou Yubo, Executive Director,
reports to the Hong Kong Stock Exchange that:

The Directors of Chun Tai Holdings Limited (the "Company"
and, together with its subsidiaries, the "Group") have
been informed that Able Technology Limited ("Able") has
acquired about 32.8 per cent. of the issued share capital
of the Company. The shareholding in the Company of Mr.
Chung Kam Ming ("Mr. Chung"), its chairman, has been
reduced to nil but he is deemed to be interested under the
provision of the Securities (Disclosure of Interests)
Ordinance in about 12.19% of the Company's issued share
capital as his wife is interested in those Shares through
units in a trust and a company held by that trust.

The Board has been informed by Mr. Chung that 218,500,000
Shares of HK$0.10 each in the Company ("Shares")
beneficially owned by Mr. Chung (the "Security Shares"),
representing about 49.8% of the issued share capital of the
Company, had been pledged to ING Bank as security for a
loan advanced to Mr. Chung (the "Loan").

Mr. Chung is in default in repayment of the Loan and the
security has become enforceable. The Board has been
informed by Mr. Chung that 144,000,000 Security Shares were
foreclosed upon on 27th January, 2000. Able Technology
Limited, a company incorporated in British Virgin Islands
and is wholly owned by Mr. Zou Yishang, acquired the
144,000,000 Security Shares on 28th January, 2000. They
represent about 32.8 per cent of the issued share capital
of the Company.

The Board has also been informed by Mr. Chung that on 16th
February, 2000 Mr. Chung disposed of 26,000,000 Shares on
the same date to three independent investors unconnected
with Mr. Zou Yishang, Mr. Zhou Yubo and Mr. Chung. Mr.
Chung settled the remaining balance of the Loan on the same
day and 74,500,000 Security Shares were released to him. As
mentioned above, Mr. Chung is currently deemed interested
for the purposes of the Securities (Disclosure of
Interests) Ordinance in 53,500,000 shares, representing
about 12.19 per cent. of the issued share capital of the
Company.

Two new directors were appointed on 16th February, 2000 to
the Board:  Mr. Zou Yishang, aged 37, is an individual
investor residing in Hong Kong. He was Head of the Computer
Center at the Institute of Economics, Chinese Academy of
Social Sciences Beijing. He also worked in an international
investment bank for four years. He holds a Bachelor's
degree in Mathematics and Computer Science and a Master's
degree in Business Administration in Finance and Management
from Yale University. Mr. Zou Yishang is unrelated to Mr.
Zhou Yubo.

Mr. Zhou Yubo, aged 37, is a private businessman residing
in Hong Kong and holds a Master's degree from Chinese
Academy of Science, and a Ph.D. degree in Robotics and
Kinematics from the University of Western Ontario. He has
more than six years of scientific research and teaching
experiences at universities in Canada and Hong Kong. Mr.
Zhou Yubo is unrelated to Mr. Zou Yishang.

Able is a company incorporated in the British Virgin
Islands which carried on no business and had no material
assets until its acquisition of 32.8% of the Company. Able
is wholly-owned by Mr. Zou Yishang, who is its sole
director.

Further to the Company's announcement of 30th November,
1999, there will be a further delay in the announcement
of the results of the Group's audited results for the year
ended 31st March, 1999. The delay is due to a shortage of
manpower and high staff turnover in the Company's
accounting department. The Company is unable to announce
the Group's unaudited results for the 6 months ended 30th
September 1999 on or before 31st December, 1999 and there
will be delay in the announcement of the unaudited interim
results of the Group for the six months ended 30th
September, 1999.

The delay is due to a shortage of manpower and high staff
turnover in the Company's accounting department and to the
fact that the statutory audit of the Company's financial
results for the year ended 31st March, 1999 has yet been
completed. The audited results may have a carry-forward
impact on the interim results of the Company for the 6
months ended 30th September, 1999.

The Company currently expects to release audited results
for the year ended 31st March, 1999 by 31st March, 2000
and dispatch the annual report by 15th April, 2000. Its
annual general meeting is expected to be held in early May
2000. The interim results for the 6 months ended 30th
September, 1999 are expected to be released by 30th May,
2000 and the interim report is expected to be dispatched
before 15th June, 2000.

The Company acknowledges that the delay in the announcement
of annual and interim results constitutes a breach of the
Listing Rules by the Company and that the Stock Exchange
may take appropriate actions against the Company as a
result of the breach. In its announcement of 30th November,
1999 the Company stated that the Directors had given an
undertaking to the Stock Exchange not to deal in Shares
until publication of the audited results of the Company for
the year ended 31st March 1999.

The Listing Division of Stock Exchange has indicated that
it considers that this was breached by the disposals of
Shares referred to above, and that it is considering action
against Mr. Chung. Save for the above disposals the
Directors confirm that they did not deal in the shares of
the Company since one month immediately preceding 30th
August, 1999 and undertake not to deal in the shares of the
Company until the Group's audited results for the year 31st
March, 1999 and unaudited interim results for the 6 months
ended 30th September, 1999 are published.

The Group is principally engaged in the business of
electronic products manufacturing through its subsidiary,
Chun Tai Industry Limited. Although it has over 400 workers
at its Zhongshan facility, working normal hours,
and owns tangible fixed assets valued by the Directors at
over HK$100 million (of which approximately HK$50
million have been charged to creditors) due to the shortage
of working capital, the Group is currently relying mainly
on orders placed and funding by two major customers the
Asahi Group (by provision of a loan of about HK$8 million
and the provision of materials on consignment (which
relieves the Group of financing costs on materials)) and
the Samsung Group by way of provision of materials on
consignment.

After the problem of working capital is solved (which is
directly related to the restructuring of the Company's
debts of approximately HK$450 million at the end of
November, 1999) the operations of the Group can be restored
to good health in due course.

The Company's debt (excluding interest) as at 3rd March,
2000, the latest practicable date, is approximately HK$450
million. The Company has orders up to May, 2000 on hand of
an aggregate value of HK$35,000,000
approximately.

Winding-up petitions have been presented against the
Company (filed on 21st January, 2000), Chun Tai
Industries Limited and Chun Tai Toys (China) Company
Limited, subsidiaries of the Company (only 4 of the
winding-up petitions remain outstanding against Chun Tai
Industries Limited and Chun Tai Toys (China) Company
Limited) by their creditors in respect of claims in excess
of HK$4.2 million.

Chun Tai Industries Limited is a major subsidiary of the
Company. The winding up petition by its creditor against
the Company was in respect of claims ofapproximately HK$3.0
million and is disputed by the Company. The winding up
petition against the Company will be heard on the 29th
March, 2000. In the court hearing for two winding up
petitions against Chun Tai Industries Limited today, one of
the winding up petition was dismissed and the other was
adjourned to 13th March, 2000.

In the court hearing for a winding up petition against Chun
Tai Toys (China) Company Limited today, the hearing was
adjourned to 13th March, 2000. There will be court hearing
dates for the winding-up petitions on 13th March 2000 and
29th March 2000. Further announcements will be made to
disclose the progress of the proceedings. The Company is
also facing a number of litigation claims in excess of
HK$19 million in aggregate.

On 19th January, 2000, Able Technology Limited (the new
single largest shareholder of the Company) proposed a
debt restructuring plan to the bank creditors of the
Company who are at present owed about HK$250 million in
aggregate and this is under consideration by the steering
committee of the bank group. The Company has also outlined
a debt restructuring proposal for non-bank creditors who
are at present owed about HK$200 million in aggregate.

As there is no certainty that either of these proposals
will be acceptable and each is likely to be subject to
negotiation the Directors consider that it would not be
helpful to disclose details of the proposals. The Company
will continue to monitor the situation and consider
alternative restructuring plans as and when appropriate.

The investigation undertaken by the Directors into the
nature and recoverability of the doubtful debts amounting
to approximately HK$90 million, against which full
provisions have been made in the unaudited consolidated
financial results of the Group for the year ended 31st
March, 1999, is still in progress and has been delayed by
staff shortages and no conclusive outcome has been achieved
to date.

The Loan Facility of the Company referred to in its
announcement of 30th November became due on 26th November,
1999 and was not renewed. However, the debt has been fully
repaid as of the date of this announcement.

Messrs. Zou Yishang and Zhou Yubo have indicated that they
will review the financial and trading position and
prospects of the Group and will make recommendations to the
Board following that review, with the aim of the Group
being restored to a healthy trading position. These
recommendations are likely to include the establishment or
acquisition of business operations in the
telecommunications area. They have further indicated that
no specific assets or operations have been identified for
this purpose and that they and Able Technology Limited or
any of their associates do not intend to seek to inject any
assets into the Group at present.

The Stock Exchange will closely monitor all future
acquisitions or disposals of assets by the Company. The
Stock Exchange has a discretion to require the Company to
issue a circular to its shareholders irrespective of the
size of the proposed transaction, particularly when such
proposed transaction represents a departure from the
principal activities of the Company. The Stock Exchange
also has the power to aggregate a series of transactions
and any such transaction may result in the Company being
treated as if it was a new listing applicant.

Trading in the Shares has been suspended since 21st
January, 2000. Application has been made to resume trading
in the Share on the Stock Exchange at 10:00 am on 7th March
2000.  In the light of the uncertainties concerning the
Company, shareholders and potential investors are urged to
exercise extreme caution when dealing with the Shares.
(Hong Kong Stock Exchange  07-March-2000)

FABRIC CIRCLE LTD: Facing winding up petition
---------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for March 22 on the petition of
Fong Lai Fan for the winding up of Fabric Circle Limited. A
notice of legal appearance must be filed on or before March
21.


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

PT BAKRIE FINANCE: Bankruptcy verdict due March 15
--------------------------------------------------
The verdict in a 14 mln usd bankruptcy hearing against PT
Bakrie Finance Corp is expected on March 15, Bakrie's legal
consultant Aji Wijaya said.

"The third hearing will be held on March 15, 2000 with the
agenda of delivering the verdict," Wijaya said in a letter
to the company, filed to the Jakarta Stock Exchange. "The
judge leaves open the opportunity to the plaintiff and the
defendant to try to negotiate an out-of-court settlement up
until the third hearing."

The four creditors are AB Capital Markets (Hong Kong) Ltd,
Cho Hung Leasing and Finance (Hong Kong) Ltd, Hanmi Leasing
and Finance (Hong Kong) Ltd and KEB Leasing and Finance
Ltd.  (AFX News Limited  07-March-2000)

PT BANK BALI: IBRA to appeal court orders
-----------------------------------------
The Indonesian Bank Restructuring Agency (Ibra) said
yesterday it would appeal a controversial court ruling over
a banking scandal that has again highlighted the country's
shoddy legal system.

The Attorney-General's Office also criticised a related
ruling over the Bank Bali scandal, which has for months
been gnawing at Indonesia's already tarnished reputation
and reinforced fears that the chances of legal redress here
remain as uncertain as ever.

"We will appeal against the ruling, the official letter
will be submitted tomorrow," said Pandu Djajanto, head of
the legal bureau of Ibra.

An administrative court on Monday revoked Ibra's decision
to cancel an agreement between Bank Bali and PT Era Giat
Prima.  Under that agreement, Era Giat was handed about $70
million to collect loans of just under double the amount on
behalf of Bank Bali.

Also on Monday, a district court dropped an indictment
against Djoko Tjandra, head of Era Giat.  The court said it
did not have the authority to try the case because of
insufficient evidence and also because the case was civil,
not criminal.

"We respect the decision. . .but there was only one fact
(the right for Era Giat to collect the loans) which served
as grounds for the ruling. . .(The court) did not touch on
other facts at all. . .this makes us concerned," a
spokesman for the attorney-general said.

There were widespread allegations when the scandal broke
last July that the huge fee was meant to help then-
president BJ Habibie's re-election campaign.  Dr Habibie
denied the charges, but the furore over the scandal played
a key role in destroying his re-election hopes last October
and also triggered the suspension of desperately-needed
international aid.

The latest court decision added to the dismal fortunes of
the Jakarta stock exchange which has tumbled in recent
days. The main index closed the day nearly one per cent
lower at 562.76 points.

"The market is just numbed by this," an analyst with one
foreign stockbroking firm said.

Under the ruling, Ibra has to revoke its decision to cancel
the controversial fee agreement between Bank Bali and Era
Giat, allowing Era Giat to keep the money.  Ibra's Mr
Djajanto said the two court decisions had prompted
questions from Indonesia's donors over whether the
government could resolve the issue.

World Bank and International Monetary Fund officials were
not immediately available for comment.  But the IMF only
recently ended its suspension on loans after the new
government handed over a full independent audit on the
issue.  Ibra officials said the court decisions would have
no impact on efforts to recapitalise Bank Bali, one of
dozens of banks which fell into government hands because of
Indonesia's prolonged financial crisis. Singapore Business
Times  08-March-2000)

PT BANK DUTA: Faces delisting from JSX
PT BANK RAMA: Faces delisting from JSX
PT BDNI CAPITAL: Faces delisting from JSX
PT DHARMALA SAKTI SEJAHTERA: Faces delisting from JSX
PT FISKARAGUNG PERKASA: Faces delisting from JSX
PT INTI INDORAYON UTAMA: Faces delisting from JSX
PT JAKARTA KYOI STEEL WORKS: Faces delisting from JSX
PT LIPPO PACIFIC: Faces delisting from JSX
PT MANDIRI INTIFINANCE: Faces delisting from JSX
-----------------------------------------------------
Twenty-seven companies which received a disclaimer from
auditors in their 1998 financial reports will be delisted
from the Jakarta Stock Exchange (JSX) if their 1999 reports
show no improvement.

"If these companies receive disclaimers again in their
December 1999 audited financial statement, they will
automatically be delisted," said the Jakarta Stock Exchange
in a statement on Tuesday.

The companies include salt producer PT Fiskaragung Perkasa,
which is in a liquidation process.  The move, according to
JSX, was strictly to preserve a healthy investment climate
at JSX.

"Public companies with disclaimers are considered to have
failed to provide the public with a fair basis for making
their investment decisions," JSX said.

The companies which received auditors' disclaimers include
PT Bank Duta, PT Bank Rama, PT Dharmala Sakti Sejahtera, PT
Lippo Pacific, PT Jakarta Kyoi Steel Works Limited, PT BDNI
Capital, PT Inti Indorayon Utama and PT Mandiri
Intifinance.  Most listed companies will have their audited
December 1999 financial statement completed and released to
the public some time in late March.

Public accountants give disclaimers when the company it
audits shows no concern or faces uncertainties in the
continuation of its business, which, among other things, is
due to a poor financial performance or a threat of being
declared bankrupt.  (The Jakarta Post  08-March-2000)

PT HM SAMPOERNA: Repays $120M in debts
--------------------------------------
Publicly listed cigarette producer PT HM Sampoerna (JSX:
HMSP) said it has repaid its debts amounting to US$ 120
million to syndicated creditors.  Ekadharmaja, a company
director said the funds used to repay the debt on
March 1, were derived from bonds valued at Rp1 trillion
issued by the company.  The syndicate comprises Chase
Manhattan Asia Limited, Credit Suisse and Tokyo Mitsubishi
International (Singapore).  (Asia Pulse  07-March-2000)


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

NIPPON CREDIT BANK: No deal yet for Lehman, gets closer
-------------------------------------------------------
Lehman Brothers, the fourth-largest US investment bank,
denied reports that it is close to buying a stake in
Japan's Nippon Credit Bank from Softbank.

"It's news to me," said Michael O'Hanlon, co-head of
Lehman's investment bank unit in Japan. "There is no
agreement with Softbank or anybody else."

Lehman originally submitted its own bid for Nippon Credit
in October and has considered buying a stake in the bank
since it withdrew that bid in November. The Yomiuri
newspaper reported yesterday that Lehman plans to take a 5-
10 per cent stake, without citing sources. Softbank
declined to comment.

Lehman, which is setting up an online bond trading system
with Softbank called E-Bond Securities Co, wouldn't rule
out an eventual agreement with the Internet investor, which
wants to lower its own stake in the bank.

"I'm not saying it's never not going to happen," Mr
O'Hanlon said. "The ball is in their court."

The government agreed on Feb 24 to sell Nippon Credit to
Softbank, leasing firm Orix Corp and Tokio Marine and Fire
Insurance Co, the top non-life insurer. Softbank needs to
cut its stake in the bank to less than 50 per cent, from 65
per cent now, in order to keep the bank from being
considered a subsidiary. (Singapore Business Times  08-
March-2000)

NISSAN MOTOR CO.: Seen to rebuff workers on wage hike
-----------------------------------------------------
Nissan Motor Co. (7201) Chief Operating Officer Carlos
Ghosn on Tuesday dampened the union's hopes of receiving
the full amount of a proposed wage hike, The Nihon Keizai
Shimbun has learned.

In his first appearance at a session of the automaker's
"shunto" spring wage negotiations, Ghosn said that the
company had promised to return to the black for fiscal
2000, but it now faces a tough environment. Despite high
expectations on the part of labor, a rebound in Nissan's
earnings must take precedence, he added.

Nissan expects to sustain a net loss of 730 billion yen for
the fiscal year ending March 31. Ghosn has staked his job
on the automaker's turnaround, having publicly pledged to
resign if it fails to post a profit for fiscal 2000, in
line with the firm's Revival Plan announced last fall.
(Nikkei  08-March-2000)

SEGA ENTERPRISES LTD.: Low share rice may affect rehab
------------------------------------------------------
Shares of Sega Enterprises Ltd. (7964) rebounded somewhat
Tuesday but still finished the day at 2,650 yen, less than
the 2,816 yen price the company has set for its planned
private offering of new shares.

The capital increase should greatly improve Sega's cash
position, but investors are leery of whether it will
actually be connected to a restructuring of the firm. The
company may have to review its restructuring plans if the
share price remains low.

Sega is facing the redemption of about 88 billion yen of
convertible bonds this September. Although it had cash
reserves of 92.1 billion yen as of September 1999, these
have been drained by poor operating results. It expects to
incur an operating loss of 33.8 billion yen for the fiscal
year ending March 31. (Nikkei  08-March-2000)

SNOW BRAND MILK PRODUCTS: To cover group pension shortfalls
-----------------------------------------------------------
Snow Brand Milk Products Co. (2262) has decided to cover
ahead of schedule the bulk of a shortfall in group funds
for retirement payments, which companies must disclose from
the year ending March 2001, the company said Tuesday.

The dairy products manufacturer plans to meet 67 billion
yen of the unfunded 79 billion yen in obligations in the
year through March.  Consolidated retirement payment
obligations amount to 232 billion yen, assuming a discount
rate of 3.5%. Of this total, Snow Brand will offset 111
billion yen in pension assets and 42 billion yen in
reserves set aside for retirement payouts.

The move will produce an expected group net loss of 29
billion yen for fiscal 1999, against an earlier projection
of a net profit of 4 billion yen, but the company will
maintain an annual dividend of 7 yen per share.  The firm
intends to cover the remaining 12 billion yen in retirement
obligations in fiscal 2000.

On a parent-only basis, Snow Brand plans to write off 49
billion yen of a total of 61 billion yen in such shortfalls
by the end of March. The company expects 25 billion yen in
net loss, against an earlier projection of 3.3 billion yen
in profit. (Nikkei  07-March-2000)

SUMITOMO METAL INDUSTRIES: Raises expected net loss
---------------------------------------------------
Sumitomo Metal Industries Ltd. (5405) said Tuesday it has
raised its expected group net loss to 146 billion yen for
the year through March from the earlier projection of 84
billion yen.

The loss would be the largest ever recorded by a major
steelmaker. The company posted a loss of 69.5 billion yen a
year earlier. Sumitomo Metal blamed the blowout on a
parent-only extraordinary loss of 207 billion yen incurred
on the consolidation of money-losing semiconductor and
other non-core businesses.

The red ink will wipe out group capital surplus
(accumulated past profits), which stood at 125 billion yen
at the end of March last year, and leave a capital loss.
The company expects to fall short of the unconsolidated
pretax profit target of 8 billion yen for the six-month
period ending March 31, due largely to the yen's
appreciation.

Consequently, the group pretax balance for the whole of
fiscal 1999 is likely to see a 65 billion yen loss.
The bottom line should improve substantially by next fiscal
year at the earliest as unprofitable operations are
terminated, company officials said. (Nikkei  07-March-2000)

SUMITOMO REALTY & DEVEL.: To book extraordinary losses
------------------------------------------------------
Sumitomo Realty & Development Co. (TSE:8830) announced
Monday that it will book 80 billion yen (US$743.5 million)
in extraordinary losses for the year ending March 31,
stemming from appraisal losses of its real estate for sale
as well as sales of overseas assets.

Sumitomo Realty will also see 63 billion yen in
extraordinary profit stemming from the securitization of
its office building in Tokyo. But the company expects to
break even, compared with the fiscal 1998 net profit of 5.7
billion. The annual dividend will be kept at six yen.
(Asia Pulse  07-March-2000)

TOKYO SAN AI KK: Parent San-Ai Oil to dissolve it
-------------------------------------------------
San-Ai Oil Co. (8097) announced Tuesday that it plans on
March 31 to dissolve Tokyo San-Ai KK, a wholly owned sales
subsidiary, because its business has deteriorated
significantly.

Tokyo San-Ai, an operator of service stations in Tokyo, has
seen business drop off due to rising competition, and the
company's net worth has fallen deep into the negative.

In fiscal 1999, San-Ai Oil will record an 800 million yen
special charge because of the move. However, the company
said the loss will not affect its bottom line because it
has already booked a loan-loss reserve of 700 million yen
in the first half. The distributor of oil products expects
to record a net profit of 1.5 billion yen in the current
fiscal year, up 20% from a year earlier. (Nikkei  08-March-
2000)


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

SAMSUNG MOTOR: Creditors to reject Renault offer
------------------------------------------------
Creditors of Samsung Motors say they will reject Renault's
offer of US$ 450 million for the Korean auto maker,
insisting the price will go no lower than $1 billion.

"The Seoul District Court has put Samsung's value at 1.2
trillion won (US$1.07 billion), so Renault's offer is
outrageous," said a creditor source.

The creditors will convene an emergency meeting today.
"It cost 5 trillion won to build Samsung Motors so the
Korean public will not understand if it is sold to a
foreign company at one tenth the price," the source said.

Thus negotiations on the sale of the car maker is
apparently back to square one.  Renault said it offered to
create a joint venture with Samsung in the hope of allowing
the insolvent car maker to produce 200,000 vehicles a year
within a few years.  Representatives of the French car
maker had stayed in Seoul and Pusan for the past two months
visiting the plant and examining related papers.

Renault also proposed a joint venture in which it would own
70 percent and Samsung 30 percent to acquire the operating
assets of Samsung Motors.  Samsung says it wants to own no
more than 20 percent.  (Asia Pulse  07-March-2000)

SAMSUNG MOTOR: Renault, creditors vye in pricing dispute
--------------------------------------------------------
Renault and Samsung Motors' creditors have intensified
their dispute over the Korean carmaker's takeover price.

Rejecting Renault's offer of about $450 million (500
billion won), Korean creditors yesterday set the minimum
sale price at $1 billion (1.12 trillion won).

"It is absurd that Renault is attempting to purchase
Samsung Motors for just half of the court-calculated
company value of 1.2 trillion won," said a top creditor
bank official.  "Few Koreans will understand if Samsung
Motors, built at a cost of over 5 trillion won, is sold to
foreigners for just one-tenth of the cost," he stressed.

He also noted that even neutral parties, such as lead
manager Banque Paribas and U.S. consulting firm KPMG, also
set the value of Samsung Motors at over 1 trillion won.
Amid the escalating argument the creditors' original plan
to finalize the sale contract by the end of March may be
considerably delayed, industry watchers forecast.

"Renault is likely to stick to its stance of knocking down
the takeover price, out of the conviction that it is the
only automaker in the position to buy Samsung," said an
industry executive, forecasting turbulence in the upcoming
negotiations, set to begin next week.

Indeed, some officials belonging to the creditor group have
indicated that Samsung could be put up for international
bidding, in case of a failure to compromise on the pricing
terms.  In its takeover proposal, meanwhile, Renault said
it wishes to create a joint venture with the Samsung Group
in hopes of allowing the insolvent carmaker to produce
200,000 vehicles annually within a few years.

Renault also proposed owning 70 percent of the joint
venture while giving a 30-percent stake to Samsung.
However, the Korean firm is reportedly determined to
restrict its equity ownership to less than 20 percent,
sources said. (The Korea Herald  08-March-2000)


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

HOTTICK INVESTMENTS LTD: Asked to give rehabilitation plan
----------------------------------------------------------
The Philippines' state-run corporate watchdog has given a
troubled Malaysian steel company until March 18 to submit a
plan to rehabilitate its cash-strapped operations.

In its order, the Securities and Exchange Commission (SEC)
also suspended the debt payments of the National Steel Corp
(NSC) pending the quasi-judicial body's scrutiny of the
rehabilitation plan.  The NSC, owned by Malaysian firm
Hottick Investments Ltd, owes close to 15 billion pesos
(S$629 million) in loans to a group of Manila banks led by
the state-controlled Philippines National Bank and Land
Bank of the Philippines.

The SEC said it wanted to find out how NSC's Malaysian
owners intend to rehabilitate the company, the nation's
largest steel concern, before it would allow its creditors
to foreclose its assets as loan payments.  The NSC recently
shut down its plant due to financial problems aggravated by
poor sales and the influx of cheap steel products from
Russia, Japan, China and South Korea.

The SEC said the rehabilitation plan is subject to approval
by NSC's creditors and the corporate watchdog.  In a letter
to SEC, NSC chief operating officer Tom Galanis said their
reduction in personnel had allowed for the sufficient and
reasonable maintenance of the factory's equipment. "We
believe we are maintaining the plant equipment in a proper
shutdown mode, which is sufficient to protect the basic
assets of NSC," he said.

The NSC is currently searching for an investor that will
pump in fresh capital to make way for the steel firm's
rehabilitation. (Singapore Business Times  08-March-2000)

RENONG: Share price falling
---------------------------
Halim Saad of Renong may have to worry about his wealth
again -- Renong's share price has retreated sharply after
breaching 3.24 Malaysian ringgit last month.

The counter shed 16 sen to RM2.65 yesterday. Mr Halim will
have to buy the Renong shares from United Engineers
Malaysia if it remained below RM3.24 apiece by next
February. In addition, Mr Halim would have to foot UEM's
interest bills of RM500 million in the event of a buyback.
The tycoon may have to fork out more than RM2.8 billion, or
about RM4 per Renong share. (Singapore Business Times  08-
March-2000)


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

BW RESOURCES CORP.: Peso,stocks fall on mass resignations
---------------------------------------------------------
The peso slid by the close yesterday in reaction to the
resignation of all members of the Philippine Stock Exchange
(PSE) group that had investigated the unusual price
movement of gaming firm BW Resource Corporation.

News of resignation prompted banks to buy US dollars to
meet requirements of offshore clients pulling out
investments in the stock market and of those who may unload
holdings over the next few days, forex dealers said.

"Because of the resignation, we're anticipating that there
would be more outflows," a dealer at a local bank said.

Because of the en masse resignation of the surveillance
group, the Securities and Exchange Commission said it was
suspending stock market trading today.

"It will cause panic throughout," a dealer at a foreign
bank said, referring to the plan to suspend trading.
"Sentiment will be negative. This could be the first time
in history trading will be suspended because of a scandal,"
he added.

Shares also plunged yesterday, hurt by US rate fears and
the mass resignation of the exchange's Compliance and
Surveillance Group (CSG).  Members of the CSG, led by PSE
vice president Ruben Almadro, announced their resignation
late in the trading day, deepening the market's losses.

Traders said profit-taking was largely expected during the
day, following the market's four-day gains.  The local
financial markets, however, may react positively if the PSE
would assure the public it would prosecute those involved
in the price fixing scandal, the trader said.
(Business World  08-March-2000)

UNIWIDE GROUP: Receiver expects go signal by month-end
------------------------------------------------------
Major creditors of debt-laden Uniwide Group of Companies
are seen to give their approval to the retail firm's
amended rehabilitation plan by the end of the month,
despite earlier oppositions filed by three of the 14
creditor banks.

In an interview after yesterday's hearing at the Securities
and Exchange Commission, Uniwide's receivership committee
chairman Monico Jacob said he is confident "creditor banks
will agree to the amended rehabilitation plan ... we are
almost there and we hope to get the banks' approval by the
end of the month."

So far, United Coconut Planters Bank (UCPB) and East Asia
Capital, with exposures of one billion Philippine pesos
(US$24.5 million at PhP40.854:US$1) and PhP60 million ($1.5
million), respectively, formally approved the said
corporate recovery plan.

"There has been no opposition so far, aside from those
filed by Bank of Philippine Islands, Land Bank of the
Philippines and East West Bank. Other banks are already in
various stages of negotiations," Mr. Jacob said.

The proposed rehabilitation plan has to be approved before
Uniwide can finalize its deal with French investor Casino
Guichard-Perrachon, in June. The investment will bring in
PhP3.57 billion ($87.4 million) in fresh capital for the
cash-strapped retail company.

"The Casino Group wants a clean balance sheet ... if we
don't deliver, then there will be no deal. If Casino walks
away, the rehabilitation plan will be scuttled," he added.

Casino's PhP3.57-billion initial investment will be used to
pay off obligations not settled via payment in kind. This
will result in repayment of all debts of Uniwide Holdings,
Inc., Uniwide Sales Warehouse Club, Inc. and Uniwide Sales
Realty Resources Corp.  Uniwide and the Casino Group signed
a memorandum of understanding last February 5.

The French investors offered an enterprise value for the
business of Uniwide -- which would include the listed
holding company, the retail business and selected real
estate assets used for operations -- of approximately PhP4
billion ($100 million).

Meanwhile, Uniwide's receivership committee expects the
Casino Group to invest another PhP1 billion in operating
capital.

"Based on our computations, the Casino Group will put in at
least another billion to replenish stocks for at least 10
stores. Plus, the Group plans to put up five more stores in
the next five years ... that would be a lot of money," Mr.
Jacob said.

Defending the "discounts" to be made on cash payments, Mr.
Jacob said banks were offered smaller discounts of 20%, as
compared with the 40% and 50% discount offered to
contractors and trade suppliers, respectively, since banks
are secured creditors and are protected by certain laws.

"The basis for discounting is not arbitrary. The percentage
we set for banks is the one they were agreeable to ...
without the banks' approval, rehabilitation will not be
successful. Banks will not agree to 30% to 40% discounts,"
Mr. Jacob said.

Uniwide's creditor banks and their respective claims are:
Allied Banking Corp., PhP358.26 million; Asian Bank,
PhP251.93 million; BPI, PhP720.08 million; East Asia
Capital PhP60.40 million; East West Bank PhP134.28 million;
Equitable Banking Corp., PhP1.75 billion; ING Bank,
PhP172.52 million; International Exchange Bank, PhP475.32
million; Land Bank of the Philippines, PhP676.92 million;
Metropolitan Bank & Trust Co. PhP62.74 million; Philippine
Bank of Communications PhP48.5 million; Philippine National
Bank PhP832.96 million; Rizal Commercial Banking Corp.,
PhP1.65 billion and UCPB PhP1.04 billion. (Business World
07-March-2000)

UNIWIDE GROUP: Uniwide contractor supports rehab plan
-----------------------------------------------------
Despite concerns raised by contractors and trade suppliers
of debt-laden Uniwide Group of Companies during last
Monday's hearing at the Securities and Exchange Commission
(SEC), a contractor of the Gow-owned group has given his
conditional approval to changes in the retail firm's
rehabilitation plan.

In a comment filed with the corporate court, Urban
Consolidated Constructors Phils., Inc. expressed "no
substantial objection to the amended rehabilitation plan of
the Uniwide Group." Urban also expressed willingness to
accept the proposed 40% discount on cash payment subject,
however, on certain conditions.

Urban has an exposure of over 52.9 million Philippine pesos
(US$1.3 million at PhP40.923:US$1) in the company.
Moreover, Urban said should the "successor-in-interest of
Uniwide Holdings, Inc. and subsidiaries, decide to complete
the works awarded to Urban and other related works, it
shall award the contract to Urban under such terms and
conditions as may be mutually agreed upon." (Business World
08-March-2000)


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

CLOB INT'L: Fees to be held by custodian bank
---------------------------------------------
Effective Capital yesterday tried to soothe the frayed
nerves of Clob investors by clarifying that the fees paid
for migrating the frozen Malaysian shares will be held in
trust by the Singapore-based custodian bank, Standard
Chartered Bank.

Effective will only receive the fees when the shares are
deposited in the Malaysian Central Depository (MCD)
accounts and freed up for sale on the Kuala Lumpur bourse.

In addition, the Kuala Lumpur company controlled by
Singaporean businessman Akbar Khan, is trying to work out a
financing scheme for Clob shareholders who have difficulty
coughing up the migration fees.

In a press interview yesterday, Effective's director Mohd
Moiz bin JM Ali Moiz said Clob shareholders should not
doubt his company's sincerity in wanting to resolve the
one-and-a-half-year impasse. It has effectively frozen the
Malaysian securities, currently worth an estimated 20
billion Malaysian ringgit (S$9 billion) following the
termination of their trading on Clob International.

"This is a very serious issue and we are a very serious
company," said Mr Moiz, who was preparing to brief about
500 brokers who had gathered at the Westin Stamford
yesterday on the documentation procedures for the migration
of the shares to the MCD from Singapore's Central
Depository Pte Ltd (CDP).

Effective, over the weekend, sent out its proposal on the
migration. The proposal states, to the consternation of
Clob shareholders, that they should send their bank drafts
for the migration fees together with their acceptance forms
before March 31.

It also listed the Feb 15 prices of the shares upon which
its 1.5 per cent fees will be based. Effective will rake in
an estimated RM300 million in gross fees if it receives
full acceptances.  Mr Moiz also made clear that after the
shares are released and sold by Clob shareholders, they
would be subject to the same tax rules and capital controls
as other foreign investors, should they wish to remit their
profits.

"These are beyond the terms of our proposal," he said.
"Investors can make the necessary enquiries with Bank
Negara or other Malaysian authorities."

Under current Malaysian rules, share investors are subject
to a flat 10 per cent tax on their capital gains when they
repatriate their sale proceeds.  Mr Moiz also stressed that
at no time would Effective have physical possession of the
shares. Instead, they would be migrated directly and en-
bloc from CDP, through Malaysia's share issuing agency
MIDF, to the MCD. The MCD will subsequently unfreeze the
shares in equal batches of a minimum of 50 units per week.

The unfreezing will be done over 16 weeks for non-share
securities like warrants, and 56 weeks for shares.
Clob shareholders can sell the odd lots anytime after they
are released by the MCD, which will send them a timetable
of the release.

"We will be monitoring the entire process through the
entire period and we will do what we have said we will do,"
he said.

Mr Moiz also said that if the migration was unsuccessful,
the shares would remain in the CDP account of the
beneficial shareholder and the fees will be refunded with
interest. If a portion of the shares is migrated, then the
fees for the portion which has not been migrated will be
refunded without interest.

On the financing scheme to help Clob shareholders who
cannot foot the 1.5 per cent fee payment, he said: "We have
received a lot of feedback and are looking into the
possibility of helping some of the Clob shareholders with
the funding.

"We have been talking to Malaysian brokers to find out if
some of them would like to help with the funding. If we
develop something, we will let you know." Asked what
guarantees he could give the 172,000 Clob shareholders who
had suffered through numerous twists and turns over the
Clob issue, he said: "We have been working on this for so
long and we have the best team of professionals around. The
authorities in KL and Singapore have studied and
scrutinised the deal we have proposed and its structure.
And they have accepted it as part of a comprehensive
solution and confirmed that it will be implemented."

But Mr Moiz yesterday added that all the necessary
infrastructure and protections were in place for the
migration of the shares to Malaysian share depository.

"What I would like people to do now is have confidence that
this proposal is very well researched, very professionally
structured and will be implemented," he said. "We are here
to try to resolve this issue and we really want to help
Clob securities owners get their shares back and be the
master of their own shares. And let them decide what they
want to do with their shares and finally put this whole
thing behind them."

Clob shareholders have until March 31 to send in their
acceptance forms, together with bank drafts. In the
meantime, they also have to set up accounts with designated
Malaysian stockbrokers who will be their authorised
depository agents. These accounts can be under the
beneficial Clob shareholders' names or nominee accounts
established through their Singapore stockbrokers.

Meanwhile, the CDP will be conducting a briefing today for
broking houses on the processing of Effective Capital's
proposal.  It has invited each firm to send two senior
operations staff for the session, which will cover
procedural matters on documentation and processing of the
Clob shares for migration.

PricewaterhouseCoopers, which has been appointed by
Effective to assist Clob investors with their
documentation, has set up facilitation centres in
Singapore, Johor Baru and Kuala Lumpur to help investors
understand the offerer's proposal. (Singapore Business
Times  08-March-2000)


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

AIG FINANCE (THAILAND): Posts annual loss again
-----------------------------------------------
AIG Finance (Thailand) posted 1999 losses of 696.4m bt,
compared with losses of 805.15m the year before.  (Bangkok
Post  06-March-2000)

BANKKOK RANCH: Posts wider annual loss
--------------------------------------
Bangkok Ranch posted 1999 losses of 380.1m bt, compared
with losses of 197.2m the year before.  (Bangkok Post  06-
March-2000)

BANGKOK RUBBER: Posts annual loss
---------------------------------
Bangkok Rubber posted consolidated 1999 losses of 584.7m
bt, compared with profits of 738.2m the year before.
(Bangkok Post  06-March-2000)

CROWN SEAL: Posts annual loss
-----------------------------
Crown Seal posted consolidated 1999 losses of 283.32m bt,
compared with profits of 218m the year before.  (Bangkok
Post  06-March-2000)

DATAMAT: Posts annual loss
--------------------------
Datamat posted consolidated 1999 losses of 728.8m bt,
compared with losses of 860.2m the year before.   (Bangkok
Post  06-March-2000)

EASTERN PRINTING: Posts narrower annual loss
--------------------------------------------
Eastern Printing posted consolidated 1999 losses of 321.8m
bt, compared with losses of 901.6m the year before.
(Bangkok Post  06-March-2000)

EASTERN STAR REAL ESTATE: Posts narrower annual loss
----------------------------------------------------
Eastern Star Real Estate posted 1999 losses of 134m bt,
compared with losses of 849.2m the year before.  (Bangkok
Post  06-March-2000)

EASTERN WIRE: SET issues `notice pending' status
------------------------------------------------
The SET posted a Notice Pending sign on Eastern Wire for
failing to appoint independent directors by the deadline.
If it fails to appoint directors by June 2, shares will be
suspended starting June 5, and delisted six months later.
Trading is currently suspended pending possible delisting
due to operations and financial status.  Meanwhile, Eastern
Wire reports that it posted consolidated 1999 losses of
419.4m bt, compared with losses of 387.9m the year before.
(Bangkok Post  06-March-2000)

FIVE STARS PROPERTY: Posts wider annual loss
--------------------------------------------
Five Stars Property had 1999 losses of 387.7m bt, compared
with losses of 168.9m the year before. The company will
hold a shareholders' meeting April 20, with the register
closed April 3.  (Bangkok Post  06-March-2000)

HANTEX: Posts annual loss again
-------------------------------
Hantex posted 1999 losses of 43.1m bt, compared with losses
of 25.3m the year before.  (Bangkok Post  06-March-2000)

HEMARAJ LAND AND DEVELOPMENT: Posts wider annual loss
-----------------------------------------------------
Hemaraj Land And Development posted consolidated 1999
losses of 1bn bt, compared with profits of 872.67m the year
before. (Bangkok Post  06-March-2000)

JUTHA MARITIME: Posts wider annual loss
---------------------------------------
Jutha Maritime posted consolidated 1999 losses of 127.38m
bt, compared with profits of 32.8m the year before.
(Bangkok Post  06-March-2000)

KARAT SANITARYWARE: Posts annual loss
-------------------------------------
Karat Sanitaryware posted 1999 losses of 458.3m bt,
compared with profits of 2.38m the year before.  (Bangkok
Post  06-March-2000)

L.P.N. DEVELOPMENT: Posts narrower annual loss
----------------------------------------------
L.P.N. Development posted consolidated 1999 losses of
381.8m bt, compared with losses of 622.2m the year before.
(Bangkok Post  06-March-2000)

MANAGER MEDIA GROUP: Posts narrower annual loss
-----------------------------------------------
Manager Media Group posted 1999 losses of 567.17m bt,
compared with losses of 966.98m the year before.  (Bangkok
Post  06-March-2000)

METRO SYSTEMS CORP.: Posts narrower annual loss
-----------------------------------------------
Metro Systems Corp posted consolidated 1999 losses of 14m
bt, compared with losses of 31.5m the year before.
(Bangkok Post  06-March-2000)

M.K. REAL ESTATE DEVELOPMENT: Posts annual loss again
-----------------------------------------------------
M.K. Real Estate Development posted consolidated 1999
losses of 255.1m bt, compared with losses of 185.7m the
year before.
(Bangkok Post  06-March-2000)

NAKORNTHAI STRIP MILL: Posts huge annual loss
---------------------------------------------
Nakornthai Strip Mill posted consolidated 1999 losses of
10.1bn bt, compared with losses of 1.55bn the year before.
(Bangkok Post  06-March-2000)

ONPA INT'L: Posts wider annual loss
-----------------------------------
Onpa International posted consolidated 1999 losses of
896.2m bt, compared with losses of 793.97m the year before.
(Bangkok Post  06-March-2000)

PAE(THAILAND): Posts narrower annual loss
-----------------------------------------
PAE (Thailand) posted consolidated 1999 losses of 619.4m
bt, compared with losses of 833.4m the year before.
(Bangkok Post  06-March-2000)

PRECIOUS SHIPPING: Posts annual loss
------------------------------------
Precious Shipping posted consolidated 1999 losses of 56.3m
bt, compared with profits of 3.27bn the year before.
(Bangkok Post  06-March-2000)

PREECHA GROUP: Posts annual loss again
--------------------------------------
Preecha Group posted consolidated 1999 losses of 745.6m bt,
compared with losses of 781.14m the year before.  (Bangkok
Post  06-March-2000)

PREMIER ENTERPRISE: Posts greater annual loss
---------------------------------------------
Premier Enterprise posted consolidated 1999 losses of
6.36bn bt, compared with losses of 3.25bn the year before.
(Bangkok Post  06-March-2000)

QUALITY HOUSE: Posts narrower annual loss
-----------------------------------------
Quality House posted consolidated 1999 losses of 420.1m bt,
compared with losses of 1.39bn the year before.  (Bangkok
Post  06-March-2000)

SAFARI WORLD: Posts wider annual loss
-------------------------------------
Safari World posted consolidated 1999 losses of 967.87m bt,
compared with losses of 258m the year before.  (Bangkok
Post  06-March-2000)

SAHAVIRIYA OA: Posts narrower annual loss
-----------------------------------------
Sahaviriya OA posted consolidated 1999 losses of 831.2m bt,
compared with losses of 3.88bn the year before.  (Bangkok
Post  06-March-2000)

SANSIRI: Posts narrower annual loss
-----------------------------------
Sansiri posted 1999 consolidated losses of 1.29bn bt,
compared with losses of 1.61bn the year before. The company
will hold a shareholders' meeting April 24, with the
register closed April 4. Shareholders will be asked to
approve the investment in Sansiri dot com Ltd and a plan to
offer share warrants to directors and employees.  (Bangkok
Post  06-March-2000)

SEA HORSE: Posts narrower annual loss
-------------------------------------
Sea Horse posted 1999 losses of 31.5m bt, compared with
losses of 114.57m the year before.  (Bangkok Post  06-
March-2000)

SG ASIA CREDIT: Posts wider annual loss
---------------------------------------
SG Asia Credit posted 1999 losses of 10.27bn bt, compared
with losses of 6.7bn the year before.  (Bangkok Post  06-
March-2000)

SIAM INDUSTRIAL CREDIT: Posts narrower annual loss
--------------------------------------------------
Siam Industrial Credit posted consolidated 1999 losses of
423.7m bt, compared with losses of 872m the year before.
(Bangkok Post  06-March-2000)

SIAM SPORT SYNDICATE: Posts narrower annual loss
------------------------------------------------
Siam Sport Syndicate posted consolidated 1999 losses of 87m
bt, compared with losses of 134m the year before. The
company will hold a shareholders' meeting April 28, with
the register closed April 7.  (Bangkok Post  06-March-2000)

SIAM UNITED SERVICES: Posts narrower annual loss
------------------------------------------------
Siam United Services posted consolidated 1999 losses of
101.99m bt, compared with losses of 401.3m the year before.
The company will hold a shareholders' meeting April 28,
with the register closed April 10.  (Bangkok Post  06-
March-2000)

SINO-THAI RESOURCES DEVELOPMENT: Posts narrower annual loss
-----------------------------------------------------------
Sino-Thai Resources Development posted 1999 losses of 97.5m
bt, compared with losses of 2.08m the year before.
(Bangkok Post  06-March-2000)

SOUTHERN CONCRETE PILE: Posts narrower annual loss
--------------------------------------------------
Southern Concrete Pile posted 1999 losses of 100.6m bt,
compared with losses of 248.7m the year before.  (Bangkok
Post  06-March-2000)

SRITHAI FOOD AND BEVERAGE: Posts wider annual loss
--------------------------------------------------
Srithai Food And Beverage posted consolidated 1999 losses
of 201.9m bt, compared with losses of 98.4m the year
before.
(Bangkok Post  06-March-2000)

SROVARA REAL ESTATE GROUP: Posts wider annual loss
--------------------------------------------------
Srivara Real Estate Group posted 1999 losses of 2.24bn bt,
compared with losses of 911.2m the year before.  (Bangkok
Post  06-March-2000)

STP & I: Posts wider annual loss
--------------------------------
STP&I posted 1999 losses of 139.79m bt, compared with
profits of 71.87m the year before.  (Bangkok Post  06-
March-2000)

SUPALAI: Posts wider annual loss
--------------------------------
Supalai posted consolidated 1999 losses of 1.15bn bt,
compared with losses of 388.7m the year before.  (Bangkok
Post  06-March-2000)

THAI-ASAHI GLASS: Posts wider annual loss
-----------------------------------------
Thai-Asahi Glass posted consolidated 1999 losses of 1.27bn
bt, compared with losses of 144.2m bt the year before.
(Bangkok Post  06-March-2000)

THAI ENGINE MANUFACTURING: Posts wider annual loss
--------------------------------------------------
Thai Engine Manufacturing posted consolidated 1999 losses
1.3bn bt, compared with losses of 756.9m the year before.
(Bangkok Post  06-March-2000)

THAI-GERMAN CERAMIC INDUSTRY: Posts narrower annual loss
--------------------------------------------------------
Thai-German Ceramic Industry posted consolidated 1999
losses of 522.8m bt, compared with losses of 847.69m the
year before.
(Bangkok Post  06-March-2000)

THAI-GERMAN PRODUCTS: Posts narrower annual loss
------------------------------------------------
Thai-German Products posted consolidated 1999 losses of
2.13bn bt, compared with losses of 2.7bn the year before.
(Bangkok Post  06-March-2000)

THAI MODERN PLASTIC INDUSTRY: Posts wider annual loss
-----------------------------------------------------
Thai Modern Plastic Industry posted 1999 losses of 432.9m
bt, compared with losses of 181.7m the year before.
(Bangkok Post  06-March-2000)

THAI NAM PLASTIC: Posts narrower annual loss
--------------------------------------------
Thai Nam Plastic posted consolidated 1999 losses of 20.8m
bt, compared with losses of 92.8m the year before.
(Bangkok Post  06-March-2000)

THAI PETRO.INDUSTRY: No plans to sell core assets
-------------------------------------------------
Creditors of Thai Petrochemical Industry Plc have no plans
to sell TPI's core assets if the Central Bankruptcy Court
rules the company can be rehabilitated, Ferrier Hodgson
managing director Anthony J. Norman said.

Ferrier Hodgson's 99.96 pct-owned Effective Planners Co Ltd
has been nominated by creditors to act as the planner for
TPI's rehabilitation.  Ferrier Hodgson is also an advisor
to Bangkok Bank Plc.

Norman said the rehabilitation of TPI will follow the terms
of the debt restructuring agreement reached in February
last year by creditors and TPI, under which the company was
to raise funds either from the sale of non-core asset or
from the issue of new equity.

"The creditors have no intention to dispose of TPI core
operating assets," Norman said.  "TPI's non-core asset
include port facilities, a tank farm and gasoline
interests," he said.

He said the debt-to-equity conversion contained in the
February, 1999 agreement will also be retained.
(AFX News Limited  07-March-2000)

TONGKAH HARBOUR: Posts annual loss again
----------------------------------------
Tongkah Harbour posted consolidated 1999 losses of 34.9m
bt, compared with losses of 32.4m the year before.
(Bangkok Post  06-March-2000)

uCHAOPHYA MARBLE-GRANITE: Posts narrower annual loss
----------------------------------------------------
uChaophya Marble-Granite posted 1999 losses of 174.4m bt,
compared with losses of 258m the year before.  (Bangkok
Post  06-March-2000)

UNION MOSAIC INDUSTRY: Posts wider annual loss
----------------------------------------------
Union Mosaic Industry posted 1999 losses of 297.5m bt,
compared with losses of 54m bt the year before.  (Bangkok
Post  06-March-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 ***