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

                           A S I A   P A C I F I C

              Thursday, March 16, 2000, Vol. 3, No. 53

                                   Headlines


* A U S T R A L I A *

BURNS PHILP & CO: Examining financing options
HERON RESOURCES NL: Urges shareholder rejection of takeover
PRESTON RESOURCES: Golminer Resolute forgives debt
STADIUM AUSTRALIA: Posts narrower half-year loss
STUDIO CITY: No financial backers in site


* C H I N A  &  H O N G  K O N G *

PALADIN LIMITED: Reports on winding-up petition to HKSE
SHANGHAI HUILI BLDG. MATERIALS: To post loss for 1999
SMARTONE TELECOM.HOLDINGS: Posts loss of $393M
UDL HOLDINGS: Reports to HKSE on creditor meeting
WAH LEE RESOURCES HOLDINGS LTD: Tells HKSE of injunction


* I N D O N E S I A *

PT ENSEYAL PUTERAL MEGATRADING: Debt rehab signed,JSX told
PT INTI DUFREE PROMOSINDO: Parent gets loan extension
PT TIRTAMAS COMEXINDO: IBRA faces hurdle in debt recovery
TEXMACO GROUP: JSX suspends Texmaco firms' trading


* J A P A N *

HAMADA PRINTING PRESS CO.: Predicts 790M Yen pretax loss
ISHIKAWAJIMA-HARIMA HEAVY INDUS.: To post 90B Yen loss
JUJIYA CO.: FY99 losses run far beyond forecast
MIZUNO CORP.: Lowers earnings outlook - pension shortfall
NEC CORP.: 15-yr.coverage of parent pension fund shortfall  
NTN CORP.: Expects large FY loss
ORIENT CORP.: Weaker times ahead
TOKYO CITY FINANCE CO.: 4 lenders in debt waiver


* M A L A Y S I A *

RENONG BHD.: To sell some assets to cut debts
UNITED ENGINEERS(Malay.): To sell some assets to cut debts


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

FIRST WOMEN'S CREDIT CORP: 'RJ' seeks to regain control  


* T H A I L A N D *

SMPC: Report to SET on debt restructuring progress
THAI PETROCHEM.INDUS.: Court declares insolvent
VANACHAI GROUP: To buy back shares from 6 creditors


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

BURNS PHILP & CO: Examining financing options
---------------------------------------------
Food group Burns Philp & Co is investigating options for
refinancing its debt before the expiry of its three-year
financing facility in August next year.

The company said it was looking at the options available
for refinancing the debt that was covered by the three-year
override agreement.  Among the options is a proposal to
amend the trust deed for $300 million of notes.

Burns Philp signed the three-year financing facility in
August 1998 as part of a recapitalisation and refinancing
plan.  The facility provided term debt and working capital
facilities.   The company said the terms of the refinancing
had "not yet been finally determined" but it was proposing
to amend a trust deed for its $300 million worth of notes
as part of the plan.

Burns Philp, along with its subsidiary Burns Philp North
America, signed an agreement with Permanent Nominees (Aust)
Ltd in 1998 that provided for $300 million worth of notes
which expire in August 2003.  The company is proposing an
amendment to the deed because senior financiers may be
reluctant to refinance after that date if the notes are
still on issue.

In addition, early repayment of some or all of the notes is
not permitted under the trust deed.  The company will call
a meeting of note holders to seek their approval to change
to the deed. It will also seek the consent from majority
financiers under the override agreement.  It will also seek
approval from Burns Philp North America and Permanent
Nominees for the move.  Burns Philp shares yesterday closed
3.4c higher at 45.4c.  (Sydney Morning Herald  15-March-
2000)

HERON RESOURCES NL: Urges shareholder rejection of takeover
-----------------------------------------------------------
Heron Resources NL (HRR) has sent the following letter to
its shareholders urging their rejection of the takeover
offer of Centaur Nickel Investments Ptd Ltd.

This document contains your Independent Directors'
recommendation and comprises the formal Part D Statement in
response to the Offer by Centaur Nickel Investments Pty Ltd
("Centaur"), a wholly-owned subsidiary of Centaur Mining &
Exploration Limited, to acquire all your Shares in Heron
Resources NL ("Heron"). It replaces and supersedes the Part
D Statement (Interim) dated 22 February 2000.

Your Independent Directors unanimously recommend that you:

1. Reject the opportunistic and totally inadequate Centaur
offer.
2. Simply ignore the Centaur Part C Offer Document that
Centaur sent to you in late February 2000.  Centaur has
failed to acquire any Shares in Heron pursuant to its 8
February 2000 Offer, and on 10 March 2000 extended its
Offer until the close of trading on 26 April 2000.

In making their recommendation, the Independent Directors
have relied on the considered opinion of
PricewaterhouseCoopers Securities Limited ("PwCS"), the
Independent Expert, who concludes (among other things)
that:

1. The Centaur offer is neither fair nor reasonable to
Heron shareholders.
2. The assessed preferred value for Heron shares is 86
cents, which is 187% above the Centaur offer price.
3. The Offer does not provide a significant premium (if
any) over the  prices at which Heron shares would otherwise
trade and does not incorporate any significant premium to
obtain 100% control of Heron.
4. It is unlikely that Heron's shares would trade
consistently below  30 cents in the absence of the Offer.

The Independent Directors note also that the Heron closing
Share price on 13 March 2000 of 37 cents is more than 23%
above the Centaur Offer price.

Your Independent Directors intend to reject the Centaur
Offer for their own Shareholdings. Heron's Managing
Director and associated entities are the largest Heron
Shareholders (33.9% fully diluted), and have rejected the
Centaur Offer on the basis that it is opportunistic and
grossly inadequate.  The value of Heron's mineral assets is
not reflected in the market price of its ordinary shares.
PwCS's explanation for the difference includes:

* the difference represents "the premium above market price
attributable to obtaining 100% control of Heron"; and

* "market perceptions regarding the uncertain implications
of the Strategic Alliance with Centaur and the related
risks and opportunities to Heron of Cawse Stage II not
proceeding."

The Directors consider also that the market does not yet
fully appreciate the significance of Heron's laterite
resource holding, in that these resources are amongst the
highest grade nickel laterite deposits in Western
Australia, being favourably located in terms of existing
operations. There may also be a market reluctance to accept
the technical viability and operating and capital cost
structures of nickel laterite processing in general. This
technology is however expected to facilitate Heron
converting its mineral resources into future revenue
through either a Heron stand-alone operation, or from the
Cawse Stage II Strategic Alliance.

The Independent Expert's Report by PwCS as to the Fairness
and Reasonableness of the Centaur Offer, which includes an
independent report by Resource Equity Consultants ("REC"),
the Independent Valuer, on the technical assessment and
fair market valuation of Heron's mineral assets, is
included as Appendices to this Part D Statement.

Shareholders are encouraged to read and understand these,
documents.  The strong and clear conclusion to be drawn is
that you should without doubt:  REJECT the OPPORTUNISTIC
and totally INADEQUATE Centaur Offer.

If you have any queries regarding the Centaur Offer, please
contact: Ian Buchhorn, Heron Resources NL, Managing
Director ph 08 9091 9253; Doug Young, Carmichael First
Capital Pty Ltd, Director ph 08 9263 5288.  (The Age  15-
March-2000)

PRESTON RESOURCES: Golminer Resolute forgives debt
--------------------------------------------------
Goldminer Resolute has bitten the bullet on Preston
Resources, writing off its entire stake in the cash-
strapped nickel laterite miner.

Resolute has taken a $94.7 million abnormal hit on its full
46 per cent entitlement in Preston, a major factor in the
company's $117.7 million net loss for the first half. The
write-off immediately sparked speculation that Preston was
headed into liquidation, but Resolute denied this was the
case.

"It's [the writedown] just a conservative view that the
board has taken where we want to avoid ongoing speculation
of what the value of Preston will be to Resolute," said
managing director Mr Michael Carrick.

But stockbroking analysts questioned the motive of writing
off the value of the Preston investment ahead of a planned
recapitalisation of the company's finances.

"Why would you write it off if you didn't think it was
heading for liquidation?" one gold analyst asked.

In the writedown, Resolute also made a provision for the
guarantee of a $10 million convertible note owed by Preston
to its banker, Macquarie Bank.  Preston shares remain
suspended while the company seeks to complete a
recapitalisation which Mr Carrick said was gathering pace
now US bondholders owed $US185 million ($300 million) by
Preston had supported a standstill agreement.

A $16.7 million writedown of Resolute's Obotan goldmine in
West Africa pushed total abnormal losses for the period out
to $128.9 million. The losses reversed a $4.3 million net
profit for the previous corresponding six months to
December 31.  Resolute's operating result, before the
abnormal writedowns, which was a loss of $347,000,
reflected higher average cash costs of $340 an ounce and a
lower realised gold price of $487 an ounce. (Sydney Morning
Herald  15-March-2000)

STADIUM AUSTRALIA: Posts narrower half-year loss
------------------------------------------------
Stadium Australia, the operator of Sydney's Olympic
stadium, has dramatically lowered its half-year loss and
says it may move into the black in the second half if
attendances hold up.

"If a couple of things go our way, it is a possibility,"
general manager Ken Edwards said yesterday.

In the six months to December 31, Stadium Australia's loss
was cut to $2.71 million from $21.8 million.  However, the
stadium recorded no revenue until it was officially opened
in March last year. Revenue in the latest six-month period
to December was $22.5 million.

Mr Edwards said attendances at scheduled events before June
30 would determine whether Stadium Australia crept into the
black in the period.  Booked in at this stage are the rugby
league home games of the Canterbury Bulldogs, the Anzac
Test match between Australia and New Zealand and two State
of Origin games between Queensland and NSW.

The line-up of events after June 30 is more stellar, with
the Rugby League Grand Final, and rugby union matches
between Australia and New Zealand and Australia and South
Africa and, of course, the Olympics.

Mr Edwards said the stadium was also negotiating for other
one-off events later in the year, with games featuring the
Australian soccer team possible.  He also said the
stadium's 109 corporate hospitality suites, which sold for
between $80,000 and $275,000 a year, were fully booked.

Stadium Australia has had a chequered history. A public
float designed to cover most of the $615 million
construction cost closed $240 million undersubscribed,
leaving underwriters Deutsche, ABN Amro, ANZ Securities,
Hambros Securities and Multiplex to pick up the tab.

Only about 10,000 of the 34,400 gold packages, which
include Olympic tickets, stadium membership and shares,
were sold.  The packages were eventually broken up and sold
separately.  Last year, the carrying value of Stadium
Australia was written down by $227 million to about $165
million.  (Herald Sun  15-March-2000)

STUDIO CITY: No financial backers in site
-----------------------------------------
Private investors appear to have shunned Melbourne's $485
million theme park Studio City, with the project now
unlikely to go ahead in any form.

Private equity sources yesterday said the Docklands theme
park, which failed to get institutional support earlier
this year, was considered too risky and too large for
individual investors to back.  The disruption in the
Victorian building industry and a strong swing by investors
to high-performance internet stocks also helped keep
investors at bay.

It is now more than a month since Studio City director Mr
Paul Hameister said he hoped to secure the private funding
within weeks, otherwise the park would be scrapped. Mr
Hameister, Studio City's broker JB Were and the Docklands
Authority declined to comment yesterday about the lack of
private equity investors.

Despite an international roadshow to financial institutions
in January, Studio City failed to attract any support. It
subsequently abandoned its high-profile plans for a public
share float.  The shock rejection by institutions forced
Studio City to scale down its plans in the hope of luring
private equity funding. A mooted $40 million injection by
the Victorian Government, $77 million of funds from
existing partners and a $105 million cutback of the
development reduced the amount of money needed to about
$263 million.

For the past five weeks discussions have been held with
private investors throughout Australia, New Zealand and
Asia. However market sources said yesterday no-one had
committed to the project.  The failure of the theme park is
another major blow for Melbourne's struggling Docklands and
further throws into doubt the development timetable for
Melbourne's old dock site next to the CBD.

The Studio City theme park was to anchor the largest
precinct at Docklands, previously known as the Business
Park, and was to share the precinct with residential
developer MAB Corporation.  MAB has said its apartment
complex was designed as a stand-alone development
irrespective of Studio City's future. MAB also recently
launched a second stage of apartments after selling out its
$60 million first-stage tower late last year.

However, the removal of the theme park from the precinct
will leave the surrounding area derelict for many years
unless another developer with a new proposal can be found
immediately.  Although the first round of apartment buyers
at MAB snapped up all available units within just three
days, they were buying apartments expected to be surrounded
by Studio City's restaurants and retail centre which were
to be operating before residents moved in. The prospect of
empty land may not be such a draw card for new buyers.
(Australian Financial Review  15-March-2000)


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

PALADIN LIMITED: Reports on winding-up petition to HKSE
-------------------------------------------------------
The company, Paladin Limited, (Incorporated with limited
liability in Bermuda) through Charles Wong, Director &
Secretary, reports that it has noted the increases in the
price of shares of the Company on 13th March, 2000 and wish
to state that we are not aware of any reasons for such
increases.

We also note a press article in a Chinese newspaper on 14th
March, 2000 that a winding up petition had been issued
against our subsidiary company Holyrood Ltd. In this
connection we will clarify as follows:  (1) Holyrood Ltd is
our major subsidiary and represents 68% of the
consolidated net assets of the Group as at 30th June, 1999.

(2) The winding up petition was dated 10th March, 2000 and
was received by us and our solicitors on 13th March, 2000.
(3) Our solicitors, Holman, Fenwick & Willan, had been
instructed to take appropriate legal action to refute this
petition. This petition was in relation to a commercial
dispute for HK$4,471,803.29 with Vibro (H.K.) Ltd. In fact
their court actions against the Group had been stayed by
the Court in December 1999 pending arbitration.

Vibro's action is meant only to put pressure on the Group
for early settlement of the dispute. The Group will apply
to the court to strike out the winding up petition which
was improperly issued. The Group has financial resources to
settle the dispute.

Saved as disclosed above, we confirm that there are no
negotiations or agreements relating to intended
acquisitions or realisations which are discloseable under
Paragraph 3 of the Listing Agreement, neither is the Board
aware of any matter discloseable under the general
obligation imposed by Paragraph 2 of the Listing Agreement
which is or may be of a price-sensitive nature. (Hong Kong
Stock Exchange  15-March-2000)

SHANGHAI HUILI BLDG. MATERIALS: To post loss for 1999
-----------------------------------------------------
Shanghai Huili Building Materials Co. expects to post a
loss for 1999, partly because of changed accounting rules.

In addition, "investments made by the company failed to
yield expected results," Huili said. It said details would
be announced later in the firm's 1999 and annual report.
Huili posted a loss of 20.5 million yuan ($2.5 million) for
1998, compared with a net profit of 7.5 million yuan a year
earlier.

A total of 75 among 950 Chinese companies listed on the
Shanghai and Shenzhen stock exchanges have forecast net
losses for 1999 and more than half of them blamed the new
accounting rules. Last year, 86 companies posted losses.
(The Asian Wall Street Journal  14-March-2000)

SMARTONE TELECOM.HOLDINGS: Posts loss of $393M
----------------------------------------------
A significant write-off for handset subsidies dragged
SmarTone Telecommunications Holdings' interim results into
the red with a net loss of $393 million.

For the six months to December 1999, the cellular phone
operator incurred an exceptional loss of $488 million. Of
this 72 per cent was due to the write-off on handsets and
10 per cent to air-time write-offs.  The result confounded
market expectations and was a stark contrast to the net
profit of $480.47 million for the 1998 half.  Some analysts
had expected a smaller handset write-off and an interim net
profit of about $100 million.

"We made a decision to write-off outstanding handset
subsidies and other items so our future earnings will
better reflect our operational performance as we rapidly
evolve into a mobile mutlimedia operator," chief executive
officer Ian Stone said. "We don't expect to repeat that
(write-off) in the second half."

Profit before taxation and exceptional losses was also well
down, at $95 million against $525 million a year earlier.
Turnover declined by 15 per cent to $1.47 billion year-on-
year but grew by 10 per cent when compared with the second
half of last fiscal year.  Mr Stone said he was confident
of further growth for SmarTone.

"Our focus is to continue to grow our customer base. We are
well-positioned to do that," he said. "All the trends we've
seen are positive and will continue throughout the year,
particularly when we introduce new revenue strength."

SmarTone's customer base grew by 17 per cent during the
first half, nearly double the industry average of 9 per
cent, Mr Stone said.  It has acquired a mobile customer
base of 760,000 while its iSm@rt Internet customers grew
more than 12 times to 200,000 by the end of last year.
Mr Stone said the growth in customer base was underpinned
by the company's competitive service offerings and
strategies, especially in hi-tech services.

"This year, we focus on improving and increasing the value
to our customers and forming customer base, and less focus
on the price war," Mr Stone said.

Amidst fierce competition, SmarTone recorded a churn rate
of 3 per cent, down from a peak of 9 per cent when mobile
number portability was introduced a year ago.  The average
revenue per user (ARPU) fell by 29 per cent to $305 in the
first half when compared with $393 by end-June 1999.
However, Mr Stone said the ARPU had stabilised.  The
company is considering raising tariffs.

"We are currently considering the market conditions for the
timing. We do see the need to raise some of the pricing (in
the second half)," Stone said.

While continuing to strengthen its existing services on
mobile voice, wireless data, IDD and the Internet, SmarTone
is expanding aggressively into new business areas such as
broadband multimedia services and mobile e-commerce. It has
applied for a local wireless fixed telecommunications
network services licence, as well as an external satellite-
based licence with an associated licence to install a
satellite dish in the Chung Hom Kok Teleport.

Mr Stone said he wants a minimum 20-per-cent market share
in the broadband sector.  He expects new businesses to
contribute up to 30 per cent of the group's total revenue
in the next three years.  In term of partnership, SmarTone
would continue its co-operation with Sun Hung Kai
Properties and its Internet arm, SUNeVision.

"We continue to look at the whole variety of partnership
with SHKP, part of it is to accelerate the access for the
local multipoint distribution system in all SHKP's
developments," Stone said.

The company is also partnering with SUNeVision's
information technology service for the provision of WAP.
SmarTone declared an interim dividend of 11 cents a share,
down 11 cents from a year earlier.  David Gibbons, a
telecom analyst with HSBC Securities expects the company's
profitability to recover in the coming years.

"Its revenue will mostly come from wireless fixed network
service and mobile data," said Gibbons.

He also expects to see higher tariffs later this year
because of the improving economy.  Edmond Cheung, a telecom
analyst with Core Pacific Group said the company's profits
would be better in the second half, riding on economic
recovery and a pick-up in private consumption. Analysts
said they expected SmarTone to stay in the red for the
remainder of the year.  Richard Ferguson, an analyst at
Nomura Securities, forecast SmarTone would post a HK$200M
full-year loss.  (Hong Kong Standard, South China Morning
Post  15-March-2000)

UDL HOLDINGS: Reports to HKSE on creditor meeting
-------------------------------------------------
Further to the announcement released by UDL Holdings
Limited (the "Company") (incorporated in Bermuda with
limited liability), through Leung Yat Tung, Chairman, on   
3 February 2000, the Board of Directors of the Company is
pleased to announce the following voting results of the
various creditors' meetings of the Company and its 24
subsidiaries which were convened at 1/F., Gold Coast Yacht
& Country Club, 1 Castle Peak Road, Castle Peak Bay, New
Territories, Hong Kong on 14 March 2000 from 8:30 a.m. to
around 6:00 p.m. for considering and approving the Schemes
of Arrangement proposed to be made between the Company and
its 24 subsidiaries and their respective several
creditors under Section 166 of the Companies Ordinance,
Chapter 32 of the Laws of Hong Kong:

The requisite Majority of votes from each of the creditors:
1. Econo Plant Hire Company Limited--Obtained
2. UDL Argos Engineering & Heavy Industries Company
Limited-- Obtained
3. UDL Civil Contractors Limited--Obtained
4. UDL Contracting Limited--Obtained
5. UDL Marine Operation Limited--Obtained
6. UDL Marine Pte Limited--Obtained
7. UDL Ship Management Limited--Obtained
8. Universal Dockyard Limited--Obtained
9. East Coast Towing Limited--Obtained
10. Everpoint Company Limited Obtained
11. Exact Profit Limited--Obtained
12. Fairking Transportation Limited--Obtained
13. Full Keen Investment Limited--Obtained
14. Graceful Ease Investment Limited--Obtained
15. S.K. Luk Construction Company Limited--Obtained
16. UDL Dredging Limited--Obtained
17. UDL E&M (BVI) Limited--Obtained
18. UDL Investment Limited--Obtained
19. UDL Management Limited--Obtained
20. UDL Steel Fabricators & Shipbuilders Company Limited--
Obtained
21. Wellful Time Limited--Obtained
22. UDL Employment Services Limited--Obtained
23. Faith On International Limited--Obtained
24. Keen Yield Investment Limited--Obtained
25. UDL Holdings Limited--Obtained

The Company and its relevant subsidiaries above will seek
to obtain the sanction from the Court as soon as possible
for the above approved Schemes of Arrangement subject to
the fulfilment of certain conditions including inter alia,
approval of the Reorganisation Proposal by independent
shareholders in the coming Special General Meeting
scheduled  to be held on 24 March 2000. Depending on the
length or scope of the court hearings for sanction, the
expected date of such sanction being granted will be on or
around 7 April 2000.  (Hong Standard Stock Exchange  15-
March-2000)

WAH LEE RESOURCES HOLDINGS LTD: Tells HKSE of injunction
--------------------------------------------------------
The board of directors of Wah Lee Resources Holdings
Limited (incorporated in Bermuda with limited liability),
through Yeung Kwok Fan, Chairman and Managing Director,
announce that Mr. Yeung Kwok Fan and Madam Wu Yung, the
directors of the Company and the shareholders of Lucky
Bingo Investment Limited which owns approximately 13% of
the issued share capital of the Company and is the
substantial shareholder of the Company, received an
injunction on 24 February 2000.

The Injunction prohibited the disposal of assets owned Mr.
Yeung and Mrs. Yeung in Hong Kong.  The Injunction implies
that Lucky Bingo Investment Limited is unable to complete
the subscription of the new shares of the Company as
details stated in the announcement of the Company dated 18
February 2000. The Company has applied a waiver to the
Stock Exchange in relation to Rule 14.24 (6)(a) of the
Rules Governing the Listing of Securities on the Stock
Exchange in respect of the extension of the completion of
the above subscription on or before 22 March 2000.

The Directors noted that a report was published in the 10
March 2000 issue of a local press which stated, any other
matters, Standard Chartered Bank, one of the creditors of
the Company, insisted to wind up the Company.  The
Directors wish to state that at the hearing held on 3
March 2000 in relation to the winding up petition of the
Company, the hearing was adjourned to 15 March 2000. On 9
March 2000, the Company applied for an order to validate
the  payments to be made to KPMG in preparing a report for
the court and at the same time an adjournment of the
hearing of  the petition. The hearing of the petition was
adjourned to 23 March 2000.

With reference to the announcement of the Company dated 15
February 2000, the Directors wish to notify the public that
the Company has temporaily ceased the negotiation with the
independent third party as stated in the announcement. The
independent third party may recommence its negotiations
with the Company when the above Injunction is released.

The Company is currently under negotiation with two
independent investors not connected with any of the
directors, chief executive or substantial shareholders of
the Company or any of its subsidiaries or an associate (as
defined in the Rules Governing the Listing of Securities on
the Stock Exchange) for a possible placement of the shares
of the Company to the Independent Investors which may lead
to a change in the control of the Company. No binding
agreement has been reached with the Independent Investors.

The shareholders of the Company are urged to note that the
said proposal may or may not proceed. Persons dealing in
the shares and the warrants of the Company are therefore
reminded to exercise all due caution in dealing in the
shares and the warrants of the Company.

The Directors refer to the announcement of the Company
dated 14 December 1999 and 26 January 2000 and further
announce that there will be a delay in publication of the
audited results of the Group for the year ended 30 June
1999. It is expected that the results of the Group for the
year ended 30 June 1999 will be published on or before 31
March 2000.  The annual report of the Company will be sent
to shareholders on or before 6 April 2000 and the 1999
annual general meeting will be held on or before 5 May
2000.

The Company acknowledges that the delay in the despatch of
the annual report of the Company to its shareholders
constituted a breach of the listing agreement and hence,
the Rules Governing the Listing of Securities on the Stock
Exchange on the part of the Company.

The Stock Exchange has indicated that the extension of the
time will not be granted and has reserved the rights to
take further action against the Company and/or the
Directors for such breach. The delay in the publication of
the results of the Group for the year ended 30 June 1999
will not constitute a breach of the memorandum of
association and bye-laws of the Company and the applicable
laws of Bermuda.

Trading in the shares and warrants of the Company were
suspended at 2:30 p.m. on 23 February 2000 at the request
of the Company pending this announcement and application
has been made to the Stock Exchange for resumption of
trading in the shares and warrants of the Company with
effect from 10:00 a.m. on 15 March 2000.

In the meantime, public investors are urged to exercise
extreme caution in dealing in the shares and the warrants
of the Company.  The Directors have not dealt in any shares
of the Company since except those stated in the
announcement of the Company dated 18 February 2000. The
Directors have undertaken to the Stock Exchange that they
will not deal in the shares of the Company until the
audited consolidated results of the Group for the year
ended 30 June 1999 are published.  (Hong Kong Stock
Exchange  15-March-2000)


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I N D O N E S I A
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PT ENSEYAL PUTERAL MEGATRADING: Debt rehab signed,JSX told
----------------------------------------------------------
PT Enseval Putera Megatrading Tbk through letter No. 020/L-
WIE/III-00 dated 13 March 2000 regarding the Signing of
Debt Restructuring of PT Enseval Putera Megatrading Tbk
informs are as follows:

1. On 10 March 2000, PT Enseval Putera Megatrading Tbk had
signed the Debt Restructuring with Syndication Banks or
Bilateral/Local Banks.

2. The signing was conducted in Singapore, because a big
part of those banks located in Singapore. During the
restructuring signing, PT Enseval Putera Megatrading Tbk
will execute down payment totaling USD 10,238,225.89 from
total of restructured debts USD 57,314,153.06.

3. PT Enseval Putera Megatrading Tbk will pay the
installment is totaling USD 1,250,000 per quarter and pay
the interest totaling Sibor + 3% in 2000.

4. PT Enseval Putera Megatrading had been finishing the
debt conversation to the existing banks. Therefore, in the
future the company's management can concentrate in
developing its business. (Jakarta Stock Exchange  15-March-
2000)

PT INTI DUFREE PROMOSINDO: Parent gets loan extension
-----------------------------------------------------
Publicly listed travel company PT Sona Topas Tourism
Industry secured on Tuesday a six-year extension period for
US$26.5 million in matured loans for its subsidiary PT Inti
Dufree Promosindo (IDP).

The debt rescheduling agreement with five foreign and three
Indonesian banks requires IDP, the operator of duty free
shops in the country, to make an initial, upfront payment
of debt principal amounting to 15 percent of the total
debt, with the remainder to be settled in six-month
installments. The interest on the remaining debts was set
at two percentage points above the Singapore Interbank
Offered Rate (SIBOR) for the first two years, 2.25
percentage points above SIBOR for the next two years and
2.5 percentage points above SIBOR for the remaining two
years.

"Our debt negotiations that started last August ran
smoothly and amicably due to the full transparency on our
part. This full cooperation greatly helped our creditors to
work out a good restructuring program both for our business
and our creditors," Sona Topas vice chairman Tahir said at
the signing ceremony.

He added that the negotiations were facilitated by the full
cooperation on the part of IDP in continuing to pay monthly
interest charges, including after the loans matured last
October.  "Had we stopped paying, we would have faced tough
negotiations," Tahir said.

The creditors are Sakura Bank Limited, The Royal Bank of
Scotland PLC, PT Bank DBS Buana, Sembawang Capital PTE, PT
Bank Sakura Swadharma, The Sanwa Bank Limited, Schroeder &
Co. Inc. and PT Bank Sumitomo Indonesia.  Sakura Bank acted
as the coordinating bank during the negotiation process.

Sona Topas provided the loans to IDP for financing the
expansion of its duty free shop enterprises in Bali, which
account for 90 percent of its total income.  IDP president
Djoni J. Lesmana said the company's net profits, amounting
to Rp 21.4 billion (US$2.9 million) last year based on an
unaudited report, would most likely double this year as a
result of its investment expansion in Bali.

Djoni said despite the economic crisis, IDP managed to book
a net profit of Rp 822 million in 1998.  "We did quite well
because our sales are in U.S dollars," he said.

IDP commands 70 percent of the duty free shopping business
in the country, a business that heavily relies on tourists,
he said.  "Some 75 percent of our customers are Japanese,
with Koreans, Taiwan nationals and other foreign tourists
making up the remaining 25 percent, " Djoni said.

Djoni said besides three duty-free shops in Bali, IDP also
owns outlets at Soekarno-Hatta International Airport in
Jakarta.  "We are now seeking to make Duty Free Shoppers
(DFS) of the United States a strategic investment partner
in our business," he said. (The Jakarta Post  15-March-
2000)

PT TIRTAMAS COMEXINDO: IBRA faces hurdle in debt recovery
---------------------------------------------------------
The Indonesian Bank Restructuring Agency failed in its
first attempt to force into bankruptcy-law proceedings a
company owned by former President Suharto's family, dealing
a blow to the agency's debt-recovery plans.

A Jakarta commercial court rejected IBRA's bankruptcy case
against PT Tirtamas Comexindo, a trading company owned by
Hashim Djojohakijusumo, an in-law of Mr. Suharto's.  The
court ruled instead the Tirtamas be allowed to suspend
payments for a further six months on top of the standard
45-day period, which already expired Monday. The court also
ordered Tirtamas to negotiate an out-of-court settlement
with IBRA and other creditors for the repayment of its
nearly 1.5 trillion rupiah ($204.1 million) in debts.

"The panel of judges granted the debtor's request to extend
the payment-suspension period to six months, considering
its good intention to settle its obligation," Chief Judge
Mahdi Nasution declared.

IBRA vowed to appeal the decision and questioned the
judge's ruling. "I don't see any need to extend the
payment-suspension period, as earlier efforts to achieve an
out-of-court settlement proved fruitless," said Widodo
Mujiono, head of IBRA's litigation team. "The debtor didn't
have any intention to settle its debts."

Mr. Widodo added that IBRA would remain persistent in
requiring Tirtamas to pay 10% of its total debts to IBRA as
a prerequisite for debt-restructuring talks to Commence.
IBRA filed its bankruptcy lawsuit against Tirtamas late
last year after it failed to reach agreement to restructure
the company's debts.

IBRA's setback marks the second time in a week that the
Indonesian government lost an important court case against
powerful vested interests in the country. Last week, a
Jakarta court dropped all charges against an Indonesian
businessman implicated in the Bank Bali financial scandal.

The businessman, Djoko Tjandra, had been charged by the
government with illegally diverting 550 billion rupiah out
of government-owned PT Bank Bali into accounts owned by
senior officials in former President B.J. Habibie's
government. He denied all wrongdoing. (The Asian Wall
Street Journal  14-March-2000)

TEXMACO GROUP: JSX suspends Texmaco firms' trading
--------------------------------------------------
Stock trading of companies under the Texmaco Group was
suspended in the first session on Tuesday due to the
transfer of the group's Rp 14.9 trillion (US$2.1 billion)
debt to the Indonesian Bank Restructuring Agency (IBRA).

The Jakarta Stock Exchange (JSX) identified the affected
companies as PT Texmaco Jaya, PT Texmaco Perkasa
Engineering, PT Polysindo Eka Perkasa, PT Wahana Jaya
Perkasa, PT Indosteel and PT Super Mitory Utama.

JSX said it requested explanations from the companies about
the transfer of their debts to IBRA.  The group's debts
were initially on the books of state Bank Negara Indonesia,
before being transferred to IBRA as part of the government-
sponsored bank restructuring program.  (The Jakarta Post  
15-March-2000)


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

HAMADA PRINTING PRESS CO.: Predicts 790M Yen pretax loss
--------------------------------------------------------
Hamada Printing Press Co. (6288) said Monday it expects to
suffer a pretax loss of 790 million yen in the year ending
March due largely to poor sales of sheet-fed presses. The
company earlier predicted 10 million yen in profit.

The loss would be the second in as many years and come on
the heels of a fiscal 1998 deficit totaling 290 million
yen. Sales will fall 3% to 13.5 billion yen and dividends
will be skipped for the first time in five years. (Nikkei  
14-March-2000)

ISHIKAWAJIMA-HARIMA HEAVY INDUS.: To post 90B Yen loss
------------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. (7013) plans to
post some 90 billion yen worth of extraordinary loss for
fiscal 1999 to dispose of retirement fund liabilities,
company sources said Tuesday.

The move will come ahead of the implementation of a new
accounting rule requiring disclosure of such shortages from
fiscal 2000.  The extraordinary loss may increase as the
comprehensive heavy machinery manufacturer will chalk up
losses incurred from the liquidation of some subsidiaries.

But IHI will also enjoy extraordinary profit of about 10
billion yen from the sale of securities holdings. Net loss
will increase to about 70 billion yen, up from the 8
billion yen projected last year. IHI has yet to decide on
the amount of its annual dividend or whether it will pay
one at all. The company paid a 6 yen annual dividend for
fiscal 1998, but paid no half-year dividend for fiscal
1999. (Nikkei  15-March-2000)

JUJIYA CO.: FY99 losses run far beyond forecast
-----------------------------------------------
Jujiya Co.(8259) Monday announced a net loss of 14.1
billion yen for the year ended February, significantly
larger than the 4 billion yen in red ink predicted earlier.
The poor result was blamed on evaluation losses on
securities holdings and an expansion of loss reserves to
cover loans made to subsidiaries.

The clothing retailer is to book an extraordinary loss of
13.9 billion yen for fiscal 1999. Of the total, 1 billion
yen reflects additional reserves for the planned closure of
outlets in Sendai and other locations, 4.3 billion yen on
securities evaluation and liquidation losses and 2 billion
yen lost because new outlet openings were canceled.

Fiscal 1999 sales shrank 3% to 45.9 billion yen, with the
operating loss coming to 190 million yen. The pretax loss
was 290 million yen.

President Takeshi Kakureda said the company is finished
bolstering loan loss reserves for lending to affiliates.
But evaluation losses on real estate holding and property
liquidation as part of corporate restructuring could have a
negative impact, analysts said.  Accumulated losses totaled
14.1 billion yen at the end of the year. Capital reserves
will be used to eliminate the entire amount in fiscal 2000.
(Nikkei  14-March-2000)

MIZUNO CORP.: Lowers earnings outlook - pension shortfall
---------------------------------------------------------
Japan's Mizuno Corp., a manufacturer of sporting goods, cut
its earnings outlook for the year ending March 31, citing
losses related to a shortfall in its retirement and
pension-fund reserves.

Mizuno said it has decided to write off this shortfall and
post a group special loss of 6.9 billion yen ($65 million)
and a loss of 4.34 billion yen related to an early-
retirement program.  As a result, the company expects a
consolidated loss of 10.9 billion yen, compared with a net
profit of 1.8 billion yen previously predicted.

Group pretax profit is now forecast at 3.60 billion yen,
compared with a forecast of a four-billion-yen profit.
Sales are projected at 158.5 billion yen, down from a
forecast of 170 billion yen.  On a parent-only basis, the
company now sees a pretax profit of 3.5 billion yen and net
loss of 12.7 billion yen on sales of 146 billion yen. It
had predicted a pretax rofit of four billion yen and a loss
of 500 million yen on sales of 153 billion yen. (The Asian
Wall Street Journal  14-March-2000)

NEC CORP.: 15-yr.coverage of parent pension fund shortfall  
----------------------------------------------------------
NEC Corp. (6701) will beginning April cover its some 200
billion yen shortfall in parent-only pension and retirement
allowance reserves over 15 years, company sources said
Tuesday.

On a consolidated basis, the company will cover such
shortfall over 17 years as allowed for under U.S.
accounting rules.  NEC chose to cover its obligations in 15
years as this is the maximum period allowable under Japan's
new accounting standards and is close to the 17-year time
frame to cover such liabilities within the group.

The company used a discount rate of 3.5% to determine the
value of pension liabilities at the end of March 2000.
NEC will book the cost of covering the shortfall in its
nonoperating balance in each of the 15 years. As a result,
the firm expects pretax profit will be reduced by about 15
billion yen in fiscal 2000 and each of the following years,
the sources said.

The company introduced the U.S. accounting methods in
fiscal 1989 for its consolidated pension plan. Many other
Japanese companies which produce consolidated business
reports follow similar accounting rules.  However, on a
parent-only basis, they follow Japanese rules, which
require firms to disclose pension liabilities from fiscal
2000, industry sources said. (Nikkei  15-March-2000)

NTN CORP.: Expects large FY loss
--------------------------------
NTN Corp. said it expects a large net loss for the current
fiscal year, citing a special loss related to a shortfall
in its retirement -fund reserves.

The Japanese bearing maker foresees a consolidated net loss
of 25.1 billion yen ($236.3 million) for the year ending
March 31, compared with earlier forecasts of a net profit
of 2.6 billion yen. The company said it predicts a 58.5
billion yen shortfall in its group-pension and retirement-
pay assets.

NTN said it would post a special 44.4 billion yen loss this
year, and will write off the remainder next fiscal year.
Last fiscal year, the company posted a consolidated net
profit of 4.07 billion yen with sales of 325.81 billion
yen. (The Asian Wall Street Journal  14-March-2000)

ORIENT CORP.: Weaker times ahead
--------------------------------
Orient Corp. (8585) shares, which hit a 1999 low of 274 yen
in late December and caused individual investors to start
buying in search of quick profits, are treading water in
the 400-500 yen range.

Institutional investors, however, must limit their buying
in the nonbank finance sector to a few leasing and consumer
lending companies with particularly strong earnings, so
volume in Orient has been thin.

For fiscal 1999 through March 31, Orient will charge about
230 billion yen for bad loans to group financial companies
that are effectively bankrupt. In addition, the company
will write off 60% of the debts of affiliated companies,
mainly in businesses related to real estate.

Factoring in additions to reserves against real estate
loans, the company plans to book 340 billion yen in
extraordinary losses this fiscal year, and it expects to
record a net loss of 156.6 billion yen, compared with a net
profit of 6.3 billion yen in fiscal 1998.

A company director said Orient's "process of dealing with
bad loans has run its course." But there is a lack of
transparency in the available information, and buying of
Oriet shares appears to be sporadic. Orient is still
thought to have 125 billion yen in problematic loans, and
with property prices weak, a second round of losses is
possible.

Operating profit before bad-debt write-offs is seen at
about 131.3 billion yen this fiscal year, down 10%, and
return on assets is seen unchanged at 2.4%.

"Margins are shrinking in the company's (credit) card
business, but it has no visible strategy to improve
profitability," said Shinichiro Maeda, an analyst at Nomura
Securities who has a neutral rating on the stock. (Nikkei  
15-March-2000)

TOKYO CITY FINANCE CO.: 4 lenders in debt waiver
------------------------------------------------
Four Japanese trust banks said separately Tuesday that they
had forgiven loans they extended to Tokyo City Finance Co.,
the debt-strapped non-bank subsidiary of Seiyu Ltd. (8268).

The banks added that their action won't have an impact on
their earnings outlook for the current fiscal year ending
March. Toyo Trust & Banking (8407) has forgiven Y10.61
billion in loans to the company, while Mitsui Trust &
Banking (8401) has forgiven Y9.55 billion. Mitsubishi Trust
& Banking (8402) has forgiven Y7.56 billion, while Chuo
Trust & Banking (8408) has waived debt amounting to Y2.59
billion. (Nikkei  14-March-2000)


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

RENONG BHD.: To sell some assets to cut debts
UNITED ENGINEERS(Malay.): To sell some assets to cut debts
----------------------------------------------------------
Renong Bhd. and associate United Engineers (Malaysia) Bhd.
plan to reduce their debt by selling some of their assets,
company executives said.

Analysts said that the plan to sell a stake in a banking
group and list a toll-operating unit were expected. They
added that details are too sketchy to judge how successful
the plan will be.  Renong said it would sell its 12.3%
stake in banking group Commerce-Asset Holding Bhd., along
with 18.4% of outstanding warrants at more than 1.6 billion
ringgit ($421.1 million).

The sale is expected to be completed by the third quarter,
company executives said. The stake isn't considered
executives said. The stake isn't considered part of the
group's core assets and could generate one billion ringgit
in exceptional gains.  But analysts said that Renong could
find it difficult to dispose of the Commerce-Asset stake.

"It's quite a large stake," said Christopher Gee, head of
research at ING Baring (Malaysia).

While banking group controls Bumiputra-Commerce Bank Bhd.
and is one of 10 leading groups in the industry
consolidation program.  While Commerce-Asset is generally
well-liked by investors, Malaysia's cap on foreign
investment in companies will limit the scope of potential
buyers, Mr. Gee said.

Renong said the Commerce-Asset Holding stake won't be sol
through open mrket transactions.  For its part, United
Engineers said it plans to list up to 30% of its wholly
owned toll-operating unit, Projek Lebuhraya Utara Selatan
Sdn. Bhd. - known as Plus - by the last quarter of the
year.

Plus last year issued 8.4 billion ringgit, seven-year,
zero-coupon bonds in a debt-restructuring plan to
eventually repay creditors of Renong and United Engineers.
The groups said the listing and Commerce-Asset stake sale
would be put towards redeeming the bonds early.

United Engineers owns 32.3% of Renong while Renong holds a
37% stake in United Engineers. The groups have appointed
Merrill Lynch (Singapore) as their financial adviser.

"This while announcement is part of the groups'
rationalization and restructuring plan that appears on
course," said an analyst at a local brokerage firm. "Stake
Two of the plan was supposed to be asset disposal and
that's what this is."

Analysts said they are puzzled by the plan to list Plus
because the bond issue attached strings to future earnings
that may not be palatable to potential shareholders or even
market regulators.  Some don't see the benefits of a
listing.

"It's a wonderful asset. Do they really need the cash now?"
Mr. Gee said. "They have years to pay back the bonds.

Ramli Mohamad, said that the group would first study how
best to refinance the Plus bonds. "Clearly it makes no
sense for UEM to allow Plus bonds to run to full maturity
in 2006 if we can afford to reduce debt by repaying them
earlier, particularly as UEM and Renong will jointly owe a
total 16 billion if a we allow interest accumulation to run
over the full seven-year term," Mr. Ramli explained.
(The Asian Wall Street Journal  14-March-2000)


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

FIRST WOMEN'S CREDIT CORP: 'RJ' seeks to regain control  
-------------------------------------------------------
Businessman Ramon "RJ" Jacinto has asked the Court of
Appeals to allow him to regain control of the First Women's
Credit Corp., the management of which had been stripped
from him by the Securities and Exchange Commission.

Jacinto and Jaime Colayco, FWCC directors, said the SEC
abused its powers when hearing officer George Palmares
issued in November last year an order creating an interim
management committee to take over the management of the
lending firm.

The two, who filed the petition in retaliation to the
derivative suit filed by Japanese Shig Katayama, a minority
stockholder, told the appeals court the SEC is really
"determined" to implement the order as Palmares even
directed the PNP to place the committee "under its
possession and control."

While the duo appreciated the temporary restraining order
issued by the SEC last December, but which had lapsed last
Jan. 17, they reminded the commission and Katayama that it
is the board of directors which calls the shots, pursuant
to Section 23 of the Corporation Code.

They also invoked Presidential Decree 902-A which
acknowledges the appointment of an interim committee, but
that this is just one of the "extraordinary remedies which
are drastic and with a far reaching effect."

Their lawyer, Manuel Singson, said Section 6 (d) of the law
provides that this can only be done "when there is imminent
danger of dissipation, loss, wastage or destruction of
assets or other properties or paralization of business
operations."

Katayama had claimed Jacinto and Calayco has misused FWCC
funds amounting to P535.2 million by making advances and
extending loans to the Jacinto Group of Companies.  The
foreign investor had sought a takeover of FWCC's
management, and that this was the "best way to salvage and
protect the interest of the minority stockholders and
creditors."

But Jacinto and his colleague denied the acquisition of the
questionable loans, saying the Jacinto Group even "lent
money to FWCC in the amount of P250 million to restart its
lending activities after Katayama reneged in his commitment
to fund lending activities."

What caused the loss of funds and assets of FWCC was the
faulty lending operation under Katayama himself which
resulted in the failure to collect about 80 percent of the
more than P1 billion loan to persons and entities not
belonging to the Jacinto Group of Companies," Jacinto
defended.

Jacinto, Colayco and Angelo Bonoan Jr., FWCC directors,
were indicted last week by the Department of Justice (DOJ)
before the Mandaluyong City regional trial court after they
allegedly misused P16.2 million in corporate funds. (The
Philippine Star  15-March-2000)


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

SMPC: Report to SET on debt restructuring progress
--------------------------------------------------
SMPC, through Mr. Surapong Montienvichienchai, Chairman and
Managing Director, reports to the Stock Exchange of
Thailand on the progress of its debt restructuring as
follows:

Ref: 1. Letter of SMPC No. 069 SMPC 2542 dated December
24,1999
2. Letter of SET Bor Jor. 103/2543 dated January 31,2000

Further to the letter of SMPC no. 069 SMPC 2542 dated
December 24, 1999 with regards to the Debt Restructuring
Plan, there are, at this point in time, many contents and
details found to still be finalized. From this incident,
SMPC expect the postponement of MOU sign for the Debt
Restructuring Plan to be completed by March 31, 2000. Such
extension has already been advised to the Steering
Committee.

Therefore, SMPC hereby respectfully request that the SET
grant the extension of Rehabilitation Plan Submission to be
June 30, 2000 accordingly.  (Thailand Stock Exchange  15-
March-2000)

THAI PETROCHEM.INDUS.: Court declares insolvent
-----------------------------------------------
In a ruling crucial to investor confidence underpinning
Thailand's economic recovery, the country's biggest
corporate debtor, Thai Petrochemical Industry, was declared
insolvent Wednesday by a bankruptcy court.

The decision dealt a severe blow to the family-controlled
firm and paves the way for TPI to begin restructuring its
dlrs 3.5 billion debt, which it has been unable to service
for more than two years.  Significantly, the bankruptcy
court ruled that TPI was insolvent because of its continued
inability to service its debt from cash flow a definition
more in line with international standards than has been the
tradition in Thailand.

TPI has stubbornly resisted creditor banks seeking
restructuring and denied it was insolvent, based on a
definition that its assets exceeded liabilities. The case
was seen as the first big decision of the bankruptcy court,
given strengthened powers in the past two years by the
government to aid clearing up the backlog of business
failures and bad debt now at 38 percent of total lending
left by the regional economic meltdown of mid-1997.

International investors have begun reducing their holdings
in Thailand in the past few months, convinced that progress
in making the economy more transparent was stalling. A
victory for TPI's creditors in the bankruptcy case was seen
as vital to reverse that impression.

"For the economy, this augurs well because it means the
heat will be turned up on corporate debtors," said Sriyan
Pieterz, head of research at SG Asia Securities.

TPI agreed a year ago to a restructuring plan, but has
since tried to stall the process with several arguments.
The chief issue is believed to the founding Leophariatana
family's fear it will lose its majority stake if TPI again
defaults on its debt.  The plan gives creditors a 30
percent stake in the company in exchange for missed
interest payments, with the right to increase this to 75
percent control if TPI misses further principal repayments
in the future.

Last week, the company appealed to nationalist sentiment,
telling the Stock Exchange of Thailand that the 148
creditors want to sell off assets rather than keeping the
business going, costing tens of thousands of jobs. The
creditors denied it.  TPI had claimed it wasn't insolvent
because it had assets worth 47 billion baht (dlrs 1.2
billion), compared with 28 billion baht (dlrs 756 million)
in liabilities.

But the court refused to accept the evidence, saying the
figures came from the company's own auditor and not the
creditor-appointed auditor, PricewaterhouseCoopers. The
court also ruled that TPI was clearly insolvent because it
called a debt moratorium after it was unable to service its
debt in late 1997, Presiding Judge Pornchai
Asawawattanaporn said.

While Thailand has often used assets and liabilities as a
way of measuring insolvency, the World Bank, among others,
has been calling for the country to use the international
standard of ability to service debt from cash flow.
The company's management will remain in control until the
creditors vote on who should run TPI during court-
supervised debt restructuring. A decision could take two to
four months, analysts said.

The creditors' steering committee wants to appoint a
Ferrier Hodgson, a financial consultancy, while TPI has
said it wants to remain in control if forced into
restructuring.  There was confusion on the Stock Exchange
of Thailand, which closed 3.5 percent lower because many
investors mistakenly believed the ruling meant Prachai
Leophariatana, TPI's chief executive, would stay. The
benchmark index closed 14.17 points lower at 386.20.

The Thai currency was also slightly weaker, with the baht
finishing at 37.905 to the dollar, from 37.845 on Tuesday.
(AP Worldstream  15-March-2000)

VANACHAI GROUP: To buy back shares from 6 creditors
---------------------------------------------------
VANACHAI GROUP'S board of directors has appointed Vanachai
of Company Ltd and/or Somporn Sahawat, one of the group's
major shareholders, to buy back the company's eight million
shares from its six creditors by the end of 2002, according
to its debt-restructuring plan.

Vanachai of Company Ltd and/or Somporn Sahawat will have to
buy back the entire Vanachai Group Plc's shares from
creditors at a price of Bt10 each plus interest at the
minimum lending rate on Bt80 million in principal debt. The
creditors include Bangkok Bank, Thai Farmers Bank, Thai
Military Bank, Industrial Finance Corporation of Thailand
and DBS Thai Danu Bank. (Bangkok Post  15-March-2000)


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